Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Independent Bank Corp | ' |
Entity Central Index Key | '0000776901 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | 23,904,072 | 23,912,211 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and due from banks | $119,326 | $168,106 | ||
Interest-earning deposits with banks | 151,538 | 48,219 | ||
Securities | ' | ' | ||
Securities available for sale | 340,081 | 356,862 | ||
Securities held to maturity (fair value $376,944 and $346,455) | 373,888 | 350,652 | ||
Total securities | 713,969 | 707,514 | ||
Loans held for sale (at fair value) | 16,125 | 8,882 | ||
Loans | ' | ' | ||
Commercial and industrial | 853,327 | 784,202 | ||
Commercial real estate | 2,300,633 | 2,249,260 | ||
Commercial construction | 252,222 | 223,859 | ||
Small business | 78,955 | 77,240 | ||
Residential real estate | 541,601 | 541,443 | ||
Home equity - 1st position | 503,149 | 497,075 | ||
Home equity - subordinate positions | 337,666 | 325,066 | ||
Other consumer | 17,947 | 20,162 | ||
Total loans | 4,885,500 | [1] | 4,718,307 | [1] |
Less: allowance for loan losses | -54,538 | -53,239 | ||
Net loans | 4,830,962 | 4,665,068 | ||
Federal Home Loan Bank stock | 37,350 | 39,926 | ||
Bank premises and equipment, net | 64,166 | 64,950 | ||
Goodwill | 170,421 | 170,421 | ||
Identifiable intangible assets | 11,039 | 12,221 | ||
Cash surrender value of life insurance policies | 98,107 | 100,406 | ||
Other real estate owned and other foreclosed assets | 9,675 | 7,633 | ||
Other assets | 125,640 | 105,888 | ||
Total assets | 6,348,318 | 6,099,234 | ||
Deposits | ' | ' | ||
Demand deposits | 1,462,761 | 1,369,432 | ||
Savings and interest checking accounts | 2,096,029 | 1,940,153 | ||
Money market | 1,036,513 | 933,205 | ||
Time certificates of deposit of $100,000 and over | 283,171 | 297,984 | ||
Other time certificates of deposits | 419,687 | 445,644 | ||
Total deposits | 5,298,161 | 4,986,418 | ||
Borrowings | ' | ' | ||
Advances from Federal Home Loan Banks | 60,174 | 140,294 | ||
Customer repurchase agreements and other short-term borrowings | 131,766 | 154,288 | ||
Wholesale repurchase agreements | 50,000 | 50,000 | ||
Junior subordinated debentures | 73,797 | 73,906 | ||
Subordinated debentures | 30,000 | 30,000 | ||
Total borrowings | 345,737 | 448,488 | ||
Other liabilities | 87,931 | 72,788 | ||
Total liabilities | 5,731,829 | 5,507,694 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity | ' | ' | ||
Preferred stock, $.01 par value. authorized: 1,000,000 shares, outstanding: none | 0 | 0 | ||
Common Stock, $.01 par value. Authorized: 75,000,000; Issued and Outstanding : 23,904,072 shares at June 30, 2014 and 23,805,984 Shares at December 31, 2013 (includes 262,380 and 268,290 shares of unvested participating restricted stock awards, respectively) | 236 | 235 | ||
Shares held in rabbi trust at cost: 174,023 shares at June 30, 2014 and 178,765 shares at December 31, 2013 | -3,528 | -3,404 | ||
Deferred compensation obligation | 3,528 | 3,404 | ||
Additional paid in capital | 307,720 | 305,179 | ||
Retained earnings | 310,226 | 293,560 | ||
Accumulated other comprehensive loss, net of tax | -1,693 | -7,434 | ||
Total stockholders’ equity | 616,489 | 591,540 | ||
Total liabilities and stockholders' equity | $6,348,318 | $6,099,234 | ||
[1] | The amount of net deferred fees included in the ending balance was $2.6 million and $2.3 million at June 30, 2014 and December 31, 2013. |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Time certificates of deposit least amount | $100,000 | $100,000 |
Securities Held to Maturity, fair value | $376,944,000 | $346,455,000 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | ' | ' |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 23,904,072 | 23,805,984 |
Common Stock, shares outstanding | 23,904,072 | 23,805,984 |
Common Stock, unvested restricted Stock awards | 262,380 | 268,290 |
Shares Held in Rabbi Trust | 174,023 | 178,765 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Interest on loans | $49,393 | $47,720 | $97,597 | $94,699 |
Taxable interest and dividends on securities | 4,690 | 3,506 | 9,340 | 7,035 |
Nontaxable interest and dividends on securities | 37 | 11 | 74 | 22 |
Interest on loans held for sale | 96 | 237 | 147 | 505 |
Interest on federal funds sold | 69 | 21 | 106 | 55 |
Total interest and dividend income | 54,285 | 51,495 | 107,264 | 102,316 |
Interest expense | ' | ' | ' | ' |
Interest on deposits | 2,789 | 2,543 | 5,579 | 5,208 |
Interest on borrowings | 2,443 | 3,337 | 5,026 | 6,630 |
Total interest expense | 5,232 | 5,880 | 10,605 | 11,838 |
Net interest income | 49,053 | 45,615 | 96,659 | 90,478 |
Provision for loan losses | 2,250 | 3,100 | 6,752 | 4,400 |
Net interest income after provision for loan losses | 46,803 | 42,515 | 89,907 | 86,078 |
Noninterest income | ' | ' | ' | ' |
Deposit account fees | 4,463 | 4,343 | 8,821 | 8,559 |
Interchange and ATM fees | 3,322 | 2,761 | 6,298 | 5,089 |
Investment management | 5,136 | 4,357 | 9,739 | 8,242 |
Mortgage banking income | 877 | 1,669 | 1,364 | 3,951 |
Loan level derivative income | 324 | 816 | 1,070 | 1,348 |
Increase in cash surrender value of life insurance policies | 721 | 786 | 1,443 | 1,531 |
Gain on life insurance benefits | 337 | 0 | 1,964 | 0 |
Gain (Loss) on Sale of Equity Investments | -20 | 4 | 71 | -4 |
Other noninterest income | 1,697 | 1,956 | 3,602 | 3,698 |
Total noninterest income | 16,857 | 16,692 | 34,372 | 32,414 |
Noninterest expenses | ' | ' | ' | ' |
Salaries and employee benefits | 22,843 | 21,594 | 45,923 | 44,309 |
Occupancy and equipment expenses | 5,301 | 4,919 | 11,447 | 10,169 |
Data processing & facilities management | 1,179 | 1,201 | 2,432 | 2,385 |
FDIC assessment | 966 | 934 | 1,871 | 1,755 |
Advertising expense | 1,249 | 1,479 | 2,073 | 2,652 |
Consulting expense | 810 | 666 | 1,368 | 1,377 |
Debit Card Expense | 528 | 773 | 1,143 | 1,443 |
Legal Fees | 319 | 743 | 850 | 1,245 |
Loss on termination of derivatives | 1,122 | ' | 1,122 | 0 |
Business Combination, Acquisition Related Costs | ' | 754 | 77 | 2,099 |
Mortgage operations expense | 501 | 715 | 838 | 1,059 |
Software Maintenance | 608 | 597 | 1,271 | 1,279 |
Other noninterest expenses | 7,554 | 7,789 | 14,451 | 15,311 |
Total noninterest expenses | 42,980 | 42,164 | 84,866 | 85,083 |
Income before income taxes | 20,680 | 17,043 | 39,413 | 33,409 |
Provision for income taxes | 5,934 | 4,285 | 11,284 | 8,399 |
Net income | $14,746 | $12,758 | $28,129 | $25,010 |
Basic earnings per share (in dollars per share) | $0.62 | $0.56 | $1.18 | $1.09 |
Diluted earnings per share (in dollars per share) | $0.61 | $0.56 | $1.17 | $1.09 |
Weighted average common shares (basic) (in shares) | 23,897,413 | 22,888,155 | 23,858,456 | 22,856,132 |
Common shares equivalents (in shares) | 94,560 | 52,144 | 97,544 | 49,104 |
Weighted average common shares (diluted) (in shares) | 23,991,973 | 22,940,299 | 23,956,000 | 22,905,236 |
Cash dividends declared per common share (in dollars per share) | $0.24 | $0.22 | $0.48 | $0.44 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||
Net income | $14,746 | $12,758 | $28,129 | $25,010 | ||
Unrealized gains (losses) on securities | ' | ' | ' | ' | ||
Change in fair value of securities available for sale | 2,383 | -4,586 | 4,354 | -5,371 | ||
Less: net security gains (losses) reclassified into earnings | -12 | 3 | 42 | -3 | ||
Net change in fair value of securities available for sale | 2,395 | -4,589 | 4,312 | -5,368 | ||
Unrealized gains (losses) on cash flow hedges | ' | ' | ' | ' | ||
Change in fair value of cash flow hedges | -287 | 765 | -464 | 763 | ||
Less: net cash flow hedge losses reclassified into earnings | -1,292 | -854 | -1,971 | -1,691 | ||
Net change in fair value of cash flow hedges | 1,005 | 1,619 | 1,507 | 2,454 | ||
Net gain (loss) during the period and amortization of certain costs included in net periodic retirement costs | -39 | [1] | 42 | [1] | -78 | 43 |
Total other comprehensive income (loss) | 3,361 | -2,928 | 5,741 | -2,871 | ||
Total comprehensive income | $18,107 | $9,830 | $33,870 | $22,139 | ||
[1] | The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock Outstanding | Common Stock | Value of Shares Held in Rabbi Trust at Cost | Deferred Compensation Obligation | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2012 | $529,320 | ' | $225 | ($3,179) | $3,179 | $269,950 | $263,671 | ($4,526) |
Common Stock, Shares, Outstanding at Dec. 31, 2012 | ' | 22,774,009,000 | ' | ' | ' | ' | ' | ' |
Net income | 25,010 | ' | ' | ' | ' | ' | 25,010 | ' |
Other comprehensive income (loss) | -2,871 | ' | ' | ' | ' | ' | ' | -2,871 |
Common dividend declared | -10,070 | ' | ' | ' | ' | ' | -10,070 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 30,029,000 | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 744 | ' | ' | ' | ' | 744 | ' | ' |
Tax benefit related to equity award activity | 312 | ' | ' | ' | ' | 312 | ' | ' |
Equity based compensation | 1,389 | ' | ' | ' | ' | 1,389 | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 89,431,000 | ' | ' | ' | ' | ' | ' |
Restricted stock awards issued, net of awards surrendered | -668 | ' | 1 | ' | ' | -669 | ' | ' |
Stock Issued During Period Shares Direct Stock Purchase Plans | ' | 10,815,000 | ' | ' | ' | ' | ' | ' |
Shares issued under direct stock purchase plan | 339 | ' | ' | ' | ' | 339 | ' | ' |
Deferred compensation obligation | ' | ' | ' | -115 | 115 | ' | ' | ' |
Tax benefit related to deferred compensation distributions | 100 | ' | ' | ' | ' | 100 | ' | ' |
Ending balance at Jun. 30, 2013 | 543,605 | ' | 226 | -3,294 | 3,294 | 272,165 | 278,611 | -7,397 |
Common Stock, Shares, Outstanding at Jun. 30, 2013 | ' | 22,904,284,000 | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 591,540 | ' | 235 | -3,404 | 3,404 | 305,179 | 293,560 | -7,434 |
Common Stock, Shares, Outstanding at Dec. 31, 2013 | 23,805,984 | 23,805,984,000 | ' | ' | ' | ' | ' | ' |
Net income | 28,129 | ' | ' | ' | ' | ' | 28,129 | ' |
Other comprehensive income (loss) | 5,741 | ' | ' | ' | ' | ' | ' | 5,741 |
Common dividend declared | -11,463 | ' | ' | ' | ' | ' | -11,463 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 20,609,000 | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 468 | ' | ' | ' | ' | 468 | ' | ' |
Tax benefit related to equity award activity | 449 | ' | ' | ' | ' | 449 | ' | ' |
Equity based compensation | 1,496 | ' | ' | ' | ' | 1,496 | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 60,495,000 | ' | ' | ' | ' | ' | ' |
Restricted stock awards issued, net of awards surrendered | -642 | ' | 1 | ' | ' | -643 | ' | ' |
Stock Issued During Period Shares Direct Stock Purchase Plans | ' | 16,984,000 | ' | ' | ' | ' | ' | ' |
Shares issued under direct stock purchase plan | 643 | ' | ' | ' | ' | 643 | ' | ' |
Deferred compensation obligation | ' | ' | ' | -124 | 124 | ' | ' | ' |
Tax benefit related to deferred compensation distributions | 128 | ' | ' | ' | ' | 128 | ' | ' |
Ending balance at Jun. 30, 2014 | $616,489 | ' | $236 | ($3,528) | $3,528 | $307,720 | $310,226 | ($1,693) |
Common Stock, Shares, Outstanding at Jun. 30, 2014 | 23,904,072 | 23,904,072,000 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.48 | $0.44 |
Retained Earnings | ' | ' |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.48 | $0.44 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $28,129,000 | $25,010,000 |
Adjustments to reconcile net income to cash provided by operating activities | ' | ' |
Depreciation and amortization | 5,744,000 | 4,152,000 |
Provision for loan losses | 6,752,000 | 4,400,000 |
Deferred income tax expense | 563,000 | 5,000 |
Net (gain) loss on sale of equity securities | -71,000 | 4,000 |
Loss on write-down of investments in securities available for sale | ' | ' |
Net loss on fixed assets | 390,000 | 28,000 |
Loss on termination of derivatives | 1,122,000 | 0 |
Net loss on sale of other real estate owned and foreclosed assets | 232,000 | 127,000 |
Realized gain on sale leaseback transaction | -517,000 | -517,000 |
Stock based compensation | 1,496,000 | 1,389,000 |
Excess tax benefit related to equity award activity | -449,000 | -312,000 |
Increase in cash surrender value of life insurance policies | -1,443,000 | -1,531,000 |
Gain Realized on Life Insurance Policies | -1,964,000 | ' |
Change in fair value on loans held for sale | -225,000 | 1,335,000 |
Net change in: | ' | ' |
Loans held for sale | -7,018,000 | 14,355,000 |
Other assets | 1,981,000 | 39,152,000 |
Other liabilities | 4,154,000 | 14,885,000 |
Total adjustments | 2,439,000 | 47,702,000 |
Net cash provided by operating activities | 30,568,000 | 72,712,000 |
Cash flows used in investing activities | ' | ' |
Proceeds from sales of securities available for sale | 673,000 | 169,000 |
Proceeds from maturities and principal repayments of securities available for sale | 23,510,000 | 50,709,000 |
Purchase of securities available for sale | -868,000 | -34,878,000 |
Proceeds from Maturities, Repayments and Calls of Trading Securities Held-for-investment | 20,216,000 | 27,535,000 |
Purchase of securities held to maturity | -43,493,000 | -74,834,000 |
Redemption of Federal Home Loan Bank stock | 2,576,000 | 3,093,000 |
Investment in Low Income Housing Tax Credit | -3,748,000 | ' |
Purchase of life insurance policies | -101,000 | -101,000 |
Proceeds from bank owned life insurance policies | 5,735,000 | ' |
Net increase in loans | -177,486,000 | -15,713,000 |
Purchase of bank premises and equipment | -3,915,000 | -4,221,000 |
Proceeds from the sale of bank premises and equipment | 759,000 | ' |
Payments on early termination of hedging relationship | 1,122,000 | ' |
Proceeds from the sale of other real estate owned and foreclosed assets | 2,810,000 | 5,237,000 |
Capital improvements to other real estate owned | -875,000 | -1,463,000 |
Net cash used in investing activities | -175,329,000 | -44,467,000 |
Cash flows provided by financing activities | ' | ' |
Net decrease in time deposits | -40,770,000 | -43,154,000 |
Net increase in other deposits | 352,513,000 | 172,940,000 |
Net proceeds from (repayments of) short-term Federal Home Loan Bank borrowings | -75,000,000 | 305,000 |
Repayments of long-term Federal Home Loan Bank borrowings | -5,000,000 | -9,134,000 |
Increase Decrease in Customer Repurchase Agreements | -17,522,000 | -11,533,000 |
Proceeds from (Repayments of) Other Debt | -5,000,000 | -12,000,000 |
Proceeds from Stock Options Exercised | 468,000 | 744,000 |
Restricted stock awards issued, net of awards surrendered | -642,000 | -668,000 |
Excess tax benefit from stock based compensation | 449,000 | 312,000 |
Tax benefit from deferred compensation distribution | 128,000 | 100,000 |
Proceeds from shares issued under direct stock purchase plan | 643,000 | 339,000 |
Common dividends paid | -10,967,000 | -5,032,000 |
Net cash provided by financing activities | 199,300,000 | 93,219,000 |
Net increase in cash and cash equivalents | 54,539,000 | 121,464,000 |
Cash and cash equivalents at beginning of year | 216,325,000 | 215,474,000 |
Cash and cash equivalents at end of period | 270,864,000 | 336,938,000 |
Supplemental schedule of noncash investing and financing activities | ' | ' |
Transfer of loans to other real estate owned & foreclosed assets | 4,257,000 | 1,138,000 |
Capital commitment relating to Low Income Housing Project investments | $22,091,000 | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. | |
All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts may have been reclassified to conform to the current year’s presentation. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Operating results for the quarter ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other interim period. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. |
Recent_Accounting_Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Standards [Abstract] | ' |
RECENT ACCOUNTING STANDARDS | ' |
RECENT ACCOUNTING STANDARDS UPDATES | |
FASB ASC Topic 718 "Compensation - Stock Compensation" Update No. 2014 -12. Update No. 2014-12 was issued in June 2014 to resolve the diverse accounting treatment of share-based payment awards that require, as a condition to vesting, achievement of a specific performance target after the requisite service period. Many reporting entities account for these performance targets as performance conditions that affect the vesting of the award and, therefore, do not reflect the performance target in the estimate of the grant-date fair value of the award, while other reporting entities treat those performance targets as nonvesting conditions that affect the grant-date fair value of the award. This amendment requires that these performance targets that affect vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position. | |
FASB ASC Topic 860 "Transfers and Servicing" Update No. 2014-11. Update No. 2014-11 was issued in June 2014 to respond to stakeholders' concerns about current accounting and disclosures for repurchase agreements and similar transactions. The amendments in this Update require two accounting changes. First, the amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments in this Update require disclosures for certain transactions comprising (1) a transfer of a financial asset accounted for as a sale and (2) an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. For those transactions outstanding at the reporting date, the transferor is required to disclose certain information by type of transaction. The amendments in this Update also require certain disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The accounting changes in this Update are effective for public business entities for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application for a public business entity is prohibited. For public business entities, the disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position. | |
FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2014-09. Update No. 2014-09 was issued in May 2014 to address the previous revenue recognition requirements in U.S. generally accepted accounting principles (GAAP) that differ from those in International Financial Reporting Standards (IFRS). Accordingly, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the standard is effective for annual and interim periods beginning after December 15, 2016, and calendar year-end public entities will apply it in the quarter that ends March 31, 2017. Early adoption is not permitted. We are currently assessing the potential impact of this amendment on our consolidated financial statements. | |
FASB ASC Subtopic 310-40 "Receivables - Troubled Debt Restructurings by Creditors" Update No. 2014-04. Update No. 2014-04 was issued in January 2014 to reduce diversity by clarifying when an in substance repossession of foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in the update should be applied prospectively and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position. |
Securities
Securities | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
SECURITIES | ' | |||||||||||||||||||||||||||||||||||||||
SECURITIES | ||||||||||||||||||||||||||||||||||||||||
The following table presents a summary of the amortized cost, gross unrealized holding gains and losses, other-than-temporary impairment recorded in other comprehensive income and fair value of securities available for sale and securities held to maturity for the periods below: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross Unrealized | Other-Than- | Fair | Amortized | Gross | Gross Unrealized | Other-Than- | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Losses | Temporary | Value | Cost | Unrealized | Losses | Temporary | Value | |||||||||||||||||||||||||||||||
Gains | Other | Impairment | Gains | Other | Impairment | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||||||||||||||
U.S. Government agency securities | $ | 41,346 | $ | 120 | $ | (29 | ) | $ | — | $ | 41,437 | $ | 41,331 | $ | 3 | $ | (885 | ) | $ | — | $ | 40,449 | ||||||||||||||||||
Agency mortgage-backed securities | 213,894 | 7,530 | (1,369 | ) | — | 220,055 | 232,742 | 6,405 | (4,556 | ) | — | 234,591 | ||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 53,941 | 296 | (965 | ) | — | 53,272 | 58,765 | 490 | (1,102 | ) | — | 58,153 | ||||||||||||||||||||||||||||
State, county, and municipal securities | 5,145 | 113 | — | — | 5,258 | 5,439 | 1 | (28 | ) | — | 5,412 | |||||||||||||||||||||||||||||
Single issuer trust preferred securities issued by banks | 2,937 | 52 | — | — | 2,989 | 2,960 | 14 | (22 | ) | — | 2,952 | |||||||||||||||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 7,984 | — | (1,594 | ) | (1,299 | ) | 5,091 | 8,083 | — | (1,913 | ) | (2,329 | ) | 3,841 | ||||||||||||||||||||||||||
Equity securities | 11,157 | 989 | (167 | ) | — | 11,979 | 10,997 | 762 | (295 | ) | — | 11,464 | ||||||||||||||||||||||||||||
Total available for sale securities | $ | 336,404 | $ | 9,100 | $ | (4,124 | ) | $ | (1,299 | ) | $ | 340,081 | $ | 360,317 | $ | 7,675 | $ | (8,801 | ) | $ | (2,329 | ) | $ | 356,862 | ||||||||||||||||
Held to maturity securities | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 1,011 | $ | 57 | $ | — | $ | — | $ | 1,068 | $ | 1,011 | $ | 31 | $ | — | $ | — | $ | 1,042 | ||||||||||||||||||||
Agency mortgage-backed securities | 170,217 | 4,704 | — | — | 174,921 | 155,067 | 1,917 | (1,033 | ) | — | 155,951 | |||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 195,478 | 2,404 | (4,346 | ) | — | 193,536 | 187,388 | 824 | (6,176 | ) | — | 182,036 | ||||||||||||||||||||||||||||
State, county, and municipal securities | 678 | 6 | — | — | 684 | 678 | 7 | — | — | 685 | ||||||||||||||||||||||||||||||
Single issuer trust preferred securities issued by banks | 1,500 | 27 | — | — | 1,527 | 1,503 | 23 | — | — | 1,526 | ||||||||||||||||||||||||||||||
Corporate debt securities | 5,004 | 204 | — | — | 5,208 | 5,005 | 210 | — | — | 5,215 | ||||||||||||||||||||||||||||||
Total held to maturity securities | $ | 373,888 | $ | 7,402 | $ | (4,346 | ) | $ | — | $ | 376,944 | $ | 350,652 | $ | 3,012 | $ | (7,209 | ) | $ | — | $ | 346,455 | ||||||||||||||||||
Total | $ | 710,292 | $ | 16,502 | $ | (8,470 | ) | $ | (1,299 | ) | $ | 717,025 | $ | 710,969 | $ | 10,687 | $ | (16,010 | ) | $ | (2,329 | ) | $ | 703,317 | ||||||||||||||||
When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company realized a net loss of $20,000 and a net gain $71,000 on equity securities classified as available for sale during the three and six month periods ending June 30, 2014, respectively. The Company realized a gain of $4,000 and a net loss of $4,000 on marketable securities classified as available for sale during the three and six month periods ending June 30, 2013, respectively. There were no gains or losses realized on sale of nonequity securities for the periods ending June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||
The actual maturities of certain securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of securities available for sale and securities held to maturity as of June 30, 2014 is presented below: | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 181 | $ | 192 | $ | 454 | $ | 457 | ||||||||||||||||||||||||||||||||
Due after one year to five years | 39,096 | 40,229 | 5,569 | 5,798 | ||||||||||||||||||||||||||||||||||||
Due after five years to ten years | 68,541 | 68,048 | 26,720 | 27,086 | ||||||||||||||||||||||||||||||||||||
Due after ten years | 217,429 | 219,633 | 341,145 | 343,603 | ||||||||||||||||||||||||||||||||||||
Total debt securities | $ | 325,247 | $ | 328,102 | $ | 373,888 | $ | 376,944 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 11,157 | $ | 11,979 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Total | $ | 336,404 | $ | 340,081 | $ | 373,888 | $ | 376,944 | ||||||||||||||||||||||||||||||||
Inclusive in the table above is $33.9 million of callable securities in the Company’s investment portfolio at June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||
The carrying value of securities pledged to secure public funds, repurchase agreements and for other purposes, as required or permitted by law, was $365.7 million and $360.1 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company had no investments in obligations of individual states, counties, or municipalities, which exceeded 10% of stockholders’ equity. | ||||||||||||||||||||||||||||||||||||||||
Other-Than-Temporary Impairment ("OTTI") | ||||||||||||||||||||||||||||||||||||||||
The Company continually reviews investment securities for the existence of OTTI, taking into consideration current market conditions, the extent and nature of changes in fair value, issuer rating changes and trends, the credit worthiness of the obligor of the security, volatility of earnings, current analysts’ evaluations, the Company’s intent to sell the security, or whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery, as well as other qualitative factors. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. | ||||||||||||||||||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||
# of holdings | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
U.S. Government agency securities | 3 | $ | 493 | $ | (2 | ) | $ | 9,981 | $ | (27 | ) | $ | 10,474 | $ | (29 | ) | ||||||||||||||||||||||||
Agency mortgage-backed securities | 34 | 665 | (6 | ) | 46,015 | (1,363 | ) | 46,680 | (1,369 | ) | ||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 15 | 42,761 | (502 | ) | 100,254 | (4,809 | ) | 143,015 | (5,311 | ) | ||||||||||||||||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 7 | — | — | 2,520 | (1,594 | ) | 2,520 | (1,594 | ) | |||||||||||||||||||||||||||||||
Equity securities | 8 | 71 | (2 | ) | 1,462 | (165 | ) | 1,533 | (167 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 67 | $ | 43,990 | $ | (512 | ) | $ | 160,232 | $ | (7,958 | ) | $ | 204,222 | $ | (8,470 | ) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||
# of holdings | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | 39 | $ | 39,950 | $ | (885 | ) | $ | — | $ | — | $ | 39,950 | $ | (885 | ) | |||||||||||||||||||||||||
Agency mortgage-backed securities | 124 | 202,004 | (5,217 | ) | 5,108 | (372 | ) | 207,112 | (5,589 | ) | ||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 19 | 183,721 | (7,278 | ) | — | — | 183,721 | (7,278 | ) | |||||||||||||||||||||||||||||||
State, county, and municipal securities | 13 | 3,838 | (28 | ) | — | — | 3,838 | (28 | ) | |||||||||||||||||||||||||||||||
Single issuer trust preferred securities issued by banks and insurers | 2 | 1,341 | (22 | ) | — | — | 1,341 | (22 | ) | |||||||||||||||||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 2 | — | — | 2,300 | (1,913 | ) | 2,300 | (1,913 | ) | |||||||||||||||||||||||||||||||
Equity securities | 22 | 2,376 | (90 | ) | 3,520 | (205 | ) | 5,896 | (295 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 221 | $ | 433,230 | $ | (13,520 | ) | $ | 10,928 | $ | (2,490 | ) | $ | 444,158 | $ | (16,010 | ) | ||||||||||||||||||||||||
The Company does not intend to sell these investments and has determined based upon available evidence that it is more likely than not that the Company will not be required to sell the security before the recovery of its amortized cost basis. As a result, the Company does not consider these investments to be OTTI. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations. | ||||||||||||||||||||||||||||||||||||||||
As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category are as follows at June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
• | U.S. Government Agency Securities, Agency Mortgage-Backed Securities and Collateralized Mortgage Obligations: This portfolio has contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies. | |||||||||||||||||||||||||||||||||||||||
• | Pooled Trust Preferred Securities: This portfolio consists of two below investment grade securities both of which are performing. The unrealized loss on these securities is attributable to the illiquid nature of the trust preferred market and the significant risk premiums required in the current economic environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments. | |||||||||||||||||||||||||||||||||||||||
• | Equity Securities: This portfolio consists of mutual funds and other equity investments. During some periods, the mutual funds in the Company’s investment portfolio may have unrealized losses resulting from market fluctuations as well as the risk premium associated with that particular asset class. For example, emerging market equities tend to trade at a higher risk premium than U.S. government bonds and thus, will fluctuate to a greater degree on both the upside and the downside. In the context of a well-diversified portfolio, however, the correlation amongst the various asset classes represented by the funds serves to minimize downside risk. The Company evaluates each mutual fund in the portfolio regularly and measures performance on both an absolute and relative basis. A reasonable recovery period for positions with an unrealized loss is based on management’s assessment of general economic data, trends within a particular asset class, valuations, earnings forecasts and bond durations. | |||||||||||||||||||||||||||||||||||||||
The following table shows the total OTTI that the Company recorded for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Gross change in OTTI recorded on certain investments | $ | 196 | $ | 90 | $ | 1,029 | $ | 371 | ||||||||||||||||||||||||||||||||
Portion of OTTI recognized in OCI | (196 | ) | (90 | ) | (1,029 | ) | (371 | ) | ||||||||||||||||||||||||||||||||
Total credit related OTTI losses recognized in earnings | $ | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||
The following table shows the cumulative credit related component of OTTI for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | (9,997 | ) | $ | (10,847 | ) | $ | (9,997 | ) | $ | (10,847 | ) | ||||||||||||||||||||||||||||
Add | ||||||||||||||||||||||||||||||||||||||||
Incurred on securities not previously impaired | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Incurred on securities previously impaired | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less | ||||||||||||||||||||||||||||||||||||||||
Securities sold during the period | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Reclassification due to changes in Company’s intent | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Increases in cash flow expected to be collected | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | (9,997 | ) | $ | (10,847 | ) | $ | (9,997 | ) | $ | (10,847 | ) |
Loans_Allowance_for_Loan_Losse
Loans, Allowance for Loan Losses and Credit Quality | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | ' | |||||||||||||||||||||||||||||||||||||||
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | ||||||||||||||||||||||||||||||||||||||||
The following tables bifurcate the amount of allowance allocated to each loan category based on the type of impairment analysis as of the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Financing receivables ending balance: | ||||||||||||||||||||||||||||||||||||||||
Total loans by group | $ | 853,327 | $ | 2,300,633 | $ | 252,222 | $ | 78,955 | $ | 541,601 | $ | 840,815 | $ | 17,947 | $ | 4,885,500 | (1 | ) | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,796 | $ | 30,472 | $ | — | $ | 1,474 | $ | 15,829 | $ | 5,473 | $ | 1,026 | $ | 61,070 | ||||||||||||||||||||||||
Purchase credit impaired loans | $ | — | $ | 17,425 | $ | 188 | $ | — | $ | 10,055 | $ | 310 | $ | 6 | $ | 27,984 | ||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 846,531 | $ | 2,252,736 | $ | 252,034 | $ | 77,481 | $ | 515,717 | $ | 835,032 | $ | 16,915 | $ | 4,796,446 | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Financing receivables ending balance: | ||||||||||||||||||||||||||||||||||||||||
Total loans by group | $ | 784,202 | $ | 2,249,260 | $ | 223,859 | $ | 77,240 | $ | 541,443 | $ | 822,141 | $ | 20,162 | $ | 4,718,307 | (1 | ) | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,148 | $ | 39,516 | $ | 100 | $ | 1,903 | $ | 15,200 | $ | 4,890 | $ | 1,298 | $ | 72,055 | ||||||||||||||||||||||||
Purchase credit impaired loans | $ | 1 | $ | 18,612 | $ | 197 | $ | — | $ | 10,389 | $ | 326 | $ | 19 | $ | 29,544 | ||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 775,053 | $ | 2,191,132 | $ | 223,562 | $ | 75,337 | $ | 515,854 | $ | 816,925 | $ | 18,845 | $ | 4,616,708 | ||||||||||||||||||||||||
-1 | The amount of net deferred fees included in the ending balance was $2.6 million and $2.3 million at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
The following tables summarize changes in allowance for loan losses by loan category for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,601 | $ | 24,917 | $ | 3,570 | $ | 1,207 | $ | 2,829 | $ | 4,758 | $ | 747 | $ | 53,629 | ||||||||||||||||||||||||
Charge-offs | (470 | ) | (660 | ) | — | (128 | ) | (326 | ) | (308 | ) | (258 | ) | (2,150 | ) | |||||||||||||||||||||||||
Recoveries | 128 | 197 | — | 92 | 190 | 55 | 147 | 809 | ||||||||||||||||||||||||||||||||
Provision | 670 | 641 | 187 | (17 | ) | 186 | 464 | 119 | 2,250 | |||||||||||||||||||||||||||||||
Ending balance | $ | 15,929 | $ | 25,095 | $ | 3,757 | $ | 1,154 | $ | 2,879 | $ | 4,969 | $ | 755 | $ | 54,538 | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,443 | $ | 22,569 | $ | 3,139 | $ | 1,244 | $ | 3,048 | $ | 7,716 | $ | 747 | $ | 51,906 | ||||||||||||||||||||||||
Charge-offs | (1,302 | ) | (196 | ) | — | (276 | ) | (186 | ) | (257 | ) | (260 | ) | (2,477 | ) | |||||||||||||||||||||||||
Recoveries | 103 | 8 | — | 37 | 86 | 30 | 183 | 447 | ||||||||||||||||||||||||||||||||
Provision | 2,081 | 648 | 283 | 290 | 11 | (222 | ) | 9 | 3,100 | |||||||||||||||||||||||||||||||
Ending balance | $ | 14,325 | $ | 23,029 | $ | 3,422 | $ | 1,295 | $ | 2,959 | $ | 7,267 | $ | 679 | $ | 52,976 | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,622 | $ | 24,541 | $ | 3,371 | $ | 1,215 | $ | 2,760 | $ | 5,036 | $ | 694 | $ | 53,239 | ||||||||||||||||||||||||
Charge-offs | (1,253 | ) | (3,582 | ) | — | (396 | ) | (454 | ) | (402 | ) | (629 | ) | (6,716 | ) | |||||||||||||||||||||||||
Recoveries | 207 | 265 | — | 139 | 190 | 148 | 314 | 1,263 | ||||||||||||||||||||||||||||||||
Provision | 1,353 | 3,871 | 386 | 196 | 383 | 187 | 376 | 6,752 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 15,929 | $ | 25,095 | $ | 3,757 | $ | 1,154 | $ | 2,879 | $ | 4,969 | $ | 755 | $ | 54,538 | ||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 472 | $ | 292 | $ | — | $ | 45 | $ | 1,599 | $ | 273 | $ | 49 | $ | 2,730 | ||||||||||||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 15,457 | $ | 24,803 | $ | 3,757 | $ | 1,109 | $ | 1,280 | $ | 4,696 | $ | 706 | $ | 51,808 | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,461 | $ | 22,598 | $ | 2,811 | $ | 1,524 | $ | 2,930 | $ | 7,703 | $ | 807 | $ | 51,834 | ||||||||||||||||||||||||
Charge-offs | (1,725 | ) | (603 | ) | — | (421 | ) | (247 | ) | (534 | ) | (521 | ) | (4,051 | ) | |||||||||||||||||||||||||
Recoveries | 239 | 8 | — | 76 | 86 | 51 | 333 | 793 | ||||||||||||||||||||||||||||||||
Provision | 2,350 | 1,026 | 611 | 116 | 190 | 47 | 60 | 4,400 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 14,325 | $ | 23,029 | $ | 3,422 | $ | 1,295 | $ | 2,959 | $ | 7,267 | $ | 679 | $ | 52,976 | ||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 775 | $ | 410 | $ | — | $ | 153 | $ | 1,670 | $ | 52 | $ | 92 | $ | 3,152 | ||||||||||||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 13,550 | $ | 22,619 | $ | 3,422 | $ | 1,142 | $ | 1,289 | $ | 7,215 | $ | 587 | $ | 49,824 | ||||||||||||||||||||||||
For the purpose of estimating the allowance for loan losses, management segregates the loan portfolio into the portfolio segments detailed in the above tables. Each of these loan categories possesses unique risk characteristics that are considered when determining the appropriate level of allowance for each segment. Some of the risk characteristics unique to each loan category include: | ||||||||||||||||||||||||||||||||||||||||
Commercial Portfolio | ||||||||||||||||||||||||||||||||||||||||
• | Commercial and Industrial: Loans in this category consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to: accounts receivable, inventory, plant & equipment, or real estate, if applicable. Repayment sources consist of: primarily, operating cash flow, and secondarily, liquidation of assets. | |||||||||||||||||||||||||||||||||||||||
• | Commercial Real Estate: Loans in this category consist of mortgage loans to finance investment in real property such as multi-family residential, commercial/retail, office, industrial, hotels, educational and healthcare facilities and other specific use properties. Loans are typically written with amortizing payment structures. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy and regulatory guidelines. Repayment sources consist of: primarily, cash flow from operating leases and rents, and secondarily, liquidation of assets. | |||||||||||||||||||||||||||||||||||||||
• | Commercial Construction: Loans in this category consist of short-term construction loans, revolving and nonrevolving credit lines and construction/permanent loans to finance the acquisition, development and construction or rehabilitation of real property. Project types include: residential 1-4 family condominium and multi-family homes, commercial/retail, office, industrial, hotels, educational and healthcare facilities and other specific use properties. Loans may be written with nonamortizing or hybrid payment structures depending upon the type of project. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy and regulatory guidelines. Repayment sources vary depending upon the type of project and may consist of: sale or lease of units, operating cash flows or liquidation of other assets. | |||||||||||||||||||||||||||||||||||||||
• | Small Business: Loans in this category consist of revolving, term loan and mortgage obligations extended to sole proprietors and small businesses for purposes of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to: accounts receivable, inventory, plant & equipment, or real estate if applicable. Repayment sources consist of: primarily, operating cash flows, and secondarily, liquidation of assets. | |||||||||||||||||||||||||||||||||||||||
For the commercial portfolio it is the Bank’s policy to obtain personal guarantees for payment from individuals holding material ownership interests of the borrowing entities. | ||||||||||||||||||||||||||||||||||||||||
Consumer Portfolio | ||||||||||||||||||||||||||||||||||||||||
• | Residential Real Estate: Residential mortgage loans held in the Bank’s portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current and expected income, employment status, current assets, other financial resources, credit history and the value of the collateral. Collateral consists of mortgage liens on 1-4 family residential properties. The Company does not originate sub-prime loans. | |||||||||||||||||||||||||||||||||||||||
• | Home Equity: Home equity loans and lines are made to qualified individuals and are secured by senior or junior mortgage liens on owner-occupied 1-4 family homes, condominiums or vacation homes or on nonowner occupied 1-4 family homes with more restrictive loan to value requirements. The home equity loan has a fixed rate and is billed in equal payments comprised of principal and interest. The home equity line of credit has a variable rate and is billed in interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Additionally, the Bank has the option of renewing the line of credit for additional draw periods. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan to value ratios within established policy guidelines. | |||||||||||||||||||||||||||||||||||||||
• | Other Consumer: Other consumer loan products including personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, auto loans, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. These loans may be secured or unsecured. | |||||||||||||||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||||||
The Company continually monitors the asset quality of the loan portfolio using all available information. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring (“TDR”). | ||||||||||||||||||||||||||||||||||||||||
The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial portfolio, the Company utilizes a 10-point commercial risk-rating system, which assigns a risk-grade to each borrower based on a number of quantitative and qualitative factors associated with a commercial loan transaction. Factors considered include industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral, and other considerations. The risk-ratings categories are defined as follows: | ||||||||||||||||||||||||||||||||||||||||
• | 1- 6 Rating — Pass: Risk-rating grades “1” through “6” comprise those loans ranging from ‘Substantially Risk Free’ which indicates borrowers are of unquestioned credit standing and the pinnacle of credit quality, well established companies with a very strong financial condition, and loans fully secured by cash collateral, through ‘Acceptable Risk’, which indicates borrowers may exhibit declining earnings, strained cash flow, increasing leverage and/or weakening market fundamentals that indicate above average or below average asset quality, margins and market share. Collateral coverage is protective. | |||||||||||||||||||||||||||||||||||||||
• | 7 Rating — Potential Weakness: Borrowers exhibit potential credit weaknesses or downward trends deserving management’s close attention. If not checked or corrected, these trends will weaken the Bank’s asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. | |||||||||||||||||||||||||||||||||||||||
• | 8 Rating — Definite Weakness: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Loan may be inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. However, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. | |||||||||||||||||||||||||||||||||||||||
• | 9 Rating — Partial Loss Probable: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. | |||||||||||||||||||||||||||||||||||||||
• | 10 Rating — Definite Loss: Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Bank is not warranted. | |||||||||||||||||||||||||||||||||||||||
The credit quality of the commercial loan portfolio is actively monitored and any changes in credit quality are reflected in risk-rating changes. Risk-ratings are assigned or reviewed for all new loans, when advancing significant additions to existing relationships (over $50,000), at least quarterly for all actively managed loans, and any time a significant event occurs, including at renewal of the loan. | ||||||||||||||||||||||||||||||||||||||||
The Company utilizes a comprehensive strategy for monitoring commercial credit quality. Borrowers are required to provide updated financial information at least annually which is carefully evaluated for any changes in credit quality. Larger loan relationships are subject to a full annual credit review by an experienced credit analysis group. Additionally, the Company retains an independent loan review firm to evaluate the credit quality of the commercial loan portfolio. The independent loan review process achieves significant penetration into the commercial loan portfolio and reports the results of these reviews to the Audit Committee of the Board of Directors on a quarterly basis. | ||||||||||||||||||||||||||||||||||||||||
The following table details the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s commercial portfolio: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
Category | Risk | Commercial and | Commercial | Commercial | Small Business | Total | ||||||||||||||||||||||||||||||||||
Rating | Industrial | Real Estate | Construction | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Pass | 1 - 6 | $ | 786,349 | $ | 2,122,030 | $ | 236,106 | $ | 74,221 | $ | 3,218,706 | |||||||||||||||||||||||||||||
Potential weakness | 7 | 42,929 | 106,724 | 12,263 | 3,391 | 165,307 | ||||||||||||||||||||||||||||||||||
Definite weakness-loss unlikely | 8 | 23,712 | 69,062 | 3,853 | 1,310 | 97,937 | ||||||||||||||||||||||||||||||||||
Partial loss probable | 9 | 337 | 2,817 | — | 33 | 3,187 | ||||||||||||||||||||||||||||||||||
Definite loss | 10 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 853,327 | $ | 2,300,633 | $ | 252,222 | $ | 78,955 | $ | 3,485,137 | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Category | Risk | Commercial and | Commercial | Commercial | Small Business | Total | ||||||||||||||||||||||||||||||||||
Rating | Industrial | Real Estate | Construction | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Pass | 1 - 6 | $ | 736,996 | $ | 2,068,995 | $ | 210,372 | $ | 71,514 | $ | 3,087,877 | |||||||||||||||||||||||||||||
Potential weakness | 7 | 21,841 | 91,984 | 8,608 | 3,031 | 125,464 | ||||||||||||||||||||||||||||||||||
Definite weakness-loss unlikely | 8 | 24,409 | 85,767 | 4,779 | 2,552 | 117,507 | ||||||||||||||||||||||||||||||||||
Partial loss probable | 9 | 956 | 2,514 | 100 | 143 | 3,713 | ||||||||||||||||||||||||||||||||||
Definite loss | 10 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 784,202 | $ | 2,249,260 | $ | 223,859 | $ | 77,240 | $ | 3,334,561 | ||||||||||||||||||||||||||||||
For the Company’s consumer portfolio, the quality of the loan is best indicated by the repayment performance of an individual borrower. However, the Company does supplement performance data with current Fair Isaac Corporation (“FICO”) and Loan to Value (“LTV”) estimates. Current FICO data is purchased and appended to all consumer loans on a quarterly basis. In addition, automated valuation services and broker opinions of value are used to supplement original value data for the residential and home equity portfolios, periodically. The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: | ||||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Residential portfolio | ||||||||||||||||||||||||||||||||||||||||
FICO score (re-scored) (1) | 738 | 738 | ||||||||||||||||||||||||||||||||||||||
LTV (re-valued) (2) | 67 | % | 67 | % | ||||||||||||||||||||||||||||||||||||
Home equity portfolio | ||||||||||||||||||||||||||||||||||||||||
FICO score (re-scored) (1) | 764 | 763 | ||||||||||||||||||||||||||||||||||||||
LTV (re-valued) (2) | 53.2 | % | 53 | % | ||||||||||||||||||||||||||||||||||||
-1 | The average FICO scores for June 30, 2014 are based upon rescores available from May 31, 2014 and origination score data for loans booked between June 1, 2014 and June 30, 2014. The average FICO scores for December 31, 2013 are based upon rescores available from November 30, 2013 and origination score data for loans booked between December 1, 2013 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
-2 | The combined LTV ratios for June 30, 2014 are based upon updated automated valuations as of February 28, 2013 and origination value data for loans booked between March 1, 2013 and June 30, 2014. The combined LTV ratios for December 31, 2013 are based upon updated automated valuations as of February 28, 2013 and origination value data for loans booked from March 1, 2013 through December 31, 2013. For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. | |||||||||||||||||||||||||||||||||||||||
The Bank’s philosophy toward managing its loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. Delinquent loans are managed by a team of seasoned collection specialists and the Bank seeks to make arrangements to resolve any delinquent or default situation over the shortest possible time frame. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans. As permitted by banking regulations, certain consumer loans 90 days or more past due may continue to accrue interest. The Company also may use discretion regarding other loans over 90 days delinquent if the loan is well secured and in process of collection. Set forth is information regarding the Company’s nonaccrual, delinquent, TDRs, and impaired loans at the period shown. | ||||||||||||||||||||||||||||||||||||||||
The following table shows nonaccrual loans at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,368 | $ | 4,178 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 6,586 | 11,734 | ||||||||||||||||||||||||||||||||||||||
Commercial construction | — | 100 | ||||||||||||||||||||||||||||||||||||||
Small business | 433 | 633 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | 10,336 | 10,329 | ||||||||||||||||||||||||||||||||||||||
Home equity | 7,069 | 7,068 | ||||||||||||||||||||||||||||||||||||||
Other consumer | 27 | 92 | ||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans (1) | $ | 26,819 | $ | 34,134 | ||||||||||||||||||||||||||||||||||||
-1 | Included in these amounts were $7.5 million of nonaccruing TDRs at both June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||
The following table shows the age analysis of past due financing receivables as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
30-59 days | 60-89 days | 90 days or more | Total Past Due | Total | Recorded | |||||||||||||||||||||||||||||||||||
Financing | Investment | |||||||||||||||||||||||||||||||||||||||
Receivables | >90 Days | |||||||||||||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | Current | and Accruing | |||||||||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Loan Portfolio | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 8 | $ | 1,011 | 12 | $ | 1,209 | 20 | $ | 1,481 | 40 | $ | 3,701 | $ | 849,626 | $ | 853,327 | $ | — | ||||||||||||||||||||||
Commercial real estate | 16 | 9,105 | 5 | 3,218 | 20 | 3,652 | 41 | 15,975 | 2,284,658 | 2,300,633 | — | |||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | 252,222 | 252,222 | — | |||||||||||||||||||||||||||||
Small business | 8 | 144 | 5 | 22 | 8 | 224 | 21 | 390 | 78,565 | 78,955 | — | |||||||||||||||||||||||||||||
Residential real estate | 15 | 1,594 | 7 | 1,468 | 41 | 6,352 | 63 | 9,414 | 532,187 | 541,601 | 476 | |||||||||||||||||||||||||||||
Home equity | 21 | 2,185 | 9 | 419 | 22 | 1,752 | 52 | 4,356 | 836,459 | 840,815 | 82 | |||||||||||||||||||||||||||||
Other consumer | 49 | 201 | 18 | 97 | 25 | 54 | 92 | 352 | 17,595 | 17,947 | 39 | |||||||||||||||||||||||||||||
Total | 117 | $ | 14,240 | 56 | $ | 6,433 | 136 | $ | 13,515 | 309 | $ | 34,188 | $ | 4,851,312 | $ | 4,885,500 | $ | 597 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
30-59 days | 60-89 days | 90 days or more | Total Past Due | Total | Recorded | |||||||||||||||||||||||||||||||||||
Financing | Investment | |||||||||||||||||||||||||||||||||||||||
Receivables | >90 Days | |||||||||||||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | Current | and Accruing | |||||||||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Loan Portfolio | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 9 | $ | 743 | 6 | $ | 327 | 20 | $ | 3,763 | 35 | $ | 4,833 | $ | 779,369 | $ | 784,202 | $ | — | ||||||||||||||||||||||
Commercial real estate | 21 | 8,643 | 2 | 356 | 30 | 8,155 | 53 | 17,154 | 2,232,106 | 2,249,260 | — | |||||||||||||||||||||||||||||
Commercial construction | 1 | 847 | — | — | 1 | 100 | 2 | 947 | 222,912 | 223,859 | — | |||||||||||||||||||||||||||||
Small business | 18 | 353 | 6 | 227 | 14 | 247 | 38 | 827 | 76,413 | 77,240 | — | |||||||||||||||||||||||||||||
Residential real estate | 23 | 2,903 | 8 | 1,630 | 39 | 6,648 | 70 | 11,181 | 530,262 | 541,443 | 462 | |||||||||||||||||||||||||||||
Home equity | 27 | 1,922 | 8 | 852 | 23 | 2,055 | 58 | 4,829 | 817,312 | 822,141 | — | |||||||||||||||||||||||||||||
Other consumer | 110 | 514 | 30 | 106 | 34 | 148 | 174 | 768 | 19,394 | 20,162 | 63 | |||||||||||||||||||||||||||||
Total | 209 | $ | 15,925 | 60 | $ | 3,498 | 161 | $ | 21,116 | 430 | $ | 40,539 | $ | 4,677,768 | $ | 4,718,307 | $ | 525 | ||||||||||||||||||||||
In the course of resolving nonperforming loans, the Bank may choose to restructure the contractual terms of certain loans. The Bank attempts to work out an alternative payment schedule with the borrower in order to avoid foreclosure actions. Any loans that are modified are reviewed by the Bank to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. | ||||||||||||||||||||||||||||||||||||||||
The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
TDRs on accrual status | $ | 38,925 | $ | 38,410 | ||||||||||||||||||||||||||||||||||||
TDRs on nonaccrual | 7,499 | 7,454 | ||||||||||||||||||||||||||||||||||||||
Total TDRs | $ | 46,424 | $ | 45,864 | ||||||||||||||||||||||||||||||||||||
Amount of specific reserves included in the allowance for loan losses associated with TDRs: | $ | 2,108 | $ | 2,474 | ||||||||||||||||||||||||||||||||||||
Additional commitments to lend to a borrower who has been a party to a TDR: | $ | 606 | $ | 1,877 | ||||||||||||||||||||||||||||||||||||
The Bank’s policy is to have any restructured loan which is on nonaccrual status prior to being modified remain on nonaccrual status for six months, subsequent to being modified, before management considers its return to accrual status. If the restructured loan is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status. Additionally, loans classified as TDRs are adjusted to reflect the changes in value of the recorded investment in the loan, if any, resulting from the granting of a concession. For all residential loan modifications, the borrower must perform during a 90 day trial period before the modification is finalized. | ||||||||||||||||||||||||||||||||||||||||
The following table shows the modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||||||||
Investment | Investment (1) | Investment | Investment (1) | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 3 | $ | 399 | $ | 399 | 12 | $ | 824 | $ | 824 | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 6 | 1,882 | 1,882 | ||||||||||||||||||||||||||||||||||
Small business | 1 | 117 | 117 | 2 | 174 | 174 | ||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | 2 | 542 | 513 | ||||||||||||||||||||||||||||||||||
Home equity | 3 | 520 | 520 | 4 | 616 | 616 | ||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | 1 | 8 | 8 | ||||||||||||||||||||||||||||||||||
Total | 7 | $ | 1,036 | $ | 1,036 | 27 | $ | 4,046 | $ | 4,017 | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||||||||
Investment | Investment (1) | Investment | Investment (1) | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 282 | $ | 282 | 2 | $ | 282 | $ | 282 | ||||||||||||||||||||||||||||||
Commercial real estate | 1 | 664 | 664 | 2 | 1,063 | 1,063 | ||||||||||||||||||||||||||||||||||
Small business | 1 | 18 | 18 | 5 | 282 | 282 | ||||||||||||||||||||||||||||||||||
Residential real estate | 2 | 744 | 744 | 6 | 1,900 | 1,926 | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 29 | 29 | 3 | 194 | 194 | ||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | 2 | 11 | 11 | ||||||||||||||||||||||||||||||||||
Total | 7 | $ | 1,737 | $ | 1,737 | 20 | $ | 3,732 | $ | 3,758 | ||||||||||||||||||||||||||||||
-1 | The post-modification balances represent the balance of the loan on the date of modifications. These amounts may show an increase when modifications include a capitalization of interest. | |||||||||||||||||||||||||||||||||||||||
The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the period indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Extended maturity | $ | 633 | $ | 329 | $ | 1,640 | $ | 991 | ||||||||||||||||||||||||||||||||
Adjusted interest rate | — | — | 728 | — | ||||||||||||||||||||||||||||||||||||
Combination rate & maturity | 403 | 1,408 | 1,670 | 2,756 | ||||||||||||||||||||||||||||||||||||
Court ordered concession | — | — | 8 | 11 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,036 | $ | 1,737 | $ | 4,046 | $ | 3,758 | ||||||||||||||||||||||||||||||||
The following table shows the loans that have been modified during the past twelve months which have subsequently defaulted during the periods indicated. The Company considers a loan to have defaulted when it reaches 90 days past due. | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||||||||||
of Contracts | Investment | of Contracts | Investment | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | 2 | $ | 1,767 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 73 | 1 | 398 | ||||||||||||||||||||||||||||||||||||
Small business | — | — | 2 | 22 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 136 | — | — | ||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 209 | 5 | $ | 2,187 | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||||||||||
of Contracts | Investment | of Contracts | Investment | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | 2 | $ | 1,767 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 2 | 249 | 1 | 398 | ||||||||||||||||||||||||||||||||||||
Small business | — | — | 3 | 253 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 136 | — | — | ||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 385 | 6 | $ | 2,418 | ||||||||||||||||||||||||||||||||||
All TDR loans are considered impaired and therefore are subject to a specific review for impairment. The impairment analysis appropriately discounts the present value of the anticipated cash flows by the loan’s contractual rate of interest in effect prior to the loan’s modification. The amount of impairment, if any, is recorded as a specific loss allocation to each individual loan in the allowance for loan losses. Commercial loans (commercial and industrial, commercial construction, commercial real estate and small business loans), residential loans, and home equity loans that have been classified as TDRs and which subsequently default are reviewed to determine if the loan should be deemed collateral dependent. In such an instance, any shortfall between the value of the collateral and the carrying value of the loan is determined by measuring the recorded investment in the loan against the fair value of the collateral less estimated costs to sell. The Bank charges off the amount of any confirmed loan loss in the period when the loans, or portion of loans, are deemed uncollectible. Smaller balance consumer TDR loans are reviewed for performance to determine when a charge-off is appropriate. | ||||||||||||||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | ||||||||||||||||||||||||||||||||||||||||
The tables below set forth information regarding the Company’s impaired loans by loan portfolio at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,296 | $ | 4,842 | $ | — | ||||||||||||||||||||||||||||||||||
Commercial real estate | 16,055 | 16,935 | — | |||||||||||||||||||||||||||||||||||||
Small business | 1,035 | 1,068 | — | |||||||||||||||||||||||||||||||||||||
Residential real estate | 2,409 | 2,494 | — | |||||||||||||||||||||||||||||||||||||
Home equity | 4,374 | 4,418 | — | |||||||||||||||||||||||||||||||||||||
Other consumer | 354 | 355 | — | |||||||||||||||||||||||||||||||||||||
Subtotal | 28,523 | 30,112 | — | |||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,500 | $ | 2,954 | $ | 472 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 14,417 | 15,005 | 292 | |||||||||||||||||||||||||||||||||||||
Small business | 439 | 480 | 45 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 13,420 | 14,660 | 1,599 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,099 | 1,186 | 273 | |||||||||||||||||||||||||||||||||||||
Other consumer | 672 | 674 | 49 | |||||||||||||||||||||||||||||||||||||
Subtotal | 32,547 | 34,959 | 2,730 | |||||||||||||||||||||||||||||||||||||
Total | $ | 61,070 | $ | 65,071 | $ | 2,730 | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,147 | $ | 7,288 | $ | — | ||||||||||||||||||||||||||||||||||
Commercial real estate | 14,283 | 15,891 | — | |||||||||||||||||||||||||||||||||||||
Commercial construction | 100 | 408 | — | |||||||||||||||||||||||||||||||||||||
Small business | 1,474 | 1,805 | — | |||||||||||||||||||||||||||||||||||||
Residential real estate | 1,972 | 2,026 | — | |||||||||||||||||||||||||||||||||||||
Home equity | 4,263 | 4,322 | — | |||||||||||||||||||||||||||||||||||||
Other consumer | 446 | 446 | — | |||||||||||||||||||||||||||||||||||||
Subtotal | 29,685 | 32,186 | — | |||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,001 | $ | 2,045 | $ | 1,150 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 25,233 | 25,377 | 765 | |||||||||||||||||||||||||||||||||||||
Small business | 429 | 462 | 109 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 13,228 | 14,197 | 1,564 | |||||||||||||||||||||||||||||||||||||
Home equity | 627 | 694 | 116 | |||||||||||||||||||||||||||||||||||||
Other consumer | 852 | 856 | 70 | |||||||||||||||||||||||||||||||||||||
Subtotal | 42,370 | 43,631 | 3,774 | |||||||||||||||||||||||||||||||||||||
Total | $ | 72,055 | $ | 75,817 | $ | 3,774 | ||||||||||||||||||||||||||||||||||
The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,449 | $ | 60 | $ | 4,774 | $ | 123 | ||||||||||||||||||||||||||||||||
Commercial real estate | 16,216 | 246 | 16,342 | 490 | ||||||||||||||||||||||||||||||||||||
Small business | 1,051 | 16 | 1,076 | 32 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 2,415 | 24 | 2,426 | 50 | ||||||||||||||||||||||||||||||||||||
Home equity | 4,431 | 51 | 4,465 | 103 | ||||||||||||||||||||||||||||||||||||
Other consumer | 363 | 6 | 374 | 13 | ||||||||||||||||||||||||||||||||||||
Subtotal | 28,925 | 403 | 29,457 | 811 | ||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,808 | $ | 40 | $ | 2,906 | $ | 81 | ||||||||||||||||||||||||||||||||
Commercial real estate | 14,523 | 205 | 14,748 | 413 | ||||||||||||||||||||||||||||||||||||
Small business | 449 | 8 | 462 | 16 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 13,449 | 132 | 13,563 | 264 | ||||||||||||||||||||||||||||||||||||
Home equity | 1,102 | 10 | 1,109 | 17 | ||||||||||||||||||||||||||||||||||||
Other consumer | 686 | 6 | 707 | 12 | ||||||||||||||||||||||||||||||||||||
Subtotal | 33,017 | 401 | 33,495 | 803 | ||||||||||||||||||||||||||||||||||||
Total | $ | 61,942 | $ | 804 | $ | 62,952 | $ | 1,614 | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,396 | $ | 114 | $ | 8,836 | $ | 230 | ||||||||||||||||||||||||||||||||
Commercial real estate | 18,392 | 312 | 18,448 | 628 | ||||||||||||||||||||||||||||||||||||
Commercial construction | 1,608 | 13 | 1,608 | 26 | ||||||||||||||||||||||||||||||||||||
Small business | 1,393 | 22 | 1,454 | 46 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 2,236 | 25 | 2,253 | 44 | ||||||||||||||||||||||||||||||||||||
Home equity | 3,674 | 43 | 3,691 | 85 | ||||||||||||||||||||||||||||||||||||
Other consumer | 560 | 10 | 585 | 23 | ||||||||||||||||||||||||||||||||||||
Subtotal | 36,259 | 539 | 36,875 | 1,082 | ||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,076 | $ | 43 | $ | 3,221 | $ | 89 | ||||||||||||||||||||||||||||||||
Commercial real estate | 18,242 | 263 | 18,235 | 526 | ||||||||||||||||||||||||||||||||||||
Small business | 748 | 12 | 760 | 23 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 13,688 | 127 | 13,732 | 255 | ||||||||||||||||||||||||||||||||||||
Home equity | 407 | 5 | 410 | 10 | ||||||||||||||||||||||||||||||||||||
Other consumer | 1,074 | 10 | 1,113 | 20 | ||||||||||||||||||||||||||||||||||||
Subtotal | 37,235 | 460 | 37,471 | 923 | ||||||||||||||||||||||||||||||||||||
Total | $ | 73,494 | $ | 999 | $ | 74,346 | $ | 2,005 | ||||||||||||||||||||||||||||||||
Certain loans acquired by the Company may have shown evidence of deterioration of credit quality since origination and it was therefore deemed unlikely that the Bank would be able to collect all contractually required payments. As such, these loans were deemed to be Purchase Credit Impaired (“PCI”) loans and the carrying value and prospective income recognition are predicated upon future cash flows expected to be collected. The following table displays certain information pertaining to purchased credit impaired loans at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Outstanding balance | $ | 31,843 | $ | 33,555 | ||||||||||||||||||||||||||||||||||||
Carrying amount | $ | 27,984 | $ | 29,544 | ||||||||||||||||||||||||||||||||||||
The following table summarizes activity in the accretable yield for the PCI loan portfolio: | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 2,464 | ||||||||||||||||||||||||||||||||||||||
Acquisition | 386 | |||||||||||||||||||||||||||||||||||||||
Accretion | (1,812 | ) | ||||||||||||||||||||||||||||||||||||||
Other change in expected cash flows (2) | 1,142 | |||||||||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows (1) | 334 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,514 | ||||||||||||||||||||||||||||||||||||||
Accretion | (1,055 | ) | ||||||||||||||||||||||||||||||||||||||
Other change in expected cash flows (2) | 2,192 | |||||||||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows (1) | 194 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30,2014 | $ | 3,845 | ||||||||||||||||||||||||||||||||||||||
(1) Results in increased interest income during the period in which the loan paid off. | ||||||||||||||||||||||||||||||||||||||||
(2) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Earnings per share consisted of the following components for the periods indicated: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Net income | $ | 14,746 | $ | 12,758 | $ | 28,129 | $ | 25,010 | ||||||||
Weighted Average Shares | ||||||||||||||||
Basic shares | 23,897,413 | 22,888,155 | 23,858,456 | 22,856,132 | ||||||||||||
Effect of diluted securities | 94,560 | 52,144 | 97,544 | 49,104 | ||||||||||||
Dilutive shares | 23,991,973 | 22,940,299 | 23,956,000 | 22,905,236 | ||||||||||||
Net income per share | ||||||||||||||||
Basic EPS | $ | 0.62 | $ | 0.56 | $ | 1.18 | $ | 1.09 | ||||||||
Effect of diluted securities | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Dilutive EPS | $ | 0.61 | $ | 0.56 | $ | 1.17 | $ | 1.09 | ||||||||
The following table illustrates the options to purchase common stock and the shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options | — | 241,268 | — | 245,312 | ||||||||||||
Performance-based restricted stock | — | — | — | — | ||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
STOCK BASED COMPENSATION | ' | |||||||||||
STOCK BASED COMPENSATION | ||||||||||||
Time Vested Restricted Stock Awards | ||||||||||||
During 2014, the Company made the following awards of restricted stock: | ||||||||||||
Date | Shares Granted | Plan | Grant Date Fair Value | Vesting Period | ||||||||
3/20/14 | 65,950 | 2005 Employee Stock Plan | $ | 39.82 | Ratably over 5 years from grant date | |||||||
3/31/14 | 3,000 | 2005 Employee Stock Plan | $ | 39 | Ratably over 3 years from grant date | |||||||
5/20/14 | 10,920 | 2010 Non-Employee Director Stock Plan | $ | 35.08 | At the end of 5 years from grant date | |||||||
The fair value of the restricted stock awards is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. | ||||||||||||
Performance-Based Restricted Stock Awards | ||||||||||||
On March 20, 2014, the Company granted 20,700 performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $39.82. The number of shares to be vested will be contingent upon the Company's attainment of certain performance measures outlined in the award agreement and will be measured as of the end of the three year performance period, or December 31, 2016. These awards will be accounted for as equity awards due to the nature of these awards and the fact that these shares will not be settled in cash. | ||||||||||||
The fair value of the performance-based restricted stock awards, assuming achievement at target, is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of these awards are not entitled to receive dividends on or vote shares of performance-based restricted shares until vested. | ||||||||||||
Stock Options | ||||||||||||
The Company has not issued any awards of options to purchase shares of common stock during 2014. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | ' | ||||||||||||||||||||||||||
DERIVATIVE AND HEDGING ACTIVITIES | |||||||||||||||||||||||||||
The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally to manage the Company’s interest rate risk. Additionally, the Company enters into interest rate derivatives and foreign exchange contracts to accommodate the business requirements of its customers (“customer related positions”). The Company minimizes the market and liquidity risks of customer related positions by entering into similar offsetting positions with broker-dealers. Derivative instruments are carried at fair value in the Company’s financial statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not it qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship. | |||||||||||||||||||||||||||
The Company does not enter into proprietary trading positions for any derivatives. | |||||||||||||||||||||||||||
Interest Rate Positions | |||||||||||||||||||||||||||
The Company currently utilizes interest rate swap agreements as hedging instruments against interest rate risk associated with the Company’s borrowings. An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The maximum length of time over which the Company is currently hedging its exposure to the variability in future cash flows for forecasted transactions related to the payment of variable interest on existing financial instruments is five years. | |||||||||||||||||||||||||||
The following table reflects the Company’s derivative positions for the periods indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes: | |||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||
Notional Amount | Trade Date | Effective Date | Maturity Date | Receive (Variable) Index | Current Rate Received | Pay Fixed Swap Rate | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
$ | 25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.23 | % | 5.04 | % | $ | (2,685 | ) | |||||||||||||||
25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.23 | % | 5.04 | % | (2,686 | ) | |||||||||||||||||
25,000 | 9-Dec-08 | 10-Dec-08 | 10-Dec-18 | 3 Month LIBOR | 0.23 | % | 2.94 | % | (1,591 | ) | |||||||||||||||||
$ | 75,000 | $ | (6,962 | ) | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Notional Amount | Trade Date | Effective Date | Maturity Date | Receive (Variable) Index | Current Rate Received | Pay Fixed Swap Rate | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
$ | 25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.24 | % | 5.04 | % | $ | (3,151 | ) | |||||||||||||||
25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.24 | % | 5.04 | % | (3,152 | ) | |||||||||||||||||
25,000 | 9-Dec-08 | 10-Dec-08 | 10-Dec-18 | 3 Month LIBOR | 0.24 | % | 2.94 | % | (1,493 | ) | |||||||||||||||||
50,000 | 17-Nov-09 | 20-Dec-10 | 20-Dec-14 | 3 Month LIBOR | 0.25 | % | 3.04 | % | (1,341 | ) | |||||||||||||||||
25,000 | 5-May-11 | 10-Jun-11 | 10-Jun-15 | 3 Month LIBOR | 0.24 | % | 1.71 | % | (493 | ) | |||||||||||||||||
$ | 150,000 | $ | (9,630 | ) | |||||||||||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of OCI, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company expects approximately $2.8 million (pre-tax) to be reclassified to interest expense from OCI related to the Company’s cash flow hedges in the next twelve months. This reclassification is due to anticipated payments that will be made and/or received on the swaps based upon the forward curve as of June 30, 2014. | |||||||||||||||||||||||||||
The Company recognized $122,000 of net amortization income that was an offset to interest expense related to previously terminated swaps for both periods ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||
In June 2014, the Company repaid certain borrowings and consequently terminated the corresponding cash flow hedges. As a result of the termination of the cash flow hedges, the Company reclassified a pre-tax loss of approximately $1.1 million out of OCI and into noninterest expense. | |||||||||||||||||||||||||||
The Company had no fair value hedges as of June 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||||
Customer Related Positions | |||||||||||||||||||||||||||
Loan level derivatives, primarily interest rate swaps, offered to commercial borrowers through the Bank’s loan level derivative program do not qualify as hedges for accounting purposes. The Bank believes that its exposure to commercial customer derivatives is limited because these contracts are simultaneously matched at inception with an offsetting dealer transaction. The commercial customer derivative program allows the Bank to retain variable-rate commercial loans while allowing the customer to synthetically fix the loan rate by entering into a variable-to-fixed interest rate swap. | |||||||||||||||||||||||||||
Foreign exchange contracts offered to commercial borrowers through the Bank’s derivative program do not qualify as hedges for accounting purposes. The Bank acts as a seller and buyer of foreign exchange contracts to accommodate its customers. To mitigate the market and liquidity risk associated with these derivatives, the Bank enters into similar offsetting positions. | |||||||||||||||||||||||||||
The following table reflects the Company’s customer related derivative positions for the periods indicated below for those derivatives not designated as hedging: | |||||||||||||||||||||||||||
Notional Amount Maturing | |||||||||||||||||||||||||||
Number of Positions (1) | Less than 1 year | Less than 2 years | Less than 3 years | Less than 4 years | Thereafter | Total | Fair Value | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Loan level derivatives | |||||||||||||||||||||||||||
Receive fixed, pay variable | 176 | $ | 69,334 | 76,475 | 49,507 | 43,367 | 368,010 | $ | 606,693 | $ | 15,616 | ||||||||||||||||
Pay fixed, receive variable | 173 | $ | 69,334 | 76,475 | 49,507 | 43,367 | 368,010 | $ | 606,693 | $ | (15,627 | ) | |||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||
Buys foreign currency, sells US currency | 19 | $ | 47,572 | — | — | — | — | $ | 47,572 | $ | 327 | ||||||||||||||||
Buys US currency, sells foreign currency | 19 | $ | 47,572 | — | — | — | — | $ | 47,572 | $ | (306 | ) | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Loan level derivatives | |||||||||||||||||||||||||||
Receive fixed, pay variable | 168 | $ | 48,882 | 97,975 | 42,957 | 42,116 | 329,554 | $ | 561,484 | $ | 9,484 | ||||||||||||||||
Pay fixed, receive variable | 162 | $ | 48,882 | 97,975 | 42,957 | 42,116 | 329,554 | $ | 561,484 | $ | (9,523 | ) | |||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||
Buys foreign currency, sells US currency | 6 | $ | 11,367 | — | — | — | — | $ | 11,367 | $ | 396 | ||||||||||||||||
Buys US currency, sells foreign currency | 6 | $ | 11,367 | — | — | — | — | $ | 11,367 | $ | (390 | ) | |||||||||||||||
-1 | The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. | ||||||||||||||||||||||||||
Mortgage Derivatives | |||||||||||||||||||||||||||
Prior to closing and funding certain one-to-four family residential mortgage loans, an interest rate lock commitment is generally extended to the borrower. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans resulting in a reduction in the gain on sale of the loans or, possibly, a loss. In an effort to mitigate such risk, forward delivery sales commitments are executed, under which the Company agrees to deliver whole mortgage loans to various investors. In addition, the Company may also enter into additional Forward To Be Announced ("TBA") mortgage contracts, also considered derivative instruments, which are purchased by the Company from a diversified list of counterparties in order to hedge customer rate locks. These forward contracts carry a market price that has a strong inverse relationship to that of mortgage prices. When the Company locks a rate to the customer, the rate can be held for the benefit of the customer for a certain period of time until the mortgage is sold. During that time, the Company may not have agreed on a price with a mortgage investor and fluctuations in market conditions may cause the mortgage to lose market value. Within a short period after the rate is locked with the customer, the Company may, depending upon the effectiveness of existing hedges, execute a Forward TBA trade with a counterparty to hedge that market risk. Certain assumptions, including pull through rates and rate lock periods, are used in managing the existing and future hedges. The effectiveness of the hedges rely on the accuracy of these assumptions. | |||||||||||||||||||||||||||
The change in fair value on the interest rate lock commitments, forward delivery sale commitments, and forward TBA mortgage contracts are recorded in current period earnings as a component of mortgage banking income. In addition, the Company has elected the fair value option to carry loans held for sale at fair value. The change in fair value of loans held for sale is recorded in current period earnings as a component of mortgage banking income in accordance with the Company's fair value election. The change in fair value associated with loans held for sale was an increase of $174,000 and a decrease of $1.2 million at the three months ended June 30, 2014 and 2013, respectively, and an increase of $225,000 and a decrease of $1.3 million at the six months ended June 30, 2014 and 2013, respectively. These amounts were offset in earnings by the change in the fair value of mortgage derivatives. | |||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet at the periods indicated: | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Balance Sheet | Fair Value at June 30, 2014 | Fair Value at December 31, | Balance Sheet | Fair Value at June 30, 2014 | Fair Value at December 31, | ||||||||||||||||||||||
Location | 2013 | Location | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||
Interest rate derivatives | Other assets | $ | — | $ | — | Other liabilities | $ | 6,962 | $ | 9,630 | |||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||
Customer Related Positions: | |||||||||||||||||||||||||||
Loan level derivatives | Other assets | $ | 17,012 | $ | 16,301 | Other liabilities | $ | 17,023 | $ | 16,340 | |||||||||||||||||
Foreign exchange contracts | Other assets | 327 | 396 | Other liabilities | 306 | 390 | |||||||||||||||||||||
Mortgage Derivatives: | |||||||||||||||||||||||||||
Interest rate lock commitments | Other assets | 511 | 204 | Other liabilities | — | — | |||||||||||||||||||||
Forward TBA mortgage contracts | Other assets | — | 64 | Other liabilities | 200 | — | |||||||||||||||||||||
Forward sales agreements | Other assets | — | — | Other liabilities | 78 | 35 | |||||||||||||||||||||
Total | $ | 17,850 | $ | 16,965 | $ | 17,607 | $ | 16,765 | |||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated: | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||
Gain in OCI on derivatives (effective portion), net of tax | $ | 1,005 | $ | 1,619 | $ | 1,507 | $ | 2,454 | |||||||||||||||||||
Loss reclassified from OCI into interest expense (effective portion) | $ | 1,063 | $ | 1,443 | $ | 2,211 | $ | 2,859 | |||||||||||||||||||
Loss reclassified from OCI into noninterest expense (loss on termination) | $ | 1,121 | $ | — | $ | 1,121 | $ | — | |||||||||||||||||||
Loss recognized in income on derivatives (ineffective portion & amount excluded from effectiveness testing) | |||||||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Other expense | — | — | — | — | |||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||
Changes in fair value of customer related positions | |||||||||||||||||||||||||||
Other income | $ | 15 | $ | 14 | $ | 44 | $ | 26 | |||||||||||||||||||
Other expense | (1 | ) | (56 | ) | (2 | ) | (81 | ) | |||||||||||||||||||
Changes in fair value of mortgage derivatives | |||||||||||||||||||||||||||
Mortgage banking income | 41 | 1,208 | 1 | 1,348 | |||||||||||||||||||||||
Total | $ | 55 | $ | 1,166 | $ | 43 | $ | 1,293 | |||||||||||||||||||
By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company's credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. Institutional counterparties must have an investment grade credit rating and be approved by the Company's Board of Directors. As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote and losses, if any, would be immaterial. The Company had $698,000 and $3.4 million in exposure relating to institutional counterparties at June 30, 2014 and December 31, 2013, respectively. The Company’s exposure relating to customer counterparties was approximately $17.0 million and $13.6 million at June 30, 2014 and December 31, 2013, respectively. Additionally, credit exposure may be reduced by the amount of collateral pledged by the counterparty. |
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Balance Sheet Offsetting Disclosure [Text Block] | ' | ||||||||||||||||||
BALANCE SHEET OFFSETTING | |||||||||||||||||||
The Company does not offset fair value amounts recognized for derivative instruments or repurchase agreements. The Company does net the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be maintained at dealer banks by the Company is monitored and adjusted as necessary. At June 30, 2014, it was determined that no additional collateral would have to be posted to immediately settle these instruments. | |||||||||||||||||||
The following tables present the Company's asset and liability derivative positions and the potential effect of netting arrangements on its financial position, as of the periods indicated: | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||
Gross Amounts Recognized in the Statement of Financial Position | Gross Amounts Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Financial Instruments (1) | Collateral Pledged (Received) | Net Amount | ||||||||||||||
June 30, 2014 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Loan level derivatives | 17,012 | — | 17,012 | 698 | — | 16,314 | |||||||||||||
Customer foreign exchange contracts | 327 | — | 327 | — | — | 327 | |||||||||||||
$ | 17,339 | $ | — | $ | 17,339 | $ | 698 | $ | — | $ | 16,641 | ||||||||
Derivative Liabilities | |||||||||||||||||||
Interest rate swaps | $ | 6,962 | $ | — | $ | 6,962 | $ | — | $ | 6,962 | $ | — | |||||||
Loan level derivatives | 17,023 | — | 17,023 | 698 | 15,628 | 698 | |||||||||||||
Customer foreign exchange contracts | 306 | — | 306 | — | — | 306 | |||||||||||||
Repurchase agreements | |||||||||||||||||||
Customer repurchase agreements | 131,766 | — | 131,766 | — | (131,766 | ) | — | ||||||||||||
Wholesale repurchase agreements | 50,000 | — | 50,000 | — | (50,000 | ) | — | ||||||||||||
$ | 206,057 | $ | — | $ | 206,057 | $ | 698 | $ | (159,176 | ) | $ | 1,004 | |||||||
-1 | Includes loan level swaps which are not subject to a master netting arrangement and thus are not offset in the statement of financial position. | ||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||
Gross Amounts Recognized in the Statement of Financial Position | Gross Amounts Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Financial Instruments | Collateral Pledged (Received) | Net Amount | ||||||||||||||
December 31, 2013 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Loan level swaps | 16,301 | — | 16,301 | 2,823 | — | 13,478 | |||||||||||||
Customer foreign exchange contracts | 396 | — | 396 | — | — | 396 | |||||||||||||
$ | 16,697 | $ | — | $ | 16,697 | $ | 2,823 | $ | — | $ | 13,874 | ||||||||
Derivative Liabilities | |||||||||||||||||||
Interest rate swaps | $ | 9,630 | $ | — | $ | 9,630 | $ | — | $ | 9,630 | $ | — | |||||||
Loan level swaps | 16,340 | — | 16,340 | 2,823 | 10,108 | 3,409 | |||||||||||||
Customer foreign exchange contracts | 390 | — | 390 | — | — | 390 | |||||||||||||
Repurchase agreements | |||||||||||||||||||
Customer repurchase agreements | 149,288 | — | 149,288 | — | (149,288 | ) | — | ||||||||||||
Wholesale repurchase agreements | 50,000 | — | 50,000 | — | (50,000 | ) | — | ||||||||||||
$ | 225,648 | $ | — | $ | 225,648 | $ | 2,823 | $ | (179,550 | ) | $ | 3,799 | |||||||
The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well capitalized institution, then the Company could be required to terminate any outstanding derivatives with the counterparty. All liability position interest rate swap and customer loan level swap counterparties have credit-risk contingent features as of the dates indicated in the table above. In addition, derivative instruments that contain credit-risk related contingent features that are in a net liability position require the Company to assign collateral as noted in the table above. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. If there has been a significant decrease in the volume and level of activity for the asset or liability, regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. The Company uses prices and inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from one level to another. | ||||||||||||||||||||
The Fair Value Measurements and Disclosures Topic of the FASB ASC defines fair value and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosures Topic of the FASB ASC are described below: | ||||||||||||||||||||
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||||||
Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||||||||||||||||||
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||||||
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||||||||||||||||||||
Valuation Techniques | ||||||||||||||||||||
There have been no changes in the valuation techniques used during the current period. | ||||||||||||||||||||
Securities: | ||||||||||||||||||||
U.S. Government Agency Securities | ||||||||||||||||||||
Fair value is estimated using either multi-dimensional spread tables or benchmarks. The inputs used include benchmark yields, reported trades, and broker/dealer quotes. These securities are classified as Level 2. | ||||||||||||||||||||
Agency Mortgage-Backed Securities | ||||||||||||||||||||
Fair value is estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities are categorized as Level 2. | ||||||||||||||||||||
Agency Collateralized Mortgage Obligations | ||||||||||||||||||||
The valuation model for these securities is volatility-driven and ratings based, and uses multi-dimensional spread tables. The inputs used include benchmark yields, recent reported trades, new issue data, broker and dealer quotes, and collateral performance. If there is at least one significant model assumption or input that is not observable, these securities are categorized as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. | ||||||||||||||||||||
State, County, and Municipal Securities | ||||||||||||||||||||
The fair value is estimated using a valuation matrix with inputs including bond interest rate tables, recent transaction, and yield relationships. These securities are categorized as Level 2. | ||||||||||||||||||||
Single and Pooled Issuer Trust Preferred Securities | ||||||||||||||||||||
The fair value of trust preferred securities, including pooled and single issuer preferred securities, is estimated using external pricing models, discounted cash flow methodologies or similar techniques. The inputs used in these valuations include benchmark yields, recent reported trades, new issue data, broker and dealer quotes and collateral performance. If there is at least one significant model assumption or input that is not observable, these securities are categorized as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
These equity securities and mutual funds are valued based on market quoted prices. These securities are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. | ||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||
The Company elects to account for new originations of loans held for sale at fair value, which is measured using quoted market prices when available. If quoted market prices are not available, comparable market values or discounted cash flow analysis may be utilized. These assets are typically categorized as Level 2. | ||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Additionally, in conjunction with fair value measurement guidance, the Company has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2014 and December 31, 2013, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2. | ||||||||||||||||||||
Mortgage Derivatives | ||||||||||||||||||||
The fair value of the commitments and agreements are estimated using the anticipated market price based on pricing indications provided from syndicate banks. These commitments and agreements are categorized as Level 2. | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
Loans that are deemed to be impaired are valued based upon the lower of cost or fair value of the underlying collateral. The inputs used in the appraisals of the collateral are not always observable, and therefore the loans may be categorized as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. | ||||||||||||||||||||
Other Real Estate Owned and Other Foreclosed Assets | ||||||||||||||||||||
The fair values are estimated based upon recent appraisal values of the property less costs to sell the property, as Other Real Estate Owned ("OREO") and Other Foreclosed Assets are valued at the lower of cost or fair value of the property, less estimated costs to sell. Certain inputs used in appraisals are not always observable, and therefore OREO and Other Foreclosed Assets may be categorized as Level 3 within the fair value hierarchy. When inputs in appraisals are observable, they are classified as Level 2. | ||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
Goodwill and identified intangible assets are subject to impairment testing. The Company conducts an annual impairment test of goodwill in the third quarter of each year, or more frequently if necessary, and other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. To estimate the fair value of goodwill and, if necessary, other intangible assets the Company utilizes both a comparable analysis of relevant price multiples in recent market transactions and discounted cash flow analysis. Both valuation models require a significant degree of management judgment. In the event the fair value as determined by the valuation model is less than the carrying value, the intangibles may be impaired. If the impairment testing resulted in impairment, the Company would classify the impaired goodwill and other intangible assets subjected to nonrecurring fair value adjustments as Level 3. | ||||||||||||||||||||
Assets and liabilities measured at fair value at the periods indicated were as follows: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Balance | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
U.S. Government agency securities | $ | 41,437 | $ | — | $ | 41,437 | $ | — | ||||||||||||
Agency mortgage-backed securities | 220,055 | — | 220,055 | — | ||||||||||||||||
Agency collateralized mortgage obligations | 53,272 | — | 53,272 | — | ||||||||||||||||
State, county, and municipal securities | 5,258 | — | 5,258 | — | ||||||||||||||||
Single issuer trust preferred securities issued by banks | 2,989 | — | 2,989 | — | ||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 5,091 | — | — | 5,091 | ||||||||||||||||
Equity securities | 11,979 | 11,979 | — | — | ||||||||||||||||
Loans held for sale | 16,125 | — | 16,125 | — | ||||||||||||||||
Derivative instruments | 17,850 | — | 17,850 | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | 24,569 | — | 24,569 | — | ||||||||||||||||
Total recurring fair value measurements | $ | 349,487 | $ | 11,979 | $ | 332,417 | $ | 5,091 | ||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Collateral dependent impaired loans | $ | 3,253 | $ | — | $ | — | $ | 3,253 | ||||||||||||
Other real estate owned and other foreclosed assets | 9,675 | — | — | 9,675 | ||||||||||||||||
Total nonrecurring fair value measurements | $ | 12,928 | $ | — | $ | — | $ | 12,928 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
U.S. government agency securities | $ | 40,449 | $ | — | $ | 40,449 | $ | — | ||||||||||||
Agency mortgage-backed securities | 234,591 | — | 234,591 | — | ||||||||||||||||
Agency collateralized mortgage obligations | 58,153 | — | 58,153 | — | ||||||||||||||||
State, county, and municipal securities | 5,412 | — | 5,412 | — | ||||||||||||||||
Single issuer trust preferred securities issued by banks | 2,952 | — | 2,952 | — | ||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 3,841 | — | — | 3,841 | ||||||||||||||||
Equity securities | 11,464 | 11,464 | — | — | ||||||||||||||||
Loans held for sale | 8,882 | — | 8,882 | — | ||||||||||||||||
Derivative instruments | 16,965 | — | 16,965 | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | 26,395 | — | 26,395 | — | ||||||||||||||||
Total recurring fair value measurements | $ | 356,314 | $ | 11,464 | $ | 341,009 | $ | 3,841 | ||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Collateral dependent impaired loans | $ | 10,328 | $ | — | $ | — | $ | 10,328 | ||||||||||||
Other real estate owned and other foreclosed assets | 7,633 | — | — | 7,633 | ||||||||||||||||
Total nonrecurring fair value measurements | $ | 17,961 | $ | — | $ | — | $ | 17,961 | ||||||||||||
The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). These instruments were valued using pricing models and discounted cash flow methodologies. | ||||||||||||||||||||
Securities Available for Sale: | ||||||||||||||||||||
Pooled Trust | Private | Total | ||||||||||||||||||
Preferred | Mortgage- | |||||||||||||||||||
Securities | Backed | |||||||||||||||||||
Securities | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance at March 31, 2014 | $ | 4,967 | $ | — | $ | 4,967 | ||||||||||||||
Gains and (losses) (realized/unrealized) | ||||||||||||||||||||
Included in other comprehensive income | 184 | — | 184 | |||||||||||||||||
Settlements | (60 | ) | — | (60 | ) | |||||||||||||||
Balance at June 30, 2014 | $ | 5,091 | $ | — | $ | 5,091 | ||||||||||||||
Balance at January 1, 2013 | $ | 2,981 | $ | 3,532 | $ | 6,513 | ||||||||||||||
Gains and (losses) (realized/unrealized) | ||||||||||||||||||||
Included in other comprehensive income | 1,132 | (64 | ) | 1,068 | ||||||||||||||||
Sales | — | (2,695 | ) | (2,695 | ) | |||||||||||||||
Settlements | (272 | ) | (773 | ) | (1,045 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 3,841 | $ | — | $ | 3,841 | ||||||||||||||
Gains and (losses) (realized/unrealized) | ||||||||||||||||||||
Included in other comprehensive income | 1,349 | — | 1,349 | |||||||||||||||||
Settlements | (99 | ) | — | (99 | ) | |||||||||||||||
Balance at June 30, 2014 | $ | 5,091 | $ | — | $ | 5,091 | ||||||||||||||
It is the Company’s policy to recognize the transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers between the levels of the fair value hierarchy for any assets or liabilities measured at fair value on a recurring basis during the three or six month periods ended June 30, 2014 or 2013. | ||||||||||||||||||||
The following table sets forth certain unobservable inputs regarding the Company’s investment in securities that are classified as Level 3 for the periods indicated: | ||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Valuation Technique | Fair Value | Unobservable Inputs | Range | Weighted Average | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Discounted cash flow methodology | ||||||||||||||||||||
Pooled trust preferred securities | $ | 5,091 | $ | 3,841 | Cumulative prepayment | 0% - 75% | 0% - 76% | 6.90% | 7.20% | |||||||||||
Cumulative default | 3% - 100% | 3% - 100% | 16.20% | 18.10% | ||||||||||||||||
Loss given default | 85% - 100% | 85% - 100% | 95.90% | 95.70% | ||||||||||||||||
Cure given default | 0% - 75% | 0% - 75% | 32.90% | 39.90% | ||||||||||||||||
Appraisals of collateral (1) | ||||||||||||||||||||
Impaired loans | $ | 3,253 | $ | 10,328 | ||||||||||||||||
Other real estate owned | $ | 9,675 | $ | 7,633 | ||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. | |||||||||||||||||||
For the fair value measurements in the table above, which are classified as Level 3 within the fair value hierarchy, the Company’s Treasury and Finance groups determine the valuation policies and procedures. For the pricing of the securities, the Company uses third-party pricing information, without adjustment. Depending on the type of the security, management employs various techniques to analyze the pricing it receives from third parties, such as analyzing changes in market yields and in certain instances reviewing the underlying collateral of the security. Management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with their expectation of the market. For the securities whose market is deemed to be inactive and which are categorized as Level 3, the fair value models are calibrated and significant inputs are back tested on a quarterly basis, to the extent possible. This testing is done by the third party service provider, who performs this testing by comparing anticipated inputs to actual results. Significant changes in fair value from period to period are closely scrutinized to ensure fair value models are not flawed. The driver(s) of the respective change in fair value and the method for forecasting the driver(s) is closely considered by management. | ||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s pooled trust preferred securities are cumulative prepayment rates, cumulative defaults, loss given defaults and cure given defaults. Significant increases (decreases) in deferrals or defaults, in isolation, would result in a significantly lower (higher) fair value measurement. Alternatively, significant increases (decreases) in cure rates, in isolation, would result in a significantly higher (lower) fair value measurement. | ||||||||||||||||||||
Additionally, the Company has financial instruments which are marked to fair value on a nonrecurring basis which are categorized within Level 3. These instruments include collateral dependent impaired loans and OREO. The determination of the fair value amount is derived from the use of independent third party appraisals and evaluations, prepared by firms from a predetermined list of qualified and approved appraisers or evaluators. Upon receipt of an appraisal or evaluation, the internal Commercial Real Estate Appraisal Department will review the report for compliance with regulatory and Bank standards, as well as reasonableness and acceptance of the value conclusions. Any issues or concerns regarding compliance or value conclusions will be addressed with the engaged firm and the report may be adjusted or revised. If a disagreement cannot be resolved, the Commercial Real Estate Appraisal Department will either address the key issues and modify the report for acceptance or reject the report and re-order a new report. Ultimately the Company’s Commercial Real Estate Appraisal Department will confirm the collateral value as part of its review process. | ||||||||||||||||||||
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the periods indicated: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | ||||||||||||||||
Value | Value | in Active | Other | Unobservable | ||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Securities held to maturity (a) | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,011 | $ | 1,068 | — | $ | 1,068 | — | ||||||||||||
Agency mortgage-backed securities | 170,217 | 174,921 | — | 174,921 | — | |||||||||||||||
Agency collateralized mortgage obligations | 195,478 | 193,536 | — | 193,536 | — | |||||||||||||||
State, county, and municipal securities | 678 | 684 | — | 684 | — | |||||||||||||||
Single issuer trust preferred securities issued by banks | 1,500 | 1,527 | — | 1,527 | — | |||||||||||||||
Corporate debt securities | 5,004 | 5,208 | — | 5,208 | — | |||||||||||||||
Loans, net of allowance for loan losses (b) | 4,830,962 | 4,815,375 | — | — | 4,815,375 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Time certificates of deposits (c) | $ | 702,858 | $ | 705,731 | — | $ | 705,731 | — | ||||||||||||
Federal Home Loan Bank borrowings (c) | 60,174 | 60,676 | — | 60,676 | — | |||||||||||||||
Customer repurchase agreements and other short-term borrowings (c) | 131,766 | 131,766 | — | — | 131,766 | |||||||||||||||
Wholesale repurchase agreements (c) | 50,000 | 50,960 | — | — | 50,960 | |||||||||||||||
Junior subordinated debentures (d) | 73,797 | 72,105 | — | 72,105 | — | |||||||||||||||
Subordinated debentures (c) | 30,000 | 28,731 | — | — | 28,731 | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | ||||||||||||||||
Value | Value | in Active | Other | Unobservable | ||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Securities held to maturity (a) | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,011 | $ | 1,042 | $ | — | $ | 1,042 | $ | — | ||||||||||
Agency mortgage-backed securities | 155,067 | 155,951 | — | 155,951 | — | |||||||||||||||
Agency collateralized mortgage obligations | 187,388 | 182,036 | — | 182,036 | — | |||||||||||||||
State, county, and municipal securities | 678 | 685 | — | 685 | — | |||||||||||||||
Single issuer trust preferred securities issued by banks | 1,503 | 1,526 | — | 1,526 | — | |||||||||||||||
Corporate debt securities | 5,005 | 5,215 | — | 5,215 | — | |||||||||||||||
Loans, net of allowance for loan losses (b) | 4,665,068 | 4,655,920 | — | — | 4,655,920 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Time certificates of deposits (c) | $ | 743,628 | $ | 746,908 | $ | — | $ | 746,908 | $ | — | ||||||||||
Federal Home Loan Bank borrowings (c) | 140,294 | 140,321 | — | 140,321 | — | |||||||||||||||
Customer repurchase agreements and other short-term borrowings (c) | 154,288 | 154,349 | — | — | 154,349 | |||||||||||||||
Wholesale repurchase agreements (c) | 50,000 | 51,298 | — | — | 51,298 | |||||||||||||||
Junior subordinated debentures (d) | 73,906 | 67,481 | — | 67,481 | — | |||||||||||||||
Subordinated debentures (c) | 30,000 | 28,396 | — | — | 28,396 | |||||||||||||||
(a) | The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analyses. | |||||||||||||||||||
(b) | Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows. | |||||||||||||||||||
(c) | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. | |||||||||||||||||||
(d) | Fair value was determined based upon market prices of securities with similar terms and maturities. | |||||||||||||||||||
This summary excludes financial assets and liabilities for which the carrying value approximates fair value. For financial assets, these include cash and due from banks, federal funds sold, short-term investments, Federal Home Loan Bank stock, and cash surrender value of life insurance policies. For financial liabilities, these include demand, savings, money market deposits, and federal funds purchased. The estimated fair value of demand, savings and money market deposits is the amount payable at the reporting date. These instruments would all be considered to be classified within Level 1 of the fair value hierarchy. Also excluded from the summary are financial instruments measured at fair value on a recurring and nonrecurring basis, as previously described. | ||||||||||||||||||||
The Company believes its financial instruments current use is considered to be the highest and best use of the instruments. |
Comprehensive_IncomeLoss
Comprehensive Income/Loss | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Comprehensive Income Loss [Abstract] | ' | |||||||||||||||||||||||
COMPREHENSIVE INCOME/LOSS | ' | |||||||||||||||||||||||
COMPREHENSIVE INCOME/LOSS | ||||||||||||||||||||||||
Information on the Company’s comprehensive income (loss), presented net of taxes, is set forth below for the periods indicated: | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
Pre Tax | Tax (Expense) | After Tax | Pre Tax | Tax (Expense) | After Tax | |||||||||||||||||||
Amount | Benefit | Amount | Amount | Benefit | Amount | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Change in fair value of securities available for sale | $ | 3,904 | $ | (1,521 | ) | $ | 2,383 | $ | 7,191 | $ | (2,837 | ) | $ | 4,354 | ||||||||||
Less: net security gains (losses) reclassified into other noninterest income | (20 | ) | 8 | (12 | ) | 71 | (29 | ) | 42 | |||||||||||||||
Net change in fair value of securities available for sale | 3,924 | (1,529 | ) | 2,395 | 7,120 | (2,808 | ) | 4,312 | ||||||||||||||||
Change in fair value of cash flow hedges | (487 | ) | 200 | (287 | ) | (787 | ) | 323 | (464 | ) | ||||||||||||||
Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) | (1,063 | ) | 434 | (629 | ) | (2,211 | ) | 903 | (1,308 | ) | ||||||||||||||
Less: Loss on termination of hedge reclassified into noninterest expense | (1,121 | ) | 458 | (663 | ) | (1,121 | ) | 458 | (663 | ) | ||||||||||||||
Net change in fair value of cash flow hedges | 1,697 | (692 | ) | 1,005 | 2,545 | (1,038 | ) | 1,507 | ||||||||||||||||
Net loss during the period and amortization of certain costs included in net periodic retirement costs (2) | (66 | ) | 27 | (39 | ) | (132 | ) | 54 | (78 | ) | ||||||||||||||
Total other comprehensive income | $ | 5,555 | $ | (2,194 | ) | $ | 3,361 | $ | 9,533 | $ | (3,792 | ) | $ | 5,741 | ||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
Pre Tax | Tax (Expense) | After Tax | Pre Tax | Tax (Expense) | After Tax | |||||||||||||||||||
Amount | Benefit | Amount | Amount | Benefit | Amount | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Change in fair value of securities available for sale | $ | (7,496 | ) | $ | 2,910 | $ | (4,586 | ) | $ | (8,736 | ) | $ | 3,365 | $ | (5,371 | ) | ||||||||
Less: net security losses reclassified into other noninterest income | 4 | (1 | ) | 3 | (4 | ) | 1 | (3 | ) | |||||||||||||||
Change in fair value of securities available for sale | (7,500 | ) | 2,911 | (4,589 | ) | (8,732 | ) | 3,364 | (5,368 | ) | ||||||||||||||
Change in fair value of cash flow hedges | 1,294 | (529 | ) | 765 | 1,289 | (526 | ) | 763 | ||||||||||||||||
Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) | (1,443 | ) | 589 | (854 | ) | (2,859 | ) | 1,168 | (1,691 | ) | ||||||||||||||
Net change in fair value of cash flow hedges | 2,737 | (1,118 | ) | 1,619 | 4,148 | (1,694 | ) | 2,454 | ||||||||||||||||
Net gain during the period and amortization of certain costs included in net periodic retirement costs (2) | 51 | (9 | ) | 42 | 73 | (30 | ) | 43 | ||||||||||||||||
Total other comprehensive income | $ | (4,712 | ) | $ | 1,784 | $ | (2,928 | ) | $ | (4,511 | ) | $ | 1,640 | $ | (2,871 | ) | ||||||||
-1 | Includes the amortization of the remaining balance of a realized but unrecognized gain, net of tax, from the termination of interest rate swaps in June 2009. The original gain of $1.4 million, net of tax, is being recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain has amortized to $643,000 and $787,000 at June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||
-2 | The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. | |||||||||||||||||||||||
Information on the Company’s accumulated other comprehensive income (loss), net of tax is comprised of the following components as of the periods indicated: | ||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities | Unrealized Loss on Cash Flow Hedge | Deferred Gain on Hedge Transactions | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
2014 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Beginning balance January 1, 2014 | $ | (2,023 | ) | $ | (5,698 | ) | $ | 715 | $ | (428 | ) | $ | (7,434 | ) | ||||||||||
Net change in other comprehensive income | $ | 4,312 | $ | 1,579 | $ | (72 | ) | $ | (78 | ) | $ | 5,741 | ||||||||||||
Ending balance June 30, 2014 | 2,289 | (4,119 | ) | 643 | (506 | ) | (1,693 | ) | ||||||||||||||||
2013 | ||||||||||||||||||||||||
Beginning balance January 1, 2013 | $ | 5,478 | $ | (9,577 | ) | $ | 859 | $ | (1,286 | ) | $ | (4,526 | ) | |||||||||||
Net change in other comprehensive income | $ | (5,368 | ) | $ | 2,526 | $ | (72 | ) | $ | 43 | $ | (2,871 | ) | |||||||||||
Ending balance June 30, 2013 | 110 | (7,051 | ) | 787 | (1,243 | ) | (7,397 | ) | ||||||||||||||||
Commitments_and_contingencies
Commitments and contingencies | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Commitments [Line Items] | ' | |||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Financial Instruments with Off-Balance Sheet Risk | ||||||||
In the normal course of business, the Company enters into various transactions to meet the financing needs of its customers, which, in accordance with generally accepted accounting principles are not included in its consolidated balance sheets. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. | ||||||||
The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of these commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. The Company’s policies generally require that standby letter of credit arrangements contain security and debt covenants similar to those contained in loan agreements. | ||||||||
The fees collected in connection with the issuance of standby letters of credit are representative of the fair value of its obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, fees collected in connection with the issuance of standby letters of credit are deferred. The fees are then recognized in income proportionately over the life of the standby letter of credit agreement. The deferred standby letter of credit fees represent the fair value of the Company's potential obligations under the standby letter of credit guarantees. | ||||||||
Financial instruments with off-balance-sheet risk were as follows at the dates indicated: | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
(Dollars In thousands) | ||||||||
Commitments to extend credit | $ | 1,687,735 | $ | 1,621,873 | ||||
Standby letters of credit | 16,083 | 18,923 | ||||||
Deferred standby letter of credit fees | 97 | 87 | ||||||
Lease Commitments | ||||||||
The Company leases office space, space for ATM locations, and certain branch locations under noncancelable operating leases. | ||||||||
Rent expense incurred under operating leases was approximately $2.0 million and $1.9 million for the three months ended June 30, 2014 and 2013, respectively, and $3.8 million for both the six months ended June 30, 2014 and 2013. Renewal options ranging from 1-10 years exist for several of these leases. The Company has entered into lease agreements with related third parties on substantially the same terms as those prevailing at the time for comparable transactions with unrelated parties. Rent expense incurred under related third party leases was approximately $251,000 and $248,000 for the three months ended June 30, 2014 and 2013 respectively, and $502,000 and $497,000 for the six months ended June 30, 2014 and 2013, respectively. There has been no significant change in the future minimum lease payments payable by the Company since December 31, 2013. See the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 for information regarding commitments. | ||||||||
Other Contingencies | ||||||||
At June 30, 2014, Rockland Trust was involved in pending lawsuits that arose in the ordinary course of business. Management has reviewed these pending lawsuits with legal counsel and has taken into consideration the view of counsel as to their outcome. In the opinion of management, the final disposition of pending lawsuits is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. | ||||||||
The Bank is required to maintain certain reserve requirements of vault cash and/or deposits with the Federal Reserve Bank of Boston. The amount of this reserve requirement was $7.1 million and $21.0 million at June 30, 2014 and December 31, 2013, respectively. |
Investments_is_Low_Income_Hous
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Investments in Low Income Housing Tax Credits [Abstract] | ' | |||
Investments in Low Income Housing Projects [Text Block] | ' | |||
LOW INCOME HOUSING PROJECT INVESTMENTS | ||||
The Company’s investment in Low Income Housing Projects that generate Low Income Housing Tax Credits (“LIHTC”) at June 30, 2014 was $26.6 million with a recorded liability of $22.1 million in funding obligations. The Company has invested in three separate LIHTC projects which provide the Company with tax credits and operating loss tax benefits over a period of approximately 15 years. None of the original investment will be repaid. The investment in LIHTC projects is being accounted for using the proportional amortization method, under which the Company amortizes the initial cost of the investment in proportion to the amount of the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). | ||||
The following table presents the Company's investments in low income housing projects as of the date indicated: | ||||
30-Jun-14 | ||||
(Dollars in thousands) | ||||
Original investment value | $ | 27,543 | ||
Current recorded investment | 26,624 | |||
Unfunded liability obligation | 22,091 | |||
Tax credits and benefits (1) | 1,629 | |||
Amortization of investments (2) | 1,101 | |||
Net income tax benefit (3) | 528 | |||
-1 | This amount reflects anticipated tax credits and tax benefits for the year ended December 31, 2014. | |||
-2 | The amortization amount reduces the tax credits and benefits anticipated for the year ended December 31, 2014. | |||
-3 | This amount represents the net tax benefit expected to be realized for the year ended December 31, 2014 in determining the Company's effective tax rate as of June 30, 2014. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENT | |
On August 5, 2014, the Company announced the signing of a definitive agreement under which Independent Bank Corp. will acquire Peoples Federal Bancshares, Inc., parent of Peoples Federal Savings Bank ("Peoples Federal"). | |
The agreement provides that 60% of outstanding Peoples Federal shares will be exchanged for Company shares at a fixed exchange ratio of 0.5523 of one Company share for each Peoples Federal share and the remaining 40% of outstanding Peoples Federal shares will be exchanged for $21.00 per share in cash. Based upon the Company's $36.17 per share closing price on August 4, 2014 the transaction is valued at approximately $130.6 million. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Peoples Federal stockholders who receive Company shares. Peoples Federal stockholders will be able to elect between receiving cash or Company shares, subject to proration and allocation so that 60% of outstanding Peoples Federal shares are exchanged for Company stock and 40% exchanged for cash. |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting Policy | ' |
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. | |
All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts may have been reclassified to conform to the current year’s presentation. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Operating results for the quarter ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other interim period. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. |
Securities_Tables
Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Reconciliation of fair value of securities | ' | |||||||||||||||||||||||||||||||||||||||
The following table presents a summary of the amortized cost, gross unrealized holding gains and losses, other-than-temporary impairment recorded in other comprehensive income and fair value of securities available for sale and securities held to maturity for the periods below: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross Unrealized | Other-Than- | Fair | Amortized | Gross | Gross Unrealized | Other-Than- | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Losses | Temporary | Value | Cost | Unrealized | Losses | Temporary | Value | |||||||||||||||||||||||||||||||
Gains | Other | Impairment | Gains | Other | Impairment | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||||||||||||||
U.S. Government agency securities | $ | 41,346 | $ | 120 | $ | (29 | ) | $ | — | $ | 41,437 | $ | 41,331 | $ | 3 | $ | (885 | ) | $ | — | $ | 40,449 | ||||||||||||||||||
Agency mortgage-backed securities | 213,894 | 7,530 | (1,369 | ) | — | 220,055 | 232,742 | 6,405 | (4,556 | ) | — | 234,591 | ||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 53,941 | 296 | (965 | ) | — | 53,272 | 58,765 | 490 | (1,102 | ) | — | 58,153 | ||||||||||||||||||||||||||||
State, county, and municipal securities | 5,145 | 113 | — | — | 5,258 | 5,439 | 1 | (28 | ) | — | 5,412 | |||||||||||||||||||||||||||||
Single issuer trust preferred securities issued by banks | 2,937 | 52 | — | — | 2,989 | 2,960 | 14 | (22 | ) | — | 2,952 | |||||||||||||||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 7,984 | — | (1,594 | ) | (1,299 | ) | 5,091 | 8,083 | — | (1,913 | ) | (2,329 | ) | 3,841 | ||||||||||||||||||||||||||
Equity securities | 11,157 | 989 | (167 | ) | — | 11,979 | 10,997 | 762 | (295 | ) | — | 11,464 | ||||||||||||||||||||||||||||
Total available for sale securities | $ | 336,404 | $ | 9,100 | $ | (4,124 | ) | $ | (1,299 | ) | $ | 340,081 | $ | 360,317 | $ | 7,675 | $ | (8,801 | ) | $ | (2,329 | ) | $ | 356,862 | ||||||||||||||||
Held to maturity securities | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 1,011 | $ | 57 | $ | — | $ | — | $ | 1,068 | $ | 1,011 | $ | 31 | $ | — | $ | — | $ | 1,042 | ||||||||||||||||||||
Agency mortgage-backed securities | 170,217 | 4,704 | — | — | 174,921 | 155,067 | 1,917 | (1,033 | ) | — | 155,951 | |||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 195,478 | 2,404 | (4,346 | ) | — | 193,536 | 187,388 | 824 | (6,176 | ) | — | 182,036 | ||||||||||||||||||||||||||||
State, county, and municipal securities | 678 | 6 | — | — | 684 | 678 | 7 | — | — | 685 | ||||||||||||||||||||||||||||||
Single issuer trust preferred securities issued by banks | 1,500 | 27 | — | — | 1,527 | 1,503 | 23 | — | — | 1,526 | ||||||||||||||||||||||||||||||
Corporate debt securities | 5,004 | 204 | — | — | 5,208 | 5,005 | 210 | — | — | 5,215 | ||||||||||||||||||||||||||||||
Total held to maturity securities | $ | 373,888 | $ | 7,402 | $ | (4,346 | ) | $ | — | $ | 376,944 | $ | 350,652 | $ | 3,012 | $ | (7,209 | ) | $ | — | $ | 346,455 | ||||||||||||||||||
Total | $ | 710,292 | $ | 16,502 | $ | (8,470 | ) | $ | (1,299 | ) | $ | 717,025 | $ | 710,969 | $ | 10,687 | $ | (16,010 | ) | $ | (2,329 | ) | $ | 703,317 | ||||||||||||||||
Schedule of contractual maturities of securities | ' | |||||||||||||||||||||||||||||||||||||||
A schedule of the contractual maturities of securities available for sale and securities held to maturity as of June 30, 2014 is presented below: | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 181 | $ | 192 | $ | 454 | $ | 457 | ||||||||||||||||||||||||||||||||
Due after one year to five years | 39,096 | 40,229 | 5,569 | 5,798 | ||||||||||||||||||||||||||||||||||||
Due after five years to ten years | 68,541 | 68,048 | 26,720 | 27,086 | ||||||||||||||||||||||||||||||||||||
Due after ten years | 217,429 | 219,633 | 341,145 | 343,603 | ||||||||||||||||||||||||||||||||||||
Total debt securities | $ | 325,247 | $ | 328,102 | $ | 373,888 | $ | 376,944 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 11,157 | $ | 11,979 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Total | $ | 336,404 | $ | 340,081 | $ | 373,888 | $ | 376,944 | ||||||||||||||||||||||||||||||||
Schedule of gross unrealized losses and fair value of investments | ' | |||||||||||||||||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||
# of holdings | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
U.S. Government agency securities | 3 | $ | 493 | $ | (2 | ) | $ | 9,981 | $ | (27 | ) | $ | 10,474 | $ | (29 | ) | ||||||||||||||||||||||||
Agency mortgage-backed securities | 34 | 665 | (6 | ) | 46,015 | (1,363 | ) | 46,680 | (1,369 | ) | ||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 15 | 42,761 | (502 | ) | 100,254 | (4,809 | ) | 143,015 | (5,311 | ) | ||||||||||||||||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 7 | — | — | 2,520 | (1,594 | ) | 2,520 | (1,594 | ) | |||||||||||||||||||||||||||||||
Equity securities | 8 | 71 | (2 | ) | 1,462 | (165 | ) | 1,533 | (167 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 67 | $ | 43,990 | $ | (512 | ) | $ | 160,232 | $ | (7,958 | ) | $ | 204,222 | $ | (8,470 | ) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||
# of holdings | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | 39 | $ | 39,950 | $ | (885 | ) | $ | — | $ | — | $ | 39,950 | $ | (885 | ) | |||||||||||||||||||||||||
Agency mortgage-backed securities | 124 | 202,004 | (5,217 | ) | 5,108 | (372 | ) | 207,112 | (5,589 | ) | ||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 19 | 183,721 | (7,278 | ) | — | — | 183,721 | (7,278 | ) | |||||||||||||||||||||||||||||||
State, county, and municipal securities | 13 | 3,838 | (28 | ) | — | — | 3,838 | (28 | ) | |||||||||||||||||||||||||||||||
Single issuer trust preferred securities issued by banks and insurers | 2 | 1,341 | (22 | ) | — | — | 1,341 | (22 | ) | |||||||||||||||||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 2 | — | — | 2,300 | (1,913 | ) | 2,300 | (1,913 | ) | |||||||||||||||||||||||||||||||
Equity securities | 22 | 2,376 | (90 | ) | 3,520 | (205 | ) | 5,896 | (295 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 221 | $ | 433,230 | $ | (13,520 | ) | $ | 10,928 | $ | (2,490 | ) | $ | 444,158 | $ | (16,010 | ) | ||||||||||||||||||||||||
Schedule of Other Than Temorary Impairment [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the total OTTI that the Company recorded for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Gross change in OTTI recorded on certain investments | $ | 196 | $ | 90 | $ | 1,029 | $ | 371 | ||||||||||||||||||||||||||||||||
Portion of OTTI recognized in OCI | (196 | ) | (90 | ) | (1,029 | ) | (371 | ) | ||||||||||||||||||||||||||||||||
Total credit related OTTI losses recognized in earnings | $ | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||
Summary of cumulative credit related component of OTTI | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the cumulative credit related component of OTTI for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | (9,997 | ) | $ | (10,847 | ) | $ | (9,997 | ) | $ | (10,847 | ) | ||||||||||||||||||||||||||||
Add | ||||||||||||||||||||||||||||||||||||||||
Incurred on securities not previously impaired | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Incurred on securities previously impaired | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less | ||||||||||||||||||||||||||||||||||||||||
Securities sold during the period | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Reclassification due to changes in Company’s intent | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Increases in cash flow expected to be collected | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | (9,997 | ) | $ | (10,847 | ) | $ | (9,997 | ) | $ | (10,847 | ) |
Loans_Allowance_for_Loan_Losse1
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Tabular disclosure of financing receivables bifuricated by type of impairment evaluation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||
The following tables bifurcate the amount of allowance allocated to each loan category based on the type of impairment analysis as of the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Financing receivables ending balance: | ||||||||||||||||||||||||||||||||||||||||
Total loans by group | $ | 853,327 | $ | 2,300,633 | $ | 252,222 | $ | 78,955 | $ | 541,601 | $ | 840,815 | $ | 17,947 | $ | 4,885,500 | (1 | ) | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,796 | $ | 30,472 | $ | — | $ | 1,474 | $ | 15,829 | $ | 5,473 | $ | 1,026 | $ | 61,070 | ||||||||||||||||||||||||
Purchase credit impaired loans | $ | — | $ | 17,425 | $ | 188 | $ | — | $ | 10,055 | $ | 310 | $ | 6 | $ | 27,984 | ||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 846,531 | $ | 2,252,736 | $ | 252,034 | $ | 77,481 | $ | 515,717 | $ | 835,032 | $ | 16,915 | $ | 4,796,446 | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Financing receivables ending balance: | ||||||||||||||||||||||||||||||||||||||||
Total loans by group | $ | 784,202 | $ | 2,249,260 | $ | 223,859 | $ | 77,240 | $ | 541,443 | $ | 822,141 | $ | 20,162 | $ | 4,718,307 | (1 | ) | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,148 | $ | 39,516 | $ | 100 | $ | 1,903 | $ | 15,200 | $ | 4,890 | $ | 1,298 | $ | 72,055 | ||||||||||||||||||||||||
Purchase credit impaired loans | $ | 1 | $ | 18,612 | $ | 197 | $ | — | $ | 10,389 | $ | 326 | $ | 19 | $ | 29,544 | ||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 775,053 | $ | 2,191,132 | $ | 223,562 | $ | 75,337 | $ | 515,854 | $ | 816,925 | $ | 18,845 | $ | 4,616,708 | ||||||||||||||||||||||||
-1 | The amount of net deferred fees included in the ending balance was $2.6 million and $2.3 million at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
Summary of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||||||
The following tables summarize changes in allowance for loan losses by loan category for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,601 | $ | 24,917 | $ | 3,570 | $ | 1,207 | $ | 2,829 | $ | 4,758 | $ | 747 | $ | 53,629 | ||||||||||||||||||||||||
Charge-offs | (470 | ) | (660 | ) | — | (128 | ) | (326 | ) | (308 | ) | (258 | ) | (2,150 | ) | |||||||||||||||||||||||||
Recoveries | 128 | 197 | — | 92 | 190 | 55 | 147 | 809 | ||||||||||||||||||||||||||||||||
Provision | 670 | 641 | 187 | (17 | ) | 186 | 464 | 119 | 2,250 | |||||||||||||||||||||||||||||||
Ending balance | $ | 15,929 | $ | 25,095 | $ | 3,757 | $ | 1,154 | $ | 2,879 | $ | 4,969 | $ | 755 | $ | 54,538 | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,443 | $ | 22,569 | $ | 3,139 | $ | 1,244 | $ | 3,048 | $ | 7,716 | $ | 747 | $ | 51,906 | ||||||||||||||||||||||||
Charge-offs | (1,302 | ) | (196 | ) | — | (276 | ) | (186 | ) | (257 | ) | (260 | ) | (2,477 | ) | |||||||||||||||||||||||||
Recoveries | 103 | 8 | — | 37 | 86 | 30 | 183 | 447 | ||||||||||||||||||||||||||||||||
Provision | 2,081 | 648 | 283 | 290 | 11 | (222 | ) | 9 | 3,100 | |||||||||||||||||||||||||||||||
Ending balance | $ | 14,325 | $ | 23,029 | $ | 3,422 | $ | 1,295 | $ | 2,959 | $ | 7,267 | $ | 679 | $ | 52,976 | ||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,622 | $ | 24,541 | $ | 3,371 | $ | 1,215 | $ | 2,760 | $ | 5,036 | $ | 694 | $ | 53,239 | ||||||||||||||||||||||||
Charge-offs | (1,253 | ) | (3,582 | ) | — | (396 | ) | (454 | ) | (402 | ) | (629 | ) | (6,716 | ) | |||||||||||||||||||||||||
Recoveries | 207 | 265 | — | 139 | 190 | 148 | 314 | 1,263 | ||||||||||||||||||||||||||||||||
Provision | 1,353 | 3,871 | 386 | 196 | 383 | 187 | 376 | 6,752 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 15,929 | $ | 25,095 | $ | 3,757 | $ | 1,154 | $ | 2,879 | $ | 4,969 | $ | 755 | $ | 54,538 | ||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 472 | $ | 292 | $ | — | $ | 45 | $ | 1,599 | $ | 273 | $ | 49 | $ | 2,730 | ||||||||||||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 15,457 | $ | 24,803 | $ | 3,757 | $ | 1,109 | $ | 1,280 | $ | 4,696 | $ | 706 | $ | 51,808 | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and | Commercial | Commercial | Small | Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||||||
Industrial | Real Estate | Construction | Business | Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 13,461 | $ | 22,598 | $ | 2,811 | $ | 1,524 | $ | 2,930 | $ | 7,703 | $ | 807 | $ | 51,834 | ||||||||||||||||||||||||
Charge-offs | (1,725 | ) | (603 | ) | — | (421 | ) | (247 | ) | (534 | ) | (521 | ) | (4,051 | ) | |||||||||||||||||||||||||
Recoveries | 239 | 8 | — | 76 | 86 | 51 | 333 | 793 | ||||||||||||||||||||||||||||||||
Provision | 2,350 | 1,026 | 611 | 116 | 190 | 47 | 60 | 4,400 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 14,325 | $ | 23,029 | $ | 3,422 | $ | 1,295 | $ | 2,959 | $ | 7,267 | $ | 679 | $ | 52,976 | ||||||||||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 775 | $ | 410 | $ | — | $ | 153 | $ | 1,670 | $ | 52 | $ | 92 | $ | 3,152 | ||||||||||||||||||||||||
Ending balance: Collectively evaluated for impairment | $ | 13,550 | $ | 22,619 | $ | 3,422 | $ | 1,142 | $ | 1,289 | $ | 7,215 | $ | 587 | $ | 49,824 | ||||||||||||||||||||||||
Internal risk-rating categories for the Company's commercial portfolio | ' | |||||||||||||||||||||||||||||||||||||||
The following table details the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s commercial portfolio: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
Category | Risk | Commercial and | Commercial | Commercial | Small Business | Total | ||||||||||||||||||||||||||||||||||
Rating | Industrial | Real Estate | Construction | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Pass | 1 - 6 | $ | 786,349 | $ | 2,122,030 | $ | 236,106 | $ | 74,221 | $ | 3,218,706 | |||||||||||||||||||||||||||||
Potential weakness | 7 | 42,929 | 106,724 | 12,263 | 3,391 | 165,307 | ||||||||||||||||||||||||||||||||||
Definite weakness-loss unlikely | 8 | 23,712 | 69,062 | 3,853 | 1,310 | 97,937 | ||||||||||||||||||||||||||||||||||
Partial loss probable | 9 | 337 | 2,817 | — | 33 | 3,187 | ||||||||||||||||||||||||||||||||||
Definite loss | 10 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 853,327 | $ | 2,300,633 | $ | 252,222 | $ | 78,955 | $ | 3,485,137 | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Category | Risk | Commercial and | Commercial | Commercial | Small Business | Total | ||||||||||||||||||||||||||||||||||
Rating | Industrial | Real Estate | Construction | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Pass | 1 - 6 | $ | 736,996 | $ | 2,068,995 | $ | 210,372 | $ | 71,514 | $ | 3,087,877 | |||||||||||||||||||||||||||||
Potential weakness | 7 | 21,841 | 91,984 | 8,608 | 3,031 | 125,464 | ||||||||||||||||||||||||||||||||||
Definite weakness-loss unlikely | 8 | 24,409 | 85,767 | 4,779 | 2,552 | 117,507 | ||||||||||||||||||||||||||||||||||
Partial loss probable | 9 | 956 | 2,514 | 100 | 143 | 3,713 | ||||||||||||||||||||||||||||||||||
Definite loss | 10 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 784,202 | $ | 2,249,260 | $ | 223,859 | $ | 77,240 | $ | 3,334,561 | ||||||||||||||||||||||||||||||
Weighted average FICO scores and the weighted average combined LTV ratio | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: | ||||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Residential portfolio | ||||||||||||||||||||||||||||||||||||||||
FICO score (re-scored) (1) | 738 | 738 | ||||||||||||||||||||||||||||||||||||||
LTV (re-valued) (2) | 67 | % | 67 | % | ||||||||||||||||||||||||||||||||||||
Home equity portfolio | ||||||||||||||||||||||||||||||||||||||||
FICO score (re-scored) (1) | 764 | 763 | ||||||||||||||||||||||||||||||||||||||
LTV (re-valued) (2) | 53.2 | % | 53 | % | ||||||||||||||||||||||||||||||||||||
-1 | The average FICO scores for June 30, 2014 are based upon rescores available from May 31, 2014 and origination score data for loans booked between June 1, 2014 and June 30, 2014. The average FICO scores for December 31, 2013 are based upon rescores available from November 30, 2013 and origination score data for loans booked between December 1, 2013 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
-2 | The combined LTV ratios for June 30, 2014 are based upon updated automated valuations as of February 28, 2013 and origination value data for loans booked between March 1, 2013 and June 30, 2014. The combined LTV ratios for December 31, 2013 are based upon updated automated valuations as of February 28, 2013 and origination value data for loans booked from March 1, 2013 through December 31, 2013. For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. | |||||||||||||||||||||||||||||||||||||||
Summary of nonaccrual loans | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows nonaccrual loans at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,368 | $ | 4,178 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 6,586 | 11,734 | ||||||||||||||||||||||||||||||||||||||
Commercial construction | — | 100 | ||||||||||||||||||||||||||||||||||||||
Small business | 433 | 633 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | 10,336 | 10,329 | ||||||||||||||||||||||||||||||||||||||
Home equity | 7,069 | 7,068 | ||||||||||||||||||||||||||||||||||||||
Other consumer | 27 | 92 | ||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans (1) | $ | 26,819 | $ | 34,134 | ||||||||||||||||||||||||||||||||||||
-1 | Included in these amounts were $7.5 million of nonaccruing TDRs at both June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||
Age analysis of past due financing receivables | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the age analysis of past due financing receivables as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
30-59 days | 60-89 days | 90 days or more | Total Past Due | Total | Recorded | |||||||||||||||||||||||||||||||||||
Financing | Investment | |||||||||||||||||||||||||||||||||||||||
Receivables | >90 Days | |||||||||||||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | Current | and Accruing | |||||||||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Loan Portfolio | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 8 | $ | 1,011 | 12 | $ | 1,209 | 20 | $ | 1,481 | 40 | $ | 3,701 | $ | 849,626 | $ | 853,327 | $ | — | ||||||||||||||||||||||
Commercial real estate | 16 | 9,105 | 5 | 3,218 | 20 | 3,652 | 41 | 15,975 | 2,284,658 | 2,300,633 | — | |||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | 252,222 | 252,222 | — | |||||||||||||||||||||||||||||
Small business | 8 | 144 | 5 | 22 | 8 | 224 | 21 | 390 | 78,565 | 78,955 | — | |||||||||||||||||||||||||||||
Residential real estate | 15 | 1,594 | 7 | 1,468 | 41 | 6,352 | 63 | 9,414 | 532,187 | 541,601 | 476 | |||||||||||||||||||||||||||||
Home equity | 21 | 2,185 | 9 | 419 | 22 | 1,752 | 52 | 4,356 | 836,459 | 840,815 | 82 | |||||||||||||||||||||||||||||
Other consumer | 49 | 201 | 18 | 97 | 25 | 54 | 92 | 352 | 17,595 | 17,947 | 39 | |||||||||||||||||||||||||||||
Total | 117 | $ | 14,240 | 56 | $ | 6,433 | 136 | $ | 13,515 | 309 | $ | 34,188 | $ | 4,851,312 | $ | 4,885,500 | $ | 597 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
30-59 days | 60-89 days | 90 days or more | Total Past Due | Total | Recorded | |||||||||||||||||||||||||||||||||||
Financing | Investment | |||||||||||||||||||||||||||||||||||||||
Receivables | >90 Days | |||||||||||||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | Current | and Accruing | |||||||||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Loan Portfolio | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 9 | $ | 743 | 6 | $ | 327 | 20 | $ | 3,763 | 35 | $ | 4,833 | $ | 779,369 | $ | 784,202 | $ | — | ||||||||||||||||||||||
Commercial real estate | 21 | 8,643 | 2 | 356 | 30 | 8,155 | 53 | 17,154 | 2,232,106 | 2,249,260 | — | |||||||||||||||||||||||||||||
Commercial construction | 1 | 847 | — | — | 1 | 100 | 2 | 947 | 222,912 | 223,859 | — | |||||||||||||||||||||||||||||
Small business | 18 | 353 | 6 | 227 | 14 | 247 | 38 | 827 | 76,413 | 77,240 | — | |||||||||||||||||||||||||||||
Residential real estate | 23 | 2,903 | 8 | 1,630 | 39 | 6,648 | 70 | 11,181 | 530,262 | 541,443 | 462 | |||||||||||||||||||||||||||||
Home equity | 27 | 1,922 | 8 | 852 | 23 | 2,055 | 58 | 4,829 | 817,312 | 822,141 | — | |||||||||||||||||||||||||||||
Other consumer | 110 | 514 | 30 | 106 | 34 | 148 | 174 | 768 | 19,394 | 20,162 | 63 | |||||||||||||||||||||||||||||
Total | 209 | $ | 15,925 | 60 | $ | 3,498 | 161 | $ | 21,116 | 430 | $ | 40,539 | $ | 4,677,768 | $ | 4,718,307 | $ | 525 | ||||||||||||||||||||||
Summary of Troubled Debt Restructuring and other pertinent information | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
TDRs on accrual status | $ | 38,925 | $ | 38,410 | ||||||||||||||||||||||||||||||||||||
TDRs on nonaccrual | 7,499 | 7,454 | ||||||||||||||||||||||||||||||||||||||
Total TDRs | $ | 46,424 | $ | 45,864 | ||||||||||||||||||||||||||||||||||||
Amount of specific reserves included in the allowance for loan losses associated with TDRs: | $ | 2,108 | $ | 2,474 | ||||||||||||||||||||||||||||||||||||
Additional commitments to lend to a borrower who has been a party to a TDR: | $ | 606 | $ | 1,877 | ||||||||||||||||||||||||||||||||||||
Change in investment recorded subsequent to modifications | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||||||||
Investment | Investment (1) | Investment | Investment (1) | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 3 | $ | 399 | $ | 399 | 12 | $ | 824 | $ | 824 | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 6 | 1,882 | 1,882 | ||||||||||||||||||||||||||||||||||
Small business | 1 | 117 | 117 | 2 | 174 | 174 | ||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | 2 | 542 | 513 | ||||||||||||||||||||||||||||||||||
Home equity | 3 | 520 | 520 | 4 | 616 | 616 | ||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | 1 | 8 | 8 | ||||||||||||||||||||||||||||||||||
Total | 7 | $ | 1,036 | $ | 1,036 | 27 | $ | 4,046 | $ | 4,017 | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||||||||
Investment | Investment (1) | Investment | Investment (1) | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 282 | $ | 282 | 2 | $ | 282 | $ | 282 | ||||||||||||||||||||||||||||||
Commercial real estate | 1 | 664 | 664 | 2 | 1,063 | 1,063 | ||||||||||||||||||||||||||||||||||
Small business | 1 | 18 | 18 | 5 | 282 | 282 | ||||||||||||||||||||||||||||||||||
Residential real estate | 2 | 744 | 744 | 6 | 1,900 | 1,926 | ||||||||||||||||||||||||||||||||||
Home equity | 1 | 29 | 29 | 3 | 194 | 194 | ||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | 2 | 11 | 11 | ||||||||||||||||||||||||||||||||||
Total | 7 | $ | 1,737 | $ | 1,737 | 20 | $ | 3,732 | $ | 3,758 | ||||||||||||||||||||||||||||||
-1 | The post-modification balances represent the balance of the loan on the date of modifications. These amounts may show an increase when modifications include a capitalization of interest. | |||||||||||||||||||||||||||||||||||||||
Post modification balance of Troubled Debt Restructuring | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the period indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Extended maturity | $ | 633 | $ | 329 | $ | 1,640 | $ | 991 | ||||||||||||||||||||||||||||||||
Adjusted interest rate | — | — | 728 | — | ||||||||||||||||||||||||||||||||||||
Combination rate & maturity | 403 | 1,408 | 1,670 | 2,756 | ||||||||||||||||||||||||||||||||||||
Court ordered concession | — | — | 8 | 11 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,036 | $ | 1,737 | $ | 4,046 | $ | 3,758 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that subsequently defaulted | ' | |||||||||||||||||||||||||||||||||||||||
The following table shows the loans that have been modified during the past twelve months which have subsequently defaulted during the periods indicated. The Company considers a loan to have defaulted when it reaches 90 days past due. | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||||||||||
of Contracts | Investment | of Contracts | Investment | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | 2 | $ | 1,767 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 73 | 1 | 398 | ||||||||||||||||||||||||||||||||||||
Small business | — | — | 2 | 22 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 136 | — | — | ||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 209 | 5 | $ | 2,187 | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||||||||||
of Contracts | Investment | of Contracts | Investment | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | 2 | $ | 1,767 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 2 | 249 | 1 | 398 | ||||||||||||||||||||||||||||||||||||
Small business | — | — | 3 | 253 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 1 | 136 | — | — | ||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 385 | 6 | $ | 2,418 | ||||||||||||||||||||||||||||||||||
Impaired loans by loan portfolio | ' | |||||||||||||||||||||||||||||||||||||||
The tables below set forth information regarding the Company’s impaired loans by loan portfolio at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,296 | $ | 4,842 | $ | — | ||||||||||||||||||||||||||||||||||
Commercial real estate | 16,055 | 16,935 | — | |||||||||||||||||||||||||||||||||||||
Small business | 1,035 | 1,068 | — | |||||||||||||||||||||||||||||||||||||
Residential real estate | 2,409 | 2,494 | — | |||||||||||||||||||||||||||||||||||||
Home equity | 4,374 | 4,418 | — | |||||||||||||||||||||||||||||||||||||
Other consumer | 354 | 355 | — | |||||||||||||||||||||||||||||||||||||
Subtotal | 28,523 | 30,112 | — | |||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,500 | $ | 2,954 | $ | 472 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 14,417 | 15,005 | 292 | |||||||||||||||||||||||||||||||||||||
Small business | 439 | 480 | 45 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 13,420 | 14,660 | 1,599 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,099 | 1,186 | 273 | |||||||||||||||||||||||||||||||||||||
Other consumer | 672 | 674 | 49 | |||||||||||||||||||||||||||||||||||||
Subtotal | 32,547 | 34,959 | 2,730 | |||||||||||||||||||||||||||||||||||||
Total | $ | 61,070 | $ | 65,071 | $ | 2,730 | ||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | ||||||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,147 | $ | 7,288 | $ | — | ||||||||||||||||||||||||||||||||||
Commercial real estate | 14,283 | 15,891 | — | |||||||||||||||||||||||||||||||||||||
Commercial construction | 100 | 408 | — | |||||||||||||||||||||||||||||||||||||
Small business | 1,474 | 1,805 | — | |||||||||||||||||||||||||||||||||||||
Residential real estate | 1,972 | 2,026 | — | |||||||||||||||||||||||||||||||||||||
Home equity | 4,263 | 4,322 | — | |||||||||||||||||||||||||||||||||||||
Other consumer | 446 | 446 | — | |||||||||||||||||||||||||||||||||||||
Subtotal | 29,685 | 32,186 | — | |||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,001 | $ | 2,045 | $ | 1,150 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 25,233 | 25,377 | 765 | |||||||||||||||||||||||||||||||||||||
Small business | 429 | 462 | 109 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 13,228 | 14,197 | 1,564 | |||||||||||||||||||||||||||||||||||||
Home equity | 627 | 694 | 116 | |||||||||||||||||||||||||||||||||||||
Other consumer | 852 | 856 | 70 | |||||||||||||||||||||||||||||||||||||
Subtotal | 42,370 | 43,631 | 3,774 | |||||||||||||||||||||||||||||||||||||
Total | $ | 72,055 | $ | 75,817 | $ | 3,774 | ||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans | ' | |||||||||||||||||||||||||||||||||||||||
The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,449 | $ | 60 | $ | 4,774 | $ | 123 | ||||||||||||||||||||||||||||||||
Commercial real estate | 16,216 | 246 | 16,342 | 490 | ||||||||||||||||||||||||||||||||||||
Small business | 1,051 | 16 | 1,076 | 32 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 2,415 | 24 | 2,426 | 50 | ||||||||||||||||||||||||||||||||||||
Home equity | 4,431 | 51 | 4,465 | 103 | ||||||||||||||||||||||||||||||||||||
Other consumer | 363 | 6 | 374 | 13 | ||||||||||||||||||||||||||||||||||||
Subtotal | 28,925 | 403 | 29,457 | 811 | ||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,808 | $ | 40 | $ | 2,906 | $ | 81 | ||||||||||||||||||||||||||||||||
Commercial real estate | 14,523 | 205 | 14,748 | 413 | ||||||||||||||||||||||||||||||||||||
Small business | 449 | 8 | 462 | 16 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 13,449 | 132 | 13,563 | 264 | ||||||||||||||||||||||||||||||||||||
Home equity | 1,102 | 10 | 1,109 | 17 | ||||||||||||||||||||||||||||||||||||
Other consumer | 686 | 6 | 707 | 12 | ||||||||||||||||||||||||||||||||||||
Subtotal | 33,017 | 401 | 33,495 | 803 | ||||||||||||||||||||||||||||||||||||
Total | $ | 61,942 | $ | 804 | $ | 62,952 | $ | 1,614 | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,396 | $ | 114 | $ | 8,836 | $ | 230 | ||||||||||||||||||||||||||||||||
Commercial real estate | 18,392 | 312 | 18,448 | 628 | ||||||||||||||||||||||||||||||||||||
Commercial construction | 1,608 | 13 | 1,608 | 26 | ||||||||||||||||||||||||||||||||||||
Small business | 1,393 | 22 | 1,454 | 46 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 2,236 | 25 | 2,253 | 44 | ||||||||||||||||||||||||||||||||||||
Home equity | 3,674 | 43 | 3,691 | 85 | ||||||||||||||||||||||||||||||||||||
Other consumer | 560 | 10 | 585 | 23 | ||||||||||||||||||||||||||||||||||||
Subtotal | 36,259 | 539 | 36,875 | 1,082 | ||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,076 | $ | 43 | $ | 3,221 | $ | 89 | ||||||||||||||||||||||||||||||||
Commercial real estate | 18,242 | 263 | 18,235 | 526 | ||||||||||||||||||||||||||||||||||||
Small business | 748 | 12 | 760 | 23 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 13,688 | 127 | 13,732 | 255 | ||||||||||||||||||||||||||||||||||||
Home equity | 407 | 5 | 410 | 10 | ||||||||||||||||||||||||||||||||||||
Other consumer | 1,074 | 10 | 1,113 | 20 | ||||||||||||||||||||||||||||||||||||
Subtotal | 37,235 | 460 | 37,471 | 923 | ||||||||||||||||||||||||||||||||||||
Total | $ | 73,494 | $ | 999 | $ | 74,346 | $ | 2,005 | ||||||||||||||||||||||||||||||||
Certain Loans Acquired In Transfer Accounted For As Debt Securities Acquired During Period | ' | |||||||||||||||||||||||||||||||||||||||
The following table displays certain information pertaining to purchased credit impaired loans at the dates indicated: | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Outstanding balance | $ | 31,843 | $ | 33,555 | ||||||||||||||||||||||||||||||||||||
Carrying amount | $ | 27,984 | $ | 29,544 | ||||||||||||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule | ' | |||||||||||||||||||||||||||||||||||||||
The following table summarizes activity in the accretable yield for the PCI loan portfolio: | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 2,464 | ||||||||||||||||||||||||||||||||||||||
Acquisition | 386 | |||||||||||||||||||||||||||||||||||||||
Accretion | (1,812 | ) | ||||||||||||||||||||||||||||||||||||||
Other change in expected cash flows (2) | 1,142 | |||||||||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows (1) | 334 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,514 | ||||||||||||||||||||||||||||||||||||||
Accretion | (1,055 | ) | ||||||||||||||||||||||||||||||||||||||
Other change in expected cash flows (2) | 2,192 | |||||||||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows (1) | 194 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30,2014 | $ | 3,845 | ||||||||||||||||||||||||||||||||||||||
(1) Results in increased interest income during the period in which the loan paid off. | ||||||||||||||||||||||||||||||||||||||||
(2) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Summary of earnings per share | ' | |||||||||||||||
Earnings per share consisted of the following components for the periods indicated: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Net income | $ | 14,746 | $ | 12,758 | $ | 28,129 | $ | 25,010 | ||||||||
Weighted Average Shares | ||||||||||||||||
Basic shares | 23,897,413 | 22,888,155 | 23,858,456 | 22,856,132 | ||||||||||||
Effect of diluted securities | 94,560 | 52,144 | 97,544 | 49,104 | ||||||||||||
Dilutive shares | 23,991,973 | 22,940,299 | 23,956,000 | 22,905,236 | ||||||||||||
Net income per share | ||||||||||||||||
Basic EPS | $ | 0.62 | $ | 0.56 | $ | 1.18 | $ | 1.09 | ||||||||
Effect of diluted securities | (0.01 | ) | — | (0.01 | ) | — | ||||||||||
Dilutive EPS | $ | 0.61 | $ | 0.56 | $ | 1.17 | $ | 1.09 | ||||||||
Details of anti dilutive options to purchase common stock | ' | |||||||||||||||
The following table illustrates the options to purchase common stock and the shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options | — | 241,268 | — | 245,312 | ||||||||||||
Performance-based restricted stock | — | — | — | — | ||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Restricted stock compensation footnote | ' | |||||||||||
During 2014, the Company made the following awards of restricted stock: | ||||||||||||
Date | Shares Granted | Plan | Grant Date Fair Value | Vesting Period | ||||||||
3/20/14 | 65,950 | 2005 Employee Stock Plan | $ | 39.82 | Ratably over 5 years from grant date | |||||||
3/31/14 | 3,000 | 2005 Employee Stock Plan | $ | 39 | Ratably over 3 years from grant date | |||||||
5/20/14 | 10,920 | 2010 Non-Employee Director Stock Plan | $ | 35.08 | At the end of 5 years from grant date | |||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ||||||||||||||||||||||||||
The following table reflects the Company’s derivative positions for the periods indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes: | |||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||
Notional Amount | Trade Date | Effective Date | Maturity Date | Receive (Variable) Index | Current Rate Received | Pay Fixed Swap Rate | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
$ | 25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.23 | % | 5.04 | % | $ | (2,685 | ) | |||||||||||||||
25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.23 | % | 5.04 | % | (2,686 | ) | |||||||||||||||||
25,000 | 9-Dec-08 | 10-Dec-08 | 10-Dec-18 | 3 Month LIBOR | 0.23 | % | 2.94 | % | (1,591 | ) | |||||||||||||||||
$ | 75,000 | $ | (6,962 | ) | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Notional Amount | Trade Date | Effective Date | Maturity Date | Receive (Variable) Index | Current Rate Received | Pay Fixed Swap Rate | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
$ | 25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.24 | % | 5.04 | % | $ | (3,151 | ) | |||||||||||||||
25,000 | 16-Feb-06 | 28-Dec-06 | 28-Dec-16 | 3 Month LIBOR | 0.24 | % | 5.04 | % | (3,152 | ) | |||||||||||||||||
25,000 | 9-Dec-08 | 10-Dec-08 | 10-Dec-18 | 3 Month LIBOR | 0.24 | % | 2.94 | % | (1,493 | ) | |||||||||||||||||
50,000 | 17-Nov-09 | 20-Dec-10 | 20-Dec-14 | 3 Month LIBOR | 0.25 | % | 3.04 | % | (1,341 | ) | |||||||||||||||||
25,000 | 5-May-11 | 10-Jun-11 | 10-Jun-15 | 3 Month LIBOR | 0.24 | % | 1.71 | % | (493 | ) | |||||||||||||||||
$ | 150,000 | $ | (9,630 | ) | |||||||||||||||||||||||
Summary of customer related derivative positions, not designated as hedging | ' | ||||||||||||||||||||||||||
The following table reflects the Company’s customer related derivative positions for the periods indicated below for those derivatives not designated as hedging: | |||||||||||||||||||||||||||
Notional Amount Maturing | |||||||||||||||||||||||||||
Number of Positions (1) | Less than 1 year | Less than 2 years | Less than 3 years | Less than 4 years | Thereafter | Total | Fair Value | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Loan level derivatives | |||||||||||||||||||||||||||
Receive fixed, pay variable | 176 | $ | 69,334 | 76,475 | 49,507 | 43,367 | 368,010 | $ | 606,693 | $ | 15,616 | ||||||||||||||||
Pay fixed, receive variable | 173 | $ | 69,334 | 76,475 | 49,507 | 43,367 | 368,010 | $ | 606,693 | $ | (15,627 | ) | |||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||
Buys foreign currency, sells US currency | 19 | $ | 47,572 | — | — | — | — | $ | 47,572 | $ | 327 | ||||||||||||||||
Buys US currency, sells foreign currency | 19 | $ | 47,572 | — | — | — | — | $ | 47,572 | $ | (306 | ) | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Loan level derivatives | |||||||||||||||||||||||||||
Receive fixed, pay variable | 168 | $ | 48,882 | 97,975 | 42,957 | 42,116 | 329,554 | $ | 561,484 | $ | 9,484 | ||||||||||||||||
Pay fixed, receive variable | 162 | $ | 48,882 | 97,975 | 42,957 | 42,116 | 329,554 | $ | 561,484 | $ | (9,523 | ) | |||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||
Buys foreign currency, sells US currency | 6 | $ | 11,367 | — | — | — | — | $ | 11,367 | $ | 396 | ||||||||||||||||
Buys US currency, sells foreign currency | 6 | $ | 11,367 | — | — | — | — | $ | 11,367 | $ | (390 | ) | |||||||||||||||
-1 | The Company may enter | ||||||||||||||||||||||||||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet at the periods indicated: | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Balance Sheet | Fair Value at June 30, 2014 | Fair Value at December 31, | Balance Sheet | Fair Value at June 30, 2014 | Fair Value at December 31, | ||||||||||||||||||||||
Location | 2013 | Location | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||
Interest rate derivatives | Other assets | $ | — | $ | — | Other liabilities | $ | 6,962 | $ | 9,630 | |||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||
Customer Related Positions: | |||||||||||||||||||||||||||
Loan level derivatives | Other assets | $ | 17,012 | $ | 16,301 | Other liabilities | $ | 17,023 | $ | 16,340 | |||||||||||||||||
Foreign exchange contracts | Other assets | 327 | 396 | Other liabilities | 306 | 390 | |||||||||||||||||||||
Mortgage Derivatives: | |||||||||||||||||||||||||||
Interest rate lock commitments | Other assets | 511 | 204 | Other liabilities | — | — | |||||||||||||||||||||
Forward TBA mortgage contracts | Other assets | — | 64 | Other liabilities | 200 | — | |||||||||||||||||||||
Forward sales agreements | Other assets | — | — | Other liabilities | 78 | 35 | |||||||||||||||||||||
Total | $ | 17,850 | $ | 16,965 | $ | 17,607 | $ | 16,765 | |||||||||||||||||||
Effect of derivative financial instruments included in OCI and current earnings | ' | ||||||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated: | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
30-Jun | 30-Jun | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||
Gain in OCI on derivatives (effective portion), net of tax | $ | 1,005 | $ | 1,619 | $ | 1,507 | $ | 2,454 | |||||||||||||||||||
Loss reclassified from OCI into interest expense (effective portion) | $ | 1,063 | $ | 1,443 | $ | 2,211 | $ | 2,859 | |||||||||||||||||||
Loss reclassified from OCI into noninterest expense (loss on termination) | $ | 1,121 | $ | — | $ | 1,121 | $ | — | |||||||||||||||||||
Loss recognized in income on derivatives (ineffective portion & amount excluded from effectiveness testing) | |||||||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Other expense | — | — | — | — | |||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||
Changes in fair value of customer related positions | |||||||||||||||||||||||||||
Other income | $ | 15 | $ | 14 | $ | 44 | $ | 26 | |||||||||||||||||||
Other expense | (1 | ) | (56 | ) | (2 | ) | (81 | ) | |||||||||||||||||||
Changes in fair value of mortgage derivatives | |||||||||||||||||||||||||||
Mortgage banking income | 41 | 1,208 | 1 | 1,348 | |||||||||||||||||||||||
Total | $ | 55 | $ | 1,166 | $ | 43 | $ | 1,293 | |||||||||||||||||||
Asset_Liability_Derivative_Pos
Asset & Liability Derivative Positions & the Potential Effect of Netting Arrangements - Current Quarter (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Financial Instruments Derivative Assets Liabilities and resell agreements net of amount not offset [Table Text Block] | ' | ||||||||||||||||||
The following tables present the Company's asset and liability derivative positions and the potential effect of netting arrangements on its financial position, as of the periods indicated: | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||
Gross Amounts Recognized in the Statement of Financial Position | Gross Amounts Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Financial Instruments (1) | Collateral Pledged (Received) | Net Amount | ||||||||||||||
June 30, 2014 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Loan level derivatives | 17,012 | — | 17,012 | 698 | — | 16,314 | |||||||||||||
Customer foreign exchange contracts | 327 | — | 327 | — | — | 327 | |||||||||||||
$ | 17,339 | $ | — | $ | 17,339 | $ | 698 | $ | — | $ | 16,641 | ||||||||
Derivative Liabilities | |||||||||||||||||||
Interest rate swaps | $ | 6,962 | $ | — | $ | 6,962 | $ | — | $ | 6,962 | $ | — | |||||||
Loan level derivatives | 17,023 | — | 17,023 | 698 | 15,628 | 698 | |||||||||||||
Customer foreign exchange contracts | 306 | — | 306 | — | — | 306 | |||||||||||||
Repurchase agreements | |||||||||||||||||||
Customer repurchase agreements | 131,766 | — | 131,766 | — | (131,766 | ) | — | ||||||||||||
Wholesale repurchase agreements | 50,000 | — | 50,000 | — | (50,000 | ) | — | ||||||||||||
$ | 206,057 | $ | — | $ | 206,057 | $ | 698 | $ | (159,176 | ) | $ | 1,004 | |||||||
-1 | Includes loan level swaps which are not subject to a master netting arrangement and thus are not offset in the statement of financial position. | ||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||
Gross Amounts Recognized in the Statement of Financial Position | Gross Amounts Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Financial Instruments | Collateral Pledged (Received) | Net Amount | ||||||||||||||
December 31, 2013 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Derivative Assets | |||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Loan level swaps | 16,301 | — | 16,301 | 2,823 | — | 13,478 | |||||||||||||
Customer foreign exchange contracts | 396 | — | 396 | — | — | 396 | |||||||||||||
$ | 16,697 | $ | — | $ | 16,697 | $ | 2,823 | $ | — | $ | 13,874 | ||||||||
Derivative Liabilities | |||||||||||||||||||
Interest rate swaps | $ | 9,630 | $ | — | $ | 9,630 | $ | — | $ | 9,630 | $ | — | |||||||
Loan level swaps | 16,340 | — | 16,340 | 2,823 | 10,108 | 3,409 | |||||||||||||
Customer foreign exchange contracts | 390 | — | 390 | — | — | 390 | |||||||||||||
Repurchase agreements | |||||||||||||||||||
Customer repurchase agreements | 149,288 | — | 149,288 | — | (149,288 | ) | — | ||||||||||||
Wholesale repurchase agreements | 50,000 | — | 50,000 | — | (50,000 | ) | — | ||||||||||||
$ | 225,648 | $ | — | $ | 225,648 | $ | 2,823 | $ | (179,550 | ) | $ | 3,799 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||
Assets and liabilities measured at fair value at the periods indicated were as follows: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Balance | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
U.S. Government agency securities | $ | 41,437 | $ | — | $ | 41,437 | $ | — | ||||||||||||
Agency mortgage-backed securities | 220,055 | — | 220,055 | — | ||||||||||||||||
Agency collateralized mortgage obligations | 53,272 | — | 53,272 | — | ||||||||||||||||
State, county, and municipal securities | 5,258 | — | 5,258 | — | ||||||||||||||||
Single issuer trust preferred securities issued by banks | 2,989 | — | 2,989 | — | ||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 5,091 | — | — | 5,091 | ||||||||||||||||
Equity securities | 11,979 | 11,979 | — | — | ||||||||||||||||
Loans held for sale | 16,125 | — | 16,125 | — | ||||||||||||||||
Derivative instruments | 17,850 | — | 17,850 | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | 24,569 | — | 24,569 | — | ||||||||||||||||
Total recurring fair value measurements | $ | 349,487 | $ | 11,979 | $ | 332,417 | $ | 5,091 | ||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Collateral dependent impaired loans | $ | 3,253 | $ | — | $ | — | $ | 3,253 | ||||||||||||
Other real estate owned and other foreclosed assets | 9,675 | — | — | 9,675 | ||||||||||||||||
Total nonrecurring fair value measurements | $ | 12,928 | $ | — | $ | — | $ | 12,928 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
U.S. government agency securities | $ | 40,449 | $ | — | $ | 40,449 | $ | — | ||||||||||||
Agency mortgage-backed securities | 234,591 | — | 234,591 | — | ||||||||||||||||
Agency collateralized mortgage obligations | 58,153 | — | 58,153 | — | ||||||||||||||||
State, county, and municipal securities | 5,412 | — | 5,412 | — | ||||||||||||||||
Single issuer trust preferred securities issued by banks | 2,952 | — | 2,952 | — | ||||||||||||||||
Pooled trust preferred securities issued by banks and insurers | 3,841 | — | — | 3,841 | ||||||||||||||||
Equity securities | 11,464 | 11,464 | — | — | ||||||||||||||||
Loans held for sale | 8,882 | — | 8,882 | — | ||||||||||||||||
Derivative instruments | 16,965 | — | 16,965 | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Derivative instruments | 26,395 | — | 26,395 | — | ||||||||||||||||
Total recurring fair value measurements | $ | 356,314 | $ | 11,464 | $ | 341,009 | $ | 3,841 | ||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Collateral dependent impaired loans | $ | 10,328 | $ | — | $ | — | $ | 10,328 | ||||||||||||
Other real estate owned and other foreclosed assets | 7,633 | — | — | 7,633 | ||||||||||||||||
Total nonrecurring fair value measurements | $ | 17,961 | $ | — | $ | — | $ | 17,961 | ||||||||||||
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||
The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). These instruments were valued using pricing models and discounted cash flow methodologies. | ||||||||||||||||||||
Securities Available for Sale: | ||||||||||||||||||||
Pooled Trust | Private | Total | ||||||||||||||||||
Preferred | Mortgage- | |||||||||||||||||||
Securities | Backed | |||||||||||||||||||
Securities | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance at March 31, 2014 | $ | 4,967 | $ | — | $ | 4,967 | ||||||||||||||
Gains and (losses) (realized/unrealized) | ||||||||||||||||||||
Included in other comprehensive income | 184 | — | 184 | |||||||||||||||||
Settlements | (60 | ) | — | (60 | ) | |||||||||||||||
Balance at June 30, 2014 | $ | 5,091 | $ | — | $ | 5,091 | ||||||||||||||
Balance at January 1, 2013 | $ | 2,981 | $ | 3,532 | $ | 6,513 | ||||||||||||||
Gains and (losses) (realized/unrealized) | ||||||||||||||||||||
Included in other comprehensive income | 1,132 | (64 | ) | 1,068 | ||||||||||||||||
Sales | — | (2,695 | ) | (2,695 | ) | |||||||||||||||
Settlements | (272 | ) | (773 | ) | (1,045 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 3,841 | $ | — | $ | 3,841 | ||||||||||||||
Gains and (losses) (realized/unrealized) | ||||||||||||||||||||
Included in other comprehensive income | 1,349 | — | 1,349 | |||||||||||||||||
Settlements | (99 | ) | — | (99 | ) | |||||||||||||||
Balance at June 30, 2014 | $ | 5,091 | $ | — | $ | 5,091 | ||||||||||||||
Investments in securities that are classified as level 3 | ' | |||||||||||||||||||
The following table sets forth certain unobservable inputs regarding the Company’s investment in securities that are classified as Level 3 for the periods indicated: | ||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Valuation Technique | Fair Value | Unobservable Inputs | Range | Weighted Average | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Discounted cash flow methodology | ||||||||||||||||||||
Pooled trust preferred securities | $ | 5,091 | $ | 3,841 | Cumulative prepayment | 0% - 75% | 0% - 76% | 6.90% | 7.20% | |||||||||||
Cumulative default | 3% - 100% | 3% - 100% | 16.20% | 18.10% | ||||||||||||||||
Loss given default | 85% - 100% | 85% - 100% | 95.90% | 95.70% | ||||||||||||||||
Cure given default | 0% - 75% | 0% - 75% | 32.90% | 39.90% | ||||||||||||||||
Appraisals of collateral (1) | ||||||||||||||||||||
Impaired loans | $ | 3,253 | $ | 10,328 | ||||||||||||||||
Other real estate owned | $ | 9,675 | $ | 7,633 | ||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. | |||||||||||||||||||
The estimated fair values and related carrying amounts for assets and liabilities | ' | |||||||||||||||||||
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the periods indicated: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | ||||||||||||||||
Value | Value | in Active | Other | Unobservable | ||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Securities held to maturity (a) | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,011 | $ | 1,068 | — | $ | 1,068 | — | ||||||||||||
Agency mortgage-backed securities | 170,217 | 174,921 | — | 174,921 | — | |||||||||||||||
Agency collateralized mortgage obligations | 195,478 | 193,536 | — | 193,536 | — | |||||||||||||||
State, county, and municipal securities | 678 | 684 | — | 684 | — | |||||||||||||||
Single issuer trust preferred securities issued by banks | 1,500 | 1,527 | — | 1,527 | — | |||||||||||||||
Corporate debt securities | 5,004 | 5,208 | — | 5,208 | — | |||||||||||||||
Loans, net of allowance for loan losses (b) | 4,830,962 | 4,815,375 | — | — | 4,815,375 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Time certificates of deposits (c) | $ | 702,858 | $ | 705,731 | — | $ | 705,731 | — | ||||||||||||
Federal Home Loan Bank borrowings (c) | 60,174 | 60,676 | — | 60,676 | — | |||||||||||||||
Customer repurchase agreements and other short-term borrowings (c) | 131,766 | 131,766 | — | — | 131,766 | |||||||||||||||
Wholesale repurchase agreements (c) | 50,000 | 50,960 | — | — | 50,960 | |||||||||||||||
Junior subordinated debentures (d) | 73,797 | 72,105 | — | 72,105 | — | |||||||||||||||
Subordinated debentures (c) | 30,000 | 28,731 | — | — | 28,731 | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | ||||||||||||||||
Value | Value | in Active | Other | Unobservable | ||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Securities held to maturity (a) | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,011 | $ | 1,042 | $ | — | $ | 1,042 | $ | — | ||||||||||
Agency mortgage-backed securities | 155,067 | 155,951 | — | 155,951 | — | |||||||||||||||
Agency collateralized mortgage obligations | 187,388 | 182,036 | — | 182,036 | — | |||||||||||||||
State, county, and municipal securities | 678 | 685 | — | 685 | — | |||||||||||||||
Single issuer trust preferred securities issued by banks | 1,503 | 1,526 | — | 1,526 | — | |||||||||||||||
Corporate debt securities | 5,005 | 5,215 | — | 5,215 | — | |||||||||||||||
Loans, net of allowance for loan losses (b) | 4,665,068 | 4,655,920 | — | — | 4,655,920 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Time certificates of deposits (c) | $ | 743,628 | $ | 746,908 | $ | — | $ | 746,908 | $ | — | ||||||||||
Federal Home Loan Bank borrowings (c) | 140,294 | 140,321 | — | 140,321 | — | |||||||||||||||
Customer repurchase agreements and other short-term borrowings (c) | 154,288 | 154,349 | — | — | 154,349 | |||||||||||||||
Wholesale repurchase agreements (c) | 50,000 | 51,298 | — | — | 51,298 | |||||||||||||||
Junior subordinated debentures (d) | 73,906 | 67,481 | — | 67,481 | — | |||||||||||||||
Subordinated debentures (c) | 30,000 | 28,396 | — | — | 28,396 | |||||||||||||||
(a) | The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analyses. | |||||||||||||||||||
(b) | Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows. | |||||||||||||||||||
(c) | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. | |||||||||||||||||||
(d) | Fair value was determined based upon market prices of securities with similar terms and maturities. |
Comprehensive_IncomeLoss_Table
Comprehensive Income/Loss (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Comprehensive Income Loss [Abstract] | ' | |||||||||||||||||||||||
Comprehensive income | ' | |||||||||||||||||||||||
Information on the Company’s comprehensive income (loss), presented net of taxes, is set forth below for the periods indicated: | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
Pre Tax | Tax (Expense) | After Tax | Pre Tax | Tax (Expense) | After Tax | |||||||||||||||||||
Amount | Benefit | Amount | Amount | Benefit | Amount | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Change in fair value of securities available for sale | $ | 3,904 | $ | (1,521 | ) | $ | 2,383 | $ | 7,191 | $ | (2,837 | ) | $ | 4,354 | ||||||||||
Less: net security gains (losses) reclassified into other noninterest income | (20 | ) | 8 | (12 | ) | 71 | (29 | ) | 42 | |||||||||||||||
Net change in fair value of securities available for sale | 3,924 | (1,529 | ) | 2,395 | 7,120 | (2,808 | ) | 4,312 | ||||||||||||||||
Change in fair value of cash flow hedges | (487 | ) | 200 | (287 | ) | (787 | ) | 323 | (464 | ) | ||||||||||||||
Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) | (1,063 | ) | 434 | (629 | ) | (2,211 | ) | 903 | (1,308 | ) | ||||||||||||||
Less: Loss on termination of hedge reclassified into noninterest expense | (1,121 | ) | 458 | (663 | ) | (1,121 | ) | 458 | (663 | ) | ||||||||||||||
Net change in fair value of cash flow hedges | 1,697 | (692 | ) | 1,005 | 2,545 | (1,038 | ) | 1,507 | ||||||||||||||||
Net loss during the period and amortization of certain costs included in net periodic retirement costs (2) | (66 | ) | 27 | (39 | ) | (132 | ) | 54 | (78 | ) | ||||||||||||||
Total other comprehensive income | $ | 5,555 | $ | (2,194 | ) | $ | 3,361 | $ | 9,533 | $ | (3,792 | ) | $ | 5,741 | ||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
Pre Tax | Tax (Expense) | After Tax | Pre Tax | Tax (Expense) | After Tax | |||||||||||||||||||
Amount | Benefit | Amount | Amount | Benefit | Amount | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Change in fair value of securities available for sale | $ | (7,496 | ) | $ | 2,910 | $ | (4,586 | ) | $ | (8,736 | ) | $ | 3,365 | $ | (5,371 | ) | ||||||||
Less: net security losses reclassified into other noninterest income | 4 | (1 | ) | 3 | (4 | ) | 1 | (3 | ) | |||||||||||||||
Change in fair value of securities available for sale | (7,500 | ) | 2,911 | (4,589 | ) | (8,732 | ) | 3,364 | (5,368 | ) | ||||||||||||||
Change in fair value of cash flow hedges | 1,294 | (529 | ) | 765 | 1,289 | (526 | ) | 763 | ||||||||||||||||
Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) | (1,443 | ) | 589 | (854 | ) | (2,859 | ) | 1,168 | (1,691 | ) | ||||||||||||||
Net change in fair value of cash flow hedges | 2,737 | (1,118 | ) | 1,619 | 4,148 | (1,694 | ) | 2,454 | ||||||||||||||||
Net gain during the period and amortization of certain costs included in net periodic retirement costs (2) | 51 | (9 | ) | 42 | 73 | (30 | ) | 43 | ||||||||||||||||
Total other comprehensive income | $ | (4,712 | ) | $ | 1,784 | $ | (2,928 | ) | $ | (4,511 | ) | $ | 1,640 | $ | (2,871 | ) | ||||||||
-1 | Includes the amortization of the remaining balance of a realized but unrecognized gain, net of tax, from the termination of interest rate swaps in June 2009. The original gain of $1.4 million, net of tax, is being recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain has amortized to $643,000 and $787,000 at June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||
-2 | The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. | |||||||||||||||||||||||
Company's accumulated other comprehensive loss, net of tax | ' | |||||||||||||||||||||||
Information on the Company’s accumulated other comprehensive income (loss), net of tax is comprised of the following components as of the periods indicated: | ||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities | Unrealized Loss on Cash Flow Hedge | Deferred Gain on Hedge Transactions | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
2014 | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Beginning balance January 1, 2014 | $ | (2,023 | ) | $ | (5,698 | ) | $ | 715 | $ | (428 | ) | $ | (7,434 | ) | ||||||||||
Net change in other comprehensive income | $ | 4,312 | $ | 1,579 | $ | (72 | ) | $ | (78 | ) | $ | 5,741 | ||||||||||||
Ending balance June 30, 2014 | 2,289 | (4,119 | ) | 643 | (506 | ) | (1,693 | ) | ||||||||||||||||
2013 | ||||||||||||||||||||||||
Beginning balance January 1, 2013 | $ | 5,478 | $ | (9,577 | ) | $ | 859 | $ | (1,286 | ) | $ | (4,526 | ) | |||||||||||
Net change in other comprehensive income | $ | (5,368 | ) | $ | 2,526 | $ | (72 | ) | $ | 43 | $ | (2,871 | ) | |||||||||||
Ending balance June 30, 2013 | 110 | (7,051 | ) | 787 | (1,243 | ) | (7,397 | ) | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | ' | |||||||
Financial instruments with off-balance-sheet risk were as follows at the dates indicated: | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
(Dollars In thousands) | ||||||||
Commitments to extend credit | $ | 1,687,735 | $ | 1,621,873 | ||||
Standby letters of credit | 16,083 | 18,923 | ||||||
Deferred standby letter of credit fees | 97 | 87 | ||||||
Investments_is_Low_Income_Hous1
Investments is Low Income Housing Tax Credits Investements in Low Income Housing Tax Credits (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Investments in Low Income Housing Tax Credits [Abstract] | ' | |||
Investments in Low Income Housing Projects [Table Text Block] | ' | |||
The following table presents the Company's investments in low income housing projects as of the date indicated: | ||||
30-Jun-14 | ||||
(Dollars in thousands) | ||||
Original investment value | $ | 27,543 | ||
Current recorded investment | 26,624 | |||
Unfunded liability obligation | 22,091 | |||
Tax credits and benefits (1) | 1,629 | |||
Amortization of investments (2) | 1,101 | |||
Net income tax benefit (3) | 528 | |||
-1 | This amount reflects anticipated tax credits and tax benefits for the year ended December 31, 2014. | |||
-2 | The amortization amount reduces the tax credits and benefits anticipated for the year ended December 31, 2014. | |||
-3 | This amount represents the net tax benefit expected to be realized for the year ended December 31, 2014 in determining the Company's effective tax rate as of June 30, 2014. |
Securities_Reconciliation_of_f
Securities (Reconciliation of fair value of securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | $336,404 | $360,317 |
Available for Sale Securities Gross Gain unrealized | 9,100 | 7,675 |
Available for sale Securities, Unrealized Losses Other | -4,124 | -8,801 |
Available for sale Securities, Other Than Temporary Impairment | -1,299 | -2,329 |
Available for sale Securities, Fair Value, Total | 340,081 | 356,862 |
Held to maturity Securities, Amortized Cost | 373,888 | 350,652 |
Held to Maturity Securities Holding Gain Unrecognized | 7,402 | 3,012 |
Held to Maturity Securities Holding Loss Unrecognized | -4,346 | -7,209 |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | 376,944 | 346,455 |
Amortized Cost | 710,292 | 710,969 |
Gross Unrealized Gains | 16,502 | 10,687 |
Unrealized Losses Other | -8,470 | -16,010 |
Other Than Temporary Impairment | -1,299 | -2,329 |
Fair Value | 717,025 | 703,317 |
U. S. Government Agency Securities [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 41,346 | 41,331 |
Available for Sale Securities Gross Gain unrealized | 120 | 3 |
Available for sale Securities, Unrealized Losses Other | -29 | -885 |
Available for sale Securities, Other Than Temporary Impairment | ' | ' |
Available for sale Securities, Fair Value, Total | 41,437 | 40,449 |
U.S. Treasury Securities [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Held to maturity Securities, Amortized Cost | 1,011 | 1,011 |
Held to Maturity Securities Holding Gain Unrecognized | 57 | 31 |
Held to Maturity Securities Holding Loss Unrecognized | 0 | ' |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | 1,068 | 1,042 |
Agency Mortgage-Backed Securities [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 213,894 | 232,742 |
Available for Sale Securities Gross Gain unrealized | 7,530 | 6,405 |
Available for sale Securities, Unrealized Losses Other | -1,369 | -4,556 |
Available for sale Securities, Other Than Temporary Impairment | ' | ' |
Available for sale Securities, Fair Value, Total | 220,055 | 234,591 |
Held to maturity Securities, Amortized Cost | 170,217 | 155,067 |
Held to Maturity Securities Holding Gain Unrecognized | 4,704 | 1,917 |
Held to Maturity Securities Holding Loss Unrecognized | 0 | -1,033 |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | 174,921 | 155,951 |
Agency Collateralized Mortgage Obligations [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 53,941 | 58,765 |
Available for Sale Securities Gross Gain unrealized | 296 | 490 |
Available for sale Securities, Unrealized Losses Other | -965 | -1,102 |
Available for sale Securities, Other Than Temporary Impairment | ' | ' |
Available for sale Securities, Fair Value, Total | 53,272 | 58,153 |
Held to maturity Securities, Amortized Cost | 195,478 | 187,388 |
Held to Maturity Securities Holding Gain Unrecognized | 2,404 | 824 |
Held to Maturity Securities Holding Loss Unrecognized | -4,346 | -6,176 |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | 193,536 | 182,036 |
State, County, and Municipal Securities [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 5,145 | 5,439 |
Available for Sale Securities Gross Gain unrealized | 113 | 1 |
Available for sale Securities, Unrealized Losses Other | ' | -28 |
Available for sale Securities, Other Than Temporary Impairment | ' | ' |
Available for sale Securities, Fair Value, Total | 5,258 | 5,412 |
Held to maturity Securities, Amortized Cost | 678 | 678 |
Held to Maturity Securities Holding Gain Unrecognized | 6 | 7 |
Held to Maturity Securities Holding Loss Unrecognized | 0 | ' |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | 684 | 685 |
Single Issuer Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 2,937 | 2,960 |
Available for Sale Securities Gross Gain unrealized | 52 | 14 |
Available for sale Securities, Unrealized Losses Other | ' | -22 |
Available for sale Securities, Other Than Temporary Impairment | ' | ' |
Available for sale Securities, Fair Value, Total | 2,989 | 2,952 |
Held to maturity Securities, Amortized Cost | 1,500 | 1,503 |
Held to Maturity Securities Holding Gain Unrecognized | 27 | 23 |
Held to Maturity Securities Holding Loss Unrecognized | 0 | ' |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | 1,527 | 1,526 |
Pooled Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 7,984 | 8,083 |
Available for Sale Securities Gross Gain unrealized | ' | ' |
Available for sale Securities, Unrealized Losses Other | -1,594 | -1,913 |
Available for sale Securities, Other Than Temporary Impairment | -1,299 | -2,329 |
Available for sale Securities, Fair Value, Total | 5,091 | 3,841 |
Marketable Equity Securities [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Available for sale Securities, Amortized Cost | 11,157 | 10,997 |
Available for Sale Securities Gross Gain unrealized | 989 | 762 |
Available for sale Securities, Unrealized Losses Other | -167 | -295 |
Available for sale Securities, Other Than Temporary Impairment | ' | ' |
Available for sale Securities, Fair Value, Total | 11,979 | 11,464 |
Corporate Debt Securities [Member] | ' | ' |
Reconciliation of fair value of securities | ' | ' |
Held to maturity Securities, Amortized Cost | 5,004 | 5,005 |
Held to Maturity Securities Holding Gain Unrecognized | 204 | 210 |
Held to Maturity Securities Holding Loss Unrecognized | 0 | ' |
Held to maturity Securities, Other Than Temporary Impairment | ' | ' |
Held to Maturity, Fair Value, Total | $5,208 | $5,215 |
Securities_Schedule_of_Contrac
Securities (Schedule of Contractual Maturities of Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale, Amortized Cost | ' | ' |
Available for Sale, Amortized Cost, Due in one year or less | $181 | ' |
Available for Sale, Amortized Cost, Due after one year to five years | 39,096 | ' |
Available for Sale, Amortized Cost, Due after five to ten years | 68,541 | ' |
Available for Sale, Amortized Cost, Due after ten years | 217,429 | ' |
Available for Sale, Amortized Cost, Total debt securities | 325,247 | ' |
Available for Sale, Amortized Cost, Marketable equity securities | 11,157 | ' |
Available for Sale, Amortized Cost, Total | 336,404 | 360,317 |
Available for Sale, Fair Value | ' | ' |
Available for Sale, Fair Value, Due in one year or less | 192 | ' |
Available for Sale, Fair Value, Due after one year to five years | 40,229 | ' |
Available for Sale, Fair Value, Due after five to ten years | 68,048 | ' |
Available for Sale, Fair Value, Due after ten years | 219,633 | ' |
Available for Sale, Fair Value, Net debt securities | 328,102 | ' |
Available for Sale, Fair Value, Marketable equity securities | 11,979 | ' |
Available for sale Securities, Fair Value, Total | 340,081 | 356,862 |
Held to Maturity, Amortized Cost | ' | ' |
Held to Maturity, Amortized Cost, Due in one year or less | 454 | ' |
Held to Maturity, Amortized Cost, Due after one year to five years | 5,569 | ' |
Held to Maturity, Amortized Cost, Due after five to ten years | 26,720 | ' |
Held to Maturity, Amortized Cost, Due after ten years | 341,145 | ' |
Held to Maturity, Amortized Cost, Net debt securities | 373,888 | 350,652 |
Held to Maturity, Amortized Cost, Marketable equity securities | ' | ' |
Held to Maturity, Amortized Cost, Net | 373,888 | 350,652 |
Held to Maturity, Fair Value | ' | ' |
Held to Maturity, Fair Value, Due in one year or less | 457 | ' |
Held to Maturity, Fair Value, Due after one year to five years | 5,798 | ' |
Held to Maturity, Fair Value, Due after five to ten years | 27,086 | ' |
Held to Maturity, Fair Value, Due after ten years | 343,603 | ' |
Held to Maturity, Fair Value, Total | 376,944 | 346,455 |
Held to Maturity, Fair Value, Marketable equity securities | ' | ' |
Securities_Unrealized_Loss_NOT
Securities (Unrealized Loss NOT deemed to be OTTI) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | holding | holding |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | 67 | 221 |
Fair value, less than 12 months | $43,990 | $433,230 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | -512 | -13,520 |
Fair value, 12 months or longer | 160,232 | 10,928 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | -7,958 | -2,490 |
Fair value, Total | 204,222 | 444,158 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | -8,470 | -16,010 |
U. S. Government Agency Securities [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | 3 | 39 |
Fair value, less than 12 months | 493 | 39,950 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | -2 | -885 |
Fair value, 12 months or longer | 9,981 | ' |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | -27 | ' |
Fair value, Total | 10,474 | 39,950 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | -29 | -885 |
Agency Mortgage-Backed Securities [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | 34 | 124 |
Fair value, less than 12 months | 665 | 202,004 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | -6 | -5,217 |
Fair value, 12 months or longer | 46,015 | 5,108 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | -1,363 | -372 |
Fair value, Total | 46,680 | 207,112 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | -1,369 | -5,589 |
Agency Collateralized Mortgage Obligations [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | 15 | 19 |
Fair value, less than 12 months | 42,761 | 183,721 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | -502 | -7,278 |
Fair value, 12 months or longer | 100,254 | 0 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | -4,809 | ' |
Fair value, Total | 143,015 | 183,721 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | -5,311 | -7,278 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | ' | 13 |
Fair value, less than 12 months | ' | 3,838 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | ' | -28 |
Fair value, 12 months or longer | ' | 0 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | ' | ' |
Fair value, Total | ' | 3,838 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | ' | -28 |
Pooled Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | 7 | 2 |
Fair value, less than 12 months | 0 | ' |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | ' | ' |
Fair value, 12 months or longer | 2,520 | 2,300 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | -1,594 | -1,913 |
Fair value, Total | 2,520 | 2,300 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | -1,594 | -1,913 |
Single Trust Preferred Securities [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | ' | 2 |
Fair value, less than 12 months | ' | 1,341 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | ' | -22 |
Fair value, 12 months or longer | ' | 0 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | ' | ' |
Fair value, Total | ' | 1,341 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | ' | -22 |
Marketable Equity Securities [Member] | ' | ' |
Summary of gross unrealized losses and fair value of investments | ' | ' |
No of holdings | 8 | 22 |
Fair value, less than 12 months | 71 | 2,376 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | -2 | -90 |
Fair value, 12 months or longer | 1,462 | 3,520 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | -165 | -205 |
Fair value, Total | 1,533 | 5,896 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position aggregate loss | ($167) | ($295) |
Securities_Total_OTTI_Details
Securities (Total OTTI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Gross change in OTTI recorded on certain investments | $196 | $90 | ($1,029) | ($371) |
Portion of OTTI recognized in OCI | -196 | -90 | 1,029 | 371 |
Total credit related OTTI losses recognized in earnings | ' | ' | ' | ' |
Securities_Summary_of_Cumulati
Securities (Summary of Cumulative Credit Related Component of OTTI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of cumulative credit related component of OTTI | ' | ' | ' | ' |
Balance at beginning of period | ($9,997) | ($10,847) | ($9,997) | ($10,847) |
Add | ' | ' | ' | ' |
Incurred on securities not previously impaired | 0 | 0 | 0 | 0 |
Incurred on securities previously impaired | 0 | 0 | 0 | ' |
Less | ' | ' | ' | ' |
Securities sold during the period | 0 | 0 | 0 | 0 |
Reclassification due to changes in Company’s intent | 0 | 0 | 0 | 0 |
Increases in cash flow expected to be collected | 0 | 0 | 0 | 0 |
Balance at end of period | ($9,997) | ($10,847) | ($9,997) | ($10,847) |
Securities_Details_Textual_Det
Securities (Details Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' | ' |
Marketable Securities, Gain (Loss) | ($20,000) | $4,000 | $71,000 | ($4,000) | ' |
Securities (Textual) [Abstract] | ' | ' | ' | ' | ' |
Callable Securities in Investment Portfolio | 33,900,000 | ' | 33,900,000 | ' | ' |
Investment Securities Pledged | $365,700,000 | ' | $365,700,000 | ' | $360,100,000 |
Loans_Allowance_for_Loan_Losse2
Loans, Allowance for Loan Losses and Credit Quality (Allowance Allocations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ||
Amortization of Deferred Loan Origination Fees, Net | $2,568 | $2,346 | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 4,885,500 | [1] | 4,718,307 | [1] |
Ending Balance: Individually Evaluated for Impairment | 61,070 | 72,055 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 27,984 | 29,544 | ||
Ending Balance: Collectively Evaluated for Impairment | 4,796,446 | 4,616,708 | ||
Commercial and Industrial [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 853,327 | 784,202 | ||
Ending Balance: Individually Evaluated for Impairment | 6,796 | 9,148 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 1 | ||
Ending Balance: Collectively Evaluated for Impairment | 846,531 | 775,053 | ||
Commercial Real Estate [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 2,300,633 | 2,249,260 | ||
Ending Balance: Individually Evaluated for Impairment | 30,472 | 39,516 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 17,425 | 18,612 | ||
Ending Balance: Collectively Evaluated for Impairment | 2,252,736 | 2,191,132 | ||
Commercial Construction [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 252,222 | 223,859 | ||
Ending Balance: Individually Evaluated for Impairment | 0 | 100 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 188 | 197 | ||
Ending Balance: Collectively Evaluated for Impairment | 252,034 | 223,562 | ||
Small Business [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 78,955 | 77,240 | ||
Ending Balance: Individually Evaluated for Impairment | 1,474 | 1,903 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 | ||
Ending Balance: Collectively Evaluated for Impairment | 77,481 | 75,337 | ||
Residential Real Estate [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 541,601 | 541,443 | ||
Ending Balance: Individually Evaluated for Impairment | 15,829 | 15,200 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 10,055 | 10,389 | ||
Ending Balance: Collectively Evaluated for Impairment | 515,717 | 515,854 | ||
Consumer Home Equity [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 840,815 | 822,141 | ||
Ending Balance: Individually Evaluated for Impairment | 5,473 | 4,890 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 310 | 326 | ||
Ending Balance: Collectively Evaluated for Impairment | 835,032 | 816,925 | ||
Consumer Other [Member] | ' | ' | ||
Allowance for loans based on collective and individual evaluation of impairment by loan category | ' | ' | ||
Ending Balance: Total Loans by Group | 17,947 | 20,162 | ||
Ending Balance: Individually Evaluated for Impairment | 1,026 | 1,298 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 6 | 19 | ||
Ending Balance: Collectively Evaluated for Impairment | $16,915 | $18,845 | ||
[1] | The amount of net deferred fees included in the ending balance was $2.6 million and $2.3 million at June 30, 2014 and December 31, 2013. |
Loans_Allowance_for_Loan_Losse3
Loans, Allowance for Loan Losses and Credit Quality (ALLL - by category) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | $53,629 | $51,906 | $53,239 | $51,834 |
Charge-offs | -2,150 | -2,477 | -6,716 | -4,051 |
Recoveries | 809 | 447 | 1,263 | 793 |
Provision for loan losses | 2,250 | 3,100 | 6,752 | 4,400 |
Ending Balance | 54,538 | 52,976 | 54,538 | 52,976 |
Ending Balance: Individually Evaluated for Impairment | 2,730 | 3,152 | 2,730 | 3,152 |
Ending Balance: Collectively Evaluated for Impairment | 51,808 | 49,824 | 51,808 | 49,824 |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 15,601 | 13,443 | 15,622 | 13,461 |
Charge-offs | -470 | -1,302 | -1,253 | -1,725 |
Recoveries | 128 | 103 | 207 | 239 |
Provision for loan losses | 670 | 2,081 | 1,353 | 2,350 |
Ending Balance | 15,929 | 14,325 | 15,929 | 14,325 |
Ending Balance: Individually Evaluated for Impairment | 472 | 775 | 472 | 775 |
Ending Balance: Collectively Evaluated for Impairment | 15,457 | 13,550 | 15,457 | 13,550 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 24,917 | 22,569 | 24,541 | 22,598 |
Charge-offs | -660 | -196 | -3,582 | -603 |
Recoveries | 197 | 8 | 265 | 8 |
Provision for loan losses | 641 | 648 | 3,871 | 1,026 |
Ending Balance | 25,095 | 23,029 | 25,095 | 23,029 |
Ending Balance: Individually Evaluated for Impairment | 292 | 410 | 292 | 410 |
Ending Balance: Collectively Evaluated for Impairment | 24,803 | 22,619 | 24,803 | 22,619 |
Commercial Construction [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 3,570 | 3,139 | 3,371 | 2,811 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for loan losses | 187 | 283 | 386 | 611 |
Ending Balance | 3,757 | 3,422 | 3,757 | 3,422 |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | 0 | 0 |
Ending Balance: Collectively Evaluated for Impairment | 3,757 | 3,422 | 3,757 | 3,422 |
Small Business [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 1,207 | 1,244 | 1,215 | 1,524 |
Charge-offs | -128 | -276 | -396 | -421 |
Recoveries | 92 | 37 | 139 | 76 |
Provision for loan losses | -17 | 290 | 196 | 116 |
Ending Balance | 1,154 | 1,295 | 1,154 | 1,295 |
Ending Balance: Individually Evaluated for Impairment | 45 | 153 | 45 | 153 |
Ending Balance: Collectively Evaluated for Impairment | 1,109 | 1,142 | 1,109 | 1,142 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 2,829 | 3,048 | 2,760 | 2,930 |
Charge-offs | -326 | -186 | -454 | -247 |
Recoveries | 190 | 86 | 190 | 86 |
Provision for loan losses | 186 | 11 | 383 | 190 |
Ending Balance | 2,879 | 2,959 | 2,879 | 2,959 |
Ending Balance: Individually Evaluated for Impairment | 1,599 | 1,670 | 1,599 | 1,670 |
Ending Balance: Collectively Evaluated for Impairment | 1,280 | 1,289 | 1,280 | 1,289 |
Consumer Home Equity [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 4,758 | 7,716 | 5,036 | 7,703 |
Charge-offs | -308 | -257 | -402 | -534 |
Recoveries | 55 | 30 | 148 | 51 |
Provision for loan losses | 464 | -222 | 187 | 47 |
Ending Balance | 4,969 | 7,267 | 4,969 | 7,267 |
Ending Balance: Individually Evaluated for Impairment | 273 | 52 | 273 | 52 |
Ending Balance: Collectively Evaluated for Impairment | 4,696 | 7,215 | 4,696 | 7,215 |
Consumer Other [Member] | ' | ' | ' | ' |
Summary of changes in allowance for loan losses | ' | ' | ' | ' |
Beginning Balance | 747 | 747 | 694 | 807 |
Charge-offs | -258 | -260 | -629 | -521 |
Recoveries | 147 | 183 | 314 | 333 |
Provision for loan losses | 119 | 9 | 376 | 60 |
Ending Balance | 755 | 679 | 755 | 679 |
Ending Balance: Individually Evaluated for Impairment | 49 | 92 | 49 | 92 |
Ending Balance: Collectively Evaluated for Impairment | $706 | $587 | $706 | $587 |
Loans_Allowance_for_Loan_Losse4
Loans, Allowance for Loan Losses and Credit Quality (Internal Risk-Rating Categories for the Commercial Portfolio) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | $3,485,137 | $3,334,561 |
Commercial and Industrial [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 853,327 | 784,202 |
Commercial Real Estate [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 2,300,633 | 2,249,260 |
Commercial Construction [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 252,222 | 223,859 |
Small Business [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 78,955 | 77,240 |
PASS [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 3,218,706 | 3,087,877 |
PASS [Member] | Commercial and Industrial [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 786,349 | 736,996 |
PASS [Member] | Commercial Real Estate [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 2,122,030 | 2,068,995 |
PASS [Member] | Commercial Construction [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 236,106 | 210,372 |
PASS [Member] | Small Business [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 74,221 | 71,514 |
POTENTIAL WEAKNESS [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 165,307 | 125,464 |
POTENTIAL WEAKNESS [Member] | Commercial and Industrial [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 42,929 | 21,841 |
POTENTIAL WEAKNESS [Member] | Commercial Real Estate [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 106,724 | 91,984 |
POTENTIAL WEAKNESS [Member] | Commercial Construction [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 12,263 | 8,608 |
POTENTIAL WEAKNESS [Member] | Small Business [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 3,391 | 3,031 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 97,937 | 117,507 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial and Industrial [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 23,712 | 24,409 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Real Estate [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 69,062 | 85,767 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Construction [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 3,853 | 4,779 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Small Business [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 1,310 | 2,552 |
PARTIAL LOSS PROBABLE [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 3,187 | 3,713 |
PARTIAL LOSS PROBABLE [Member] | Commercial and Industrial [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 337 | 956 |
PARTIAL LOSS PROBABLE [Member] | Commercial Real Estate [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 2,817 | 2,514 |
PARTIAL LOSS PROBABLE [Member] | Commercial Construction [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | ' | 100 |
PARTIAL LOSS PROBABLE [Member] | Small Business [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | 33 | 143 |
DEFINITE LOSS [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | ' | ' |
DEFINITE LOSS [Member] | Commercial and Industrial [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | ' | ' |
DEFINITE LOSS [Member] | Commercial Real Estate [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | ' | ' |
DEFINITE LOSS [Member] | Commercial Construction [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | ' | ' |
DEFINITE LOSS [Member] | Small Business [Member] | ' | ' |
Internal risk-rating categories for the Company's commercial portfolio | ' | ' |
TOTAL | ' | ' |
Loans_Allowance_for_Loan_Losse5
Loans, Allowance for Loan Losses and Credit Quality (Weighted Average FICO Scores and the Weighted Average Combined LTV Ratio) (Details) | Jun. 30, 2014 | Dec. 31, 2013 | ||
score | score | |||
Residential Portfolio Segment [Member] | ' | ' | ||
Weighted average FICO scores and the weighted average combined LTV Ratio | ' | ' | ||
Weighted Average FICO Rating | 738 | [1] | 738 | [1] |
Combined LTV (re-valued) (2) | 67.00% | [2] | 67.00% | [2] |
Consumer Home Equity [Member] | ' | ' | ||
Weighted average FICO scores and the weighted average combined LTV Ratio | ' | ' | ||
Weighted Average FICO Rating | 764 | [1] | 763 | [1] |
Combined LTV (re-valued) (2) | 53.20% | [2] | 53.00% | [2] |
[1] | The average FICO scores for June 30, 2014 are based upon rescores available from May 31, 2014 and origination score data for loans booked between June 1, 2014 and June 30, 2014. The average FICO scores for December 31, 2013 are based upon rescores available from November 30, 2013 and origination score data for loans booked between December 1, 2013 and December 31, 2013. | |||
[2] | The combined LTV ratios for June 30, 2014 are based upon updated automated valuations as of February 28, 2013 and origination value data for loans booked between March 1, 2013 and June 30, 2014. The combined LTV ratios for December 31, 2013 are based upon updated automated valuations as of February 28, 2013 and origination value data for loans booked from March 1, 2013 through December 31, 2013. For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. |
Loans_Allowance_for_Loan_Losse6
Loans, Allowance for Loan Losses and Credit Quality (Summary of Nonaccrual Loans) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $26,819 | [1] | $34,134 | [1] |
Commercial and Industrial [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,368 | 4,178 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,586 | 11,734 | ||
Commercial Construction [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ' | 100 | ||
Small Business [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 433 | 633 | ||
Residential Real Estate [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,336 | 10,329 | ||
Consumer Home Equity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,069 | 7,068 | ||
Consumer - Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $27 | $92 | ||
[1] | Included in these amounts were $7.5 million of nonaccruing TDRs at both June 30, 2014 and December 31, 2013, respectively. |
Loans_Allowance_for_Loan_Losse7
Loans, Allowance for Loan Losses and Credit Quality (Age Analysis of Past Due Financing Receivables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | loan | loan |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 117 | 209 |
Principal Balance 30-59 Days | $14,240 | $15,925 |
Number of Loans 60-89 Days | 56 | 60 |
Principal Balance 60-89 Days | 6,433 | 3,498 |
Number of Loans 90 Days or More | 136 | 161 |
Principal Balance 90 Days or More | 13,515 | 21,116 |
Number of Loans Total Past Due | 309 | 430 |
Principal Balance Total Past Due | 34,188 | 40,539 |
Current | 4,851,312 | 4,677,768 |
Total Financing Receivables | 4,885,500 | 4,718,307 |
Recorded Investment >90 Days and Accruing | 597 | 525 |
Commercial and Industrial [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 8 | 9 |
Principal Balance 30-59 Days | 1,011 | 743 |
Number of Loans 60-89 Days | 12 | 6 |
Principal Balance 60-89 Days | 1,209 | 327 |
Number of Loans 90 Days or More | 20 | 20 |
Principal Balance 90 Days or More | 1,481 | 3,763 |
Number of Loans Total Past Due | 40 | 35 |
Principal Balance Total Past Due | 3,701 | 4,833 |
Current | 849,626 | 779,369 |
Total Financing Receivables | 853,327 | 784,202 |
Recorded Investment >90 Days and Accruing | ' | ' |
Commercial Real Estate [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 16 | 21 |
Principal Balance 30-59 Days | 9,105 | 8,643 |
Number of Loans 60-89 Days | 5 | 2 |
Principal Balance 60-89 Days | 3,218 | 356 |
Number of Loans 90 Days or More | 20 | 30 |
Principal Balance 90 Days or More | 3,652 | 8,155 |
Number of Loans Total Past Due | 41 | 53 |
Principal Balance Total Past Due | 15,975 | 17,154 |
Current | 2,284,658 | 2,232,106 |
Total Financing Receivables | 2,300,633 | 2,249,260 |
Recorded Investment >90 Days and Accruing | ' | ' |
Commercial Construction [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | ' | 1 |
Principal Balance 30-59 Days | ' | 847 |
Number of Loans 60-89 Days | ' | ' |
Principal Balance 60-89 Days | ' | ' |
Number of Loans 90 Days or More | ' | 1 |
Principal Balance 90 Days or More | ' | 100 |
Number of Loans Total Past Due | ' | 2 |
Principal Balance Total Past Due | ' | 947 |
Current | 252,222 | 222,912 |
Total Financing Receivables | 252,222 | 223,859 |
Recorded Investment >90 Days and Accruing | ' | ' |
Small Business [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 8 | 18 |
Principal Balance 30-59 Days | 144 | 353 |
Number of Loans 60-89 Days | 5 | 6 |
Principal Balance 60-89 Days | 22 | 227 |
Number of Loans 90 Days or More | 8 | 14 |
Principal Balance 90 Days or More | 224 | 247 |
Number of Loans Total Past Due | 21 | 38 |
Principal Balance Total Past Due | 390 | 827 |
Current | 78,565 | 76,413 |
Total Financing Receivables | 78,955 | 77,240 |
Recorded Investment >90 Days and Accruing | ' | ' |
Residential Real Estate [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 15 | 23 |
Principal Balance 30-59 Days | 1,594 | 2,903 |
Number of Loans 60-89 Days | 7 | 8 |
Principal Balance 60-89 Days | 1,468 | 1,630 |
Number of Loans 90 Days or More | 41 | 39 |
Principal Balance 90 Days or More | 6,352 | 6,648 |
Number of Loans Total Past Due | 63 | 70 |
Principal Balance Total Past Due | 9,414 | 11,181 |
Current | 532,187 | 530,262 |
Total Financing Receivables | 541,601 | 541,443 |
Recorded Investment >90 Days and Accruing | 476 | 462 |
Consumer Home Equity [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 21 | 27 |
Principal Balance 30-59 Days | 2,185 | 1,922 |
Number of Loans 60-89 Days | 9 | 8 |
Principal Balance 60-89 Days | 419 | 852 |
Number of Loans 90 Days or More | 22 | 23 |
Principal Balance 90 Days or More | 1,752 | 2,055 |
Number of Loans Total Past Due | 52 | 58 |
Principal Balance Total Past Due | 4,356 | 4,829 |
Current | 836,459 | 817,312 |
Total Financing Receivables | 840,815 | 822,141 |
Recorded Investment >90 Days and Accruing | 82 | ' |
Consumer - Other [Member] | ' | ' |
Age Analysis of Past Due Financing Receivables | ' | ' |
Number of Loans 30-59 Days | 49 | 110 |
Principal Balance 30-59 Days | 201 | 514 |
Number of Loans 60-89 Days | 18 | 30 |
Principal Balance 60-89 Days | 97 | 106 |
Number of Loans 90 Days or More | 25 | 34 |
Principal Balance 90 Days or More | 54 | 148 |
Number of Loans Total Past Due | 92 | 174 |
Principal Balance Total Past Due | 352 | 768 |
Current | 17,595 | 19,394 |
Total Financing Receivables | 17,947 | 20,162 |
Recorded Investment >90 Days and Accruing | $39 | $63 |
Loans_Allowance_for_Loan_Losse8
Loans, Allowance for Loan Losses and Credit Quality (TDR's and Other Pertinent Information) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Troubled Debt Restructurings and other pertinent information | ' | ' |
TDRS ON ACCRUAL STATUS | $38,925 | $38,410 |
TDRS ON NONACCRUAL | 7,499 | 7,454 |
TOTAL TDR'S | 46,424 | 45,864 |
AMOUNT OF SPECIFIC RESERVES INCLUDED IN THE ALLOWANCE FOR LOAN LOSSES ASSOCIATED WITH TDRS: | 2,108 | 2,474 |
Loans and Leases Receivable, Impaired, Commitment to Lend | $606 | $1,877 |
Loans_Allowance_for_Loan_Losse9
Loans, Allowance for Loan Losses and Credit Quality (Modifications which occurred during the period & change in recorded investment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
contract | contract | contract | contract | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 7 | 7 | 27 | 20 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $1,036 | $1,737 | $4,046 | $3,732 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,036 | [1] | 1,737 | [1] | 4,017 | 3,758 |
Commercial and Industrial [Member] | ' | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 2 | 12 | 2 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 399 | 282 | 824 | 282 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 399 | [1] | 282 | [1] | 824 | 282 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 6 | 2 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 664 | 1,882 | 1,063 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | [1] | 664 | [1] | 1,882 | 1,063 |
Small Business [Member] | ' | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | 2 | 5 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 117 | 18 | 174 | 282 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 117 | [1] | 18 | [1] | 174 | 282 |
Residential Real Estate [Member] | ' | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | 2 | 6 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 744 | 542 | 1,900 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 0 | [1] | 744 | [1] | 513 | 1,926 |
Consumer - Home Equity [Member] | ' | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 | 4 | 3 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 520 | 29 | 616 | 194 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 520 | [1] | 29 | [1] | 616 | 194 |
Consumer - Other [Member] | ' | ' | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 1 | 2 | ||
TROUBLED DEBT RESTRUCTURINGS: | ' | ' | ' | ' | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | 8 | 11 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $0 | [1] | $0 | [1] | $8 | $11 |
[1] | The post-modification balances represent the balance of the loan on the date of modifications. These amounts may show an increase when modifications include a capitalization of interest. |
Recovered_Sheet1
Loans, Allowance for Loan Losses and Credit Quality (Post-Modification balance of TDRs Listed by Type of Modifications) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Post modification balance of Troubled Debt Restructuring | ' | ' | ' | ' |
EXTENDED MATURITY | $633 | $329 | $1,640 | $991 |
ADJUSTED INTEREST RATE | ' | ' | 728 | ' |
COMBINATION RATE & MATURITY | 403 | 1,408 | 1,670 | 2,756 |
COURT ORDERED CONCESSION | ' | ' | 8 | 11 |
TOTAL | $1,036 | $1,737 | $4,046 | $3,758 |
Recovered_Sheet2
Loans, Allowance for Loan Losses and Credit Quality (TDRs that have subsequently defaulted) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
contract | contract | contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 5 | 3 | 6 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $209 | $2,187 | $385 | $2,418 |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | 2 | ' | 2 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | ' | 1,767 | ' | 1,767 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 1 | 2 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 73 | 398 | 249 | 398 |
Small Business [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | 2 | ' | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | ' | 22 | ' | 253 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | ' | 1 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $136 | ' | $136 | $0 |
Recovered_Sheet3
Loans, Allowance for Loan Losses and Credit Quality (Impaired Loans by Portfolio) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired loans by loan portfolio | ' | ' |
Related Allowance | $2,730 | $3,774 |
Impaired Financing Receivable, Recorded Investment, Total | 61,070 | 72,055 |
Impaired Financing Receivable, Unpaid Principal Balance | 65,071 | 75,817 |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 28,523 | 29,685 |
Unpaid Principal Balance | 30,112 | 32,186 |
Related Allowance | ' | ' |
WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 32,547 | 42,370 |
Unpaid Principal Balance | 34,959 | 43,631 |
Related Allowance | 2,730 | 3,774 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 4,296 | 7,147 |
Unpaid Principal Balance | 4,842 | 7,288 |
Related Allowance | ' | ' |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 2,500 | 2,001 |
Unpaid Principal Balance | 2,954 | 2,045 |
Related Allowance | 472 | 1,150 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 16,055 | 14,283 |
Unpaid Principal Balance | 16,935 | 15,891 |
Related Allowance | ' | ' |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 14,417 | 25,233 |
Unpaid Principal Balance | 15,005 | 25,377 |
Related Allowance | 292 | 765 |
Commercial Construction [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | ' | 100 |
Unpaid Principal Balance | ' | 408 |
Related Allowance | ' | ' |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 1,035 | 1,474 |
Unpaid Principal Balance | 1,068 | 1,805 |
Related Allowance | ' | ' |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 439 | 429 |
Unpaid Principal Balance | 480 | 462 |
Related Allowance | 45 | 109 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 2,409 | 1,972 |
Unpaid Principal Balance | 2,494 | 2,026 |
Related Allowance | ' | ' |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 13,420 | 13,228 |
Unpaid Principal Balance | 14,660 | 14,197 |
Related Allowance | 1,599 | 1,564 |
Consumer - Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 4,374 | 4,263 |
Unpaid Principal Balance | 4,418 | 4,322 |
Related Allowance | ' | ' |
Consumer - Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 1,099 | 627 |
Unpaid Principal Balance | 1,186 | 694 |
Related Allowance | 273 | 116 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 354 | 446 |
Unpaid Principal Balance | 355 | 446 |
Related Allowance | ' | ' |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' |
Impaired loans by loan portfolio | ' | ' |
Recorded Investment | 672 | 852 |
Unpaid Principal Balance | 674 | 856 |
Related Allowance | $49 | $70 |
Recovered_Sheet4
Loans, Allowance for Loan Losses and Credit Quality (Int Inc. Recognized on Impaired Loans by Portfolio) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | $61,942 | $73,494 | $62,952 | $74,346 |
Interest Income Recognized | 804 | 999 | 1,614 | 2,005 |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 28,925 | 36,259 | 29,457 | 36,875 |
Interest Income Recognized | 403 | 539 | 811 | 1,082 |
WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 33,017 | 37,235 | 33,495 | 37,471 |
Interest Income Recognized | 401 | 460 | 803 | 923 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 4,449 | 8,396 | 4,774 | 8,836 |
Interest Income Recognized | 60 | 114 | 123 | 230 |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 2,808 | 3,076 | 2,906 | 3,221 |
Interest Income Recognized | 40 | 43 | 81 | 89 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 16,216 | 18,392 | 16,342 | 18,448 |
Interest Income Recognized | 246 | 312 | 490 | 628 |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 14,523 | 18,242 | 14,748 | 18,235 |
Interest Income Recognized | 205 | 263 | 413 | 526 |
Commercial Construction [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | ' | 1,608 | ' | 1,608 |
Interest Income Recognized | ' | 13 | ' | 26 |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 1,051 | 1,393 | 1,076 | 1,454 |
Interest Income Recognized | 16 | 22 | 32 | 46 |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 449 | 748 | 462 | 760 |
Interest Income Recognized | 8 | 12 | 16 | 23 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 2,415 | 2,236 | 2,426 | 2,253 |
Interest Income Recognized | 24 | 25 | 50 | 44 |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 13,449 | 13,688 | 13,563 | 13,732 |
Interest Income Recognized | 132 | 127 | 264 | 255 |
Consumer - Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 4,431 | 3,674 | 4,465 | 3,691 |
Interest Income Recognized | 51 | 43 | 103 | 85 |
Consumer - Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 1,102 | 407 | 1,109 | 410 |
Interest Income Recognized | 10 | 5 | 17 | 10 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 363 | 560 | 374 | 585 |
Interest Income Recognized | 6 | 10 | 13 | 23 |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ' | ' | ' | ' |
Interest income recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 686 | 1,074 | 707 | 1,113 |
Interest Income Recognized | $6 | $10 | $12 | $20 |
Recovered_Sheet5
Loans, Allowance for Loan Losses and Credit Quality (Purchased Credit Impaired Loans - Outstanding/Carrying balances) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' |
Outstanding balance | $31,843 | $33,555 |
Carrying amount | $27,984 | $29,544 |
Recovered_Sheet6
Loans, Allowance for Loan Losses and Credit Quality (Activity in the Accretable Yield for PCI loans) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 09, 2012 | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Beginning of Period | $2,514 | $2,464 | $386 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | -1,055 | -1,812 | ' | ||
Certain loans acquired in transfer not accounted for as debt securities accretable yield adjustment changes in expected cash flow | 2,192 | 1,142 | [1] | ' | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 194 | [2] | 334 | [2] | ' |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, End of Period | $3,845 | $2,514 | $386 | ||
[1] | (2) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). | ||||
[2] | (1) Results in increased interest income during the period in which the loan paid off. |
Recovered_Sheet7
Loans, Allowance for Loan Losses and Credit Quality (Textual) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Tdrs Recorded Investment On Nonaccrual Status | $7,499,000 | $7,454,000 |
Loans Allowance for Loan Losses and Credit Quality (Textual) [Abstract] | ' | ' |
The amount of deferred fees | 2,568,000 | 2,346,000 |
Significant Advanced Considered For Risk Rating Change | $50,000 | ' |
Minimum [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Days to be termed as non accrual loans | '90 days | ' |
Earnings_Per_Share_EPS_Compone
Earnings Per Share (EPS Components) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of earnings per share | ' | ' | ' | ' |
Net income | $14,746 | $12,758 | $28,129 | $25,010 |
Weighted Average Shares (in shares) | ' | ' | ' | ' |
BASIC SHARES | 23,897,413 | 22,888,155 | 23,858,456 | 22,856,132 |
EFFECT OF DILUTIVE SECURITIES | 94,560 | 52,144 | 97,544 | 49,104 |
DILUTIVE SHARES | 23,991,973 | 22,940,299 | 23,956,000 | 22,905,236 |
NET INCOME PER SHARE (in dollars per share) | ' | ' | ' | ' |
BASIC EPS | $0.62 | $0.56 | $1.18 | $1.09 |
EFFECT OF DILUTIVE SECURITIES | ($0.01) | ' | ($0.01) | ' |
DILUTIVE EPS | $0.61 | $0.56 | $1.17 | $1.09 |
Earnings_Per_Share_Stock_Optio
Earnings Per Share (Stock Options) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Details of anti dilutive options to purchase common stock | ' | ' | ' | ' |
STOCK OPTIONS | ' | ' | 0 | 245,312 |
Performance-based Restricted Shares [Member] | ' | ' | ' | ' |
Details of anti dilutive options to purchase common stock | ' | ' | ' | ' |
STOCK OPTIONS | 0 | 0 | 0 | 0 |
Stock Options or Restricted Stock [Member] | ' | ' | ' | ' |
Details of anti dilutive options to purchase common stock | ' | ' | ' | ' |
STOCK OPTIONS | 0 | 241,268 | ' | ' |
Stock_Based_Compensation_Award
Stock Based Compensation (Awards of Restricted Stock) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Restricted stock compensation footnote | ' | ' |
Shares Granted | 20,700 | ' |
3/20/14 [Member] | 2005 Employee Stock Plan [Member] | ' | ' |
Restricted stock compensation footnote | ' | ' |
Shares Granted | ' | 65,950 |
Fair Value | ' | $39.82 |
Vesting Period | 'Ratably over 5 years from grant date | ' |
3/31/2014 [Member] | 2010 Non-Employee Director Stock Plan [Member] | ' | ' |
Restricted stock compensation footnote | ' | ' |
Shares Granted | ' | 3,000 |
Fair Value | ' | $39 |
Vesting Period | 'Ratably over 3 years from grant date | ' |
5/20/2014 [Member] | 2010 Non-Employee Director Stock Plan [Member] | ' | ' |
Restricted stock compensation footnote | ' | ' |
Shares Granted | ' | 10,920 |
Fair Value | ' | $35.08 |
Vesting Period | 'At the end of 5 years from grant date | ' |
Stock_Based_Compensation_Perfo
Stock Based Compensation Performance-based Restricted Stock Textual (Details) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 20,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $39.82 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Derivative Positions for Interest Rate Swaps which Qualify as Hedges) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ' |
Notional Amount | $75,000 | $150,000 |
Fair Value | -6,962 | -9,630 |
Positions One [Member] | ' | ' |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ' |
Notional Amount | 25,000 | 25,000 |
Trade Date | 16-Feb-06 | 16-Feb-06 |
Effective Date | 28-Dec-06 | 28-Dec-06 |
Maturity Date | 28-Dec-16 | 28-Dec-16 |
Derivative, Description of Variable Rate Basis | '3 Month LIBOR | '3 Month LIBOR |
Current Rate Received | 0.23% | 0.24% |
Pay Fixed Swap Rate | 5.04% | 5.04% |
Fair Value | -2,685 | -3,151 |
Positions Two [Member] | ' | ' |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ' |
Notional Amount | 25,000 | 25,000 |
Trade Date | 16-Feb-06 | 16-Feb-06 |
Effective Date | 28-Dec-06 | 28-Dec-06 |
Maturity Date | 28-Dec-16 | 28-Dec-16 |
Derivative, Description of Variable Rate Basis | '3 Month LIBOR | '3 Month LIBOR |
Current Rate Received | 0.23% | 0.24% |
Pay Fixed Swap Rate | 5.04% | 5.04% |
Fair Value | -2,686 | -3,152 |
Positions Three [Member] | ' | ' |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ' |
Notional Amount | 25,000 | 25,000 |
Trade Date | 9-Dec-08 | 9-Dec-08 |
Effective Date | 10-Dec-08 | 10-Dec-08 |
Maturity Date | 10-Dec-18 | 10-Dec-18 |
Derivative, Description of Variable Rate Basis | '3 Month LIBOR | '3 Month LIBOR |
Current Rate Received | 0.23% | 0.24% |
Pay Fixed Swap Rate | 2.94% | 2.94% |
Fair Value | -1,591 | -1,493 |
Positions Four [Member] | ' | ' |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ' |
Notional Amount | ' | 50,000 |
Trade Date | 17-Nov-09 | 17-Nov-09 |
Effective Date | 20-Dec-10 | 20-Dec-10 |
Maturity Date | 20-Dec-14 | 20-Dec-14 |
Derivative, Description of Variable Rate Basis | ' | '3 Month LIBOR |
Current Rate Received | ' | 0.25% |
Pay Fixed Swap Rate | ' | 3.04% |
Fair Value | ' | -1,341 |
Positions Five [Member] | ' | ' |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | ' | ' |
Notional Amount | ' | 25,000 |
Trade Date | 5-May-11 | 5-May-11 |
Effective Date | 10-Jun-11 | 10-Jun-11 |
Maturity Date | 10-Jun-15 | 10-Jun-15 |
Derivative, Description of Variable Rate Basis | ' | '3 Month LIBOR |
Current Rate Received | ' | 0.24% |
Pay Fixed Swap Rate | ' | 1.71% |
Fair Value | ' | ($493) |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Customer Related Derivative Positions - Not Designated as Hedges) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Summary of customer related derivative positions, not designated as hedging | ' | ' | ||
Fair Value | ($6,962) | ($9,630) | ||
Receive fixed, pay variable [Member] | Loan Level Swap [Member] | Notional Amount Maturing [Member] | ' | ' | ||
Summary of customer related derivative positions, not designated as hedging | ' | ' | ||
Number of Positions | 176 | [1] | 168 | [1] |
Less than 1 year | 69,334 | 48,882 | ||
Less than 2 years | 76,475 | 97,975 | ||
Less than 3 years | 49,507 | 42,957 | ||
Less than 4 years | 43,367 | 42,116 | ||
Thereafter | 368,010 | 329,554 | ||
Total | 606,693 | 561,484 | ||
Fair Value | 15,616 | 9,484 | ||
Pay fixed, receive variable [Member] | Loan Level Swap [Member] | Notional Amount Maturing [Member] | ' | ' | ||
Summary of customer related derivative positions, not designated as hedging | ' | ' | ||
Number of Positions | 173 | [1] | 162 | [1] |
Less than 1 year | 69,334 | 48,882 | ||
Less than 2 years | 76,475 | 97,975 | ||
Less than 3 years | 49,507 | 42,957 | ||
Less than 4 years | 43,367 | 42,116 | ||
Thereafter | 368,010 | 329,554 | ||
Total | 606,693 | 561,484 | ||
Fair Value | -15,627 | -9,523 | ||
Buys foreign exchange, sells US currency [Member] | Foreign exchange contracts [Member] | Notional Amount Maturing [Member] | ' | ' | ||
Summary of customer related derivative positions, not designated as hedging | ' | ' | ||
Number of Positions | 19 | [1] | 6 | [1] |
Less than 1 year | 47,572 | 11,367 | ||
Less than 2 years | ' | ' | ||
Less than 3 years | ' | ' | ||
Less than 4 years | ' | ' | ||
Thereafter | ' | ' | ||
Total | 47,572 | 11,367 | ||
Fair Value | 327 | 396 | ||
Buys US currency, sells foreign exchange [Member] | Foreign exchange contracts [Member] | Notional Amount Maturing [Member] | ' | ' | ||
Summary of customer related derivative positions, not designated as hedging | ' | ' | ||
Number of Positions | 19 | [1] | 6 | [1] |
Less than 1 year | 47,572 | 11,367 | ||
Less than 2 years | ' | ' | ||
Less than 3 years | ' | ' | ||
Less than 4 years | ' | ' | ||
Thereafter | ' | ' | ||
Total | 47,572 | 11,367 | ||
Fair Value | ($306) | ($390) | ||
[1] | The Company may enter |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (FV of Derivative Financial Instruments and Classification on Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | $17,339 | $16,697 |
Derivative, Fair Value, Net | -6,962 | -9,630 |
Liability Derivatives | 206,057 | 225,648 |
Commitments, Fair Value Disclosure | 511 | 204 |
Forward TBA Mortgage Contracts | 0 | 64 |
Forward Sales Agreements | 78 | 35 |
Other Assets [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | 17,850 | 16,965 |
Other Liabilities [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Liability Derivatives | 17,607 | 16,765 |
Interest rate swaps [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 6,962 | 9,630 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Assets [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | ' | ' |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Liabilities [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Liability Derivatives | 6,962 | 9,630 |
Loan level swaps [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | 17,012 | 16,301 |
Liability Derivatives | 17,023 | 16,340 |
Loan level swaps [Member] | Derivatives not designated as hedges [Member] | Other Assets [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | 17,012 | 16,301 |
Loan level swaps [Member] | Derivatives not designated as hedges [Member] | Other Liabilities [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Liability Derivatives | 17,023 | 16,340 |
Foreign exchange contracts [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | 327 | 396 |
Liability Derivatives | 306 | 390 |
Foreign exchange contracts [Member] | Derivatives not designated as hedges [Member] | Other Assets [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Asset Derivatives | ' | 396 |
Foreign exchange contracts [Member] | Derivatives not designated as hedges [Member] | Other Liabilities [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Liability Derivatives | 306 | 390 |
Notional Amount Maturing [Member] | Buys Foreign Exchange Sells Us Currency [Member] | Foreign exchange contracts [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Derivative, Fair Value, Net | 327 | 396 |
Notional Amount Maturing [Member] | Buys Us Currency Sells Foreign Exchange [Member] | Foreign exchange contracts [Member] | ' | ' |
Fair value of derivative financial instruments as well as their classification on the balance sheet | ' | ' |
Derivative, Fair Value, Net | ($306) | ($390) |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Derivative Financial Instruments included in OCI and Current Earnings) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Gain in OCI on derivatives (effective portion), net of tax | ($287) | $765 | ($464) | $763 | ||
Loss on termination of hedge reclassified into noninterest expense, pre tax | 1,121 | [1] | ' | 1,121 | [1] | ' |
Derivatives designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Gain in OCI on derivatives (effective portion), net of tax | 1,005 | 1,619 | 1,507 | 2,454 | ||
Loss reclassified from OCI into interest expense (effective portion) | 1,063 | 1,443 | 2,211 | 2,859 | ||
Loss recognized in income on derivatives (ineffective portion & amount excluded from effectiveness testing) | ' | ' | ' | ' | ||
Derivatives not designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Changes in fair value of customer related positions | 55 | 1,166 | 43 | 1,293 | ||
Interest Expense [Member] | Derivatives designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Loss recognized in income on derivatives (ineffective portion & amount excluded from effectiveness testing) | ' | ' | ' | ' | ||
Other Income [Member] | Derivatives not designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Changes in fair value of customer related positions | 15 | 14 | 44 | 26 | ||
Other Expense [Member] | Derivatives designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Loss recognized in income on derivatives (ineffective portion & amount excluded from effectiveness testing) | ' | ' | ' | ' | ||
Other Expense [Member] | Derivatives not designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Changes in fair value of customer related positions | -1 | -56 | -2 | -81 | ||
Mortgage Banking Income [Member] | Derivatives not designated as hedges [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Increase Decrease In Fair Value Of Unhedged Derivative Instruments Relating To Residential Loans | $41 | $1,208 | $1 | $1,348 | ||
[1] | cludes the amortization of the remaining balance of a realized but unrecognized gain, net of tax, from the termination of interest rate swaps in June 2009. The original gain of $1.4 million, net of tax, is being recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain has amortized to $643,000 and $787,000 at June 30, 2014 and 2013, respectively. |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Change in Fair Value on Loans Held for Sale | $174,000 | ($1,195,000) | $225,000 | ($1,335,000) | ' |
Exposure to Institutional Counterparties | 698,000 | ' | 698,000 | ' | 3,400,000 |
Amortization Of Deferred Hedge Gains Losses | 122,000 | ' | ' | ' | ' |
Loss on termination of derivatives | 1,122,000 | ' | 1,122,000 | 0 | ' |
Maximum length of time Company is currently hedging its exposure | '5 years | ' | ' | ' | ' |
Interest expense from OCI, related to cash flow hedges before tax | 2,800,000 | ' | ' | ' | ' |
Notional amount of fair value hedged derivative | 0 | ' | 0 | ' | ' |
Customer related positions | $17,000,000 | ' | $17,000,000 | ' | $13,600,000 |
Assets_Liability_Derivative_Po
Assets & Liability Derivative Positions & the Potential Effect of Netting Arrangements - Current Quarter (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $17,339 | $16,697 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 17,339 | 16,697 |
Derivative, Collateral, Obligation to Return Securities | 698 | 2,823 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 16,641 | 13,874 |
Derivative Liability, Fair Value, Gross Liability | 206,057 | 225,648 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 206,057 | 225,648 |
Derivative, Collateral, Right to Reclaim Securities | 698 | 2,823 |
Derivative, Collateral, Right to Reclaim Cash | -159,176 | -179,550 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,004 | 3,799 |
Interest Rate Swap [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 0 | 0 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 6,962 | 9,630 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 6,962 | 9,630 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 6,962 | 9,630 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Loan Level Swap [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 17,012 | 16,301 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 17,012 | 16,301 |
Derivative, Collateral, Obligation to Return Securities | 698 | 2,823 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 16,314 | 13,478 |
Derivative Liability, Fair Value, Gross Liability | 17,023 | 16,340 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 17,023 | 16,340 |
Derivative, Collateral, Right to Reclaim Securities | 698 | 2,823 |
Derivative, Collateral, Right to Reclaim Cash | 15,628 | 10,108 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 698 | 3,409 |
Foreign Exchange Contract [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 327 | 396 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 327 | 396 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 327 | 396 |
Derivative Liability, Fair Value, Gross Liability | 306 | 390 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 306 | 390 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 306 | 390 |
Customer Repurchase Agreements [Domain] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 131,766 | 149,288 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 131,766 | 149,288 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | -131,766 | -149,288 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Wholesale Repurchase Agreements [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 50,000 | 50,000 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 50,000 | 50,000 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | -50,000 | -50,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $0 | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Securities available for sale | $340,081 | $356,862 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 349,487 | 356,314 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | U.S. Government Agency Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 41,437 | 40,449 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 220,055 | 234,591 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 53,272 | 58,153 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | State County and Municipal Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 5,258 | 5,412 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | Single Trust Preferred Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 2,989 | 2,952 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | Pooled Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 5,091 | 3,841 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | Marketable Equity Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 11,979 | 11,464 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | LOANS HELD FOR SALE [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | 16,125 | 8,882 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | 17,850 | 16,965 |
RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
LIABILITIES | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 24,569 | 26,395 |
NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 12,928 | 17,961 |
NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | COLLATERAL DEPENDENT IMPAIRED LOANS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 3,253 | 10,328 |
NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | OTHER REAL ESTATE OWNED [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 9,675 | 7,633 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 11,979 | 11,464 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | U.S. Government Agency Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | State County and Municipal Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Single Trust Preferred Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Pooled Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Marketable Equity Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 11,979 | 11,464 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | LOANS HELD FOR SALE [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
LIABILITIES | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | COLLATERAL DEPENDENT IMPAIRED LOANS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | OTHER REAL ESTATE OWNED [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 332,417 | 341,009 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | U.S. Government Agency Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 41,437 | 40,449 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 220,055 | 234,591 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 53,272 | 58,153 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | State County and Municipal Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 5,258 | 5,412 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Single Trust Preferred Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 2,989 | 2,952 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Pooled Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Marketable Equity Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | LOANS HELD FOR SALE [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | 16,125 | 8,882 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | 17,850 | 16,965 |
Significant Other Observable Inputs (Level 2) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
LIABILITIES | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 24,569 | 26,395 |
Significant Other Observable Inputs (Level 2) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | COLLATERAL DEPENDENT IMPAIRED LOANS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | OTHER REAL ESTATE OWNED [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | OTHER REAL ESTATE OWNED [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | 9,675 | 7,633 |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 5,091 | 3,841 |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | U.S. Government Agency Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | State County and Municipal Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Single Trust Preferred Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Pooled Trust Preferred Securities Issued by Banks and Insurers [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | 5,091 | 3,841 |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | Marketable Equity Securities [Member] | ' | ' |
ASSETS | ' | ' |
Securities available for sale | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | LOANS HELD FOR SALE [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Recurring | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | RECURRING FAIR VALUE MEASUREMENTS: [Member] | DERIVATIVE INSTRUMENTS [Member] | ' | ' |
LIABILITIES | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | ' | ' |
ASSETS | ' | ' |
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 12,928 | 17,961 |
Significant Unobservable Inputs (Level 3) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | COLLATERAL DEPENDENT IMPAIRED LOANS [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 3,253 | 10,328 |
Significant Unobservable Inputs (Level 3) [Member] | NONRECURRING FAIR VALUE MEASUREMENTS: [Member] | OTHER REAL ESTATE OWNED [Member] | ' | ' |
ASSETS | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | $9,512 | $7,466 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Beginning Balance | $4,967 | $3,841 | $6,513 |
GAINS AND LOSSES (REALIZED/UNREALIZED): | ' | ' | ' |
Included in Other Comprehensive Income | 184 | 1,349 | 1,068 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ' | -2,695 |
SETTLEMENTS | -60 | -99 | -1,045 |
Ending Balance | 5,091 | 5,091 | 3,841 |
Pooled Trust Preferred Securities [Member] | ' | ' | ' |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Beginning Balance | 4,967 | 3,841 | 2,981 |
GAINS AND LOSSES (REALIZED/UNREALIZED): | ' | ' | ' |
Included in Other Comprehensive Income | 184 | 1,349 | 1,132 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ' | 0 |
SETTLEMENTS | -60 | -99 | -272 |
Ending Balance | 5,091 | 5,091 | 3,841 |
Private Mortgage-Backed Securities [Member] | ' | ' | ' |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Beginning Balance | ' | 0 | 3,532 |
GAINS AND LOSSES (REALIZED/UNREALIZED): | ' | ' | ' |
Included in Other Comprehensive Income | ' | ' | -64 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ' | -2,695 |
SETTLEMENTS | ' | ' | -773 |
Ending Balance | $0 | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Investments in securities that are classified as level 3 | ' | ' |
Available-for-sale Securities | 340,081 | 356,862 |
Pooled Trust Preferred Securities [Member] | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | ' | ' |
Investments in securities that are classified as level 3 | ' | ' |
Cumulative Prepayment | 6.90% | 7.20% |
Cumulative Default | 16.20% | 18.10% |
Loss Given Default | 95.90% | 95.70% |
Cure Given Default | 32.90% | 39.90% |
Pooled Trust Preferred Securities [Member] | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | ' | ' |
Investments in securities that are classified as level 3 | ' | ' |
Cumulative Prepayment | 0.00% | 0.00% |
Cumulative Default | 3.00% | 3.00% |
Loss Given Default | 85.00% | 85.00% |
Cure Given Default | 0.00% | 0.00% |
Pooled Trust Preferred Securities [Member] | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | ' | ' |
Investments in securities that are classified as level 3 | ' | ' |
Cumulative Prepayment | 75.00% | 76.00% |
Cumulative Default | 100.00% | 100.00% |
Loss Given Default | 100.00% | 100.00% |
Cure Given Default | 75.00% | 75.00% |
IMPAIRED LOANS [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Investments in securities that are classified as level 3 | ' | ' |
Fair Value | 3,253 | 10,328 |
OTHER REAL ESTATE OWNED [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Investments in securities that are classified as level 3 | ' | ' |
Fair Value | 9,675 | 7,633 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | $373,888 | $350,652 | ||
Held to Maturity, Fair Value, Total | 376,944 | 346,455 | ||
LOANS, NET OF ALLOWANCE FOR LOAN LOSSES | 4,830,962 | 4,665,068 | ||
TIME CERTIFICATES OF DEPOSITS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Financial Liabilities, Book Value | 702,858 | [1] | 743,628 | [1] |
Accrued Liabilities, Fair Value Disclosure | 705,731 | [1] | 746,908 | [1] |
FEDERAL HOME LOAN BANK ADVANCES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Financial Liabilities, Book Value | 60,174 | [1] | 140,294 | [1] |
Accrued Liabilities, Fair Value Disclosure | 60,676 | [1] | 140,321 | [1] |
Customer Repurchase Agreements [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Financial Liabilities, Book Value | 131,766 | [1] | 154,288 | [1] |
Accrued Liabilities, Fair Value Disclosure | 131,766 | [1] | 154,349 | [1] |
WHOLESALE AND CUSTOMER REPURCHASE AGREEMENTS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Financial Liabilities, Book Value | 50,000 | [1] | 50,000 | [1] |
Accrued Liabilities, Fair Value Disclosure | 50,960 | [1] | 51,298 | [1] |
JUNIOR SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Financial Liabilities, Book Value | 73,797 | [2] | 73,906 | [2] |
Accrued Liabilities, Fair Value Disclosure | 72,105 | [2] | 67,481 | [2] |
SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Financial Liabilities, Book Value | 30,000 | [1] | 30,000 | [1] |
Accrued Liabilities, Fair Value Disclosure | 28,731 | [1] | 28,396 | [1] |
U.S. Treasury Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | 1,011 | [3] | 1,011 | [3] |
Held to Maturity, Fair Value, Total | 1,068 | [3] | 1,042 | [3] |
Agency Mortgage-Backed Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | 170,217 | [3] | 155,067 | [3] |
Held to Maturity, Fair Value, Total | 174,921 | [3] | 155,951 | [3] |
Agency Collateralized Mortgage Obligations [Member] | ' | ' | ||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | 195,478 | [3] | 187,388 | [3] |
Held to Maturity, Fair Value, Total | 193,536 | [3] | 182,036 | [3] |
State County and Municipal Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | 678 | [3] | 678 | [3] |
Held to Maturity, Fair Value, Total | 684 | [3] | 685 | [3] |
Single Issuer Trust Preferred Securities Issued by Banks [Member] | ' | ' | ||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | 1,500 | [3] | 1,503 | [3] |
Held to Maturity, Fair Value, Total | 1,527 | [3] | 1,526 | [3] |
Corporate Debt Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
SECURITIES HELD TO MATURITY | 5,004 | [3] | 5,005 | [3] |
Held to Maturity, Fair Value, Total | 5,208 | [3] | 5,215 | [3] |
Loans Net Of Allowance For Loan Loses [Member] | ' | ' | ||
ASSETS | ' | ' | ||
LOANS, NET OF ALLOWANCE FOR LOAN LOSSES | 4,830,962 | [4] | 4,665,068 | [4] |
Loans Receivable, Fair Value Disclosure | 4,815,375 | [4] | 4,655,920 | [4] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | TIME CERTIFICATES OF DEPOSITS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | FEDERAL HOME LOAN BANK ADVANCES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Customer Repurchase Agreements [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | WHOLESALE AND CUSTOMER REPURCHASE AGREEMENTS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | JUNIOR SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [2] | ' | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State County and Municipal Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Single Issuer Trust Preferred Securities Issued by Banks [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Debt Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Loans Net Of Allowance For Loan Loses [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Loans Receivable, Fair Value Disclosure | ' | [4] | ' | [4] |
Significant Other Observable Inputs (Level 2) [Member] | TIME CERTIFICATES OF DEPOSITS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | 705,731 | [1] | 746,908 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | FEDERAL HOME LOAN BANK ADVANCES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | 60,676 | [1] | 140,321 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Customer Repurchase Agreements [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Significant Other Observable Inputs (Level 2) [Member] | WHOLESALE AND CUSTOMER REPURCHASE AGREEMENTS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Significant Other Observable Inputs (Level 2) [Member] | JUNIOR SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | 72,105 | [2] | 67,481 | [2] |
Significant Other Observable Inputs (Level 2) [Member] | SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | 1,068 | 1,042 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | 174,921 | 155,951 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | 193,536 | 182,036 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | State County and Municipal Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | 684 | 685 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | Single Issuer Trust Preferred Securities Issued by Banks [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | 1,527 | 1,526 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | 5,208 | 5,215 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | Loans Net Of Allowance For Loan Loses [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Loans Receivable, Fair Value Disclosure | ' | [4] | ' | [4] |
Significant Unobservable Inputs (Level 3) [Member] | TIME CERTIFICATES OF DEPOSITS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Significant Unobservable Inputs (Level 3) [Member] | FEDERAL HOME LOAN BANK ADVANCES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [1] | ' | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Customer Repurchase Agreements [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | 131,766 | [1] | 154,349 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | WHOLESALE AND CUSTOMER REPURCHASE AGREEMENTS [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | 50,960 | [1] | 51,298 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | JUNIOR SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | ' | [2] | ' | [2] |
Significant Unobservable Inputs (Level 3) [Member] | SUBORDINATED DEBENTURES [Member] | ' | ' | ||
LIABILITIES | ' | ' | ||
Accrued Liabilities, Fair Value Disclosure | 28,731 | [1] | 28,396 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Agency Collateralized Mortgage Obligations [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Significant Unobservable Inputs (Level 3) [Member] | State County and Municipal Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Single Issuer Trust Preferred Securities Issued by Banks [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Securities [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Held to Maturity, Fair Value, Total | ' | [3] | ' | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Loans Net Of Allowance For Loan Loses [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Loans Receivable, Fair Value Disclosure | $4,815,375 | [4] | $4,655,920 | [4] |
[1] | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. | |||
[2] | Fair value was determined based upon market prices of securities with similar terms and maturities. | |||
[3] | The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analyses. | |||
[4] | Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows. |
Comprehensive_IncomeLoss_Compr
Comprehensive Income/Loss (Comprehensive Income/(Loss) Presented Net of Taxes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $3,904 | ($7,496) | $7,191 | ($8,736) | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -1,521 | 2,910 | -2,837 | 3,365 | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 2,383 | -4,586 | 4,354 | -5,371 | ||||
Net Security Gains Losses Reclassified Into Earnings Before Tax Amount | -20 | 4 | 71 | -4 | ||||
Net Security Gains Losses Reclassified Into Earnings Tax Amount | -8 | 1 | 29 | -1 | ||||
Net Security Gains Losses Reclassified Into Earnings Net Of Tax Amount | -12 | 3 | 42 | -3 | ||||
Change in fair value of securities available for sale, pre tax amount | 3,924 | -7,500 | 7,120 | -8,732 | ||||
Change in fair value of securities available for sale, tax (expense) benefit | -1,529 | 2,911 | -2,808 | 3,364 | ||||
Change in fair value of securities available for sale, after tax amount | 2,395 | -4,589 | 4,312 | -5,368 | ||||
Change in fair value of cash flow hedges, pre tax amount | 487 | -1,294 | 787 | -1,289 | ||||
Change in fair value of cash flow hedges, tax (expense) benefit | 200 | -529 | 323 | -526 | ||||
Change in fair value of cash flow hedges, after tax amount | -287 | 765 | -464 | 763 | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 1,063 | [1] | 1,443 | [1] | 2,211 | [1] | 2,859 | [1] |
Less: net cash flow hedge losses reclassified into earnings, tax (expense) benefit | 434 | [1] | 589 | [1] | 903 | [1] | 1,168 | [1] |
Net cash flow hedge losses reclassified into interest on borrowings expense, after tax | -629 | [1] | -854 | [1] | -1,308 | [1] | -1,691 | [1] |
Loss on termination of hedge reclassified into noninterest expense, pre tax | -1,121 | [1] | ' | -1,121 | [1] | ' | ||
Loss on termination of hedge reclassified into noninterest expense, tax benefit | 458 | [1] | ' | 458 | [1] | ' | ||
Loss on termination of hedge reclassified into noninterest expense, after tax | -663 | [1] | ' | -663 | [1] | ' | ||
Net change in fair value of cash flow hedges, pre tax amount | 1,697 | 2,737 | 2,545 | 4,148 | ||||
Net change in fair value of cash flow hedges, tax (expense) benefit | -692 | -1,118 | -1,038 | -1,694 | ||||
Net change in fair value of cash flow hedges | 1,005 | 1,619 | 1,507 | 2,454 | ||||
Amortization of certain costs included in net periodic retirement costs, pre tax amount | -66 | [2] | 51 | [2] | -132 | [2] | 73 | [2] |
Amortization of certain costs included in net periodic retirement costs, tax (expense) benefit | 27 | [2] | -9 | [2] | 54 | [2] | -30 | [2] |
Amortization of certain costs included in net periodic retirement costs, after tax amount | -39 | [2] | 42 | [2] | -78 | 43 | ||
Total other comprehensive income, pre tax amount | 5,555 | -4,712 | 9,533 | -4,511 | ||||
Total other comprehensive income, tax (expense) benefit | -2,194 | 1,784 | -3,792 | 1,640 | ||||
Total other comprehensive income (loss) | $3,361 | ($2,928) | $5,741 | ($2,871) | ||||
[1] | cludes the amortization of the remaining balance of a realized but unrecognized gain, net of tax, from the termination of interest rate swaps in June 2009. The original gain of $1.4 million, net of tax, is being recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain has amortized to $643,000 and $787,000 at June 30, 2014 and 2013, respectively. | |||||||
[2] | The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. |
Comprehensive_IncomeLoss_Compr1
Comprehensive Income/Loss (Comprised of the following Components) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Rollforward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($7,434) | ($4,526) |
Net change in other comprehensive income | 3,361 | -2,928 | 5,741 | -2,871 |
Ending Balance | -1,693 | -7,397 | -1,693 | -7,397 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollforward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -2,023 | 5,478 |
Net change in other comprehensive income | ' | ' | 4,312 | -5,368 |
Ending Balance | 2,289 | 110 | 2,289 | 110 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollforward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -5,698 | -9,577 |
Net change in other comprehensive income | ' | ' | 1,579 | 2,526 |
Ending Balance | -4,119 | -7,051 | -4,119 | -7,051 |
Deferred Gain on Hedge Transactions [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollforward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 715 | 859 |
Net change in other comprehensive income | ' | ' | -72 | -72 |
Ending Balance | 643 | 787 | 643 | 787 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollforward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -428 | -1,286 |
Net change in other comprehensive income | ' | ' | -78 | 43 |
Ending Balance | ($506) | ($1,243) | ($506) | ($1,243) |
Comprehensive_IncomeLoss_Detai
Comprehensive Income/Loss (Details Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2009 | |
Comprehensive Income (Textual) [Abstract] | ' | ' | ' | ' | ' |
Total credit related OTTI losses recognized in earnings | ' | ' | ' | ' | ' |
Gain on sales of securities | ' | ' | 71,000 | -4,000 | ' |
Gain on interest rate swaps | $643,000 | $787,000 | $643,000 | $787,000 | $1,400,000 |
Recovered_Sheet8
Commitments and contingencies Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $1,687,735 | $1,621,873 |
Standby Letters of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 16,083 | 18,923 |
Deferred standby letter of credit fees [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $97 | $87 |
Commitments_and_contingencies_1
Commitments and contingencies Textual (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Other Commitments [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $2,000,000 | $1,900,000 | $3,800,000 | $3,800,000 | ' |
Cash Reserve Deposit Required and Made | 7,100,000 | ' | 7,100,000 | ' | 21,000,000 |
Minimum [Member] | ' | ' | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Lease Renewal Period Option | ' | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Lease Renewal Period Option | ' | ' | '10 years | ' | ' |
Affiliated Entity [Member] | ' | ' | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $251,000 | $248,000 | $502,000 | $497,000 | ' |
Investments_is_Low_Income_Hous2
Investments is Low Income Housing Tax Credits Investments in Qualified Affordable Housing Projects (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Investments in Low Income Housing Tax Credits [Abstract] | ' | ' | ' |
Original Investment in Low Income Housing Projects | $27,543,000 | $27,543,000 | ' |
Investment in Low Income Housing Project | 26,624,000 | 26,624,000 | ' |
Capital commitment relating to Low Income Housing Project investments | ' | 22,091,000 | 0 |
Tax Credits and Benefits Related to Investments in Low Income Housing Projects | 1,629,000 | ' | ' |
Amortization of the Investment in Low Income Housing Projects | 1,101,000 | ' | ' |
Net Income Tax Benefit Related to Investments in Low Income Housing Projects | $528,000 | ' | ' |
Investments_is_Low_Income_Hous3
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits (Textual) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Investments Schedule [Abstract] | ' | ' |
Investment in Low Income Housing Project | $26,624,000 | ' |
Capital commitment relating to Low Income Housing Project investments | $22,091,000 | $0 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | Aug. 05, 2014 | Aug. 04, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Business Acquisition, Cost of Acquired Entity, Percentage Stock Consideration | 60.00% | ' |
Business Acquisition, Share Price | ' | $36.17 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $130,600 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares of Company Stock Issued for Each Share of Acquiree Stock | 0.5523 | ' |
Business Acquisition, Cost of Acquired Entity, Percentage Cash Paid | 40.00% | ' |
Business Acquisition, Equity Interest Issued or Issuable Shareholders Option To Receive, Cash Per Share | $21 | ' |