Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'NBT BANCORP INC | ' | ' |
Entity Central Index Key | '0000790359 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $887,440,734 |
Entity Common Stock, Shares Outstanding | ' | 43,867,910 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $157,625 | $157,094 |
Short-term interest bearing accounts | 1,301 | 6,574 |
Securities available for sale, at fair value | 1,364,881 | 1,147,999 |
Securities held to maturity (fair value $113,276 and $61,535) | 117,283 | 60,563 |
Trading securities | 5,779 | 3,918 |
Federal Reserve and Federal Home Loan Bank stock | 46,864 | 29,920 |
Loans | 5,406,795 | 4,277,616 |
Less allowance for loan losses | 69,434 | 69,334 |
Net loans | 5,337,361 | 4,208,282 |
Premises and equipment, net | 88,327 | 77,875 |
Goodwill | 264,997 | 152,373 |
Intangible assets, net | 25,557 | 16,962 |
Bank owned life insurance | 114,966 | 80,702 |
Other assets | 127,234 | 99,997 |
Total assets | 7,652,175 | 6,042,259 |
Liabilities | ' | ' |
Demand (noninterest bearing) | 1,645,641 | 1,242,712 |
Savings, NOW, and money market | 3,223,441 | 2,558,376 |
Time | 1,021,142 | 983,261 |
Total deposits | 5,890,224 | 4,784,349 |
Short-term borrowings | 456,042 | 162,941 |
Long-term debt | 308,823 | 367,492 |
Junior subordinated debt | 101,196 | 75,422 |
Other liabilities | 79,321 | 69,782 |
Total liabilities | 6,835,606 | 5,459,986 |
Stockholders' equity | ' | ' |
Preferred stock, $0.01 par value; authorized 2,500,000 shares at December 31, 2013 and 2012 | 0 | 0 |
Common stock, $0.01 par value. Authorized 100,000,000 shares at December 31, 2013 and December 31, 2012; issued 49,651,494 at December 31, 2013 and 39,305,131 at December 31, 2012 | 497 | 393 |
Additional paid-in-capital | 574,152 | 346,692 |
Retained earnings | 385,787 | 357,558 |
Accumulated other comprehensive loss | -16,765 | -5,880 |
Common stock in treasury, at cost, 6,138,444 and 5,529,781 shares at December 31, 2013 and 2012, respectively | -127,102 | -116,490 |
Total stockholders' equity | 816,569 | 582,273 |
Total liabilities and stockholders' equity | $7,652,175 | $6,042,259 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Securities held to maturity fair value | $113,276 | $61,535 |
Stockholders' equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 49,651,494 | 39,305,131 |
Common stock in treasury, at cost (in shares) | 6,138,444 | 5,529,781 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest, fee, and dividend income | ' | ' | ' |
Interest and fees on loans and leases | $238,672 | $208,458 | $204,370 |
Securities available for sale | 25,510 | 27,005 | 31,083 |
Securities held to maturity | 2,660 | 2,378 | 2,886 |
Other | 1,881 | 1,556 | 1,658 |
Total interest, fee, and dividend income | 268,723 | 239,397 | 239,997 |
Interest expense | ' | ' | ' |
Deposits | 16,290 | 18,848 | 23,020 |
Short-term borrowings | 515 | 188 | 205 |
Long-term debt | 11,755 | 14,428 | 14,404 |
Trust preferred debentures | 2,084 | 1,730 | 2,092 |
Total interest expense | 30,644 | 35,194 | 39,721 |
Net interest income | 238,079 | 204,203 | 200,276 |
Provision for loan and lease losses | 22,424 | 20,269 | 20,737 |
Net interest income after provision for loan and lease losses | 215,655 | 183,934 | 179,539 |
Noninterest income | ' | ' | ' |
Insurance and other financial services revenue | 24,447 | 22,387 | 20,843 |
Service charges on deposit accounts | 19,307 | 18,225 | 21,464 |
ATM and debit card fees | 15,558 | 12,358 | 11,642 |
Retirement plan administration fees | 11,497 | 10,097 | 8,918 |
Trust | 16,682 | 9,172 | 8,864 |
Bank owned life insurance income | 3,793 | 3,077 | 3,085 |
Net securities gains | 1,426 | 599 | 150 |
Other | 10,505 | 11,412 | 5,345 |
Total noninterest income | 103,215 | 87,327 | 80,311 |
Noninterest expense | ' | ' | ' |
Salaries and employee benefits | 113,580 | 104,815 | 99,212 |
Occupancy | 20,720 | 17,415 | 16,363 |
Data processing and communications | 15,353 | 13,437 | 12,271 |
Professional fees and outside services | 13,309 | 10,463 | 8,921 |
Equipment | 11,493 | 9,627 | 8,864 |
Office supplies and postage | 6,563 | 6,489 | 6,073 |
FDIC expenses | 4,960 | 3,832 | 4,267 |
Advertising | 3,204 | 2,889 | 3,460 |
Amortization of intangible assets | 4,872 | 3,394 | 3,046 |
Loan collection and other real estate owned | 2,619 | 2,560 | 2,631 |
Merger expenses | 12,364 | 2,608 | 804 |
Other | 19,890 | 16,358 | 14,764 |
Total noninterest expense | 228,927 | 193,887 | 180,676 |
Income before income tax expense | 89,943 | 77,374 | 79,174 |
Income tax expense | 28,196 | 22,816 | 21,273 |
Net income | $61,747 | $54,558 | $57,901 |
Earnings per share | ' | ' | ' |
Basic (in dollars per share) | $1.47 | $1.63 | $1.72 |
Diluted (in dollars per share) | $1.46 | $1.62 | $1.71 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $61,747 | $54,558 | $57,901 |
Other comprehensive (loss) income, net of tax | ' | ' | ' |
Unrealized net holding (losses) gains arising during the year (pre-tax amounts of $(41,059), $(2,471), and $12,757) | -24,794 | -1,492 | 7,703 |
Reclassification adjustment for net gains related to securities available for sale included in net income (pre-tax amounts of $1,426, $599, and $150) | -861 | -362 | -90 |
Amortization of prior service cost and actuarial gains (pre-tax amounts of $2,790, $3,593, and $1,665) | 1,601 | 2,092 | 999 |
Decrease (Increase) in prior service cost and unrecognized actuarial loss (pre-tax amounts of $21,923, $(24), and $(15,546)) | 13,169 | -14 | -9,381 |
Total other comprehensive income (loss) | -10,885 | 224 | -769 |
Comprehensive income | $50,862 | $54,782 | $57,132 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive (loss) income, before tax | ' | ' | ' |
Unrealized net holding (losses) gains arising during the period, pre-tax amounts | ($41,059) | ($2,471) | $12,757 |
Reclassification adjustment for net gains related to securities available for sale included in net income, pre-tax amounts | 1,426 | 599 | 150 |
Amortization of prior service cost and actuarial gains, pre-tax amounts | 2,790 | 3,593 | 1,665 |
Decrease (Increase) in prior service costs and unrecognized actuarial loss, pre-tax amounts | $21,923 | ($24) | ($15,546) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Common Stock in Treasury [Member] | Total |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2010 | $380 | $314,023 | $299,797 | ($5,335) | ($75,293) | $533,572 |
Net income | 0 | 0 | 57,901 | 0 | 0 | 57,901 |
Cash dividends | 0 | 0 | -27,063 | 0 | 0 | -27,063 |
Purchases of treasury shares | 0 | 0 | 0 | 0 | -30,502 | -30,502 |
Net issuance of shares to employee stock plans, including tax benefit | 0 | 62 | -654 | 0 | 2,319 | 1,727 |
Stock-based compensation | 0 | 3,244 | 0 | 0 | 0 | 3,244 |
Other comprehensive income | 0 | 0 | 0 | -769 | 0 | -769 |
Ending Balance at Dec. 31, 2011 | 380 | 317,329 | 329,981 | -6,104 | -103,476 | 538,110 |
Net income | 0 | 0 | 54,558 | 0 | 0 | 54,558 |
Cash dividends | 0 | 0 | -26,712 | 0 | 0 | -26,712 |
Purchases of treasury shares | 0 | 0 | 0 | 0 | -15,490 | -15,490 |
Net issuance of shares for acquisition | 13 | 25,811 | 0 | 0 | 0 | 25,824 |
Net issuance of shares to employee stock plans, including tax benefit | 0 | -812 | -269 | 0 | 2,476 | 1,395 |
Stock-based compensation | 0 | 4,364 | 0 | 0 | 0 | 4,364 |
Other comprehensive income | 0 | 0 | 0 | 224 | 0 | 224 |
Ending Balance at Dec. 31, 2012 | 393 | 346,692 | 357,558 | -5,880 | -116,490 | 582,273 |
Net income | 0 | 0 | 61,747 | 0 | 0 | 61,747 |
Cash dividends | 0 | 0 | -33,518 | 0 | 0 | -33,518 |
Purchases of treasury shares | 0 | 0 | 0 | 0 | -12,459 | -12,459 |
Net issuance of shares for acquisition | 104 | 225,447 | 0 | 0 | -5,779 | 219,772 |
Net issuance of shares to employee stock plans, including tax benefit | 0 | -2,292 | 0 | 0 | 7,626 | 5,334 |
Stock-based compensation | 0 | 4,305 | 0 | 0 | 0 | 4,305 |
Other comprehensive income | 0 | 0 | 0 | -10,885 | 0 | -10,885 |
Ending Balance at Dec. 31, 2013 | $497 | $574,152 | $385,787 | ($16,765) | ($127,102) | $816,569 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends - per share (in dollars per share) | $0.81 | $0.80 | $0.80 |
Purchase of treasury shares (in shares) | 584,925 | 769,568 | 1,458,639 |
Net issuance of shares for acquisition (in shares) | 10,346,363 | 1,269,592 | ' |
Treasury stock reissued in acquisition of Alliance (in shares) | 408,957 | ' | ' |
Net issuance of shares to employee stock plans, including tax benefit (in shares) | 385,219 | 118,616 | 112,512 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $61,747 | $54,558 | $57,901 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Provision for loan and lease losses | 22,424 | 20,269 | 20,737 |
Depreciation and amortization of premises and equipment | 7,948 | 6,276 | 5,463 |
Net accretion on securities | 5,058 | 2,408 | 1,597 |
Amortization of intangible assets | 4,872 | 3,394 | 3,046 |
Stock based compensation | 4,305 | 4,364 | 3,244 |
Bank owned life insurance income | -3,793 | -3,077 | -3,085 |
Trading security purchases | -1,085 | -753 | -447 |
Unrealized (gains) losses in trading securities | -776 | -103 | 193 |
Deferred income tax benefit | 2,344 | -10 | -9,478 |
Proceeds from sale of loans held for sale | 71,342 | 65,160 | 13,545 |
Originations and purchases of loans held for sale | -66,512 | -66,252 | -14,167 |
Net gains on sales of loans held for sale | -1,288 | -2,469 | -329 |
Net security gains | -1,426 | -599 | -151 |
Net gains on sales of other real estate owned | -1,106 | -988 | -2,531 |
Net decrease (increase) in other assets | 20,463 | 6,804 | -3,579 |
Net (decrease) increase in other liabilities | -5,219 | -128 | 11,806 |
Net cash provided by operating activities | 119,298 | 88,854 | 83,765 |
Investing activities | ' | ' | ' |
Net cash provided by acquisitions | 80,883 | 52,871 | 81,467 |
Securities available for sale: | ' | ' | ' |
Proceeds from maturities, calls, and principal paydowns | 376,509 | 573,828 | 541,555 |
Proceeds from sales | 27,593 | 1,790 | 2,437 |
Purchases | -353,714 | -483,858 | -648,048 |
Securities held to maturity: | ' | ' | ' |
Proceeds from maturities, calls, and principal paydowns | 34,413 | 31,506 | 47,186 |
Purchases | -84,621 | -20,193 | -20,736 |
Net increase in loans | -255,318 | -277,530 | -172,920 |
Net (increase) decrease in Federal Reserve and FHLB stock | -8,957 | -1,886 | 226 |
Proceeds from bank owned life insurance | 0 | 0 | 758 |
Purchases of premises and equipment, net | -5,766 | -6,994 | -9,954 |
Proceeds from sales of other real estate owned | 5,224 | 3,616 | 2,531 |
Net cash used in investing activities | -183,754 | -126,850 | -175,498 |
Financing activities | ' | ' | ' |
Net (decrease) increase in deposits | -7,545 | 135,095 | 87,992 |
Net increase (decrease) in short-term borrowings | 271,497 | -18,651 | 22,158 |
Proceeds from issuance of long-term debt | 0 | 0 | 156 |
Repayments of long-term debt | -163,595 | -3,354 | -2,146 |
Excess tax benefit from exercise of stock options | -178 | 8 | 341 |
Proceeds from the issuance of shares to employee benefit plans and other stock plans | 5,512 | 1,387 | 1,386 |
Purchase of treasury stock | -12,459 | -15,490 | -30,502 |
Cash dividends and payment for fractional shares | -33,518 | -26,712 | -27,063 |
Net cash provided by financing activities | 59,714 | 72,283 | 52,322 |
Net (decrease) increase in cash and cash equivalents | -4,742 | 34,287 | -39,411 |
Cash and cash equivalents at beginning of year | 163,668 | 129,381 | 168,792 |
Cash and cash equivalents at end of year | 158,926 | 163,668 | 129,381 |
Cash paid during the period for: | ' | ' | ' |
Interest | 31,307 | 35,344 | 40,135 |
Income taxes, net of refund | 20,848 | 25,512 | 31,258 |
Noncash investing activities: | ' | ' | ' |
Loans transferred to other real estate owned | 4,746 | 2,734 | 2,927 |
Acquisitions: | ' | ' | ' |
Fair value of assets acquired | 1,505,490 | 258,467 | 67,020 |
Fair value of liabilities assumed | 1,285,718 | 285,012 | 148,487 |
Fair value of debt issued in purchase combination | $0 | $502 | $2,460 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
(1) Summary of Significant Accounting Policies | |
The accounting and reporting policies of NBT Bancorp Inc. (“NBT Bancorp”) and its subsidiaries, NBT Bank, National Association (“NBT Bank”), NBT Holdings, Inc., and NBT Financial Services, Inc., conform, in all material respects, to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. Collectively, NBT Bancorp and its subsidiaries are referred to herein as “the Company.” | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Estimates associated with the allowance for loan losses, income taxes, pension expense, fair values of financial instruments, status of contingencies and other-than-temporary impairment on investments and other real estate owned (OREO) are particularly susceptible to material change in the near term. | |
The following is a description of significant policies and practices: | |
Consolidation | |
The accompanying consolidated financial statements include the accounts of NBT Bancorp and its wholly owned subsidiaries mentioned above. All material intercompany transactions have been eliminated in consolidation. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation. In the “Parent Company Financial Information,” the investment in subsidiaries is recorded using the equity method of accounting. | |
The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (“VIEs”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s wholly owned subsidiaries CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. | |
Segment Report | |
The Company’s operations are primarily in the community banking industry and include the provision of traditional banking services. The Company also provides other services through its subsidiaries such as insurance, retirement plan administration, and trust administration. The Company operates solely in the geographical regions of central and upstate New York, northeastern Pennsylvania, western Massachusetts, southern New Hampshire and Burlington, Vermont. The Company has no reportable operating segments. | |
Cash Equivalents | |
The Company considers amounts due from correspondent banks, cash items in process of collection, and institutional money market mutual funds to be cash equivalents for purposes of the consolidated statements of cash flows. | |
Securities | |
The Company classifies its securities at date of purchase as either available for sale, held to maturity or trading. Held to maturity debt securities are those that the Company has the ability and intent to hold until maturity. Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from earnings and are reported in stockholders’ equity and the statement of comprehensive income as a component of accumulated other comprehensive income or loss. Held to maturity securities are recorded at amortized cost. Trading securities are recorded at fair value, with net unrealized gains and losses recognized in income. Transfers of securities between categories are recorded at fair value at the date of transfer. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses or in other comprehensive income, depending on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss shall be recognized in earnings. The amount of the total other-than-temporary impairment related to other factors shall be recognized in other comprehensive income, net of applicable taxes. | |
In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the historical and implied volatility of the fair value of the security. | |
Non-marketable equity securities are carried at cost. | |
Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the interest method. Dividend and interest income are recognized when earned. Realized gains and losses on securities sold are derived using the specific identification method for determining the cost of securities sold. | |
Investments in Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock are required for membership in those organizations and are carried at cost since there is no market value available. The FHLB New York continues to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FHLB stock. | |
Loans | |
Loans are recorded at their current unpaid principal balance, net of unearned income and unamortized loan fees and expenses, which are amortized under the effective interest method over the estimated lives of the loans. Interest income on loans is accrued based on the principal amount outstanding. | |
For all loan classes within the Company’s loan portfolio, loans are placed on nonaccrual status when timely collection of principal and interest in accordance with contractual terms is doubtful. Loans are transferred to nonaccrual status generally when principal or interest payments become ninety days delinquent, unless the loan is well secured and in the process of collection, or sooner when management concludes circumstances indicate that borrowers may be unable to meet contractual principal or interest payments. When a loan is transferred to a nonaccrual status, all interest previously accrued in the current period but not collected is reversed against interest income in that period. Interest accrued in a prior period and not collected is charged-off against the allowance for loan losses. | |
If ultimate repayment of a nonaccrual loan is expected, any payments received are applied in accordance with contractual terms. If ultimate repayment of principal is not expected, any payment received on a nonaccrual loan is applied to principal until ultimate repayment becomes expected. For all loan classes within the Company’s loan portfolio, nonaccrual loans are returned to accrual status when they become current as to principal and interest and demonstrate a period of performance under the contractual terms and, in the opinion of management, are fully collectible as to principal and interest. For loans in all portfolios, the principal amount is charged off in full or in part as soon as management determines, based on available facts, that the collection of principal in full is improbable. For commercial loans, management considers specific facts and circumstances relative to individual credits in making such a determination. For consumer and residential loan classes, management uses specific guidance and thresholds from the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. | |
Commercial type loans are considered impaired when it is probable that the borrower will not repay the loan according to the original contractual terms of the loan agreement, and all loan types are considered impaired if the loan is restructured in a troubled debt restructuring (“TDR”). In determining that we will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreements, we consider factors such as payment history and changes in the financial condition of individual borrowers, local economic conditions, historical loss experience and the conditions of the various markets in which the collateral may be liquidated. | |
A loan is considered to be a TDR when the Company grants a concession to the borrower because of the borrower’s financial condition that the Company would not otherwise consider. Such concessions include the reduction of interest rates, forgiveness of all or a portion of principal or interest, or other modifications at interest rates that are less than the current market rate for new obligations with similar risk. TDR loans are nonaccrual loans; however, they can be returned to accrual status after a period of performance, generally evidenced by six months of compliance with their modified terms. | |
When the Company modifies a loan, management evaluates any possible impairment based on the present value of the expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized by segment or class of loan as applicable, through an allowance estimate or a charge-off to the allowance. Segment and class status is determined by the loan’s classification at origination. | |
Allowance for Loan Losses | |
The allowance for loan losses is the amount which, in the opinion of management, is necessary to absorb probable losses inherent in the loan portfolio. The allowance is determined based upon numerous considerations, including local and regional conditions, the growth and composition of the loan portfolio with respect to the mix between the various types of loans and their related risk characteristics, a review of the value of collateral supporting the loans, comprehensive reviews of the loan portfolio by the independent loan review staff and management, as well as consideration of volume and trends of delinquencies, nonperforming loans, and loan charge-offs. Loan losses are charged off against the allowance, while recoveries of amounts previously charged off are credited to the allowance. As a result of tests of adequacy, required additions to the allowance for loan losses are made periodically by charges to the provision for loan losses. | |
The allowance for loan losses related to impaired loans specifically allocated for impairment is based on discounted cash flows using the loan’s initial effective interest rate or the fair value of the collateral for certain loans where repayment of the loan is expected to be provided solely by the underlying collateral (collateral dependent loans). The Company’s impaired loans are generally collateral dependent. The Company considers the estimated cost to sell, on a discounted basis, when determining the fair value of collateral in the measurement of impairment if those costs are expected to reduce the cash flows available to repay or otherwise satisfy the loans. | |
Management believes that the allowance for loan losses is adequate. While management uses available information to recognize loan losses, future additions to the allowance for loan losses may be necessary based on changes in economic conditions or changes in the values of properties securing loans in the process of foreclosure. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination which may not be currently available to management. | |
Premises and Equipment | |
Premises and equipment are stated at cost, less accumulated depreciation. Depreciation of premises and equipment is determined using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance, repairs, and minor replacements are charged to expense as incurred. | |
Other Real Estate Owned | |
OREO consists of properties acquired through foreclosure or by acceptance of a deed in lieu of foreclosure. These assets are recorded at the lower of fair value of the asset acquired less estimated costs to sell or “cost” (defined as the fair value at initial foreclosure). At the time of foreclosure, or when foreclosure occurs in-substance, the excess, if any, of the loan over the fair market value of the assets received, less estimated selling costs, is charged to the allowance for loan losses and any subsequent valuation write-downs are charged to other expense. In connection with the determination of the allowance for loan losses and the valuation of other real estate owned, management obtains appraisals for properties. Operating costs associated with the properties are charged to expense as incurred. Gains on the sale of OREO are included in income when title has passed and the sale has met the minimum down payment requirements prescribed by GAAP. The balance of OREO at December 31, 2013 and 2012 was approximately $2.9 million and $2.3 million, respectively, and is recorded in Other Assets on the Consolidated Balance Sheet. | |
Acquired Loans | |
Acquired loans are initially measured at fair value as of the acquisition date without carryover of historical allowance for loan losses. | |
For loans that meet the criteria stipulated in ASC 310-30, the Company shall recognize the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference shall not be recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Decreases in the expected cash flows in subsequent periods require the establishment of an allowance for loan losses. Improvements in expected cash flows in future periods result in a reduction of the nonaccretable discount, with such amount reclassified as part of the accretable yield and subsequently recognized in interest income over the remaining lives of the acquired loans on a level-yield basis if the amount and timing of future cash flows is reasonably estimable. | |
Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, the Company may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. As such, charge-offs on acquired loans are first applied to the nonaccretable difference and then to any allowance for loan losses recognized subsequent to acquisition. | |
For loans that meet the criteria stipulated in ASC 310-20, the Company shall amortize/accrete into interest income the premium/discount determined at the date of purchase on a level-yield basis over the life of the loan. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses are similar to originated loans. Loans accounted for under ASC 310-20 are placed on nonaccrual status when past due in accordance with the Company's nonaccrual policy. | |
Subsequent to acquisition the estimate of cash flows expected to be collected on loans accounted for in accordance with ASC 310-20 is periodically re-assessed. These re-assessments involve the use of key assumptions and estimates, similar to those used in the initial estimate of fair value. A decrease in expected cash flows in subsequent periods may indicate that the loan pool is impaired, which would require the establishment of an allowance for loan losses by a charge to the provision for credit losses. | |
An acquired loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. In the event of a sale of the loan, a gain or loss on sale is recognized and reported within noninterest income based on the difference between the sales proceeds and the carrying amount of the loan. In other cases, individual loans are removed from the pool based on comparing the amount received from its resolution (fair value of the underlying collateral less costs to sell in the case of a foreclosure) with its outstanding balance. Any difference between these amounts is recorded as a charge-off through the allowance for loan losses. Acquired loans subject to modification are not removed from the pool even if those loans would otherwise be deemed troubled debt restructurings as the pool, and not the individual loan, represents the unit of account. | |
Goodwill and Other Intangible Assets | |
Goodwill and intangible assets that have indefinite useful lives are not amortized, but are tested at least annually for impairment. Intangible assets that have finite useful lives are amortized over their useful lives. Core deposit intangibles and trust intangibles at the Company are amortized using the sum-of-the-years’-digits method. Covenants not to compete are amortized on a straight-line basis. Customer lists are amortized using an accelerated method. | |
When facts and circumstances indicate potential impairment of amortizable intangible assets, the Company evaluates the recoverability of the asset carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. Goodwill impairment tests are performed on an annual basis or when events or circumstances dictate. In these tests, the fair values of each reporting unit, or segment, is compared to the carrying amount of that reporting unit in order to determine if impairment is indicated. If so, the implied fair value of the reporting unit’s goodwill is compared to its carrying amount and the impairment loss is measured by the excess of the carrying value over fair value. | |
Treasury Stock | |
Treasury stock acquisitions are recorded at cost. Subsequent sales of treasury stock are recorded on an average cost basis. Gains on the sale of treasury stock are credited to additional paid-in-capital. Losses on the sale of treasury stock are charged to additional paid-in-capital to the extent of previous gains, otherwise charged to retained earnings. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense. | |
Stock-Based Compensation | |
We maintain various long-term incentive stock benefit plans under which we grant stock options, restricted stock awards, and restricted stock units to certain directors and key employees. We recognize compensation expense in our income statement over the requisite service period, based on the grant-date fair value of the award. The fair values of options are estimated using the Black-Scholes option pricing model. For restricted stock awards and units, we recognize compensation expense ratably over the vesting period for the fair value of the award, measured at the grant date. | |
The Company’s stock-based employee compensation plan is described in Note 14 “Stock-Based Compensation,” of this Report. | |
Interest Rate Swaps | |
The Bank offers interest rate swap agreements to its customers. These agreements allow the Bank’s customers to effectively fix the interest rate on a variable rate loan by entering into a separate agreement. Simultaneous with the execution of such an agreement with a customer, the Bank enters into a matching interest rate swap agreement with an unrelated third party provider, which allows the Bank to continue to receive the historical variable rate under the loan agreement with the customer. The agreement with the third party is not a hedge contract therefore changes in fair value are recorded through earnings. Assets and liabilities associated with the agreements are recorded in other assets and other liabilities on the balance sheet. Gains and losses are recorded as other noninterest income. The Bank is not subject to any fee or penalty should the customer elect to terminate the interest rate swap agreement prior to maturity. The Bank is exposed to credit loss equal to the fair value of the derivatives (not the notional amount of the derivatives) in the event of nonperformance by the counterparty to the interest rate swap agreements. Additionally, the Bank receives a fee from the customer that is recognized when the Bank has fulfilled its obligations under each agreement, which is generally upon execution of the agreement with the Bank’s customer. Since the terms of the two interest rate swap agreements are identical, the income statement impact to the Bank is generally limited to the fees it receives from the customer. | |
Other Financial Instruments | |
The Company is a party to certain other financial instruments with off-balance-sheet risk such as commitments to extend credit, unused lines of credit, as well as certain mortgage loans sold to investors with recourse. The Company’s policy is to record such instruments when funded. | |
Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Under the standby letters of credit, the Company is required to make payments to the beneficiary of the letters of credit upon request by the beneficiary contingent upon the customer's failure to perform under the terms of the underlying contract with the beneficiary. Standby letters of credit typically have one year expirations with an option to renew upon annual review. The Company typically receives a fee for these transactions. The fair value of stand-by letters of credit is recorded upon inception. | |
Loan Sales and Loan Servicing | |
The Company originates and services residential mortgage loans for consumers and sells 15-year, 20-year and 30-year residential real estate mortgages in the secondary market when the interest rate environment is determined to be favorable by management, while retaining servicing rights on the sold loans. Loan sales are recorded when the sales are funded. Mortgage servicing rights are recorded at fair value upon sale of the loan. Loans held for sale are recorded at the lower of cost or market. | |
Repurchase Agreements | |
Repurchase agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in the Consolidated Balance Sheets. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell to the Company the same securities at the maturities of the agreements. | |
Earnings Per Share | |
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock). | |
Subsequent Events | |
The Company has evaluated subsequent events for potential recognition and/or disclosure and there were none identified. | |
Comprehensive Income | |
At the Company, comprehensive income represents net income plus other comprehensive income (loss), which consists primarily of the net change in unrealized gains or losses on securities available for sale for the period and changes in the funded status of employee benefit plans. Accumulated other comprehensive (loss) income represents the net unrealized gains or losses on securities available for sale and the previously unrecognized portion of the funded status of employee benefit plans, net of income taxes, as of the consolidated balance sheet dates. | |
Pension Costs | |
The Company maintains a noncontributory, defined benefit pension plan covering substantially all employees, as well as supplemental employee retirement plans covering certain executives and a defined benefit postretirement healthcare plan that covers certain employees. Costs associated with these plans, based on actuarial computations of current and future benefits for employees, are charged to current operating expenses. | |
Trust Operations | |
Assets held by the Company in a fiduciary or agency capacity for its customers are not included in the accompanying consolidated balance sheets, since such assets are not assets of the Company. Trust income is recognized on the accrual method based on contractual rates applied to the balances of trust accounts. | |
Fair Value Measurements | |
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. A fair value hierarchy 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 are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |
Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |
The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, many other sovereign government obligations, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within level 1 or level 2 of the fair value hierarchy. The Company does not adjust the quoted price for such instruments. | |
The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds, less liquid mortgage products, less liquid agency securities, less liquid listed equities, state, municipal and provincial obligations, and certain physical commodities. Such instruments are generally classified within level 2 of the fair value hierarchy. | |
Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate will be used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
(2) Acquisitions | |||||||||
Acquisition of Alliance Financial Corporation | |||||||||
On March 8, 2013, the Company acquired Alliance Financial Corporation (“Alliance”), the parent company of Alliance Bank, N.A., for total consideration of $226 million. As part of the acquisition, Alliance was merged with and into the Company and Alliance Bank, with 26 branch locations in the central New York counties of Onondaga, Cortland, Madison, Oneida and Oswego, was merged with and into the Bank. The merger with Alliance enabled the Company to expand its footprint into demographically attractive and contiguous markets located in the aforementioned New York counties. Alliance operations were integrated into the Company and were included in the Consolidated Statements of Income from the date of acquisition. | |||||||||
Under the terms of the merger agreement, each outstanding share of Alliance common stock was converted into the right to receive 2.1779 shares of the Company’s common stock. As a result, Alliance shareholders received 10.3 million shares of Company common stock valued at $226 million. | |||||||||
In connection with the merger, the consideration paid and the fair value of the assets acquired and the liabilities assumed on the date of acquisition are as summarized in the following table, in thousands: | |||||||||
Consideration paid: | |||||||||
NBT Bancorp common stock issued to Alliance common shareholders | $ | 225,551 | |||||||
Cash in lieu of fractional shares paid to Alliance common shareholders | 11 | ||||||||
Less treasury shares | 5,779 | ||||||||
Net consideration paid | $ | 219,783 | |||||||
Recognized Amounts of Identifiable Assets Acquired and (Liabilities Assumed) At Fair Value: | |||||||||
Cash and short term investments | $ | 81,060 | |||||||
Securities | 320,618 | ||||||||
Loans and leases | 904,473 | ||||||||
Intangible assets | 13,161 | ||||||||
Other assets | 72,731 | ||||||||
Deposits | (1,113,420 | ) | |||||||
Borrowings | (126,530 | ) | |||||||
Junior subordinated debt | (25,774 | ) | |||||||
Other liabilities | (19,994 | ) | |||||||
Total identifiable net assets | $ | 106,325 | |||||||
Goodwill | $ | 113,458 | |||||||
The above recognized amounts of loans, other assets and other liabilities, at fair value, are preliminary estimates and are subject to adjustment but actual amounts are not expected to differ materially from those shown. During the measurement period, the Company recorded net adjustments for the fair value of premises, litigation accrual and other operational liabilities that resulted in an increase to goodwill totaling approximately $1.2 million. | |||||||||
The estimated fair value of loans acquired from Alliance was determined by utilizing a methodology wherein similar loans were aggregated into pools. Cash flows for each pool were determined by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value based on a current market rate for similar loans. There was no carryover of Alliance’s allowance for credit losses associated with the loans acquired as loans were initially recorded at fair value. Loans acquired with deteriorated credit quality totaled $0.4 million. | |||||||||
Information about the acquired loan portfolio as of March 8, 2013 is as follows (in thousands): | |||||||||
Contractually required principal and interest at acquisition | $ | 908,614 | |||||||
Contractual cash flows not expected to be collected | (15,466 | ) | |||||||
Expected cash flows at acquisition | 893,148 | ||||||||
Interest component of expected cash flows | 11,325 | ||||||||
Fair value of acquired loans | $ | 904,473 | |||||||
The core deposit and trust intangible assets recognized as part of the Alliance merger are being amortized over their estimated useful lives of approximately 10 and 15 years, respectively, utilizing an accelerated method. The goodwill, which is not amortized for book purposes, is not deductible for tax purposes. | |||||||||
The fair value of savings and transaction deposit accounts acquired from Alliance was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Certificates of deposit were valued by projecting the expected cash flows based on the contractual terms of the certificates of deposit. These cash flows were discounted based on a current market rate for a certificate of deposit with a corresponding maturity. | |||||||||
The fair value of borrowings, which was comprised of FHLB advances, was determined by obtaining settlement quotes from the FHLB. | |||||||||
Direct costs related to the Alliance acquisition were expensed as incurred and amounted to $12.4 million for the year ended December 31, 2013. | |||||||||
The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2012 under the “Pro forma” columns. This pro forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit and other intangibles and related income tax effects. Merger and acquisition integration costs related to the Alliance acquisition are excluded from the periods in which they were incurred. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Alliance at the beginning of 2012. Cost savings are also not reflected in the unaudited pro forma amounts for the twelve months ended December 31, 2012 and 2013. | |||||||||
Pro forma | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net interest income | $ | 244,383 | $ | 244,142 | |||||
Noninterest income | 107,894 | 106,178 | |||||||
Net income | 70,341 | 62,694 | |||||||
Supplemental financial information regarding the former Alliance operations included in our Consolidated Statement of Income from the date of acquisition through December 31, 2013 has not been provided as it would be impracticable to do so. The operations of Alliance have been integrated into the Bank’s operations and therefore financial information specific to revenues and expense associated with the former Alliance operations is not accessible. | |||||||||
Other Goodwill Adjustments | |||||||||
During the twelve months ended December 31, 2013, the Company recorded a deferred tax adjustment related to the 2012 acquistion of Hampshire First Bank resulting in a decrease in goodwill of approximately $1.0 million. In addition, the Company recorded a goodwill adjustment of approximately $0.1 million related to the 2012 acquisition of a financial services company. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||||||||||
(3) Securities | |||||||||||||||||||||||||||||||||||||
The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized cost | Unrealized gains | Unrealized losses | Estimated fair value | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 43,279 | $ | 337 | $ | - | $ | 43,616 | |||||||||||||||||||||||||||||
Federal Agency | 285,880 | 343 | 7,308 | 278,915 | |||||||||||||||||||||||||||||||||
State & municipal | 113,435 | 1,842 | 1,612 | 113,665 | |||||||||||||||||||||||||||||||||
Mortgage-backed: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 337,666 | 5,788 | 2,131 | 341,323 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 21,924 | 1,002 | 85 | 22,841 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 521,257 | 1,777 | 18,141 | 504,893 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 43,943 | 794 | 102 | 44,635 | |||||||||||||||||||||||||||||||||
Other securities | 12,367 | 2,854 | 228 | 14,993 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,379,751 | $ | 14,737 | $ | 29,607 | $ | 1,364,881 | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 63,668 | $ | 757 | $ | - | $ | 64,425 | |||||||||||||||||||||||||||||
Federal Agency | 281,398 | 1,507 | 91 | 282,814 | |||||||||||||||||||||||||||||||||
State & municipal | 82,675 | 4,127 | - | 86,802 | |||||||||||||||||||||||||||||||||
Mortgage-backed: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 221,110 | 11,175 | - | 232,285 | |||||||||||||||||||||||||||||||||
U.S. government securities | 16,351 | 1,645 | - | 17,996 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 399,147 | 4,418 | - | 403,565 | |||||||||||||||||||||||||||||||||
U.S. government securities | 44,825 | 1,333 | - | 46,158 | |||||||||||||||||||||||||||||||||
Other securities | 11,210 | 2,832 | 88 | 13,954 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,120,384 | $ | 27,794 | $ | 179 | $ | 1,147,999 | |||||||||||||||||||||||||||||
The following table sets forth information with regard to sales transactions of securities available for sale: | |||||||||||||||||||||||||||||||||||||
Years ended December 31 | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 27,593 | $ | 1,790 | $ | 2,437 | |||||||||||||||||||||||||||||||
Gross realized gains | $ | 1,283 | $ | 442 | $ | 7 | |||||||||||||||||||||||||||||||
Gross realized losses | - | - | (165 | ) | |||||||||||||||||||||||||||||||||
Net securities (losses) gains | $ | 1,283 | $ | 442 | $ | (158 | ) | ||||||||||||||||||||||||||||||
In addition to gains (losses) from sales transactions, the Company also recorded gains from calls on securities available for sale of approximately $0.1 million for the year ended December 31, 2013, $0.2 million for the year ended December 31, 2012, and $0.3 million for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, securities available for sale and held to maturity with amortized costs totaling $1.4 billion and $1.2 billion, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at December 31, 2013, securities available for sale and held to maturity with an amortized cost of $218.4 million were pledged as collateral for securities sold under the repurchase agreements. | |||||||||||||||||||||||||||||||||||||
The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows: | |||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||||||||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed | $ | 953 | $ | 128 | $ | - | $ | 1,081 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 62,025 | - | 4,569 | 57,456 | |||||||||||||||||||||||||||||||||
State & municipal | 54,305 | 442 | 8 | 54,739 | |||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 117,283 | $ | 570 | $ | 4,577 | $ | 113,276 | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed | $ | 1,168 | $ | 184 | $ | - | $ | 1,352 | |||||||||||||||||||||||||||||
State & municipal | 59,395 | 788 | - | 60,183 | |||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 60,563 | $ | 972 | $ | - | $ | 61,535 | |||||||||||||||||||||||||||||
At December 31, 2013 and 2012, all of the mortgaged-backed securities held to maturity were comprised of U.S. Government Agency securities. | |||||||||||||||||||||||||||||||||||||
The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2013 and 2012, segregated according to the length of time the securities had been in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
Security Type: | Fair | Unrealized | Number | Fair | Unrealized | Number | Fair | Unrealized | Number | ||||||||||||||||||||||||||||
Value | losses | of | Value | losses | of | Value | losses | of | |||||||||||||||||||||||||||||
Positions | Positions | Positions | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||
Federal agency | $ | 233,935 | $ | (6,927 | ) | 20 | $ | 9,619 | $ | (381 | ) | 1 | $ | 243,554 | $ | (7,308 | ) | 21 | |||||||||||||||||||
State & municipal | 50,328 | (1,612 | ) | 177 | - | - | - | 50,328 | (1,612 | ) | 177 | ||||||||||||||||||||||||||
Mortgage-backed | 143,080 | (2,216 | ) | 79 | - | - | - | 143,080 | (2,216 | ) | 79 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 379,273 | (18,243 | ) | 36 | - | - | - | 379,273 | (18,243 | ) | 36 | ||||||||||||||||||||||||||
Other securities | 5,490 | (203 | ) | 2 | 223 | (25 | ) | 1 | 5,713 | (228 | ) | 3 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 812,106 | $ | (29,201 | ) | 314 | $ | 9,842 | $ | (406 | ) | 2 | $ | 821,948 | $ | (29,607 | ) | 316 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 57,456 | $ | (4,569 | ) | 5 | $ | - | $ | - | - | $ | 57,456 | $ | (4,569 | ) | 5 | ||||||||||||||||||||
State & municipal | 1,012 | (8 | ) | 1 | - | - | - | 1,012 | (8 | ) | 1 | ||||||||||||||||||||||||||
Total securities with unrealized losses | $ | 58,468 | $ | (4,577 | ) | 6 | $ | - | $ | - | - | $ | 58,468 | $ | (4,577 | ) | 6 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||
Federal agency | $ | 39,906 | $ | (91 | ) | 4 | $ | - | $ | - | - | $ | 39,906 | $ | (91 | ) | 4 | ||||||||||||||||||||
Collateralized mortgage obligations | 23 | - | 2 | - | - | - | 23 | - | 2 | ||||||||||||||||||||||||||||
Other securities | 468 | (6 | ) | 1 | 167 | (82 | ) | 1 | 635 | (88 | ) | 2 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 40,397 | $ | (97 | ) | 7 | $ | 167 | $ | (82 | ) | 1 | $ | 40,564 | $ | (179 | ) | 8 | |||||||||||||||||||
Management has the intent to hold the securities classified as held to maturity until they mature, at which time it is believed the Company will receive full value for the securities. Furthermore, as of December 31, 2013, management also had intent to hold, and will not be required to sell, the securities classified as available for sale for a period of time sufficient for a recovery of cost, which may be until maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. As of December 31, 2013, management believes the impairments detailed in the table above are temporary and no other-than-temporary impairment losses have been realized in the Company’s consolidated statements of income. | |||||||||||||||||||||||||||||||||||||
The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2013: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Estimated fair | |||||||||||||||||||||||||||||||||||
cost | value | ||||||||||||||||||||||||||||||||||||
Debt securities classified as available for sale | |||||||||||||||||||||||||||||||||||||
Within one year | $ | 27,894 | $ | 28,030 | |||||||||||||||||||||||||||||||||
From one to five years | 261,703 | 261,526 | |||||||||||||||||||||||||||||||||||
From five to ten years | 300,051 | 297,837 | |||||||||||||||||||||||||||||||||||
After ten years | 777,736 | 762,495 | |||||||||||||||||||||||||||||||||||
$ | 1,367,384 | $ | 1,349,888 | ||||||||||||||||||||||||||||||||||
Debt securities classified as held to maturity | |||||||||||||||||||||||||||||||||||||
Within one year | $ | 24,680 | $ | 24,766 | |||||||||||||||||||||||||||||||||
From one to five years | 22,791 | 23,148 | |||||||||||||||||||||||||||||||||||
From five to ten years | 5,489 | 5,481 | |||||||||||||||||||||||||||||||||||
After ten years | 64,323 | 59,881 | |||||||||||||||||||||||||||||||||||
$ | 117,283 | $ | 113,276 | ||||||||||||||||||||||||||||||||||
Maturities of mortgage-backed, CMOs and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||||||
Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders’ equity at December 31, 2013 and 2012. |
Loans
Loans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loans [Abstract] | ' | ||||||||
Loans | ' | ||||||||
(4) Loans | |||||||||
A summary of loans, net of deferred fees and origination costs, by category is as follows: | |||||||||
At December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Residential real estate mortgages | $ | 1,041,637 | $ | 651,107 | |||||
Commercial | 859,026 | 694,799 | |||||||
Commercial real estate | 1,328,313 | 1,072,807 | |||||||
Real estate construction and development | 93,247 | 123,078 | |||||||
Agricultural and agricultural real estate mortgages | 112,035 | 112,687 | |||||||
Consumer | 1,352,638 | 1,047,856 | |||||||
Home equity | 619,899 | 575,282 | |||||||
Total loans | $ | 5,406,795 | $ | 4,277,616 | |||||
Included in the above loans are net deferred loan origination costs totaling $31.8 million and $25.5 million at December 31, 2013 and 2012, respectively. The Company had residential loans held for sale totaling $0.1 million as of December 31, 2013 and $3.6 million as of December 31, 2012. | |||||||||
FHLB advances are collateralized by a blanket lien on the Company’s residential real estate mortgages. | |||||||||
In the ordinary course of business, the Company has made loans at prevailing rates and terms to directors, officers, and other related parties. Such loans, in management’s opinion, do not present more than the normal risk of collectability or incorporate other unfavorable features. The aggregate amount of loans outstanding to qualifying related parties and changes during the years are summarized as follows: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Balance at January 1 | $ | 2,790 | $ | 2,537 | |||||
New loans | 569 | 750 | |||||||
Adjustment due to change in composition of related parties | 376 | (130 | ) | ||||||
Repayments | (363 | ) | (367 | ) | |||||
Balance at December 31 | $ | 3,372 | $ | 2,790 |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Credit Quality of Loans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality of Loans and Leases [Abstract] | ' | ||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality of Loans and Leases | ' | ||||||||||||||||||||||||||||
(5) Allowance for Loan Losses and Credit Quality of Loans | |||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
The allowance for loan losses is maintained at a level estimated by management to provide adequately for risk of probable losses inherent in the current loan portfolio. The adequacy of the allowance for loan losses is continuously monitored. It is assessed for adequacy using a methodology designed to ensure the level of the allowance reasonably reflects the loan portfolio’s risk profile. It is evaluated to ensure that it is sufficient to absorb all reasonably estimable credit losses inherent in the current loan portfolio. | |||||||||||||||||||||||||||||
To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three segments, each with different risk characteristics and methodologies for assessing risk. Those segments are further segregated between our loans accounted for under the amortized cost method (referred to as “originated” loans) and loans acquired in a business combination (referred to as “acquired” loans). Prior to 2013, separate disclosures for acquired loans were not significant and were included with originated loans in the Company’s asset quality disclosures. Each portfolio segment is broken down into class segments where appropriate. Class segments contain unique measurement attributes, risk characteristics and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class segment. The following table illustrates the portfolio and class segments for the Company’s loan portfolio: | |||||||||||||||||||||||||||||
Portfolio | Class | ||||||||||||||||||||||||||||
Commercial Loans | Commercial | ||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||
Agricultural Real Estate | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Consumer Loans | Indirect | ||||||||||||||||||||||||||||
Home Equity | |||||||||||||||||||||||||||||
Direct | |||||||||||||||||||||||||||||
Residential Real Estate Mortgages | |||||||||||||||||||||||||||||
COMMERCIAL LOANS | |||||||||||||||||||||||||||||
Commercial – The Company offers a variety of loan options to meet the specific needs of our commercial customers including term loans, time notes and lines of credit. Such loans are made available to businesses for working capital such as inventory and receivables, business expansion and equipment purchases. Generally, a collateral lien is placed on equipment or other assets owned by the borrower. These loans carry a higher risk than commercial real estate loans by the nature of the underlying collateral, which can be business assets such as equipment and accounts receivable and is generally less liquid than real estate. To reduce the risk, management also attempts to secure real estate as collateral and obtain personal guarantees of the borrowers. | |||||||||||||||||||||||||||||
Commercial Real Estate – The Company offers commercial real estate loans to finance real estate purchases, refinancings, expansions and improvements to commercial properties. Commercial real estate loans are made to finance the purchases of real property which generally consists of real estate with completed structures. These commercial real estate loans are secured by first liens on the real estate, which may include apartments, commercial structures, housing businesses, healthcare facilities, and other non owner-occupied facilities. These loans are typically less risky than commercial loans, since they are secured by real estate and buildings. The Company’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower's financial condition, and a detailed analysis of the borrower’s underlying cash flows. These loans are typically originated in amounts of no more than 80% of the appraised value of the property. | |||||||||||||||||||||||||||||
Agricultural – The Company offers a variety of agricultural loans to meet the needs of our agricultural customers including term loans, time notes, and lines of credit. These loans are made to purchase livestock, purchase and modernize equipment, and finance seasonal crop expenses. Generally, a collateral lien is placed on the livestock, equipment, produce inventories, and/or receivables owned by the borrower. These loans may carry a higher risk than commercial and agricultural real estate loans due to the industry price volatility and the perishable nature of the underlying collateral. To reduce these risks, management may attempt to secure these loans with additional real estate collateral, obtain personal guarantees of the borrowers, or obtain government loan guarantees to provide further support. | |||||||||||||||||||||||||||||
Agricultural Real Estate – The Company offers real estate loans to our agricultural customers to finance farm related real estate purchases, refinancings, expansions, and improvements to agricultural properties. Agricultural real estate loans are made to finance the purchases and improvements of farm properties that generally consist of barns, production facilities, and land. The agricultural real estate loans are secured by first liens on the farm real estate. Because they are secured by land and buildings, these loans may be less risky than agricultural loans. The Company's underwriting analysis includes credit verification, independent appraisals, a review of the borrower's financial condition, and a detailed analysis of the borrower’s underlying cash flows. These loans are typically originated in amounts of no more than 75% of the appraised value of the property. Government loan guarantees may be obtained to provide further support. | |||||||||||||||||||||||||||||
Business Banking - The Company offers a variety of loan options to meet the specific needs of our small business customers including term loans, small business mortgages and lines of credit. Such loans are generally less than $500 thousand and are made available to businesses for working capital such as inventory and receivables, business expansion, equipment purchases, and agricultural needs. Generally, a collateral lien is placed on equipment or other assets owned by the borrower such as inventory and/or receivables. These loans carry a higher risk than commercial loans due to the smaller size of the borrower and lower levels of capital. To reduce the risk, the Company obtains personal guarantees of the owners for a majority of the loans. | |||||||||||||||||||||||||||||
CONSUMER LOANS | |||||||||||||||||||||||||||||
Indirect – The Company maintains relationships with many dealers primarily in the communities that we serve. Through these relationships, the company finances the purchases of automobiles and recreational vehicles (such as campers, boats, etc.) indirectly through dealer relationships. Approximately 70% of the indirect relationships represent automobile financing. Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging from three to six years, based upon the nature of the collateral and the size of the loan. The majority of indirect consumer loans are underwritten on a secured basis using the underlying collateral being financed. | |||||||||||||||||||||||||||||
Home Equity – The Company offers fixed home equity loans as well as home equity lines of credit to consumers to finance home improvements, debt consolidation, education and other uses. Consumers are able to borrower up to 85% of the equity in their homes. The Company originates home equity lines of credit and second mortgage loans (loans secured by a second lien position on one-to-four-family residential real estate). These loans carry a higher risk than first mortgage residential loans as they are in a second position with respect to collateral. Risk is reduced through underwriting criteria, which include credit verification, appraisals, a review of the borrower's financial condition, and personal cash flows. A security interest, with title insurance when necessary, is taken in the underlying real estate. | |||||||||||||||||||||||||||||
Direct – The Company offers a variety of consumer installment loans to finance vehicle purchases, mobile home purchases and personal expenditures. Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging from one to ten years, based upon the nature of the collateral and the size of the loan. The majority of consumer loans are underwritten on a secured basis using the underlying collateral being financed or a customer's deposit account. In addition to installment loans, the Company also offers personal lines of credit and overdraft protection. A minimal amount of loans are unsecured, which carry a higher risk of loss. | |||||||||||||||||||||||||||||
RESIDENTIAL REAL ESTATE LOANS | |||||||||||||||||||||||||||||
Residential real estate loans consist primarily of loans secured by first or second deeds of trust on primary residences. We originate adjustable-rate and fixed-rate, one-to-four-family residential real estate loans for the construction, purchase or refinancing of a mortgage. These loans are collateralized by owner-occupied properties located in the Company’s market area. When market conditions are favorable, for longer term, fixed-rate residential mortgages without escrow, the Company retains the servicing, but sells the right to receive principal and interest to Freddie Mac when market conditions are favorable. This practice allows the Company to manage interest rate risk, liquidity risk, and credit risk. Loans on one-to-four-family residential real estate are generally originated in amounts of no more than 85% of the purchase price or appraised value (whichever is lower), or have private mortgage insurance. Mortgage title insurance and hazard insurance are normally required. Construction loans have a unique risk, because they are secured by an incomplete dwelling. This risk is reduced through periodic site inspections, including one at each loan draw period. | |||||||||||||||||||||||||||||
Allowance for Loan Loss Calculation | |||||||||||||||||||||||||||||
Management considers the accounting policy relating to the allowance for loan losses to be a critical accounting policy given the inherent uncertainty in evaluating the levels of the allowance required to cover credit losses in the portfolio and the material effect that such judgments can have on the consolidated results of operations. | |||||||||||||||||||||||||||||
For purposes of evaluating the adequacy of the allowance, the Company considers a number of significant factors that affect the collectability of the portfolio. For individually analyzed loans, these include estimates of loss exposure, which reflect the facts and circumstances that affect the likelihood of repayment of such loans as of the evaluation date. For homogeneous pools of loans, estimates of the Company’s exposure to credit loss reflect a current assessment of a number of factors, which could affect collectability. These factors include: past loss experience; size, trend, composition, and nature of loans; changes in lending policies and procedures, including underwriting standards and collection, charge-offs and recoveries; trends experienced in nonperforming and delinquent loans; current economic conditions in the Company’s market; portfolio concentrations that may affect loss experienced across one or more components of the portfolio; the effect of external factors such as competition, legal and regulatory requirements; and the experience, ability, and depth of lending management and staff. In addition, various regulatory agencies, as an integral component of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to make loan grade changes as well as recognize additions to the allowance based on their examinations. | |||||||||||||||||||||||||||||
After a thorough consideration of the factors discussed above, any required additions to the allowance for loan losses are made periodically by charges to the provision for loan losses. These charges are necessary to maintain the allowance at a level which management believes is reasonably reflective of overall inherent risk of probable loss in the portfolio. While management uses available information to recognize losses on loans, additions to the allowance may fluctuate from one reporting period to another. These fluctuations are reflective of changes in risk associated with portfolio content and/or changes in management’s assessment of any or all of the determining factors discussed above. The following table illustrates the changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Years ended December 31 | Commercial | Consumer | Real Estate | ||||||||||||||||||||||||||
Loans | Loans | Mortgages | Unallocated | Total | |||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 35,624 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 69,334 | |||||||||||||||||||
Charge-offs | (10,459 | ) | (15,459 | ) | (1,771 | ) | - | (27,689 | ) | ||||||||||||||||||||
Recoveries | 1,957 | 3,136 | 272 | - | 5,365 | ||||||||||||||||||||||||
Provision | 7,968 | 12,855 | 1,767 | (166 | ) | 22,424 | |||||||||||||||||||||||
Ending Balance as of December 31, 2013 | $ | 35,090 | $ | 27,694 | $ | 6,520 | $ | 130 | $ | 69,434 | |||||||||||||||||||
Balance as of December 31, 2011 | $ | 38,831 | $ | 26,049 | $ | 6,249 | $ | 205 | $ | 71,334 | |||||||||||||||||||
Charge-offs | (8,750 | ) | (15,848 | ) | (1,906 | ) | - | (26,504 | ) | ||||||||||||||||||||
Recoveries | 1,641 | 2,556 | 38 | - | 4,235 | ||||||||||||||||||||||||
Provision | 3,902 | 14,405 | 1,871 | 91 | 20,269 | ||||||||||||||||||||||||
Ending Balance as of December 30, 2012 | $ | 35,624 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 69,334 | |||||||||||||||||||
Balance as of December 31, 2010 | $ | 40,101 | $ | 26,126 | $ | 4,627 | $ | 380 | $ | 71,234 | |||||||||||||||||||
Charge-offs | (8,969 | ) | (14,209 | ) | (1,310 | ) | - | (24,488 | ) | ||||||||||||||||||||
Recoveries | 1,438 | 2,406 | 7 | - | 3,851 | ||||||||||||||||||||||||
Provision | 6,261 | 11,726 | 2,925 | (175 | ) | 20,737 | |||||||||||||||||||||||
Ending Balance as of December 30, 2011 | $ | 38,831 | $ | 26,049 | $ | 6,249 | $ | 205 | $ | 71,334 | |||||||||||||||||||
For acquired loans, to the extent that we experience deterioration in borrower credit quality resulting in a decrease in our expected cash flows subsequent to acquisition of the loans, an allowance for loan losses would be established based on our estimate of future credit losses over the remaining life of the loans. As of December 31, 2013 and 2012, there was no allowance for loan losses for the acquired loan portfolio. Net charge-offs related to acquired loans totaled approximately $0.6 million during the year ended December 31, 2013, and are included in the table above. | |||||||||||||||||||||||||||||
The following table illustrates the allowance for loan losses and the recorded investment by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Commercial | Consumer | Real Estate | |||||||||||||||||||||||||||
Loans | Loans | Mortgages | Unallocated | Total | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Allowance for loan losses | $ | 35,090 | $ | 27,694 | $ | 6,520 | $ | 130 | $ | 69,434 | |||||||||||||||||||
Allowance for loans individually evaluated for impairment | 715 | - | - | 715 | |||||||||||||||||||||||||
Allowance for loans collectively evaluated for impairment | $ | 34,375 | $ | 27,694 | $ | 6,520 | $ | 130 | $ | 68,719 | |||||||||||||||||||
Ending balance of loans | $ | 2,392,621 | $ | 1,972,537 | $ | 1,041,637 | $ | 5,406,795 | |||||||||||||||||||||
Ending balance of originated loans individually evaluated for impairment | 16,120 | 3,248 | 2,012 | 21,380 | |||||||||||||||||||||||||
Ending balance of acquired loans individually evaluated for impairment | 10,060 | - | - | 10,060 | |||||||||||||||||||||||||
Ending balance of acquired loans collectively evaluated for impairment | 392,329 | 219,587 | 308,416 | 920,332 | |||||||||||||||||||||||||
Ending balance of originated loans collectively evaluated for impairment | $ | 1,974,112 | $ | 1,749,702 | $ | 731,209 | $ | 4,455,023 | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 35,624 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 69,334 | |||||||||||||||||||
Allowance for loans and leases individually evaluated for impairment | 2,848 | - | - | 2,848 | |||||||||||||||||||||||||
Allowance for loans and leases collectively evaluated for impairment | $ | 32,776 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 66,486 | |||||||||||||||||||
Ending balance of loans and leases | $ | 2,003,371 | $ | 1,623,138 | $ | 651,107 | $ | 4,277,616 | |||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | 18,505 | 2,553 | 2,011 | 23,069 | |||||||||||||||||||||||||
Ending balance of loans collectively evaluated for impairment | $ | 1,984,866 | $ | 1,620,585 | $ | 649,096 | $ | 4,254,547 | |||||||||||||||||||||
The following table illustrates the Company’s nonaccrual loans by loan class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 3,669 | $ | 4,985 | |||||||||||||||||||||||||
Commercial Real Estate | 7,834 | 7,977 | |||||||||||||||||||||||||||
Agricultural | 1,135 | 699 | |||||||||||||||||||||||||||
Agricultural Real Estate | 961 | 1,038 | |||||||||||||||||||||||||||
Business Banking | 5,701 | 6,738 | |||||||||||||||||||||||||||
19,300 | 21,437 | ||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 1,461 | 1,557 | |||||||||||||||||||||||||||
Home Equity | 5,931 | 7,247 | |||||||||||||||||||||||||||
Direct | 86 | 266 | |||||||||||||||||||||||||||
7,478 | 9,070 | ||||||||||||||||||||||||||||
Residential Real Estate Mortgages | 7,105 | 9,169 | |||||||||||||||||||||||||||
$ | 33,883 | $ | 39,676 | ||||||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 6,599 | |||||||||||||||||||||||||||
Commercial Real Estate | 3,559 | ||||||||||||||||||||||||||||
Business Banking | 1,340 | ||||||||||||||||||||||||||||
11,498 | |||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 93 | ||||||||||||||||||||||||||||
Home Equity | 570 | ||||||||||||||||||||||||||||
Direct | 49 | ||||||||||||||||||||||||||||
712 | |||||||||||||||||||||||||||||
Residential Real Estate Mortgages | 3,872 | ||||||||||||||||||||||||||||
$ | 16,082 | ||||||||||||||||||||||||||||
TOTAL NONACCRUAL LOANS | $ | 49,965 | $ | 39,676 | |||||||||||||||||||||||||
The following table sets forth information with regard to past due and nonperforming loans by loan class: | |||||||||||||||||||||||||||||
Age Analysis of Past Due Financing Receivables | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Greater | |||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Than | Total | Recorded Total | |||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans and | |||||||||||||||||||||||||
Accruing | Accruing | Accruing | Accruing | Non-Accrual | Current | Leases | |||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 105 | $ | 247 | $ | - | $ | 352 | $ | 3,669 | $ | 612,402 | $ | 616,423 | |||||||||||||||
Commercial Real Estate | 1,366 | - | - | 1,366 | 7,834 | 925,116 | 934,316 | ||||||||||||||||||||||
Agricultural | 150 | 21 | - | 171 | 1,135 | 63,856 | 65,162 | ||||||||||||||||||||||
Agricultural Real Estate | 519 | - | - | 519 | 961 | 35,172 | 36,652 | ||||||||||||||||||||||
Business Banking | 1,228 | 122 | 105 | 1,455 | 5,701 | 330,523 | 337,679 | ||||||||||||||||||||||
3,368 | 390 | 105 | 3,863 | 19,300 | 1,967,069 | 1,990,232 | |||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 14,093 | 2,878 | 1,583 | 18,554 | 1,461 | 1,141,829 | 1,161,844 | ||||||||||||||||||||||
Home Equity | 6,033 | 1,888 | 1,115 | 9,036 | 5,931 | 517,856 | 532,823 | ||||||||||||||||||||||
Direct | 679 | 125 | 46 | 850 | 86 | 57,347 | 58,283 | ||||||||||||||||||||||
20,805 | 4,891 | 2,744 | 28,440 | 7,478 | 1,717,032 | 1,752,950 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 3,951 | 379 | 808 | 5,138 | 7,105 | 720,978 | 733,221 | ||||||||||||||||||||||
$ | 28,124 | $ | 5,660 | $ | 3,657 | $ | 37,441 | $ | 33,883 | $ | 4,405,079 | $ | 4,476,403 | ||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 24 | $ | - | $ | - | $ | 24 | $ | 6,599 | $ | 96,603 | $ | 103,226 | |||||||||||||||
Commercial Real Estate | - | - | - | - | 3,559 | 225,455 | 229,014 | ||||||||||||||||||||||
Business Banking | 320 | 2 | - | 322 | 1,340 | 68,487 | 70,149 | ||||||||||||||||||||||
344 | 2 | - | 346 | 11,498 | 390,545 | 402,389 | |||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 939 | 113 | 71 | 1,123 | 93 | 123,870 | 125,086 | ||||||||||||||||||||||
Home Equity | 753 | 63 | - | 816 | 570 | 85,690 | 87,076 | ||||||||||||||||||||||
Direct | 76 | 56 | 9 | 141 | 49 | 7,235 | 7,425 | ||||||||||||||||||||||
1,768 | 232 | 80 | 2,080 | 712 | 216,795 | 219,587 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 1,725 | - | - | 1,725 | 3,872 | 302,819 | 308,416 | ||||||||||||||||||||||
$ | 3,837 | $ | 234 | $ | 80 | $ | 4,151 | $ | 16,082 | $ | 910,159 | $ | 930,392 | ||||||||||||||||
Total Loans | $ | 31,961 | $ | 5,894 | $ | 3,737 | $ | 41,592 | $ | 49,965 | $ | 5,315,238 | $ | 5,406,795 | |||||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Greater Than | Recorded | ||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | 90 Days | Total | Total | |||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans and | |||||||||||||||||||||||||
Accruing | Accruing | Accruing | Accruing | Non-Accrual | Current | Leases | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 4,985 | $ | 556,496 | $ | 561,481 | |||||||||||||||
Commercial Real Estate | 126 | - | - | 126 | 7,977 | 966,692 | 974,795 | ||||||||||||||||||||||
Agricultural | 22 | - | - | 22 | 699 | 63,037 | 63,758 | ||||||||||||||||||||||
Agricultural Real Estate | 108 | - | 103 | 211 | 1,038 | 36,128 | 37,377 | ||||||||||||||||||||||
Business Banking | 3,019 | 708 | 45 | 3,772 | 6,738 | 355,450 | 365,960 | ||||||||||||||||||||||
3,275 | 708 | 148 | 4,131 | 21,437 | 1,977,803 | 2,003,371 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Indirect | 10,956 | 2,477 | 1,205 | 14,638 | 1,557 | 964,802 | 980,997 | ||||||||||||||||||||||
Home Equity | 6,065 | 1,223 | 681 | 7,969 | 7,247 | 560,066 | 575,282 | ||||||||||||||||||||||
Direct | 717 | 144 | 84 | 945 | 266 | 65,648 | 66,859 | ||||||||||||||||||||||
17,738 | 3,844 | 1,970 | 23,552 | 9,070 | 1,590,516 | 1,623,138 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 1,839 | 725 | 330 | 2,894 | 9,169 | 639,044 | 651,107 | ||||||||||||||||||||||
$ | 22,852 | $ | 5,277 | $ | 2,448 | $ | 30,577 | $ | 39,676 | $ | 4,207,363 | $ | 4,277,616 | ||||||||||||||||
There were no material commitments to extend further credit to borrowers with nonperforming loans. | |||||||||||||||||||||||||||||
The methodology used to establish the allowance for loan losses on impaired loans incorporates specific allocations on loans analyzed individually. Classified loans, including all TDRs and nonaccrual commercial loans that are graded substandard or below, with outstanding balances of $500 thousand or more are evaluated for impairment through the Company’s quarterly status review process. In determining that we will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreements, we consider factors such as payment history and changes in the financial condition of individual borrowers, local economic conditions, historical loss experience and the conditions of the various markets in which the collateral may be liquidated. For loans that are evaluated for impairment, impairment is measured by one of three methods: 1) the fair value of collateral less cost to sell, 2) present value of expected future cash flows or 3) the loan’s observable market price. These impaired loans are reviewed on a quarterly basis for changes in the measurement of impairment. For impaired loans measured using the present value of expected cash flow method, any change to the previously recognized impairment loss is recognized as a change to the allowance account and recorded in the consolidated statement of income as a component of the provision for credit losses. | |||||||||||||||||||||||||||||
The following provides additional information on loans specifically evaluated for impairment for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Recorded | Unpaid | Recorded | Unpaid | ||||||||||||||||||||||||||
Investment | Principal | Investment | Principal | ||||||||||||||||||||||||||
Balance | Balance | Related | Balance | Balance | Related | ||||||||||||||||||||||||
(in thousands) | (Book) | (Legal) | Allowance | (Book) | (Legal) | Allowance | |||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 4,721 | $ | 4,777 | $ | 1,000 | $ | 1,000 | |||||||||||||||||||||
Commercial Real Estate | 4,613 | 5,164 | 7,362 | 7,366 | |||||||||||||||||||||||||
Agricultural | 125 | 195 | 446 | 540 | |||||||||||||||||||||||||
Agricultural Real Estate | 1,431 | 1,708 | 903 | 1,029 | |||||||||||||||||||||||||
Business Banking | 210 | 602 | 391 | 783 | |||||||||||||||||||||||||
Total Commercial Loans | 11,100 | 12,446 | 10,102 | 10,718 | |||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Home Equity | 3,248 | 3,472 | 2,553 | 2,657 | |||||||||||||||||||||||||
Residential Real Estate Mortgages | 2,012 | 2,255 | 2,011 | 2,308 | |||||||||||||||||||||||||
Total | 16,360 | 18,173 | 14,666 | 15,683 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | - | - | - | 4,335 | 4,340 | 2,241 | |||||||||||||||||||||||
Commercial Real Estate | 5,020 | 6,877 | 715 | 4,068 | 5,689 | 607 | |||||||||||||||||||||||
Agricultural | - | - | - | - | - | - | |||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | - | |||||||||||||||||||||||
5,020 | 6,877 | 715 | 8,403 | 10,029 | 2,848 | ||||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | 6,501 | 6,538 | |||||||||||||||||||||||||||
Commercial Real Estate | 3,559 | 3,842 | |||||||||||||||||||||||||||
Total Commercial Loans | 10,060 | 10,380 | |||||||||||||||||||||||||||
Total | $ | 31,440 | $ | 35,430 | $ | 715 | $ | 23,069 | $ | 25,712 | $ | 2,848 | |||||||||||||||||
The following table summarizes the average recorded investments on loans specifically evaluated for impairment and the interest income recognized for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | |||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | Average | Interest Income | ||||||||||||||||||||||||
Recorded | Recognized | Recorded | Recognized | Recorded | Recognized | ||||||||||||||||||||||||
(in thousands) | Investment | Accrual | Investment | Accrual | Investment | Accrual | |||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 3,722 | $ | 17 | $ | 6,682 | $ | 56 | $ | 1,507 | $ | - | |||||||||||||||||
Commercial Real Estate | 11,010 | 130 | 4,944 | 230 | 3,763 | - | |||||||||||||||||||||||
Agricultural | 207 | 1 | 1,767 | 43 | 2,070 | - | |||||||||||||||||||||||
Agricultural Real Estate | 1,167 | 52 | 922 | 72 | 695 | - | |||||||||||||||||||||||
Business Banking | 295 | 57 | 68 | 65 | 17 | - | |||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Home Equity | 2,969 | 143 | 1,877 | 123 | 1,924 | 60 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 2,024 | 69 | 1,143 | 54 | 933 | 4 | |||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | 1,625 | - | - | - | - | - | |||||||||||||||||||||||
Commercial Real Estate | 1,222 | - | - | - | - | - | |||||||||||||||||||||||
Total | $ | 24,240 | $ | 469 | $ | 17,403 | $ | 643 | $ | 10,909 | $ | 64 | |||||||||||||||||
There has been significant disruption and volatility in the financial and capital markets since the second half of 2008. Turmoil in the mortgage market adversely impacted both domestic and global markets and led to a significant credit and liquidity crisis in many domestic markets. These market conditions were attributable to a variety of factors, in particular the fallout associated with subprime mortgage loans (a type of lending we have never actively pursued). The disruption was exacerbated by the decline of the real estate and housing market. However, in the markets in which the Company does business, the disruption has been less significant than in the national market. For example, our real estate market has not suffered the extreme declines seen nationally and our unemployment rate, while notably higher than in prior periods, is still below the national average. | |||||||||||||||||||||||||||||
While we continue to adhere to prudent underwriting standards, as a lender we may be adversely impacted by general economic weaknesses and, in particular, a sharp downturn in the housing market nationally. Decreases in real estate values could adversely affect the value of property used as collateral for our loans. Adverse changes in the economy may have a negative effect on the ability of our borrowers to make timely loan payments, which would have an adverse impact on our earnings. A further increase in loan delinquencies would decrease our net interest income and adversely impact our loan loss experience, causing increases in our provision and allowance for loan losses. | |||||||||||||||||||||||||||||
The Company has developed an internal loan grading system to evaluate and quantify the Bank’s loan portfolio with respect to quality and risk. The system focuses on, among other things, financial strength of borrowers, experience and depth of management, primary and secondary sources of repayment, payment history, nature of the business, outlook on particular industries. The internal grading system enables the Company to monitor the quality of the entire loan portfolio on a continuous basis and provide management with an early warning system, enabling recognition and response to problem loans and potential problem loans. | |||||||||||||||||||||||||||||
Commercial Grading System | |||||||||||||||||||||||||||||
For commercial and agricultural loans, the Company uses a grading system that relies on quantifiable and measurable characteristics when available. This would include comparison of financial strength to available industry averages, comparison of transaction factors (loan terms and conditions) to loan policy, and comparison of credit history to stated repayment terms and industry averages. Some grading factors are necessarily more subjective such as economic and industry factors, regulatory environment, and management. The grading system for commercial and agricultural loans is as follows: | |||||||||||||||||||||||||||||
· | Doubtful | ||||||||||||||||||||||||||||
A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Because of high probability of loss, nonaccrual treatment is required for doubtful assets. | |||||||||||||||||||||||||||||
· | Substandard | ||||||||||||||||||||||||||||
Substandard loans have a high probability of payment default, or they have other well-defined weaknesses. They require more intensive supervision by bank management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and should be placed on nonaccrual. Although substandard assets in the aggregate will have a distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated substandard. | |||||||||||||||||||||||||||||
· | Special Mention | ||||||||||||||||||||||||||||
Special Mention loans have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These loans pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or may be struggling with an ill-proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Although a Special Mention loan has a higher probability of default than a pass asset, its default is not imminent. | |||||||||||||||||||||||||||||
· | Pass | ||||||||||||||||||||||||||||
Loans graded as Pass encompass all loans not graded as Doubtful, Substandard, or Special Mention. Pass loans are in compliance with loan covenants, and payments are generally made as agreed. Pass loans range from superior quality to fair quality. | |||||||||||||||||||||||||||||
Business Banking Grading System | |||||||||||||||||||||||||||||
Business Banking loans are graded as either Classified or Non-classified: | |||||||||||||||||||||||||||||
· | Classified | ||||||||||||||||||||||||||||
Classified loans are inadequately protected by the current worth and paying capacity of the obligor or, if applicable, the collateral pledged. These loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt, or in some cases make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Classified loans have a high probability of payment default, or a high probability of total or substantial loss. These loans require more intensive supervision by management and are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. When the likelihood of full collection of interest and principal may be in doubt; classified loans are considered to have a nonaccrual status. In some cases, classified loans are considered uncollectible and of such little value that their continuance as assets is not warranted. | |||||||||||||||||||||||||||||
· | Non-classified | ||||||||||||||||||||||||||||
Loans graded as Non-classified encompass all loans not graded as Classified. Non-classified loans are in compliance with loan covenants, and payments are generally made as agreed. | |||||||||||||||||||||||||||||
Consumer and Residential Mortgage Grading System | |||||||||||||||||||||||||||||
Consumer and Residential Mortgage loans are graded as either Performing or Nonperforming. Nonperforming loans are loans that are 1) over 90 days past due and interest is still accruing or 2) on nonaccrual status. All loans not meeting any of these three criteria are considered Performing. | |||||||||||||||||||||||||||||
The following tables illustrate the Company’s credit quality by loan class for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Credit Exposure | Commercial | Agricultural | |||||||||||||||||||||||||||
By Internally Assigned Grade: | Commercial | Real Estate | Agricultural | Real Estate | Total | ||||||||||||||||||||||||
Pass | $ | 576,079 | $ | 878,411 | $ | 60,043 | $ | 33,136 | $ | 1,547,669 | |||||||||||||||||||
Special Mention | 16,836 | 22,777 | 381 | 43 | 40,037 | ||||||||||||||||||||||||
Substandard | 23,508 | 33,128 | 4,726 | 3,473 | 64,835 | ||||||||||||||||||||||||
Doubtful | - | - | 12 | - | 12 | ||||||||||||||||||||||||
Total | $ | 616,423 | $ | 934,316 | $ | 65,162 | $ | 36,652 | $ | 1,652,553 | |||||||||||||||||||
Business Banking Credit Exposure | |||||||||||||||||||||||||||||
By Internally Assigned Grade: | Business Banking | Total | |||||||||||||||||||||||||||
Non-classified | $ | 319,578 | $ | 319,578 | |||||||||||||||||||||||||
Classified | 18,101 | 18,101 | |||||||||||||||||||||||||||
Total | $ | 337,679 | $ | 337,679 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||
By Payment Activity: | Indirect | Home Equity | Direct | Total | |||||||||||||||||||||||||
Performing | $ | 1,158,800 | $ | 525,777 | $ | 58,151 | $ | 1,742,728 | |||||||||||||||||||||
Nonperforming | 3,044 | 7,046 | 132 | 10,222 | |||||||||||||||||||||||||
Total | $ | 1,161,844 | $ | 532,823 | $ | 58,283 | $ | 1,752,950 | |||||||||||||||||||||
Residential Mortgage Credit Exposure | Residential | ||||||||||||||||||||||||||||
By Payment Activity: | Mortgage | Total | |||||||||||||||||||||||||||
Performing | $ | 725,308 | $ | 725,308 | |||||||||||||||||||||||||
Nonperforming | 7,913 | 7,913 | |||||||||||||||||||||||||||
Total | $ | 733,221 | $ | 733,221 | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Credit Exposure | Commercial | ||||||||||||||||||||||||||||
By Internally Assigned Grade: | Commercial | Real Estate | Agricultural | Total | |||||||||||||||||||||||||
Pass | $ | 85,692 | $ | 205,010 | $ | - | $ | 290,702 | |||||||||||||||||||||
Special Mention | 2,230 | 6,183 | - | 8,413 | |||||||||||||||||||||||||
Substandard | 15,304 | 17,821 | - | 33,125 | |||||||||||||||||||||||||
Doubtful | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 103,226 | $ | 229,014 | $ | - | $ | 332,240 | |||||||||||||||||||||
Business Banking Credit Exposure | |||||||||||||||||||||||||||||
By Internally Assigned Grade: | Business Banking | Total | |||||||||||||||||||||||||||
Non-classified | $ | 65,437 | $ | 65,437 | |||||||||||||||||||||||||
Classified | 4,712 | 4,712 | |||||||||||||||||||||||||||
Total | $ | 70,149 | $ | 70,149 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||
By Payment Activity: | Indirect | Home Equity | Direct | Total | |||||||||||||||||||||||||
Performing | $ | 124,922 | $ | 86,506 | $ | 7,367 | $ | 218,795 | |||||||||||||||||||||
Nonperforming | 164 | 570 | 58 | 792 | |||||||||||||||||||||||||
Total | $ | 125,086 | $ | 87,076 | $ | 7,425 | $ | 219,587 | |||||||||||||||||||||
Residential Mortgage Credit Exposure | Residential | ||||||||||||||||||||||||||||
By Payment Activity: | Mortgage | Total | |||||||||||||||||||||||||||
Performing | $ | 304,544 | $ | 304,544 | |||||||||||||||||||||||||
Nonperforming | 3,872 | 3,872 | |||||||||||||||||||||||||||
Total | $ | 308,416 | $ | 308,416 | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Commercial Credit Exposure | Commercial | Agricultural | |||||||||||||||||||||||||||
By Internally Assigned Grade: | Commercial | Real Estate | Agricultural | Real Estate | Total | ||||||||||||||||||||||||
Pass | $ | 522,985 | $ | 901,928 | $ | 57,347 | $ | 33,472 | $ | 1,515,732 | |||||||||||||||||||
Special Mention | 18,401 | 32,135 | 13 | 3 | 50,552 | ||||||||||||||||||||||||
Substandard | 17,351 | 40,732 | 6,362 | 3,902 | 68,347 | ||||||||||||||||||||||||
Doubtful | 2,744 | - | 36 | - | 2,780 | ||||||||||||||||||||||||
Total | $ | 561,481 | $ | 974,795 | $ | 63,758 | $ | 37,377 | $ | 1,637,411 | |||||||||||||||||||
Business Banking Credit Exposure | Business | ||||||||||||||||||||||||||||
By Internally Assigned Grade: | Banking | Total | |||||||||||||||||||||||||||
Non-classified | $ | 342,528 | $ | 342,528 | |||||||||||||||||||||||||
Classified | 23,432 | 23,432 | |||||||||||||||||||||||||||
Total | $ | 365,960 | $ | 365,960 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||
By Payment Activity: | Indirect | Home Equity | Direct | Total | |||||||||||||||||||||||||
Performing | $ | 978,235 | $ | 567,354 | $ | 66,509 | $ | 1,612,098 | |||||||||||||||||||||
Nonperforming | 2,762 | 7,928 | 350 | 11,040 | |||||||||||||||||||||||||
Total | $ | 980,997 | $ | 575,282 | $ | 66,859 | $ | 1,623,138 | |||||||||||||||||||||
Residential Mortgage Credit Exposure | Residential | ||||||||||||||||||||||||||||
By Payment Activity: | Mortgage | Total | |||||||||||||||||||||||||||
Performing | $ | 641,608 | $ | 641,608 | |||||||||||||||||||||||||
Nonperforming | 9,499 | 9,499 | |||||||||||||||||||||||||||
Total | $ | 651,107 | $ | 651,107 | |||||||||||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||||||
Troubled debt restructurings made during the year ended December 31, 2013 consisted of four commercial loans totaling $7.0 million, 23 home equity loans totaling $1.0 million and 6 residential real estate mortgages totaling $0.5 million. For all such modifications, the pre-and post-outstanding recorded investment amount remained unchanged. During the year ended December 31, 2013, there was one commercial loan classified as TDRs totaling $0.9 million and eight home equity loans totaling $0.4 million that subsequently defaulted on their renegotiated terms. | |||||||||||||||||||||||||||||
Troubled debt restructurings made during the year ended December 31, 2012 consisted of four commercial loans totaling $6.6 million, one business banking loan totaling $0.1 million, 18 home equity loans totaling $0.9 million and 12 residential real estate mortgages totaling $1.2 million. For all such modifications, the pre-and post-outstanding recorded investment amount remained unchanged. During the year ended December 31, 2012, there were two residential real estate loans classified as TDRs totaling $0.3 million and one home equity loan totaling less than $0.1 million that subsequently defaulted on their renegotiated terms. | |||||||||||||||||||||||||||||
Substantially all modifications include one or a combination of the following: an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; or change in scheduled payment amount. |
Premises_and_Equipment_Net
Premises and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises and Equipment, Net [Abstract] | ' | ||||||||
Premises and Equipment, Net | ' | ||||||||
(6) Premises and Equipment, Net | |||||||||
A summary of premises and equipment follows: | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Land, buildings, and improvements | $ | 120,098 | $ | 109,601 | |||||
Equipment | 55,729 | 51,321 | |||||||
Premises and equipment before accumulated depreciation | 175,827 | 160,922 | |||||||
Accumulated depreciation | 87,500 | 83,047 | |||||||
Total premises and equipment | $ | 88,327 | $ | 77,875 | |||||
Buildings and improvements are depreciated based on useful lives of 15 to 40 years. Equipment is depreciated based on useful lives of three to ten years. | |||||||||
Rental expense included in occupancy expense amounted to $7.5 million in 2013, $6.4 million in 2012, and $5.6 million in 2011. The future minimum rental payments related to noncancelable operating leases with original terms of one year or more are as follows at December 31, 2013 (in thousands): | |||||||||
Future Minimum Rental Payments | |||||||||
2014 | $ | 7,156 | |||||||
2015 | 7,012 | ||||||||
2016 | 6,985 | ||||||||
2017 | 6,859 | ||||||||
2018 | 6,791 | ||||||||
Thereafter | 53,132 | ||||||||
Total | $ | 87,935 |
Goodwill_and_other_Intangible_
Goodwill and other Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and other Intangible Assets [Abstract] | ' | ||||||||
Goodwill and other Intangible Assets | ' | ||||||||
(7) Goodwill and other Intangible Assets | |||||||||
A summary of goodwill is as follows: | |||||||||
(In thousands) | |||||||||
1-Jan-13 | 152,373 | ||||||||
Goodwill Acquired | 112,624 | ||||||||
31-Dec-13 | $ | 264,997 | |||||||
1-Jan-12 | 132,029 | ||||||||
Goodwill Acquired | 20,344 | ||||||||
31-Dec-12 | $ | 152,373 | |||||||
The Company has intangible assets with definite useful lives capitalized on its consolidated balance sheet in the form of core deposit and other identified intangible assets. These intangible assets are amortized over their estimated useful lives, which range primarily from one to twelve years. | |||||||||
A summary of core deposit and other intangible assets follows: | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Core deposit intangibles | |||||||||
Gross carrying amount | $ | 19,401 | $ | 13,240 | |||||
Less: accumulated amortization | 10,083 | 7,794 | |||||||
Net carrying amount | 9,318 | 5,446 | |||||||
Identified intangible assets | |||||||||
Gross carrying amount | 28,509 | 21,743 | |||||||
Less: accumulated amortization | 12,270 | 10,227 | |||||||
Net carrying amount | 16,239 | 11,516 | |||||||
Total intangibles | |||||||||
Gross carrying amount | 47,910 | 34,983 | |||||||
Less: accumulated amortization | 22,353 | 18,021 | |||||||
Net carrying amount | $ | 25,557 | $ | 16,962 | |||||
Amortization expense on intangible assets with definite useful lives totaled $4.9 million for 2013, $3.4 million for 2012 and $3.0 million for 2011. Amortization expense on intangible assets with definite useful lives is expected to total $5.0 million for 2014, $4.6 million for 2015, $3.3 million for 2016, $2.8 million for 2017, $2.2 million for 2018 and $5.4 million thereafter. Other identified intangible assets include customer lists, non-competes, and trademark intangibles, of which $2.0 million will not amortize. |
Deposits
Deposits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Deposits [Abstract] | ' | ||||
Deposits | ' | ||||
(8) Deposits | |||||
The following table sets forth the maturity distribution of time deposits at December 31, 2013 (in thousands): | |||||
Time deposits | |||||
Within one year | $ | 661,619 | |||
After one but within two years | 184,796 | ||||
After two but within three years | 86,689 | ||||
After three but within four years | 52,024 | ||||
After four but within five years | 20,656 | ||||
After five years | 15,358 | ||||
Total | $ | 1,021,142 | |||
Time deposits of $100,000 or more aggregated $375.4 million and $352.3 million December 31, 2013 and 2012, respectively. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Short-Term Borrowings [Abstract] | ' | ||||||||||||
Short-Term Borrowings | ' | ||||||||||||
(9) Short-Term Borrowings | |||||||||||||
Short-term borrowings totaled $456.0 million and $162.9 million at December 31, 2013 and 2012, respectively, and consist of Federal funds purchased and securities sold under repurchase agreements, which generally represent overnight borrowing transactions, and other short-term borrowings, primarily FHLB advances, with original maturities of one year or less. | |||||||||||||
The Company had unused lines of credit with the FHLB available for short-term financing of approximately $497 million and $418 million at December 31, 2013 and 2012, respectively. Borrowings on these lines are secured by FHLB stock, certain securities and one-to-four family first lien mortgage loans. Securities collateralizing repurchase agreements are held in safekeeping by nonaffiliated financial institutions and are under the Company’s control. | |||||||||||||
Information related to short-term borrowings is summarized as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Federal funds purchased | |||||||||||||
Balance at year-end | $ | 130,000 | $ | 10,000 | $ | 27,000 | |||||||
Average during the year | 39,907 | 12,658 | 3,017 | ||||||||||
Maximum month end balance | 130,000 | 60,000 | 28,000 | ||||||||||
Weighted average rate during the year | 0.26 | % | 0.27 | % | 0.11 | % | |||||||
Weighted average rate at December 31 | 0.18 | % | 0.27 | % | 0.13 | % | |||||||
Securities sold under repurchase agreements | |||||||||||||
Balance at year-end | $ | 176,042 | $ | 152,941 | $ | 154,592 | |||||||
Average during the year | 169,352 | 153,084 | 150,663 | ||||||||||
Maximum month end balance | 185,871 | 165,977 | 178,414 | ||||||||||
Weighted average rate during the year | 0.06 | % | 0.1 | % | 0.13 | % | |||||||
Weighted average rate at December 31 | 0.05 | % | 0.1 | % | 0.1 | % | |||||||
Other short-term borrowings | |||||||||||||
Balance at year-end | $ | 150,000 | $ | - | $ | - | |||||||
Average during the year | 71,589 | - | 249 | ||||||||||
Maximum month end balance | 210,000 | - | 250 | ||||||||||
Weighted average rate during the year | 0.43 | % | - | - | |||||||||
Weighted average rate at December 31 | 0.55 | % | - | - | |||||||||
See Note 3 for additional information regarding securities pledged as collateral for securities sold under the repurchase agreements. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||||||||||||||
(10) Long-Term Debt | |||||||||||||||||||||||||||||||||
Long-term debt consists of obligations having an original maturity at issuance of more than one year. A majority of the Company’s long-term debt is comprised of FHLB advances collateralized by the FHLB stock owned by the Company, certain of its mortgage-backed securities and a blanket lien on its residential real estate mortgage loans. A summary as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Maturity | Amount | Weighted Average Rate | Callable Amount | Weighted Average Rate | Amount | Weighted Average Rate | Callable Amount | Weighted Average Rate | |||||||||||||||||||||||||
2013 | - | - | - | - | 119,502 | 3.87 | % | 100,000 | 3.71 | % | |||||||||||||||||||||||
2014 | 12,460 | 1.33 | % | - | - | 2,610 | 1.89 | % | - | - | |||||||||||||||||||||||
2015 | 308 | 0 | % | - | - | 250 | 0 | % | - | - | |||||||||||||||||||||||
2016 | 90,313 | 3.52 | % | 70,000 | 4.21 | % | 70,000 | 4.21 | % | 70,000 | 4.21 | % | |||||||||||||||||||||
2017 | 115,312 | 3.55 | % | 75,000 | 3.73 | % | 100,000 | 3.89 | % | 100,000 | 3.89 | % | |||||||||||||||||||||
2018 | 90,313 | 3.26 | % | 75,000 | 3.61 | % | 75,000 | 3.61 | % | 75,000 | 3.61 | % | |||||||||||||||||||||
2021 | 117 | 4 | % | - | - | 130 | 4 | % | - | - | |||||||||||||||||||||||
$ | 308,823 | $ | 220,000 | $ | 367,492 | $ | 345,000 |
Junior_Subordinated_Debt
Junior Subordinated Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Junior Subordinated Debt [Abstract] | ' | |||||||||||
Junior Subordinated Debt | ' | |||||||||||
(11) Junior Subordinated Debt | ||||||||||||
The Company sponsors five business trusts, CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II. The trusts were formed for the purpose of issuing company-obligated mandatorily redeemable preferred securities to third-party investors and investing in the proceeds from the sale of such preferred securities solely in junior subordinated debt securities of the Company. The debentures held by each trust are the sole assets of that trust. These five statutory business trusts are collectively referred herein to as “the Trusts.” The Company guarantees, on a limited basis, payments of distributions on the trust preferred securities and payments on redemption of the trust preferred securities. The Trusts are variable interest entities (“VIEs”) for which the Company is not the primary beneficiary, as defined by U.S. GAAP. In accordance with U.S. GAAP, the accounts of the Trusts are not included in the Company’s consolidated financial statements. See Note 1 — Summary of Significant Accounting Policies for additional information about the Company’s consolidation policy. As of December 31, 2013, the Trusts had the following issues of trust preferred debentures, all held by the Trusts, outstanding (dollars in thousands): | ||||||||||||
Description | Issuance Date | Trust Preferred Securities Outstanding | Interest Rate | Trust Preferred Debt Owed To Trust | Final Maturity Date | |||||||
CNBF Capital Trust I | Aug-99 | $ | 18,000 | 3-month LIBOR plus 2.75% | $ | 18,720 | 29-Aug | |||||
NBT Statutory Trust I | 5-Nov | 5,000 | 3-month LIBOR plus 1.40% | 5,155 | Dec-35 | |||||||
NBT Statutory Trust II | 6-Feb | 50,000 | 3-month LIBOR plus 1.40% | 51,547 | Mar-36 | |||||||
Alliance Financial Capital Trust I | 3-Dec | 10,000 | 3-month LIBOR plus 2.85% | 10,310 | Jan-34 | |||||||
Alliance Financial Capital Trust II | 6-Sep | 15,000 | 3-month LIBOR plus 1.65% | 15,464 | Sep-36 | |||||||
The Company’s junior subordinated debentures include amounts related to the Company’s NBT Statutory Trust I and II as well as junior subordinated debentures associated with one statutory trust affiliates that were acquired from our merger with CNB Financial Corp. and two statutory trusts acquired from Alliance (the “Trusts”). The Trusts qualify as variable interest entities and were formed to issue mandatorily redeemable trust preferred securities to investors and loan the proceeds to us for general corporate purposes. The Trusts hold, as their sole assets, junior subordinated debentures of the Company with face amounts totaling $98 million at December 31, 2013. The Company owns all of the common securities of the Trusts and have accordingly recorded $3.2 million in equity method investments classified as other assets in our Consolidated Balance Sheets at December 31, 2013. The Company owns all of the common stock of the Trusts, which have issued trust preferred securities in conjunction with the Company issuing trust preferred debentures to the Trusts. The terms of the trust preferred debentures are substantially the same as the terms of the trust preferred securities. | ||||||||||||
The Company’s junior subordinated debentures are redeemable prior to the maturity date at our option upon each trust’s stated option repurchase dates, and from time to time thereafter. These debentures are also redeemable in whole at any time upon the occurrence of specific events defined within the trust indenture. Our obligations under the debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the issuers’ obligations under the trust preferred securities. The Company owns all of the common stock of the Trusts, which have issued trust preferred securities in conjunction with the Company issuing trust preferred debentures to the Trusts. The terms of the trust preferred debentures are substantially the same as the terms of the trust preferred securities. | ||||||||||||
With respect to the Trusts, the Company has the right to defer payments of interest on the debentures issued to the Trusts at any time or from time to time for a period of up to ten consecutive semi-annual periods with respect to each deferral period. Under the terms of the debentures, if in certain circumstances there is an event of default under the debentures or the Company elects to defer interest on the debentures, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. | ||||||||||||
Despite the fact that the Trusts are not included in the Company’s consolidated financial statements, $97 million of the $101 million in trust preferred securities issued by these subsidiary trusts is included in the Tier 1 capital of the Company for regulatory capital purposes as allowed by the Federal Reserve Board (NBT Bank owns $1.0 million of CNBF Trust I securities). The Dodd-Frank Act requires bank holding companies with assets greater than $500 million to be subject to the same capital requirements as insured depository institutions, meaning, for instance, that such bank holding companies will not be able to count trust preferred securities issued after May 19, 2010 as Tier 1 capital. The aforementioned Trusts are grandfathered with respect to this enactment based on their date of issuance. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(12) Income Taxes | |||||||||||||
The significant components of income tax expense attributable to operations are: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 23,536 | $ | 21,011 | $ | 29,274 | |||||||
State | 2,316 | 1,815 | 1,477 | ||||||||||
25,852 | 22,826 | 30,751 | |||||||||||
Deferred | |||||||||||||
Federal | 2,334 | (13 | ) | (8,129 | ) | ||||||||
State | 10 | 3 | (1,349 | ) | |||||||||
2,344 | (10 | ) | (9,478 | ) | |||||||||
Total income tax expense | $ | 28,196 | $ | 22,816 | $ | 21,273 | |||||||
Not included in the above table are items that were recorded to stockholders’ equity of approximately $7.0 million, ($0.1 million), and ($0.5 million) for 2013, 2012, and 2011, respectively, relating to deferred taxes on the unrealized (gain) loss on available for sale securities, tax benefits recognized with respect to stock options exercised, and deferred taxes related to pension plans. | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets | |||||||||||||
Allowance for loan and lease losses | $ | 26,729 | $ | 26,687 | |||||||||
Deferred compensation | 7,931 | 5,362 | |||||||||||
Postretirement benefit obligation | 2,596 | 1,600 | |||||||||||
Unrealized losses on securities available for sale | 5,900 | - | |||||||||||
Fair value adjustments from acquisitions | - | 3,633 | |||||||||||
Accrued liabilities | 3,265 | 1,524 | |||||||||||
Stock-based compensation expense | 7,862 | 5,726 | |||||||||||
Equipment leasing | 1,661 | - | |||||||||||
Other | 2,125 | 1,933 | |||||||||||
Total deferred tax assets | 58,069 | 46,465 | |||||||||||
Deferred tax liabilities | |||||||||||||
Pension and executive retirement | 17,417 | 7,676 | |||||||||||
Fair value adjustments from acquisitions | 2,070 | - | |||||||||||
Unrealized gains on securities available for sale | - | 10,939 | |||||||||||
Premises and equipment, primarily due to accelerated depreciation | 2,270 | 1,980 | |||||||||||
Equipment leasing | - | 582 | |||||||||||
Deferred loan costs | 1,624 | 873 | |||||||||||
Intangible amortization | 12,007 | 13,146 | |||||||||||
Other | 892 | 154 | |||||||||||
Total deferred tax liabilities | 36,280 | 35,350 | |||||||||||
Net deferred tax asset at year-end | 21,789 | 11,115 | |||||||||||
Net deferred tax asset (liability) at beginning of year | 11,115 | 5,953 | |||||||||||
Increase in net deferred tax asset | $ | 10,674 | $ | 5,162 | |||||||||
Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the available carryback period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Based on available evidence, gross deferred tax assets will ultimately be realized and a valuation allowance was not deemed necessary at December 31, 2013 and 2012. | |||||||||||||
A reconciliation of the beginning and ending balance of gross unrecognized tax benefits is as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | - | $ | 888 | $ | 3,081 | |||||||
Additions for tax positions of prior years | - | - | - | ||||||||||
Reduction for tax positions of prior years | - | (888 | ) | (2,193 | ) | ||||||||
Balance at December 31 | $ | - | $ | - | $ | 888 | |||||||
At December 31, 2013 and 2012, the Company had no ASC 740-10 unrecognized tax benefits with $.9 million of unrecognized tax benefits at December 31, 2011. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. During 2012 and 2011 there was a reduction of reserves for Federal tax benefits for expiration of the statute of limitations of prior years’ tax filings and in 2011 the Company reached a settlement with New York State on franchise tax examinations for the years 2003 through 2007. As a result, unrecognized tax benefits were reduced $0.9 million and $2.2 million for 2012 and 2011, respectively, with a reduction of tax expense of $0.8 million in 2012 and $1.5 million in 2011. | |||||||||||||
The Company is no longer subject to U.S. Federal tax examination by tax authorities for years prior to 2010 and New York State for years prior to 2008. | |||||||||||||
The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense. The total amount of accrued interest at December 31, 2011 was approximately $0.1 million. Net interest impacting the Company’s 2011 tax expense was $0.3 million. | |||||||||||||
The following is a reconciliation of the provision for income taxes to the amount computed by applying the applicable Federal statutory rate of 35% to income before taxes: | |||||||||||||
Years ended December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Federal income tax at statutory rate | $ | 31,482 | $ | 27,081 | $ | 27,711 | |||||||
Tax exempt income | (2,433 | ) | (2,536 | ) | (2,925 | ) | |||||||
Net increase in CSV of life insurance | (1,166 | ) | (908 | ) | (919 | ) | |||||||
Low income housing tax credits | (819 | ) | (629 | ) | (782 | ) | |||||||
State taxes, net of federal tax benefit | 1,512 | 1,182 | 764 | ||||||||||
State audit settlements | - | - | (681 | ) | |||||||||
Other, net | (380 | ) | (1,374 | ) | (1,895 | ) | |||||||
Income tax expense | $ | 28,196 | $ | 22,816 | $ | 21,273 |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
(13) Employee Benefit Plans | |||||||||||||||||||||||||
Defined Benefit Postretirement Plans | |||||||||||||||||||||||||
The Company has a qualified, noncontributory, defined benefit pension plan (“the Plan”) covering substantially all of its employees at December 31, 2013. Benefits paid from the plan are based on age, years of service, compensation, social security benefits, and are determined in accordance with defined formulas. The Company’s policy is to fund the pension plan in accordance with ERISA standards. Assets of the plan are invested in publicly traded stocks and bonds. Prior to January 1, 2000, the Plan was a traditional defined benefit plan based on final average compensation. On January 1, 2000, the Plan was converted to a cash balance plan with grandfathering provisions for existing participants. | |||||||||||||||||||||||||
The Company assumed a noncontributory, defined benefit pension plan in the Alliance acquisition. This plan covers certain Alliance full-time employees who met eligibility requirements on October 6, 2006, at which time all benefits were frozen. Under this plan, retirement benefits are primarily a function of both the years of service and the level of compensation. Effective May 1, 2013, this plan was merged into the Plan. The merging of the plans required a valuation as of the merger date and resulted in a $2.4 million adjustment to accumulated other comprehensive income. The merging of the plans did not have a significant impact on the Company’s financial statements and related footnotes. | |||||||||||||||||||||||||
In addition to the Plan, the Company provides supplemental employee retirement plans to certain current and former executives. The Company also assumed supplemental retirement plans for certain current and former executives in the Alliance acquisition. | |||||||||||||||||||||||||
The supplemental employee retirement plans and the defined benefit pension plan are collectively referred to herein as “Pension Benefits.” | |||||||||||||||||||||||||
Also, the Company provides certain health care benefits for retired employees. Benefits are accrued over the employees’ active service period. Only employees that were employed by NBT Bank on or before January 1, 2000 are eligible to receive postretirement health care benefits. The plan is contributory for participating retirees, requiring participants to absorb certain deductibles and coinsurance amounts with contributions adjusted annually to reflect cost sharing provisions and benefit limitations called for in the plan. Employees become eligible for these benefits if they reach normal retirement age while working for the Company. For eligible employees described above, the Company funds the cost of postretirement health care as benefits are paid. The Company elected to recognize the transition obligation on a delayed basis over twenty years. In addition, the Company assumed post-retirement medical life insurance benefits for certain Alliance employees, retirees and their spouses, if applicable, in the Alliance acquisition. These postretirement benefits are referred to herein as “Other Benefits.” | |||||||||||||||||||||||||
Accounting standards require an employer to: (1) recognize the overfunded or underfunded status of defined benefit postretirement plans, which is measured as the difference between plan assets at fair value and the benefit obligation, as an asset or liability in its balance sheet; (2) recognize changes in that funded status in the year in which the changes occur through comprehensive income; and (3) measure the defined benefit plan assets and obligations as of the date of its year-end balance sheet. | |||||||||||||||||||||||||
The components of accumulated other comprehensive loss, which have not yet been recognized as components of net periodic benefit cost, related to pensions and other postretirement benefits at December 31, 2013 are summarized below. The Company expects that $0.3 million in net actuarial loss and $0.2 million in prior service costs will be recognized as components of net periodic benefit cost in 2014. | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 11,286 | $ | 35,478 | $ | 1,628 | $ | 2,277 | |||||||||||||||||
Prior service cost | 118 | 141 | (521 | ) | (672 | ) | |||||||||||||||||||
Total amounts recognized in accumulated other comprehensive loss (pre-tax) | $ | 11,404 | $ | 35,619 | $ | 1,107 | $ | 1,605 | |||||||||||||||||
A December 31 measurement date is used for the pension, supplemental pension and postretirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and other postretirement benefits: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 85,129 | $ | 78,024 | $ | 4,071 | $ | 3,985 | |||||||||||||||||
Service cost | 2,493 | 3,122 | 23 | 20 | |||||||||||||||||||||
Interest cost | 3,223 | 3,145 | 286 | 155 | |||||||||||||||||||||
Plan participants' contributions | - | - | 269 | 233 | |||||||||||||||||||||
Actuarial(gain) loss | (10,853 | ) | 5,941 | (369 | ) | 136 | |||||||||||||||||||
Amendments | - | (1,006 | ) | (54 | ) | - | |||||||||||||||||||
Acquisition | 10,958 | - | 3,928 | - | |||||||||||||||||||||
Benefits paid | (5,283 | ) | (4,097 | ) | (726 | ) | (458 | ) | |||||||||||||||||
Projected benefit obligation at end of year | 85,667 | 85,129 | 7,428 | 4,071 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 99,704 | 91,575 | - | - | |||||||||||||||||||||
Actual return on plan assets | 18,451 | 11,733 | - | - | |||||||||||||||||||||
Acquisition | 4,994 | - | - | - | |||||||||||||||||||||
Employer contributions | 708 | 493 | 457 | 225 | |||||||||||||||||||||
Plan participants' contributions | - | - | 269 | 233 | |||||||||||||||||||||
Benefits paid | (5,283 | ) | (4,097 | ) | (726 | ) | (458 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 118,574 | 99,704 | - | - | |||||||||||||||||||||
Funded status at year end | $ | 32,907 | $ | 14,575 | $ | (7,428 | ) | $ | (4,071 | ) | |||||||||||||||
Effective March 1, 2013, the pension plan was amended. Benefit accruals for participants who, as of January 1, 2000, elected to continue participating in the traditional defined benefit plan design were frozen as of March 1, 2013. This amendment resulted in a reduction to the projected benefit obligation as of December 31, 2012 as noted in the table above. | |||||||||||||||||||||||||
The funded status of the pension and other postretirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2013 and 2012. An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan. The accumulated benefit obligation for pension benefits was $85.7 million and $85.1 million at December 31, 2013 and 2012, respectively. The accumulated benefit obligation for other postretirement benefits was $7.4 million and $4.1 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Other assets | $ | 48,189 | $ | 27,062 | $ | - | $ | - | |||||||||||||||||
Other liabilities | (15,282 | ) | (12,487 | ) | (7,428 | ) | (4,071 | ) | |||||||||||||||||
Funded status | $ | 32,907 | $ | 14,575 | $ | (7,428 | ) | $ | (4,071 | ) | |||||||||||||||
The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated: | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted average assumptions: | |||||||||||||||||||||||||
The following assumptions were used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 4.90% - 5.05 | % | 3.5 | % | 4.1 | % | |||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | |||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
The following assumptions were used to determine net periodic pension cost: | |||||||||||||||||||||||||
Discount rate | 3.5 | % | 4.1 | % | 5.15 | % | |||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | 8 | % | |||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
Net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the years ended December 31 included the following components: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 2,493 | $ | 3,122 | $ | 2,589 | $ | 23 | $ | 20 | $ | 17 | |||||||||||||
Interest cost | 3,223 | 3,145 | 3,544 | 286 | 155 | 202 | |||||||||||||||||||
Expected return on plan assets | (7,804 | ) | (6,686 | ) | (7,720 | ) | - | - | - | ||||||||||||||||
Amortization of prior service cost | 23 | 283 | 309 | (205 | ) | (202 | ) | (202 | ) | ||||||||||||||||
Amortization of unrecognized net loss | 2,692 | 3,330 | 1,353 | 280 | 182 | 205 | |||||||||||||||||||
Net periodic pension cost | $ | 627 | $ | 3,194 | $ | 75 | $ | 384 | $ | 155 | $ | 222 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax) | |||||||||||||||||||||||||
Net loss (gain) | $ | (21,500 | ) | $ | 894 | $ | 16,108 | $ | (369 | ) | $ | 136 | $ | (562 | ) | ||||||||||
Prior service cost | - | (1,006 | ) | - | (54 | ) | - | - | |||||||||||||||||
Amortization of prior service cost | (23 | ) | (283 | ) | (309 | ) | 205 | 202 | 202 | ||||||||||||||||
Amortization of unrecognized net gain | (2,692 | ) | (3,330 | ) | (1,353 | ) | (280 | ) | (182 | ) | (205 | ) | |||||||||||||
Total recognized in other comprehensive loss (income) | (24,215 | ) | (3,725 | ) | 14,446 | (498 | ) | 156 | (565 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) - pre-tax | $ | (23,588 | ) | $ | (531 | ) | $ | 14,521 | $ | (114 | ) | $ | 311 | $ | (343 | ) | |||||||||
The following table sets forth estimated future benefit payments for the pension plans and other postretirement benefit plans: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||
2014 | 5,950 | 555 | |||||||||||||||||||||||
2015 | 6,090 | 565 | |||||||||||||||||||||||
2016 | 6,143 | 560 | |||||||||||||||||||||||
2017 | 9,199 | 576 | |||||||||||||||||||||||
2018 | 6,899 | 590 | |||||||||||||||||||||||
2019 - 2023 | 34,827 | 2,771 | |||||||||||||||||||||||
The Company is not required to make contributions to the defined benefit plan in 2014. | |||||||||||||||||||||||||
For measurement purposes, the annual rates of increase in the per capita cost of covered medical and prescription drug benefits for fiscal year 2013 were assumed to be 5.9 to 8.5 percent. The rates were assumed to decrease gradually to 5.0 percent for fiscal year 2021 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on amounts reported for health care plans. A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2014: | |||||||||||||||||||||||||
(In thousands) | One Percentage point increase | One Percentage point decrease | |||||||||||||||||||||||
Increase (decrease) on total service and interest cost components | $ | 37 | $ | (27 | ) | ||||||||||||||||||||
Increase (decrease) on postretirement accumulated benefit obligation | 768 | (567 | ) | ||||||||||||||||||||||
Plan Investment Policy | |||||||||||||||||||||||||
The Company’s key investment objectives in managing its defined benefit plan assets are to ensure that present and future benefit obligations to all participants and beneficiaries are met as they become due; to provide a total return that, over the long-term, maximizes the ratio of the plan assets to liabilities, while minimizing the present value of required Company contributions, at the appropriate levels of risk; to meet statutory requirements and regulatory agencies’ requirements; and to satisfy applicable accounting standards. The Company periodically evaluates the asset allocations, funded status, rate of return assumption and contribution strategy for satisfaction of our investment objectives. The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows: | |||||||||||||||||||||||||
Target 2013 | 2013 | 2012 | |||||||||||||||||||||||
Cash and cash equivalents | 0 - 20 | % | 6 | % | 5 | % | |||||||||||||||||||
Fixed income securities | 20 - 40 | % | 27 | % | 29 | % | |||||||||||||||||||
Equities | 40 - 80 | % | 67 | % | 66 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Only high-quality bonds are to be included in the portfolio. All issues that are rated lower than A by Standard and Poor’s are to be excluded. Equity securities at December 31, 2013 and 2012 do not include any Company common stock. The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||||||
Active Markets for | Other | Balance | |||||||||||||||||||||||
Identical Assets | Observable Inputs | as of | |||||||||||||||||||||||
(Level 1) | (Level 2) | 31-Dec-13 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 7,533 | $ | - | $ | 7,533 | |||||||||||||||||||
Foreign equity mutual funds | 15,653 | - | 15,653 | ||||||||||||||||||||||
Equity mutual funds | 16,727 | - | 16,727 | ||||||||||||||||||||||
US government bonds | - | 9,355 | 9,355 | ||||||||||||||||||||||
Corporate bonds | - | 19,665 | 19,665 | ||||||||||||||||||||||
Common stock | 44,532 | - | 44,532 | ||||||||||||||||||||||
Municipal bonds and notes | - | 1,451 | 1,451 | ||||||||||||||||||||||
Foreign bonds and notes | - | 1,392 | 1,392 | ||||||||||||||||||||||
Foreign equity | 2,266 | - | 2,266 | ||||||||||||||||||||||
Totals | $ | 86,711 | $ | 31,863 | $ | 118,574 | |||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||||||
Active Markets for | Other | Balance | |||||||||||||||||||||||
Identical Assets | Observable Inputs | as of | |||||||||||||||||||||||
(Level 1) | (Level 2) | 31-Dec-12 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 5,464 | $ | - | $ | 5,464 | |||||||||||||||||||
Foreign equity mutual funds | 9,763 | - | 9,763 | ||||||||||||||||||||||
Equity mutual funds | 13,110 | - | 13,110 | ||||||||||||||||||||||
US government bonds | - | 12,744 | 12,744 | ||||||||||||||||||||||
Corporate bonds | - | 13,604 | 13,604 | ||||||||||||||||||||||
Common stock | 40,430 | - | 40,430 | ||||||||||||||||||||||
Municipal bonds and notes | - | 1,805 | 1,805 | ||||||||||||||||||||||
Foreign bonds and notes | - | 1,137 | 1,137 | ||||||||||||||||||||||
Foreign equity | 1,647 | - | 1,647 | ||||||||||||||||||||||
Totals | $ | 70,414 | $ | 29,290 | $ | 99,704 | |||||||||||||||||||
The plan had no financial instruments recorded at fair value on a nonrecurring basis as of December 31, 2013. | |||||||||||||||||||||||||
Determination of Assumed Rate of Return | |||||||||||||||||||||||||
The expected long-term rate-of-return on assets is 7.5% at December 31, 2013. This assumption represents the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The assumption has been determined by reflecting expectations regarding future rates of return for the portfolio considering the asset distribution and related historical rates of return. The appropriateness of the assumption is reviewed annually. | |||||||||||||||||||||||||
Employee 401(k) and Employee Stock Ownership Plans | |||||||||||||||||||||||||
The Company maintains a 401(k) and employee stock ownership plan (the “401(k) Plan”). The Company contributes to the 401(k) Plan based on employees’ contributions out of their annual salaries. In addition, the Company may also make discretionary contributions to the 401(k) Plan based on profitability. Participation in the 401(k) Plan is contingent upon certain age and service requirements. The employer contributions associated with the 401(k) Plan were $2.1 million in 2013, $1.8 million in 2012, and $3.7 million in 2011. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
(14) Stock-Based Compensation | |||||||||||||||||
In April 2008, the Company adopted the NBT Bancorp Inc. 2008 Omnibus Incentive Plan (the “Plan”). Under the terms of the Plan, options and other equity-based awards are granted to directors and employees to increase their direct proprietary interest in the operations and success of the Company. The Plan assumed all prior equity-based incentive plans and any new equity-based awards are granted under the terms of the Plan. Under terms of the Plan, stock options are granted to purchase shares of the Company’s common stock at a price equal to the fair market value of the common stock on the date of the grant. Options granted have a vesting period of four years and terminate ten years from the date of the grant. Shares issued as a result of stock option exercises and vesting of restricted shares and stock unit awards are funded from the Company’s treasury stock. Restricted shares granted under the Plan vest after five years for employees and three years for non-employee directors. Restricted stock units granted under the Plan may have different terms and conditions. Performance shares and units granted under the Plan for executives may have different terms and conditions. | |||||||||||||||||
The per share weighted average fair value of stock options granted during 2013, 2012, and 2011 was $7.09, $4.57, and $5.45, respectively. The fair value of each award is estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the years ended December 31. Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Dividend yield | 3.2 | % | 3.94 | % | 3.31%–3.82 | % | |||||||||||
Expected volatility | 34.6 | % | 34.64 | % | 33.75%–34.36 | % | |||||||||||
Risk-free interest rates | 2.43 | % | 1.24 | % | 1.48%–2.81 | % | |||||||||||
Expected life | 7 years | 7 years | 7 years | ||||||||||||||
The following table summarizes information concerning stock options outstanding at December 31, 2013: | |||||||||||||||||
Number of Shares | Weighted average exercise price | Weighted Average Remaining Contractual Term (in yrs) | Aggregate Intrinsic Value | ||||||||||||||
Outstanding at January 1, 2013 | 1,695,562 | $ | 22.72 | ||||||||||||||
Granted | 120 | 26.29 | |||||||||||||||
Exercised | (335,103 | ) | 21.77 | ||||||||||||||
Forfeited | (495 | ) | 20.19 | ||||||||||||||
Expired | (18,584 | ) | 21.58 | ||||||||||||||
Outstanding at December 31, 2013 | 1,341,500 | $ | 22.98 | 3.89 | $ | 3,996,816 | |||||||||||
Exercisable at December 31, 2013 | 1,279,560 | $ | 23.08 | 3.78 | $ | 3,683,178 | |||||||||||
Expected to Vest | 61,044 | $ | 20.8 | 5.54 | $ | 311,352 | |||||||||||
Total stock-based compensation expense for stock option awards totaled $0.2 million, $0.5 million, and $0.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: | |||||||||||||||||
Years ended | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Proceeds from stock options exercised | $ | 7,927 | $ | 1,908 | $ | 2,255 | |||||||||||
Tax benefits related to stock options exercised | 178 | 8 | 341 | ||||||||||||||
Intrinsic value of stock options exercised | 905 | 498 | 897 | ||||||||||||||
Fair value of shares vested during the year | 766 | 1,656 | 1,597 | ||||||||||||||
The Company has outstanding restricted and deferred stock awards granted from various plans at December 31, 2013. The Company recognized $3.8 million, $3.7 million, and $3.2 million in stock-based compensation expense related to these stock awards for the years ended December 31, 2013, 2012, and 2011, respectively. Tax benefits recognized with respect to restricted stock awards and stock units were $1.5 million, $1.5 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. Unrecognized compensation cost related to restricted stock awards and stock units totaled $4.6 million at December 31, 2013 and will be recognized over 2.1 years on a weighted average basis. Shares issued are funded from the Company’s treasury stock. The following table summarizes information for unvested restricted stock awards outstanding as of December 31, 2013: | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
of | Grant Date Fair | ||||||||||||||||
Shares | Value | ||||||||||||||||
Unvested Restricted Stock Awards | |||||||||||||||||
Unvested at January 1, 2013 | 117,150 | $ | 24.37 | ||||||||||||||
Forfeited | (2,033 | ) | 23.25 | ||||||||||||||
Vested | (48,467 | ) | 26.1 | ||||||||||||||
Unvested at December 31, 2013 | 66,650 | $ | 23.15 | ||||||||||||||
The following table summarizes information for unvested restricted stock units outstanding as of December 31, 2013: | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
of | Grant Date Fair | ||||||||||||||||
Shares | Value | ||||||||||||||||
Unvested Restricted Stock Units | |||||||||||||||||
Unvested at January 1, 2013 | 406,058 | $ | 25.64 | ||||||||||||||
Forfeited | (6,467 | ) | - | ||||||||||||||
Vested | (69,333 | ) | - | ||||||||||||||
Granted | 209,592 | 20.81 | |||||||||||||||
Unvested at December 31, 2013 | 539,850 | $ | 27.36 | ||||||||||||||
The Company has 4.1 million securities remaining available to be granted as part of the Plan at December 31, 2013. |
Stockholders_Equity
Stockholders Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders Equity [Abstract] | ' | ||||||||
Stockholders Equity | ' | ||||||||
(15) Stockholders’ Equity | |||||||||
In accordance with accounting standards, unrealized gains on available for sale securities and unrecognized actuarial gains or losses and prior service costs associated with the Company’s pension and postretirement benefit plans are included in accumulated other comprehensive loss. For the years ended December 31, components of accumulated other comprehensive loss are: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Unrecognized prior service cost and net actuarial loss on pension plans | $ | (7,785 | ) | $ | (22,555 | ) | |||
Unrealized net holding (losses) gains on available for sale securities | (8,980 | ) | 16,675 | ||||||
Accumulated other comprehensive loss | $ | (16,765 | ) | $ | (5,880 | ) | |||
Certain restrictions exist regarding the ability of the subsidiary bank to transfer funds to the Company in the form of cash dividends. The approval of the Office of Comptroller of the Currency (“OCC”) is required to pay dividends when a bank fails to meet certain minimum regulatory capital standards or when such dividends are in excess of a subsidiary bank’s earnings retained in the current year plus retained net profits for the preceding two years as specified in applicable OCC regulations. At December 31, 2013, approximately $56.7 million of the total stockholders’ equity of the Bank was available for payment of dividends to the Company without approval by the OCC. The Bank’s ability to pay dividends also is subject to the Bank being in compliance with regulatory capital requirements. The Bank is currently in compliance with these requirements. Under the State of Delaware General Corporation Law, the Company may declare and pay dividends either out of accumulated net retained earnings or capital surplus. | |||||||||
In October 2004, the Company adopted a Stockholder Rights Plan (the “Plan”) designed to ensure that any potential acquirer of the Company negotiate with the board of directors and that all Company stockholders are treated equitably in the event of a takeover attempt. At that time, the Company paid a dividend of one Preferred Share Purchase Right (a “Right”) for each outstanding share of common stock of the Company. Similar rights are attached to each share of the Company’s common stock issued after November 16, 2004. Under the Plan, the Rights will not be exercisable until a person or group acquires beneficial ownership of 15% or more of the Company’s outstanding common stock or begins a tender or exchange offer for 15% or more of the Company’s outstanding common stock. Additionally, until the occurrence of such an event, the Rights are not severable from the Company’s common stock and, therefore, the Rights will be transferred upon the transfer of shares of the Company’s common stock. Upon the occurrence of such events, each Right entitles the holder to purchase one one-hundredth of a share of Series A Junior Participating Preferred Stock of the Company, no par value and $0.01 stated value per share, at a price of $70. | |||||||||
The Plan also provides that upon the occurrence of certain specified events, the holders of Rights will be entitled to acquire additional equity interests in the Company or in the acquiring entity and such interests will have a market value of two times the Right’s exercise price of $70. The Rights, which expire October 24, 2014, are redeemable in whole, but not in part, at the Company’s option prior to the time they are exercisable, for a price of $0.001 per Right. | |||||||||
Under a previously disclosed stock repurchase plan, the Company purchased 584,925 shares of its common stock during the twelve month period ended December 31, 2013, for a total of $12.5 million at an average price of $21.30 per share. This plan expired on December 31, 2013. On July 22, 2013, the NBT Board of Directors authorized a new repurchase program for NBT to repurchase up to an additional 1,000,000 shares of its outstanding common stock. This plan expires on December 31, 2014. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||
Regulatory Capital Requirements | ' | ||||||||||||||||
(16) Regulatory Capital Requirements | |||||||||||||||||
The Company and NBT Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, NBT Bank must meet specific capital guidelines that involve quantitative measures of NBT Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and NBT Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 Capital to risk-weighted assets and of Tier 1 capital to average assets. As of December 31, 2013 and 2012, the Company and NBT Bank meet all capital adequacy requirements to which they were subject. | |||||||||||||||||
Under their prompt corrective action regulations, regulatory authorities are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. The regulations establish a framework for the classification of banks into five categories: well capitalized, adequately capitalized, under capitalized, significantly under capitalized, and critically under capitalized. As of December 31, 2013, the most recent notification from NBT Bank’s regulators categorized NBT Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized NBT Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 capital to average asset ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed NBT Bank’s category. | |||||||||||||||||
The Company and NBT Bank’s actual capital amounts and ratios are presented as follows: | |||||||||||||||||
Actual | Regulatory ratio requirements | ||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Minimum | For classification | |||||||||||||
capital adequacy | as well capitalized | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Total Capital (to risk weighted assets): | |||||||||||||||||
Company | $ | 723,580 | 12.99 | % | 8 | % | 10 | % | |||||||||
NBT Bank | 686,194 | 12.41 | % | 8 | % | 10 | % | ||||||||||
Tier I Capital (to risk weighted assets) | |||||||||||||||||
Company | 653,950 | 11.74 | % | 4 | % | 6 | % | ||||||||||
NBT Bank | 617,038 | 11.16 | % | 4 | % | 6 | % | ||||||||||
Tier I Capital (to average assets) | |||||||||||||||||
Company | 653,950 | 8.93 | % | 4 | % | 5 | % | ||||||||||
NBT Bank | 617,038 | 8.47 | % | 4 | % | 5 | % | ||||||||||
As of December 31, 2012 | |||||||||||||||||
Total Capital (to risk weighted assets): | |||||||||||||||||
Company | $ | 560,745 | 12.25 | % | 8 | % | 10 | % | |||||||||
NBT Bank | 505,027 | 11.08 | % | 8 | % | 10 | % | ||||||||||
Tier I Capital (to risk weighted assets) | |||||||||||||||||
Company | 503,359 | 11 | % | 4 | % | 6 | % | ||||||||||
NBT Bank | 447,909 | 9.83 | % | 4 | % | 6 | % | ||||||||||
Tier I Capital (to average assets) | |||||||||||||||||
Company | 503,359 | 8.54 | % | 4 | % | 5 | % | ||||||||||
NBT Bank | 447,909 | 7.62 | % | 4 | % | 5 | % |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||||||||||||||
(17) Earnings Per Share | |||||||||||||||||||||||||||||||||||||
The following is a reconciliation of basic and diluted earnings per share for the years presented in the consolidated statements of income: | |||||||||||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||||||
Net | average | Per share | Net | average | Per share | Net | average | Per share | |||||||||||||||||||||||||||||
(In thousands, except per share data) | income | shares | amount | income | shares | amount | income | shares | amount | ||||||||||||||||||||||||||||
Basic earnings per share | $ | 61,747 | 41,930 | $ | 1.47 | $ | 54,558 | 33,379 | $ | 1.63 | $ | 57,901 | 33,662 | $ | 1.72 | ||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||||||
Stock based compensation | 420 | 340 | 262 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 61,747 | 42,350 | $ | 1.46 | $ | 54,558 | 33,719 | $ | 1.62 | $ | 57,901 | 33,924 | $ | 1.71 | ||||||||||||||||||||||
There were approximately 1.0 million, 1.2 million, and 1.3 million weighted average stock options for the years ended December 31, 2013, 2012, and 2011, respectively, that were not considered in the calculation of diluted earnings per share since the stock options’ exercise prices were greater than the average market price during these periods. |
Reclassification_Adjustments_O
Reclassification Adjustments Out of Other Comprehensive (Loss) Income | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Reclassification Adjustments Out of Other Comprehensive Loss income [Abstract] | ' | |||||||||
Reclassification Adjustments Out of Other Comprehensive (Loss) Income | ' | |||||||||
(18) Reclassification Adjustments Out of Other Comprehensive (Loss) Income | ||||||||||
The following table summarizes the reclassification adjustments out of accumulated other comprehensive loss (in thousands): | ||||||||||
Detail About Accumulated Other Comprehensive (Loss) | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the consolidated statement of comprehensive income | ||||||||
Income Components | ||||||||||
Years ended | ||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||
Available for sale securities: | ||||||||||
Gains on available for sale securities | $ | (1,426 | ) | $ | (599 | ) | Net securities gains | |||
Tax benefit | 565 | 237 | Income tax expense | |||||||
Net of tax | $ | (861 | ) | $ | (362 | ) | ||||
Pension and other benefits: | ||||||||||
Amortization of net gains | $ | 2,972 | $ | 3,512 | Salaries and employee benefits | |||||
Amortization of prior service costs | (182 | ) | 81 | Salaries and employee benefits | ||||||
Tax expense | 1,189 | 1,419 | Income tax expense | |||||||
Net of tax | $ | 1,601 | $ | 2,174 | ||||||
Total reclassifications during the period, net of tax | $ | 740 | $ | 1,812 |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingent Liabilities [Abstract] | ' | ||||||||
Commitments and Contingent Liabilities | ' | ||||||||
(19) Commitments and Contingent Liabilities | |||||||||
The Company’s concentrations of credit risk are reflected in the consolidated balance sheets. The concentrations of credit risk with standby letters of credit, unused lines of credit, commitments to originate new loans and loans sold with recourse generally follow the loan classifications. | |||||||||
At December 31, 2013, approximately 59% of the Company’s loans were secured by real estate located in central and upstate New York, northeastern Pennsylvania, western Massachusetts, southern New Hampshire, and the greater Burlington, Vermont area. Accordingly, the ultimate collectability of a substantial portion of the Company’s portfolio is susceptible to changes in market conditions of those areas. Management is not aware of any material concentrations of credit to any industry or individual borrowers. | |||||||||
The Company is a party to certain financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit, standby letters of credit, and certain mortgage loans sold to investors with recourse. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit, unused lines of credit, standby letters of credit, and loans sold with recourse is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. | |||||||||
At December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Unused lines of credit | $ | 216,658 | $ | 163,626 | |||||
Commitments to extend credits, primarily variable rate | 849,092 | 678,093 | |||||||
Standby letters of credit | 36,837 | 37,510 | |||||||
Commercial letters of credit | 41,263 | 16,607 | |||||||
Loans sold with recourse | 15,741 | 13,690 | |||||||
Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company does not issue any guarantees that would require liability-recognition or disclosure, other than its standby letters of credit. | |||||||||
The Company guarantees the obligations or performance of customers by issuing stand-by letters of credit to third parties. These stand-by letters of credit are frequently issued in support of third party debt, such as corporate debt issuances, industrial revenue bonds, and municipal securities. The risk involved in issuing stand-by letters of credit is essentially the same as the credit risk involved in extending loan facilities to customers, and letters of credit are subject to the same credit origination, portfolio maintenance and management procedures in effect to monitor other credit and off-balance sheet products. Typically, these instruments have terms of five years or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. The fair value of the Company’s stand-by letters of credit at December 31, 2013 and 2012 was not significant. | |||||||||
The total amount of loans serviced by the Company for unrelated third parties was approximately $554.4 million and $309.2 million at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, the Company had approximately $2.2 million and $1.2 million, respectively, of mortgage servicing rights. | |||||||||
In the normal course of business there are various outstanding legal proceedings. If legal costs are deemed material by management, the Company accrues for the estimated loss from a loss contingency if the information available indicates that it is probable that a liability had been incurred at the date of the financial statements, and the amount of loss can be reasonably estimated. The Company is a defendant to a class action lawsuit related to a previously disclosed class action lawsuit arising from its assessment and collection of fees on its checking account customers. As of December 31, 2013, the Company has accrued for the full amount of a preliminarily approved settlement, which if and when finally approved would entirely dispose of the action. A hearing with respect to such approval has been scheduled for June 27, 2014. In the opinion of management, the aggregate amount involved in such proceedings at December 31, 2013 is not material to the consolidated balance sheets or results of operations of the Company. | |||||||||
The Company is required to maintain reserve balances with the Federal Reserve Bank of New York. The required average total reserve for NBT Bank for the 14-day maintenance period ending December 25, 2013 was $48.7 million. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||||||
(20) Fair Values of Financial Instruments | |||||||||||||||||||||
The following table sets forth information with regard to estimated fair values of financial instruments at December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, securities available for sale, trading securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable, and interest rate swaps. | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying amount | Estimated fair value | Carrying amount | Estimated fair value | ||||||||||||||||
Financial assets | |||||||||||||||||||||
Securities held to maturity | 2 | $ | 117,283 | $ | 113,276 | $ | 60,563 | $ | 61,535 | ||||||||||||
Net loans | 3 | 5,337,361 | 5,386,520 | 4,208,282 | 4,313,244 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Time deposits | 2 | $ | 1,021,142 | $ | 1,023,982 | $ | 983,261 | $ | 994,376 | ||||||||||||
Long-term debt | 2 | 308,823 | 325,195 | 367,492 | 407,404 | ||||||||||||||||
Junior subordinated debt | 2 | 101,196 | 105,121 | 75,422 | 74,147 | ||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||||||
Fair value estimates are based on existing on and off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, the Company has a substantial trust and investment management operation that contributes net fee income annually. The trust and investment management operation is not considered a financial instrument, and its value has not been incorporated into the fair value estimates. Other significant assets and liabilities include the benefits resulting from the low-cost funding of deposit liabilities as compared to the cost of borrowing funds in the market, and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimate of fair value. | |||||||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||
The fair value of the Company’s investment securities held to maturity is primarily measured using information from a third party pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. | |||||||||||||||||||||
Net Loans | |||||||||||||||||||||
The fair value of the Company’s loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made for the same remaining maturities. Loans were first segregated by type, and then further segmented into fixed and variable rate and loan quality categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. | |||||||||||||||||||||
Time Deposits | |||||||||||||||||||||
The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. | |||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||
The fair value of long-term debt was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. | |||||||||||||||||||||
Trust Preferred Debentures | |||||||||||||||||||||
The fair value of trust preferred debentures has been estimated using a discounted cash flow analysis. | |||||||||||||||||||||
The following table sets forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value as of December 31, 2013 and December 31, 2012. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): | |||||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||||
Active Markets for | Other | Unobservable | Balance | ||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | as of | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||
U.S. Treasury | $ | 43,616 | $ | - | $ | - | $ | 43,616 | |||||||||||||
Federal Agency | - | 278,915 | - | 278,915 | |||||||||||||||||
State & municipal | - | 113,665 | - | 113,665 | |||||||||||||||||
Mortgage-backed | - | 364,164 | - | 364,164 | |||||||||||||||||
Collateralized mortgage obligations | - | 549,528 | - | 549,528 | |||||||||||||||||
Other securities | 6,796 | 8,197 | - | 14,993 | |||||||||||||||||
Total Securities Available for Sale | $ | 50,412 | $ | 1,314,750 | $ | - | $ | 1,364,881 | |||||||||||||
Trading Securities | 5,779 | - | - | 5,779 | |||||||||||||||||
Interest Rate Swaps | - | 281 | - | 281 | |||||||||||||||||
Total | $ | 56,191 | $ | 1,314,750 | $ | - | $ | 1,370,941 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest Rate Swaps | $ | - | $ | 281 | $ | - | $ | 281 | |||||||||||||
Total | $ | - | $ | 281 | $ | - | $ | 281 | |||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||||
Active Markets for | Other | Unobservable | Balance | ||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | as of | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 31-Dec-12 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||
U.S. Treasury | $ | 64,425 | $ | - | $ | - | $ | 64,425 | |||||||||||||
Federal Agency | - | 282,814 | - | 282,814 | |||||||||||||||||
State & municipal | - | 86,802 | - | 86,802 | |||||||||||||||||
Mortgage-backed | - | 250,281 | - | 250,281 | |||||||||||||||||
Collateralized mortgage obligations | - | 449,723 | - | 449,723 | |||||||||||||||||
Other securities | 8,672 | 5,282 | - | 13,954 | |||||||||||||||||
Total Securities Available for Sale | $ | 73,097 | $ | 1,074,902 | $ | - | $ | 1,147,999 | |||||||||||||
Trading Securities | 3,918 | - | - | 3,918 | |||||||||||||||||
Interest Rate Swaps | - | 1,490 | - | 1,490 | |||||||||||||||||
Total | $ | 77,015 | $ | 1,076,392 | $ | - | $ | 1,153,407 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest Rate Swaps | $ | - | $ | 1,490 | $ | - | $ | 1,490 | |||||||||||||
Total | $ | - | $ | 1,490 | $ | - | $ | 1,490 | |||||||||||||
Fair values for securities are based on quoted market prices or dealer quotes, where available. Where quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. When necessary, the Company utilizes matrix pricing from a third party pricing vendor to determine fair value pricing. Matrix prices are based on quoted prices for securities with similar coupons, ratings, and maturities, rather than on specific bids and offers for the designated security. | |||||||||||||||||||||
FASB ASC Topic 820 requires disclosure of assets and liabilities measured and recorded at fair value on a nonrecurring basis. In accordance with the provisions of FASB ASC Topic 310, the Company had collateral dependent impaired loans with a carrying value of approximately $5.0 million which had specific reserves included in the allowance for loan losses of $0.7 million at December 31, 2013. The Company uses the fair value of underlying collateral to estimate the specific reserves for collateral dependent impaired loans. The fair value of underlying collateral is generally determined through independent appraisals, which generally include various Level 3 inputs which are not identifiable. The appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 35%. Based on the valuation techniques used, the fair value measurements for collateral dependent impaired loans are classified as Level 3. | |||||||||||||||||||||
FASB ASC Topic 825 gives entities the option to measure eligible financial assets, financial liabilities and Company commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value under other accounting standards. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a Company commitment. Subsequent changes in fair value must be recorded in earnings. As of December 31, 2013 and 2012, the Company did not elect the fair value option for any eligible items. |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Financial Information [Abstract] | ' | ||||||||||||
Parent Company Financial Information | ' | ||||||||||||
(21) Parent Company Financial Information | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 3,741 | $ | 23,095 | |||||||||
Securities available for sale, at estimated fair value | 11,008 | 12,866 | |||||||||||
Trading securities | 4,742 | 3,371 | |||||||||||
Investment in subsidiaries, on equity basis | 896,479 | 635,851 | |||||||||||
Other assets | 49,530 | 48,324 | |||||||||||
Total assets | $ | 965,500 | $ | 723,507 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Total liabilities | $ | 148,931 | $ | 141,234 | |||||||||
Stockholders’ equity | 816,569 | 582,273 | |||||||||||
Total liabilities and stockholders’ equity | $ | 965,500 | $ | 723,507 | |||||||||
Condensed Income Statements | |||||||||||||
Years ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Dividends from subsidiaries | $ | 13,500 | $ | 79,175 | $ | 54,400 | |||||||
Management fee from subsidiaries | 84,778 | 78,665 | 69,430 | ||||||||||
Securities gains (losses) | 1,273 | 442 | (31 | ) | |||||||||
Interest, dividend and other income | 636 | 720 | 628 | ||||||||||
Total revenue | 100,187 | 159,002 | 124,427 | ||||||||||
Operating expense | 83,675 | 79,015 | 75,254 | ||||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 16,512 | 79,987 | 49,173 | ||||||||||
Income tax (expense) benefit | (1,046 | ) | (284 | ) | 1,340 | ||||||||
Dividends in excess of income (equity in undistributed income) of subsidiaries | 46,285 | (25,145 | ) | 7,388 | |||||||||
Net income | $ | 61,751 | $ | 54,558 | $ | 57,901 | |||||||
Statements of Cash Flow | |||||||||||||
Years ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating activities | |||||||||||||
Net income | $ | 61,751 | $ | 54,558 | $ | 57,901 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||
Stock-based compensation | 4,305 | 4,364 | 3,244 | ||||||||||
Gain on sales of available-for-sale securities | 1,273 | 442 | 31 | ||||||||||
Equity in undistributed income of subsidiaries | (59,785 | ) | (54,030 | ) | (61,788 | ) | |||||||
Cash dividend from subsidiaries | 13,500 | 79,175 | 54,400 | ||||||||||
Net change in other liabilities | (18,077 | ) | (3,181 | ) | 15,311 | ||||||||
Net change in other assets | 14,924 | 2,030 | (11,607 | ) | |||||||||
Net cash provided by operating activities | 17,891 | 83,358 | 57,492 | ||||||||||
Investing activities | |||||||||||||
Purchases of available-for-sale securities | - | (4,163 | ) | (968 | ) | ||||||||
Sales and maturities of available-for-sale securities | 1,948 | 1,445 | 71 | ||||||||||
Net cash provided by (used in) acquisitions | 2,232 | (14,612 | ) | - | |||||||||
Purchases of premises and equipment | (782 | ) | (1,240 | ) | (1,656 | ) | |||||||
Net cash provided by (used in) investing activities | 3,398 | (18,570 | ) | (2,553 | ) | ||||||||
Financing activities | |||||||||||||
Proceeds from the issuance of shares to employee benefit plans and other stock plans | 5,512 | 1,387 | 1,386 | ||||||||||
Payments on long-term debt | - | (3,340 | ) | (140 | ) | ||||||||
Purchases of treasury shares | (12,459 | ) | (15,490 | ) | (30,502 | ) | |||||||
Cash dividends and payments for fractional shares | (33,518 | ) | (26,712 | ) | (27,063 | ) | |||||||
Excess tax benefit from exercise of stock options | (178 | ) | 8 | 341 | |||||||||
Net cash used in financing activities | (40,643 | ) | (44,147 | ) | (55,978 | ) | |||||||
Net (decrease )increase in cash and cash equivalents | (19,354 | ) | 20,641 | (1,039 | ) | ||||||||
Cash and cash equivalents at beginning of year | 23,095 | 2,454 | 3,493 | ||||||||||
Cash and cash equivalents at end of year | $ | 3,741 | $ | 23,095 | $ | 2,454 | |||||||
A statement of changes in stockholders’ equity has not been presented since it is the same as the consolidated statement of changes in stockholders’ equity previously presented. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Consolidation | ' |
Consolidation | |
The accompanying consolidated financial statements include the accounts of NBT Bancorp and its wholly owned subsidiaries mentioned above. All material intercompany transactions have been eliminated in consolidation. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation. In the “Parent Company Financial Information,” the investment in subsidiaries is recorded using the equity method of accounting. | |
The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (“VIEs”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s wholly owned subsidiaries CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. | |
Segment Report | ' |
Segment Report | |
The Company’s operations are primarily in the community banking industry and include the provision of traditional banking services. The Company also provides other services through its subsidiaries such as insurance, retirement plan administration, and trust administration. The Company operates solely in the geographical regions of central and upstate New York, northeastern Pennsylvania, western Massachusetts, southern New Hampshire and Burlington, Vermont. The Company has no reportable operating segments. | |
Cash Equivalents | ' |
Cash Equivalents | |
The Company considers amounts due from correspondent banks, cash items in process of collection, and institutional money market mutual funds to be cash equivalents for purposes of the consolidated statements of cash flows. | |
Securities | ' |
Securities | |
The Company classifies its securities at date of purchase as either available for sale, held to maturity or trading. Held to maturity debt securities are those that the Company has the ability and intent to hold until maturity. Available for sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available for sale securities are excluded from earnings and are reported in stockholders’ equity and the statement of comprehensive income as a component of accumulated other comprehensive income or loss. Held to maturity securities are recorded at amortized cost. Trading securities are recorded at fair value, with net unrealized gains and losses recognized in income. Transfers of securities between categories are recorded at fair value at the date of transfer. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses or in other comprehensive income, depending on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss shall be recognized in earnings. The amount of the total other-than-temporary impairment related to other factors shall be recognized in other comprehensive income, net of applicable taxes. | |
In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the historical and implied volatility of the fair value of the security. | |
Non-marketable equity securities are carried at cost. | |
Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the interest method. Dividend and interest income are recognized when earned. Realized gains and losses on securities sold are derived using the specific identification method for determining the cost of securities sold. | |
Investments in Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock are required for membership in those organizations and are carried at cost since there is no market value available. The FHLB New York continues to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FHLB stock. | |
Loans | ' |
Loans | |
Loans are recorded at their current unpaid principal balance, net of unearned income and unamortized loan fees and expenses, which are amortized under the effective interest method over the estimated lives of the loans. Interest income on loans is accrued based on the principal amount outstanding. | |
For all loan classes within the Company’s loan portfolio, loans are placed on nonaccrual status when timely collection of principal and interest in accordance with contractual terms is doubtful. Loans are transferred to nonaccrual status generally when principal or interest payments become ninety days delinquent, unless the loan is well secured and in the process of collection, or sooner when management concludes circumstances indicate that borrowers may be unable to meet contractual principal or interest payments. When a loan is transferred to a nonaccrual status, all interest previously accrued in the current period but not collected is reversed against interest income in that period. Interest accrued in a prior period and not collected is charged-off against the allowance for loan losses. | |
If ultimate repayment of a nonaccrual loan is expected, any payments received are applied in accordance with contractual terms. If ultimate repayment of principal is not expected, any payment received on a nonaccrual loan is applied to principal until ultimate repayment becomes expected. For all loan classes within the Company’s loan portfolio, nonaccrual loans are returned to accrual status when they become current as to principal and interest and demonstrate a period of performance under the contractual terms and, in the opinion of management, are fully collectible as to principal and interest. For loans in all portfolios, the principal amount is charged off in full or in part as soon as management determines, based on available facts, that the collection of principal in full is improbable. For commercial loans, management considers specific facts and circumstances relative to individual credits in making such a determination. For consumer and residential loan classes, management uses specific guidance and thresholds from the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. | |
Commercial type loans are considered impaired when it is probable that the borrower will not repay the loan according to the original contractual terms of the loan agreement, and all loan types are considered impaired if the loan is restructured in a troubled debt restructuring (“TDR”). In determining that we will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreements, we consider factors such as payment history and changes in the financial condition of individual borrowers, local economic conditions, historical loss experience and the conditions of the various markets in which the collateral may be liquidated. | |
A loan is considered to be a TDR when the Company grants a concession to the borrower because of the borrower’s financial condition that the Company would not otherwise consider. Such concessions include the reduction of interest rates, forgiveness of all or a portion of principal or interest, or other modifications at interest rates that are less than the current market rate for new obligations with similar risk. TDR loans are nonaccrual loans; however, they can be returned to accrual status after a period of performance, generally evidenced by six months of compliance with their modified terms. | |
When the Company modifies a loan, management evaluates any possible impairment based on the present value of the expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized by segment or class of loan as applicable, through an allowance estimate or a charge-off to the allowance. Segment and class status is determined by the loan’s classification at origination. | |
Allowance for LoanLosses | ' |
Allowance for Loan Losses | |
The allowance for loan losses is the amount which, in the opinion of management, is necessary to absorb probable losses inherent in the loan portfolio. The allowance is determined based upon numerous considerations, including local and regional conditions, the growth and composition of the loan portfolio with respect to the mix between the various types of loans and their related risk characteristics, a review of the value of collateral supporting the loans, comprehensive reviews of the loan portfolio by the independent loan review staff and management, as well as consideration of volume and trends of delinquencies, nonperforming loans, and loan charge-offs. Loan losses are charged off against the allowance, while recoveries of amounts previously charged off are credited to the allowance. As a result of tests of adequacy, required additions to the allowance for loan losses are made periodically by charges to the provision for loan losses. | |
The allowance for loan losses related to impaired loans specifically allocated for impairment is based on discounted cash flows using the loan’s initial effective interest rate or the fair value of the collateral for certain loans where repayment of the loan is expected to be provided solely by the underlying collateral (collateral dependent loans). The Company’s impaired loans are generally collateral dependent. The Company considers the estimated cost to sell, on a discounted basis, when determining the fair value of collateral in the measurement of impairment if those costs are expected to reduce the cash flows available to repay or otherwise satisfy the loans. | |
Management believes that the allowance for loan losses is adequate. While management uses available information to recognize loan losses, future additions to the allowance for loan losses may be necessary based on changes in economic conditions or changes in the values of properties securing loans in the process of foreclosure. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination which may not be currently available to management. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises and equipment are stated at cost, less accumulated depreciation. Depreciation of premises and equipment is determined using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance, repairs, and minor replacements are charged to expense as incurred. | |
Other Real Estate Owned | ' |
Other Real Estate Owned | |
OREO consists of properties acquired through foreclosure or by acceptance of a deed in lieu of foreclosure. These assets are recorded at the lower of fair value of the asset acquired less estimated costs to sell or “cost” (defined as the fair value at initial foreclosure). At the time of foreclosure, or when foreclosure occurs in-substance, the excess, if any, of the loan over the fair market value of the assets received, less estimated selling costs, is charged to the allowance for loan losses and any subsequent valuation write-downs are charged to other expense. In connection with the determination of the allowance for loan losses and the valuation of other real estate owned, management obtains appraisals for properties. Operating costs associated with the properties are charged to expense as incurred. Gains on the sale of OREO are included in income when title has passed and the sale has met the minimum down payment requirements prescribed by GAAP. The balance of OREO at December 31, 2013 and 2012 was approximately $2.9 million and $2.3 million, respectively, and is recorded in Other Assets on the Consolidated Balance Sheet. | |
Acquired Loans | ' |
Acquired Loans | |
Acquired loans are initially measured at fair value as of the acquisition date without carryover of historical allowance for loan losses. | |
For loans that meet the criteria stipulated in ASC 310-30, the Company shall recognize the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference shall not be recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Decreases in the expected cash flows in subsequent periods require the establishment of an allowance for loan losses. Improvements in expected cash flows in future periods result in a reduction of the nonaccretable discount, with such amount reclassified as part of the accretable yield and subsequently recognized in interest income over the remaining lives of the acquired loans on a level-yield basis if the amount and timing of future cash flows is reasonably estimable. | |
Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, the Company may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. As such, charge-offs on acquired loans are first applied to the nonaccretable difference and then to any allowance for loan losses recognized subsequent to acquisition. | |
For loans that meet the criteria stipulated in ASC 310-20, the Company shall amortize/accrete into interest income the premium/discount determined at the date of purchase on a level-yield basis over the life of the loan. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses are similar to originated loans. Loans accounted for under ASC 310-20 are placed on nonaccrual status when past due in accordance with the Company's nonaccrual policy. | |
Subsequent to acquisition the estimate of cash flows expected to be collected on loans accounted for in accordance with ASC 310-20 is periodically re-assessed. These re-assessments involve the use of key assumptions and estimates, similar to those used in the initial estimate of fair value. A decrease in expected cash flows in subsequent periods may indicate that the loan pool is impaired, which would require the establishment of an allowance for loan losses by a charge to the provision for credit losses. | |
An acquired loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. In the event of a sale of the loan, a gain or loss on sale is recognized and reported within noninterest income based on the difference between the sales proceeds and the carrying amount of the loan. In other cases, individual loans are removed from the pool based on comparing the amount received from its resolution (fair value of the underlying collateral less costs to sell in the case of a foreclosure) with its outstanding balance. Any difference between these amounts is recorded as a charge-off through the allowance for loan losses. Acquired loans subject to modification are not removed from the pool even if those loans would otherwise be deemed troubled debt restructurings as the pool, and not the individual loan, represents the unit of account. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill and intangible assets that have indefinite useful lives are not amortized, but are tested at least annually for impairment. Intangible assets that have finite useful lives are amortized over their useful lives. Core deposit intangibles and trust intangibles at the Company are amortized using the sum-of-the-years’-digits method. Covenants not to compete are amortized on a straight-line basis. Customer lists are amortized using an accelerated method. | |
When facts and circumstances indicate potential impairment of amortizable intangible assets, the Company evaluates the recoverability of the asset carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. Goodwill impairment tests are performed on an annual basis or when events or circumstances dictate. In these tests, the fair values of each reporting unit, or segment, is compared to the carrying amount of that reporting unit in order to determine if impairment is indicated. If so, the implied fair value of the reporting unit’s goodwill is compared to its carrying amount and the impairment loss is measured by the excess of the carrying value over fair value. | |
Treasury Stock | ' |
Treasury Stock | |
Treasury stock acquisitions are recorded at cost. Subsequent sales of treasury stock are recorded on an average cost basis. Gains on the sale of treasury stock are credited to additional paid-in-capital. Losses on the sale of treasury stock are charged to additional paid-in-capital to the extent of previous gains, otherwise charged to retained earnings. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
We maintain various long-term incentive stock benefit plans under which we grant stock options, restricted stock awards, and restricted stock units to certain directors and key employees. We recognize compensation expense in our income statement over the requisite service period, based on the grant-date fair value of the award. The fair values of options are estimated using the Black-Scholes option pricing model. For restricted stock awards and units, we recognize compensation expense ratably over the vesting period for the fair value of the award, measured at the grant date. | |
The Company’s stock-based employee compensation plan is described in Note 14 “Stock-Based Compensation,” of this Report. | |
Interest Rate Swaps | ' |
Interest Rate Swaps | |
The Bank offers interest rate swap agreements to its customers. These agreements allow the Bank’s customers to effectively fix the interest rate on a variable rate loan by entering into a separate agreement. Simultaneous with the execution of such an agreement with a customer, the Bank enters into a matching interest rate swap agreement with an unrelated third party provider, which allows the Bank to continue to receive the historical variable rate under the loan agreement with the customer. The agreement with the third party is not a hedge contract therefore changes in fair value are recorded through earnings. Assets and liabilities associated with the agreements are recorded in other assets and other liabilities on the balance sheet. Gains and losses are recorded as other noninterest income. The Bank is not subject to any fee or penalty should the customer elect to terminate the interest rate swap agreement prior to maturity. The Bank is exposed to credit loss equal to the fair value of the derivatives (not the notional amount of the derivatives) in the event of nonperformance by the counterparty to the interest rate swap agreements. Additionally, the Bank receives a fee from the customer that is recognized when the Bank has fulfilled its obligations under each agreement, which is generally upon execution of the agreement with the Bank’s customer. Since the terms of the two interest rate swap agreements are identical, the income statement impact to the Bank is generally limited to the fees it receives from the customer. | |
Other Financial Instruments | ' |
Other Financial Instruments | |
The Company is a party to certain other financial instruments with off-balance-sheet risk such as commitments to extend credit, unused lines of credit, as well as certain mortgage loans sold to investors with recourse. The Company’s policy is to record such instruments when funded. | |
Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Under the standby letters of credit, the Company is required to make payments to the beneficiary of the letters of credit upon request by the beneficiary contingent upon the customer's failure to perform under the terms of the underlying contract with the beneficiary. Standby letters of credit typically have one year expirations with an option to renew upon annual review. The Company typically receives a fee for these transactions. The fair value of stand-by letters of credit is recorded upon inception. | |
Loan Sales and Loan Servicing | ' |
Loan Sales and Loan Servicing | |
The Company originates and services residential mortgage loans for consumers and sells 15-year, 20-year and 30-year residential real estate mortgages in the secondary market when the interest rate environment is determined to be favorable by management, while retaining servicing rights on the sold loans. Loan sales are recorded when the sales are funded. Mortgage servicing rights are recorded at fair value upon sale of the loan. Loans held for sale are recorded at the lower of cost or market. | |
Repurchase Agreements | ' |
Repurchase Agreements | |
Repurchase agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in the Consolidated Balance Sheets. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell to the Company the same securities at the maturities of the agreements. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock). | |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events for potential recognition and/or disclosure and there were none identified. | |
Comprehensive Income | ' |
Comprehensive Income | |
At the Company, comprehensive income represents net income plus other comprehensive income (loss), which consists primarily of the net change in unrealized gains or losses on securities available for sale for the period and changes in the funded status of employee benefit plans. Accumulated other comprehensive (loss) income represents the net unrealized gains or losses on securities available for sale and the previously unrecognized portion of the funded status of employee benefit plans, net of income taxes, as of the consolidated balance sheet dates. | |
Pension Costs | ' |
Pension Costs | |
The Company maintains a noncontributory, defined benefit pension plan covering substantially all employees, as well as supplemental employee retirement plans covering certain executives and a defined benefit postretirement healthcare plan that covers certain employees. Costs associated with these plans, based on actuarial computations of current and future benefits for employees, are charged to current operating expenses. | |
Trust Operations | ' |
Trust Operations | |
Assets held by the Company in a fiduciary or agency capacity for its customers are not included in the accompanying consolidated balance sheets, since such assets are not assets of the Company. Trust income is recognized on the accrual method based on contractual rates applied to the balances of trust accounts. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. A fair value hierarchy 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 are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |
Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |
The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, many other sovereign government obligations, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within level 1 or level 2 of the fair value hierarchy. The Company does not adjust the quoted price for such instruments. | |
The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds, less liquid mortgage products, less liquid agency securities, less liquid listed equities, state, municipal and provincial obligations, and certain physical commodities. Such instruments are generally classified within level 2 of the fair value hierarchy. | |
Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate will be used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions [Abstract] | ' | ||||||||
Consideration paid, assets acquired, and liabilities assumed | ' | ||||||||
In connection with the merger, the consideration paid and the fair value of the assets acquired and the liabilities assumed on the date of acquisition are as summarized in the following table, in thousands: | |||||||||
Consideration paid: | |||||||||
NBT Bancorp common stock issued to Alliance common shareholders | $ | 225,551 | |||||||
Cash in lieu of fractional shares paid to Alliance common shareholders | 11 | ||||||||
Less treasury shares | 5,779 | ||||||||
Net consideration paid | $ | 219,783 | |||||||
Recognized Amounts of Identifiable Assets Acquired and (Liabilities Assumed) At Fair Value: | |||||||||
Cash and short term investments | $ | 81,060 | |||||||
Securities | 320,618 | ||||||||
Loans and leases | 904,473 | ||||||||
Intangible assets | 13,161 | ||||||||
Other assets | 72,731 | ||||||||
Deposits | (1,113,420 | ) | |||||||
Borrowings | (126,530 | ) | |||||||
Junior subordinated debt | (25,774 | ) | |||||||
Other liabilities | (19,994 | ) | |||||||
Total identifiable net assets | $ | 106,325 | |||||||
Goodwill | $ | 113,458 | |||||||
Schedule of Acquired Loan Portfolio | ' | ||||||||
Information about the acquired loan portfolio as of March 8, 2013 is as follows (in thousands): | |||||||||
Contractually required principal and interest at acquisition | $ | 908,614 | |||||||
Contractual cash flows not expected to be collected | (15,466 | ) | |||||||
Expected cash flows at acquisition | 893,148 | ||||||||
Interest component of expected cash flows | 11,325 | ||||||||
Fair value of acquired loans | $ | 904,473 | |||||||
Schedule of unaudited pro forma amounts related to acquisition | ' | ||||||||
The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2012 under the “Pro forma” columns. This pro forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit and other intangibles and related income tax effects. Merger and acquisition integration costs related to the Alliance acquisition are excluded from the periods in which they were incurred. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Alliance at the beginning of 2012. Cost savings are also not reflected in the unaudited pro forma amounts for the twelve months ended December 31, 2012 and 2013. | |||||||||
Pro forma | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net interest income | $ | 244,383 | $ | 244,142 | |||||
Noninterest income | 107,894 | 106,178 | |||||||
Net income | 70,341 | 62,694 |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale | ' | ||||||||||||||||||||||||||||||||||||
The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized cost | Unrealized gains | Unrealized losses | Estimated fair value | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 43,279 | $ | 337 | $ | - | $ | 43,616 | |||||||||||||||||||||||||||||
Federal Agency | 285,880 | 343 | 7,308 | 278,915 | |||||||||||||||||||||||||||||||||
State & municipal | 113,435 | 1,842 | 1,612 | 113,665 | |||||||||||||||||||||||||||||||||
Mortgage-backed: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 337,666 | 5,788 | 2,131 | 341,323 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 21,924 | 1,002 | 85 | 22,841 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 521,257 | 1,777 | 18,141 | 504,893 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 43,943 | 794 | 102 | 44,635 | |||||||||||||||||||||||||||||||||
Other securities | 12,367 | 2,854 | 228 | 14,993 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,379,751 | $ | 14,737 | $ | 29,607 | $ | 1,364,881 | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 63,668 | $ | 757 | $ | - | $ | 64,425 | |||||||||||||||||||||||||||||
Federal Agency | 281,398 | 1,507 | 91 | 282,814 | |||||||||||||||||||||||||||||||||
State & municipal | 82,675 | 4,127 | - | 86,802 | |||||||||||||||||||||||||||||||||
Mortgage-backed: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 221,110 | 11,175 | - | 232,285 | |||||||||||||||||||||||||||||||||
U.S. government securities | 16,351 | 1,645 | - | 17,996 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | 399,147 | 4,418 | - | 403,565 | |||||||||||||||||||||||||||||||||
U.S. government securities | 44,825 | 1,333 | - | 46,158 | |||||||||||||||||||||||||||||||||
Other securities | 11,210 | 2,832 | 88 | 13,954 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,120,384 | $ | 27,794 | $ | 179 | $ | 1,147,999 | |||||||||||||||||||||||||||||
Schedule of sales transactions of securities available for sale | ' | ||||||||||||||||||||||||||||||||||||
The following table sets forth information with regard to sales transactions of securities available for sale: | |||||||||||||||||||||||||||||||||||||
Years ended December 31 | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 27,593 | $ | 1,790 | $ | 2,437 | |||||||||||||||||||||||||||||||
Gross realized gains | $ | 1,283 | $ | 442 | $ | 7 | |||||||||||||||||||||||||||||||
Gross realized losses | - | - | (165 | ) | |||||||||||||||||||||||||||||||||
Net securities (losses) gains | $ | 1,283 | $ | 442 | $ | (158 | ) | ||||||||||||||||||||||||||||||
Amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity | ' | ||||||||||||||||||||||||||||||||||||
The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows: | |||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||||||||||||||||||||||
(In thousands) | cost | gains | losses | fair value | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed | $ | 953 | $ | 128 | $ | - | $ | 1,081 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 62,025 | - | 4,569 | 57,456 | |||||||||||||||||||||||||||||||||
State & municipal | 54,305 | 442 | 8 | 54,739 | |||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 117,283 | $ | 570 | $ | 4,577 | $ | 113,276 | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed | $ | 1,168 | $ | 184 | $ | - | $ | 1,352 | |||||||||||||||||||||||||||||
State & municipal | 59,395 | 788 | - | 60,183 | |||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 60,563 | $ | 972 | $ | - | $ | 61,535 | |||||||||||||||||||||||||||||
Investment securities with unrealized losses | ' | ||||||||||||||||||||||||||||||||||||
The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2013 and 2012, segregated according to the length of time the securities had been in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
Security Type: | Fair | Unrealized | Number | Fair | Unrealized | Number | Fair | Unrealized | Number | ||||||||||||||||||||||||||||
Value | losses | of | Value | losses | of | Value | losses | of | |||||||||||||||||||||||||||||
Positions | Positions | Positions | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||
Federal agency | $ | 233,935 | $ | (6,927 | ) | 20 | $ | 9,619 | $ | (381 | ) | 1 | $ | 243,554 | $ | (7,308 | ) | 21 | |||||||||||||||||||
State & municipal | 50,328 | (1,612 | ) | 177 | - | - | - | 50,328 | (1,612 | ) | 177 | ||||||||||||||||||||||||||
Mortgage-backed | 143,080 | (2,216 | ) | 79 | - | - | - | 143,080 | (2,216 | ) | 79 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 379,273 | (18,243 | ) | 36 | - | - | - | 379,273 | (18,243 | ) | 36 | ||||||||||||||||||||||||||
Other securities | 5,490 | (203 | ) | 2 | 223 | (25 | ) | 1 | 5,713 | (228 | ) | 3 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 812,106 | $ | (29,201 | ) | 314 | $ | 9,842 | $ | (406 | ) | 2 | $ | 821,948 | $ | (29,607 | ) | 316 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 57,456 | $ | (4,569 | ) | 5 | $ | - | $ | - | - | $ | 57,456 | $ | (4,569 | ) | 5 | ||||||||||||||||||||
State & municipal | 1,012 | (8 | ) | 1 | - | - | - | 1,012 | (8 | ) | 1 | ||||||||||||||||||||||||||
Total securities with unrealized losses | $ | 58,468 | $ | (4,577 | ) | 6 | $ | - | $ | - | - | $ | 58,468 | $ | (4,577 | ) | 6 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||
Federal agency | $ | 39,906 | $ | (91 | ) | 4 | $ | - | $ | - | - | $ | 39,906 | $ | (91 | ) | 4 | ||||||||||||||||||||
Collateralized mortgage obligations | 23 | - | 2 | - | - | - | 23 | - | 2 | ||||||||||||||||||||||||||||
Other securities | 468 | (6 | ) | 1 | 167 | (82 | ) | 1 | 635 | (88 | ) | 2 | |||||||||||||||||||||||||
Total securities with unrealized losses | $ | 40,397 | $ | (97 | ) | 7 | $ | 167 | $ | (82 | ) | 1 | $ | 40,564 | $ | (179 | ) | 8 | |||||||||||||||||||
Contractual maturities of debt securities | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2013: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Estimated fair | |||||||||||||||||||||||||||||||||||
cost | value | ||||||||||||||||||||||||||||||||||||
Debt securities classified as available for sale | |||||||||||||||||||||||||||||||||||||
Within one year | $ | 27,894 | $ | 28,030 | |||||||||||||||||||||||||||||||||
From one to five years | 261,703 | 261,526 | |||||||||||||||||||||||||||||||||||
From five to ten years | 300,051 | 297,837 | |||||||||||||||||||||||||||||||||||
After ten years | 777,736 | 762,495 | |||||||||||||||||||||||||||||||||||
$ | 1,367,384 | $ | 1,349,888 | ||||||||||||||||||||||||||||||||||
Debt securities classified as held to maturity | |||||||||||||||||||||||||||||||||||||
Within one year | $ | 24,680 | $ | 24,766 | |||||||||||||||||||||||||||||||||
From one to five years | 22,791 | 23,148 | |||||||||||||||||||||||||||||||||||
From five to ten years | 5,489 | 5,481 | |||||||||||||||||||||||||||||||||||
After ten years | 64,323 | 59,881 | |||||||||||||||||||||||||||||||||||
$ | 117,283 | $ | 113,276 |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loans [Abstract] | ' | ||||||||
Loans, net of deferred fees and origination costs | ' | ||||||||
A summary of loans, net of deferred fees and origination costs, by category is as follows: | |||||||||
At December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Residential real estate mortgages | $ | 1,041,637 | $ | 651,107 | |||||
Commercial | 859,026 | 694,799 | |||||||
Commercial real estate | 1,328,313 | 1,072,807 | |||||||
Real estate construction and development | 93,247 | 123,078 | |||||||
Agricultural and agricultural real estate mortgages | 112,035 | 112,687 | |||||||
Consumer | 1,352,638 | 1,047,856 | |||||||
Home equity | 619,899 | 575,282 | |||||||
Total loans | $ | 5,406,795 | $ | 4,277,616 | |||||
Related Party Loans | ' | ||||||||
In the ordinary course of business, the Company has made loans at prevailing rates and terms to directors, officers, and other related parties. Such loans, in management’s opinion, do not present more than the normal risk of collectability or incorporate other unfavorable features. The aggregate amount of loans outstanding to qualifying related parties and changes during the years are summarized as follows: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Balance at January 1 | $ | 2,790 | $ | 2,537 | |||||
New loans | 569 | 750 | |||||||
Adjustment due to change in composition of related parties | 376 | (130 | ) | ||||||
Repayments | (363 | ) | (367 | ) | |||||
Balance at December 31 | $ | 3,372 | $ | 2,790 |
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Credit Quality of Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality of Loans and Leases [Abstract] | ' | ||||||||||||||||||||||||||||
Allowance for loan losses by portfolio | ' | ||||||||||||||||||||||||||||
The following table illustrates the changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Years ended December 31 | Commercial | Consumer | Real Estate | ||||||||||||||||||||||||||
Loans | Loans | Mortgages | Unallocated | Total | |||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 35,624 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 69,334 | |||||||||||||||||||
Charge-offs | (10,459 | ) | (15,459 | ) | (1,771 | ) | - | (27,689 | ) | ||||||||||||||||||||
Recoveries | 1,957 | 3,136 | 272 | - | 5,365 | ||||||||||||||||||||||||
Provision | 7,968 | 12,855 | 1,767 | (166 | ) | 22,424 | |||||||||||||||||||||||
Ending Balance as of December 31, 2013 | $ | 35,090 | $ | 27,694 | $ | 6,520 | $ | 130 | $ | 69,434 | |||||||||||||||||||
Balance as of December 31, 2011 | $ | 38,831 | $ | 26,049 | $ | 6,249 | $ | 205 | $ | 71,334 | |||||||||||||||||||
Charge-offs | (8,750 | ) | (15,848 | ) | (1,906 | ) | - | (26,504 | ) | ||||||||||||||||||||
Recoveries | 1,641 | 2,556 | 38 | - | 4,235 | ||||||||||||||||||||||||
Provision | 3,902 | 14,405 | 1,871 | 91 | 20,269 | ||||||||||||||||||||||||
Ending Balance as of December 30, 2012 | $ | 35,624 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 69,334 | |||||||||||||||||||
Balance as of December 31, 2010 | $ | 40,101 | $ | 26,126 | $ | 4,627 | $ | 380 | $ | 71,234 | |||||||||||||||||||
Charge-offs | (8,969 | ) | (14,209 | ) | (1,310 | ) | - | (24,488 | ) | ||||||||||||||||||||
Recoveries | 1,438 | 2,406 | 7 | - | 3,851 | ||||||||||||||||||||||||
Provision | 6,261 | 11,726 | 2,925 | (175 | ) | 20,737 | |||||||||||||||||||||||
Ending Balance as of December 30, 2011 | $ | 38,831 | $ | 26,049 | $ | 6,249 | $ | 205 | $ | 71,334 | |||||||||||||||||||
The following table illustrates the allowance for loan losses and the recorded investment by portfolio segment as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Commercial | Consumer | Real Estate | |||||||||||||||||||||||||||
Loans | Loans | Mortgages | Unallocated | Total | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Allowance for loan losses | $ | 35,090 | $ | 27,694 | $ | 6,520 | $ | 130 | $ | 69,434 | |||||||||||||||||||
Allowance for loans individually evaluated for impairment | 715 | - | - | 715 | |||||||||||||||||||||||||
Allowance for loans collectively evaluated for impairment | $ | 34,375 | $ | 27,694 | $ | 6,520 | $ | 130 | $ | 68,719 | |||||||||||||||||||
Ending balance of loans | $ | 2,392,621 | $ | 1,972,537 | $ | 1,041,637 | $ | 5,406,795 | |||||||||||||||||||||
Ending balance of originated loans individually evaluated for impairment | 16,120 | 3,248 | 2,012 | 21,380 | |||||||||||||||||||||||||
Ending balance of acquired loans individually evaluated for impairment | 10,060 | - | - | 10,060 | |||||||||||||||||||||||||
Ending balance of acquired loans collectively evaluated for impairment | 392,329 | 219,587 | 308,416 | 920,332 | |||||||||||||||||||||||||
Ending balance of originated loans collectively evaluated for impairment | $ | 1,974,112 | $ | 1,749,702 | $ | 731,209 | $ | 4,455,023 | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 35,624 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 69,334 | |||||||||||||||||||
Allowance for loans and leases individually evaluated for impairment | 2,848 | - | - | 2,848 | |||||||||||||||||||||||||
Allowance for loans and leases collectively evaluated for impairment | $ | 32,776 | $ | 27,162 | $ | 6,252 | $ | 296 | $ | 66,486 | |||||||||||||||||||
Ending balance of loans and leases | $ | 2,003,371 | $ | 1,623,138 | $ | 651,107 | $ | 4,277,616 | |||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | 18,505 | 2,553 | 2,011 | 23,069 | |||||||||||||||||||||||||
Ending balance of loans collectively evaluated for impairment | $ | 1,984,866 | $ | 1,620,585 | $ | 649,096 | $ | 4,254,547 | |||||||||||||||||||||
Past due and nonperforming loans by loan class | ' | ||||||||||||||||||||||||||||
The following table illustrates the Company’s nonaccrual loans by loan class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 3,669 | $ | 4,985 | |||||||||||||||||||||||||
Commercial Real Estate | 7,834 | 7,977 | |||||||||||||||||||||||||||
Agricultural | 1,135 | 699 | |||||||||||||||||||||||||||
Agricultural Real Estate | 961 | 1,038 | |||||||||||||||||||||||||||
Business Banking | 5,701 | 6,738 | |||||||||||||||||||||||||||
19,300 | 21,437 | ||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 1,461 | 1,557 | |||||||||||||||||||||||||||
Home Equity | 5,931 | 7,247 | |||||||||||||||||||||||||||
Direct | 86 | 266 | |||||||||||||||||||||||||||
7,478 | 9,070 | ||||||||||||||||||||||||||||
Residential Real Estate Mortgages | 7,105 | 9,169 | |||||||||||||||||||||||||||
$ | 33,883 | $ | 39,676 | ||||||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 6,599 | |||||||||||||||||||||||||||
Commercial Real Estate | 3,559 | ||||||||||||||||||||||||||||
Business Banking | 1,340 | ||||||||||||||||||||||||||||
11,498 | |||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 93 | ||||||||||||||||||||||||||||
Home Equity | 570 | ||||||||||||||||||||||||||||
Direct | 49 | ||||||||||||||||||||||||||||
712 | |||||||||||||||||||||||||||||
Residential Real Estate Mortgages | 3,872 | ||||||||||||||||||||||||||||
$ | 16,082 | ||||||||||||||||||||||||||||
TOTAL NONACCRUAL LOANS | $ | 49,965 | $ | 39,676 | |||||||||||||||||||||||||
The following table sets forth information with regard to past due and nonperforming loans by loan class: | |||||||||||||||||||||||||||||
Age Analysis of Past Due Financing Receivables | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Greater | |||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Than | Total | Recorded Total | |||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans and | |||||||||||||||||||||||||
Accruing | Accruing | Accruing | Accruing | Non-Accrual | Current | Leases | |||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 105 | $ | 247 | $ | - | $ | 352 | $ | 3,669 | $ | 612,402 | $ | 616,423 | |||||||||||||||
Commercial Real Estate | 1,366 | - | - | 1,366 | 7,834 | 925,116 | 934,316 | ||||||||||||||||||||||
Agricultural | 150 | 21 | - | 171 | 1,135 | 63,856 | 65,162 | ||||||||||||||||||||||
Agricultural Real Estate | 519 | - | - | 519 | 961 | 35,172 | 36,652 | ||||||||||||||||||||||
Business Banking | 1,228 | 122 | 105 | 1,455 | 5,701 | 330,523 | 337,679 | ||||||||||||||||||||||
3,368 | 390 | 105 | 3,863 | 19,300 | 1,967,069 | 1,990,232 | |||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 14,093 | 2,878 | 1,583 | 18,554 | 1,461 | 1,141,829 | 1,161,844 | ||||||||||||||||||||||
Home Equity | 6,033 | 1,888 | 1,115 | 9,036 | 5,931 | 517,856 | 532,823 | ||||||||||||||||||||||
Direct | 679 | 125 | 46 | 850 | 86 | 57,347 | 58,283 | ||||||||||||||||||||||
20,805 | 4,891 | 2,744 | 28,440 | 7,478 | 1,717,032 | 1,752,950 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 3,951 | 379 | 808 | 5,138 | 7,105 | 720,978 | 733,221 | ||||||||||||||||||||||
$ | 28,124 | $ | 5,660 | $ | 3,657 | $ | 37,441 | $ | 33,883 | $ | 4,405,079 | $ | 4,476,403 | ||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 24 | $ | - | $ | - | $ | 24 | $ | 6,599 | $ | 96,603 | $ | 103,226 | |||||||||||||||
Commercial Real Estate | - | - | - | - | 3,559 | 225,455 | 229,014 | ||||||||||||||||||||||
Business Banking | 320 | 2 | - | 322 | 1,340 | 68,487 | 70,149 | ||||||||||||||||||||||
344 | 2 | - | 346 | 11,498 | 390,545 | 402,389 | |||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Indirect | 939 | 113 | 71 | 1,123 | 93 | 123,870 | 125,086 | ||||||||||||||||||||||
Home Equity | 753 | 63 | - | 816 | 570 | 85,690 | 87,076 | ||||||||||||||||||||||
Direct | 76 | 56 | 9 | 141 | 49 | 7,235 | 7,425 | ||||||||||||||||||||||
1,768 | 232 | 80 | 2,080 | 712 | 216,795 | 219,587 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 1,725 | - | - | 1,725 | 3,872 | 302,819 | 308,416 | ||||||||||||||||||||||
$ | 3,837 | $ | 234 | $ | 80 | $ | 4,151 | $ | 16,082 | $ | 910,159 | $ | 930,392 | ||||||||||||||||
Total Loans | $ | 31,961 | $ | 5,894 | $ | 3,737 | $ | 41,592 | $ | 49,965 | $ | 5,315,238 | $ | 5,406,795 | |||||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Greater Than | Recorded | ||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | 90 Days | Total | Total | |||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans and | |||||||||||||||||||||||||
Accruing | Accruing | Accruing | Accruing | Non-Accrual | Current | Leases | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 4,985 | $ | 556,496 | $ | 561,481 | |||||||||||||||
Commercial Real Estate | 126 | - | - | 126 | 7,977 | 966,692 | 974,795 | ||||||||||||||||||||||
Agricultural | 22 | - | - | 22 | 699 | 63,037 | 63,758 | ||||||||||||||||||||||
Agricultural Real Estate | 108 | - | 103 | 211 | 1,038 | 36,128 | 37,377 | ||||||||||||||||||||||
Business Banking | 3,019 | 708 | 45 | 3,772 | 6,738 | 355,450 | 365,960 | ||||||||||||||||||||||
3,275 | 708 | 148 | 4,131 | 21,437 | 1,977,803 | 2,003,371 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Indirect | 10,956 | 2,477 | 1,205 | 14,638 | 1,557 | 964,802 | 980,997 | ||||||||||||||||||||||
Home Equity | 6,065 | 1,223 | 681 | 7,969 | 7,247 | 560,066 | 575,282 | ||||||||||||||||||||||
Direct | 717 | 144 | 84 | 945 | 266 | 65,648 | 66,859 | ||||||||||||||||||||||
17,738 | 3,844 | 1,970 | 23,552 | 9,070 | 1,590,516 | 1,623,138 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 1,839 | 725 | 330 | 2,894 | 9,169 | 639,044 | 651,107 | ||||||||||||||||||||||
$ | 22,852 | $ | 5,277 | $ | 2,448 | $ | 30,577 | $ | 39,676 | $ | 4,207,363 | $ | 4,277,616 | ||||||||||||||||
Impaired loans and specific reserve allocations | ' | ||||||||||||||||||||||||||||
The following provides additional information on loans specifically evaluated for impairment for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Recorded | Unpaid | Recorded | Unpaid | ||||||||||||||||||||||||||
Investment | Principal | Investment | Principal | ||||||||||||||||||||||||||
Balance | Balance | Related | Balance | Balance | Related | ||||||||||||||||||||||||
(in thousands) | (Book) | (Legal) | Allowance | (Book) | (Legal) | Allowance | |||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 4,721 | $ | 4,777 | $ | 1,000 | $ | 1,000 | |||||||||||||||||||||
Commercial Real Estate | 4,613 | 5,164 | 7,362 | 7,366 | |||||||||||||||||||||||||
Agricultural | 125 | 195 | 446 | 540 | |||||||||||||||||||||||||
Agricultural Real Estate | 1,431 | 1,708 | 903 | 1,029 | |||||||||||||||||||||||||
Business Banking | 210 | 602 | 391 | 783 | |||||||||||||||||||||||||
Total Commercial Loans | 11,100 | 12,446 | 10,102 | 10,718 | |||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Home Equity | 3,248 | 3,472 | 2,553 | 2,657 | |||||||||||||||||||||||||
Residential Real Estate Mortgages | 2,012 | 2,255 | 2,011 | 2,308 | |||||||||||||||||||||||||
Total | 16,360 | 18,173 | 14,666 | 15,683 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | - | - | - | 4,335 | 4,340 | 2,241 | |||||||||||||||||||||||
Commercial Real Estate | 5,020 | 6,877 | 715 | 4,068 | 5,689 | 607 | |||||||||||||||||||||||
Agricultural | - | - | - | - | - | - | |||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | - | |||||||||||||||||||||||
5,020 | 6,877 | 715 | 8,403 | 10,029 | 2,848 | ||||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | 6,501 | 6,538 | |||||||||||||||||||||||||||
Commercial Real Estate | 3,559 | 3,842 | |||||||||||||||||||||||||||
Total Commercial Loans | 10,060 | 10,380 | |||||||||||||||||||||||||||
Total | $ | 31,440 | $ | 35,430 | $ | 715 | $ | 23,069 | $ | 25,712 | $ | 2,848 | |||||||||||||||||
The following table summarizes the average recorded investments on loans specifically evaluated for impairment and the interest income recognized for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | |||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | Average | Interest Income | ||||||||||||||||||||||||
Recorded | Recognized | Recorded | Recognized | Recorded | Recognized | ||||||||||||||||||||||||
(in thousands) | Investment | Accrual | Investment | Accrual | Investment | Accrual | |||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | $ | 3,722 | $ | 17 | $ | 6,682 | $ | 56 | $ | 1,507 | $ | - | |||||||||||||||||
Commercial Real Estate | 11,010 | 130 | 4,944 | 230 | 3,763 | - | |||||||||||||||||||||||
Agricultural | 207 | 1 | 1,767 | 43 | 2,070 | - | |||||||||||||||||||||||
Agricultural Real Estate | 1,167 | 52 | 922 | 72 | 695 | - | |||||||||||||||||||||||
Business Banking | 295 | 57 | 68 | 65 | 17 | - | |||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Home Equity | 2,969 | 143 | 1,877 | 123 | 1,924 | 60 | |||||||||||||||||||||||
Residential Real Estate Mortgages | 2,024 | 69 | 1,143 | 54 | 933 | 4 | |||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Commercial | 1,625 | - | - | - | - | - | |||||||||||||||||||||||
Commercial Real Estate | 1,222 | - | - | - | - | - | |||||||||||||||||||||||
Total | $ | 24,240 | $ | 469 | $ | 17,403 | $ | 643 | $ | 10,909 | $ | 64 | |||||||||||||||||
Financing receivable credit quality by loan class | ' | ||||||||||||||||||||||||||||
The following tables illustrate the Company’s credit quality by loan class for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
ORIGINATED | |||||||||||||||||||||||||||||
Commercial Credit Exposure | Commercial | Agricultural | |||||||||||||||||||||||||||
By Internally Assigned Grade: | Commercial | Real Estate | Agricultural | Real Estate | Total | ||||||||||||||||||||||||
Pass | $ | 576,079 | $ | 878,411 | $ | 60,043 | $ | 33,136 | $ | 1,547,669 | |||||||||||||||||||
Special Mention | 16,836 | 22,777 | 381 | 43 | 40,037 | ||||||||||||||||||||||||
Substandard | 23,508 | 33,128 | 4,726 | 3,473 | 64,835 | ||||||||||||||||||||||||
Doubtful | - | - | 12 | - | 12 | ||||||||||||||||||||||||
Total | $ | 616,423 | $ | 934,316 | $ | 65,162 | $ | 36,652 | $ | 1,652,553 | |||||||||||||||||||
Business Banking Credit Exposure | |||||||||||||||||||||||||||||
By Internally Assigned Grade: | Business Banking | Total | |||||||||||||||||||||||||||
Non-classified | $ | 319,578 | $ | 319,578 | |||||||||||||||||||||||||
Classified | 18,101 | 18,101 | |||||||||||||||||||||||||||
Total | $ | 337,679 | $ | 337,679 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||
By Payment Activity: | Indirect | Home Equity | Direct | Total | |||||||||||||||||||||||||
Performing | $ | 1,158,800 | $ | 525,777 | $ | 58,151 | $ | 1,742,728 | |||||||||||||||||||||
Nonperforming | 3,044 | 7,046 | 132 | 10,222 | |||||||||||||||||||||||||
Total | $ | 1,161,844 | $ | 532,823 | $ | 58,283 | $ | 1,752,950 | |||||||||||||||||||||
Residential Mortgage Credit Exposure | Residential | ||||||||||||||||||||||||||||
By Payment Activity: | Mortgage | Total | |||||||||||||||||||||||||||
Performing | $ | 725,308 | $ | 725,308 | |||||||||||||||||||||||||
Nonperforming | 7,913 | 7,913 | |||||||||||||||||||||||||||
Total | $ | 733,221 | $ | 733,221 | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
ACQUIRED | |||||||||||||||||||||||||||||
Commercial Credit Exposure | Commercial | ||||||||||||||||||||||||||||
By Internally Assigned Grade: | Commercial | Real Estate | Agricultural | Total | |||||||||||||||||||||||||
Pass | $ | 85,692 | $ | 205,010 | $ | - | $ | 290,702 | |||||||||||||||||||||
Special Mention | 2,230 | 6,183 | - | 8,413 | |||||||||||||||||||||||||
Substandard | 15,304 | 17,821 | - | 33,125 | |||||||||||||||||||||||||
Doubtful | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 103,226 | $ | 229,014 | $ | - | $ | 332,240 | |||||||||||||||||||||
Business Banking Credit Exposure | |||||||||||||||||||||||||||||
By Internally Assigned Grade: | Business Banking | Total | |||||||||||||||||||||||||||
Non-classified | $ | 65,437 | $ | 65,437 | |||||||||||||||||||||||||
Classified | 4,712 | 4,712 | |||||||||||||||||||||||||||
Total | $ | 70,149 | $ | 70,149 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||
By Payment Activity: | Indirect | Home Equity | Direct | Total | |||||||||||||||||||||||||
Performing | $ | 124,922 | $ | 86,506 | $ | 7,367 | $ | 218,795 | |||||||||||||||||||||
Nonperforming | 164 | 570 | 58 | 792 | |||||||||||||||||||||||||
Total | $ | 125,086 | $ | 87,076 | $ | 7,425 | $ | 219,587 | |||||||||||||||||||||
Residential Mortgage Credit Exposure | Residential | ||||||||||||||||||||||||||||
By Payment Activity: | Mortgage | Total | |||||||||||||||||||||||||||
Performing | $ | 304,544 | $ | 304,544 | |||||||||||||||||||||||||
Nonperforming | 3,872 | 3,872 | |||||||||||||||||||||||||||
Total | $ | 308,416 | $ | 308,416 | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Commercial Credit Exposure | Commercial | Agricultural | |||||||||||||||||||||||||||
By Internally Assigned Grade: | Commercial | Real Estate | Agricultural | Real Estate | Total | ||||||||||||||||||||||||
Pass | $ | 522,985 | $ | 901,928 | $ | 57,347 | $ | 33,472 | $ | 1,515,732 | |||||||||||||||||||
Special Mention | 18,401 | 32,135 | 13 | 3 | 50,552 | ||||||||||||||||||||||||
Substandard | 17,351 | 40,732 | 6,362 | 3,902 | 68,347 | ||||||||||||||||||||||||
Doubtful | 2,744 | - | 36 | - | 2,780 | ||||||||||||||||||||||||
Total | $ | 561,481 | $ | 974,795 | $ | 63,758 | $ | 37,377 | $ | 1,637,411 | |||||||||||||||||||
Business Banking Credit Exposure | Business | ||||||||||||||||||||||||||||
By Internally Assigned Grade: | Banking | Total | |||||||||||||||||||||||||||
Non-classified | $ | 342,528 | $ | 342,528 | |||||||||||||||||||||||||
Classified | 23,432 | 23,432 | |||||||||||||||||||||||||||
Total | $ | 365,960 | $ | 365,960 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||||||
By Payment Activity: | Indirect | Home Equity | Direct | Total | |||||||||||||||||||||||||
Performing | $ | 978,235 | $ | 567,354 | $ | 66,509 | $ | 1,612,098 | |||||||||||||||||||||
Nonperforming | 2,762 | 7,928 | 350 | 11,040 | |||||||||||||||||||||||||
Total | $ | 980,997 | $ | 575,282 | $ | 66,859 | $ | 1,623,138 | |||||||||||||||||||||
Residential Mortgage Credit Exposure | Residential | ||||||||||||||||||||||||||||
By Payment Activity: | Mortgage | Total | |||||||||||||||||||||||||||
Performing | $ | 641,608 | $ | 641,608 | |||||||||||||||||||||||||
Nonperforming | 9,499 | 9,499 | |||||||||||||||||||||||||||
Total | $ | 651,107 | $ | 651,107 |
Premises_and_Equipment_Net_Tab
Premises and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises and Equipment, Net [Abstract] | ' | ||||||||
Summary of premises and equipment | ' | ||||||||
A summary of premises and equipment follows: | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Land, buildings, and improvements | $ | 120,098 | $ | 109,601 | |||||
Equipment | 55,729 | 51,321 | |||||||
Premises and equipment before accumulated depreciation | 175,827 | 160,922 | |||||||
Accumulated depreciation | 87,500 | 83,047 | |||||||
Total premises and equipment | $ | 88,327 | $ | 77,875 | |||||
Future minimum rental payments related to noncancelable operating leases | ' | ||||||||
Future Minimum Rental Payments | |||||||||
2014 | $ | 7,156 | |||||||
2015 | 7,012 | ||||||||
2016 | 6,985 | ||||||||
2017 | 6,859 | ||||||||
2018 | 6,791 | ||||||||
Thereafter | 53,132 | ||||||||
Total | $ | 87,935 |
Goodwill_and_other_Intangible_1
Goodwill and other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and other Intangible Assets [Abstract] | ' | ||||||||
Summary of goodwill | ' | ||||||||
A summary of goodwill is as follows: | |||||||||
(In thousands) | |||||||||
1-Jan-13 | 152,373 | ||||||||
Goodwill Acquired | 112,624 | ||||||||
31-Dec-13 | $ | 264,997 | |||||||
1-Jan-12 | 132,029 | ||||||||
Goodwill Acquired | 20,344 | ||||||||
31-Dec-12 | $ | 152,373 | |||||||
Summary of core deposit and other intangible assets | ' | ||||||||
A summary of core deposit and other intangible assets follows: | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Core deposit intangibles | |||||||||
Gross carrying amount | $ | 19,401 | $ | 13,240 | |||||
Less: accumulated amortization | 10,083 | 7,794 | |||||||
Net carrying amount | 9,318 | 5,446 | |||||||
Identified intangible assets | |||||||||
Gross carrying amount | 28,509 | 21,743 | |||||||
Less: accumulated amortization | 12,270 | 10,227 | |||||||
Net carrying amount | 16,239 | 11,516 | |||||||
Total intangibles | |||||||||
Gross carrying amount | 47,910 | 34,983 | |||||||
Less: accumulated amortization | 22,353 | 18,021 | |||||||
Net carrying amount | $ | 25,557 | $ | 16,962 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Deposits [Abstract] | ' | ||||
Maturity distribution of time deposits | ' | ||||
The following table sets forth the maturity distribution of time deposits at December 31, 2013 (in thousands): | |||||
Time deposits | |||||
Within one year | $ | 661,619 | |||
After one but within two years | 184,796 | ||||
After two but within three years | 86,689 | ||||
After three but within four years | 52,024 | ||||
After four but within five years | 20,656 | ||||
After five years | 15,358 | ||||
Total | $ | 1,021,142 |
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Short-Term Borrowings [Abstract] | ' | ||||||||||||
Information related to short-term borrowings | ' | ||||||||||||
Information related to short-term borrowings is summarized as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Federal funds purchased | |||||||||||||
Balance at year-end | $ | 130,000 | $ | 10,000 | $ | 27,000 | |||||||
Average during the year | 39,907 | 12,658 | 3,017 | ||||||||||
Maximum month end balance | 130,000 | 60,000 | 28,000 | ||||||||||
Weighted average rate during the year | 0.26 | % | 0.27 | % | 0.11 | % | |||||||
Weighted average rate at December 31 | 0.18 | % | 0.27 | % | 0.13 | % | |||||||
Securities sold under repurchase agreements | |||||||||||||
Balance at year-end | $ | 176,042 | $ | 152,941 | $ | 154,592 | |||||||
Average during the year | 169,352 | 153,084 | 150,663 | ||||||||||
Maximum month end balance | 185,871 | 165,977 | 178,414 | ||||||||||
Weighted average rate during the year | 0.06 | % | 0.1 | % | 0.13 | % | |||||||
Weighted average rate at December 31 | 0.05 | % | 0.1 | % | 0.1 | % | |||||||
Other short-term borrowings | |||||||||||||
Balance at year-end | $ | 150,000 | $ | - | $ | - | |||||||
Average during the year | 71,589 | - | 249 | ||||||||||
Maximum month end balance | 210,000 | - | 250 | ||||||||||
Weighted average rate during the year | 0.43 | % | - | - | |||||||||
Weighted average rate at December 31 | 0.55 | % | - | - |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | ' | ||||||||||||||||||||||||||||||||
Long-term debt consists of obligations having an original maturity at issuance of more than one year. A majority of the Company’s long-term debt is comprised of FHLB advances collateralized by the FHLB stock owned by the Company, certain of its mortgage-backed securities and a blanket lien on its residential real estate mortgage loans. A summary as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Maturity | Amount | Weighted Average Rate | Callable Amount | Weighted Average Rate | Amount | Weighted Average Rate | Callable Amount | Weighted Average Rate | |||||||||||||||||||||||||
2013 | - | - | - | - | 119,502 | 3.87 | % | 100,000 | 3.71 | % | |||||||||||||||||||||||
2014 | 12,460 | 1.33 | % | - | - | 2,610 | 1.89 | % | - | - | |||||||||||||||||||||||
2015 | 308 | 0 | % | - | - | 250 | 0 | % | - | - | |||||||||||||||||||||||
2016 | 90,313 | 3.52 | % | 70,000 | 4.21 | % | 70,000 | 4.21 | % | 70,000 | 4.21 | % | |||||||||||||||||||||
2017 | 115,312 | 3.55 | % | 75,000 | 3.73 | % | 100,000 | 3.89 | % | 100,000 | 3.89 | % | |||||||||||||||||||||
2018 | 90,313 | 3.26 | % | 75,000 | 3.61 | % | 75,000 | 3.61 | % | 75,000 | 3.61 | % | |||||||||||||||||||||
2021 | 117 | 4 | % | - | - | 130 | 4 | % | - | - | |||||||||||||||||||||||
$ | 308,823 | $ | 220,000 | $ | 367,492 | $ | 345,000 |
Junior_Subordinated_Debt_Table
Junior Subordinated Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Junior Subordinated Debt [Abstract] | ' | |||||||||||
Schedule of Debt of VIE Where Entity is Not Primary Beneficiary | ' | |||||||||||
As of December 31, 2013, the Trusts had the following issues of trust preferred debentures, all held by the Trusts, outstanding (dollars in thousands): | ||||||||||||
Description | Issuance Date | Trust Preferred Securities Outstanding | Interest Rate | Trust Preferred Debt Owed To Trust | Final Maturity Date | |||||||
CNBF Capital Trust I | Aug-99 | $ | 18,000 | 3-month LIBOR plus 2.75% | $ | 18,720 | 29-Aug | |||||
NBT Statutory Trust I | 5-Nov | 5,000 | 3-month LIBOR plus 1.40% | 5,155 | Dec-35 | |||||||
NBT Statutory Trust II | 6-Feb | 50,000 | 3-month LIBOR plus 1.40% | 51,547 | Mar-36 | |||||||
Alliance Financial Capital Trust I | 3-Dec | 10,000 | 3-month LIBOR plus 2.85% | 10,310 | Jan-34 | |||||||
Alliance Financial Capital Trust II | 6-Sep | 15,000 | 3-month LIBOR plus 1.65% | 15,464 | Sep-36 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Components of income tax expense attributable to operations | ' | ||||||||||||
The significant components of income tax expense attributable to operations are: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 23,536 | $ | 21,011 | $ | 29,274 | |||||||
State | 2,316 | 1,815 | 1,477 | ||||||||||
25,852 | 22,826 | 30,751 | |||||||||||
Deferred | |||||||||||||
Federal | 2,334 | (13 | ) | (8,129 | ) | ||||||||
State | 10 | 3 | (1,349 | ) | |||||||||
2,344 | (10 | ) | (9,478 | ) | |||||||||
Total income tax expense | $ | 28,196 | $ | 22,816 | $ | 21,273 | |||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets | |||||||||||||
Allowance for loan and lease losses | $ | 26,729 | $ | 26,687 | |||||||||
Deferred compensation | 7,931 | 5,362 | |||||||||||
Postretirement benefit obligation | 2,596 | 1,600 | |||||||||||
Unrealized losses on securities available for sale | 5,900 | - | |||||||||||
Fair value adjustments from acquisitions | - | 3,633 | |||||||||||
Accrued liabilities | 3,265 | 1,524 | |||||||||||
Stock-based compensation expense | 7,862 | 5,726 | |||||||||||
Equipment leasing | 1,661 | - | |||||||||||
Other | 2,125 | 1,933 | |||||||||||
Total deferred tax assets | 58,069 | 46,465 | |||||||||||
Deferred tax liabilities | |||||||||||||
Pension and executive retirement | 17,417 | 7,676 | |||||||||||
Fair value adjustments from acquisitions | 2,070 | - | |||||||||||
Unrealized gains on securities available for sale | - | 10,939 | |||||||||||
Premises and equipment, primarily due to accelerated depreciation | 2,270 | 1,980 | |||||||||||
Equipment leasing | - | 582 | |||||||||||
Deferred loan costs | 1,624 | 873 | |||||||||||
Intangible amortization | 12,007 | 13,146 | |||||||||||
Other | 892 | 154 | |||||||||||
Total deferred tax liabilities | 36,280 | 35,350 | |||||||||||
Net deferred tax asset at year-end | 21,789 | 11,115 | |||||||||||
Net deferred tax asset (liability) at beginning of year | 11,115 | 5,953 | |||||||||||
Increase in net deferred tax asset | $ | 10,674 | $ | 5,162 | |||||||||
Reconciliation of gross unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending balance of gross unrecognized tax benefits is as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | - | $ | 888 | $ | 3,081 | |||||||
Additions for tax positions of prior years | - | - | - | ||||||||||
Reduction for tax positions of prior years | - | (888 | ) | (2,193 | ) | ||||||||
Balance at December 31 | $ | - | $ | - | $ | 888 | |||||||
Reconciliation of the provision for income taxes to the amount computed by applying the federal statutory rate | ' | ||||||||||||
The following is a reconciliation of the provision for income taxes to the amount computed by applying the applicable Federal statutory rate of 35% to income before taxes: | |||||||||||||
Years ended December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Federal income tax at statutory rate | $ | 31,482 | $ | 27,081 | $ | 27,711 | |||||||
Tax exempt income | (2,433 | ) | (2,536 | ) | (2,925 | ) | |||||||
Net increase in CSV of life insurance | (1,166 | ) | (908 | ) | (919 | ) | |||||||
Low income housing tax credits | (819 | ) | (629 | ) | (782 | ) | |||||||
State taxes, net of federal tax benefit | 1,512 | 1,182 | 764 | ||||||||||
State audit settlements | - | - | (681 | ) | |||||||||
Other, net | (380 | ) | (1,374 | ) | (1,895 | ) | |||||||
Income tax expense | $ | 28,196 | $ | 22,816 | $ | 21,273 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||||||||
Components of accumulated other comprehensive income (loss), net periodic benefit cost | ' | ||||||||||||||||||||||||
The Company expects that $0.3 million in net actuarial loss and $0.2 million in prior service costs will be recognized as components of net periodic benefit cost in 2014. | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 11,286 | $ | 35,478 | $ | 1,628 | $ | 2,277 | |||||||||||||||||
Prior service cost | 118 | 141 | (521 | ) | (672 | ) | |||||||||||||||||||
Total amounts recognized in accumulated other comprehensive loss (pre-tax) | $ | 11,404 | $ | 35,619 | $ | 1,107 | $ | 1,605 | |||||||||||||||||
Changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and postretirement benefits | ' | ||||||||||||||||||||||||
A December 31 measurement date is used for the pension, supplemental pension and postretirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and other postretirement benefits: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 85,129 | $ | 78,024 | $ | 4,071 | $ | 3,985 | |||||||||||||||||
Service cost | 2,493 | 3,122 | 23 | 20 | |||||||||||||||||||||
Interest cost | 3,223 | 3,145 | 286 | 155 | |||||||||||||||||||||
Plan participants' contributions | - | - | 269 | 233 | |||||||||||||||||||||
Actuarial(gain) loss | (10,853 | ) | 5,941 | (369 | ) | 136 | |||||||||||||||||||
Amendments | - | (1,006 | ) | (54 | ) | - | |||||||||||||||||||
Acquisition | 10,958 | - | 3,928 | - | |||||||||||||||||||||
Benefits paid | (5,283 | ) | (4,097 | ) | (726 | ) | (458 | ) | |||||||||||||||||
Projected benefit obligation at end of year | 85,667 | 85,129 | 7,428 | 4,071 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 99,704 | 91,575 | - | - | |||||||||||||||||||||
Actual return on plan assets | 18,451 | 11,733 | - | - | |||||||||||||||||||||
Acquisition | 4,994 | - | - | - | |||||||||||||||||||||
Employer contributions | 708 | 493 | 457 | 225 | |||||||||||||||||||||
Plan participants' contributions | - | - | 269 | 233 | |||||||||||||||||||||
Benefits paid | (5,283 | ) | (4,097 | ) | (726 | ) | (458 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 118,574 | 99,704 | - | - | |||||||||||||||||||||
Funded status at year end | $ | 32,907 | $ | 14,575 | $ | (7,428 | ) | $ | (4,071 | ) | |||||||||||||||
Amounts recognized in balance sheet | ' | ||||||||||||||||||||||||
The funded status of the pension and other postretirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2013 and 2012. An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan. The accumulated benefit obligation for pension benefits was $85.7 million and $85.1 million at December 31, 2013 and 2012, respectively. The accumulated benefit obligation for other postretirement benefits was $7.4 million and $4.1 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Other assets | $ | 48,189 | $ | 27,062 | $ | - | $ | - | |||||||||||||||||
Other liabilities | (15,282 | ) | (12,487 | ) | (7,428 | ) | (4,071 | ) | |||||||||||||||||
Funded status | $ | 32,907 | $ | 14,575 | $ | (7,428 | ) | $ | (4,071 | ) | |||||||||||||||
Assumptions used to determine benefit obligations and net periodic pension cost | ' | ||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated: | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted average assumptions: | |||||||||||||||||||||||||
The following assumptions were used to determine benefit obligations: | |||||||||||||||||||||||||
Discount rate | 4.90% - 5.05 | % | 3.5 | % | 4.1 | % | |||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | |||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
The following assumptions were used to determine net periodic pension cost: | |||||||||||||||||||||||||
Discount rate | 3.5 | % | 4.1 | % | 5.15 | % | |||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | 8 | % | |||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
Components of net periodic pension benefits and other benefit costs | ' | ||||||||||||||||||||||||
Net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the years ended December 31 included the following components: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 2,493 | $ | 3,122 | $ | 2,589 | $ | 23 | $ | 20 | $ | 17 | |||||||||||||
Interest cost | 3,223 | 3,145 | 3,544 | 286 | 155 | 202 | |||||||||||||||||||
Expected return on plan assets | (7,804 | ) | (6,686 | ) | (7,720 | ) | - | - | - | ||||||||||||||||
Amortization of prior service cost | 23 | 283 | 309 | (205 | ) | (202 | ) | (202 | ) | ||||||||||||||||
Amortization of unrecognized net loss | 2,692 | 3,330 | 1,353 | 280 | 182 | 205 | |||||||||||||||||||
Net periodic pension cost | $ | 627 | $ | 3,194 | $ | 75 | $ | 384 | $ | 155 | $ | 222 | |||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax) | |||||||||||||||||||||||||
Net loss (gain) | $ | (21,500 | ) | $ | 894 | $ | 16,108 | $ | (369 | ) | $ | 136 | $ | (562 | ) | ||||||||||
Prior service cost | - | (1,006 | ) | - | (54 | ) | - | - | |||||||||||||||||
Amortization of prior service cost | (23 | ) | (283 | ) | (309 | ) | 205 | 202 | 202 | ||||||||||||||||
Amortization of unrecognized net gain | (2,692 | ) | (3,330 | ) | (1,353 | ) | (280 | ) | (182 | ) | (205 | ) | |||||||||||||
Total recognized in other comprehensive loss (income) | (24,215 | ) | (3,725 | ) | 14,446 | (498 | ) | 156 | (565 | ) | |||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) - pre-tax | $ | (23,588 | ) | $ | (531 | ) | $ | 14,521 | $ | (114 | ) | $ | 311 | $ | (343 | ) | |||||||||
Estimated future benefit payments for the pension plans and other postretirement benefit plans | ' | ||||||||||||||||||||||||
The following table sets forth estimated future benefit payments for the pension plans and other postretirement benefit plans: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||
2014 | 5,950 | 555 | |||||||||||||||||||||||
2015 | 6,090 | 565 | |||||||||||||||||||||||
2016 | 6,143 | 560 | |||||||||||||||||||||||
2017 | 9,199 | 576 | |||||||||||||||||||||||
2018 | 6,899 | 590 | |||||||||||||||||||||||
2019 - 2023 | 34,827 | 2,771 | |||||||||||||||||||||||
Effect of one-percentage point change in assumed health care cost trend rates | ' | ||||||||||||||||||||||||
For measurement purposes, the annual rates of increase in the per capita cost of covered medical and prescription drug benefits for fiscal year 2013 were assumed to be 5.9 to 8.5 percent. The rates were assumed to decrease gradually to 5.0 percent for fiscal year 2021 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on amounts reported for health care plans. A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2014: | |||||||||||||||||||||||||
(In thousands) | One Percentage point increase | One Percentage point decrease | |||||||||||||||||||||||
Increase (decrease) on total service and interest cost components | $ | 37 | $ | (27 | ) | ||||||||||||||||||||
Increase (decrease) on postretirement accumulated benefit obligation | 768 | (567 | ) | ||||||||||||||||||||||
Target and actual allocations of defined benefit pension plan's assets | ' | ||||||||||||||||||||||||
The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows: | |||||||||||||||||||||||||
Target 2013 | 2013 | 2012 | |||||||||||||||||||||||
Cash and cash equivalents | 0 - 20 | % | 6 | % | 5 | % | |||||||||||||||||||
Fixed income securities | 20 - 40 | % | 27 | % | 29 | % | |||||||||||||||||||
Equities | 40 - 80 | % | 67 | % | 66 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Financial instruments recorded at fair value on a recurring basis by the Plan | ' | ||||||||||||||||||||||||
The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||||||
Active Markets for | Other | Balance | |||||||||||||||||||||||
Identical Assets | Observable Inputs | as of | |||||||||||||||||||||||
(Level 1) | (Level 2) | 31-Dec-13 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 7,533 | $ | - | $ | 7,533 | |||||||||||||||||||
Foreign equity mutual funds | 15,653 | - | 15,653 | ||||||||||||||||||||||
Equity mutual funds | 16,727 | - | 16,727 | ||||||||||||||||||||||
US government bonds | - | 9,355 | 9,355 | ||||||||||||||||||||||
Corporate bonds | - | 19,665 | 19,665 | ||||||||||||||||||||||
Common stock | 44,532 | - | 44,532 | ||||||||||||||||||||||
Municipal bonds and notes | - | 1,451 | 1,451 | ||||||||||||||||||||||
Foreign bonds and notes | - | 1,392 | 1,392 | ||||||||||||||||||||||
Foreign equity | 2,266 | - | 2,266 | ||||||||||||||||||||||
Totals | $ | 86,711 | $ | 31,863 | $ | 118,574 | |||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||||||
Active Markets for | Other | Balance | |||||||||||||||||||||||
Identical Assets | Observable Inputs | as of | |||||||||||||||||||||||
(Level 1) | (Level 2) | 31-Dec-12 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 5,464 | $ | - | $ | 5,464 | |||||||||||||||||||
Foreign equity mutual funds | 9,763 | - | 9,763 | ||||||||||||||||||||||
Equity mutual funds | 13,110 | - | 13,110 | ||||||||||||||||||||||
US government bonds | - | 12,744 | 12,744 | ||||||||||||||||||||||
Corporate bonds | - | 13,604 | 13,604 | ||||||||||||||||||||||
Common stock | 40,430 | - | 40,430 | ||||||||||||||||||||||
Municipal bonds and notes | - | 1,805 | 1,805 | ||||||||||||||||||||||
Foreign bonds and notes | - | 1,137 | 1,137 | ||||||||||||||||||||||
Foreign equity | 1,647 | - | 1,647 | ||||||||||||||||||||||
Totals | $ | 70,414 | $ | 29,290 | $ | 99,704 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Fair value assumptions | ' | ||||||||||||||||
The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Dividend yield | 3.2 | % | 3.94 | % | 3.31%–3.82 | % | |||||||||||
Expected volatility | 34.6 | % | 34.64 | % | 33.75%–34.36 | % | |||||||||||
Risk-free interest rates | 2.43 | % | 1.24 | % | 1.48%–2.81 | % | |||||||||||
Expected life | 7 years | 7 years | 7 years | ||||||||||||||
Stock option activity | ' | ||||||||||||||||
The following table summarizes information concerning stock options outstanding at December 31, 2013: | |||||||||||||||||
Number of Shares | Weighted average exercise price | Weighted Average Remaining Contractual Term (in yrs) | Aggregate Intrinsic Value | ||||||||||||||
Outstanding at January 1, 2013 | 1,695,562 | $ | 22.72 | ||||||||||||||
Granted | 120 | 26.29 | |||||||||||||||
Exercised | (335,103 | ) | 21.77 | ||||||||||||||
Forfeited | (495 | ) | 20.19 | ||||||||||||||
Expired | (18,584 | ) | 21.58 | ||||||||||||||
Outstanding at December 31, 2013 | 1,341,500 | $ | 22.98 | 3.89 | $ | 3,996,816 | |||||||||||
Exercisable at December 31, 2013 | 1,279,560 | $ | 23.08 | 3.78 | $ | 3,683,178 | |||||||||||
Expected to Vest | 61,044 | $ | 20.8 | 5.54 | $ | 311,352 | |||||||||||
Cash proceeds, tax benefits and intrinsic value of stock options exercised | ' | ||||||||||||||||
Total stock-based compensation expense for stock option awards totaled $0.2 million, $0.5 million, and $0.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: | |||||||||||||||||
Years ended | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Proceeds from stock options exercised | $ | 7,927 | $ | 1,908 | $ | 2,255 | |||||||||||
Tax benefits related to stock options exercised | 178 | 8 | 341 | ||||||||||||||
Intrinsic value of stock options exercised | 905 | 498 | 897 | ||||||||||||||
Fair value of shares vested during the year | 766 | 1,656 | 1,597 | ||||||||||||||
Unvested restricted awards and unvested restricted units activity | ' | ||||||||||||||||
The Company has outstanding restricted and deferred stock awards granted from various plans at December 31, 2013. The Company recognized $3.8 million, $3.7 million, and $3.2 million in stock-based compensation expense related to these stock awards for the years ended December 31, 2013, 2012, and 2011, respectively. Tax benefits recognized with respect to restricted stock awards and stock units were $1.5 million, $1.5 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. Unrecognized compensation cost related to restricted stock awards and stock units totaled $4.6 million at December 31, 2013 and will be recognized over 2.1 years on a weighted average basis. Shares issued are funded from the Company’s treasury stock. The following table summarizes information for unvested restricted stock awards outstanding as of December 31, 2013: | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
of | Grant Date Fair | ||||||||||||||||
Shares | Value | ||||||||||||||||
Unvested Restricted Stock Awards | |||||||||||||||||
Unvested at January 1, 2013 | 117,150 | $ | 24.37 | ||||||||||||||
Forfeited | (2,033 | ) | 23.25 | ||||||||||||||
Vested | (48,467 | ) | 26.1 | ||||||||||||||
Unvested at December 31, 2013 | 66,650 | $ | 23.15 | ||||||||||||||
The following table summarizes information for unvested restricted stock units outstanding as of December 31, 2013: | |||||||||||||||||
Number | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
of | Grant Date Fair | ||||||||||||||||
Shares | Value | ||||||||||||||||
Unvested Restricted Stock Units | |||||||||||||||||
Unvested at January 1, 2013 | 406,058 | $ | 25.64 | ||||||||||||||
Forfeited | (6,467 | ) | - | ||||||||||||||
Vested | (69,333 | ) | - | ||||||||||||||
Granted | 209,592 | 20.81 | |||||||||||||||
Unvested at December 31, 2013 | 539,850 | $ | 27.36 |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders Equity [Abstract] | ' | ||||||||
Components of accumulated other comprehensive (loss) income | ' | ||||||||
In accordance with accounting standards, unrealized gains on available for sale securities and unrecognized actuarial gains or losses and prior service costs associated with the Company’s pension and postretirement benefit plans are included in accumulated other comprehensive loss. For the years ended December 31, components of accumulated other comprehensive loss are: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Unrecognized prior service cost and net actuarial loss on pension plans | $ | (7,785 | ) | $ | (22,555 | ) | |||
Unrealized net holding (losses) gains on available for sale securities | (8,980 | ) | 16,675 | ||||||
Accumulated other comprehensive loss | $ | (16,765 | ) | $ | (5,880 | ) |
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||
Schedule of compliance with regulatory compliance requirements under banking regulations | ' | ||||||||||||||||
The Company and NBT Bank’s actual capital amounts and ratios are presented as follows: | |||||||||||||||||
Actual | Regulatory ratio requirements | ||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Minimum | For classification | |||||||||||||
capital adequacy | as well capitalized | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Total Capital (to risk weighted assets): | |||||||||||||||||
Company | $ | 723,580 | 12.99 | % | 8 | % | 10 | % | |||||||||
NBT Bank | 686,194 | 12.41 | % | 8 | % | 10 | % | ||||||||||
Tier I Capital (to risk weighted assets) | |||||||||||||||||
Company | 653,950 | 11.74 | % | 4 | % | 6 | % | ||||||||||
NBT Bank | 617,038 | 11.16 | % | 4 | % | 6 | % | ||||||||||
Tier I Capital (to average assets) | |||||||||||||||||
Company | 653,950 | 8.93 | % | 4 | % | 5 | % | ||||||||||
NBT Bank | 617,038 | 8.47 | % | 4 | % | 5 | % | ||||||||||
As of December 31, 2012 | |||||||||||||||||
Total Capital (to risk weighted assets): | |||||||||||||||||
Company | $ | 560,745 | 12.25 | % | 8 | % | 10 | % | |||||||||
NBT Bank | 505,027 | 11.08 | % | 8 | % | 10 | % | ||||||||||
Tier I Capital (to risk weighted assets) | |||||||||||||||||
Company | 503,359 | 11 | % | 4 | % | 6 | % | ||||||||||
NBT Bank | 447,909 | 9.83 | % | 4 | % | 6 | % | ||||||||||
Tier I Capital (to average assets) | |||||||||||||||||
Company | 503,359 | 8.54 | % | 4 | % | 5 | % | ||||||||||
NBT Bank | 447,909 | 7.62 | % | 4 | % | 5 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Reconciliation of basic and diluted earnings per share | ' | ||||||||||||||||||||||||||||||||||||
The following is a reconciliation of basic and diluted earnings per share for the years presented in the consolidated statements of income: | |||||||||||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||||||
Net | average | Per share | Net | average | Per share | Net | average | Per share | |||||||||||||||||||||||||||||
(In thousands, except per share data) | income | shares | amount | income | shares | amount | income | shares | amount | ||||||||||||||||||||||||||||
Basic earnings per share | $ | 61,747 | 41,930 | $ | 1.47 | $ | 54,558 | 33,379 | $ | 1.63 | $ | 57,901 | 33,662 | $ | 1.72 | ||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||||||
Stock based compensation | 420 | 340 | 262 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 61,747 | 42,350 | $ | 1.46 | $ | 54,558 | 33,719 | $ | 1.62 | $ | 57,901 | 33,924 | $ | 1.71 |
Reclassification_Adjustments_O1
Reclassification Adjustments Out of Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Reclassification Adjustments Out of Other Comprehensive Loss income [Abstract] | ' | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||
The following table summarizes the reclassification adjustments out of accumulated other comprehensive loss (in thousands): | ||||||||||
Detail About Accumulated Other Comprehensive (Loss) | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the consolidated statement of comprehensive income | ||||||||
Income Components | ||||||||||
Years ended | ||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||
Available for sale securities: | ||||||||||
Gains on available for sale securities | $ | (1,426 | ) | $ | (599 | ) | Net securities gains | |||
Tax benefit | 565 | 237 | Income tax expense | |||||||
Net of tax | $ | (861 | ) | $ | (362 | ) | ||||
Pension and other benefits: | ||||||||||
Amortization of net gains | $ | 2,972 | $ | 3,512 | Salaries and employee benefits | |||||
Amortization of prior service costs | (182 | ) | 81 | Salaries and employee benefits | ||||||
Tax expense | 1,189 | 1,419 | Income tax expense | |||||||
Net of tax | $ | 1,601 | $ | 2,174 | ||||||
Total reclassifications during the period, net of tax | $ | 740 | $ | 1,812 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingent Liabilities [Abstract] | ' | ||||||||
Schedule of maximum commitments potential obligation | ' | ||||||||
The Company is a party to certain financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit, standby letters of credit, and certain mortgage loans sold to investors with recourse. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit, unused lines of credit, standby letters of credit, and loans sold with recourse is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. | |||||||||
At December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Unused lines of credit | $ | 216,658 | $ | 163,626 | |||||
Commitments to extend credits, primarily variable rate | 849,092 | 678,093 | |||||||
Standby letters of credit | 36,837 | 37,510 | |||||||
Commercial letters of credit | 41,263 | 16,607 | |||||||
Loans sold with recourse | 15,741 | 13,690 |
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments By Balance Sheet Grouping | ' | ||||||||||||||||||||
The following table sets forth information with regard to estimated fair values of financial instruments at December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, securities available for sale, trading securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable, and interest rate swaps. | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying amount | Estimated fair value | Carrying amount | Estimated fair value | ||||||||||||||||
Financial assets | |||||||||||||||||||||
Securities held to maturity | 2 | $ | 117,283 | $ | 113,276 | $ | 60,563 | $ | 61,535 | ||||||||||||
Net loans | 3 | 5,337,361 | 5,386,520 | 4,208,282 | 4,313,244 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Time deposits | 2 | $ | 1,021,142 | $ | 1,023,982 | $ | 983,261 | $ | 994,376 | ||||||||||||
Long-term debt | 2 | 308,823 | 325,195 | 367,492 | 407,404 | ||||||||||||||||
Junior subordinated debt | 2 | 101,196 | 105,121 | 75,422 | 74,147 | ||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | ' | ||||||||||||||||||||
The following table sets forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value as of December 31, 2013 and December 31, 2012. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): | |||||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||||
Active Markets for | Other | Unobservable | Balance | ||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | as of | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||
U.S. Treasury | $ | 43,616 | $ | - | $ | - | $ | 43,616 | |||||||||||||
Federal Agency | - | 278,915 | - | 278,915 | |||||||||||||||||
State & municipal | - | 113,665 | - | 113,665 | |||||||||||||||||
Mortgage-backed | - | 364,164 | - | 364,164 | |||||||||||||||||
Collateralized mortgage obligations | - | 549,528 | - | 549,528 | |||||||||||||||||
Other securities | 6,796 | 8,197 | - | 14,993 | |||||||||||||||||
Total Securities Available for Sale | $ | 50,412 | $ | 1,314,750 | $ | - | $ | 1,364,881 | |||||||||||||
Trading Securities | 5,779 | - | - | 5,779 | |||||||||||||||||
Interest Rate Swaps | - | 281 | - | 281 | |||||||||||||||||
Total | $ | 56,191 | $ | 1,314,750 | $ | - | $ | 1,370,941 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest Rate Swaps | $ | - | $ | 281 | $ | - | $ | 281 | |||||||||||||
Total | $ | - | $ | 281 | $ | - | $ | 281 | |||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||||
Active Markets for | Other | Unobservable | Balance | ||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | as of | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 31-Dec-12 | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||
U.S. Treasury | $ | 64,425 | $ | - | $ | - | $ | 64,425 | |||||||||||||
Federal Agency | - | 282,814 | - | 282,814 | |||||||||||||||||
State & municipal | - | 86,802 | - | 86,802 | |||||||||||||||||
Mortgage-backed | - | 250,281 | - | 250,281 | |||||||||||||||||
Collateralized mortgage obligations | - | 449,723 | - | 449,723 | |||||||||||||||||
Other securities | 8,672 | 5,282 | - | 13,954 | |||||||||||||||||
Total Securities Available for Sale | $ | 73,097 | $ | 1,074,902 | $ | - | $ | 1,147,999 | |||||||||||||
Trading Securities | 3,918 | - | - | 3,918 | |||||||||||||||||
Interest Rate Swaps | - | 1,490 | - | 1,490 | |||||||||||||||||
Total | $ | 77,015 | $ | 1,076,392 | $ | - | $ | 1,153,407 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest Rate Swaps | $ | - | $ | 1,490 | $ | - | $ | 1,490 | |||||||||||||
Total | $ | - | $ | 1,490 | $ | - | $ | 1,490 |
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Parent Company Financial Information [Abstract] | ' | ||||||||||||
Parent company financial information | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 3,741 | $ | 23,095 | |||||||||
Securities available for sale, at estimated fair value | 11,008 | 12,866 | |||||||||||
Trading securities | 4,742 | 3,371 | |||||||||||
Investment in subsidiaries, on equity basis | 896,479 | 635,851 | |||||||||||
Other assets | 49,530 | 48,324 | |||||||||||
Total assets | $ | 965,500 | $ | 723,507 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Total liabilities | $ | 148,931 | $ | 141,234 | |||||||||
Stockholders’ equity | 816,569 | 582,273 | |||||||||||
Total liabilities and stockholders’ equity | $ | 965,500 | $ | 723,507 | |||||||||
Condensed Income Statements | |||||||||||||
Years ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Dividends from subsidiaries | $ | 13,500 | $ | 79,175 | $ | 54,400 | |||||||
Management fee from subsidiaries | 84,778 | 78,665 | 69,430 | ||||||||||
Securities gains (losses) | 1,273 | 442 | (31 | ) | |||||||||
Interest, dividend and other income | 636 | 720 | 628 | ||||||||||
Total revenue | 100,187 | 159,002 | 124,427 | ||||||||||
Operating expense | 83,675 | 79,015 | 75,254 | ||||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 16,512 | 79,987 | 49,173 | ||||||||||
Income tax (expense) benefit | (1,046 | ) | (284 | ) | 1,340 | ||||||||
Dividends in excess of income (equity in undistributed income) of subsidiaries | 46,285 | (25,145 | ) | 7,388 | |||||||||
Net income | $ | 61,751 | $ | 54,558 | $ | 57,901 | |||||||
Statements of Cash Flow | |||||||||||||
Years ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating activities | |||||||||||||
Net income | $ | 61,751 | $ | 54,558 | $ | 57,901 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||
Stock-based compensation | 4,305 | 4,364 | 3,244 | ||||||||||
Gain on sales of available-for-sale securities | 1,273 | 442 | 31 | ||||||||||
Equity in undistributed income of subsidiaries | (59,785 | ) | (54,030 | ) | (61,788 | ) | |||||||
Cash dividend from subsidiaries | 13,500 | 79,175 | 54,400 | ||||||||||
Net change in other liabilities | (18,077 | ) | (3,181 | ) | 15,311 | ||||||||
Net change in other assets | 14,924 | 2,030 | (11,607 | ) | |||||||||
Net cash provided by operating activities | 17,891 | 83,358 | 57,492 | ||||||||||
Investing activities | |||||||||||||
Purchases of available-for-sale securities | - | (4,163 | ) | (968 | ) | ||||||||
Sales and maturities of available-for-sale securities | 1,948 | 1,445 | 71 | ||||||||||
Net cash provided by (used in) acquisitions | 2,232 | (14,612 | ) | - | |||||||||
Purchases of premises and equipment | (782 | ) | (1,240 | ) | (1,656 | ) | |||||||
Net cash provided by (used in) investing activities | 3,398 | (18,570 | ) | (2,553 | ) | ||||||||
Financing activities | |||||||||||||
Proceeds from the issuance of shares to employee benefit plans and other stock plans | 5,512 | 1,387 | 1,386 | ||||||||||
Payments on long-term debt | - | (3,340 | ) | (140 | ) | ||||||||
Purchases of treasury shares | (12,459 | ) | (15,490 | ) | (30,502 | ) | |||||||
Cash dividends and payments for fractional shares | (33,518 | ) | (26,712 | ) | (27,063 | ) | |||||||
Excess tax benefit from exercise of stock options | (178 | ) | 8 | 341 | |||||||||
Net cash used in financing activities | (40,643 | ) | (44,147 | ) | (55,978 | ) | |||||||
Net (decrease )increase in cash and cash equivalents | (19,354 | ) | 20,641 | (1,039 | ) | ||||||||
Cash and cash equivalents at beginning of year | 23,095 | 2,454 | 3,493 | ||||||||||
Cash and cash equivalents at end of year | $ | 3,741 | $ | 23,095 | $ | 2,454 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Agreement | ||
Summary of Significant Accounting Policies [Abstract] | ' | ' |
Balance of OREO | $2.90 | $2.30 |
Number of interest rate swap agreements | 2 | ' |
Standby letters of credit expiration period | '1 year | ' |
Standby letters of credit, description | 'typically have one year expirations with an option to renew upon annual review | ' |
Mortgage loans on real estate, by loan disclosure | 'The Company originates and services residential mortgage loans for consumers and sells 15-year, 20-year and 30-year residential real estate mortgages in the secondary market when the interest rate environment is determined to be favorable by management, while retaining servicing rights on the sold loans. | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Alliance Financial Corporation [Member] | Alliance Financial Corporation [Member] | Alliance Financial Corporation [Member] | Hampshire First Bank [Member] | Acquisition of Financial Services Company [Member] | ||||
Branch | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | 8-Mar-13 | ' | ' | ' |
Number of banking centers operated by acquiree | ' | ' | ' | 26 | ' | ' | ' | ' |
Business acquisition shares converted right to receive entity's common stock (in shares) | ' | ' | ' | 2.1779 | ' | ' | ' | ' |
Number of shares of common stock issued to acquiree shareholders (in shares) | ' | ' | ' | ' | 10,300,000 | ' | ' | ' |
Consideration Paid [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
NBT Bancorp common stock issued to Alliance common shareholders | ' | ' | ' | $225,551,000 | ' | ' | ' | ' |
Cash in lieu of fractional shares paid to Alliance common shareholders | ' | ' | ' | 11,000 | ' | ' | ' | ' |
Less treasury shares | ' | ' | ' | 5,779,000 | ' | ' | ' | ' |
Net consideration paid | ' | ' | ' | 219,783,000 | ' | ' | ' | ' |
Recognized Amounts of Identifiable Assets Acquired and (Liabilities Assumed), At Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and short term investments | ' | ' | ' | 81,060,000 | ' | ' | ' | ' |
Securities | ' | ' | ' | 320,618,000 | ' | ' | ' | ' |
Loans and Leases | ' | ' | ' | 904,473,000 | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | 13,161,000 | ' | ' | ' | ' |
Other assets | ' | ' | ' | 72,731,000 | ' | ' | ' | ' |
Deposits | ' | ' | ' | -1,113,420,000 | ' | ' | ' | ' |
Borrowings | ' | ' | ' | -126,530,000 | ' | ' | ' | ' |
Trust preferred debentures | ' | ' | ' | -25,774,000 | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | -19,994,000 | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | ' | 106,325,000 | ' | ' | ' | ' |
Goodwill | 264,997,000 | 152,373,000 | 132,029,000 | 113,458,000 | ' | ' | ' | ' |
Information about acquired loan portfolio [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest at acquisition | ' | ' | ' | 908,614,000 | ' | ' | ' | ' |
Contractual cash flows not expected to be collected | ' | ' | ' | -15,466,000 | ' | ' | ' | ' |
Expected cash flows at acquisition | ' | ' | ' | 893,148,000 | ' | ' | ' | ' |
Interest component of expected cash flows (accretable premium) | ' | ' | ' | 11,325,000 | ' | ' | ' | ' |
Fair value of acquired loans | ' | ' | ' | 904,473,000 | ' | ' | ' | ' |
Direct costs related acquisition | 12,364,000 | 2,608,000 | 804,000 | ' | 12,400,000 | ' | ' | ' |
Core deposit and trust intangible assets useful life, minimum | ' | ' | ' | ' | '10 years | ' | ' | ' |
Core deposit and trust intangible assets useful life, maximum | ' | ' | ' | ' | '15 years | ' | ' | ' |
Net Income (Loss) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | 244,383,000 | 244,142,000 | ' | ' |
Noninterest income | ' | ' | ' | ' | 107,894,000 | 106,178,000 | ' | ' |
Net income | ' | ' | ' | ' | 70,341,000 | 62,694,000 | ' | ' |
Other goodwill adjustments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ($1,000,000) | $100,000 |
Securities_Details
Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Position | Position | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | $1,379,751,000 | $1,120,384,000 | ' |
Unrealized gains | 14,737,000 | 27,794,000 | ' |
Unrealized losses | 29,607,000 | 179,000 | ' |
Estimated fair value | 1,364,881,000 | 1,147,999,000 | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 812,106,000 | 40,397,000 | ' |
12 Months or Longer, Fair Value | 9,842,000 | 167,000 | ' |
Total, Fair Value | 821,948,000 | 40,564,000 | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less than 12 months Unrealized Losses | -29,201,000 | -97,000 | ' |
12 months or longer Unrealized Losses | -406,000 | -82,000 | ' |
Total Unrealized Losses | -29,607,000 | -179,000 | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 314 | 7 | ' |
12 Months or Longer, Number of Positions | 2 | 1 | ' |
Total, Number of Positions | 316 | 8 | ' |
Sales transactions of securities available for sale [Abstract] | ' | ' | ' |
Proceeds from sales | 27,593,000 | 1,790,000 | 2,437,000 |
Gross realized gains | 1,283,000 | 442,000 | 7,000 |
Gross realized losses | 0 | 0 | -165,000 |
Net securities (losses) gains | 1,283,000 | 442,000 | -158,000 |
Gains from calls on securities available for sale | 100,000 | 200,000 | 300,000 |
Amortized costs of securities available for sale pledged to secure public deposits | 1,400,000,000 | 1,200,000,000 | ' |
Amortized costs of securities available for sale pledged as collateral for repurchase agreements | 218,400,000 | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' |
Amortized cost | 117,283,000 | 60,563,000 | ' |
Unrealized gains | 570,000 | 972,000 | ' |
Unrealized losses | 4,577,000 | 0 | ' |
Total, Fair Value | 113,276,000 | 61,535,000 | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 58,468,000 | ' | ' |
12 Months or Longer, Fair Value | 0 | ' | ' |
Total, Fair Value | 58,468,000 | ' | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less Than 12 Months, Unrealized Losses | -4,577,000 | ' | ' |
12 Months or Longer, Unrealized Losses | 0 | ' | ' |
Total, Unrealized Losses | -4,577,000 | ' | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 6 | ' | ' |
12 Months or Longer, Number of Positions | 0 | ' | ' |
Total, Number of Positions | 6 | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract] | ' | ' | ' |
Within one year | 27,894,000 | ' | ' |
From one to five years | 261,703,000 | ' | ' |
From five to ten years | 300,051,000 | ' | ' |
After ten years | 777,736,000 | ' | ' |
Total, Amortized Cost | 1,367,384,000 | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Within one year | 28,030,000 | ' | ' |
From one to five years | 261,526,000 | ' | ' |
From five to ten years | 297,837,000 | ' | ' |
After ten years | 762,495,000 | ' | ' |
Total, Fair Value | 1,349,888,000 | ' | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' | ' |
Within one year | 24,680,000 | ' | ' |
From one to five years | 22,791,000 | ' | ' |
From five to ten years | 5,489,000 | ' | ' |
After ten years | 64,323,000 | ' | ' |
Securities held to maturity | 117,283,000 | 60,563,000 | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Within one year | 24,766,000 | ' | ' |
From one to five years | 23,148,000 | ' | ' |
From five to ten years | 5,481,000 | ' | ' |
After ten years | 59,881,000 | ' | ' |
Total, Fair Value | 113,276,000 | 61,535,000 | ' |
Consolidated stockholders' equity threshold percentage that no single issuer of securities exceeded except for U.S. Government securities. (in hundredths) | 10.00% | 10.00% | ' |
Mortgage-Backed [Member] | ' | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' |
Amortized cost | 953,000 | 1,168,000 | ' |
Unrealized gains | 128,000 | 184,000 | ' |
Unrealized losses | 0 | 0 | ' |
Total, Fair Value | 1,081,000 | 1,352,000 | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' | ' |
Securities held to maturity | 953,000 | 1,168,000 | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Total, Fair Value | 1,081,000 | 1,352,000 | ' |
State & Municipal [Member] | ' | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' |
Amortized cost | 54,305,000 | 59,395,000 | ' |
Unrealized gains | 442,000 | 788,000 | ' |
Unrealized losses | 8,000 | 0 | ' |
Total, Fair Value | 54,739,000 | 60,183,000 | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 1,012,000 | ' | ' |
12 Months or Longer, Fair Value | 0 | ' | ' |
Total, Fair Value | 1,012,000 | ' | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less Than 12 Months, Unrealized Losses | -8,000 | ' | ' |
12 Months or Longer, Unrealized Losses | 0 | ' | ' |
Total, Unrealized Losses | -8,000 | ' | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 1 | ' | ' |
12 Months or Longer, Number of Positions | 0 | ' | ' |
Total, Number of Positions | 1 | ' | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' | ' |
Securities held to maturity | 54,305,000 | 59,395,000 | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Total, Fair Value | 54,739,000 | 60,183,000 | ' |
Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' |
Amortized cost | 62,025,000 | ' | ' |
Unrealized gains | 0 | ' | ' |
Unrealized losses | 4,569,000 | ' | ' |
Total, Fair Value | 57,456,000 | ' | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 57,456,000 | ' | ' |
12 Months or Longer, Fair Value | 0 | ' | ' |
Total, Fair Value | 57,456,000 | ' | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less Than 12 Months, Unrealized Losses | -4,569,000 | ' | ' |
12 Months or Longer, Unrealized Losses | 0 | ' | ' |
Total, Unrealized Losses | -4,569,000 | ' | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 5 | ' | ' |
12 Months or Longer, Number of Positions | 0 | ' | ' |
Total, Number of Positions | 5 | ' | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' | ' |
Securities held to maturity | 62,025,000 | ' | ' |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Total, Fair Value | 57,456,000 | ' | ' |
US Treasury [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 43,279,000 | 63,668,000 | ' |
Unrealized gains | 337,000 | 757,000 | ' |
Unrealized losses | 0 | 0 | ' |
Estimated fair value | 43,616,000 | 64,425,000 | ' |
Federal Agency [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 285,880,000 | 281,398,000 | ' |
Unrealized gains | 343,000 | 1,507,000 | ' |
Unrealized losses | 7,308,000 | 91,000 | ' |
Estimated fair value | 278,915,000 | 282,814,000 | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 233,935,000 | 39,906,000 | ' |
12 Months or Longer, Fair Value | 9,619,000 | 0 | ' |
Total, Fair Value | 243,554,000 | 39,906,000 | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less than 12 months Unrealized Losses | -6,927,000 | -91,000 | ' |
12 months or longer Unrealized Losses | -381,000 | 0 | ' |
Total Unrealized Losses | -7,308,000 | -91,000 | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 20 | 4 | ' |
12 Months or Longer, Number of Positions | 1 | 0 | ' |
Total, Number of Positions | 21 | 4 | ' |
State & Municipal [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 113,435,000 | 82,675,000 | ' |
Unrealized gains | 1,842,000 | 4,127,000 | ' |
Unrealized losses | 1,612,000 | 0 | ' |
Estimated fair value | 113,665,000 | 86,802,000 | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 50,328,000 | ' | ' |
12 Months or Longer, Fair Value | 0 | ' | ' |
Total, Fair Value | 50,328,000 | ' | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less than 12 months Unrealized Losses | -1,612,000 | ' | ' |
12 months or longer Unrealized Losses | 0 | ' | ' |
Total Unrealized Losses | -1,612,000 | ' | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 177 | ' | ' |
12 Months or Longer, Number of Positions | 0 | ' | ' |
Total, Number of Positions | 177 | ' | ' |
Mortgage-Backed [Member] | ' | ' | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 143,080,000 | ' | ' |
12 Months or Longer, Fair Value | 0 | ' | ' |
Total, Fair Value | 143,080,000 | ' | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less than 12 months Unrealized Losses | -2,216,000 | ' | ' |
12 months or longer Unrealized Losses | 0 | ' | ' |
Total Unrealized Losses | -2,216,000 | ' | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 79 | ' | ' |
12 Months or Longer, Number of Positions | 0 | ' | ' |
Total, Number of Positions | 79 | ' | ' |
Mortgage-Backed [Member] | Government-sponsored enterprises [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 337,666,000 | 221,110,000 | ' |
Unrealized gains | 5,788,000 | 11,175,000 | ' |
Unrealized losses | 2,131,000 | 0 | ' |
Estimated fair value | 341,323,000 | 232,285,000 | ' |
Mortgage-Backed [Member] | U.S. government securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 21,924,000 | 16,351,000 | ' |
Unrealized gains | 1,002,000 | 1,645,000 | ' |
Unrealized losses | 85,000 | 0 | ' |
Estimated fair value | 22,841,000 | 17,996,000 | ' |
Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 379,273,000 | 23,000 | ' |
12 Months or Longer, Fair Value | 0 | 0 | ' |
Total, Fair Value | 379,273,000 | 23,000 | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less than 12 months Unrealized Losses | -18,243,000 | 0 | ' |
12 months or longer Unrealized Losses | 0 | 0 | ' |
Total Unrealized Losses | -18,243,000 | 0 | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 36 | 2 | ' |
12 Months or Longer, Number of Positions | 0 | 0 | ' |
Total, Number of Positions | 36 | 2 | ' |
Collateralized Mortgage Obligations [Member] | Government-sponsored enterprises [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 521,257,000 | 399,147,000 | ' |
Unrealized gains | 1,777,000 | 4,418,000 | ' |
Unrealized losses | 18,141,000 | 0 | ' |
Estimated fair value | 504,893,000 | 403,565,000 | ' |
Collateralized Mortgage Obligations [Member] | U.S. government securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 43,943,000 | 44,825,000 | ' |
Unrealized gains | 794,000 | 1,333,000 | ' |
Unrealized losses | 102,000 | 0 | ' |
Estimated fair value | 44,635,000 | 46,158,000 | ' |
Other Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized cost | 12,367,000 | 11,210,000 | ' |
Unrealized gains | 2,854,000 | 2,832,000 | ' |
Unrealized losses | 228,000 | 88,000 | ' |
Estimated fair value | 14,993,000 | 13,954,000 | ' |
Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Less Than 12 Months, Fair Value | 5,490,000 | 468,000 | ' |
12 Months or Longer, Fair Value | 223,000 | 167,000 | ' |
Total, Fair Value | 5,713,000 | 635,000 | ' |
Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' | ' |
Less than 12 months Unrealized Losses | -203,000 | -6,000 | ' |
12 months or longer Unrealized Losses | -25,000 | -82,000 | ' |
Total Unrealized Losses | ($228,000) | ($88,000) | ' |
Unrealized Loss Position, Number of Positions [Abstract] | ' | ' | ' |
Less Than 12 Months, Number of Positions | 2 | 1 | ' |
12 Months or Longer, Number of Positions | 1 | 1 | ' |
Total, Number of Positions | 3 | 2 | ' |
Loans_Details
Loans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | $5,406,795,000 | $4,277,616,000 |
Deferred loan origination costs, net | 31,800,000 | 25,500,000 |
Residential loans held for sale | 100,000 | 3,600,000 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' | ' |
Balance at January 1 | 2,790,000 | 2,537,000 |
New loans | 569,000 | 750,000 |
Adjustment due to change in composition of related parties | 376,000 | -130,000 |
Repayments | -363,000 | -367,000 |
Balance at December 31 | 3,372,000 | 2,790,000 |
Residential Real Estate Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | 1,041,637,000 | 651,107,000 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | 859,026,000 | 694,799,000 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | 1,328,313,000 | 1,072,807,000 |
Real Estate Construction and Development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | 93,247,000 | 123,078,000 |
Agricultural and Agricultural Real Estate Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | 112,035,000 | 112,687,000 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | 1,352,638,000 | 1,047,856,000 |
Home Equity [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Net Loans | $619,899,000 | $575,282,000 |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Credit Quality of Loans (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Segment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Loan portfolio segments | 3 |
Commercial Loans [Member] | Commercial Real Estate [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Real estate loan amount, percentage of appraised value or purchase price of the property, maximum (in hundredths) | 80.00% |
Commercial Loans [Member] | Agricultural Real Estate [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Real estate loan amount, percentage of appraised value or purchase price of the property, maximum (in hundredths) | 75.00% |
Commercial Loans [Member] | Business Banking [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Business banking loans, maximum amount | 500 |
Consumer Loans [Member] | Indirect [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Percentage of automobile financing to indirect relationships with dealers (in hundredths) | 70.00% |
Principal repayment term of loan, minimum (in years) | '3 years |
Principal repayment term of loan, maximum (in years) | '6 years |
Consumer Loans [Member] | Home Equity [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Home equity loan amount, percentage of equity in home, maximum (in hundredths) | 85.00% |
Consumer Loans [Member] | Direct [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Principal repayment term of loan, minimum (in years) | '1 year |
Principal repayment term of loan, maximum (in years) | '10 years |
Residential Real Estate Mortgages [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Real estate loan amount, percentage of appraised value or purchase price of the property, maximum (in hundredths) | 85.00% |
Allowance_for_Loan_Losses_and_3
Allowance for Loan Losses and Credit Quality of Loans, Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance as of Beginning of Period | $69,334 | $71,334 | $71,234 |
Charge-offs | -27,689 | -26,504 | -24,488 |
Recoveries | 5,365 | 4,235 | 3,851 |
Provision | 22,424 | 20,269 | 20,737 |
Balance as of Ending of Period | 69,434 | 69,334 | 71,334 |
Allowance loan losses [Abstract] | ' | ' | ' |
Allowance for loan losses | 69,434 | 69,334 | 71,334 |
Allowance for loans individually evaluated for impairment | 715 | 2,848 | ' |
Allowance for loans collectively evaluated for impairment | 68,719 | 66,486 | ' |
Ending balance of loans | 5,406,795 | 4,277,616 | ' |
Ending balance of loans individually evaluated for impairment | ' | 23,069 | ' |
Ending balance of loans collectively evaluated for impairment | ' | 4,254,547 | ' |
Commercial Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance as of Beginning of Period | 35,624 | 38,831 | 40,101 |
Charge-offs | -10,459 | -8,750 | -8,969 |
Recoveries | 1,957 | 1,641 | 1,438 |
Provision | 7,968 | 3,902 | 6,261 |
Balance as of Ending of Period | 35,090 | 35,624 | 38,831 |
Allowance loan losses [Abstract] | ' | ' | ' |
Allowance for loan losses | 35,090 | 35,624 | 38,831 |
Allowance for loans individually evaluated for impairment | 715 | 2,848 | ' |
Allowance for loans collectively evaluated for impairment | 34,375 | 32,776 | ' |
Ending balance of loans | 2,392,621 | 2,003,371 | ' |
Ending balance of loans individually evaluated for impairment | ' | 18,505 | ' |
Ending balance of loans collectively evaluated for impairment | ' | 1,984,866 | ' |
Consumer Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance as of Beginning of Period | 27,162 | 26,049 | 26,126 |
Charge-offs | -15,459 | -15,848 | -14,209 |
Recoveries | 3,136 | 2,556 | 2,406 |
Provision | 12,855 | 14,405 | 11,726 |
Balance as of Ending of Period | 27,694 | 27,162 | 26,049 |
Allowance loan losses [Abstract] | ' | ' | ' |
Allowance for loan losses | 27,694 | 27,162 | 26,049 |
Allowance for loans individually evaluated for impairment | 0 | 0 | ' |
Allowance for loans collectively evaluated for impairment | 27,694 | 27,162 | ' |
Ending balance of loans | 1,972,537 | 1,623,138 | ' |
Ending balance of loans individually evaluated for impairment | ' | 2,553 | ' |
Ending balance of loans collectively evaluated for impairment | ' | 1,620,585 | ' |
Residential Real Estate Mortgages [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance as of Beginning of Period | 6,252 | 6,249 | 4,627 |
Charge-offs | -1,771 | -1,906 | -1,310 |
Recoveries | 272 | 38 | 7 |
Provision | 1,767 | 1,871 | 2,925 |
Balance as of Ending of Period | 6,520 | 6,252 | 6,249 |
Allowance loan losses [Abstract] | ' | ' | ' |
Allowance for loan losses | 6,520 | 6,252 | 6,249 |
Allowance for loans individually evaluated for impairment | 0 | 0 | ' |
Allowance for loans collectively evaluated for impairment | 6,520 | 6,252 | ' |
Ending balance of loans | 1,041,637 | 651,107 | ' |
Ending balance of loans individually evaluated for impairment | ' | 2,011 | ' |
Ending balance of loans collectively evaluated for impairment | ' | 649,096 | ' |
Unallocated [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance as of Beginning of Period | 296 | 205 | 380 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | -166 | 91 | -175 |
Balance as of Ending of Period | 130 | 296 | 205 |
Allowance loan losses [Abstract] | ' | ' | ' |
Allowance for loan losses | 130 | 296 | 205 |
Allowance for loans collectively evaluated for impairment | 130 | 296 | ' |
Originated Loans [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans | 4,476,403 | ' | ' |
Ending balance of loans individually evaluated for impairment | 21,380 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 4,455,023 | ' | ' |
Originated Loans [Member] | Commercial Loans [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | 16,120 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 1,974,112 | ' | ' |
Originated Loans [Member] | Consumer Loans [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | 3,248 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 1,749,702 | ' | ' |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | 2,012 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 731,209 | ' | ' |
Acquired Loans [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans | 930,392 | ' | ' |
Ending balance of loans individually evaluated for impairment | 10,060 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 920,332 | ' | ' |
Acquired Loans [Member] | Commercial Loans [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | 10,060 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 392,329 | ' | ' |
Acquired Loans [Member] | Consumer Loans [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | 0 | ' | ' |
Ending balance of loans collectively evaluated for impairment | 219,587 | ' | ' |
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | ' | ' | ' |
Allowance loan losses [Abstract] | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | 0 | ' | ' |
Ending balance of loans collectively evaluated for impairment | $308,416 | ' | ' |
Allowance_for_Loan_Losses_and_4
Allowance for Loan Losses and Credit Quality of Loans, Past Due Loans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
Minimum number of days past due for nonaccrual loan status (in days) | '90 days | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | $31,961 | $22,852 |
61 - 90 Days Past Due Accruing | 5,894 | 5,277 |
Greater Than 90 Days Past Due Accruing | 3,737 | 2,448 |
Total Past Due Accruing | 41,592 | 30,577 |
Non-Accrual | 49,965 | 39,676 |
Current | 5,315,238 | 4,207,363 |
Recorded Total Loans and Leases | 5,406,795 | 4,277,616 |
Commercial Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 0 |
61 - 90 Days Past Due Accruing | ' | 0 |
Greater Than 90 Days Past Due Accruing | ' | 0 |
Total Past Due Accruing | ' | 0 |
Non-Accrual | ' | 4,985 |
Current | ' | 556,496 |
Recorded Total Loans and Leases | ' | 561,481 |
Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 126 |
61 - 90 Days Past Due Accruing | ' | 0 |
Greater Than 90 Days Past Due Accruing | ' | 0 |
Total Past Due Accruing | ' | 126 |
Non-Accrual | ' | 7,977 |
Current | ' | 966,692 |
Recorded Total Loans and Leases | ' | 974,795 |
Commercial Loans [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 22 |
61 - 90 Days Past Due Accruing | ' | 0 |
Greater Than 90 Days Past Due Accruing | ' | 0 |
Total Past Due Accruing | ' | 22 |
Non-Accrual | ' | 699 |
Current | ' | 63,037 |
Recorded Total Loans and Leases | ' | 63,758 |
Commercial Loans [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 108 |
61 - 90 Days Past Due Accruing | ' | 0 |
Greater Than 90 Days Past Due Accruing | ' | 103 |
Total Past Due Accruing | ' | 211 |
Non-Accrual | ' | 1,038 |
Current | ' | 36,128 |
Recorded Total Loans and Leases | ' | 37,377 |
Commercial Loans [Member] | Business Banking [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 3,019 |
61 - 90 Days Past Due Accruing | ' | 708 |
Greater Than 90 Days Past Due Accruing | ' | 45 |
Total Past Due Accruing | ' | 3,772 |
Non-Accrual | ' | 6,738 |
Current | ' | 355,450 |
Recorded Total Loans and Leases | ' | 365,960 |
Commercial Loans [Member] | Total Commercial Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 3,275 |
61 - 90 Days Past Due Accruing | ' | 708 |
Greater Than 90 Days Past Due Accruing | ' | 148 |
Total Past Due Accruing | ' | 4,131 |
Non-Accrual | ' | 21,437 |
Current | ' | 1,977,803 |
Recorded Total Loans and Leases | ' | 2,003,371 |
Consumer Loans [Member] | Indirect [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 10,956 |
61 - 90 Days Past Due Accruing | ' | 2,477 |
Greater Than 90 Days Past Due Accruing | ' | 1,205 |
Total Past Due Accruing | ' | 14,638 |
Non-Accrual | ' | 1,557 |
Current | ' | 964,802 |
Recorded Total Loans and Leases | ' | 980,997 |
Consumer Loans [Member] | Home Equity Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 6,065 |
61 - 90 Days Past Due Accruing | ' | 1,223 |
Greater Than 90 Days Past Due Accruing | ' | 681 |
Total Past Due Accruing | ' | 7,969 |
Non-Accrual | ' | 7,247 |
Current | ' | 560,066 |
Recorded Total Loans and Leases | ' | 575,282 |
Consumer Loans [Member] | Direct [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 717 |
61 - 90 Days Past Due Accruing | ' | 144 |
Greater Than 90 Days Past Due Accruing | ' | 84 |
Total Past Due Accruing | ' | 945 |
Non-Accrual | ' | 266 |
Current | ' | 65,648 |
Recorded Total Loans and Leases | ' | 66,859 |
Consumer Loans [Member] | Total Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 17,738 |
61 - 90 Days Past Due Accruing | ' | 3,844 |
Greater Than 90 Days Past Due Accruing | ' | 1,970 |
Total Past Due Accruing | ' | 23,552 |
Non-Accrual | ' | 9,070 |
Current | ' | 1,590,516 |
Recorded Total Loans and Leases | ' | 1,623,138 |
Residential Real Estate Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | ' | 1,839 |
61 - 90 Days Past Due Accruing | ' | 725 |
Greater Than 90 Days Past Due Accruing | ' | 330 |
Total Past Due Accruing | ' | 2,894 |
Non-Accrual | ' | 9,169 |
Current | ' | 639,044 |
Recorded Total Loans and Leases | ' | 651,107 |
Originated Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 28,124 | ' |
61 - 90 Days Past Due Accruing | 5,660 | ' |
Greater Than 90 Days Past Due Accruing | 3,657 | ' |
Total Past Due Accruing | 37,441 | ' |
Non-Accrual | 33,883 | 39,676 |
Current | 4,405,079 | ' |
Recorded Total Loans and Leases | 4,476,403 | ' |
Originated Loans [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
Non-Accrual | 19,300 | 21,437 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 105 | ' |
61 - 90 Days Past Due Accruing | 247 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 352 | ' |
Non-Accrual | 3,669 | 4,985 |
Current | 612,402 | ' |
Recorded Total Loans and Leases | 616,423 | ' |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 1,366 | ' |
61 - 90 Days Past Due Accruing | 0 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 1,366 | ' |
Non-Accrual | 7,834 | 7,977 |
Current | 925,116 | ' |
Recorded Total Loans and Leases | 934,316 | ' |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 150 | ' |
61 - 90 Days Past Due Accruing | 21 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 171 | ' |
Non-Accrual | 1,135 | 699 |
Current | 63,856 | ' |
Recorded Total Loans and Leases | 65,162 | ' |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 519 | ' |
61 - 90 Days Past Due Accruing | 0 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 519 | ' |
Non-Accrual | 961 | 1,038 |
Current | 35,172 | ' |
Recorded Total Loans and Leases | 36,652 | ' |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 1,228 | ' |
61 - 90 Days Past Due Accruing | 122 | ' |
Greater Than 90 Days Past Due Accruing | 105 | ' |
Total Past Due Accruing | 1,455 | ' |
Non-Accrual | 5,701 | 6,738 |
Current | 330,523 | ' |
Recorded Total Loans and Leases | 337,679 | ' |
Originated Loans [Member] | Commercial Loans [Member] | Total Commercial Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 3,368 | ' |
61 - 90 Days Past Due Accruing | 390 | ' |
Greater Than 90 Days Past Due Accruing | 105 | ' |
Total Past Due Accruing | 3,863 | ' |
Non-Accrual | 19,300 | ' |
Current | 1,967,069 | ' |
Recorded Total Loans and Leases | 1,990,232 | ' |
Originated Loans [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
Non-Accrual | 7,478 | 9,070 |
Originated Loans [Member] | Consumer Loans [Member] | Indirect [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 14,093 | ' |
61 - 90 Days Past Due Accruing | 2,878 | ' |
Greater Than 90 Days Past Due Accruing | 1,583 | ' |
Total Past Due Accruing | 18,554 | ' |
Non-Accrual | 1,461 | 1,557 |
Current | 1,141,829 | ' |
Recorded Total Loans and Leases | 1,161,844 | ' |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 6,033 | ' |
61 - 90 Days Past Due Accruing | 1,888 | ' |
Greater Than 90 Days Past Due Accruing | 1,115 | ' |
Total Past Due Accruing | 9,036 | ' |
Non-Accrual | 5,931 | 7,247 |
Current | 517,856 | ' |
Recorded Total Loans and Leases | 532,823 | ' |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 679 | ' |
61 - 90 Days Past Due Accruing | 125 | ' |
Greater Than 90 Days Past Due Accruing | 46 | ' |
Total Past Due Accruing | 850 | ' |
Non-Accrual | 86 | 266 |
Current | 57,347 | ' |
Recorded Total Loans and Leases | 58,283 | ' |
Originated Loans [Member] | Consumer Loans [Member] | Total Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 20,805 | ' |
61 - 90 Days Past Due Accruing | 4,891 | ' |
Greater Than 90 Days Past Due Accruing | 2,744 | ' |
Total Past Due Accruing | 28,440 | ' |
Non-Accrual | 7,478 | ' |
Current | 1,717,032 | ' |
Recorded Total Loans and Leases | 1,752,950 | ' |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 3,951 | ' |
61 - 90 Days Past Due Accruing | 379 | ' |
Greater Than 90 Days Past Due Accruing | 808 | ' |
Total Past Due Accruing | 5,138 | ' |
Non-Accrual | 7,105 | 9,169 |
Current | 720,978 | ' |
Recorded Total Loans and Leases | 733,221 | ' |
Acquired Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 3,837 | ' |
61 - 90 Days Past Due Accruing | 234 | ' |
Greater Than 90 Days Past Due Accruing | 80 | ' |
Total Past Due Accruing | 4,151 | ' |
Non-Accrual | 16,082 | ' |
Current | 910,159 | ' |
Recorded Total Loans and Leases | 930,392 | ' |
Acquired Loans [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
Non-Accrual | 11,498 | ' |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 24 | ' |
61 - 90 Days Past Due Accruing | 0 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 24 | ' |
Non-Accrual | 6,599 | ' |
Current | 96,603 | ' |
Recorded Total Loans and Leases | 103,226 | ' |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 0 | ' |
61 - 90 Days Past Due Accruing | 0 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 0 | ' |
Non-Accrual | 3,559 | ' |
Current | 225,455 | ' |
Recorded Total Loans and Leases | 229,014 | ' |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 320 | ' |
61 - 90 Days Past Due Accruing | 2 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 322 | ' |
Non-Accrual | 1,340 | ' |
Current | 68,487 | ' |
Recorded Total Loans and Leases | 70,149 | ' |
Acquired Loans [Member] | Commercial Loans [Member] | Total Commercial Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 344 | ' |
61 - 90 Days Past Due Accruing | 2 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 346 | ' |
Non-Accrual | 11,498 | ' |
Current | 390,545 | ' |
Recorded Total Loans and Leases | 402,389 | ' |
Acquired Loans [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
Non-Accrual | 712 | ' |
Acquired Loans [Member] | Consumer Loans [Member] | Indirect [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 939 | ' |
61 - 90 Days Past Due Accruing | 113 | ' |
Greater Than 90 Days Past Due Accruing | 71 | ' |
Total Past Due Accruing | 1,123 | ' |
Non-Accrual | 93 | ' |
Current | 123,870 | ' |
Recorded Total Loans and Leases | 125,086 | ' |
Acquired Loans [Member] | Consumer Loans [Member] | Home Equity Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 753 | ' |
61 - 90 Days Past Due Accruing | 63 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 816 | ' |
Non-Accrual | 570 | ' |
Current | 85,690 | ' |
Recorded Total Loans and Leases | 87,076 | ' |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 76 | ' |
61 - 90 Days Past Due Accruing | 56 | ' |
Greater Than 90 Days Past Due Accruing | 9 | ' |
Total Past Due Accruing | 141 | ' |
Non-Accrual | 49 | ' |
Current | 7,235 | ' |
Recorded Total Loans and Leases | 7,425 | ' |
Acquired Loans [Member] | Consumer Loans [Member] | Total Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 1,768 | ' |
61 - 90 Days Past Due Accruing | 232 | ' |
Greater Than 90 Days Past Due Accruing | 80 | ' |
Total Past Due Accruing | 2,080 | ' |
Non-Accrual | 712 | ' |
Current | 216,795 | ' |
Recorded Total Loans and Leases | 219,587 | ' |
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' |
31 - 60 Days Past Due Accruing | 1,725 | ' |
61 - 90 Days Past Due Accruing | 0 | ' |
Greater Than 90 Days Past Due Accruing | 0 | ' |
Total Past Due Accruing | 1,725 | ' |
Non-Accrual | 3,872 | ' |
Current | 302,819 | ' |
Recorded Total Loans and Leases | $308,416 | ' |
Allowance_for_Loan_Losses_and_5
Allowance for Loan Losses and Credit Quality of Loans, Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan Losses and Credit Quality of Loans and Leases [Abstract] | ' | ' | ' |
Minimum balance for classified loans to be evaluated individually for impairment | $500 | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 31,440 | 23,069 | ' |
Unpaid Principal Balance (Legal) | 35,430 | 25,712 | ' |
Related Allowance | 715 | 2,848 | ' |
Average Recorded Investment | 24,240 | 17,403 | 10,909 |
Interest Income Recognized Accrual | 469 | 643 | 64 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 3,722 | 6,682 | 1,507 |
Interest Income Recognized Accrual | 17 | 56 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 11,010 | 4,944 | 3,763 |
Interest Income Recognized Accrual | 130 | 230 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 207 | 1,767 | 2,070 |
Interest Income Recognized Accrual | 1 | 43 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 1,167 | 922 | 695 |
Interest Income Recognized Accrual | 52 | 72 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 295 | 68 | 17 |
Interest Income Recognized Accrual | 57 | 65 | 0 |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 2,969 | 1,877 | 1,924 |
Interest Income Recognized Accrual | 143 | 123 | 60 |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 2,024 | 1,143 | 933 |
Interest Income Recognized Accrual | 69 | 54 | 4 |
Originated Loans [Member] | With No Allowance Recorded [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 16,360 | 14,666 | ' |
Unpaid Principal Balance (Legal) | 18,173 | 15,683 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 11,100 | 10,102 | ' |
Unpaid Principal Balance (Legal) | 12,446 | 10,718 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 4,721 | 1,000 | ' |
Unpaid Principal Balance (Legal) | 4,777 | 1,000 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 4,613 | 7,362 | ' |
Unpaid Principal Balance (Legal) | 5,164 | 7,366 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 125 | 446 | ' |
Unpaid Principal Balance (Legal) | 195 | 540 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 1,431 | 903 | ' |
Unpaid Principal Balance (Legal) | 1,708 | 1,029 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Business Banking [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 210 | 391 | ' |
Unpaid Principal Balance (Legal) | 602 | 783 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Consumer Loans [Member] | Home Equity [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 3,248 | 2,553 | ' |
Unpaid Principal Balance (Legal) | 3,472 | 2,657 | ' |
Originated Loans [Member] | With No Allowance Recorded [Member] | Residential Real Estate Mortgages [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 2,012 | 2,011 | ' |
Unpaid Principal Balance (Legal) | 2,255 | 2,308 | ' |
Originated Loans [Member] | With An Allowance Recorded [Member] | Commercial Loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 5,020 | 8,403 | ' |
Unpaid Principal Balance (Legal) | 6,877 | 10,029 | ' |
Related Allowance | 715 | 2,848 | ' |
Originated Loans [Member] | With An Allowance Recorded [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 0 | 4,335 | ' |
Unpaid Principal Balance (Legal) | 0 | 4,340 | ' |
Related Allowance | 0 | 2,241 | ' |
Originated Loans [Member] | With An Allowance Recorded [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 5,020 | 4,068 | ' |
Unpaid Principal Balance (Legal) | 6,877 | 5,689 | ' |
Related Allowance | 715 | 607 | ' |
Originated Loans [Member] | With An Allowance Recorded [Member] | Commercial Loans [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 0 | 0 | ' |
Unpaid Principal Balance (Legal) | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Originated Loans [Member] | With An Allowance Recorded [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 0 | 0 | ' |
Unpaid Principal Balance (Legal) | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 1,625 | 0 | 0 |
Interest Income Recognized Accrual | 0 | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | 1,222 | 0 | 0 |
Interest Income Recognized Accrual | 0 | 0 | 0 |
Acquired Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 10,060 | ' | ' |
Unpaid Principal Balance (Legal) | 10,380 | ' | ' |
Acquired Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 6,501 | ' | ' |
Unpaid Principal Balance (Legal) | 6,538 | ' | ' |
Acquired Loans [Member] | With No Allowance Recorded [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Balance (Book) | 3,559 | ' | ' |
Unpaid Principal Balance (Legal) | $3,842 | ' | ' |
Allowance_for_Loan_Losses_and_6
Allowance for Loan Losses and Credit Quality of Loans, Credit Quality by Loan Class (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Originated Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] | Acquired Loans [Member] |
Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Performing [Member] | Nonperforming [Member] | Indirect [Member] | Indirect [Member] | Indirect [Member] | Home Equity Member] | Home Equity Member] | Home Equity Member] | Direct [Member] | Direct [Member] | Direct [Member] | Performing [Member] | Nonperforming [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Non-classified [Member] | Classified [Member] | Business Banking [Member] | Business Banking [Member] | Business Banking [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Commercial Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Consumer Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Residential Mortgage Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | Business Banking Credit Exposure [Member] | |||||
Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Non-classified [Member] | Classified [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Agricultural Real Estate [Member] | Performing [Member] | Nonperforming [Member] | Indirect [Member] | Indirect [Member] | Indirect [Member] | Home Equity Member] | Home Equity Member] | Home Equity Member] | Direct [Member] | Direct [Member] | Direct [Member] | Performing [Member] | Nonperforming [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Non-classified [Member] | Classified [Member] | Business Banking [Member] | Business Banking [Member] | Business Banking [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Agricultural [Member] | Performing [Member] | Nonperforming [Member] | Indirect [Member] | Indirect [Member] | Indirect [Member] | Home Equity Member] | Home Equity Member] | Home Equity Member] | Direct [Member] | Direct [Member] | Direct [Member] | Performing [Member] | Nonperforming [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Non-classified [Member] | Classified [Member] | Business Banking [Member] | Business Banking [Member] | Business Banking [Member] | ||||||||||||||||||||||||||||||||
Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Non-classified [Member] | Classified [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Pass [Member] | Special Mention [Member] | Substandard [Member] | Doubtful [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Performing [Member] | Nonperforming [Member] | Non-classified [Member] | Classified [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable | $1,637,411 | $1,515,732 | $50,552 | $68,347 | $2,780 | $561,481 | $522,985 | $18,401 | $17,351 | $2,744 | $974,795 | $901,928 | $32,135 | $40,732 | $0 | $63,758 | $57,347 | $13 | $6,362 | $36 | $37,377 | $33,472 | $3 | $3,902 | $0 | $1,623,138 | $1,612,098 | $11,040 | $980,997 | $978,235 | $2,762 | $575,282 | $567,354 | $7,928 | $66,859 | $66,509 | $350 | $651,107 | $641,608 | $9,499 | $651,107 | $641,608 | $9,499 | $365,960 | $342,528 | $23,432 | $365,960 | $342,528 | $23,432 | $1,652,553 | $1,547,669 | $40,037 | $64,835 | $12 | $616,423 | $576,079 | $16,836 | $23,508 | $0 | $934,316 | $878,411 | $22,777 | $33,128 | $0 | $65,162 | $60,043 | $381 | $4,726 | $12 | $36,652 | $33,136 | $43 | $3,473 | $0 | $1,752,950 | $1,742,728 | $10,222 | $1,161,844 | $1,158,800 | $3,044 | $532,823 | $525,777 | $7,046 | $58,283 | $58,151 | $132 | $733,221 | $725,308 | $7,913 | $733,221 | $725,308 | $7,913 | $337,679 | $319,578 | $18,101 | $337,679 | $319,578 | $18,101 | $332,240 | $290,702 | $8,413 | $33,125 | $0 | $103,226 | $85,692 | $2,230 | $15,304 | $0 | $229,014 | $205,010 | $6,183 | $17,821 | $0 | $0 | $0 | $0 | $0 | $0 | $219,587 | $218,795 | $792 | $125,086 | $124,922 | $164 | $87,076 | $86,506 | $570 | $7,425 | $7,367 | $58 | $308,416 | $304,544 | $3,872 | $308,416 | $304,544 | $3,872 | $70,149 | $65,437 | $4,712 | $70,149 | $65,437 | $4,712 |
Allowance_for_Loan_Losses_and_7
Allowance for Loan Losses and Credit Quality of Loans, Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Period of sustained repayment performance for nonperforming TDRs to be returned to performing status (in months) | '6 months | ' |
Business Banking [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | ' | 1 |
Pre-modification outstanding recorded investment | ' | $0.10 |
Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 23 | 18 |
Pre-modification outstanding recorded investment | 1 | 0.9 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 4 | 4 |
Pre-modification outstanding recorded investment | 7 | 6.6 |
Residential Real Estate Mortgages [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 6 | 12 |
Pre-modification outstanding recorded investment | 0.5 | 1.2 |
Subsequent Default [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 8 | 1 |
Pre-modification outstanding recorded investment | 0.4 | 0.1 |
Subsequent Default [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 1 | ' |
Pre-modification outstanding recorded investment | 0.9 | ' |
Subsequent Default [Member] | Residential Real Estate Mortgages [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | ' | 2 |
Pre-modification outstanding recorded investment | ' | $0.30 |
Premises_and_Equipment_Net_Det
Premises and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment before accumulated depreciation | $175,827,000 | $160,922,000 | ' |
Accumulated depreciation | 87,500,000 | 83,047,000 | ' |
Total premises and equipment | 88,327,000 | 77,875,000 | ' |
Rental expense | 7,500,000 | 6,400,000 | 5,600,000 |
Future Minimum Rental Payments [Abstract] | ' | ' | ' |
2014 | 7,156,000 | ' | ' |
2015 | 7,012,000 | ' | ' |
2016 | 6,985,000 | ' | ' |
2017 | 6,859,000 | ' | ' |
2018 | 6,791,000 | ' | ' |
Thereafter | 53,132,000 | ' | ' |
Total | 87,935,000 | ' | ' |
Land, Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment before accumulated depreciation | 120,098,000 | 109,601,000 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment before accumulated depreciation | $55,729,000 | $51,321,000 | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '3 years | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '10 years | ' | ' |
Building and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '15 years | ' | ' |
Building and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life | '40 years | ' | ' |
Goodwill_and_other_Intangible_2
Goodwill and other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Roll Forward] | ' | ' | ' |
Beginning Balance | $152,373,000 | $132,029,000 | ' |
Goodwill acquired | 112,624,000 | 20,344,000 | ' |
Ending Balance | 264,997,000 | 152,373,000 | 132,029,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 47,910,000 | 34,983,000 | ' |
Less: accumulated amortization | 22,353,000 | 18,021,000 | ' |
Net carrying amount | 25,557,000 | 16,962,000 | ' |
Amortization Expense [Abstract] | ' | ' | ' |
Amortization of intangible assets | 4,872,000 | 3,394,000 | 3,046,000 |
Future Amortization Expense [Abstract] | ' | ' | ' |
2014 | 5,000,000 | ' | ' |
2015 | 4,600,000 | ' | ' |
2016 | 3,300,000 | ' | ' |
2017 | 2,800,000 | ' | ' |
2018 | 2,200,000 | ' | ' |
Thereafter | 5,400,000 | ' | ' |
Indefinite-lived intangible assets (Excluding goodwill) | 2,000,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible asset useful life | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible asset useful life | '12 years | ' | ' |
Core Deposits Intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 19,401,000 | 13,240,000 | ' |
Less: accumulated amortization | 10,083,000 | 7,794,000 | ' |
Net carrying amount | 9,318,000 | 5,446,000 | ' |
Identified Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 28,509,000 | 21,743,000 | ' |
Less: accumulated amortization | 12,270,000 | 10,227,000 | ' |
Net carrying amount | $16,239,000 | $11,516,000 | ' |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Maturities of Time Deposits [Abstract] | ' | ' |
Within one year | $661,619,000 | ' |
After one but within two years | 184,796,000 | ' |
After two but within three years | 86,689,000 | ' |
After three but within four years | 52,024,000 | ' |
After four but within five years | 20,656,000 | ' |
After five years | 15,358,000 | ' |
Total | 1,021,142,000 | 983,261,000 |
Time Deposits, $100,000 or More [Abstract] | ' | ' |
Time deposits of $100,000 or more | $374,500,000 | $352,300,000 |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term Debt [Line Items] | ' | ' | ' |
Balance at year-end | $456,042,000 | $162,941,000 | ' |
FHLB, unused lines of credit available for short-term financing | 497,000,000 | 418,000,000 | ' |
Federal Funds Purchased [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Balance at year-end | 130,000,000 | 10,000,000 | 27,000,000 |
Average during the year | 39,907,000 | 12,658,000 | 3,017,000 |
Maximum month end balance | 130,000,000 | 60,000,000 | 28,000,000 |
Weighted average rate during the year (in hundredths) | 0.26% | 0.27% | 0.11% |
Weighted average rate at December 31 (in hundredths) | 0.18% | 0.27% | 0.13% |
Securities Sold under Repurchase Agreements [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Balance at year-end | 176,042,000 | 152,941,000 | 154,592,000 |
Average during the year | 169,352,000 | 153,084,000 | 150,663,000 |
Maximum month end balance | 185,871,000 | 165,977,000 | 178,414,000 |
Weighted average rate during the year (in hundredths) | 0.06% | 0.10% | 0.13% |
Weighted average rate at December 31 (in hundredths) | 0.05% | 0.10% | 0.10% |
Other Short-Term Borrowings [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Balance at year-end | 150,000,000 | 0 | 0 |
Average during the year | 71,589,000 | 0 | 249,000 |
Maximum month end balance | $210,000,000 | $0 | $250,000 |
Weighted average rate during the year (in hundredths) | 0.43% | 0.00% | 0.00% |
Weighted average rate at December 31 (in hundredths) | 0.55% | 0.00% | 0.00% |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Amount | $308,823 | $367,492 |
Callable Amount | 220,000 | 345,000 |
2013 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-13 | ' |
Amount | 0 | 119,502 |
Weighted Average Rate (in hundredths) | 0.00% | 3.87% |
Callable Amount | 0 | 100,000 |
Weighted Average Rate Callable Portion (in hundredths) | 0.00% | 3.71% |
2014 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-14 | ' |
Amount | 12,460 | 2,610 |
Weighted Average Rate (in hundredths) | 1.33% | 1.89% |
Callable Amount | 0 | 0 |
Weighted Average Rate Callable Portion (in hundredths) | 0.00% | 0.00% |
2015 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-15 | ' |
Amount | 308 | 250 |
Weighted Average Rate (in hundredths) | 0.00% | 0.00% |
Callable Amount | 0 | 0 |
Weighted Average Rate Callable Portion (in hundredths) | 0.00% | 0.00% |
2016 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-16 | ' |
Amount | 90,313 | 70,000 |
Weighted Average Rate (in hundredths) | 3.52% | 4.21% |
Callable Amount | 70,000 | 70,000 |
Weighted Average Rate Callable Portion (in hundredths) | 4.21% | 4.21% |
2017 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-17 | ' |
Amount | 115,312 | 100,000 |
Weighted Average Rate (in hundredths) | 3.55% | 3.89% |
Callable Amount | 75,000 | 100,000 |
Weighted Average Rate Callable Portion (in hundredths) | 3.73% | 3.89% |
2018 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-18 | ' |
Amount | 90,313 | 75,000 |
Weighted Average Rate (in hundredths) | 3.26% | 3.61% |
Callable Amount | 75,000 | 75,000 |
Weighted Average Rate Callable Portion (in hundredths) | 3.61% | 3.61% |
2021 [Member] | ' | ' |
Long-Term Debt by Maturity Periods [Abstract] | ' | ' |
Maturity | 31-Dec-21 | ' |
Amount | 117 | 130 |
Weighted Average Rate (in hundredths) | 4.00% | 4.00% |
Callable Amount | $0 | $0 |
Weighted Average Rate Callable Portion (in hundredths) | 0.00% | 0.00% |
Junior_Subordinated_Debt_Detai
Junior Subordinated Debt (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' |
Number of statutory business trusts included in the Trusts | 5 |
Minimum assets for bank holding companies to be subject to the same capital requirements as insured depository institutions | $500,000,000 |
CNBF Capital Trust I Debenture [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 1-Aug-99 |
Trust Preferred Securities Outstanding | 18,000,000 |
Interest Rate | '3-month LIBOR plus 2.75% |
Trust Preferred Debt Owed To Trust | 18,720,000 |
Final Maturity Date | 29-Aug-14 |
Number of wholly owned Delaware statutory business trusts | '1 |
NBT Statutory Trust I Debenture [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 5-Nov-14 |
Trust Preferred Securities Outstanding | 5,000,000 |
Interest Rate | '3-month LIBOR plus 1.40% |
Trust Preferred Debt Owed To Trust | 5,155,000 |
Final Maturity Date | 1-Dec-35 |
NBT Statutory Trust II Debenture [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 6-Feb-14 |
Trust Preferred Securities Outstanding | 50,000,000 |
Interest Rate | '3-month LIBOR plus 1.40% |
Trust Preferred Debt Owed To Trust | 51,547,000 |
Final Maturity Date | 1-Mar-36 |
Alliance Financial Capital Trust I [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 3-Dec-14 |
Trust Preferred Securities Outstanding | 10,000,000 |
Interest Rate | '3-month LIBOR plus 2.85% |
Trust Preferred Debt Owed To Trust | 10,310,000 |
Final Maturity Date | 1-Jan-34 |
Alliance Financial Capital Trust II [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 6-Sep-14 |
Trust Preferred Securities Outstanding | 15,000,000 |
Interest Rate | '3-month LIBOR plus 1.65% |
Trust Preferred Debt Owed To Trust | 15,464,000 |
Final Maturity Date | 1-Sep-36 |
NBT Bancorp Inc [Member] | ' |
Debt Instrument [Line Items] | ' |
Trust equity method investment | 1,000,000 |
Alliance Financial Capital [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of wholly owned Delaware statutory business trusts | '2 |
Trusts [Member] | ' |
Debt Instrument [Line Items] | ' |
Trust Preferred Securities Outstanding | 98,000,000 |
Trust Preferred Debt Owed To Trust | 101,000,000 |
Trust equity method investment | 3,200,000 |
Debentures period semi-annual deferral periods | 10 |
Trust preferred securities included in Tier I capital | $97,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current [Abstract] | ' | ' | ' |
Federal | $23,536,000 | $21,011,000 | $29,274,000 |
State | 2,316,000 | 1,815,000 | 1,477,000 |
Current tax expense (benefit) | 25,852,000 | 22,826,000 | 30,751,000 |
Deferred [Abstract] | ' | ' | ' |
Federal | 2,334,000 | -13,000 | -8,129,000 |
State | 10,000 | 3,000 | -1,349,000 |
Deferred tax expense (benefit) | 2,344,000 | -10,000 | -9,478,000 |
Total income tax expense | 28,196,000 | 22,816,000 | 21,273,000 |
Income tax recorded to stockholders' equity | 7,000,000 | -100,000 | -500,000 |
Deferred tax assets [Abstract] | ' | ' | ' |
Allowance for loan and lease losses | 26,729,000 | 26,687,000 | ' |
Deferred compensation | 7,931,000 | 5,362,000 | ' |
Postretirement benefit obligation | 2,596,000 | 1,600,000 | ' |
Unrealized losses on securities available for sale | 5,900,000 | 0 | ' |
Fair value adjustments from acquisitions | 0 | 3,633,000 | ' |
Accrued liabilities | 3,265,000 | 1,524,000 | ' |
Stock-based compensation expense | 7,862,000 | 5,726,000 | ' |
Equipment leasing | 1,661,000 | 0 | ' |
Other | 2,125,000 | 1,933,000 | ' |
Total deferred tax assets | 58,069,000 | 46,465,000 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Pension and executive retirement | 17,417,000 | 7,676,000 | ' |
Fair value adjustments from acquisitions | 2,070,000 | 0 | ' |
Unrealized gains on securities available for sale | 0 | 10,939,000 | ' |
Premises and equipment, primarily due to accelerated depreciation | 2,270,000 | 1,980,000 | ' |
Equipment leasing | 0 | 582,000 | ' |
Deferred loan costs | 1,624,000 | 873,000 | ' |
Intangible amortization | 12,007,000 | 13,146,000 | ' |
Other | 892,000 | 154,000 | ' |
Total deferred tax liabilities | 36,280,000 | 35,350,000 | ' |
Net deferred tax asset at year-end | 21,789,000 | 11,115,000 | 5,953,000 |
Net deferred tax asset (liability) at beginning of year | 11,115,000 | 5,953,000 | ' |
Increase in net deferred tax asset | 10,674,000 | 5,162,000 | ' |
Reconciliation of gross unrecognized tax benefits [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 0 | 888,000 | 3,081,000 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reduction for tax positions of prior years | 0 | -888,000 | -2,193,000 |
Balance, end of period | 0 | 0 | 888,000 |
Decrease in tax expense resulting from lapse of statute of limitations | ' | 800,000 | 1,500,000 |
Accrued interest | ' | ' | 100,000 |
Net interest | ' | ' | 300,000 |
Federal statutory income tax rate (in hundredths) | 35.00% | ' | ' |
Income tax reconciliation [Abstract] | ' | ' | ' |
Federal income tax at statutory rate | 31,482,000 | 27,081,000 | 27,711,000 |
Tax exempt income | -2,433,000 | -2,536,000 | -2,925,000 |
Net increase in CSV of life insurance | -1,166,000 | -908,000 | -919,000 |
Low income housing tax credits | -819,000 | -629,000 | -782,000 |
State taxes, net of federal tax benefit | 1,512,000 | 1,182,000 | 764,000 |
State audit settlements | 0 | 0 | -681,000 |
Other, net | -380,000 | -1,374,000 | -1,895,000 |
Total income tax expense | $28,196,000 | $22,816,000 | $21,273,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Adjustment of accumulated other comprehensive income | $2,400,000 | ' | ' |
Transition obligation period of recognition | '20 years | ' | ' |
Net actuarial loss that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year | 300,000 | ' | ' |
Prior service credit that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year | 200,000 | ' | ' |
Assumptions used to determine benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | ' | 3.50% | 4.10% |
Expected long-term return on plan assets (in hundredths) | 7.50% | 7.50% | 7.50% |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% |
Assumptions used to determine net periodic pension cost [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.50% | 4.10% | 5.15% |
Expected long-term return on plan assets (in hundredths) | 7.50% | 7.50% | 8.00% |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (pre-tax) [Abstract] | ' | ' | ' |
Amortization of prior service cost | -2,790,000 | -3,593,000 | -1,665,000 |
Estimate future benefit payments [Abstract] | ' | ' | ' |
Annual rates of increase in the per capita cost of covered medical and prescription drug benefits, minimum (in hundredths) | 5.90% | ' | ' |
Annual rates of increase in the per capita cost of covered medical and prescription drug benefits, maximum (in hundredths) | 8.50% | ' | ' |
Ultimate health care cost trend rate (in hundredths) | 5.00% | ' | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Actual plan asset allocations (in hundredths) | 100.00% | 100.00% | ' |
Employer contributions to 401 (k) plan | 2,100,000 | 1,800,000 | 3,700,000 |
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | ' | ' | ' |
One-percentage point Increase on total service and interest cost components | 37,000 | ' | ' |
One-percentage point (decrease) on total service and interest cost components | -27,000 | ' | ' |
One-percentage point Increase on postretirement accumulated benefit obligation | 768,000 | ' | ' |
One-percentage point (decrease) on postretirement accumulated benefit obligation | -567,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Assumptions used to determine benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 4.90% | ' | ' |
Maximum [Member] | ' | ' | ' |
Assumptions used to determine benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 5.05% | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Accumulated other comprehensive income (loss), before tax [Abstract] | ' | ' | ' |
Net actuarial loss | 11,286,000 | 35,478,000 | ' |
Prior service cost | 118,000 | 141,000 | ' |
Total amounts recognized in accumulated other comprehensive loss (pre-tax) | 11,404,000 | 35,619,000 | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of period | 85,129,000 | 78,024,000 | ' |
Service cost | 2,493,000 | 3,122,000 | 2,589,000 |
Interest cost | 3,223,000 | 3,145,000 | 3,544,000 |
Plan participants' contributions | 0 | 0 | ' |
Actuarial(gain) loss | -10,853,000 | 5,941,000 | ' |
Amendments | 0 | -1,006,000 | ' |
Acquisition | 10,958,000 | 0 | ' |
Benefits paid | -5,283,000 | -4,097,000 | ' |
Projected benefit obligation at end of period | 85,667,000 | 85,129,000 | 78,024,000 |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of period | 99,704,000 | 91,575,000 | ' |
Actual return on plan assets | 18,451,000 | 11,733,000 | ' |
Acquisition | 4,994,000 | 0 | ' |
Employer contributions | 708,000 | 493,000 | ' |
Plan participants' contributions | 0 | 0 | ' |
Benefits paid | -5,283,000 | -4,097,000 | ' |
Fair value of plan assets at end of period | 118,574,000 | 99,704,000 | 91,575,000 |
Funded status | 32,907,000 | 14,575,000 | ' |
Accumulated benefit obligation | 85,700,000 | 85,100,000 | ' |
Amounts recognized in Balance Sheet [Abstract] | ' | ' | ' |
Other assets | 48,189,000 | 27,062,000 | ' |
Other liabilities | -15,282,000 | -12,487,000 | ' |
Funded status | 32,907,000 | 14,575,000 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 2,493,000 | 3,122,000 | 2,589,000 |
Interest cost | 3,223,000 | 3,145,000 | 3,544,000 |
Expected return on plan assets | -7,804,000 | -6,686,000 | -7,720,000 |
Amortization of prior service cost | 23,000 | 283,000 | 309,000 |
Amortization of unrecognized net loss | 2,692,000 | 3,330,000 | 1,353,000 |
Net periodic pension cost | 627,000 | 3,194,000 | 75,000 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (pre-tax) [Abstract] | ' | ' | ' |
Net loss (gain) | -21,500,000 | 894,000 | 16,108,000 |
Prior service cost | 0 | -1,006,000 | 0 |
Amortization of prior service cost | -23,000 | -283,000 | -309,000 |
Amortization of unrecognized net gain | -2,692,000 | -3,330,000 | -1,353,000 |
Total recognized in other comprehensive loss (income) | -24,215,000 | -3,725,000 | 14,446,000 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) - pre-tax | -23,588,000 | -531,000 | 14,521,000 |
Estimate future benefit payments [Abstract] | ' | ' | ' |
2014 | 5,950,000 | ' | ' |
2015 | 6,090,000 | ' | ' |
2016 | 6,143,000 | ' | ' |
2017 | 9,199,000 | ' | ' |
2018 | 6,899,000 | ' | ' |
2019 - 2022 | 34,827,000 | ' | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 118,574,000 | 99,704,000 | 91,575,000 |
Pension Benefits [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 86,711,000 | 70,414,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 86,711,000 | 70,414,000 | ' |
Pension Benefits [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 31,863,000 | 29,290,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 31,863,000 | 29,290,000 | ' |
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of period | 5,464,000 | ' | ' |
Fair value of plan assets at end of period | 7,533,000 | ' | ' |
Target asset allocations [Abstract] | ' | ' | ' |
Target allocation percentage of assets, range minimum (in hundredths) | 0.00% | ' | ' |
Target allocation percentage of assets, range maximum (in hundredths) | 20.00% | ' | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Actual plan asset allocations (in hundredths) | 6.00% | 5.00% | ' |
Fair value of plan assets | 7,533,000 | ' | ' |
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 7,533,000 | 5,464,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 7,533,000 | 5,464,000 | ' |
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Fixed Income Securities [Member] | ' | ' | ' |
Target asset allocations [Abstract] | ' | ' | ' |
Target allocation percentage of assets, range minimum (in hundredths) | 20.00% | ' | ' |
Target allocation percentage of assets, range maximum (in hundredths) | 40.00% | ' | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Actual plan asset allocations (in hundredths) | 27.00% | 29.00% | ' |
Pension Benefits [Member] | Equity [Member] | ' | ' | ' |
Target asset allocations [Abstract] | ' | ' | ' |
Target allocation percentage of assets, range minimum (in hundredths) | 40.00% | ' | ' |
Target allocation percentage of assets, range maximum (in hundredths) | 80.00% | ' | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Actual plan asset allocations (in hundredths) | 67.00% | 66.00% | ' |
Pension Benefits [Member] | Foreign Equity Mutual Funds [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 15,653,000 | 9,763,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 15,653,000 | 9,763,000 | ' |
Pension Benefits [Member] | Foreign Equity Mutual Funds [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 15,653,000 | 9,763,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 15,653,000 | 9,763,000 | ' |
Pension Benefits [Member] | Foreign Equity Mutual Funds [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Equity Mutual Funds [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 16,727,000 | 13,110,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 16,727,000 | 13,110,000 | ' |
Pension Benefits [Member] | Equity Mutual Funds [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 16,727,000 | 13,110,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 16,727,000 | 13,110,000 | ' |
Pension Benefits [Member] | Equity Mutual Funds [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | US Government Bonds [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 9,355,000 | 12,744,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 9,355,000 | 12,744,000 | ' |
Pension Benefits [Member] | US Government Bonds [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | US Government Bonds [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 9,355,000 | 12,744,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 9,355,000 | 12,744,000 | ' |
Pension Benefits [Member] | Corporate Bonds [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 19,665,000 | 13,604,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 19,665,000 | 13,604,000 | ' |
Pension Benefits [Member] | Corporate Bonds [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Corporate Bonds [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 19,665,000 | 13,604,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 19,665,000 | 13,604,000 | ' |
Pension Benefits [Member] | Common Stock [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 44,532,000 | 40,430,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 44,532,000 | 40,430,000 | ' |
Pension Benefits [Member] | Common Stock [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 44,532,000 | 40,430,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 44,532,000 | 40,430,000 | ' |
Pension Benefits [Member] | Common Stock [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Municipal Bonds and Notes [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 1,451,000 | 1,805,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,451,000 | 1,805,000 | ' |
Pension Benefits [Member] | Municipal Bonds and Notes [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Municipal Bonds and Notes [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 1,451,000 | 1,805,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,451,000 | 1,805,000 | ' |
Pension Benefits [Member] | Foreign Bonds and Notes [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 1,392,000 | 1,137,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,392,000 | 1,137,000 | ' |
Pension Benefits [Member] | Foreign Bonds and Notes [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Benefits [Member] | Foreign Bonds and Notes [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 1,392,000 | 1,137,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,392,000 | 1,137,000 | ' |
Pension Benefits [Member] | Foreign Equity [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 2,266,000 | 1,647,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 2,266,000 | 1,647,000 | ' |
Pension Benefits [Member] | Foreign Equity [Member] | Level 1 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 2,266,000 | 1,647,000 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 2,266,000 | 1,647,000 | ' |
Pension Benefits [Member] | Foreign Equity [Member] | Level 2 [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Other Benefits [Member] | ' | ' | ' |
Accumulated other comprehensive income (loss), before tax [Abstract] | ' | ' | ' |
Net actuarial loss | 1,628,000 | 2,277,000 | ' |
Prior service cost | -521,000 | -672,000 | ' |
Total amounts recognized in accumulated other comprehensive loss (pre-tax) | 1,107,000 | 1,605,000 | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of period | 4,071,000 | 3,985,000 | ' |
Service cost | 23,000 | 20,000 | 17,000 |
Interest cost | 286,000 | 155,000 | 202,000 |
Plan participants' contributions | 269,000 | 233,000 | ' |
Actuarial(gain) loss | -369,000 | 136,000 | ' |
Amendments | -54,000 | 0 | ' |
Acquisition | 3,928,000 | 0 | ' |
Benefits paid | -726,000 | -458,000 | ' |
Projected benefit obligation at end of period | 7,428,000 | 4,071,000 | 3,985,000 |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of period | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Acquisition | 0 | 0 | ' |
Employer contributions | 457,000 | 225,000 | ' |
Plan participants' contributions | 269,000 | 233,000 | ' |
Benefits paid | -726,000 | -458,000 | ' |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Funded status | -7,428,000 | -4,071,000 | ' |
Accumulated benefit obligation | 7,400,000 | 4,100,000 | ' |
Amounts recognized in Balance Sheet [Abstract] | ' | ' | ' |
Other assets | 0 | 0 | ' |
Other liabilities | -7,428,000 | -4,071,000 | ' |
Funded status | -7,428,000 | -4,071,000 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 23,000 | 20,000 | 17,000 |
Interest cost | 286,000 | 155,000 | 202,000 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -205,000 | -202,000 | -202,000 |
Amortization of unrecognized net loss | 280,000 | 182,000 | 205,000 |
Net periodic pension cost | 384,000 | 155,000 | 222,000 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (pre-tax) [Abstract] | ' | ' | ' |
Net loss (gain) | -369,000 | 136,000 | -562,000 |
Prior service cost | -54,000 | 0 | 0 |
Amortization of prior service cost | 205,000 | 202,000 | 202,000 |
Amortization of unrecognized net gain | -280,000 | -182,000 | -205,000 |
Total recognized in other comprehensive loss (income) | -498,000 | 156,000 | -565,000 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) - pre-tax | -114,000 | 311,000 | -343,000 |
Estimate future benefit payments [Abstract] | ' | ' | ' |
2014 | 555,000 | ' | ' |
2015 | 565,000 | ' | ' |
2016 | 560,000 | ' | ' |
2017 | 576,000 | ' | ' |
2018 | 590,000 | ' | ' |
2019 - 2022 | 2,771,000 | ' | ' |
Actual plan asset allocations [Abstract] | ' | ' | ' |
Fair value of plan assets | $0 | $0 | $0 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair value assumptions [Abstract] | ' | ' | ' |
Dividend yield (in hundredths) | 3.20% | 3.94% | ' |
Dividend yield, minimum (in hundredths) | ' | ' | 3.31% |
Dividend yield, maximum (in hundredths) | ' | ' | 3.82% |
Expected volatility (in hundredths) | 34.60% | 34.64% | ' |
Expected volatility, minimum (in hundredths) | ' | ' | 33.75% |
Expected volatility, maximum (in hundredths) | ' | ' | 34.36% |
Risk-free interest rates (in hundredths) | 2.43% | 1.24% | ' |
Risk-free interest rates, minimum (in hundredths) | ' | ' | 1.48% |
Risk-free interest rates, maximum (in hundredths) | ' | ' | 2.81% |
Expected life | '7 years | '7 years | '7 years |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards termination period | '10 years | ' | ' |
Stock options additional disclosures [Abstract] | ' | ' | ' |
Stock-based compensation expense | $4,305,000 | $4,364,000 | $3,244,000 |
Restricted Stock and restricted stock additional disclosures [Abstract] | ' | ' | ' |
Number of shares available for future grant (in shares) | 4,100,000 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '4 years | ' | ' |
Weighted average fair value of stock options granted (in dollars per share) | $7.09 | $4.57 | $5.45 |
Stock options [Roll Forward] | ' | ' | ' |
Outstanding, Beginning of period (in shares) | 1,695,562 | ' | ' |
Granted (in shares) | 120 | ' | ' |
Exercised (in shares) | -335,103 | ' | ' |
Forfeited (in shares) | -495 | ' | ' |
Expired (in shares) | -18,584 | ' | ' |
Outstanding, End of period (in shares) | 1,341,500 | 1,695,562 | ' |
Exercisable, End of period (in shares) | 1,279,560 | ' | ' |
Expected to Vest (in shares) | 61,044 | ' | ' |
Stock options additional disclosures [Abstract] | ' | ' | ' |
Weighted average exercise price, Outstanding, Beginning of period (in dollars per share) | $22.72 | ' | ' |
Weighted average exercise price, Granted (in dollars per share) | $26.29 | ' | ' |
Weighted average exercise price, Exercised (in dollars per share) | $21.77 | ' | ' |
Weighted average exercise price, Forfeited (in dollars per share) | $20.19 | ' | ' |
Weighted average exercise price, Expired (in dollars per share) | $21.58 | ' | ' |
Weighted average exercise price, Outstanding, End of period (in dollars per share) | $22.98 | $22.72 | ' |
Weighted average exercise price, Exercisable, End of period (in dollars per share) | $23.08 | ' | ' |
Weighted average exercise price, Expected to Vest (in dollars per share) | $20.80 | ' | ' |
Weighted Average Remaining Contractual Term, Outstanding, End of period (in years) | '3 years 10 months 20 days | ' | ' |
Weighted Average Remaining Contractual Term, Exercisable, End of period (in years) | '3 years 9 months 11 days | ' | ' |
Weighted Average Remaining Contractual Term, Expected to Vest (in years) | '5 years 6 months 14 days | ' | ' |
Aggregate Intrinsic Value, Outstanding, End of period | 3,996,816 | ' | ' |
Aggregate Intrinsic Value, Exercisable, End of period | 3,683,178 | ' | ' |
Aggregate Intrinsic Value, Expected to Vest | 311,352 | ' | ' |
Stock-based compensation expense | 200,000 | 500,000 | 900,000 |
Proceeds from stock options exercised | 7,927,000 | 1,908,000 | 2,255,000 |
Tax benefits related to stock options exercised | 178,000 | 8,000 | 341,000 |
Intrinsic value of stock options exercised | 905,000 | 498,000 | 897,000 |
Fair value of shares vested during the year | 766,000 | 1,656,000 | 1,597,000 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted shares vesting period for employees, minimum | '5 years | ' | ' |
Restricted shares vesting period for non-employee directors, minimum | '3 years | ' | ' |
Stock options additional disclosures [Abstract] | ' | ' | ' |
Unrecognized compensation cost | 4,600,000 | ' | ' |
Unrecognized compensation cost, weighted average period of recognition (in years) | '2 years 1 month 6 days | ' | ' |
Restricted Stock and restricted stock [Roll Forward] | ' | ' | ' |
Unvested, Beginning of period (in shares) | 117,150 | ' | ' |
Forfeited (in shares) | -2,033 | ' | ' |
Vested (in shares) | -48,467 | ' | ' |
Unvested, End of period (in shares) | 66,650 | ' | ' |
Restricted Stock and restricted stock additional disclosures [Abstract] | ' | ' | ' |
Weighted-average grant date fair value, Unvested, Beginning of period (in dollars per share) | $24.37 | ' | ' |
Weighted-average grant date fair value, Forfeited (in dollars per share) | $23.25 | ' | ' |
Weighted-average grant date fair value, Vested (in dollars per share) | $26.10 | ' | ' |
Weighted-average grant date fair value, Unvested, End of period (in dollars per share) | $23.15 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Restricted Stock and restricted stock [Roll Forward] | ' | ' | ' |
Unvested, Beginning of period (in shares) | 406,058 | ' | ' |
Forfeited (in shares) | -6,467 | ' | ' |
Vested (in shares) | -69,333 | ' | ' |
Granted (in shares) | 209,592 | ' | ' |
Unvested, End of period (in shares) | 539,850 | ' | ' |
Restricted Stock and restricted stock additional disclosures [Abstract] | ' | ' | ' |
Weighted-average grant date fair value, Unvested, Beginning of period (in dollars per share) | $25.64 | ' | ' |
Weighted-average grant date fair value, Forfeited (in dollars per share) | $0 | ' | ' |
Weighted-average grant date fair value, Vested (in dollars per share) | $0 | ' | ' |
Weighted-average grant date fair value, Granted (in dollars per share) | $20.81 | ' | ' |
Weighted-average grant date fair value, Unvested, End of period (in dollars per share) | $27.36 | ' | ' |
Restricted and Deferred Stock Awards [Member] | ' | ' | ' |
Stock options additional disclosures [Abstract] | ' | ' | ' |
Stock-based compensation expense | 3,800,000 | 3,700,000 | 3,200,000 |
Tax benefit from compensation expense | $1,500,000 | $1,500,000 | $1,200,000 |
Stockholders_Equity_Details
Stockholders Equity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders Equity [Abstract] | ' | ' |
Unrecognized prior service cost and net actuarial loss on pension plans | ($7,785,000) | ($22,555,000) |
Unrealized net holding (losses) gains on available for sale securities | -8,980,000 | 16,675,000 |
Accumulated other comprehensive loss | -16,765,000 | -5,880,000 |
Class of Warrant or Right [Line Items] | ' | ' |
Future dividend payment restrictions | 'The approval of the Office of Comptroller of the Currency (OCC) is required to pay dividends when a bank fails to meet certain minimum regulatory capital standards or when such dividends are in excess of a subsidiary bank's earnings retained in the current year plus retained net profits for the preceding two years as specified in applicable OCC regulations. | ' |
Preceding period of retained net profits for approval of Office of Comptroller of the Currency (in years) | '2 years | ' |
Statutory amount available for dividend payments | $56,700,000 | ' |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Purchase entitlement (in shares) | 0.01 | ' |
Stated value of purchase entitlement (in dollars per share) | $0.01 | ' |
Exercise price (in dollars per share) | $70 | ' |
Stockholder Rights Plan [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Preferred share purchase right dividend per common share (in shares) | 1 | ' |
Beneficial ownership of outstanding common stock basis for right exercise, minimum (in hundredths) | 15.00% | ' |
Tender or exchange offer of outstanding common stock rights to exercise, minimum (in hundredths) | 15.00% | ' |
Market value of additional equity interests rights, description | 'two times the Right's exercise price of $70 | ' |
Multiplier for market value of additional equity interest | 2 | ' |
Preferred Share Purchase Right exercise price (in dollars per right) | $0.00 | ' |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total Capital (to risk weighted assets) [Abstract] | ' | ' |
Total capital to risk weighted assets | $723,580 | $560,745 |
Total capital to risk weighted assets (in hundredths) | 12.99% | 12.25% |
Minimum capital required for capital adequacy to risk weighted assets (in hundredths) | 8.00% | 8.00% |
Capital required for classification as well capitalized to risk weighted assets (in hundredths) | 10.00% | 10.00% |
Tier I Capital (to risk weighted assets) [Abstract] | ' | ' |
Tier I capital to risk weighted assets | 653,950 | 503,359 |
Tier I capital to risk weighted assets (in hundredths) | 11.74% | 11.00% |
Minimum Tier one capital required for capital adequacy to risk weighted assets(in hundredths) | 4.00% | 4.00% |
Tier one capital required for classification as well capitalized to risk weighted assets (in hundredths) | 6.00% | 6.00% |
Tier I Capital (to average assets) [Abstract] | ' | ' |
Tier I capital to average assets | 653,950 | 503,359 |
Tier I capital to average assets (in hundredths) | 8.93% | 8.54% |
Minimum Tier I leverage capital required for capital adequacy to average assets (in hundredths) | 4.00% | 4.00% |
Tier I leverage capital required for classification as well capitalized to average assets (in hundredths) | 5.00% | 5.00% |
NBT Bank [Member] | ' | ' |
Total Capital (to risk weighted assets) [Abstract] | ' | ' |
Total capital to risk weighted assets | 686,194 | 505,027 |
Total capital to risk weighted assets (in hundredths) | 12.41% | 11.08% |
Minimum capital required for capital adequacy to risk weighted assets (in hundredths) | 8.00% | 8.00% |
Capital required for classification as well capitalized to risk weighted assets (in hundredths) | 10.00% | 10.00% |
Tier I Capital (to risk weighted assets) [Abstract] | ' | ' |
Tier I capital to risk weighted assets | 617,038 | 447,909 |
Tier I capital to risk weighted assets (in hundredths) | 11.16% | 9.83% |
Minimum Tier one capital required for capital adequacy to risk weighted assets(in hundredths) | 4.00% | 4.00% |
Tier one capital required for classification as well capitalized to risk weighted assets (in hundredths) | 6.00% | 6.00% |
Tier I Capital (to average assets) [Abstract] | ' | ' |
Tier I capital to average assets | $617,038 | $447,909 |
Tier I capital to average assets (in hundredths) | 8.47% | 7.62% |
Minimum Tier I leverage capital required for capital adequacy to average assets (in hundredths) | 4.00% | 4.00% |
Tier I leverage capital required for classification as well capitalized to average assets (in hundredths) | 5.00% | 5.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic earnings per share [Abstract] | ' | ' | ' |
Net income available to common shareholders | $61,747 | $54,558 | $57,901 |
Weighted average common shares, basic (in shares) | 41,930,000 | 33,379,000 | 33,662,000 |
Basic EPS (in dollars per share) | $1.47 | $1.63 | $1.72 |
Diluted earnings per share [Abstract] | ' | ' | ' |
Net income available to common shareholders | $61,747 | $54,558 | $57,901 |
Dilutive effect of stock based compensation (in shares) | 420,000 | 340,000 | 262,000 |
Weighted average common shares, diluted (in shares) | 42,350,000 | 33,719,000 | 33,924,000 |
Diluted EPS (in dollars per share) | $1.46 | $1.62 | $1.71 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stock options excluded from calculation of diluted EPS (in shares) | 1,048,000 | 1,193,000 | 1,258,000 |
Reclassification_Adjustments_O2
Reclassification Adjustments Out of Other Comprehensive (Loss) Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net securities gains | ($1,426) | ($599) | ($150) |
Salaries and employee benefits | 113,580 | 104,815 | 99,212 |
Income tax expense | 28,196 | 22,816 | 21,273 |
Net Income | 61,747 | 54,558 | 57,901 |
Total reclassification during the period, net of tax | 740 | 1,812 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net securities gains | -1,426 | -599 | ' |
Income tax expense | 565 | 237 | ' |
Net Income | -861 | -362 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income tax expense | 1,189 | 1,419 | ' |
Net Income | 1,601 | 2,174 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of net gains [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Salaries and employee benefits | 2,792 | 3,512 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of prior service costs [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Salaries and employee benefits | ($182) | $81 | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unused lines of Credit [Member] | Unused lines of Credit [Member] | Commitment to Extend Credits [Member] | Commitment to Extend Credits [Member] | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Commercial Letters of Credit [Member] | Commercial Letters of Credit [Member] | Loans Sold with Recourse [Member] | Loans Sold with Recourse [Member] | ||||
Commitments and Contingent Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the Company's loans secured by real estate (in hundredths) | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments - maximum potential obligation | ' | ' | ' | $216,658,000 | $163,626,000 | $849,092,000 | $678,093,000 | $37,510,000 | $36,837,000 | $41,263,000 | $16,607,000 | $15,741,000 | $13,690,000 |
Obligation instrument term | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Loans serviced by the Company for unrelated third parties | 554,400,000 | ' | 309,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Reserve Bank Requirement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Reserve Bank maintenance period | '14 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average reserve at Federal Reserve Bank for maintenance period | ' | $48,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets [Abstract] | ' | ' |
Securities held to maturity | $113,276,000 | $61,535,000 |
Financial liabilities [Abstract] | ' | ' |
Time deposits | 1,021,142,000 | 983,261,000 |
Long-term debt | 308,823,000 | 367,492,000 |
Junior subordinated debt | 101,196,000 | 75,422,000 |
Securities Available for Sale [Abstract] | ' | ' |
Total Securities Available for Sale | 1,364,881,000 | 1,147,999,000 |
Trading Securities | 5,779,000 | 3,918,000 |
Liabilities [Abstract] | ' | ' |
Collateral dependent impaired financing receivable with specific reserves | 5,000,000 | ' |
Allowance for loan and lease losses collateral dependent impaired loans with specific reserves | 700,000 | ' |
Liquidation expense ratio on impaired collateral minimum (in hundredths) | 10.00% | ' |
Liquidation expense ratio on impaired collateral maximum (in hundredths) | 35.00% | ' |
Recurring Basis [Member] | ' | ' |
Securities Available for Sale [Abstract] | ' | ' |
U.S. Treasury | 43,616,000 | 64,425,000 |
Federal Agency | 278,915,000 | 282,814,000 |
State & municipal | 113,665,000 | 86,802,000 |
Mortgage-backed | 364,164,000 | 250,281,000 |
Collateralized mortgage obligations | 549,528,000 | 449,723,000 |
Other securities | 14,993,000 | 13,954,000 |
Total Securities Available for Sale | 1,364,881,000 | 1,147,999,000 |
Trading Securities | 5,779,000 | 3,918,000 |
Interest Rate Swaps | 281,000 | 1,490,000 |
Total | 1,370,941,000 | 1,153,407,000 |
Liabilities [Abstract] | ' | ' |
Interest Rate Swaps | 281,000 | 1,490,000 |
Total | 281,000 | 1,490,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member] | ' | ' |
Securities Available for Sale [Abstract] | ' | ' |
U.S. Treasury | 43,616,000 | 64,425,000 |
Federal Agency | 0 | 0 |
State & municipal | 0 | 0 |
Mortgage-backed | 0 | 0 |
Collateralized mortgage obligations | 0 | 0 |
Other securities | 6,796,000 | 8,672,000 |
Total Securities Available for Sale | 50,412,000 | 73,097,000 |
Trading Securities | 5,779,000 | 3,918,000 |
Interest Rate Swaps | 0 | 0 |
Total | 56,191,000 | 77,015,000 |
Liabilities [Abstract] | ' | ' |
Interest Rate Swaps | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member] | ' | ' |
Securities Available for Sale [Abstract] | ' | ' |
U.S. Treasury | 0 | 0 |
Federal Agency | 278,915,000 | 282,814,000 |
State & municipal | 113,665,000 | 86,802,000 |
Mortgage-backed | 364,164,000 | 250,281,000 |
Collateralized mortgage obligations | 549,528,000 | 449,723,000 |
Other securities | 8,197,000 | 5,282,000 |
Total Securities Available for Sale | 1,314,469,000 | 1,074,902,000 |
Trading Securities | 0 | 0 |
Interest Rate Swaps | 281,000 | 1,490,000 |
Total | 1,314,750,000 | 1,076,392,000 |
Liabilities [Abstract] | ' | ' |
Interest Rate Swaps | 281,000 | 1,490,000 |
Total | 281,000 | 1,490,000 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member] | ' | ' |
Securities Available for Sale [Abstract] | ' | ' |
U.S. Treasury | 0 | 0 |
Federal Agency | 0 | 0 |
State & municipal | 0 | 0 |
Mortgage-backed | 0 | 0 |
Collateralized mortgage obligations | 0 | 0 |
Other securities | 0 | 0 |
Total Securities Available for Sale | 0 | 0 |
Trading Securities | 0 | 0 |
Interest Rate Swaps | 0 | 0 |
Total | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Interest Rate Swaps | 0 | 0 |
Total | 0 | 0 |
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Securities held to maturity | 117,283,000 | 60,563,000 |
Financial liabilities [Abstract] | ' | ' |
Time deposits | 1,021,142,000 | 983,261,000 |
Long-term debt | 308,823,000 | 367,492,000 |
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Net Loans | 5,337,361,000 | 4,208,282,000 |
Financial liabilities [Abstract] | ' | ' |
Junior subordinated debt | 101,196,000 | 75,422,000 |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Securities held to maturity | 113,276,000 | 61,535,000 |
Financial liabilities [Abstract] | ' | ' |
Time deposits | 1,023,982,000 | 994,376,000 |
Long-term debt | 325,195,000 | 407,404,000 |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Net Loans | 5,386,520,000 | 4,313,244,000 |
Financial liabilities [Abstract] | ' | ' |
Junior subordinated debt | $105,121,000 | $74,147,000 |
Parent_Company_Financial_Infor2
Parent Company Financial Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $158,926 | $163,668 | $129,381 | ' |
Securities available for sale, at estimated fair value | 1,364,881 | 1,147,999 | ' | ' |
Trading securities | 5,779 | 3,918 | ' | ' |
Other assets | 127,234 | 99,997 | ' | ' |
Total assets | 7,652,175 | 6,042,259 | ' | ' |
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Total liabilities | 6,835,606 | 5,459,986 | ' | ' |
Stockholders' equity | 816,569 | 582,273 | 538,110 | 533,572 |
Total liabilities and stockholders' equity | 7,652,175 | 6,042,259 | ' | ' |
Condensed Income Statements [Abstract] | ' | ' | ' | ' |
Securities gains (losses) | 1,426 | 599 | 150 | ' |
Interest, dividend and other income | 268,723 | 239,397 | 239,997 | ' |
Income before income tax benefit and equity in undistributed income of subsidiaries | 89,943 | 77,374 | 79,174 | ' |
Income tax (expense) benefit | -28,196 | -22,816 | -21,273 | ' |
Net income | 61,747 | 54,558 | 57,901 | ' |
Operating activities [Abstract] | ' | ' | ' | ' |
Net income | 61,747 | 54,558 | 57,901 | ' |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | ' | ' | ' | ' |
Stock-based compensation | 4,305 | 4,364 | 3,244 | ' |
Gain (Loss) on sales of available-for-sale securities | -1,283 | -442 | -7 | ' |
Net change in other liabilities | -5,219 | -128 | 11,806 | ' |
Net change in other assets | 20,463 | 6,804 | -3,579 | ' |
Net cash provided by operating activities | 119,298 | 88,854 | 83,765 | ' |
Investing activities [Abstract] | ' | ' | ' | ' |
Purchases of available-for-sale securities | -353,714 | -483,858 | -648,048 | ' |
Sales and maturities of available-for-sale securities | 376,509 | 573,828 | 541,555 | ' |
Purchases of premises and equipment | -5,766 | -6,994 | -9,954 | ' |
Net cash used in investing activities | -183,754 | -126,850 | -175,498 | ' |
Financing activities [Abstract] | ' | ' | ' | ' |
Payments on long-term debt | -163,595 | -3,354 | -2,146 | ' |
Purchases of treasury shares | 12,459 | 15,490 | 30,502 | ' |
Cash dividends and payments for fractional shares | -33,518 | -26,712 | -27,063 | ' |
Excess tax benefit from exercise of stock options | -178 | 8 | 341 | ' |
Net cash provided by financing activities | 59,714 | 72,283 | 52,322 | ' |
Net (decrease) increase in cash and cash equivalents | -4,742 | 34,287 | -39,411 | ' |
Cash and cash equivalents at beginning of year | 163,668 | 129,381 | 168,792 | ' |
Cash and cash equivalents at end of year | 158,926 | 163,668 | 129,381 | ' |
NBT Bancorp Inc [Member] | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 3,741 | 23,095 | 2,454 | ' |
Securities available for sale, at estimated fair value | 11,008 | 12,866 | ' | ' |
Trading securities | 4,742 | 3,371 | ' | ' |
Investment in subsidiaries, on equity basis | 896,479 | 635,851 | ' | ' |
Other assets | 49,530 | 48,324 | ' | ' |
Total assets | 965,500 | 723,507 | ' | ' |
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Total liabilities | 148,931 | 141,234 | ' | ' |
Stockholders' equity | 816,569 | 582,273 | ' | ' |
Total liabilities and stockholders' equity | 965,500 | 723,507 | ' | ' |
Condensed Income Statements [Abstract] | ' | ' | ' | ' |
Dividends from subsidiaries | 13,500 | 79,175 | 54,400 | ' |
Management fee from subsidiaries | 84,778 | 78,665 | 69,430 | ' |
Securities gains (losses) | 1,273 | 442 | -31 | ' |
Interest, dividend and other income | 636 | 720 | 628 | ' |
Total revenue | 100,187 | 159,002 | 124,427 | ' |
Operating expense | 83,675 | 79,015 | 75,254 | ' |
Income before income tax benefit and equity in undistributed income of subsidiaries | 16,512 | 79,987 | 49,173 | ' |
Income tax (expense) benefit | -1,046 | -284 | 1,340 | ' |
Dividends in excess of income (equity in undistributed income) of subsidiaries | 46,285 | -25,145 | 7,388 | ' |
Net income | 61,751 | 54,558 | 57,901 | ' |
Operating activities [Abstract] | ' | ' | ' | ' |
Net income | 61,751 | 54,558 | 57,901 | ' |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | ' | ' | ' | ' |
Stock-based compensation | 4,305 | 4,364 | 3,244 | ' |
Gain (Loss) on sales of available-for-sale securities | 1,273 | 442 | 31 | ' |
Equity in undistributed income | -59,785 | -54,030 | -61,788 | ' |
Cash dividend from subsidiaries | 13,500 | 79,175 | 54,400 | ' |
Net change in other liabilities | -18,077 | -3,181 | 15,311 | ' |
Net change in other assets | 14,924 | 2,030 | -11,607 | ' |
Net cash provided by operating activities | 17,891 | 83,358 | 57,492 | ' |
Investing activities [Abstract] | ' | ' | ' | ' |
Purchases of available-for-sale securities | 0 | -4,163 | -968 | ' |
Sales and maturities of available-for-sale securities | 1,948 | 1,445 | 71 | ' |
Net cash used in acquisitions | 2,232 | -14,612 | 0 | ' |
Purchases of premises and equipment | -782 | -1,240 | -1,656 | ' |
Net cash used in investing activities | 3,398 | -18,570 | -2,553 | ' |
Financing activities [Abstract] | ' | ' | ' | ' |
Proceeds from the issuance of shares to employee benefit plans and other stock plans | 5,512 | 1,387 | 1,386 | ' |
Payments on long-term debt | 0 | -3,340 | -140 | ' |
Purchases of treasury shares | -12,459 | -15,490 | -30,502 | ' |
Cash dividends and payments for fractional shares | -33,518 | -26,712 | -27,063 | ' |
Excess tax benefit from exercise of stock options | -178 | 8 | 341 | ' |
Net cash provided by financing activities | -40,643 | -44,147 | -55,978 | ' |
Net (decrease) increase in cash and cash equivalents | -19,354 | 20,641 | -1,039 | ' |
Cash and cash equivalents at beginning of year | 23,095 | 2,454 | 3,493 | ' |
Cash and cash equivalents at end of year | $3,741 | $23,095 | $2,454 | ' |