Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NBT BANCORP INC | |
Entity Central Index Key | 790,359 | |
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 Common Stock, Shares Outstanding | 42,956,023 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 139,909 | $ 130,593 |
Short-term interest bearing accounts | 15,601 | 9,704 |
Securities available for sale, at fair value | 1,259,874 | 1,174,544 |
Securities held to maturity (fair value $475,110 and $473,140, respectively) | 466,914 | 471,031 |
Trading securities | 8,905 | 8,377 |
Federal Reserve and Federal Home Loan Bank stock | 32,262 | 36,673 |
Loans | 5,967,809 | 5,883,133 |
Less allowance for loan losses | 64,318 | 63,018 |
Net loans | 5,903,491 | 5,820,115 |
Premises and equipment, net | 86,407 | 88,826 |
Goodwill | 265,957 | 265,957 |
Intangible assets, net | 16,168 | 17,265 |
Bank owned life insurance | 161,878 | 117,044 |
Other assets | 115,598 | 122,517 |
Total assets | 8,472,964 | 8,262,646 |
Liabilities | ||
Demand (noninterest bearing) | 2,008,763 | 1,998,165 |
Savings, NOW, and money market | 4,007,621 | 3,697,851 |
Time | 888,658 | 908,827 |
Total deposits | 6,905,042 | 6,604,843 |
Short-term borrowings | 347,868 | 442,481 |
Long-term debt | 130,377 | 130,447 |
Junior subordinated debt | 101,196 | 101,196 |
Other liabilities | 106,754 | 101,675 |
Total liabilities | 7,591,237 | 7,380,642 |
Stockholders' equity | ||
Preferred stock, $0.01 par value. Authorized 2,500,000 shares at March 31, 2016 and December 31, 2015 | 0 | 0 |
Common stock, $0.01 par value. Authorized 100,000,000 shares at March 31, 2016 and December 31, 2015; issued 49,651,494 at March 31, 2016 and December 31, 2015 | 497 | 497 |
Additional paid-in-capital | 573,754 | 576,726 |
Retained earnings | 471,650 | 462,232 |
Accumulated other comprehensive loss | (13,871) | (22,418) |
Common stock in treasury, at cost, 6,789,653 and 6,220,792 shares at March 31, 2016 and December 31, 2015, respectively | (150,303) | (135,033) |
Total stockholders' equity | 881,727 | 882,004 |
Total liabilities and stockholders' equity | $ 8,472,964 | $ 8,262,646 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Securities held to maturity fair value | $ 475,110 | $ 473,140 |
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 | 49,651,494 |
Common stock in treasury, at cost (in shares) | 6,789,653 | 6,220,792 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest, fee, and dividend income | ||
Interest and fees on loans | $ 61,230 | $ 59,518 |
Securities available for sale | 5,987 | 4,945 |
Securities held to maturity | 2,288 | 2,283 |
Other | 449 | 480 |
Total interest, fee, and dividend income | 69,954 | 67,226 |
Interest expense | ||
Deposits | 3,597 | 3,573 |
Short-term borrowings | 328 | 121 |
Long-term debt | 833 | 826 |
Junior subordinated debt | 619 | 540 |
Total interest expense | 5,377 | 5,060 |
Net interest income | 64,577 | 62,166 |
Provision for loan losses | 6,098 | 3,642 |
Net interest income after provision for loan losses | 58,479 | 58,524 |
Noninterest income | ||
Insurance and other financial services revenue | 6,946 | 6,374 |
Service charges on deposit accounts | 3,939 | 4,072 |
ATM and debit card fees | 4,583 | 4,248 |
Retirement plan administration fees | 3,754 | 3,196 |
Trust | 4,376 | 4,450 |
Bank owned life insurance | 1,291 | 1,559 |
Net securities gains | 29 | 14 |
Other | 3,449 | 2,621 |
Total noninterest income | 28,367 | 26,534 |
Noninterest expense | ||
Salaries and employee benefits | 32,441 | 30,182 |
Occupancy | 5,491 | 6,066 |
Data processing and communications | 4,050 | 4,103 |
Professional fees and outside services | 3,231 | 3,497 |
Equipment | 3,460 | 3,249 |
Office supplies and postage | 1,547 | 1,619 |
FDIC expenses | 1,258 | 1,198 |
Advertising | 504 | 719 |
Amortization of intangible assets | 1,096 | 1,284 |
Loan collection and other real estate owned | 705 | 872 |
Other | 4,441 | 4,913 |
Total noninterest expense | 58,224 | 57,702 |
Income before income tax expense | 28,622 | 27,356 |
Income tax expense | 9,731 | 9,190 |
Net income | $ 18,891 | $ 18,166 |
Earnings per share | ||
Basic (in dollars per share) | $ 0.44 | $ 0.41 |
Diluted (in dollars per share) | $ 0.43 | $ 0.41 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ||
Net income | $ 18,891 | $ 18,166 |
Other comprehensive income, net of tax | ||
Unrealized net holding gains arising during the period (pre-tax amounts of $13,211 and $4,842) | 8,072 | 2,959 |
Reclassification adjustment for net gains related to securities available for sale included in net income (pre-tax amounts of $29 and $14) | (19) | (9) |
Amortization of unrealized net gains and losses related to the reclassification of available for sale investment securities to held to maturity (pre-tax amounts of $296 and $307) | 181 | 204 |
Pension and other benefits: | ||
Amortization of prior service cost and actuarial gains (pre-tax amounts of $512 and $561) | 313 | 342 |
Total other comprehensive income | 8,547 | 3,496 |
Comprehensive income | $ 27,438 | $ 21,662 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other comprehensive income, net of tax: | ||
Unrealized net holding gains arising during the period, pre-tax amounts | $ 13,211 | $ 4,842 |
Reclassification adjustment for net gains related to securities available for sale included in net income, pre-tax amounts | 29 | 14 |
Amortization of unrealized net gains and losses related to the reclassification of available for sale investment securities to held to maturity, pre-tax amounts | 296 | 307 |
Amortization of prior service cost and actuarial loss, pre-tax amounts | $ 512 | $ 561 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock in Treasury [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 497 | $ 576,504 | $ 423,956 | $ (17,027) | $ (119,749) | $ 864,181 |
Net income | 0 | 0 | 18,166 | 0 | 0 | 18,166 |
Cash dividends | 0 | 0 | (9,282) | 0 | 0 | (9,282) |
Net issuance of shares to employee benefit plans and other stock plans, including tax benefit | 0 | (2,564) | 0 | 0 | 1,509 | (1,055) |
Stock-based compensation | 0 | 1,988 | 0 | 0 | 0 | 1,988 |
Other comprehensive income | 0 | 0 | 0 | 3,496 | 0 | 3,496 |
Ending Balance at Mar. 31, 2015 | 497 | 575,928 | 432,840 | (13,531) | (118,240) | 877,494 |
Beginning Balance at Dec. 31, 2015 | 497 | 576,726 | 462,232 | (22,418) | (135,033) | 882,004 |
Net income | 0 | 0 | 18,891 | 0 | 0 | 18,891 |
Cash dividends | 0 | 0 | (9,473) | 0 | 0 | (9,473) |
Purchases of treasury shares | 0 | 0 | 0 | 0 | (17,193) | (17,193) |
Net issuance of shares to employee benefit plans and other stock plans, including tax benefit | 0 | (4,584) | 0 | 0 | 1,923 | (2,661) |
Stock-based compensation | 0 | 1,612 | 0 | 0 | 0 | 1,612 |
Other comprehensive income | 0 | 0 | 0 | 8,547 | 0 | 8,547 |
Ending Balance at Mar. 31, 2016 | $ 497 | $ 573,754 | $ 471,650 | $ (13,871) | $ (150,303) | $ 881,727 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Stockholders' Equity (unaudited) [Abstract] | ||
Cash dividends - per share (in dollars per share) | $ 0.22 | $ 0.21 |
Purchase of treasury shares (in shares) | 675,535 | |
Net issuance of shares to employee benefit plans and other stock plans, including tax benefit (in shares) | 106,674 | 80,362 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 18,891 | $ 18,166 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 6,098 | 3,642 |
Depreciation and amortization of premises and equipment | 2,244 | 2,152 |
Net accretion on securities | 799 | 531 |
Amortization of intangible assets | 1,096 | 1,284 |
Stock based compensation | 1,612 | 1,988 |
Bank owned life insurance income | (1,291) | (1,559) |
Purchases of trading securities | (568) | (492) |
Losses on trading securities | 40 | 20 |
Proceeds from sales of loans held for sale | 22,098 | 7,111 |
Originations and purchases of loans held for sale | (22,133) | (7,297) |
Net gains on sales of loans held for sale | (49) | (64) |
Net security gains | (29) | (14) |
Net gain on sales of other real estate owned | (306) | 0 |
Net decrease in other assets | 2,135 | 12,078 |
Net decrease in other liabilities | (1,319) | (7,547) |
Net cash provided by operating activities | 29,318 | 29,999 |
Securities available for sale: | ||
Proceeds from maturities, calls, and principal paydowns | 74,090 | 61,153 |
Purchases | (142,613) | (114,445) |
Securities held to maturity: | ||
Proceeds from maturities, calls, and principal paydowns | 15,591 | 19,752 |
Purchases | (9,471) | (18,907) |
Other: | ||
Net increase in loans | (90,342) | (33,206) |
Proceeds from FHLB stock redemption | 33,886 | 13,481 |
Purchases of Federal Reserve and FHLB stock | (29,475) | (8,617) |
Proceeds from settlement of bank owned life insurance | 1,457 | 1,468 |
Purchases of bank owned life insurance | (45,000) | 0 |
Purchases of premises and equipment | (1,625) | (1,044) |
Proceeds from the sales of other real estate owned | 3,208 | 698 |
Net cash used in investing activities | (190,294) | (79,667) |
Financing activities | ||
Net increase in deposits | 300,199 | 179,832 |
Net decrease in short-term borrowings | (94,613) | (123,630) |
Repayments of long-term debt | (70) | (170) |
Proceeds from the issuance of shares to employee benefit plans and other stock plans | (2,661) | (1,055) |
Purchase of treasury stock | (17,193) | 0 |
Cash dividends and payment for fractional shares | (9,473) | (9,282) |
Net cash provided by financing activities | 176,189 | 45,695 |
Net increase (decrease) in cash and cash equivalents | 15,213 | (3,973) |
Cash and cash equivalents at beginning of period | 140,297 | 146,636 |
Cash and cash equivalents at end of period | 155,510 | 142,663 |
Cash paid during the period for: | ||
Interest | 5,876 | 5,803 |
Income taxes paid | 3,405 | 872 |
Noncash investing activities: | ||
Loans transferred to other real estate owned | $ 952 | $ 1,062 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Description of Business [Abstract] | |
Description of Business | Note 1. Description of Business NBT Bancorp Inc. (the “Registrant” or the “Company”) is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of the Registrant consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the “Bank”), NBT Financial Services, Inc. (“NBT Financial”), NBT Holdings, Inc. (“NBT Holdings”), Hathaway Agency, Inc., and CNBF Capital Trust I, NBT Statutory Trust I and NBT Statutory Trust II (collectively, the “Trusts”). The Company’s principal sources of revenue are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. The Company’s business, primarily conducted through the Bank but also through its other subsidiaries, consists of providing commercial banking and financial services to customers in its market area, which includes central and upstate New York, northeastern Pennsylvania, northwestern Vermont, western Massachusetts, southern New Hampshire, and southern Maine. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company’s business philosophy is to operate as a community bank with local decision-making, principally in non-metropolitan markets, providing a broad array of banking and financial services to retail, commercial, and municipal customers. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Registrant and its wholly owned subsidiaries, the Bank, NBT Financial and NBT Holdings. Collectively, the Registrant and its subsidiaries are referred to herein as “the Company.” The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods in accordance with generally accepted accounting principles (“GAAP”). These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2015 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. All intercompany transactions have been eliminated in consolidation. Amounts in the prior period financial statements are reclassified whenever necessary to conform to current period presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure and there were none identified. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Securities [Abstract] | |
Securities | Note 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 March 31, 2016 Federal Agency $ 275,258 $ 1,070 $ (26 ) $ 276,302 State & municipal 39,909 490 (23 ) 40,376 Mortgage-backed: Government-sponsored enterprises 401,525 8,279 (25 ) 409,779 U.S. government agency securities 7,484 551 (14 ) 8,021 Collateralized mortgage obligations: Government-sponsored enterprises 446,887 4,479 (67 ) 451,299 U.S. government agency securities 53,748 645 (17 ) 54,376 Other securities 16,674 3,708 (661 ) 19,721 Total securities available for sale $ 1,241,485 $ 19,222 $ (833 ) $ 1,259,874 December 31, 2015 Federal Agency $ 312,580 $ 203 $ (1,511 ) $ 311,272 State & municipal 31,208 446 (17 ) 31,637 Mortgage-backed: Government-sponsored enterprises 398,086 4,141 (1,068 ) 401,159 U.S. government agency securities 8,191 560 (14 ) 8,737 Collateralized mortgage obligations: Government-sponsored enterprises 364,936 931 (1,828 ) 364,039 U.S. government agency securities 40,699 348 (115 ) 40,932 Other securities 13,637 3,249 (118 ) 16,768 Total securities available for sale $ 1,169,337 $ 9,878 $ (4,671 ) $ 1,174,544 Other Securities with amortized costs totaling $1.6 billion at March 31, 2016 and $1.4 billion at December 31, 2015 were pledged to secure public deposits and for other purposes required or permitted by law. At March 31, 2016 and December 31, 2015, securities with an amortized cost of $198.3 million and $205.9 million, respectively, were pledged as collateral for securities sold under repurchase agreements. The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows: (In thousands) Amortized cost Unrealized gains Unrealized losses Estimated fair value March 31, 2016 Mortgage-backed: Government-sponsored enterprises $ 9,112 $ 99 $ - $ 9,211 U.S. government agency securities 588 104 - 692 Collateralized mortgage obligations: Government-sponsored enterprises 262,741 5,022 (604 ) 267,159 State & municipal 194,473 3,592 (17 ) 198,048 Total securities held to maturity $ 466,914 $ 8,817 $ (621 ) $ 475,110 December 31, 2015 Mortgage-backed: Government-sponsored enterprises $ 9,432 $ - $ (107 ) $ 9,325 U.S. government agency securities 611 95 - 706 Collateralized mortgage obligations: Government-sponsored enterprises 272,550 1,411 (1,560 ) 272,401 State & municipal 188,438 2,288 (18 ) 190,708 Total securities held to maturity $ 471,031 $ 3,794 $ (1,685 ) $ 473,140 The following table sets forth information with regard to investment securities with unrealized losses for the periods presented: Less than 12 months 12 months or longer Total Security Type: Fair Value Unrealized losses Number of Positions Fair Value Unrealized losses Number of Positions Fair Value Unrealized losses Number of Positions March 31, 2016 Investment securities available for sale: Federal agency $ 34,920 $ (22 ) 3 $ 9,996 $ (4 ) 1 $ 44,916 $ (26 ) 4 State & municipal 3,450 (21 ) 5 498 (2 ) 1 3,948 (23 ) 6 Mortgage-backed 978 (1 ) 3 10,146 (38 ) 6 11,124 (39 ) 9 Collateralized mortgage obligations 27,259 (71 ) 4 5,785 (13 ) 3 33,044 (84 ) 7 Other securities - - - 5,455 (661 ) 3 5,455 (661 ) 3 Total securities with unrealized losses $ 66,607 $ (115 ) 15 $ 31,880 $ (718 ) 14 $ 98,487 $ (833 ) 29 March 31, 2016 Investment securities held to maturity: Collateralized mortgage obligations $ - $ - - $ 40,987 $ (604 ) 4 $ 40,987 $ (604 ) 4 State & municipal 2,190 (17 ) 4 - - - 2,190 (17 ) 4 Total securities with unrealized losses $ 2,190 $ (17 ) 4 $ 40,987 $ (604 ) 4 43,177 $ (621 ) 8 December 31, 2015 Investment securities available for sale: Federal agency $ 186,685 $ (1,312 ) 15 $ 19,801 $ (199 ) 2 $ 206,486 $ (1,511 ) 17 State & municipal 4,599 (14 ) 7 502 (3 ) 1 5,101 (17 ) 8 Mortgage-backed 177,270 (1,068 ) 33 1,066 (14 ) 5 178,336 (1,082 ) 38 Collateralized mortgage obligations 256,265 (1,889 ) 24 5,218 (54 ) 2 261,483 (1,943 ) 26 Other securities - - - 3,235 (118 ) 2 3,235 (118 ) 2 Total securities with unrealized losses $ 624,819 $ (4,283 ) 79 $ 29,822 $ (388 ) 12 $ 654,641 $ (4,671 ) 91 December 31, 2015 Investment securities held to maturity: Mortgage -backed $ 9,325 $ (107 ) 1 $ - $ - - $ 9,325 $ (107 ) 1 Collateralized mortgage obligations 105,604 (281 ) 12 41,523 (1,279 ) 4 147,127 (1,560 ) 16 State & municipal 2,200 (18 ) 3 - - - 2,200 (18 ) 3 Total securities with unrealized losses $ 117,129 $ (406 ) 16 $ 41,523 $ (1,279 ) 4 $ 158,652 $ (1,685 ) 20 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. 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 March 31, 2016, management also had the 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 March 31, 2016, 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 March 31, 2016: (In thousands) Amortized cost Estimated fair value Debt securities classified as available for sale Within one year $ 33,121 $ 33,253 From one to five years 295,127 297,004 From five to ten years 158,231 162,243 After ten years 738,332 747,653 $ 1,224,811 $ 1,240,153 Debt securities classified as held to maturity Within one year $ 43,553 $ 43,582 From one to five years 18,837 18,973 From five to ten years 131,744 134,917 After ten years 272,780 277,638 $ 466,914 $ 475,110 Maturities of mortgage-backed and collateralized mortgage obligations 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 March 31, 2016. |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality of Loans | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |
Allowance for Loan Losses and Credit Quality of Loans | Note 4. 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). 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 The Company offers a variety of commercial loan products including commercial (non-real estate), commercial real estate, agricultural, agricultural real estate, and business banking loans. The Company’s underwriting analysis for commercial loans typically includes credit verification, independent appraisals, a review of the borrower’s financial condition, and a detailed analysis of the borrower’s underlying cash flows. Commercial – Commercial Real Estate – Agricultural Agricultural Real Estate Business Banking - Consumer Loans The Company offers a variety of consumer loan products including indirect, home equity, and direct loans. Indirect – Home Equity Direct – Residential Real Estate Mortgages 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. 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. The Company’s underwriting analysis for residential mortgage loans typically includes credit verification, independent appraisals, and a review of the borrower’s financial condition. 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. 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 or reductions to the allowance for loan losses are made periodically by charges or credits to the provision for loan losses. These charges or credits 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 and reductions of 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 tables illustrate the changes in the allowance for loan losses by our portfolio segments for the three months ended March 31, 2016 and 2015: Three months ended March 31, Commercial Loans Consumer Loans Residential Real Estate Mortgages Unallocated Total Balance as of December 31, 2015 $ 25,545 $ 29,253 $ 7,960 $ 260 $ 63,018 Charge-offs (437 ) (5,413 ) (709 ) - (6,559 ) Recoveries 765 974 22 - 1,761 Provision (574 ) 6,221 711 (260 ) 6,098 Ending Balance as of March 31, 2016 $ 25,299 $ 31,035 $ 7,984 $ - $ 64,318 Balance as of December 31, 2014 $ 32,433 $ 26,720 $ 7,130 $ 76 $ 66,359 Charge-offs (798 ) (4,378 ) (504 ) - (5,680 ) Recoveries 234 748 56 - 1,038 Provision (591 ) 3,066 1,016 151 3,642 Ending Balance as of March 31, 2015 $ 31,278 $ 26,156 $ 7,698 $ 227 $ 65,359 As of March 31, 2016, included in the above tables, there was $0.7 million in the allowance for loan losses related to acquired commercial loans. There was a $1.9 million allowance as of March 31, 2015 related to acquired loans. Net charge-offs related to acquired loans totaled approximately $0.1 million and $0.6 million during the three months ended March 31, 2016 and 2015, respectively, and are included in the table above. The following tables illustrate the allowance for loan losses and the recorded investment by portfolio segments as of March 31, 2016 and December 31, 2015: Allowance for Loan Losses and Recorded Investment in Loans (in thousands) Commercial Loans Consumer Loans Residential Real Estate Mortgages Unallocated Total As of March 31, 2016 Allowance for loan losses $ 25,299 $ 31,035 $ 7,984 $ - $ 64,318 Allowance for loans individually evaluated for impairment 2,970 - - 2,970 Allowance for loans collectively evaluated for impairment $ 22,329 $ 31,035 $ 7,984 $ - $ 61,348 Ending balance of loans $ 2,617,111 $ 2,138,877 $ 1,211,821 $ 5,967,809 Ending balance of originated loans individually evaluated for impairment 19,691 8,262 6,214 34,167 Ending balance of acquired loans individually evaluated for impairment 1,205 - - 1,205 Ending balance of acquired loans collectively evaluated for impairment 278,425 86,309 224,983 589,717 Ending balance of originated loans collectively evaluated for impairment $ 2,317,790 $ 2,044,306 $ 980,624 $ 5,342,720 As of December 31, 2015 Allowance for loan losses $ 25,545 $ 29,253 $ 7,960 $ 260 $ 63,018 Allowance for loans individually evaluated for impairment 2,005 - - 2,005 Allowance for loans collectively evaluated for impairment $ 23,540 $ 29,253 $ 7,960 $ 260 $ 61,013 Ending balance of loans $ 2,589,707 $ 2,096,646 $ 1,196,780 $ 5,883,133 Ending balance of originated loans individually evaluated for impairment 12,253 7,693 6,017 25,963 Ending balance of acquired loans individually evaluated for impairment 1,205 - - 1,205 Ending balance of acquired loans collectively evaluated for impairment 284,524 95,427 230,358 610,309 Ending balance of originated loans collectively evaluated for impairment $ 2,291,725 $ 1,993,526 $ 960,405 $ 5,245,656 Credit Quality of Loans 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 90 days delinquent, unless the loan is well secured and in the process of collection, or sooner when management concludes or 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. The Company’s nonaccrual policies are the same for all classes of financing receivable. 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. 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. When in the opinion of management the collection of principal appears unlikely, the loan balance is charged-off in total or in part. 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. The following tables set forth information with regard to past due and nonperforming loans by loan class as of March 31, 2016 and December 31, 2015: Age Analysis of Past Due Financing Receivables As of March 31, 2016 (in thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Non-Accrual Current Recorded Total Loans ORIGINATED Commercial Loans Commercial $ 616 $ - $ - $ 616 $ 2,903 $ 652,992 $ 656,511 Commercial Real Estate 73 661 - 734 13,207 1,202,805 1,216,746 Agricultural - - - - 952 33,431 34,383 Agricultural Real Estate - - - - 479 29,440 29,919 Business Banking 1,794 40 - 1,834 4,181 393,907 399,922 2,483 701 - 3,184 21,722 2,312,575 2,337,481 Consumer Loans Indirect 12,305 2,600 1,634 16,539 1,582 1,518,228 1,536,349 Home Equity 3,083 618 241 3,942 3,743 449,595 457,280 Direct 368 118 65 551 110 58,278 58,939 15,756 3,336 1,940 21,032 5,435 2,026,101 2,052,568 Residential Real Estate Mortgages 2,195 793 161 3,149 6,992 976,697 986,838 $ 20,434 $ 4,830 $ 2,101 $ 27,365 $ 34,149 $ 5,315,373 $ 5,376,887 ACQUIRED Commercial Loans Commercial $ - $ - $ - $ - $ - $ 65,412 $ 65,412 Commercial Real Estate - - - - 1,314 167,131 168,445 Business Banking 463 - - 463 416 44,894 45,773 463 - - 463 1,730 277,437 279,630 Consumer Loans Indirect 71 7 1 79 79 21,689 21,847 Home Equity 359 20 10 389 340 60,199 60,928 Direct 14 7 - 21 65 3,448 3,534 444 34 11 489 484 85,336 86,309 Residential Real Estate Mortgages 922 568 73 1,563 2,581 220,839 224,983 $ 1,829 $ 602 $ 84 $ 2,515 $ 4,795 $ 583,612 $ 590,922 Total Loans $ 22,263 $ 5,432 $ 2,185 $ 29,880 $ 38,944 $ 5,898,985 $ 5,967,809 Age Analysis of Past Due Financing Receivables As of December 31, 2015 (in thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Non-Accrual Current Recorded Total Loans ORIGINATED Commercial Loans Commercial $ 782 $ 23 $ - $ 805 $ 2,817 $ 640,696 $ 644,318 Commercial Real Estate 39 32 - 71 5,546 1,189,280 1,194,897 Agricultural 94 - - 94 897 33,633 34,624 Agricultural Real Estate - - - - 1,046 28,172 29,218 Business Banking 912 394 - 1,306 4,247 395,368 400,921 1,827 449 - 2,276 14,553 2,287,149 2,303,978 Consumer Loans Indirect 15,731 2,963 2,271 20,965 1,786 1,454,499 1,477,250 Home Equity 3,396 1,671 340 5,407 4,835 454,473 464,715 Direct 425 201 28 654 49 58,551 59,254 19,552 4,835 2,639 27,026 6,670 1,967,523 2,001,219 Residential Real Estate Mortgages 3,301 365 696 4,362 7,713 954,347 966,422 $ 24,680 $ 5,649 $ 3,335 $ 33,664 $ 28,936 $ 5,209,019 $ 5,271,619 ACQUIRED Commercial Loans Commercial $ - $ - $ - $ - $ - $ 68,991 $ 68,991 Commercial Real Estate - - - - 1,313 165,630 166,943 Business Banking 288 - - 288 307 49,200 49,795 288 - - 288 1,620 283,821 285,729 Consumer Loans Indirect 143 11 1 155 104 27,516 27,775 Home Equity 327 132 - 459 457 62,811 63,727 Direct 76 20 - 96 43 3,786 3,925 546 163 1 710 604 94,113 95,427 Residential Real Estate Mortgages 1,443 293 326 2,062 2,584 225,712 230,358 $ 2,277 $ 456 $ 327 $ 3,060 $ 4,808 $ 603,646 $ 611,514 Total Loans $ 26,957 $ 6,105 $ 3,662 $ 36,724 $ 33,744 $ 5,812,665 $ 5,883,133 There were no material commitments to extend further credit to borrowers with nonperforming loans. Impaired Loans The methodology used to establish the allowance for loan losses on impaired loans incorporates specific allocations on loans analyzed individually. Classified and nonperforming loans with outstanding balances of $0.5 million or more and all troubled debt restructured loans (“TDRs”) 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 impaired as defined by accounting standards, 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 discounted at the loan's original effective interest rate or 3) the loan’s observable market price. All impaired loans are reviewed on a quarterly basis for changes in the measurement of impairment. 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 loan losses. The following table provides information on loans specifically evaluated for impairment as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (in thousands) Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance ORIGINATED With no related allowance recorded: Commercial Loans Commercial $ 2,334 $ 2,581 $ 2,244 $ 2,490 Commercial Real Estate 7,910 7,920 3,165 3,175 Agricultural 18 24 576 1,164 Agricultural Real Estate 613 739 618 744 Business Banking 972 1,029 983 1,033 Total Commercial Loans 11,847 12,293 7,586 8,606 Consumer Loans Indirect 10 20 12 21 Home Equity 8,252 9,161 7,681 8,574 Total Consumer Loans 8,262 9,181 7,693 8,595 Residential Real Estate Mortgages 6,214 6,935 6,017 6,627 Total $ 26,323 $ 28,409 $ 21,296 $ 23,828 With an allowance recorded: Commercial Loans Commercial $ 453 $ 453 $ 325 $ 457 $ 457 $ 300 Commercial Real Estate 7,391 9,239 1,910 4,210 6,059 970 Total Commercial Loans 7,844 9,692 2,235 4,667 6,516 1,270 ACQUIRED With an allowance recorded: Commercial Loans Commercial Real Estate 1,205 1,321 735 1,205 1,321 735 Total Commercial Loans 1,205 1,321 735 1,205 1,321 735 Total: $ 35,372 $ 39,422 $ 2,970 $ 27,168 $ 31,665 $ 2,005 The following tables summarize the average recorded investments on impaired loans specifically evaluated for impairment and the interest income recognized for the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 March 31, 2015 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized ORIGINATED Commercial Loans Commercial $ 2,773 $ 19 $ 1,689 $ 25 Commercial Real Estate 13,509 100 9,125 41 Agricultural 158 - 20 - Agricultural Real Estate 616 11 636 11 Business Banking 978 6 873 4 Consumer Loans Indirect 11 - 9 - Home Equity 8,003 121 6,388 72 Direct - - 2 - Residential Real Estate Mortgage 6,121 67 4,265 30 Total Originated $ 32,169 $ 324 $ 23,007 $ 183 ACQUIRED Commercial Loans Commercial - - 2,883 - Commercial Real Estate 1,205 - 7,136 - Total Acquired $ 1,205 $ - $ 10,019 $ - Total Loans $ 33,374 $ 324 $ 33,026 $ 183 Credit Quality Indicators The Company has developed an internal loan grading system to evaluate and quantify the Company’s loan portfolio with respect to quality and risk. The system focuses on, among other things, financial strength of borrowers, experience and depth of borrower’s management, primary and secondary sources of repayment, payment history, nature of the business, and outlook on particular industries. The internal grading system enables the Company to monitor the quality of the entire loan portfolio on a consistent 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. Classified commercial loans consist of loans graded substandard and below. 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 a 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. Nonaccrual treatment is required for doubtful assets because of the high probability of loss. ● 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 those loans 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 and it is expected that such timely payments of principal and interest will continue. 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, 2) on nonaccrual status or 3) restructured. All loans not meeting any of these three criteria are considered Performing. The following tables illustrate the Company’s credit quality by loan class as of March 31, 2016 and December 31, 2015: Credit Quality Indicators As of March 31, 2016 ORIGINATED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Agricultural Agricultural Real Estate Total Pass $ 614,475 $ 1,161,375 $ 33,744 $ 28,618 $ 1,838,212 Special Mention 14,130 19,483 1 366 33,980 Substandard 27,906 35,888 630 935 65,359 Doubtful - - 8 - 8 Total $ 656,511 $ 1,216,746 $ 34,383 $ 29,919 $ 1,937,559 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 386,194 $ 386,194 Classified 13,728 13,728 Total $ 399,922 $ 399,922 Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 1,533,133 $ 453,296 $ 58,764 $ 2,045,193 Nonperforming 3,216 3,984 175 7,375 Total $ 1,536,349 $ 457,280 $ 58,939 $ 2,052,568 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 979,685 $ 979,685 Nonperforming 7,153 7,153 Total $ 986,838 $ 986,838 Credit Quality Indicators As of March 31, 2016 ACQUIRED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Total Pass $ 61,898 $ 155,813 $ 217,711 Special Mention 1,824 2,855 4,679 Substandard 1,690 9,777 11,467 Total $ 65,412 $ 168,445 $ 233,857 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 42,271 $ 42,271 Classified 3,502 3,502 Total $ 45,773 $ 45,773 Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 21,767 $ 60,578 $ 3,469 $ 85,814 Nonperforming 80 350 65 495 Total $ 21,847 $ 60,928 $ 3,534 $ 86,309 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 222,329 $ 222,329 Nonperforming 2,654 2,654 Total $ 224,983 $ 224,983 Credit Quality Indicators As of December 31, 2015 ORIGINATED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Agricultural Agricultural Real Estate Total Pass $ 604,405 $ 1,144,832 $ 33,565 $ 27,320 $ 1,810,122 Special Mention 9,726 21,587 311 429 32,053 Substandard 30,187 28,478 740 1,469 60,874 Doubtful - - 8 - 8 Total $ 644,318 $ 1,194,897 $ 34,624 $ 29,218 $ 1,903,057 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 386,397 $ 386,397 Classified 14,524 14,524 Total $ 400,921 $ 400,921 Total Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 1,473,193 $ 459,540 $ 59,177 $ 1,991,910 Nonperforming 4,057 5,175 77 9,309 Total $ 1,477,250 $ 464,715 $ 59,254 $ 2,001,219 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 958,013 $ 958,013 Nonperforming 8,409 8,409 Total $ 966,422 $ 966,422 Credit Quality Indicators As of December 31, 2015 ACQUIRED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Total Pass $ 67,241 $ 154,871 $ 222,112 Special Mention 802 2,174 2,976 Substandard 948 9,898 10,846 Total $ 68,991 $ 166,943 $ 235,934 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 46,032 $ 46,032 Classified 3,763 3,763 Total $ 49,795 $ 49,795 Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 27,670 $ 63,270 $ 3,882 $ 94,822 Nonperforming 105 457 43 605 Total $ 27,775 $ 63,727 $ 3,925 $ 95,427 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 227,448 $ 227,448 Nonperforming 2,910 2,910 Total $ 230,358 $ 230,358 Troubled Debt Restructured Loans The Company’s loan portfolio includes certain loans that have been modified where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. Substantially all of these modifications included 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. 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 through an allowance estimate or a charge-off to the allowance. TDRs that occurred during the three month period ending March 31, 2016 consisted of 12 home equity loans totaling $1.0 million and four residential real estate mortgages totaling $0.5 million. For all such modifications, the pre and post outstanding recorded investment amount remained substantially unchanged. During the three month period ending March 31, 2016 there was one default on a residential real estate mortgage totaling $0.2 million. TDRs that occurred during the three month period ending March 31, 2015 consisted of 20 home equity loans totaling $1.3 million and nine residential real estate mortgages totaling $0.8 million. For all such modifications, the pre and post outstanding recorded investment amount remained substantially unchanged. During the three month period ending March 31, 2015 there were five defaults on home equity loan TDRs totaling $0.4 million. |
Defined Benefit Postretirement
Defined Benefit Postretirement Plans | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Postretirement Plans [Abstract] | |
Defined Benefit Postretirement Plans | Note 5. Defined Benefit Postretirement Plans The Company has a qualified, noncontributory, defined benefit pension plan (“the Plan”) covering substantially all of its employees at March 31, 2016. Benefits paid from the plan are based on age, years of service, compensation and social security benefits, and are determined in accordance with defined formulas. The Company’s policy is to fund the pension plan in accordance with Employee Retirement Income Security Act of 1974 (“ERISA”) standards. Assets of the plan are invested in publicly traded stocks and bonds. The Company is not required to make contributions to the Plan in 2016, and did not do so during the three months ended March 31, 2016. Market conditions can result in an unusually high degree of volatility and increase the risks and short term liquidity associated with certain investments held by the Plan which could impact the value of these investments. In addition to the Plan, the Company also provides supplemental employee retirement plans to certain current and former executives. These supplemental employee retirement plans and the 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 the Company on or before January 1, 2000 are eligible to receive postretirement health care benefits. 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.” The components of expense for Pension Benefits and Other Benefits are set forth below (in thousands): The components of expense for Pension Benefits and Other Benefits are set forth below (in thousands): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, Components of net periodic cost (benefit): 2016 2015 2016 2015 Service cost $ 560 $ 655 $ 4 $ 4 Interest cost 1,051 998 94 91 Expected return on plan assets (1,835 ) (2,150 ) - - Net amortization 483 546 29 15 Total cost (benefit) $ 259 $ 49 $ 127 $ 110 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6. Earnings Per Share Basic earnings per share 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 earnings per share 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 units). The following is a reconciliation of basic and diluted earnings per share for the periods presented in the consolidated statements of income. Three months ended March 31, 2016 2015 (in thousands, except per share data) Basic EPS: Weighted average common shares outstanding 43,342 44,153 Net income available to common stockholders 18,891 18,166 Basic EPS $ 0.44 $ 0.41 Diluted EPS: Weighted average common shares outstanding 43,342 44,153 Dilutive effect of common stock options and restricted stock 365 489 Weighted average common shares and common share equivalents 43,707 44,642 Net income available to common stockholders 18,891 18,166 Diluted EPS $ 0.43 $ 0.41 There were 30,861 and 461,611 stock options for the quarters ended March 31, 2016 and March 31, 2015, respectively, that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods. |
Reclassification Adjustments Ou
Reclassification Adjustments Out of Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Reclassification Adjustments Out of Other Comprehensive Income (Loss) [Abstract] | |
Reclassification Adjustments Out of Other Comprehensive Income (Loss) | Note 7. Reclassification Adjustments Out of Other Comprehensive Income (Loss) The following table summarizes the reclassification adjustments out of accumulated other comprehensive loss (in thousands): Detail About Accumulated Other Comprehensive (Loss) Income Components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the consolidated statement of comprehensive income Three months ended March 31, 2016 March 31, 2015 Available for sale securities: Gains on available for sale securities $ (29 ) $ (14 ) Net securities gains Amortization of unrealized gains and losses related to securities transfer 296 307 Interest income Tax benefit (105 ) (98 ) Income tax expense Net of tax $ 162 $ 195 Pension and other benefits: Amortization of net losses $ 515 $ 566 Salaries and employee benefits Amortization of prior service costs (3 ) (5 ) Salaries and employee benefits Tax benefit (199 ) (219 ) Income tax expense Net of tax $ 313 $ 342 Total reclassifications during the period, net of tax $ 475 $ 537 |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | Note 8. Fair Value Measurements and Fair Value of Financial Instruments U.S. GAAP states that 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 exists within U.S. GAAP that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy 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. For the three month period ending March 31, 2016, the Company has made no transfers of assets between Level 1 and Level 2, and has had no Level 3 activity. The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. 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): March 31, 2016: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Assets: Securities Available for Sale: Federal Agency $ - $ 276,302 $ - $ 276,302 State & municipal - 40,376 - 40,376 Mortgage-backed - 417,800 - 417,800 Collateralized mortgage obligations - 505,675 - 505,675 Other securities 10,381 9,340 - 19,721 Total Securities Available for Sale $ 10,381 $ 1,249,493 $ - $ 1,259,874 Trading Securities 8,905 - - 8,905 Interest Rate Swaps - 12,121 - 12,121 Total $ 19,286 $ 1,261,614 $ - $ 1,280,900 Liabilities: Interest Rate Swaps $ - $ 12,121 $ - $ 12,121 Total $ - $ 12,121 $ - $ 12,121 December 31, 2015: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2015 Assets: Securities Available for Sale: Federal Agency $ - $ 311,272 $ - $ 311,272 State & municipal - 31,637 - 31,637 Mortgage-backed - 409,896 - 409,896 Collateralized mortgage obligations - 404,971 - 404,971 Other securities 7,526 9,242 - 16,768 Total Securities Available for Sale $ 7,526 $ 1,167,018 $ - $ 1,174,544 Trading Securities 8,377 - - 8,377 Interest Rate Swaps - 6,224 - 6,224 Total $ 15,903 $ 1,173,242 $ - $ 1,189,145 Liabilities: Interest Rate Swaps $ - $ 6,224 $ - $ 6,224 Total $ - $ 6,224 $ - $ 6,224 Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). The majority of the other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom the Company has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. 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. Management reviews the methodologies used in pricing the securities by its third party providers. U.S. GAAP requires disclosure of assets and liabilities measured and recorded at fair value on a nonrecurring basis such as goodwill, loans held for sale, other real estate owned, collateral-dependent impaired loans, mortgage servicing rights, and held-to-maturity securities. The only nonrecurring fair value measurements recorded during the three month period ended March 31, 2016 were related to impaired loans. For the three month periods ending March 31, 2016 and March 31, 2015, the Company had $9.0 million and $8.7 million, respectively, of loans recorded at fair value with specific allowance reserves of $3.0 million for both periods. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the specific reserves for collateral dependent impaired loans. 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. The following table sets forth information with regard to estimated fair values of financial instruments at March 31, 2016 and December 31, 2015. 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. March 31, 2016 December 31, 2015 (In thousands) Fair Value Hierarchy Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Securities held to maturity 2 $ 466,914 $ 475,110 $ 471,031 $ 473,140 Net loans 3 5,903,491 6,062,550 5,820,115 5,958,427 Financial liabilities Time deposits 2 $ 888,658 $ 889,278 $ 908,827 $ 903,501 Long-term debt 2 130,377 132,137 130,447 131,268 Junior subordinated debt 2 101,196 92,011 101,196 97,346 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. Junior Subordinated Debt The fair value of junior subordinated debt has been estimated using a discounted cash flow analysis. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies The Company is a party to financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuating interest rates. These financial instruments include commitments to extend credit, unused lines of credit, and standby letters of credit. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to make loans and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit origination guidelines, portfolio maintenance and management procedures as other credit and off-balance sheet products. Commitments to extend credit and unused lines of credit totaled $1.4 billion at March 31, 2016 and $1.3 billion at December 31, 2015. Since commitments to extend credit and unused lines of credit may expire without being fully drawn upon, this amount does not necessarily represent future cash commitments. Collateral obtained upon exercise of the commitment is determined using management’s credit evaluation of the borrower and may include accounts receivable, inventory, property, land and other items. The Company guarantees the obligations or performance of customers by issuing standby letters of credit to third parties. These standby letters of credit are frequently issued in support of third party debt, such as corporate debt issuances, industrial revenue bonds and municipal securities. The credit risk involved in issuing standby letters of credit is essentially the same as the credit risk involved in extending loan facilities to customers, and they are subject to the same credit origination guidelines, portfolio maintenance and management procedures as 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 commitments. Standby letters of credit totaled $42.0 million at March 31, 2016 and $31.5 million at December 31, 2015. As of March 31, 2016, the fair value of standby letters of credit was not significant to the Company’s consolidated financial statements. The Company has also entered into commercial letter of credit agreements on behalf of its customers. Under these agreements, the Company, on the request of its customer, opens the letter of credit and makes a commitment to honor draws made under the agreement, whereby the beneficiary is normally the provider of goods and/or services and the Company essentially replaces the customer as the payee. The credit risk involved in issuing commercial letters of credit is essentially the same as the credit risk involved in extending loan facilities to customers, and they are subject to the same credit origination guidelines, portfolio maintenance and management procedures as other credit and off-balance sheet products. Typically, these agreements vary in terms and the total amounts do not necessarily represent future cash commitments. There were no commercial letters of credit at March 31, 2016 and $11.3 million at December 31, 2015. |
Description of Business (Polici
Description of Business (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Description of Business [Abstract] | |
Nature of Operations | NBT Bancorp Inc. (the “Registrant” or the “Company”) is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of the Registrant consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the “Bank”), NBT Financial Services, Inc. (“NBT Financial”), NBT Holdings, Inc. (“NBT Holdings”), Hathaway Agency, Inc., and CNBF Capital Trust I, NBT Statutory Trust I and NBT Statutory Trust II (collectively, the “Trusts”). The Company’s principal sources of revenue are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. The Company’s business, primarily conducted through the Bank but also through its other subsidiaries, consists of providing commercial banking and financial services to customers in its market area, which includes central and upstate New York, northeastern Pennsylvania, northwestern Vermont, western Massachusetts, southern New Hampshire, and southern Maine. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company’s business philosophy is to operate as a community bank with local decision-making, principally in non-metropolitan markets, providing a broad array of banking and financial services to retail, commercial, and municipal customers. |
Securities (Policies)
Securities (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Securities [Abstract] | |
Investment, Policy | 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 March 31, 2016, management also had the 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 March 31, 2016, 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. |
Allowance for Loan Losses and21
Allowance for Loan Losses and Credit Quality of Loans (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |
Portfolio and Class Segments | 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 |
Allowance for Loan Losses | 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). 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 The Company offers a variety of commercial loan products including commercial (non-real estate), commercial real estate, agricultural, agricultural real estate, and business banking loans. The Company’s underwriting analysis for commercial loans typically includes credit verification, independent appraisals, a review of the borrower’s financial condition, and a detailed analysis of the borrower’s underlying cash flows. Commercial – Commercial Real Estate – Agricultural Agricultural Real Estate Business Banking - Consumer Loans The Company offers a variety of consumer loan products including indirect, home equity, and direct loans. Indirect – Home Equity Direct – Residential Real Estate Mortgages 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. 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. The Company’s underwriting analysis for residential mortgage loans typically includes credit verification, independent appraisals, and a review of the borrower’s financial condition. 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. 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 or reductions to the allowance for loan losses are made periodically by charges or credits to the provision for loan losses. These charges or credits 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 and reductions of 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. |
Troubled Debt Restructuring | Troubled Debt Restructured Loans The Company’s loan portfolio includes certain loans that have been modified where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. Substantially all of these modifications included 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. 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 through an allowance estimate or a charge-off to the allowance. |
Defined Benefit Postretiremen22
Defined Benefit Postretirement Plans (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Postretirement Plans [Abstract] | |
Postemployment Benefit Plans, Policy | The Company has a qualified, noncontributory, defined benefit pension plan (“the Plan”) covering substantially all of its employees at March 31, 2016. Benefits paid from the plan are based on age, years of service, compensation and social security benefits, and are determined in accordance with defined formulas. The Company’s policy is to fund the pension plan in accordance with Employee Retirement Income Security Act of 1974 (“ERISA”) standards. Assets of the plan are invested in publicly traded stocks and bonds. The Company is not required to make contributions to the Plan in 2016, and did not do so during the three months ended March 31, 2016. Market conditions can result in an unusually high degree of volatility and increase the risks and short term liquidity associated with certain investments held by the Plan which could impact the value of these investments. In addition to the Plan, the Company also provides supplemental employee retirement plans to certain current and former executives. These supplemental employee retirement plans and the 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 the Company on or before January 1, 2000 are eligible to receive postretirement health care benefits. 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.” |
Fair Value Measurements and F23
Fair Value Measurements and Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments, Policy | U.S. GAAP states that 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 exists within U.S. GAAP that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy 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. For the three month period ending March 31, 2016, the Company has made no transfers of assets between Level 1 and Level 2, and has had no Level 3 activity. Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). The majority of the other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom the Company has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. 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. Management reviews the methodologies used in pricing the securities by its third party providers. U.S. GAAP requires disclosure of assets and liabilities measured and recorded at fair value on a nonrecurring basis such as goodwill, loans held for sale, other real estate owned, collateral-dependent impaired loans, mortgage servicing rights, and held-to-maturity securities. The only nonrecurring fair value measurements recorded during the three month period ended March 31, 2016 were related to impaired loans. For the three month periods ending March 31, 2016 and March 31, 2015, the Company had $9.0 million and $8.7 million, respectively, of loans recorded at fair value with specific allowance reserves of $3.0 million for both periods. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the specific reserves for collateral dependent impaired loans. 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. 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. Junior Subordinated Debt The fair value of junior subordinated debt has been estimated using a discounted cash flow analysis. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Federal Agency $ 275,258 $ 1,070 $ (26 ) $ 276,302 State & municipal 39,909 490 (23 ) 40,376 Mortgage-backed: Government-sponsored enterprises 401,525 8,279 (25 ) 409,779 U.S. government agency securities 7,484 551 (14 ) 8,021 Collateralized mortgage obligations: Government-sponsored enterprises 446,887 4,479 (67 ) 451,299 U.S. government agency securities 53,748 645 (17 ) 54,376 Other securities 16,674 3,708 (661 ) 19,721 Total securities available for sale $ 1,241,485 $ 19,222 $ (833 ) $ 1,259,874 December 31, 2015 Federal Agency $ 312,580 $ 203 $ (1,511 ) $ 311,272 State & municipal 31,208 446 (17 ) 31,637 Mortgage-backed: Government-sponsored enterprises 398,086 4,141 (1,068 ) 401,159 U.S. government agency securities 8,191 560 (14 ) 8,737 Collateralized mortgage obligations: Government-sponsored enterprises 364,936 931 (1,828 ) 364,039 U.S. government agency securities 40,699 348 (115 ) 40,932 Other securities 13,637 3,249 (118 ) 16,768 Total securities available for sale $ 1,169,337 $ 9,878 $ (4,671 ) $ 1,174,544 |
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: (In thousands) Amortized cost Unrealized gains Unrealized losses Estimated fair value March 31, 2016 Mortgage-backed: Government-sponsored enterprises $ 9,112 $ 99 $ - $ 9,211 U.S. government agency securities 588 104 - 692 Collateralized mortgage obligations: Government-sponsored enterprises 262,741 5,022 (604 ) 267,159 State & municipal 194,473 3,592 (17 ) 198,048 Total securities held to maturity $ 466,914 $ 8,817 $ (621 ) $ 475,110 December 31, 2015 Mortgage-backed: Government-sponsored enterprises $ 9,432 $ - $ (107 ) $ 9,325 U.S. government agency securities 611 95 - 706 Collateralized mortgage obligations: Government-sponsored enterprises 272,550 1,411 (1,560 ) 272,401 State & municipal 188,438 2,288 (18 ) 190,708 Total securities held to maturity $ 471,031 $ 3,794 $ (1,685 ) $ 473,140 |
Investment Securities with Unrealized Losses | The following table sets forth information with regard to investment securities with unrealized losses for the periods presented: Less than 12 months 12 months or longer Total Security Type: Fair Value Unrealized losses Number of Positions Fair Value Unrealized losses Number of Positions Fair Value Unrealized losses Number of Positions March 31, 2016 Investment securities available for sale: Federal agency $ 34,920 $ (22 ) 3 $ 9,996 $ (4 ) 1 $ 44,916 $ (26 ) 4 State & municipal 3,450 (21 ) 5 498 (2 ) 1 3,948 (23 ) 6 Mortgage-backed 978 (1 ) 3 10,146 (38 ) 6 11,124 (39 ) 9 Collateralized mortgage obligations 27,259 (71 ) 4 5,785 (13 ) 3 33,044 (84 ) 7 Other securities - - - 5,455 (661 ) 3 5,455 (661 ) 3 Total securities with unrealized losses $ 66,607 $ (115 ) 15 $ 31,880 $ (718 ) 14 $ 98,487 $ (833 ) 29 March 31, 2016 Investment securities held to maturity: Collateralized mortgage obligations $ - $ - - $ 40,987 $ (604 ) 4 $ 40,987 $ (604 ) 4 State & municipal 2,190 (17 ) 4 - - - 2,190 (17 ) 4 Total securities with unrealized losses $ 2,190 $ (17 ) 4 $ 40,987 $ (604 ) 4 43,177 $ (621 ) 8 December 31, 2015 Investment securities available for sale: Federal agency $ 186,685 $ (1,312 ) 15 $ 19,801 $ (199 ) 2 $ 206,486 $ (1,511 ) 17 State & municipal 4,599 (14 ) 7 502 (3 ) 1 5,101 (17 ) 8 Mortgage-backed 177,270 (1,068 ) 33 1,066 (14 ) 5 178,336 (1,082 ) 38 Collateralized mortgage obligations 256,265 (1,889 ) 24 5,218 (54 ) 2 261,483 (1,943 ) 26 Other securities - - - 3,235 (118 ) 2 3,235 (118 ) 2 Total securities with unrealized losses $ 624,819 $ (4,283 ) 79 $ 29,822 $ (388 ) 12 $ 654,641 $ (4,671 ) 91 December 31, 2015 Investment securities held to maturity: Mortgage -backed $ 9,325 $ (107 ) 1 $ - $ - - $ 9,325 $ (107 ) 1 Collateralized mortgage obligations 105,604 (281 ) 12 41,523 (1,279 ) 4 147,127 (1,560 ) 16 State & municipal 2,200 (18 ) 3 - - - 2,200 (18 ) 3 Total securities with unrealized losses $ 117,129 $ (406 ) 16 $ 41,523 $ (1,279 ) 4 $ 158,652 $ (1,685 ) 20 |
Contractual Maturities of Debt Securities | The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2016: (In thousands) Amortized cost Estimated fair value Debt securities classified as available for sale Within one year $ 33,121 $ 33,253 From one to five years 295,127 297,004 From five to ten years 158,231 162,243 After ten years 738,332 747,653 $ 1,224,811 $ 1,240,153 Debt securities classified as held to maturity Within one year $ 43,553 $ 43,582 From one to five years 18,837 18,973 From five to ten years 131,744 134,917 After ten years 272,780 277,638 $ 466,914 $ 475,110 |
Allowance for Loan Losses and25
Allowance for Loan Losses and Credit Quality of Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |
Portfolio and Class Segments | 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 |
Allowance for Loan Losses by Portfolio | The following tables illustrate the changes in the allowance for loan losses by our portfolio segments for the three months ended March 31, 2016 and 2015: Three months ended March 31, Commercial Loans Consumer Loans Residential Real Estate Mortgages Unallocated Total Balance as of December 31, 2015 $ 25,545 $ 29,253 $ 7,960 $ 260 $ 63,018 Charge-offs (437 ) (5,413 ) (709 ) - (6,559 ) Recoveries 765 974 22 - 1,761 Provision (574 ) 6,221 711 (260 ) 6,098 Ending Balance as of March 31, 2016 $ 25,299 $ 31,035 $ 7,984 $ - $ 64,318 Balance as of December 31, 2014 $ 32,433 $ 26,720 $ 7,130 $ 76 $ 66,359 Charge-offs (798 ) (4,378 ) (504 ) - (5,680 ) Recoveries 234 748 56 - 1,038 Provision (591 ) 3,066 1,016 151 3,642 Ending Balance as of March 31, 2015 $ 31,278 $ 26,156 $ 7,698 $ 227 $ 65,359 The following tables illustrate the allowance for loan losses and the recorded investment by portfolio segments as of March 31, 2016 and December 31, 2015: Allowance for Loan Losses and Recorded Investment in Loans (in thousands) Commercial Loans Consumer Loans Residential Real Estate Mortgages Unallocated Total As of March 31, 2016 Allowance for loan losses $ 25,299 $ 31,035 $ 7,984 $ - $ 64,318 Allowance for loans individually evaluated for impairment 2,970 - - 2,970 Allowance for loans collectively evaluated for impairment $ 22,329 $ 31,035 $ 7,984 $ - $ 61,348 Ending balance of loans $ 2,617,111 $ 2,138,877 $ 1,211,821 $ 5,967,809 Ending balance of originated loans individually evaluated for impairment 19,691 8,262 6,214 34,167 Ending balance of acquired loans individually evaluated for impairment 1,205 - - 1,205 Ending balance of acquired loans collectively evaluated for impairment 278,425 86,309 224,983 589,717 Ending balance of originated loans collectively evaluated for impairment $ 2,317,790 $ 2,044,306 $ 980,624 $ 5,342,720 As of December 31, 2015 Allowance for loan losses $ 25,545 $ 29,253 $ 7,960 $ 260 $ 63,018 Allowance for loans individually evaluated for impairment 2,005 - - 2,005 Allowance for loans collectively evaluated for impairment $ 23,540 $ 29,253 $ 7,960 $ 260 $ 61,013 Ending balance of loans $ 2,589,707 $ 2,096,646 $ 1,196,780 $ 5,883,133 Ending balance of originated loans individually evaluated for impairment 12,253 7,693 6,017 25,963 Ending balance of acquired loans individually evaluated for impairment 1,205 - - 1,205 Ending balance of acquired loans collectively evaluated for impairment 284,524 95,427 230,358 610,309 Ending balance of originated loans collectively evaluated for impairment $ 2,291,725 $ 1,993,526 $ 960,405 $ 5,245,656 |
Past Due and Nonperforming Loans by Loan Class | The following tables set forth information with regard to past due and nonperforming loans by loan class as of March 31, 2016 and December 31, 2015: Age Analysis of Past Due Financing Receivables As of March 31, 2016 (in thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Non-Accrual Current Recorded Total Loans ORIGINATED Commercial Loans Commercial $ 616 $ - $ - $ 616 $ 2,903 $ 652,992 $ 656,511 Commercial Real Estate 73 661 - 734 13,207 1,202,805 1,216,746 Agricultural - - - - 952 33,431 34,383 Agricultural Real Estate - - - - 479 29,440 29,919 Business Banking 1,794 40 - 1,834 4,181 393,907 399,922 2,483 701 - 3,184 21,722 2,312,575 2,337,481 Consumer Loans Indirect 12,305 2,600 1,634 16,539 1,582 1,518,228 1,536,349 Home Equity 3,083 618 241 3,942 3,743 449,595 457,280 Direct 368 118 65 551 110 58,278 58,939 15,756 3,336 1,940 21,032 5,435 2,026,101 2,052,568 Residential Real Estate Mortgages 2,195 793 161 3,149 6,992 976,697 986,838 $ 20,434 $ 4,830 $ 2,101 $ 27,365 $ 34,149 $ 5,315,373 $ 5,376,887 ACQUIRED Commercial Loans Commercial $ - $ - $ - $ - $ - $ 65,412 $ 65,412 Commercial Real Estate - - - - 1,314 167,131 168,445 Business Banking 463 - - 463 416 44,894 45,773 463 - - 463 1,730 277,437 279,630 Consumer Loans Indirect 71 7 1 79 79 21,689 21,847 Home Equity 359 20 10 389 340 60,199 60,928 Direct 14 7 - 21 65 3,448 3,534 444 34 11 489 484 85,336 86,309 Residential Real Estate Mortgages 922 568 73 1,563 2,581 220,839 224,983 $ 1,829 $ 602 $ 84 $ 2,515 $ 4,795 $ 583,612 $ 590,922 Total Loans $ 22,263 $ 5,432 $ 2,185 $ 29,880 $ 38,944 $ 5,898,985 $ 5,967,809 Age Analysis of Past Due Financing Receivables As of December 31, 2015 (in thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Non-Accrual Current Recorded Total Loans ORIGINATED Commercial Loans Commercial $ 782 $ 23 $ - $ 805 $ 2,817 $ 640,696 $ 644,318 Commercial Real Estate 39 32 - 71 5,546 1,189,280 1,194,897 Agricultural 94 - - 94 897 33,633 34,624 Agricultural Real Estate - - - - 1,046 28,172 29,218 Business Banking 912 394 - 1,306 4,247 395,368 400,921 1,827 449 - 2,276 14,553 2,287,149 2,303,978 Consumer Loans Indirect 15,731 2,963 2,271 20,965 1,786 1,454,499 1,477,250 Home Equity 3,396 1,671 340 5,407 4,835 454,473 464,715 Direct 425 201 28 654 49 58,551 59,254 19,552 4,835 2,639 27,026 6,670 1,967,523 2,001,219 Residential Real Estate Mortgages 3,301 365 696 4,362 7,713 954,347 966,422 $ 24,680 $ 5,649 $ 3,335 $ 33,664 $ 28,936 $ 5,209,019 $ 5,271,619 ACQUIRED Commercial Loans Commercial $ - $ - $ - $ - $ - $ 68,991 $ 68,991 Commercial Real Estate - - - - 1,313 165,630 166,943 Business Banking 288 - - 288 307 49,200 49,795 288 - - 288 1,620 283,821 285,729 Consumer Loans Indirect 143 11 1 155 104 27,516 27,775 Home Equity 327 132 - 459 457 62,811 63,727 Direct 76 20 - 96 43 3,786 3,925 546 163 1 710 604 94,113 95,427 Residential Real Estate Mortgages 1,443 293 326 2,062 2,584 225,712 230,358 $ 2,277 $ 456 $ 327 $ 3,060 $ 4,808 $ 603,646 $ 611,514 Total Loans $ 26,957 $ 6,105 $ 3,662 $ 36,724 $ 33,744 $ 5,812,665 $ 5,883,133 |
Impaired Loans and Specific Reserve Allocations | The following table provides information on loans specifically evaluated for impairment as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (in thousands) Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance ORIGINATED With no related allowance recorded: Commercial Loans Commercial $ 2,334 $ 2,581 $ 2,244 $ 2,490 Commercial Real Estate 7,910 7,920 3,165 3,175 Agricultural 18 24 576 1,164 Agricultural Real Estate 613 739 618 744 Business Banking 972 1,029 983 1,033 Total Commercial Loans 11,847 12,293 7,586 8,606 Consumer Loans Indirect 10 20 12 21 Home Equity 8,252 9,161 7,681 8,574 Total Consumer Loans 8,262 9,181 7,693 8,595 Residential Real Estate Mortgages 6,214 6,935 6,017 6,627 Total $ 26,323 $ 28,409 $ 21,296 $ 23,828 With an allowance recorded: Commercial Loans Commercial $ 453 $ 453 $ 325 $ 457 $ 457 $ 300 Commercial Real Estate 7,391 9,239 1,910 4,210 6,059 970 Total Commercial Loans 7,844 9,692 2,235 4,667 6,516 1,270 ACQUIRED With an allowance recorded: Commercial Loans Commercial Real Estate 1,205 1,321 735 1,205 1,321 735 Total Commercial Loans 1,205 1,321 735 1,205 1,321 735 Total: $ 35,372 $ 39,422 $ 2,970 $ 27,168 $ 31,665 $ 2,005 The following tables summarize the average recorded investments on impaired loans specifically evaluated for impairment and the interest income recognized for the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 March 31, 2015 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized ORIGINATED Commercial Loans Commercial $ 2,773 $ 19 $ 1,689 $ 25 Commercial Real Estate 13,509 100 9,125 41 Agricultural 158 - 20 - Agricultural Real Estate 616 11 636 11 Business Banking 978 6 873 4 Consumer Loans Indirect 11 - 9 - Home Equity 8,003 121 6,388 72 Direct - - 2 - Residential Real Estate Mortgage 6,121 67 4,265 30 Total Originated $ 32,169 $ 324 $ 23,007 $ 183 ACQUIRED Commercial Loans Commercial - - 2,883 - Commercial Real Estate 1,205 - 7,136 - Total Acquired $ 1,205 $ - $ 10,019 $ - Total Loans $ 33,374 $ 324 $ 33,026 $ 183 |
Financing Receivable Credit Quality by Loan Class | The following tables illustrate the Company’s credit quality by loan class as of March 31, 2016 and December 31, 2015: Credit Quality Indicators As of March 31, 2016 ORIGINATED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Agricultural Agricultural Real Estate Total Pass $ 614,475 $ 1,161,375 $ 33,744 $ 28,618 $ 1,838,212 Special Mention 14,130 19,483 1 366 33,980 Substandard 27,906 35,888 630 935 65,359 Doubtful - - 8 - 8 Total $ 656,511 $ 1,216,746 $ 34,383 $ 29,919 $ 1,937,559 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 386,194 $ 386,194 Classified 13,728 13,728 Total $ 399,922 $ 399,922 Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 1,533,133 $ 453,296 $ 58,764 $ 2,045,193 Nonperforming 3,216 3,984 175 7,375 Total $ 1,536,349 $ 457,280 $ 58,939 $ 2,052,568 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 979,685 $ 979,685 Nonperforming 7,153 7,153 Total $ 986,838 $ 986,838 Credit Quality Indicators As of March 31, 2016 ACQUIRED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Total Pass $ 61,898 $ 155,813 $ 217,711 Special Mention 1,824 2,855 4,679 Substandard 1,690 9,777 11,467 Total $ 65,412 $ 168,445 $ 233,857 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 42,271 $ 42,271 Classified 3,502 3,502 Total $ 45,773 $ 45,773 Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 21,767 $ 60,578 $ 3,469 $ 85,814 Nonperforming 80 350 65 495 Total $ 21,847 $ 60,928 $ 3,534 $ 86,309 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 222,329 $ 222,329 Nonperforming 2,654 2,654 Total $ 224,983 $ 224,983 Credit Quality Indicators As of December 31, 2015 ORIGINATED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Agricultural Agricultural Real Estate Total Pass $ 604,405 $ 1,144,832 $ 33,565 $ 27,320 $ 1,810,122 Special Mention 9,726 21,587 311 429 32,053 Substandard 30,187 28,478 740 1,469 60,874 Doubtful - - 8 - 8 Total $ 644,318 $ 1,194,897 $ 34,624 $ 29,218 $ 1,903,057 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 386,397 $ 386,397 Classified 14,524 14,524 Total $ 400,921 $ 400,921 Total Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 1,473,193 $ 459,540 $ 59,177 $ 1,991,910 Nonperforming 4,057 5,175 77 9,309 Total $ 1,477,250 $ 464,715 $ 59,254 $ 2,001,219 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 958,013 $ 958,013 Nonperforming 8,409 8,409 Total $ 966,422 $ 966,422 Credit Quality Indicators As of December 31, 2015 ACQUIRED Commercial Credit Exposure By Internally Assigned Grade: Commercial Commercial Real Estate Total Pass $ 67,241 $ 154,871 $ 222,112 Special Mention 802 2,174 2,976 Substandard 948 9,898 10,846 Total $ 68,991 $ 166,943 $ 235,934 Business Banking Credit Exposure By Internally Assigned Grade: Business Banking Total Non-classified $ 46,032 $ 46,032 Classified 3,763 3,763 Total $ 49,795 $ 49,795 Consumer Credit Exposure By Payment Activity: Indirect Home Equity Direct Total Performing $ 27,670 $ 63,270 $ 3,882 $ 94,822 Nonperforming 105 457 43 605 Total $ 27,775 $ 63,727 $ 3,925 $ 95,427 Residential Mortgage Credit Exposure By Payment Activity: Residential Mortgage Total Performing $ 227,448 $ 227,448 Nonperforming 2,910 2,910 Total $ 230,358 $ 230,358 |
Defined Benefit Postretiremen26
Defined Benefit Postretirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Postretirement Plans [Abstract] | |
Components of Net Periodic Pension Benefits and Other Benefit Costs | The components of expense for Pension Benefits and Other Benefits are set forth below (in thousands): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, Components of net periodic cost (benefit): 2016 2015 2016 2015 Service cost $ 560 $ 655 $ 4 $ 4 Interest cost 1,051 998 94 91 Expected return on plan assets (1,835 ) (2,150 ) - - Net amortization 483 546 29 15 Total cost (benefit) $ 259 $ 49 $ 127 $ 110 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 periods presented in the consolidated statements of income. Three months ended March 31, 2016 2015 (in thousands, except per share data) Basic EPS: Weighted average common shares outstanding 43,342 44,153 Net income available to common stockholders 18,891 18,166 Basic EPS $ 0.44 $ 0.41 Diluted EPS: Weighted average common shares outstanding 43,342 44,153 Dilutive effect of common stock options and restricted stock 365 489 Weighted average common shares and common share equivalents 43,707 44,642 Net income available to common stockholders 18,891 18,166 Diluted EPS $ 0.43 $ 0.41 |
Reclassification Adjustments 28
Reclassification Adjustments Out of Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Reclassification Adjustments Out of Other Comprehensive Income (Loss) [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the reclassification adjustments out of accumulated other comprehensive loss (in thousands): Detail About Accumulated Other Comprehensive (Loss) Income Components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the consolidated statement of comprehensive income Three months ended March 31, 2016 March 31, 2015 Available for sale securities: Gains on available for sale securities $ (29 ) $ (14 ) Net securities gains Amortization of unrealized gains and losses related to securities transfer 296 307 Interest income Tax benefit (105 ) (98 ) Income tax expense Net of tax $ 162 $ 195 Pension and other benefits: Amortization of net losses $ 515 $ 566 Salaries and employee benefits Amortization of prior service costs (3 ) (5 ) Salaries and employee benefits Tax benefit (199 ) (219 ) Income tax expense Net of tax $ 313 $ 342 Total reclassifications during the period, net of tax $ 475 $ 537 |
Fair Value Measurements and F29
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. 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): March 31, 2016: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of March 31, 2016 Assets: Securities Available for Sale: Federal Agency $ - $ 276,302 $ - $ 276,302 State & municipal - 40,376 - 40,376 Mortgage-backed - 417,800 - 417,800 Collateralized mortgage obligations - 505,675 - 505,675 Other securities 10,381 9,340 - 19,721 Total Securities Available for Sale $ 10,381 $ 1,249,493 $ - $ 1,259,874 Trading Securities 8,905 - - 8,905 Interest Rate Swaps - 12,121 - 12,121 Total $ 19,286 $ 1,261,614 $ - $ 1,280,900 Liabilities: Interest Rate Swaps $ - $ 12,121 $ - $ 12,121 Total $ - $ 12,121 $ - $ 12,121 December 31, 2015: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2015 Assets: Securities Available for Sale: Federal Agency $ - $ 311,272 $ - $ 311,272 State & municipal - 31,637 - 31,637 Mortgage-backed - 409,896 - 409,896 Collateralized mortgage obligations - 404,971 - 404,971 Other securities 7,526 9,242 - 16,768 Total Securities Available for Sale $ 7,526 $ 1,167,018 $ - $ 1,174,544 Trading Securities 8,377 - - 8,377 Interest Rate Swaps - 6,224 - 6,224 Total $ 15,903 $ 1,173,242 $ - $ 1,189,145 Liabilities: Interest Rate Swaps $ - $ 6,224 $ - $ 6,224 Total $ - $ 6,224 $ - $ 6,224 |
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 March 31, 2016 and December 31, 2015. 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. March 31, 2016 December 31, 2015 (In thousands) Fair Value Hierarchy Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Securities held to maturity 2 $ 466,914 $ 475,110 $ 471,031 $ 473,140 Net loans 3 5,903,491 6,062,550 5,820,115 5,958,427 Financial liabilities Time deposits 2 $ 888,658 $ 889,278 $ 908,827 $ 903,501 Long-term debt 2 130,377 132,137 130,447 131,268 Junior subordinated debt 2 101,196 92,011 101,196 97,346 |
Securities, Available for Sale
Securities, Available for Sale (Details) $ in Thousands | Mar. 31, 2016USD ($)Position | Dec. 31, 2015USD ($)Position |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,241,485 | $ 1,169,337 |
Unrealized gains | 19,222 | 9,878 |
Unrealized losses | (833) | (4,671) |
Estimated fair value | 1,259,874 | 1,174,544 |
Amortized costs of securities available for sale pledged to secure public deposits | 1,600,000 | 1,400,000 |
Amortized costs of securities available for sale pledged as collateral for repurchase agreements | 198,300 | 205,900 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 66,607 | 624,819 |
12 Months or Longer, Fair Value | 31,880 | 29,822 |
Total, Fair Value | 98,487 | 654,641 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months Unrealized Losses | (115) | (4,283) |
12 months or longer Unrealized Losses | (718) | (388) |
Total Unrealized Losses | $ (833) | $ (4,671) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less Than 12 Months, Number of Positions | Position | 15 | 79 |
12 Months or Longer, Number of Positions | Position | 14 | 12 |
Total, Number of Positions | Position | 29 | 91 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract] | ||
Within one year | $ 33,121 | |
From one to five years | 295,127 | |
From five to ten years | 158,231 | |
After ten years | 738,332 | |
Total, Amortized Cost | 1,224,811 | |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Within one year | 33,253 | |
From one to five years | 297,004 | |
From five to ten years | 162,243 | |
After ten years | 747,653 | |
Total, Fair Value | 1,240,153 | |
Federal Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 275,258 | $ 312,580 |
Unrealized gains | 1,070 | 203 |
Unrealized losses | (26) | (1,511) |
Estimated fair value | 276,302 | 311,272 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 34,920 | 186,685 |
12 Months or Longer, Fair Value | 9,996 | 19,801 |
Total, Fair Value | 44,916 | 206,486 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months Unrealized Losses | (22) | (1,312) |
12 months or longer Unrealized Losses | (4) | (199) |
Total Unrealized Losses | $ (26) | $ (1,511) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less Than 12 Months, Number of Positions | Position | 3 | 15 |
12 Months or Longer, Number of Positions | Position | 1 | 2 |
Total, Number of Positions | Position | 4 | 17 |
State & Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 39,909 | $ 31,208 |
Unrealized gains | 490 | 446 |
Unrealized losses | (23) | (17) |
Estimated fair value | 40,376 | 31,637 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 3,450 | 4,599 |
12 Months or Longer, Fair Value | 498 | 502 |
Total, Fair Value | 3,948 | 5,101 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months Unrealized Losses | (21) | (14) |
12 months or longer Unrealized Losses | (2) | (3) |
Total Unrealized Losses | $ (23) | $ (17) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less Than 12 Months, Number of Positions | Position | 5 | 7 |
12 Months or Longer, Number of Positions | Position | 1 | 1 |
Total, Number of Positions | Position | 6 | 8 |
Mortgage-Backed [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | $ 978 | $ 177,270 |
12 Months or Longer, Fair Value | 10,146 | 1,066 |
Total, Fair Value | 11,124 | 178,336 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months Unrealized Losses | (1) | (1,068) |
12 months or longer Unrealized Losses | (38) | (14) |
Total Unrealized Losses | $ (39) | $ (1,082) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less Than 12 Months, Number of Positions | Position | 3 | 33 |
12 Months or Longer, Number of Positions | Position | 6 | 5 |
Total, Number of Positions | Position | 9 | 38 |
Mortgage-backed Securities, Issued by US Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 401,525 | $ 398,086 |
Unrealized gains | 8,279 | 4,141 |
Unrealized losses | (25) | (1,068) |
Estimated fair value | 409,779 | 401,159 |
Mortgage-backed Securities, Issued by US Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 7,484 | 8,191 |
Unrealized gains | 551 | 560 |
Unrealized losses | (14) | (14) |
Estimated fair value | 8,021 | 8,737 |
Collateralized Mortgage Obligations [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 27,259 | 256,265 |
12 Months or Longer, Fair Value | 5,785 | 5,218 |
Total, Fair Value | 33,044 | 261,483 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months Unrealized Losses | (71) | (1,889) |
12 months or longer Unrealized Losses | (13) | (54) |
Total Unrealized Losses | $ (84) | $ (1,943) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less Than 12 Months, Number of Positions | Position | 4 | 24 |
12 Months or Longer, Number of Positions | Position | 3 | 2 |
Total, Number of Positions | Position | 7 | 26 |
Collateralized Mortgage Obligations, Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 446,887 | $ 364,936 |
Unrealized gains | 4,479 | 931 |
Unrealized losses | (67) | (1,828) |
Estimated fair value | 451,299 | 364,039 |
Collateralized Mortgage Obligations, U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 53,748 | 40,699 |
Unrealized gains | 645 | 348 |
Unrealized losses | (17) | (115) |
Estimated fair value | 54,376 | 40,932 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 16,674 | 13,637 |
Unrealized gains | 3,708 | 3,249 |
Unrealized losses | (661) | (118) |
Estimated fair value | 19,721 | 16,768 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 0 | 0 |
12 Months or Longer, Fair Value | 5,455 | 3,235 |
Total, Fair Value | 5,455 | 3,235 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months Unrealized Losses | 0 | 0 |
12 months or longer Unrealized Losses | (661) | (118) |
Total Unrealized Losses | $ (661) | $ (118) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less Than 12 Months, Number of Positions | Position | 0 | 0 |
12 Months or Longer, Number of Positions | Position | 3 | 2 |
Total, Number of Positions | Position | 3 | 2 |
Securities, Held to Maturity (D
Securities, Held to Maturity (Details) $ in Thousands | Mar. 31, 2016USD ($)Position | Dec. 31, 2015USD ($)Position |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 466,914 | $ 471,031 |
Unrealized gains | 8,817 | 3,794 |
Unrealized losses | (621) | (1,685) |
Estimated fair value | 475,110 | 473,140 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 2,190 | 117,129 |
12 Months or Longer, Fair Value | 40,987 | 41,523 |
Total, Fair Value | 43,177 | 158,652 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less Than 12 Months, Unrealized Losses | (17) | (406) |
12 Months or Longer, Unrealized Losses | (604) | (1,279) |
Total, Unrealized Losses | $ (621) | $ (1,685) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Position | 4 | 16 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater Than or Equal to One Year | Position | 4 | 4 |
Total, Number of Positions | Position | 8 | 20 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Within one year | $ 43,553 | |
From one to five years | 18,837 | |
From five to ten years | 131,744 | |
After ten years | 272,780 | |
Amortized cost | 466,914 | $ 471,031 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Within one year | 43,582 | |
From one to five years | 18,973 | |
From five to ten years | 134,917 | |
After ten years | 277,638 | |
Total, Fair Value | 475,110 | 473,140 |
Mortgage-Backed [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 9,325 | |
12 Months or Longer, Fair Value | 0 | |
Total, Fair Value | 9,325 | |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less Than 12 Months, Unrealized Losses | (107) | |
12 Months or Longer, Unrealized Losses | 0 | |
Total, Unrealized Losses | $ (107) | |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Position | 1 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater Than or Equal to One Year | Position | 0 | |
Total, Number of Positions | Position | 1 | |
Mortgage-backed Securities, Issued by US Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,112 | $ 9,432 |
Unrealized gains | 99 | 0 |
Unrealized losses | 0 | (107) |
Estimated fair value | 9,211 | 9,325 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized cost | 9,112 | 9,432 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Total, Fair Value | 9,211 | 9,325 |
Mortgage-backed Securities, Issued by US Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 588 | 611 |
Unrealized gains | 104 | 95 |
Unrealized losses | 0 | 0 |
Estimated fair value | 692 | 706 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized cost | 588 | 611 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Total, Fair Value | 692 | 706 |
Collateralized Mortgage Obligations [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 0 | 105,604 |
12 Months or Longer, Fair Value | 40,987 | 41,523 |
Total, Fair Value | 40,987 | 147,127 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less Than 12 Months, Unrealized Losses | 0 | (281) |
12 Months or Longer, Unrealized Losses | (604) | (1,279) |
Total, Unrealized Losses | $ (604) | $ (1,560) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Position | 0 | 12 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater Than or Equal to One Year | Position | 4 | 4 |
Total, Number of Positions | Position | 4 | 16 |
Collateralized Mortgage Obligations, Government-Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 262,741 | $ 272,550 |
Unrealized gains | 5,022 | 1,411 |
Unrealized losses | (604) | (1,560) |
Estimated fair value | 267,159 | 272,401 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized cost | 262,741 | 272,550 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Total, Fair Value | 267,159 | 272,401 |
State & Municipal [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 194,473 | 188,438 |
Unrealized gains | 3,592 | 2,288 |
Unrealized losses | (17) | (18) |
Estimated fair value | 198,048 | 190,708 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than 12 Months, Fair Value | 2,190 | 2,200 |
12 Months or Longer, Fair Value | 0 | 0 |
Total, Fair Value | 2,190 | 2,200 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less Than 12 Months, Unrealized Losses | (17) | (18) |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total, Unrealized Losses | $ (17) | $ (18) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Position | 4 | 3 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater Than or Equal to One Year | Position | 0 | 0 |
Total, Number of Positions | Position | 4 | 3 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
Amortized cost | $ 194,473 | $ 188,438 |
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract] | ||
Total, Fair Value | $ 198,048 | $ 190,708 |
Allowance for Loan Losses and32
Allowance for Loan Losses and Credit Quality of Loans (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)Segment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan portfolio segments | Segment | 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 | 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 | 75.00% |
Commercial Loans [Member] | Business Banking [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Business banking loans, maximum amount | $ | $ 0.5 |
Consumer Loans [Member] | Indirect [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Percentage of automobile financing to indirect relationships with dealers | 75.00% |
Principal repayment term of loan, minimum | 3 years |
Principal repayment term of loan, maximum | 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 | 85.00% |
Consumer Loans [Member] | Direct [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Principal repayment term of loan, minimum | 1 year |
Principal repayment term of loan, maximum | 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 | 85.00% |
Allowance for Loan Losses and33
Allowance for Loan Losses and Credit Quality of Loans, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | $ 63,018 | $ 66,359 | ||
Charge-offs | (6,559) | (5,680) | ||
Recoveries | 1,761 | 1,038 | ||
Provision | 6,098 | 3,642 | ||
Balance, end of period | 64,318 | 65,359 | ||
Allowance for loan losses for acquired loan portfolio | 700 | 1,900 | ||
Provision expense and net charge-offs related to acquired loans | 100 | 600 | ||
Allowance loan losses [Abstract] | ||||
Allowance for loan losses | 63,018 | 66,359 | $ 64,318 | $ 63,018 |
Allowance for loans individually evaluated for impairment | 2,970 | 2,005 | ||
Allowance for loans collectively evaluated for impairment | 61,348 | 61,013 | ||
Ending balance of loans | 5,967,809 | 5,883,133 | ||
Commercial Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 25,545 | 32,433 | ||
Charge-offs | (437) | (798) | ||
Recoveries | 765 | 234 | ||
Provision | (574) | (591) | ||
Balance, end of period | 25,299 | 31,278 | ||
Allowance loan losses [Abstract] | ||||
Allowance for loan losses | 25,545 | 32,433 | 25,299 | 25,545 |
Allowance for loans individually evaluated for impairment | 2,970 | 2,005 | ||
Allowance for loans collectively evaluated for impairment | 22,329 | 23,540 | ||
Ending balance of loans | 2,617,111 | 2,589,707 | ||
Consumer Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 29,253 | 26,720 | ||
Charge-offs | (5,413) | (4,378) | ||
Recoveries | 974 | 748 | ||
Provision | 6,221 | 3,066 | ||
Balance, end of period | 31,035 | 26,156 | ||
Allowance loan losses [Abstract] | ||||
Allowance for loan losses | 29,253 | 26,720 | 31,035 | 29,253 |
Allowance for loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loans collectively evaluated for impairment | 31,035 | 29,253 | ||
Ending balance of loans | 2,138,877 | 2,096,646 | ||
Residential Real Estate Mortgages [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 7,960 | 7,130 | ||
Charge-offs | (709) | (504) | ||
Recoveries | 22 | 56 | ||
Provision | 711 | 1,016 | ||
Balance, end of period | 7,984 | 7,698 | ||
Allowance loan losses [Abstract] | ||||
Allowance for loan losses | 7,960 | 7,130 | 7,984 | 7,960 |
Allowance for loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loans collectively evaluated for impairment | 7,984 | 7,960 | ||
Ending balance of loans | 1,211,821 | 1,196,780 | ||
Unallocated [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 260 | 76 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | (260) | 151 | ||
Balance, end of period | 0 | 227 | ||
Allowance loan losses [Abstract] | ||||
Allowance for loan losses | $ 260 | $ 76 | 0 | 260 |
Allowance for loans collectively evaluated for impairment | 0 | 260 | ||
Originated Loans [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 5,376,887 | 5,271,619 | ||
Ending balance of loans individually evaluated for impairment | 34,167 | 25,963 | ||
Ending balance of loans collectively evaluated for impairment | 5,342,720 | 5,245,656 | ||
Originated Loans [Member] | Commercial Loans [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 2,337,481 | 2,303,978 | ||
Ending balance of loans individually evaluated for impairment | 19,691 | 12,253 | ||
Ending balance of loans collectively evaluated for impairment | 2,317,790 | 2,291,725 | ||
Originated Loans [Member] | Consumer Loans [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 2,052,568 | 2,001,219 | ||
Ending balance of loans individually evaluated for impairment | 8,262 | 7,693 | ||
Ending balance of loans collectively evaluated for impairment | 2,044,306 | 1,993,526 | ||
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 986,838 | 966,422 | ||
Ending balance of loans individually evaluated for impairment | 6,214 | 6,017 | ||
Ending balance of loans collectively evaluated for impairment | 980,624 | 960,405 | ||
Acquired Loans [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 590,922 | 611,514 | ||
Ending balance of loans individually evaluated for impairment | 1,205 | 1,205 | ||
Ending balance of loans collectively evaluated for impairment | 589,717 | 610,309 | ||
Acquired Loans [Member] | Commercial Loans [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 279,630 | 285,729 | ||
Ending balance of loans individually evaluated for impairment | 1,205 | 1,205 | ||
Ending balance of loans collectively evaluated for impairment | 278,425 | 284,524 | ||
Acquired Loans [Member] | Consumer Loans [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 86,309 | 95,427 | ||
Ending balance of loans individually evaluated for impairment | 0 | 0 | ||
Ending balance of loans collectively evaluated for impairment | 86,309 | 95,427 | ||
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | ||||
Allowance loan losses [Abstract] | ||||
Ending balance of loans | 224,983 | 230,358 | ||
Ending balance of loans individually evaluated for impairment | 0 | 0 | ||
Ending balance of loans collectively evaluated for impairment | $ 224,983 | $ 230,358 |
Allowance for Loan Losses and34
Allowance for Loan Losses and Credit Quality of Loans, Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | $ 29,880 | $ 36,724 |
Non-Accrual | 38,944 | 33,744 |
Current | 5,898,985 | 5,812,665 |
Recorded Total Loans | 5,967,809 | 5,883,133 |
31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 22,263 | 26,957 |
61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 5,432 | 6,105 |
Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 2,185 | 3,662 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Recorded Total Loans | 2,617,111 | 2,589,707 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Recorded Total Loans | 2,138,877 | 2,096,646 |
Residential Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Recorded Total Loans | 1,211,821 | 1,196,780 |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 27,365 | 33,664 |
Non-Accrual | 34,149 | 28,936 |
Current | 5,315,373 | 5,209,019 |
Recorded Total Loans | 5,376,887 | 5,271,619 |
Originated Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 20,434 | 24,680 |
Originated Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 4,830 | 5,649 |
Originated Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 2,101 | 3,335 |
Originated Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 3,184 | 2,276 |
Non-Accrual | 21,722 | 14,553 |
Current | 2,312,575 | 2,287,149 |
Recorded Total Loans | 2,337,481 | 2,303,978 |
Originated Loans [Member] | Commercial Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 2,483 | 1,827 |
Originated Loans [Member] | Commercial Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 701 | 449 |
Originated Loans [Member] | Commercial Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 616 | 805 |
Non-Accrual | 2,903 | 2,817 |
Current | 652,992 | 640,696 |
Recorded Total Loans | 656,511 | 644,318 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 616 | 782 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 23 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 734 | 71 |
Non-Accrual | 13,207 | 5,546 |
Current | 1,202,805 | 1,189,280 |
Recorded Total Loans | 1,216,746 | 1,194,897 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 73 | 39 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 661 | 32 |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 94 |
Non-Accrual | 952 | 897 |
Current | 33,431 | 33,633 |
Recorded Total Loans | 34,383 | 34,624 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 94 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Non-Accrual | 479 | 1,046 |
Current | 29,440 | 28,172 |
Recorded Total Loans | 29,919 | 29,218 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1,834 | 1,306 |
Non-Accrual | 4,181 | 4,247 |
Current | 393,907 | 395,368 |
Recorded Total Loans | 399,922 | 400,921 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1,794 | 912 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 40 | 394 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Originated Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 21,032 | 27,026 |
Non-Accrual | 5,435 | 6,670 |
Current | 2,026,101 | 1,967,523 |
Recorded Total Loans | 2,052,568 | 2,001,219 |
Originated Loans [Member] | Consumer Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 15,756 | 19,552 |
Originated Loans [Member] | Consumer Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 3,336 | 4,835 |
Originated Loans [Member] | Consumer Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1,940 | 2,639 |
Originated Loans [Member] | Consumer Loans [Member] | Indirect [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 16,539 | 20,965 |
Non-Accrual | 1,582 | 1,786 |
Current | 1,518,228 | 1,454,499 |
Recorded Total Loans | 1,536,349 | 1,477,250 |
Originated Loans [Member] | Consumer Loans [Member] | Indirect [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 12,305 | 15,731 |
Originated Loans [Member] | Consumer Loans [Member] | Indirect [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 2,600 | 2,963 |
Originated Loans [Member] | Consumer Loans [Member] | Indirect [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1,634 | 2,271 |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 3,942 | 5,407 |
Non-Accrual | 3,743 | 4,835 |
Current | 449,595 | 454,473 |
Recorded Total Loans | 457,280 | 464,715 |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 3,083 | 3,396 |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 618 | 1,671 |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 241 | 340 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 551 | 654 |
Non-Accrual | 110 | 49 |
Current | 58,278 | 58,551 |
Recorded Total Loans | 58,939 | 59,254 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 368 | 425 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 118 | 201 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 65 | 28 |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 3,149 | 4,362 |
Non-Accrual | 6,992 | 7,713 |
Current | 976,697 | 954,347 |
Recorded Total Loans | 986,838 | 966,422 |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 2,195 | 3,301 |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 793 | 365 |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 161 | 696 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 2,515 | 3,060 |
Non-Accrual | 4,795 | 4,808 |
Current | 583,612 | 603,646 |
Recorded Total Loans | 590,922 | 611,514 |
Acquired Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1,829 | 2,277 |
Acquired Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 602 | 456 |
Acquired Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 84 | 327 |
Acquired Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 463 | 288 |
Non-Accrual | 1,730 | 1,620 |
Current | 277,437 | 283,821 |
Recorded Total Loans | 279,630 | 285,729 |
Acquired Loans [Member] | Commercial Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 463 | 288 |
Acquired Loans [Member] | Commercial Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 65,412 | 68,991 |
Recorded Total Loans | 65,412 | 68,991 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Non-Accrual | 1,314 | 1,313 |
Current | 167,131 | 165,630 |
Recorded Total Loans | 168,445 | 166,943 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 463 | 288 |
Non-Accrual | 416 | 307 |
Current | 44,894 | 49,200 |
Recorded Total Loans | 45,773 | 49,795 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 463 | 288 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 489 | 710 |
Non-Accrual | 484 | 604 |
Current | 85,336 | 94,113 |
Recorded Total Loans | 86,309 | 95,427 |
Acquired Loans [Member] | Consumer Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 444 | 546 |
Acquired Loans [Member] | Consumer Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 34 | 163 |
Acquired Loans [Member] | Consumer Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 11 | 1 |
Acquired Loans [Member] | Consumer Loans [Member] | Indirect [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 79 | 155 |
Non-Accrual | 79 | 104 |
Current | 21,689 | 27,516 |
Recorded Total Loans | 21,847 | 27,775 |
Acquired Loans [Member] | Consumer Loans [Member] | Indirect [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 71 | 143 |
Acquired Loans [Member] | Consumer Loans [Member] | Indirect [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 7 | 11 |
Acquired Loans [Member] | Consumer Loans [Member] | Indirect [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1 | 1 |
Acquired Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 389 | 459 |
Non-Accrual | 340 | 457 |
Current | 60,199 | 62,811 |
Recorded Total Loans | 60,928 | 63,727 |
Acquired Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 359 | 327 |
Acquired Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 20 | 132 |
Acquired Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 10 | 0 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 21 | 96 |
Non-Accrual | 65 | 43 |
Current | 3,448 | 3,786 |
Recorded Total Loans | 3,534 | 3,925 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 14 | 76 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 7 | 20 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 0 | 0 |
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 1,563 | 2,062 |
Non-Accrual | 2,581 | 2,584 |
Current | 220,839 | 225,712 |
Recorded Total Loans | 224,983 | 230,358 |
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 922 | 1,443 |
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | 568 | 293 |
Acquired Loans [Member] | Residential Real Estate Mortgages [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due Accruing | $ 73 | $ 326 |
Allowance for Loan Losses and35
Allowance for Loan Losses and Credit Quality of Loans, Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |||
Minimum balance for classified loans to be evaluated individually for impairment | $ 500 | ||
With an allowance recorded [Abstract] | |||
Recorded investment balance (book) | 35,372 | $ 27,168 | |
Unpaid principal balance (legal) | 39,422 | 31,665 | |
Related allowance | 2,970 | 2,005 | |
Average recorded investment | 33,374 | $ 33,026 | |
Interest income recognized | 324 | 183 | |
Originated Loans [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 26,323 | 21,296 | |
Unpaid principal balance (legal) | 28,409 | 23,828 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 32,169 | 23,007 | |
Interest income recognized | 324 | 183 | |
Originated Loans [Member] | Commercial Loans [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 11,847 | 7,586 | |
Unpaid principal balance (legal) | 12,293 | 8,606 | |
With an allowance recorded [Abstract] | |||
Recorded investment balance (book) | 7,844 | 4,667 | |
Unpaid principal balance (legal) | 9,692 | 6,516 | |
Related allowance | 2,235 | 1,270 | |
Originated Loans [Member] | Commercial Loans [Member] | Commercial [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 2,334 | 2,244 | |
Unpaid principal balance (legal) | 2,581 | 2,490 | |
With an allowance recorded [Abstract] | |||
Recorded investment balance (book) | 453 | 457 | |
Unpaid principal balance (legal) | 453 | 457 | |
Related allowance | 325 | 300 | |
Average recorded investment | 2,773 | 1,689 | |
Interest income recognized | 19 | 25 | |
Originated Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 7,910 | 3,165 | |
Unpaid principal balance (legal) | 7,920 | 3,175 | |
With an allowance recorded [Abstract] | |||
Recorded investment balance (book) | 7,391 | 4,210 | |
Unpaid principal balance (legal) | 9,239 | 6,059 | |
Related allowance | 1,910 | 970 | |
Average recorded investment | 13,509 | 9,125 | |
Interest income recognized | 100 | 41 | |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 18 | 576 | |
Unpaid principal balance (legal) | 24 | 1,164 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 158 | 20 | |
Interest income recognized | 0 | 0 | |
Originated Loans [Member] | Commercial Loans [Member] | Agricultural Real Estate [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 613 | 618 | |
Unpaid principal balance (legal) | 739 | 744 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 616 | 636 | |
Interest income recognized | 11 | 11 | |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 972 | 983 | |
Unpaid principal balance (legal) | 1,029 | 1,033 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 978 | 873 | |
Interest income recognized | 6 | 4 | |
Originated Loans [Member] | Consumer Loans [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 8,262 | 7,693 | |
Unpaid principal balance (legal) | 9,181 | 8,595 | |
Originated Loans [Member] | Consumer Loans [Member] | Indirect [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 10 | 12 | |
Unpaid principal balance (legal) | 20 | 21 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 11 | 9 | |
Interest income recognized | 0 | 0 | |
Originated Loans [Member] | Consumer Loans [Member] | Home Equity [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 8,252 | 7,681 | |
Unpaid principal balance (legal) | 9,161 | 8,574 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 8,003 | 6,388 | |
Interest income recognized | 121 | 72 | |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | |||
With an allowance recorded [Abstract] | |||
Average recorded investment | 0 | 2 | |
Interest income recognized | 0 | 0 | |
Originated Loans [Member] | Residential Real Estate Mortgages [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded investment balance (book) | 6,214 | 6,017 | |
Unpaid principal balance (legal) | 6,935 | 6,627 | |
With an allowance recorded [Abstract] | |||
Average recorded investment | 6,121 | 4,265 | |
Interest income recognized | 67 | 30 | |
Acquired Loans [Member] | |||
With an allowance recorded [Abstract] | |||
Average recorded investment | 1,205 | 10,019 | |
Interest income recognized | 0 | 0 | |
Acquired Loans [Member] | Commercial Loans [Member] | |||
With an allowance recorded [Abstract] | |||
Recorded investment balance (book) | 1,205 | 1,205 | |
Unpaid principal balance (legal) | 1,321 | 1,321 | |
Related allowance | 735 | 735 | |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial [Member] | |||
With an allowance recorded [Abstract] | |||
Average recorded investment | 0 | 2,883 | |
Interest income recognized | 0 | 0 | |
Acquired Loans [Member] | Commercial Loans [Member] | Commercial Real Estate [Member] | |||
With an allowance recorded [Abstract] | |||
Recorded investment balance (book) | 1,205 | 1,205 | |
Unpaid principal balance (legal) | 1,321 | 1,321 | |
Related allowance | 735 | $ 735 | |
Average recorded investment | 1,205 | 7,136 | |
Interest income recognized | $ 0 | $ 0 |
Allowance for Loan Losses and36
Allowance for Loan Losses and Credit Quality of Loans, Credit Quality by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 5,967,809 | $ 5,883,133 |
Commercial Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,617,111 | 2,589,707 |
Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,138,877 | 2,096,646 |
Residential Mortgage Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,211,821 | 1,196,780 |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,376,887 | 5,271,619 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,337,481 | 2,303,978 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,937,559 | 1,903,057 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,838,212 | 1,810,122 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 33,980 | 32,053 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 65,359 | 60,874 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8 | 8 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 656,511 | 644,318 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 614,475 | 604,405 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 14,130 | 9,726 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 27,906 | 30,187 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,216,746 | 1,194,897 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,161,375 | 1,144,832 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 19,483 | 21,587 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 35,888 | 28,478 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 34,383 | 34,624 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 33,744 | 33,565 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1 | 311 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 630 | 740 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8 | 8 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 29,919 | 29,218 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 28,618 | 27,320 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 366 | 429 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 935 | 1,469 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Agricultural Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 399,922 | 400,921 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 399,922 | 400,921 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Non-classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 386,194 | 386,397 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 13,728 | 14,524 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 399,922 | 400,921 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Non-classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 386,194 | 386,397 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 13,728 | 14,524 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,052,568 | 2,001,219 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,045,193 | 1,991,910 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7,375 | 9,309 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,536,349 | 1,477,250 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,533,133 | 1,473,193 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Indirect [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,216 | 4,057 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 457,280 | 464,715 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Home Equity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 453,296 | 459,540 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Home Equity [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,984 | 5,175 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 58,939 | 59,254 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 58,764 | 59,177 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 175 | 77 |
Originated Loans [Member] | Residential Mortgage Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 986,838 | 966,422 |
Originated Loans [Member] | Residential Mortgage Credit Exposure [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 979,685 | 958,013 |
Originated Loans [Member] | Residential Mortgage Credit Exposure [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7,153 | 8,409 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 590,922 | 611,514 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 279,630 | 285,729 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 233,857 | 235,934 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 217,711 | 222,112 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,679 | 2,976 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Total Commercial and Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 11,467 | 10,846 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 65,412 | 68,991 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 61,898 | 67,241 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,824 | 802 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,690 | 948 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 168,445 | 166,943 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 155,813 | 154,871 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,855 | 2,174 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,777 | 9,898 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 45,773 | 49,795 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 45,773 | 49,795 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Non-classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 42,271 | 46,032 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,502 | 3,763 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 45,773 | 49,795 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Non-classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 42,271 | 46,032 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,502 | 3,763 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 86,309 | 95,427 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 85,814 | 94,822 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 495 | 605 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21,847 | 27,775 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21,767 | 27,670 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Indirect [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 80 | 105 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 60,928 | 63,727 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Home Equity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 60,578 | 63,270 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Home Equity [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 350 | 457 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,534 | 3,925 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,469 | 3,882 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 65 | 43 |
Acquired Loans [Member] | Residential Mortgage Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 224,983 | 230,358 |
Acquired Loans [Member] | Residential Mortgage Credit Exposure [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 222,329 | 227,448 |
Acquired Loans [Member] | Residential Mortgage Credit Exposure [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 2,654 | $ 2,910 |
Allowance for Loan Losses and37
Allowance for Loan Losses and Credit Quality of Loans, Troubled Debt Restructurings (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Period of sustained repayment performance for nonperforming TDRs to be returned to performing status | 6 months | |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 12 | 20 |
Pre-modification outstanding recorded investment | $ | $ 1 | $ 1.3 |
Number of TDR loans with subsequent default | Contract | 5 | |
Outstanding recorded investment on TDR loans with subsequent default | $ | $ 0.4 | |
Residential Real Estate Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 4 | 9 |
Pre-modification outstanding recorded investment | $ | $ 0.5 | $ 0.8 |
Number of TDR loans with subsequent default | Contract | 1 | |
Outstanding recorded investment on TDR loans with subsequent default | $ | $ 0.2 |
Defined Benefit Postretiremen38
Defined Benefit Postretirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits [Member] | ||
Components of net periodic cost (benefit) [Abstract] | ||
Service cost | $ 560 | $ 655 |
Interest cost | 1,051 | 998 |
Expected return on plan assets | (1,835) | (2,150) |
Net amortization | 483 | 546 |
Total cost (benefit) | 259 | 49 |
Other Benefits [Member] | ||
Components of net periodic cost (benefit) [Abstract] | ||
Service cost | 4 | 4 |
Interest cost | 94 | 91 |
Expected return on plan assets | 0 | 0 |
Net amortization | 29 | 15 |
Total cost (benefit) | $ 127 | $ 110 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic EPS [Abstract] | ||
Weighted average common shares outstanding (in shares) | 43,342,000 | 44,153,000 |
Net income available to common stockholders | $ 18,891 | $ 18,166 |
Basic EPS (in dollars per share) | $ 0.44 | $ 0.41 |
Diluted EPS [Abstract] | ||
Weighted average common shares outstanding (in shares) | 43,342,000 | 44,153,000 |
Dilutive effect of common stock options and restricted stock (in shares) | 365,000 | 489,000 |
Weighted average common shares and common share equivalents (in shares) | 43,707,000 | 44,642,000 |
Net income available to common stockholders | $ 18,891 | $ 18,166 |
Diluted EPS (in dollars per share) | $ 0.43 | $ 0.41 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from calculation of diluted EPS (in shares) | 30,861 | 461,611 |
Reclassification Adjustments 40
Reclassification Adjustments Out of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains | $ (29) | $ (14) |
Interest income | 64,577 | 62,166 |
Salaries and employee benefits | 32,441 | 30,182 |
Income tax expense | 9,731 | 9,190 |
Net of tax | 18,891 | 18,166 |
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | 475 | 537 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains | (29) | (14) |
Interest income | 296 | 307 |
Income tax expense | (105) | (98) |
Net of tax | 162 | 195 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | (199) | (219) |
Net of tax | 313 | 342 |
Amortization of Net Losses [Member] | Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | 515 | 566 |
Amortization of Prior Service Costs [Member] | Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | $ (3) | $ (5) |
Fair Value Measurements and F41
Fair Value Measurements and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Securities Available for Sale [Abstract] | |||
Total Securities Available for Sale | $ 1,259,874 | $ 1,174,544 | |
Trading Securities | 8,905 | 8,377 | |
Liabilities [Abstract] | |||
Allowance for loan and lease losses collateral dependent impaired loans with specific reserves | $ 3,000 | $ 3,000 | |
Liquidation expense ratio on impaired collateral minimum | 10.00% | ||
Liquidation expense ratio on impaired collateral maximum | 35.00% | ||
Financial assets [Abstract] | |||
Securities held to maturity | $ 475,110 | 473,140 | |
Financial liabilities [Abstract] | |||
Time deposits | 888,658 | 908,827 | |
Long-term debt | 130,377 | 130,447 | |
Junior subordinated debt | 101,196 | 101,196 | |
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets [Abstract] | |||
Securities held to maturity | 466,914 | 471,031 | |
Financial liabilities [Abstract] | |||
Time deposits | 888,658 | 908,827 | |
Long-term debt | 130,377 | 130,447 | |
Junior subordinated debt | 101,196 | 101,196 | |
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets [Abstract] | |||
Net Loans | 5,903,491 | 5,820,115 | |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets [Abstract] | |||
Securities held to maturity | 475,110 | 473,140 | |
Financial liabilities [Abstract] | |||
Time deposits | 889,278 | 903,501 | |
Long-term debt | 132,137 | 131,268 | |
Junior subordinated debt | 92,011 | 97,346 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets [Abstract] | |||
Net Loans | 6,062,550 | 5,958,427 | |
Recurring Basis [Member] | |||
Securities Available for Sale [Abstract] | |||
Federal Agency | 276,302 | 311,272 | |
State & municipal | 40,376 | 31,637 | |
Mortgage-backed | 417,800 | 409,896 | |
Collateralized mortgage obligations | 505,675 | 404,971 | |
Other securities | 19,721 | 16,768 | |
Total Securities Available for Sale | 1,259,874 | 1,174,544 | |
Trading Securities | 8,905 | 8,377 | |
Interest Rate Swaps | 12,121 | 6,224 | |
Total | 1,280,900 | 1,189,145 | |
Liabilities [Abstract] | |||
Interest Rate Swaps | 12,121 | 6,224 | |
Total | 12,121 | 6,224 | |
Recurring Basis [Member] | Quoted Prices in Active Market for Identical Assets (Level I) [Member] | |||
Securities Available for Sale [Abstract] | |||
Federal Agency | 0 | 0 | |
State & municipal | 0 | 0 | |
Mortgage-backed | 0 | 0 | |
Collateralized mortgage obligations | 0 | 0 | |
Other securities | 10,381 | 7,526 | |
Total Securities Available for Sale | 10,381 | 7,526 | |
Trading Securities | 8,905 | 8,377 | |
Interest Rate Swaps | 0 | 0 | |
Total | 19,286 | 15,903 | |
Liabilities [Abstract] | |||
Interest Rate Swaps | 0 | 0 | |
Total | 0 | 0 | |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Securities Available for Sale [Abstract] | |||
Federal Agency | 276,302 | 311,272 | |
State & municipal | 40,376 | 31,637 | |
Mortgage-backed | 417,800 | 409,896 | |
Collateralized mortgage obligations | 505,675 | 404,971 | |
Other securities | 9,340 | 9,242 | |
Total Securities Available for Sale | 1,249,493 | 1,167,018 | |
Trading Securities | 0 | 0 | |
Interest Rate Swaps | 12,121 | 6,224 | |
Total | 1,261,614 | 1,173,242 | |
Liabilities [Abstract] | |||
Interest Rate Swaps | 12,121 | 6,224 | |
Total | 12,121 | 6,224 | |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Securities Available for Sale [Abstract] | |||
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 | |
Nonrecurring Basis [Member] | |||
Liabilities [Abstract] | |||
Collateral dependent impaired financing receivable with specific reserves | $ 9,000 | $ 8,700 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Commitment to Extend Credits and Unused Lines of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Commitments - maximum potential obligation | $ 1,400 | $ 1,300 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Commitments - maximum potential obligation | $ 42 | 31.5 |
Obligation instrument term | 5 years | |
Commercial Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Commitments - maximum potential obligation | $ 0 | $ 11.3 |