Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PARK NATIONAL CORP /OH/ | ||
Entity Central Index Key | 805,676 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 15,290,709 | ||
Entity Public Float | $ 1,379,303,140 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 122,811 | $ 119,412 |
Money market instruments | 23,635 | 30,047 |
Cash and cash equivalents | 146,446 | 149,459 |
Investment securities: | ||
Securities available-for-sale, at fair value (amortized cost of $1,262,761 and $1,436,714 at December 31, 2016 and 2015, respectively) | 1,258,139 | 1,436,266 |
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 259,833 | 149,302 |
Other investment securities | 61,811 | 58,311 |
Total investment securities | 1,579,783 | 1,643,879 |
Total loans | 5,271,857 | 5,068,085 |
Allowance for loan losses | (50,624) | (56,494) |
Net loans | 5,221,233 | 5,011,591 |
Other assets: | ||
Bank owned life insurance | 185,234 | 181,684 |
Prepaid assets | 88,874 | 80,635 |
Goodwill | 72,334 | 72,334 |
Premises and equipment, net | 57,971 | 59,493 |
Affordable housing tax credit investments | 52,947 | 51,247 |
Accrued interest receivable | 18,822 | 18,675 |
Other real estate owned | 13,926 | 18,651 |
Mortgage loan servicing rights | 9,266 | 9,008 |
Other | 20,750 | 14,698 |
Total other assets | 520,124 | 506,425 |
Total assets | 7,467,586 | 7,311,354 |
Deposits: | ||
Non-interest bearing | 1,523,417 | 1,404,032 |
Interest bearing | 3,998,539 | 3,943,610 |
Total deposits | 5,521,956 | 5,347,642 |
Short-term borrowings | 394,795 | 394,242 |
Long-term debt | 694,281 | 738,105 |
Subordinated notes | 45,000 | 45,000 |
Total borrowings | 1,134,076 | 1,177,347 |
Other liabilities: | ||
Accrued interest payable | 2,151 | 2,338 |
Unfunded commitments in affordable housing tax credit investments | 14,282 | 20,311 |
Other | 52,881 | 50,361 |
Total other liabilities | 69,314 | 73,010 |
Total liabilities | 6,725,346 | 6,597,999 |
Commitments and Contingencies | ||
Shareholders’ equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common shares, no par value (20,000,000 shares authorized; 16,150,807 and 16,150,854 shares issued at December 31, 2016 and 2015, respectively) | 305,826 | 303,966 |
Accumulated other comprehensive loss, net | (17,745) | (15,643) |
Retained earnings | 535,631 | 507,505 |
Less: Treasury shares (810,089 and 820,039 shares at December 31, 2016 and 2015, respectively) | (81,472) | (82,473) |
Total shareholders’ equity | 742,240 | 713,355 |
Total liabilities and shareholders’ equity | $ 7,467,586 | $ 7,311,354 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost of securities available-for-sale | $ 1,262,761 | $ 1,436,714 |
Fair value of securities held-to-maturity | $ 256,672 | $ 151,428 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock per share liquidation preference | $ 0 | $ 0 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock stock, shares issued | 16,150,807 | 16,150,854 |
Treasury stock, shares | 810,089 | 820,039 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 241,979 | $ 227,979 | $ 227,644 |
Interest and dividends on: | |||
Obligations of U.S. Government, its agencies and other securities | 30,627 | 36,025 | 36,981 |
Obligations of states and political subdivisions | 2,632 | 182 | 3 |
Other interest income | 1,020 | 888 | 515 |
Total interest and dividend income | 276,258 | 265,074 | 265,143 |
Interest on deposits: | |||
Demand and savings deposits | 4,079 | 2,229 | 1,677 |
Time deposits | 9,337 | 10,125 | 9,323 |
Interest on short-term borrowings | 456 | 469 | 517 |
Interest on long-term debt | 24,300 | 24,619 | 28,582 |
Total interest expense | 38,172 | 37,442 | 40,099 |
Net interest income | 238,086 | 227,632 | 225,044 |
(Recovery of) provision for loan losses | (5,101) | 4,990 | (7,333) |
Net interest income after (recovery of) provision for loan losses | 243,187 | 222,642 | 232,377 |
Other income: | |||
Income from fiduciary activities | 21,400 | 20,195 | 19,150 |
Service charges on deposit accounts | 14,259 | 14,751 | 15,423 |
Net gain on sales of securities | 0 | 88 | (1,158) |
Other service income | 14,419 | 11,438 | 10,459 |
Checkcard fee income | 15,057 | 14,561 | 13,570 |
Bank owned life insurance income | 4,338 | 5,783 | 4,861 |
ATM fees | 2,268 | 2,428 | 2,467 |
Gain on sale of OREO, net | 1,323 | 1,604 | 5,503 |
OREO valuation adjustments | (601) | (1,592) | (2,406) |
Gain (Loss) on Sales of Loans, Net | 0 | 756 | 1,867 |
Miscellaneous | 6,268 | 7,539 | 5,813 |
Total other income | 78,731 | 77,551 | 75,549 |
Other expense: | |||
Salaries | 87,034 | 86,189 | 81,977 |
Employee Benefit Expense | 19,262 | 21,296 | 19,991 |
Data processing fees | 5,608 | 5,037 | 4,712 |
Professional fees and services | 27,181 | 23,452 | 29,580 |
Occupancy expense | 10,239 | 9,686 | 10,006 |
Furniture and equipment expense | 13,766 | 11,806 | 11,571 |
Insurance | 5,825 | 5,629 | 5,723 |
Marketing | 4,523 | 3,983 | 4,371 |
Communication | 4,985 | 5,130 | 5,268 |
State tax expense | 3,560 | 3,566 | 2,290 |
OREO expense | 1,021 | 1,446 | 2,063 |
Prepayment penalty on long-term debt | 5,554 | 532 | 0 |
Miscellaneous | 10,465 | 8,862 | 9,958 |
Total other expense | 199,023 | 186,614 | 187,510 |
Income (loss) before taxes | 122,895 | 113,579 | 120,416 |
Federal income taxes | 36,760 | 32,567 | 36,459 |
Net income | $ 86,135 | $ 81,012 | $ 83,957 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 5.62 | $ 5.27 | $ 5.45 |
Diluted (in dollars per share) | $ 5.59 | $ 5.26 | $ 5.45 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 86,135 | $ 81,012 | $ 83,957 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | (502) | (424) | (12) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (109) | 910 | 9,279 |
Other comprehensive income (loss), net of income tax: | |||
Changes in pension plan assets and benefit obligations recognized in other comprehensive income | 611 | (486) | (9,267) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 0 | 753 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (2,713) | (1,549) | 30,325 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (2,713) | (1,549) | 31,078 |
Other Comprehensive Income (Loss), Net of Tax | (2,102) | (2,035) | 21,811 |
Comprehensive income | $ 84,033 | $ 78,977 | $ 105,768 |
Statements of Comprehensive In6
Statements of Comprehensive Income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ 502,000 | $ 424,000 | $ 12,000 |
Tax Effect | |||
Amortization of net loss and prior service costs, tax expense | 271 | 228 | 7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | 59 | (490) | (4,997) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 405 |
Unrealized net holding gain (loss) on securities available-for-sale, tax expense | (1,461) | (834) | 16,329 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | $ 109,000 | $ (910,000) | $ (9,279,000) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2013 | $ 0 | $ 302,651 | $ 458,719 | $ (76,128) | $ (35,419) | |
Beginning balance, shares at Dec. 31, 2013 | 0 | 15,411,952 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 83,957 | 83,957 | ||||
Other comprehensive income (loss), net of income tax: | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 21,811 | 21,811 | ||||
Cash dividends | (57,949) | |||||
Fractional shares issued in dividend reinvestment plan, shares | (53) | |||||
Cash payment for fractional shares in dividend reinvestment plan | $ (5) | |||||
Allocated Share-based Compensation Expense | $ 458 | |||||
Treasury Stock, Shares, Acquired | (29,700) | |||||
Treasury Stock, Value, Acquired, Cost Method | 2,355 | |||||
Treasury Stock Reissued Shares For Director Grants | 10,200 | 10,200 | ||||
Treasury shares reissued for director grants | (243) | 1,044 | ||||
Ending balance at Dec. 31, 2014 | $ 0 | $ 303,104 | 484,484 | (77,439) | (13,608) | |
Ending balance, shares at Dec. 31, 2014 | 0 | 15,392,399 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 81,012 | 81,012 | ||||
Other comprehensive income (loss), net of income tax: | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (2,035) | (2,035) | ||||
Cash dividends | (57,930) | |||||
Fractional shares issued in dividend reinvestment plan, shares | (34) | |||||
Cash payment for fractional shares in dividend reinvestment plan | $ (3) | |||||
Allocated Share-based Compensation Expense | $ 865 | |||||
Treasury Stock, Shares, Acquired | (71,700) | |||||
Treasury Stock, Value, Acquired, Cost Method | (6,058) | |||||
Treasury Stock Reissued Shares For Director Grants | 10,150 | 10,150 | ||||
Treasury shares reissued for director grants | (61) | 1,024 | ||||
Ending balance at Dec. 31, 2015 | $ 713,355 | $ 0 | $ 303,966 | 507,505 | (82,473) | (15,643) |
Ending balance, shares at Dec. 31, 2015 | 0 | 15,330,815 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 86,135 | 86,135 | ||||
Other comprehensive income (loss), net of income tax: | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (2,102) | (2,102) | ||||
Cash dividends | (57,958) | |||||
Fractional shares issued in dividend reinvestment plan, shares | (47) | |||||
Cash payment for fractional shares in dividend reinvestment plan | $ (4) | |||||
Allocated Share-based Compensation Expense | $ 1,864 | |||||
Treasury Stock, Shares, Acquired | 0 | |||||
Treasury Stock Reissued Shares For Director Grants | 9,950 | 9,950 | ||||
Treasury shares reissued for director grants | (51) | 1,001 | ||||
Ending balance at Dec. 31, 2016 | $ 742,240 | $ 0 | $ 305,826 | $ 535,631 | $ (81,472) | $ (17,745) |
Ending balance, shares at Dec. 31, 2016 | 0 | 15,340,718 |
Consolidated Statements of Cha8
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash dividends on common stock per share | $ 3.76 | $ 3.76 | $ 3.76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Paid | $ 38,359 | $ 37,655 | $ 40,449 |
Operating activities: | |||
Net income | 86,135 | 81,012 | 83,957 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Recovery of) provision for loan losses | (5,101) | 4,990 | (7,333) |
Amortization of loan fees and costs, net | 7,332 | 6,440 | 4,160 |
Provision for depreciation | 8,396 | 7,347 | 7,243 |
Amortization (accretion) of investment securities, net | 247 | (226) | (213) |
Amortization of prepayment penalty on long term debt | 6,176 | 6,047 | 5,031 |
Prepayment penalty on long-term debt | 5,554 | 532 | 0 |
Deferred income tax | 581 | (250) | 2,528 |
Realized net investment security (gains) losses | 0 | 0 | 1,158 |
Loan originations to be sold in secondary market | (287,722) | (220,800) | (136,125) |
Proceeds from sale of loans in secondary market | 290,132 | 222,785 | 135,209 |
Gain on sale of loans in secondary market | 0 | (756) | (1,867) |
Proceeds from Sale of Other Loans Held-for-sale | 0 | 900 | 20,966 |
Share-based Compensation | 2,814 | 1,828 | 1,259 |
OREO valuation adjustments | 601 | 1,592 | 2,406 |
Gains (Losses) on Sales of Other Real Estate | (1,323) | (1,604) | (5,503) |
Proceeds from Sale of Other Real Estate | 8,704 | 17,058 | 27,798 |
Bank owned life insurance income | (4,338) | (5,783) | (4,861) |
Changes in assets and liabilities: | |||
Increase in other assets | (18,086) | (10,978) | (18,313) |
Increase in other liabilities | 2,006 | 1,173 | 5,689 |
Net cash provided by operating activities | 87,887 | 89,234 | 71,743 |
Proceeds from Life Insurance Policies | 1,050 | 6,340 | 2,221 |
Investing activities: | |||
Proceeds from Sale of Federal Home Loan Bank Stock | 0 | 0 | 8,946 |
Proceeds from sales of securities | 0 | 3,144 | 173,123 |
Proceeds from calls and maturities of securities: | |||
Held-to-maturity | 29,901 | 36,393 | 41,436 |
Available-for-sale | 753,325 | 321,146 | 99,092 |
Purchase of securities: | |||
Held-to-maturity | (141,045) | (48,226) | 0 |
Available-for-sale | (579,006) | (457,617) | (350,934) |
Payments to Acquire Other Investments | (3,500) | 0 | (1,350) |
Net loan originations, portfolio loans | 199,494 | 247,882 | 234,017 |
Payments for Affordable Housing Programs | (15,029) | (5,318) | (9,417) |
Payments to Acquire Life Insurance Policies | 0 | 10,045 | 0 |
Purchases of premises and equipment, net | (7,466) | (11,361) | (7,444) |
Net cash used in investing activities | (152,560) | (395,468) | (229,580) |
Financing activities | |||
Net increase in deposits | 174,314 | 219,642 | 338,006 |
Net increase in short-term borrowings | 553 | 117,262 | 34,951 |
Proceeds from issuance of long-term debt | 0 | 25,000 | 125,000 |
Repayment of subordinated notes | 0 | 0 | (35,250) |
Repayment of long-term debt | (55,554) | (80,076) | (153,970) |
Cash dividends paid | (57,653) | (57,776) | (57,876) |
Net cash provided by financing activities | 61,660 | 217,994 | 248,506 |
(Decrease) increase in cash and cash equivalents | (3,013) | (88,240) | 90,669 |
Cash and cash equivalents at beginning of year | 149,459 | 237,699 | 147,030 |
Cash and cash equivalents at end of year | 146,446 | 149,459 | 237,699 |
Income Taxes Paid | 27,260 | 26,140 | 27,810 |
Non cash activities [Abstract] | |||
Real Estate Owned, Transfer to Real Estate Owned | 3,339 | 13,447 | 12,780 |
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | 144 | 21,985 |
Affordable Housing Program Obligation, Period Increase (Decrease) | 9,000 | 9,000 | 8,000 |
Mortgage Loans on Real Estate [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain (Loss) on Sale of Loans and Leases | 5,517 | 4,027 | 2,682 |
Held-to-maturity Securities [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Realized net investment security (gains) losses | (88) | ||
Treasury Stock, Common [Member] | |||
Financing activities | |||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ (6,058) | $ (2,355) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements: Principles of Consolidation The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no impact on net income or shareholders' equity. Restrictions on Cash and Due from Banks The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $51.6 million at December 31, 2016 and $44.2 million at December 31, 2015 . No other compensating balance arrangements were in existence at December 31, 2016 . Investment Securities Investment securities are classified upon acquisition into one of three categories: held-to-maturity ("HTM"), available-for-sale ("AFS"), or trading (see Note 4 - Investment Securities). HTM securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. AFS securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. AFS securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income (loss), net of applicable income taxes. The Corporation did not hold any trading securities during any period presented. AFS and HTM securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not that Park will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income (loss), net of income tax. Interest income from investment securities includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis. Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") Stock Park’s national bank subsidiary, The Park National Bank ("PNB"), is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Impairment is evaluated based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. Bank Owned Life Insurance Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized). Loans Held for Sale Generally, loans held for sale are carried at the lower of cost or fair value. Park has elected the fair value option for mortgage loans held for sale, which are carried at their fair value as of each balance sheet date. Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Net deferred loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit ("HELOCs"), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment. Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Commercial loans placed on nonaccrual status are considered impaired (see Note 5 - Loans). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when Park expects to receive the entire recorded investment of the loan. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due. The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans may be removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management. A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below: Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications originated in the 28 Ohio counties where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services. Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. Construction real estate : The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event that a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt to either arrange for completion of construction or dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residences or second mortgages of individuals’ primary residences in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appraised value of the real estate securing the loan. Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans, to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances. Allowance for Loan Losses ("ALLL") The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries. The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”). Included in the statistical allocation is a reserve for troubled debt restructurings ("TDRs") within the consumer loan portfolio. Management performs a periodic evaluation to ensure the reserve calculated utilizing the statistical allocation is consistent with a reserve calculated under Accounting Standards Codification ("ASC") 310-10 - Receivables . In calculating the allowance for loan losses, management believes it is appropriate to consider historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2016 , the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2010 through 2016 within the individual segments of the commercial and consumer loan categories. Management believes the 84 -month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditions. The loss factor applied to Park’s consumer loan portfolio as of December 31, 2016 was based on the historical loss experience over the past 84 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer loan portfolio to approximately 1.95 years of historical losses. The consumer loan portfolio loss coverage ratio was 1.99 years at December 31, 2015 . Historical loss experience over the past 84 months for the consumer loan portfolio was 0.34% for 2016 and 0.42% for 2015. The loss factor applied to Park’s commercial loan portfolio as of December 31, 2016 was based on the historical loss experience over the past 84 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial loan portfolio to approximately 3.20 years of historical losses at December 31, 2016. The commercial loan portfolio loss coverage ratio was 2.37 years at December 31, 2015 . Historical loss experience over the past 84 months for the commercial loan portfolio was 0.39% for 2016 and 0.53% for 2015. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries. GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired : (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in credit scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment. Troubled Debt Restructuring Management classifies loans as TDRs when a borrower is experiencing financial difficulty and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. Income Recognition Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected. Premises and Equipment Land is carried at cost and is not subject to depreciation. Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. The range of depreciable lives over which premises and equipment are being depreciated are: Buildings 30 Years Equipment, furniture and fixtures 3 to 12 Years Leasehold improvements 1 to 10 Years Other Real Estate Owned ("OREO") Management transfers a loan to OREO at the time that Park takes deed/title of the asset. OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent changes in the value of real estate are classified as OREO valuation adjustments, are reported as adjustments to the carrying amount of OREO and are recorded within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense". Mortgage Servicing Rights ("MSR") When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in "Other service income." Capitalized servicing rights are amortized in proportion to and over the period of the estimated future servicing income of the underlying loan and are included within “Other service income”. Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 24 - Loan Servicing.) Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred. Goodwill Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess. Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2016, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 27 - Segment Information for operating segment results.) Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2016, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired. There have been no subsequent circumstances or events triggering an additional evaluation. Goodwill in the amount of $72.3 million was recorded at each of December 31, 2016, 2015, and 2014. Consolidated Statement of Cash Flows Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods. Loss Contingencies and Guarantees Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Income Taxes The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense. Treasury Shares The purchase of Park’s common shares to be held in treasury is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, and changes in the funded status of the Company’s defined benefit pension plan, which are also recognized as separate components of equity. Share-Based Compensation Compensation cost is recognized for restricted stock units and stock awards issued to employees and directors, respectively, based on the fair value of these awards at the date of grant. The market price of Park’s common shares at the date of grant is used to estimate the fair value of restricted stock units and stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period and is recorded in "Salaries" expense. (See Note 17-Share-Based Compensation.) Loan Commitments and Related Financial Instruments Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Fair Value Measurement Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 25 - Fair Value. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee KSOP plan expense is the amount of matching contributions to Park's employees stock ownership plan. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (See Note 18 - Benefit Plans.) Earnings Per Common Share Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements. (See Note 21 - Earnings Per Common Share.) Operating Segments The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio), SE Property Holdings, LLC ("SEPH"), and Guardian Financial Services Company ("GFSC"). |
Adoption of New Accounting Pron
Adoption of New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of New Accounting Pronouncements and Issued Not Yet Effective Accounting Standards ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. While interest income is specifically out of scope of this standard, management is currently evaluating the revenue streams within "Other income" to assess the applicability of this standard. Specifically, management is evaluating the impact of this new guidance on deposit fees recorded within "Service Charges on Deposit Accounts" and trust income within "Income from Fiduciary Activities." ASU 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis : In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) : Amendments to the Consolidation Analysis . The ASU amends the current consolidation guidance and affect both the variable interest entity and voting interest entity consolidation models. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance on January 1, 2016 did not have an impact on Park’s consolidated financial statements. ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, the FASB issued ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Changes to the current U.S. GAAP model primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale securities. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2017. The adoption of this guidance is not expected to have a material impact on Park's consolidated financial statements. ASU 2016-02 - Leases (Topic 842): In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) . The ASU will require all organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Additional qualitative and quantitative disclosures will be required so that users can understand more about the nature of an entity’s leasing activities. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Management is currently analyzing data on leased assets. The adoption of this guidance is expected to increase both assets and liabilities, but is not expected to have a material impact on Park's consolidated statement of income. ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting: In March 2016, FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU provides simplification for several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2016. Early adoption was permitted. The adoption of this guidance on January 1, 2017 did not have a material impact on Park's consolidated financial statements. ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: In June 2016, FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new guidance replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, HTM debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The CECL model requires an entity to estimate the credit losses over the life of an asset or off-balance sheet exposure. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2018. Management is currently evaluating the impact of the adoption of this guidance on Park's consolidated financial statements. We anticipate that the adoption of the CECL model will result in a material increase to Park's allowance for loan losses. Management has established a committee to oversee the implementation of CECL. This committee is currently assessing the data and system requirements necessary for adoption. Management plans to run our current model and a CECL model concurrently for 12 months prior to the adoption of this guidance on January 1, 2020. ASU 2016-15 - Statement of Cash Flows (Topic 203): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force): In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 203): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) . This ASU provides guidance on eight specific cash flow issues where current GAAP is either unclear or does not include specific guidance. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. As such transactions arise, management will utilize the updated guidance within Park’s consolidated statements of cash flows. ASU 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 from the goodwill impairment test. Instead, under the new guidance, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have an impact on Park's consolidated financial statements. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Park National Corporation is a financial holding company headquartered in Newark, Ohio. Through its national bank subsidiary, PNB, Park is engaged in a general commercial banking and trust business, primarily in Ohio. PNB operates through eleven banking divisions with the Park National Bank Division headquartered in Newark, Ohio, the Fairfield National Bank Division headquartered in Lancaster, Ohio, The Park National Bank of Southwest Ohio & Northern Kentucky Division headquartered in Cincinnati, Ohio, the First-Knox National Bank Division headquartered in Mount Vernon, Ohio, the Farmers Bank Division headquartered in Loudonville, Ohio, the Security National Bank Division headquartered in Springfield, Ohio, the Unity National Bank Division headquartered in Piqua, Ohio, the Richland Bank Division headquartered in Mansfield, Ohio, the Century National Bank Division headquartered in Zanesville, Ohio, the United Bank, N.A. Division headquartered in Bucyrus, Ohio and the Second National Bank Division headquartered in Greenville, Ohio. A wholly-owned subsidiary of Park, GFSC is a consumer finance company located in Central Ohio. Through February 16, 2012, Park operated a second banking subsidiary, Vision Bank ("Vision"), which was engaged in a general commercial banking business, primarily in Baldwin County, Alabama and the panhandle of Florida. Promptly following the sale of the Vision business to Centennial Bank (a wholly-owned subsidiary of HomeBanc Shares, Inc.), Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. Vision (the Florida corporation) merged with and into a wholly-owned, non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH also holds OREO that had previously been transferred to SEPH from Vision. SEPH's assets consist primarily of performing and nonperforming loans and OREO. This segment represents a run off portfolio of the legacy Vision assets. All of the Ohio-based banking divisions provide the following principal services: the acceptance of deposits for demand, savings and time accounts; commercial, industrial, consumer and real estate lending, including installment loans, credit cards, home equity lines of credit; trust services; cash management; safe deposit operations; electronic funds transfers and a variety of additional banking-related services. See Note 27 - Segment Information for financial information on the Corporation’s operating segments. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Securities | Investment Securities The amortized cost and fair value of investment securities are shown in the following tables. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. During 2016 , 2015 and 2014, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at December 31, 2016 and December 31, 2015 were as follows: (In thousands) Amortized Cost Gross Unrealized/Unrecognized Holding Gains Gross Unrealized/Unrecognized Holding Losses Estimated Fair Value 2016: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 270,000 $ — $ 2,467 $ 267,533 U.S. Government sponsored entities’ asset-backed securities 991,642 5,372 9,842 987,172 Other equity securities 1,119 2,315 — 3,434 Total $ 1,262,761 $ 7,687 $ 12,309 $ 1,258,139 2016: Securities Held-to-Maturity Obligations of states and political subdivisions $ 188,622 $ 977 $ 5,148 $ 184,451 U.S. Government sponsored entities’ asset-backed securities 71,211 1,097 87 72,221 Total $ 259,833 $ 2,074 $ 5,235 $ 256,672 (In thousands) Amortized Cost Gross Unrealized/Unrecognized Holding Gains Gross Unrealized/Unrecognized Holding Losses Estimated Fair Value 2015: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 527,605 $ — $ 5,542 $ 522,063 U.S. Government sponsored entities’ asset-backed securities 907,989 8,776 5,272 911,493 Other equity securities 1,120 1,590 — 2,710 Total $ 1,436,714 $ 10,366 $ 10,814 $ 1,436,266 2015: Securities Held-to-Maturity Obligations of states and political subdivisions $ 48,190 $ 734 $ — $ 48,924 U.S. Government sponsored entities’ asset-backed securities 101,112 1,526 134 102,504 Total $ 149,302 $ 2,260 $ 134 $ 151,428 Park’s U.S. Government sponsored entities' asset-backed securities consisted of 15 -year mortgage-backed securities and collateralized mortgage obligations (CMOs). At December 31, 2016 , the amortized cost of Park’s available-for-sale mortgage-backed securities was $545.1 million and there were no held-to-maturity mortgage-backed securities within Park's investment portfolio. At December 31, 2016 , the amortized cost of Park's available-for-sale and held-to-maturity CMOs was $446.5 million and $71.2 million , respectively. The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2016 and December 31, 2015 : Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 2016: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 247,695 $ 2,305 $ 19,838 $ 162 $ 267,533 $ 2,467 U.S. Government sponsored entities' asset-backed securities 612,321 9,473 27,325 369 639,646 9,842 Total $ 860,016 $ 11,778 $ 47,163 $ 531 $ 907,179 $ 12,309 2016: Securities Held-to-Maturity Obligations of states and political subdivisions $ 134,909 $ 5,148 $ — $ — $ 134,909 $ 5,148 U.S. Government sponsored entities’ asset-backed securities — — 7,564 87 7,564 87 Total $ 134,909 $ 5,148 $ 7,564 $ 87 $ 142,473 $ 5,235 Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 2015: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 326,973 $ 2,117 $ 195,090 $ 3,425 $ 522,063 $ 5,542 U.S. Government sponsored entities' asset-backed securities 384,169 2,776 114,543 2,496 498,712 5,272 Total $ 711,142 $ 4,893 $ 309,633 $ 5,921 $ 1,020,775 $ 10,814 2015: Securities Held-to-Maturity U.S. Government sponsored entities' asset-backed securities $ 5,656 $ 10 $ 7,792 $ 124 $ 13,448 $ 134 Management does not believe any individual unrealized loss as of December 31, 2016 or 2015 represented an other-than-temporary impairment. The unrealized losses on debt securities are primarily the result of interest rate changes. These conditions will not prohibit Park from receiving its contractual principal and interest payments on these debt securities. The fair value of these debt securities is expected to recover as payments are received on these securities and they approach maturity. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. Other investment securities (as shown on the Consolidated Balance Sheets) consist of stock investments in the FHLB, the FRB and other equities carried at cost. The FHLB and FRB restricted stock investments are carried at their redemption value. Park owned $50.1 million of FHLB stock and $8.2 million of FRB stock at both December 31, 2016 and December 31, 2015 . Park owned $3.5 million of other equities carried at cost at December 31, 2016 and carried no other equities held at cost at December 31, 2015 . The amortized cost and estimated fair value of investments in debt securities at December 31, 2016 , are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments. (In thousands) Amortized Cost Estimated Fair Value Tax Equivalent Yield (1) Securities Available-for-Sale U.S. Treasury and other U.S. Government sponsored entities’ notes: Due within one year $ 25,000 $ 24,933 0.87 % Due one through five years 245,000 242,600 1.22 % Total $ 270,000 $ 267,533 1.18 % U.S. Government sponsored entities’ asset-backed securities $ 991,642 $ 987,172 2.10 % Securities Held-to-Maturity Obligations of states and political subdivisions Due greater than ten years $ 188,622 $ 184,451 4.50 % Total $ 188,622 $ 184,451 4.50 % U.S. Government sponsored entities’ asset-backed securities $ 71,211 $ 72,221 3.31 % (1) The tax equivalent yield for obligations of states and political subdivisions includes the effects of a taxable equivalent adjustment using a 35% rate. The taxable equivalent adjustment was $1.4 million for the year ended December 31, 2016. All of Park’s securities shown in the above table as U.S. Treasury and other U.S. Government sponsored entities' notes are callable notes. These callable securities have a final maturity of 0.9 years to 3.5 years. The remaining weighted average life of the investment portfolio is 4.4 years. At December 31, 2016 , investment securities with an amortized cost of $343 million were pledged for government and trust department deposits, $569 million were pledged to secure repurchase agreements and $25 million were pledged as collateral for FHLB advance borrowings. At December 31, 2015 , investment securities with an amortized cost of $429 million were pledged for government and trust department deposits, $622 million were pledged to secure repurchase agreements and $21 million were pledged as collateral for FHLB advance borrowings. At December 31, 2016 , there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. During 2015, Park sold certain HTM investment securities with a book value of $3.1 million at a gain of $88,000 . These securities had been paid down to 97.8% of the principal outstanding at acquisition. During 2014, Park sold certain AFS investment securities with a book value of $187,000 at a gain of $22,000 . Additionally, Park sold certain AFS investment securities with a book value of $174.1 million at a loss of $1.2 million . No securities were sold during 2016. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Loans The composition of the loan portfolio, by class of loan, as of December 31, 2016 and December 31, 2015 was as follows: 12/31/2016 12/31/2015 (In thousands) Loan Balance Accrued Interest Receivable Recorded Investment Loan Balance Accrued Interest Receivable Recorded Investment Commercial, financial and agricultural * $ 994,619 $ 3,558 $ 998,177 $ 955,727 $ 3,437 $ 959,164 Commercial real estate * 1,155,703 4,161 1,159,864 1,113,603 4,009 1,117,612 Construction real estate: SEPH commercial land and development — — — 2,044 — 2,044 Remaining commercial 135,343 398 135,741 128,046 321 128,367 Mortgage 48,699 106 48,805 36,722 75 36,797 Installment 4,903 17 4,920 6,533 21 6,554 Residential real estate: Commercial 406,687 940 407,627 410,571 1,014 411,585 Mortgage 1,169,495 1,459 1,170,954 1,210,819 1,469 1,212,288 HELOC 212,441 853 213,294 211,415 769 212,184 Installment 19,874 67 19,941 22,638 78 22,716 Consumer 1,120,850 3,385 1,124,235 967,111 3,032 970,143 Leases 3,243 29 3,272 2,856 14 2,870 Total loans $ 5,271,857 $ 14,973 $ 5,286,830 $ 5,068,085 $ 14,239 $ 5,082,324 * Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. Loans are shown net of deferred origination fees, costs and unearned income of $11.1 million at December 31, 2016 and $10.4 million at December 31, 2015 , which represented a net deferred income position in both years. Overdrawn deposit accounts of $2.9 million and $1.7 million had been reclassified to loans at December 31, 2016 and 2015 , respectively, and are included in the commercial, financial and agricultural loan class above. Credit Quality The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings ("TDRs"), and loans past due 90 days or more and still accruing by class of loan as of December 31, 2016 and December 31, 2015 : 12/31/2016 (In thousands) Nonaccrual Loans Accruing Troubled Debt Restructurings Loans Past Due 90 Days or More and Accruing Total Nonperforming Loans Commercial, financial and agricultural $ 20,057 $ 600 $ 15 $ 20,672 Commercial real estate 19,169 5,305 — 24,474 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 1,833 393 — 2,226 Mortgage — 104 — 104 Installment 61 95 12 168 Residential real estate: Commercial 23,013 89 — 23,102 Mortgage 18,313 9,612 887 28,812 HELOC 1,783 673 25 2,481 Installment 644 609 60 1,313 Consumer 2,949 748 1,139 4,836 Total loans $ 87,822 $ 18,228 $ 2,138 $ 108,188 12/31/2015 (In thousands) Nonaccrual Loans Accruing Troubled Debt Restructurings Loans Past Due 90 Days or More and Accruing Total Nonperforming Loans Commercial, financial and agricultural $ 21,676 $ 8,947 $ — $ 30,623 Commercial real estate 15,268 2,757 — 18,025 Construction real estate: SEPH commercial land and development 2,044 — — 2,044 Remaining commercial 4,162 514 — 4,676 Mortgage 7 110 — 117 Installment 64 114 — 178 Residential real estate: Commercial 25,063 261 — 25,324 Mortgage 20,378 10,143 851 31,372 HELOC 1,749 873 27 2,649 Installment 1,657 635 4 2,296 Consumer 3,819 734 1,093 5,646 Total loans $ 95,887 $ 25,088 $ 1,975 $ 122,950 The following table provides additional information regarding those nonaccrual and accruing TDR loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2016 and December 31, 2015 . 12/31/2016 12/31/2015 (In thousands) Nonaccrual and accruing TDRs Loans individually evaluated for impairment Loans collectively evaluated for impairment Nonaccrual and accruing TDRs Loans individually evaluated for impairment Loans collectively evaluated for impairment Commercial, financial and agricultural $ 20,657 $ 20,624 $ 33 $ 30,623 $ 30,595 $ 28 Commercial real estate 24,474 24,474 — 18,025 18,025 — Construction real estate: SEPH commercial land and development — — — 2,044 2,044 — Remaining commercial 2,226 2,226 — 4,676 4,676 — Mortgage 104 — 104 117 — 117 Installment 156 — 156 178 — 178 Residential real estate: Commercial 23,102 23,102 — 25,324 25,324 — Mortgage 27,925 — 27,925 30,521 — 30,521 HELOC 2,456 — 2,456 2,622 — 2,622 Installment 1,253 — 1,253 2,292 — 2,292 Consumer 3,697 — 3,697 4,553 — 4,553 Total loans $ 106,050 $ 70,426 $ 35,624 $ 120,975 $ 80,664 $ 40,311 All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or the present value of expected future cash flows as the measurement method. The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2016 and December 31, 2015 . 12/31/2016 12/31/2015 (In thousands) Unpaid principal balance Recorded investment Allowance for loan losses allocated Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded Commercial, financial and agricultural $ 41,075 $ 19,965 $ — $ 32,583 $ 18,763 $ — Commercial real estate 23,961 23,474 — 15,138 14,916 — Construction real estate: SEPH commercial land and development — — — 10,834 2,044 — Remaining commercial 3,662 2,226 — 2,506 1,531 — Residential real estate: Commercial 24,409 22,687 — 23,798 23,480 — With an allowance recorded Commercial, financial and agricultural 810 659 152 16,155 11,832 1,904 Commercial real estate 1,014 1,000 309 3,195 3,109 381 Construction real estate: Remaining commercial — — — 3,145 3,145 1,356 Residential real estate: Commercial 427 415 87 1,951 1,844 550 Total $ 95,358 $ 70,426 $ 548 $ 109,305 $ 80,664 $ 4,191 Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. At December 31, 2016 and December 31, 2015 , there were $24.7 million and $24.2 million , respectively, of partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $177,000 and $4.5 million , respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated. The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at December 31, 2016 and 2015 , of $0.5 million and $4.2 million , respectively. These loans with specific reserves had a recorded investment of $2.1 million and $19.9 million as of December 31, 2016 and 2015 , respectively. Interest income on nonaccrual loans individually evaluated for impairment is recognized on a cash basis only when Park expects to receive the entire recorded investment of the loan. Interest income on accruing TDRs individually evaluated for impairment continues to be recorded on an accrual basis. The following tables present the average recorded investment and interest income recognized during the year subsequent to impairment on loans individually evaluated for impairment as of and for the years ended December 31, 2016 , 2015 , and 2014 : Year ended December 31, 2016 (In thousands) Recorded Investment as of December 31, 2016 Average recorded investment Interest income recognized Commercial, financial and agricultural $ 20,624 $ 26,821 $ 885 Commercial real estate 24,474 22,828 884 Construction real estate: SEPH commercial land and development — 1,597 — Remaining commercial 2,226 3,906 66 Residential real estate: Commercial 23,102 24,341 2,942 Consumer — 3 — Total $ 70,426 $ 79,496 $ 4,777 Year ended December 31, 2015 (In thousands) Recorded Investment as of December 31, 2015 Average recorded investment Interest income recognized Commercial, financial and agricultural $ 30,595 $ 20,179 $ 340 Commercial real estate 18,025 17,883 550 Construction real estate: SEPH commercial land and development 2,044 2,066 21 Remaining commercial 4,676 5,666 26 Residential real estate: Commercial 25,324 24,968 1,026 Consumer — — — Total $ 80,664 $ 70,762 $ 1,963 Year ended December 31, 2014 (In thousands) Recorded Investment as of December 31, 2014 Average recorded investment Interest income recognized Commercial, financial and agricultural $ 19,106 $ 19,518 $ 360 Commercial real estate 21,989 31,945 1,027 Construction real estate: SEPH commercial land and development 2,078 3,658 146 Remaining commercial 5,609 8,784 61 Residential real estate: Commercial 24,930 28,306 1,084 Consumer — 403 — Total $ 73,712 $ 92,614 $ 2,678 The following tables present the aging of the recorded investment in past due loans as of December 31, 2016 and December 31, 2015 by class of loan. 12/31/2016 (In thousands) Accruing loans past due 30-89 days Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) Total past due Total current (2) Total recorded investment Commercial, financial and agricultural $ 371 $ 4,113 $ 4,484 $ 993,693 $ 998,177 Commercial real estate 355 2,499 2,854 1,157,010 1,159,864 Construction real estate: SEPH commercial land and development — — — — — Remaining commercial — 541 541 135,200 135,741 Mortgage 559 — 559 48,246 48,805 Installment 223 64 287 4,633 4,920 Residential real estate: Commercial 330 3,631 3,961 403,666 407,627 Mortgage 10,854 9,769 20,623 1,150,331 1,170,954 HELOC 970 1,020 1,990 211,304 213,294 Installment 350 319 669 19,272 19,941 Consumer 12,579 2,094 14,673 1,109,562 1,124,235 Leases — — — 3,272 3,272 Total loans $ 26,591 $ 24,050 $ 50,641 $ 5,236,189 $ 5,286,830 (1) Includes an aggregate of $2.1 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $65.9 million of nonaccrual loans which are current in regards to contractual principal and interest payments. 12/31/2015 (In thousands) Accruing loans past due 30-89 days Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) Total past due Total current (2) Total recorded investment Commercial, financial and agricultural $ 670 $ 7,536 $ 8,206 $ 950,958 $ 959,164 Commercial real estate 142 530 672 1,116,940 1,117,612 Construction real estate: SEPH commercial land and development — 2,044 2,044 — 2,044 Remaining commercial 165 84 249 128,118 128,367 Mortgage 63 7 70 36,727 36,797 Installment 200 46 246 6,308 6,554 Residential real estate: Commercial 325 19,521 19,846 391,739 411,585 Mortgage 10,569 8,735 19,304 1,192,984 1,212,288 HELOC 487 186 673 211,511 212,184 Installment 426 318 744 21,972 22,716 Consumer 11,458 3,376 14,834 955,309 970,143 Leases — — — 2,870 2,870 Total loans $ 24,505 $ 42,383 $ 66,888 $ 5,015,436 $ 5,082,324 (1) Includes an aggregate of $2.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $55.5 million of nonaccrual loans which are current in regards to contractual principal and interest payments. Credit Quality Indicators Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information as of December 31, 2016 and 2015 is included in the tables above. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) consumer loans. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans on a scale from 1 to 8. Credit grades are continuously monitored by the responsible loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass-rated (graded a 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that require management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of Park’s credit position at some future date. Commercial loans graded a 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or the value of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Park will sustain some loss if the deficiencies are not corrected. Commercial loans graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the impaired category. A loan is deemed impaired when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged off. The tables below present the recorded investment by loan grade at December 31, 2016 and December 31, 2015 for all commercial loans: 12/31/2016 (In thousands) 5 Rated 6 Rated Impaired Pass Rated Recorded Investment Commercial, financial and agricultural* $ 5,826 $ — $ 20,657 $ 971,694 $ 998,177 Commercial real estate* 7,548 190 24,474 1,127,652 1,159,864 Construction real estate: SEPH commercial land and development — — — — — Remaining commercial 287 118 2,226 133,110 135,741 Residential real estate: Commercial 1,055 124 23,102 383,346 407,627 Leases — — — 3,272 3,272 Total Commercial Loans $ 14,716 $ 432 $ 70,459 $ 2,619,074 $ 2,704,681 * Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. 12/31/2015 (In thousands) 5 Rated 6 Rated Impaired Pass Rated Recorded Investment Commercial, financial and agricultural* $ 4,392 $ 347 $ 30,623 $ 923,802 $ 959,164 Commercial real estate* 14,880 3,417 18,025 1,081,290 1,117,612 Construction real estate: SEPH commercial land and development — — 2,044 — 2,044 Remaining commercial 2,151 122 4,676 121,418 128,367 Residential real estate: Commercial 3,280 386 25,324 382,595 411,585 Leases — — — 2,870 2,870 Total Commercial Loans $ 24,703 $ 4,272 $ 80,692 $ 2,511,975 $ 2,621,642 * Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. Troubled Debt Restructuring Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession to the borrower as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. Certain loans which were modified during the years ended December 31, 2016 and December 31, 2015 did not meet the definition of a TDR as the modification was a delay in a payment that was considered to be insignificant. Management considers a forbearance period of up to three months or a delay in payment of up to 30 days to be insignificant. TDRs may be classified as accruing if the borrower has been current for a period of at least six months with respect to loan payments and management expects that the borrower will be able to continue to make payments in accordance with the terms of the restructured note. Management reviews all accruing TDRs quarterly to ensure payments continue to be made in accordance with the modified terms. Management reviews renewals/modifications of loans previously identified as TDRs to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification does not contain a concessionary interest rate or other concessionary terms, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed as the borrower has complied with the terms of the loan at the date of the renewal/modification and there was a reasonable expectation that the borrower would continue to comply with the terms of the loan subsequent to the date of the renewal/modification. The majority of these TDRs were originally considered restructurings in a prior year as a result of a renewal/modification with an interest rate that was not commensurate with the risk of the underlying loan at the time of the renewal/modification. During the years ended December 31, 2016 and 2015 , Park removed the TDR classification on $2.7 million and $1.2 million , respectively, of loans that met the requirements discussed above. At December 31, 2016 and 2015 , there were $46.9 million and $41.1 million , respectively, of TDRs included in the nonaccrual loan totals. At December 31, 2016 and 2015 , $38.0 million and $19.1 million , respectively, of these nonaccrual TDRs were performing in accordance with the terms of the restructured note. As of December 31, 2016 and 2015 , loans with a recorded investment of $18.2 million and $25.1 million , respectively, were included in accruing TDR loan totals. Management will continue to review the restructured loans and may determine it appropriate to move certain nonaccrual TDRs to accrual status in the future. At December 31, 2016 and 2015 , Park had commitments to lend $0.7 million and $2.3 million , respectively, of additional funds to borrowers whose outstanding loan terms had been modified in a TDR. The specific reserve related to TDRs at December 31, 2016 and 2015 was $0.2 million and $2.3 million , respectively. Modifications made in 2015 and 2016 were largely the result of renewals and extending the maturity date of the loan, at terms consistent with the original note. These modifications were deemed to be TDRs primarily due to Park’s conclusion that the borrower would likely not have qualified for similar terms through another lender. Many of the modifications deemed to be TDRs were previously identified as impaired loans, and thus were also previously evaluated for impairment under ASC 310. Additional specific reserves of $1.0 million were recorded during the year ended December 31, 2016 , as a result of TDRs identified in the 2016 year. Additional specific reserves of $1.3 million were recorded during the year ended December 31, 2015 as a result of TDRs identified in the 2015 year. Additional specific reserves of $0.7 million were recorded during the year ended December 31, 2014 as a result of TDRs identified in the 2014 year. The terms of certain other loans were modified during the years ended December 31, 2016 and 2015 that did not meet the definition of a TDR. Modified substandard commercial loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2016 and 2015 of $26,000 and $116,000 , respectively. The renewal/modification of these loans: (1) resulted in a delay in a payment that was considered to be insignificant, or (2) resulted in Park obtaining additional collateral or guarantees that improved the likelihood of the ultimate collection of the loan such that the modification was deemed to be at market terms. Modified consumer loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2016 and 2015 of $7.4 million and $16.5 million , respectively. Many of these loans were to borrowers who were not experiencing financial difficulties but who were looking to reduce their cost of funds. The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2016 , 2015 and 2014 as well as the recorded investment of these contracts at December 31, 2016 , 2015 , and 2014. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal. Year ended December 31, 2016 (In thousands) Number of Contracts Accruing Nonaccrual Recorded Investment Commercial, financial and agricultural 32 $ 191 $ 8,450 $ 8,641 Commercial real estate 14 3,844 2,537 6,381 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 2 — 1,143 1,143 Mortgage — — — — Installment 1 — — — Residential real estate: Commercial 11 89 1,033 1,122 Mortgage 34 114 2,292 2,406 HELOC 13 104 178 282 Installment 5 102 3 105 Consumer 293 184 994 1,178 Total loans 405 $ 4,628 $ 16,630 $ 21,258 Year ended December 31, 2015 (In thousands) Number of Contracts Accruing Nonaccrual Recorded Investment Commercial, financial and agricultural 39 $ 8,948 $ 3,640 $ 12,588 Commercial real estate 14 637 3,523 4,160 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 2 513 — 513 Mortgage 1 19 — 19 Installment — — — — Residential real estate: Commercial 11 — 1,185 1,185 Mortgage 39 1,132 2,122 3,254 HELOC 26 315 45 360 Installment 9 — 155 155 Consumer 283 202 888 1,090 Total loans 424 $ 11,766 $ 11,558 $ 23,324 Year ended December 31, 2014 (In thousands) Number of Contracts Accruing Nonaccrual Recorded Investment Commercial, financial and agricultural 30 $ 292 $ 431 $ 723 Commercial real estate 11 1,184 1,254 2,438 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 2 — 206 206 Mortgage — — — — Installment 2 — 56 56 Residential real estate: Commercial 9 — 866 866 Mortgage 46 32 2,325 2,357 HELOC 10 85 241 326 Installment 10 109 12 121 Consumer 330 244 1,058 1,302 Total loans 450 $ 1,946 $ 6,449 $ 8,395 Of those loans which were modified and determined to be a TDR during the year ended December 31, 2016 , $9.4 million were on nonaccrual status as of December 31, 2015 . Of those loans which were modified and determined to be a TDR during the year ended December 31, 2015 , $0.8 million were on nonaccrual status as of December 31, 2014 . Of those loans which were modified and determined to be a TDR during the year ended December 31, 2014, $0.7 million were on nonaccrual status as of December 31, 2013. The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2016 , December 31, 2015 , and December 31, 2014. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial. Year ended December 31, 2016 Year ended Year ended (In thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial, financial and agricultural 7 $ 419 1 $ 1 4 $ 206 Commercial real estate 5 843 1 626 1 302 Construction real estate: SEPH commercial land and development — — — — — — Remaining commercial — — — — — — Mortgage — — — — — — Installment — — — — — — Residential real estate: Commercial 7 848 3 1,005 1 3 Mortgage 15 1,201 12 682 14 810 HELOC — — 1 5 2 160 Installment 1 3 2 101 2 12 Consumer 62 484 47 434 62 516 Leases — — — — — — Total loans 97 $ 3,798 $ 67 $ 2,854 86 $ 2,009 Of the $3.8 million in modified TDRs which defaulted during the year ended December 31, 2016 , $111,000 were accruing loans and $3.7 million were nonaccrual loans. Of the $2.9 million in modified TDRs which defaulted during the year ended December 31, 2015 , $44,000 were accruing loans and $2.8 million were nonaccrual loans. Of the $2.0 million in modified TDRs which defaulted during the year ended December 31, 2014, $314,000 were accruing loans and $1.7 million were nonaccrual loans. Certain of the Corporation’s executive officers, directors and related entities of directors are loan customers of PNB. As of December 31, 2016 and 2015 , credit exposure aggregating approximately $43.4 million and $47.0 million , respectively, was outstanding to such parties. Of this total exposure, approximately $29.6 million and $36.0 million was outstanding at December 31, 2016 and 2015 , respectively, with the remaining balance representing available credit. During 2016 , new loans and advances on existing loans were made to these executive officers, directors and related entities of directors totaling $5.4 million and $3.5 million , respectively. These extensions of credit were offset by principal payments of $15.3 million . During 2015 , new loans and advances on existing loans were $5.8 million and $7.1 million , respectively. These extensions of credit were offset by principal payments of $12.9 million . |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including the overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 - Summary of Significant Accounting Policies. Loss factors are reviewed quarterly and updated at least annually to reflect recent loan loss history and incorporate current risk and trends which may not be recognized in historical data. Several enhancements were made in the third quarter of 2016 as a result of management's quarterly review. • Management updated the historical loss calculation during the third quarter of 2016 , incorporating annualized net charge-offs plus changes in specific reserves through September 30, 2016. Additionally, management removed from the historical loss calculation net charge-offs plus changes in specific reserves for the year ended December 31, 2009. Management's belief has been that historical losses should encompass the complete economic cycle. However, given the extended length of the economic recovery, management determined that 2009 loss data was no longer reflective of the current portfolio. Management has taken the look-back period into consideration in the quarterly evaluation of environmental loss factors. As part of the 2016 mid-year historical loss update, management determined that it was no longer appropriate to more heavily weight those years with higher losses in the historical loss calculation and applied equal percentages to each of the years in this calculation. The trends that existed resulting in management applying different weightings to years within the historical loss calculation no longer appeared to exist, resulting in the adjustment back to equal weightings. • As part of the normal quarterly process, management reviewed and updated the environmental loss factors applied to the commercial portfolio in order to incorporate changes in the macroeconomic environment. Additionally, management updated the calculation of the loss emergence period utilizing a more granular process. The impact of the changes described above resulted in a decrease of $3.8 million in the ALLL at September 30, 2016, compared to what the ALLL would have been had the calculation, and related assumptions, used at June 30, 2016 remained constant. The loss factors were updated in the fourth quarter of 2016 to incorporate losses through December 31, 2016 . The activity in the allowance for loan losses for the years ended December 31, 2016 , 2015 , and 2014 is summarized in the following tables. Year ended December 31, 2016 (In thousands) Commercial, financial and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for credit losses: Beginning balance $ 13,694 $ 9,197 $ 8,564 $ 13,514 $ 11,524 $ 1 $ 56,494 Charge-offs 5,786 412 1,436 3,014 10,151 — 20,799 Recoveries (1,259 ) (3,671 ) (8,559 ) (2,446 ) (4,094 ) (1 ) (20,030 ) Net charge-offs (recoveries) 4,527 (3,259 ) (7,123 ) 568 6,057 (1 ) 769 Provision (Recovery) 4,267 (2,024 ) (10,440 ) (1,988 ) 5,086 (2 ) (5,101 ) Ending balance $ 13,434 $ 10,432 $ 5,247 $ 10,958 $ 10,553 — $ 50,624 Year ended December 31, 2015 (In thousands) Commercial, financial and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for credit losses: Beginning balance $ 10,719 $ 8,808 $ 8,652 $ 14,772 $ 11,401 $ — $ 54,352 Charge-offs 2,478 348 470 2,352 8,642 — 14,290 Recoveries (1,373 ) (2,241 ) (2,092 ) (2,438 ) (3,295 ) (3 ) (11,442 ) Net charge-offs (recoveries) 1,105 (1,893 ) (1,622 ) (86 ) 5,347 (3 ) 2,848 Provision (Recovery) 4,080 (1,504 ) (1,710 ) (1,344 ) 5,470 (2 ) 4,990 Ending balance $ 13,694 $ 9,197 $ 8,564 $ 13,514 $ 11,524 $ 1 $ 56,494 Year ended December 31, 2014 (In thousands) Commercial, financial and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for credit losses: Beginning balance $ 14,218 $ 15,899 $ 6,855 $ 14,251 $ 8,245 $ — $ 59,468 Charge-offs 3,779 8,003 1,316 3,944 7,738 — 24,780 Recoveries (1,003 ) (7,759 ) (12,572 ) (2,985 ) (2,671 ) (7 ) (26,997 ) Net charge-offs (recoveries) 2,776 244 (11,256 ) 959 5,067 (7 ) (2,217 ) (Recovery) Provision (723 ) (6,847 ) (9,459 ) 1,480 8,223 (7 ) (7,333 ) Ending balance $ 10,719 $ 8,808 $ 8,652 $ 14,772 $ 11,401 $ — $ 54,352 Loans collectively evaluated for impairment in the following tables include all performing loans at December 31, 2016 and 2015 , as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at December 31, 2016 and 2015 , which are evaluated for impairment in accordance with GAAP (see Note 1 - Summary of Significant Accounting Policies). The composition of the allowance for loan losses at December 31, 2016 and 2015 was as follows: December 31, 2016 (In thousands) Commercial, financial, and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans Individually evaluated for impairment $ 152 $ 309 $ — $ 87 $ — $ — $ 548 Collectively evaluated for impairment 13,282 10,123 5,247 10,871 10,553 — 50,076 Total ending allowance balance $ 13,434 $ 10,432 $ 5,247 $ 10,958 $ 10,553 $ — $ 50,624 Loan Balance: Loans individually evaluated for impairment $ 20,622 $ 24,465 $ 2,226 $ 23,102 $ — $ — $ 70,415 Loans collectively evaluated for impairment 973,997 1,131,238 186,719 1,785,395 1,120,850 3,243 5,201,442 Total ending loan balance $ 994,619 $ 1,155,703 $ 188,945 $ 1,808,497 $ 1,120,850 $ 3,243 $ 5,271,857 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 0.74 % 1.26 % — % 0.38 % — % — % 0.78 % Loans collectively evaluated for impairment 1.36 % 0.89 % 2.81 % 0.61 % 0.94 % — % 0.96 % Total 1.35 % 0.90 % 2.78 % 0.61 % 0.94 % — % 0.96 % Recorded Investment: Loans individually evaluated for impairment $ 20,624 $ 24,474 $ 2,226 $ 23,102 $ — $ — $ 70,426 Loans collectively evaluated for impairment 977,553 1,135,390 187,240 1,788,714 1,124,235 3,272 5,216,404 Total ending recorded investment $ 998,177 $ 1,159,864 $ 189,466 $ 1,811,816 $ 1,124,235 $ 3,272 $ 5,286,830 December 31, 2015 (In thousands) Commercial, financial, and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans Individually evaluated for impairment $ 1,904 $ 381 $ 1,356 $ 550 $ — $ — $ 4,191 Collectively evaluated for impairment 11,790 8,816 7,208 12,964 11,524 1 52,303 Total ending allowance balance $ 13,694 $ 9,197 $ 8,564 $ 13,514 $ 11,524 $ 1 $ 56,494 Loan Balance: Loans individually evaluated for impairment $ 30,545 $ 18,015 $ 6,716 $ 25,323 $ — $ — $ 80,599 Loans collectively evaluated for impairment 925,182 1,095,588 166,629 1,830,120 967,111 2,856 4,987,486 Total ending loan balance $ 955,727 $ 1,113,603 $ 173,345 $ 1,855,443 $ 967,111 $ 2,856 $ 5,068,085 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 6.23 % 2.11 % 20.19 % 2.17 % — % — % 5.20 % Loans collectively evaluated for impairment 1.27 % 0.80 % 4.33 % 0.71 % 1.19 % 0.04 % 1.05 % Total 1.43 % 0.83 % 4.94 % 0.73 % 1.19 % 0.04 % 1.11 % Recorded Investment: Loans individually evaluated for impairment $ 30,595 $ 18,025 $ 6,720 $ 25,324 $ — $ — $ 80,664 Loans collectively evaluated for impairment 928,569 1,099,587 167,042 1,833,449 970,143 2,870 5,001,660 Total ending recorded investment $ 959,164 $ 1,117,612 $ 173,762 $ 1,858,773 $ 970,143 $ 2,870 $ 5,082,324 |
Loans Held for Sale (Notes)
Loans Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Held for Sale [Abstract] | |
Loans Held for Sale [Table Text Block] | Loans Held for Sale Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $10.4 million and $7.3 million at December 31, 2016 and 2015 , respectively. These amounts are included in loans on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 5 - Loans and Note 6 - Allowance for Loan Losses. The contractual balance was $10.3 million and $7.2 million at December 31, 2016 and 2015 , respectively. The gain expected upon sale was $131,000 and $95,000 at December 31, 2016 and 2015 , respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2016 or 2015 . During 2015, Park transferred to held for sale and sold certain commercial loans previously held for investment with a book balance of $144,000 , and recognized a gain of $756,000 . During 2014, Park transferred certain commercial loans held for investment, with a book balance of $22.0 million , to the loans held for sale portfolio, and subsequently completed the sale of these commercial loans held for sale, recognizing a net gain on sale of $1.9 million . No commercial loans were held for sale or sold during 2016. |
Other Real Estate Owned (Notes)
Other Real Estate Owned (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | |
Real Estate Owned [Text Block] | Other Real Estate Owned The carrying amount of foreclosed properties held at December 31, 2016 and December 31, 2015 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates. (In thousands) December 31, 2016 December 31, 2015 OREO: Commercial real estate $ 7,642 $ 8,333 Construction real estate 4,624 7,259 Residential real estate 1,660 3,059 Total OREO $ 13,926 $ 18,651 Loans in process of foreclosure: Residential real estate $ 3,250 $ 2,021 |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The major categories of premises and equipment and accumulated depreciation are summarized as follows: December 31 (In thousands) 2016 2015 Land $ 19,577 $ 19,123 Buildings 75,472 74,525 Equipment, furniture and fixtures 52,719 47,839 Leasehold improvements 3,400 3,878 Total $ 151,168 $ 145,365 Less accumulated depreciation (93,197 ) (85,872 ) Premises and equipment, net $ 57,971 $ 59,493 Depreciation expense amounted to $8.4 million , $7.3 million and $7.2 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: (In thousands) 2017 $ 1,508 2018 1,269 2019 1,178 2020 621 2021 422 Thereafter 700 Total $ 5,698 Rent expense for Park was $2.1 million , $1.7 million and $1.7 million , for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Investment in Qualified Afforda
Investment in Qualified Affordable Housing | 12 Months Ended |
Dec. 31, 2016 | |
Investments in Qualified Affordable Housing [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Investment in Qualified Affordable Housing Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve our goals associated with the Community Reinvestment Act. As permitted by ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects , Park elected the proportional amortization method of accounting. Under the proportional amortization method, amortization expense and tax benefits are recognized through the provision for income taxes. The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of December 31, 2016 and 2015. (In thousands) December 31, 2016 December 31, 2015 Affordable housing tax credit investments $ 52,947 $ 51,247 Unfunded commitments 14,282 20,311 Commitments are funded when capital calls are made by the general partner. Park expects that the current commitment will be funded between 2017 and 2027. During the years ended December 31, 2016, 2015 and 2014, Park recognized amortization expense of $ 7.3 million , $6.7 million and $6.9 million , respectively, which was included within the provision for income taxes. For the years ended December 31, 2016, 2015 and 2014, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $9.4 million , $8.9 million and $8.8 million , respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits At December 31, 2016 and 2015 , non-interest bearing and interest bearing deposits were as follows: December 31 (In thousands) 2016 2015 Non-interest bearing $ 1,523,417 $ 1,404,032 Interest bearing 3,998,539 3,943,610 Total $ 5,521,956 $ 5,347,642 At December 31, 2016 , the maturities of time deposits were as follows: (In thousands) 2017 $ 717,879 2018 131,236 2019 153,257 2020 63,758 2021 51,245 After 5 years 495 Total $ 1,117,870 At December 31, 2016 and 2015, respectively, Park had approximately $26.5 million and $21.6 million of deposits received from executive officers, directors and related entities of directors. Time deposits that exceed the FDIC Insurance limit of $250,000 at December 31, 2016 and 2015 were $43.3 million and $49.7 million , respectively. |
Repurchase Agreements (Notes)
Repurchase Agreements (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block] | Repurchase Agreement Borrowings Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in short-term borrowings on the Consolidated Balance Sheets. Park's repurchase agreements with a third-party financial institution are classified as long-term debt on the Consolidated Balance Sheets. All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the client and are accounted for as secured borrowings. Park's repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. At December 31, 2016 and December 31, 2015 , Park's repurchase agreement borrowings totaled $510 million and $554 million , respectively. At both December 31, 2016 and December 31, 2015 , $300 million of Park's repurchase agreement borrowings were classified as long-term debt, with the remaining amount being classified as short-term debt on the Consolidated Balance Sheets. These borrowings were collateralized with U.S. government and agency securities with a carrying value of $569 million and $622 million at December 31, 2016 and December 31, 2015 , respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of December 31, 2016 and December 31, 2015 , Park had $640 million and $583 million , respectively, of available unpledged securities. The following table presents the carrying value of Park's repurchase agreements by remaining contractual maturity and collateral pledged at December 31, 2016 and December 31, 2015 : December 31, 2016 (In thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 208,691 $ — $ — $ 301,104 $ 509,795 December 31, 2015 (In thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 247,618 $ 2,239 $ — $ 304,385 $ 554,242 See Note 13 - Short-Term Borrowings for additional information related to repurchase agreements classified as short-term borrowings. See Note 14 - Long-Term Debt for additional information related to repurchase agreements classified as long-term debt. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Short-term borrowings were as follows: December 31 (In thousands) 2016 2015 Securities sold under agreements to repurchase $ 209,795 $ 254,242 FHLB advances 185,000 140,000 Total short-term borrowings $ 394,795 $ 394,242 The outstanding balances for all short-term borrowings as of December 31, 2016 and 2015 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: (In thousands) Repurchase agreements FHLB Advances 2016 Ending balance $ 209,795 $ 185,000 Highest month-end balance 248,277 185,000 Average daily balance 224,763 15,694 Weighted-average interest rate: As of year-end 0.17 % 0.80 % Paid during the year 0.16 % 0.63 % 2015 Ending balance $ 254,242 $ 140,000 Highest month-end balance 278,324 140,000 Average daily balance 257,622 1,096 Weighted-average interest rate: As of year-end 0.17 % 0.56 % Paid during the year 0.18 % 0.59 % During 2015 and 2016 , outstanding FHLB advances were collateralized by investment securities owned by the Corporation’s bank subsidiary and by various loans pledged under a blanket agreement by the Corporation’s bank subsidiary. At December 31, 2016 and 2015, $25 million and $21 million , respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2016 and 2015 , $1,909 million and $1,985 million , respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park’s bank subsidiary. See Note 12 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is listed below: December 31, 2016 2015 (In thousands) Outstanding Balance Average Rate Outstanding Balance Average Rate Total Federal Home Loan Bank advances by year of maturity: 2017 $ 50,000 1.25 % $ 50,000 1.25 % 2018 150,000 2.04 % 150,000 2.04 % 2019 75,000 1.96 % 75,000 1.96 % 2020 25,000 2.14 % 25,000 2.14 % 2021 — — % — — % Thereafter 100,000 3.40 % 150,000 3.32 % Total $ 400,000 2.27 % 450,000 2.37 % Total broker repurchase agreements by year of maturity: 2017 300,000 1.75 % 300,000 1.75 % Total $ 300,000 1.75 % $ 300,000 1.75 % Total combined long-term debt by year of maturity: 2017 350,000 1.68 % 350,000 1.68 % 2018 150,000 2.04 % 150,000 2.04 % 2019 75,000 1.96 % 75,000 1.96 % 2020 25,000 2.14 % 25,000 2.14 % 2021 — — % — — % Thereafter 100,000 3.40 % 150,000 3.32 % Total $ 700,000 2.05 % $ 750,000 2.12 % Prepayment penalty (5,719 ) — (11,895 ) — Total long-term debt $ 694,281 2.07 % $ 738,105 2.16 % On November 30, 2012, Park restructured $300 million in repurchase agreements at a rate of 1.75% . As part of this restructuring, Park paid a prepayment penalty of $25 million . The penalty is being amortized as an adjustment to interest expense over the remaining term of the repurchase agreements using the effective interest method, resulting in an effective interest rate of 3.55% . Of the $25 million prepayment penalty, $4.7 million remained to be amortized as of December 31, 2016 . The remaining $4.7 million will be amortized in 2017. On November 21, 2014, Park restructured $50 million in FHLB advances at a rate of 1.25% . As part of this restructuring, Park paid a prepayment penalty of $3.2 million . The penalty is being amortized as an adjustment to interest expense over the remaining term of the advances using the effective interest method, resulting in an effective interest rate of 3.52% . Of the $3.2 million prepayment penalty, $1.0 million remained to be amortized as of December 31, 2016 . The remaining $1.0 million will be amortized in 2017. On March 30, 2015, Park prepaid $54.5 million of FHLB advances, with a weighted average rate of 1.59% , resulting in a prepayment penalty of $532,000 recognized within other expense on the Consolidated Statements of Income. On October 20, 2016, Park prepaid $50.0 million of FHLB advances, incurring a $5.6 million prepayment penalty recognized within other expense on the Consolidated Statements of Income. These advances had an interest rate of 3.15% and a maturity date of November 13, 2023. Park had approximately $100.0 million of long-term debt at December 31, 2016 with a contractual maturity longer than five years. However, all of this debt is callable by the lender in 2017. At December 31, 2016 and 2015 , FHLB advances were collateralized by investment securities owned by PNB’s banking divisions and by various loans pledged under a blanket agreement by PNB's banking divisions. At December 31, 2016 and 2015 , $25 million and $21 million , respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2016 and 2015 , $1,909 million and $1,985 million , respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park's bank subsidiary. See Note 12 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements. |
Subordinated Debentures_Notes
Subordinated Debentures/Notes | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Subordinated Debentures/Notes | Subordinated Notes As part of the acquisition of Vision's parent bank holding company ("Vision Parent") on March 9, 2007, Park became the successor to Vision Parent under (i) the Amended and Restated Trust Agreement of Vision Bancshares Trust I (the “Trust”), dated as of December 5, 2005, (ii) the Junior Subordinated Indenture, dated as of December 5, 2005, and (iii) the Guarantee Agreement, also dated as of December 5, 2005. On December 1, 2005, Vision Parent formed a wholly-owned Delaware statutory business trust, Vision Bancshares Trust I (“Trust I”), which issued $15.0 million of Trust I's floating rate preferred securities (the “Trust Preferred Securities”) to institutional investors. These Trust Preferred Securities qualify as Tier I capital under FRB guidelines. All of the common securities of Trust I are owned by Park. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by Trust I to purchase $15.5 million of junior subordinated notes, which carry a floating rate based on three-month LIBOR plus 148 basis points. The debentures represent the sole asset of Trust I. The Trust Preferred Securities accrue and pay distributions at a floating rate of three-month LIBOR plus 148 basis points per annum. The Trust Preferred Securities are mandatorily redeemable upon maturity of the notes in December 2035, or upon earlier redemption as provided in the notes. Park has the right to redeem the notes purchased by Trust I in whole or in part, on or after December 30, 2010. As specified in the indenture, if the notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest. In accordance with GAAP, Trust I is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability. On December 23, 2009, Park entered into a Note Purchase Agreement, dated December 23, 2009, with 38 purchasers (the “2009 Purchasers”). Under the terms of the Note Purchase Agreement, the 2009 Purchasers purchased from Park an aggregate principal amount of $35.25 million of 10% Subordinated Notes due December 23, 2019 (the “2009 Notes”). The 2009 Notes were intended to qualify as Tier 2 capital under applicable rules and regulations of the FRB. The 2009 Notes could not be prepaid in any amount prior to December 23, 2014; however, subsequent to that date, Park could prepay, without penalty, all or a portion of the principal amount outstanding. Of the $35.25 million in 2009 Notes, $14.05 million were purchased by related parties. The 2009 Notes were prepaid in full on December 24, 2014, together with accrued interest. On April 20, 2012, Park entered into a Note Purchase Agreement, dated April 20, 2012 (the “2012 Purchase Agreement”), with 56 purchasers (the "2012 Purchasers"). Under the terms of the 2012 Purchase Agreement, the 2012 Purchasers purchased from Park an aggregate principal amount of $30 million of 7% Subordinated Notes due April 20, 2022 (the "2012 Notes"). The 2012 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the FRB. Each 2012 Note was purchased at a purchase price of 100% of the principal amount thereof. The 2012 Notes may not be prepaid by Park prior to April 20, 2017. From and after April 20, 2017, Park may prepay all or, from time to time, any part of the 2012 Notes at 100% of the principal amount (plus accrued interest) without penalty, subject to any requirement under FRB regulations to obtain prior approval from the FRB before making any prepayment. |
Contingent Liabilities (Notes)
Contingent Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |
Commitments and Contingencies Disclosure [Text Block] | Contingent Liabilities The Company is a defendant in lawsuits and other adversary proceedings arising in the ordinary course of business. Legal costs incurred in connection with the resolution of claims and lawsuits are generally expensed as incurred, and the Company establishes accruals for the outcome of litigation where losses are deemed probable and reasonably estimable. The Company’s assessment of the current exposure could change in the event of the discovery of additional facts with respect to legal matters pending against the Company or determinations by judges, juries, administrative agencies or other finders of fact that are not in accordance with the Company’s evaluation of claims. As of December 31, 2016, the Company had accrued charges of approximately $2.3 million for legal contingencies related to various legal and other adversary proceedings. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan | Share-Based Compensation The Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan") was adopted by the Board of Directors of Park on January 28, 2013 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 22, 2013. The 2013 Incentive Plan makes equity-based awards and cash-based awards available for grant to participants in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted common shares, restricted stock unit awards that may be settled in common shares, cash or a combination of the two, unrestricted common shares and cash-based awards. Under the 2013 Incentive Plan, 600,000 common shares are authorized to be issued and delivered in connection with grants under the 2013 Incentive Plan. The common shares to be issued and delivered under the 2013 Incentive Plan may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. No awards may be made under the 2013 Incentive Plan after April 22, 2023. At December 31, 2016, 473,725 common shares were available for future grants under the 2013 Incentive Plan. During 2016, 2015, and 2014, Park granted 9,950 , 10,150 , and 10,200 common shares, respectively, to directors of Park and to directors of Park's bank subsidiary PNB (and its divisions) under the 2013 Incentive Plan. The common shares granted to directors were not subjected to a vesting period and resulted in expense of $950,000 , $963,000 , and $801,000 in 2016, 2015, and 2014, respectively, which is included in Professional fees and services on the Consolidated Statements of Income. During 2016, 2015 and 2014, the Compensation Committee of the Board of Directors of Park granted awards of an aggregate of 41,550 , 23,025 and 21,975 , respectively, performance based restricted stock units ("PBRSUs") to certain employees of Park and its subsidiaries. The number of PBRSUs earned or settled will depend on certain performance conditions and are also subject to service based vesting. None of the PBRSUs had vested as of December 31, 2016. As of December 31, 2016, an aggregate of 1,125 PBRSUs had been forfeited. A summary of changes in Park's nonvested shares for the year ended December 31, 2016 follows: Shares Nonvested at January 1, 2016 44,700 Granted 41,550 Vested — Forfeited 825 Nonvested at December 31, 2016 85,425 Share-based compensation expense of $1.9 million , $865,000 and $458,000 was recognized for the years ended December 31, 2016 , 2015 and 2014, respectively, related to PBRSU awards to employees. The following table details expected additional share-based compensation expense related to PBRSUs currently outstanding: (In thousands) 2017 $ 1,193 2018 1,072 2019 491 2020 83 Total $ 2,839 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Benefit Plans | Benefit Plans The Corporation has a noncontributory Defined Benefit Pension Plan (the “Pension Plan”) covering substantially all of the employees of the Corporation and its subsidiaries. The Pension Plan provides benefits based on an employee’s years of service and compensation. There were no pension contributions in 2015 or 2016 and there is no contribution expected to be made in 2017. Using an accrual measurement date of December 31, 2016 and 2015 , plan assets and benefit obligation activity for the Pension Plan are listed below: (In thousands) 2016 2015 Change in fair value of plan assets Fair value at beginning of measurement period $ 153,498 $ 160,598 Actual return on plan assets 19,256 (58 ) Benefits paid (5,707 ) (7,042 ) Fair value at end of measurement period $ 167,047 $ 153,498 Change in benefit obligation Projected benefit obligation at beginning of measurement period $ 102,245 $ 109,328 Service cost 5,055 5,368 Interest cost 4,869 4,695 Actuarial loss (gains) 7,993 (10,104 ) Benefits paid (5,707 ) (7,042 ) Projected benefit obligation at the end of measurement period $ 114,455 $ 102,245 Funded status at end of year (fair value of plan assets less benefit obligation) $ 52,592 $ 51,253 The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows: Percentage of Plan Assets Asset category Target Allocation 2016 2015 Equity securities 50% - 100% 84 % 85 % Fixed income and cash equivalents remaining balance 16 % 15 % Total 100 % 100 % The investment policy, as established by the Retirement Plan Committee, is to invest assets according to the target allocation stated above. Assets will be reallocated periodically based on the investment strategy of the Retirement Plan Committee. The investment policy is reviewed periodically. The expected long-term rate of return on plan assets used to measure the benefit obligation was 7.00% as of December 31, 2016 and 7.25% as of December 31, 2015. This return was based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each class. The accumulated benefit obligation for the Pension Plan was $97.2 million and $86.1 million at December 31, 2016 and 2015 , respectively. On November 17, 2009, the Park Pension Plan completed the purchase of 115,800 common shares of Park for $7.0 million or $60.45 per share. At December 31, 2016 and 2015 , the fair value of the 115,800 common shares held by the Pension Plan was $13.9 million , or $119.66 per share and $10.5 million , or $90.48 per share, respectively. The weighted average assumptions used to determine benefit obligations at December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 Discount rate 4.58 % 4.88 % 4.42 % Rate of compensation increase Under age 30 10.00 % 10.00 % 10.00 % Ages 30-39 6.00 % 6.00 % 6.00 % Ages 40-49 4.00 % 3.00 % 3.00 % Ages 50 and over 3.00 % 3.00 % 3.00 % The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands): 2017 $ 6,924 2018 7,644 2019 7,875 2020 8,393 2021 9,503 2022-2026 48,058 Total $ 88,397 The following table shows ending balances of accumulated other comprehensive loss at December 31, 2016 and 2015. (In thousands) 2016 2015 Prior service cost $ — $ — Net actuarial loss (22,677 ) (23,618 ) Total (22,677 ) (23,618 ) Deferred taxes 7,937 8,267 Accumulated other comprehensive loss $ (14,740 ) $ (15,351 ) Using an actuarial measurement date of December 31 for 2016 , 2015 and 2014 , components of net periodic benefit income and other amounts recognized in other comprehensive income (loss) were as follows: (In thousands) 2016 2015 2014 Components of net periodic benefit income and other amounts recognized in other comprehensive income Service cost $ (5,055 ) $ (5,368 ) $ (4,331 ) Interest cost (4,869 ) (4,695 ) (4,577 ) Expected return on plan assets 10,950 11,420 10,869 Amortization of prior service cost — (15 ) (19 ) Recognized net actuarial loss (773 ) (637 ) — Net periodic benefit income $ 253 $ 705 $ 1,942 Change to net actuarial gain (loss) for the period $ 168 $ (1,400 ) $ (14,276 ) Amortization of prior service cost — 15 19 Amortization of net loss 773 637 — Total recognized in other comprehensive income (loss) 941 (748 ) (14,257 ) Total recognized in net benefit income and other comprehensive income (loss) $ 1,194 $ (43 ) $ (12,315 ) There are no estimated prior service costs for the Pension Plan to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year. The estimated net actuarial loss expected to be recognized in the next fiscal year is $576,000 . The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2016 , 2015 and 2014 are listed below: 2016 2015 2014 Discount Rate 4.88 % 4.42 % 5.30 % Rate of compensation increase Under age 30 10.00 % 10.00 % 10.00 % Ages 30-39 6.00 % 6.00 % 6.00 % Ages 40 and over 3.00 % 3.00 % 3.00 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % The Pension Plan maintains cash in a PNB savings account. The Pension Plan cash balance was $2.5 million at December 31, 2016 . GAAP defines fair value as the price that would be received by Park for an asset or paid by Park to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date, using the most advantageous market for the asset or liability. The fair values of equity securities, consisting of mutual fund investments and common stock (U.S. large cap) held by the Pension Plan and the fixed income and cash equivalents, are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). The fair value of Pension Plan assets at December 31, 2016 was $167.0 million . At December 31, 2016 , $149.2 million of equity investments and cash in the Pension Plan were categorized as Level 1 inputs; $17.8 million of plan investments in corporate (U.S. large cap) and U.S. Government sponsored entity bonds were categorized as Level 2 inputs, as fair value was based on quoted market prices of comparable instruments; and no investments were categorized as Level 3 inputs. The fair value of Pension Plan assets was $153.5 million at December 31, 2015 . At December 31, 2015 , $135.0 million of investments in the Pension Plan were categorized as Level 1 inputs; $18.5 million were categorized as Level 2; and no investments were categorized as Level 3. The Corporation has a voluntary salary deferral plan covering substantially all of the employees of the Corporation and its subsidiaries. Eligible employees may contribute a portion of their compensation subject to a maximum statutory limitation. The Corporation provides a matching contribution established annually by the Corporation. Contribution expense for the Corporation was $1.3 million , $1.2 million , and $1.1 million for 2016 , 2015 and 2014 , respectively. The Corporation has entered into Supplemental Executive Retirement Plan Agreements (the "SERP Agreements") with certain key officers of the Corporation and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The accrued benefit cost for the SERP Agreements totaled $8.8 million and $8.0 million for 2016 and 2015 , respectively. The expense for the Corporation was $1.5 million for 2016 , $1.1 million for 2015 and $1.5 million for 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows: December 31 (In thousands) 2016 2015 Deferred tax assets: Allowance for loan losses $ 17,719 $ 19,773 Accumulated other comprehensive loss – Pension plan 7,937 8,266 Accumulated other comprehensive loss – Unrealized losses on securities 1,618 157 Deferred compensation 4,140 3,908 OREO valuation adjustments 2,322 2,418 Net deferred loan fees 1,397 1,204 Deferred contract bonus 1,074 1,031 Nonvested equity-based compensation 1,115 463 Fixed assets 781 413 Accrued litigation 793 482 Other 2,525 2,813 Total deferred tax assets $ 41,421 $ 40,928 Deferred tax liabilities: Deferred investment income 10,199 10,199 Pension plan 26,344 26,205 Mortgage servicing rights 3,243 3,153 Partnership adjustments 549 560 Other 596 872 Total deferred tax liabilities $ 40,931 $ 40,989 Net deferred tax asset (liability) $ 490 $ (61 ) Park performs an analysis to determine if a valuation allowance against deferred tax assets is required in accordance with GAAP. Management has determined that it is not required to establish a valuation allowance against the December 31, 2016 or 2015 deferred tax assets in accordance with GAAP since it is more likely than not that the deferred tax assets will be fully utilized in future periods. The components of the provision for federal income taxes are shown below: December 31, (In thousands) 2016 2015 2014 Currently payable Federal $ 28,879 $ 26,153 $ 27,062 Amortization of qualified affordable housing projects 7,300 6,664 6,869 Deferred Federal 581 (250 ) 2,528 Total $ 36,760 $ 32,567 $ 36,459 The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2016 , 2015 and 2014 . 2016 2015 2014 Statutory federal corporate tax rate 35.0 % 35.0 % 35.0 % Changes in rates resulting from: Tax exempt interest income, net of disallowed interest (1.3 )% (0.5 )% (0.5 )% Bank owned life insurance (1.2 )% (1.8 )% (1.4 )% Investments in qualified affordable housing projects, net of tax benefits (1.7 )% (1.9 )% (1.6 )% Other tax credits — % (0.9 )% — % KSOP dividend deduction (1.0 )% (1.0 )% (1.0 )% Other 0.1 % (0.2 )% (0.2 )% Effective tax rate 29.9 % 28.7 % 30.3 % Park and its subsidiaries do not pay state income tax to the state of Ohio, but pay a franchise tax based on equity. The franchise tax expense is included in "State tax expense" on Park’s Consolidated Statements of Income. Unrecognized Tax Benefits The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits. (In thousands) 2016 2015 2014 January 1 Balance $ 558 $ 532 $ 518 Additions based on tax positions related to the current year 117 80 76 Additions for tax positions of prior years 38 16 14 Reductions for tax positions of prior years — — — Reductions due to statute of limitations (80 ) (70 ) (76 ) December 31 Balance $ 633 $ 558 $ 532 The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in the future periods at December 31, 2016 , 2015 and 2014 was $482,000 , $432,000 and $413,000 , respectively. Park does not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the next year. The expense related to interest and penalties recorded on unrecognized tax benefits in the Consolidated Statements of Income for the years ended December 31, 2016 , and 2015 was $1,500 and $2,000 , respectively. There was no expense related to interest and penalties for the year ended December 31, 2014 . The amount accrued for interest and penalties at December 31, 2016 , 2015 and 2014 was $70,500 , $69,000 and $67,000 , respectively. Park and its subsidiaries are subject to U.S. federal income tax and income tax in various state jurisdictions. The Corporation is subject to routine audits of tax returns by the Internal Revenue Service and states in which we conduct business. No material adjustments have been made on closed federal and state tax audits. All tax years ending prior to December 31, 2013 are closed to examination by the federal taxing authorities. Generally, all tax years prior to December 31, 2012 are closed to examination by state taxing authorities. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) components, net of income tax, are shown in the following table for the years ended December 31, 2016 , 2015 and 2014 . Year ended December 31, (in thousands) Changes in Pension Plan assets and benefit obligations Unrealized gains and losses on available-for-sale securities Total Beginning balance at January 1, 2016 $ (15,351 ) $ (292 ) $ (15,643 ) Other comprehensive gain (loss) before reclassifications 109 (2,713 ) (2,604 ) Amounts reclassified from accumulated other comprehensive loss 502 — 502 Net current period other comprehensive income (loss) 611 (2,713 ) (2,102 ) Ending balance at December 31, 2016 $ (14,740 ) $ (3,005 ) $ (17,745 ) Beginning balance at January 1, 2015 $ (14,865 ) $ 1,257 $ (13,608 ) Other comprehensive loss before reclassifications (910 ) (1,549 ) (2,459 ) Amounts reclassified from accumulated other comprehensive loss 424 — 424 Net current period other comprehensive loss (486 ) (1,549 ) (2,035 ) Ending balance at December 31, 2015 $ (15,351 ) $ (292 ) $ (15,643 ) Beginning balance at January 1, 2014 $ (5,598 ) $ (29,821 ) $ (35,419 ) Other comprehensive (loss) gain before reclassifications (9,279 ) 30,325 21,046 Amounts reclassified from accumulated other comprehensive loss 12 753 765 Net current period other comprehensive (loss) income (9,267 ) 31,078 21,811 Ending balance at December 31, 2014 $ (14,865 ) $ 1,257 $ (13,608 ) The following table provides information concerning amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2016 , 2015 and 2014 : Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Income (In thousands) 2016 2015 2014 Amortization of defined benefit pension items Amortization of prior service cost $ — $ 15 $ 19 Employee benefits Amortization of net loss 773 637 — Employee benefits Income before income taxes 773 652 19 Income before income taxes Federal income taxes 271 228 7 Federal income taxes Net of income tax $ 502 $ 424 $ 12 Net of income tax Unrealized gains & losses on available for sale securities Loss on sale of investment securities $ — $ — $ 1,158 Gain (loss) on sale of investment securities Other than temporary impairment — — — Miscellaneous expense Income before income taxes — — 1,158 Income before income taxes Federal income taxes — — 405 Federal income taxes Net of income tax $ — $ — $ 753 Net of income tax |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share GAAP requires the reporting of basic and diluted earnings per common share. Basic earnings per common share excludes any dilutive effects of restricted stock units. The following table sets forth the computation of basic and diluted earnings per common share: Year ended December 31 2016 2015 2014 Numerator: Net income available to common shareholders $ 86,135 $ 81,012 $ 83,957 Denominator: Weighted-average common shares outstanding 15,332,553 15,364,281 15,394,971 Effect of dilutive performance-based restricted stock units 72,607 40,459 18,861 Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units 15,405,160 15,404,740 15,413,832 Earnings per common share: Basic earnings per common share $ 5.62 $ 5.27 $ 5.45 Diluted earnings per common share $ 5.59 $ 5.26 $ 5.45 Park awarded 41,550 , 23,025 and 21,975 PBRSUs to certain employees during the years ended December 31, 2016, 2015 and 2014, respectively. The PBRSUs vest based on service and performance conditions. The dilutive effect of the PBRSUs was the addition of 72,607 , 40,459 and 18,861 common shares for the years ended December 31, 2016, 2015 and 2014, respectively. During the years ended December 31, 2015 and 2014, Park repurchased 71,700 and 29,700 common shares, respectively, to fund the PBRSUs and common shares awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions). No common shares were repurchased during 2016. |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Restrictions | Dividend Restrictions Bank regulators limit the amount of dividends a subsidiary bank can declare in any calendar year without obtaining prior approval. At December 31, 2016 , approximately $71.7 million of the total shareholders’ equity of PNB was available for the payment of dividends to the Corporation, without approval by the applicable regulatory authorities. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentration of Credit Risk | Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk The Corporation is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers. The total amounts of off-balance sheet financial instruments with credit risk were as follows: December 31 (In thousands) 2016 2015 Loan commitments $ 912,007 $ 888,411 Standby letters of credit 13,746 12,326 The loan commitments are generally for variable rates of interest. The Corporation grants retail, commercial and commercial real estate loans to customers primarily located in Ohio. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Although the Corporation has a diversified loan portfolio, a substantial portion of the borrowers’ ability to honor their contracts is dependent upon the economic conditions in each borrower’s geographic location and industry. |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Loan Servicing | Loan Servicing Park serviced sold mortgage loans of $1,330 million at December 31, 2016 , compared to $1,276 million at December 31, 2015 and $1,265 million at December 31, 2014 . At December 31, 2016 , $4.1 million of the sold mortgage loans were sold with recourse compared to $5.4 million at December 31, 2015 and $7.0 million at December 31, 2014 . Management closely monitors the delinquency rates on the mortgage loans sold with recourse. As of December 31, 2016 and 2015, management had established a reserve of $266,000 and $454,000 , respectively, to account for future loan repurchases. When Park sells mortgage loans with servicing rights retained, servicing rights are initially recorded at fair value. Park selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income of the underlying loan. At the end of each reporting period, the carrying value of mortgage servicing rights (“MSRs”) is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of mortgage loan servicing rights is included within “Other service income” in the Consolidated Statements of Income. Activity for mortgage servicing rights and the related valuation allowance follows: December 31 (In thousands) 2016 2015 2014 Mortgage servicing rights: Carrying amount, net, beginning of year $ 9,008 $ 8,613 $ 9,013 Additions 2,286 1,748 1,026 Amortization (1,835 ) (1,637 ) (1,631 ) Change in valuation allowance (193 ) 284 205 Carrying amount, net, end of year $ 9,266 $ 9,008 $ 8,613 Valuation allowance: Beginning of year $ 542 $ 826 $ 1,031 Change in valuation allowance 193 (284 ) (205 ) End of year $ 735 $ 542 $ 826 The fair value of mortgage servicing rights was $9.3 million and $9.6 million at December 31, 2016 and 2015, respectively. The fair value of mortgage servicing rights at December 31, 2016 was established using a discount rate of 13% and constant prepayment speeds ranging from 6.2% to 16.8% . The fair value of mortgage servicing rights at December 31, 2015 was established using a discount rate of 10% and constant prepayment speeds ranging from 6.3% to 22.0% . Servicing fees included in other service income were $3.4 million , $3.4 million and $3.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Value The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date. • Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices. • Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals or internal estimates of collateral values in accordance with Park's valuation requirements per its commercial and real estate loan policies. Assets and Liabilities Measured at Fair Value on a Recurring Basis : The following table presents assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at December 31, 2016 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2016 Assets Investment securities: Obligations of U.S. Treasury and other U.S. Government sponsored entities $ — $ 267,533 $ — $ 267,533 U.S. Government sponsored entities’ asset-backed securities — 987,172 — 987,172 Equity securities 2,644 — 790 3,434 Mortgage loans held for sale — 10,413 — 10,413 Mortgage IRLCs — 124 — 124 Liabilities Fair value swap $ — $ — $ 226 $ 226 Fair Value Measurements at December 31, 2015 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2015 Assets Investment securities: Obligations of U.S. Treasury and other U.S. Government sponsored entities $ — $ 522,063 $ — $ 522,063 U.S. Government sponsored entities’ asset-backed securities — 911,493 — 911,493 Equity securities 1,941 — 769 2,710 Mortgage loans held for sale — 7,306 — 7,306 Mortgage IRLCs — 165 — 165 Liabilities Fair value swap $ — $ — $ 226 $ 226 There were no transfers between Level 1 and Level 2 during 2016 or 2015 . Management’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period. The following methods and assumptions were used by the Company in determining fair value of the financial assets and liabilities discussed above: Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows. Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses. Mortgage Interest Rate Lock Commitments (IRLCs): IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using security prices for similar product types and, therefore, are classified in Level 2. The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2016 and 2015 , for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements (In thousands) Equity Securities Fair Value Swap Balance at January 1, 2016 $ 769 $ (226 ) Total Gains (Losses) Included in earnings - realized — — Included in earnings - unrealized — — Included in other comprehensive income 21 — Purchases, sales, issuances and settlements, other, net — — Re-evaluation of fair value swap — — Balance at December 31, 2016 $ 790 $ (226 ) Balance at January 1, 2015 $ 776 $ (226 ) Total Gains (Losses) Included in earnings - realized — — Included in earnings - unrealized — — Included in other comprehensive income (7 ) — Purchases, sales, issuances and settlements, other, net — — Re-evaluation of fair value swap — — Balance at December 31, 2015 $ 769 $ (226 ) Assets and liabilities measured at fair value on a nonrecurring basis: The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below: Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value have been partially charged off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, also resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated independent valuations are obtained annually for all impaired loans in accordance with Company policy. Other Real Estate Owned (OREO): Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals, real estate appraisals, income approach appraisals and lot development loan appraisals, received by the Company. These are discussed below: • Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% is based on historical discounts to appraised values on sold OREO properties. • Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs). • Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs. MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds utilized. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2. The following tables' present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement. Fair Value Measurements at December 31, 2016 Using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2016 Impaired Loans: Commercial real estate $ — $ — $ 3,057 $ 3,057 Construction real estate — — 541 541 Residential real estate — — 2,385 2,385 Total impaired loans $ — $ — $ 5,983 $ 5,983 Mortgage Servicing Rights $ — $ 6,769 $ — $ 6,769 Other Real Estate Owned: Commercial real estate — — 2,644 2,644 Construction real estate — — 3,322 3,322 Residential real estate — — 931 931 Total Other Real Estate Owned $ — $ — $ 6,897 $ 6,897 Fair Value Measurements at December 31, 2015 Using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2015 Impaired Loans: Commercial real estate $ — $ — $ 3,698 $ 3,698 Construction real estate: SEPH commercial land and development — — 2,044 2,044 Remaining commercial — — 1,872 1,872 Residential real estate — — 1,882 1,882 Total impaired loans $ — $ — $ 9,496 $ 9,496 Mortgage Servicing Rights $ — $ 1,867 $ — $ 1,867 Other Real Estate Owned: Commercial real estate — — 2,796 2,796 Construction real estate — — 3,387 3,387 Residential real estate — — 2,332 2,332 Total Other Real Estate Owned $ — $ — $ 8,515 $ 8,515 The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit. December 31, 2016 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 6,379 $ 3,681 $ 396 $ 5,983 Remaining impaired loans 64,047 21,262 152 63,895 Total impaired loans $ 70,426 $ 24,943 $ 548 $ 69,878 December 31, 2015 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 11,783 $ 10,512 $ 2,287 $ 9,496 Remaining impaired loans 68,881 18,193 1,904 66,977 Total impaired loans $ 80,664 $ 28,705 $ 4,191 $ 76,473 The income (expense) from credit adjustments related to impaired loans carried at fair value for the years ended December 31, 2016 , 2015 and 2014 was $0.9 million , $(2.1) million , and $(3.0) million , respectively. MSRs totaled $9.3 million at December 31, 2016 . Of this $9.3 million MSR carrying balance, $6.8 million was recorded at fair value and included a valuation allowance of $0.7 million . The remaining $2.5 million was recorded at cost, as the fair value exceeded cost at December 31, 2016 . At December 31, 2015 , MSRs totaled $9.0 million . Of this $9.0 million MSR carrying balance, $1.9 million was recorded at fair value and included a valuation allowance of $0.5 million . T he remaining $7.1 million was recorded at cost, as the fair value exceeded cost at December 31, 2015 . The (expense) income related to MSRs carried at fair value for the years ended December 31, 2016 , 2015 and 2014 was $(0.2) million , $0.3 million and $0.2 million , respectively. Total OREO held by Park at December 31, 2016 and 2015 was $13.9 million and $18.7 million , respectively. Approximately 50% and 46% of OREO held by Park at December 31, 2016 and 2015 , respectively, was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. At December 31, 2016 and 2015 , OREO held at fair value, less estimated selling costs, amounted to $6.9 million and $8.5 million , respectively. The net expense related to OREO fair value adjustments was $0.6 million , $1.6 million and $2.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2016 and December 31, 2015 : December 31, 2016 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate $ 3,057 Sales comparison approach Adj to comparables 0.0% - 90.0% (20.2%) Income approach Capitalization rate 9.0% - 10.6% (10.1%) Cost approach Accumulated depreciation 17.0% - 18.0% (17.8%) Construction real estate $ 541 Sales comparison approach Adj to comparables 0.0% - 11.1% (1.6%) Bulk sale approach Discount rate 10.0% (10.0%) Residential real estate $ 2,385 Sales comparison approach Adj to comparables 0.3% - 110.0% (17.0%) Income approach Capitalization rate 10.0% (10.0%) Other real estate owned: Commercial real estate $ 2,644 Sales comparison approach Adj to comparables 0.0% - 68.4% (26.5%) Income approach Capitalization rate 13.0% - 14.0% (13.1%) Construction real estate $ 3,322 Sales comparison approach Adj to comparables 0.0% - 90.0% (24.7%) Bulk sale approach Discount rate 15.0% (15.0%) Residential real estate $ 931 Sales comparison approach Adj to comparables 3.2% - 79.7% (30.6%) December 31, 2015 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate $ 3,698 Sales comparison approach Adj to comparables 0.0% - 45.9% (20.3%) Income approach Capitalization rate 7.0% - 13.3% (9.5%) Cost approach Accumulated depreciation 50.0% (50.0%) Construction real estate: SEPH commercial land and development $ 2,044 Sales comparison approach Adj to comparables 5.0% - 40.0% (22.1%) Bulk sale approach Discount rate 10.7% (10.7%) Remaining commercial $ 1,872 Sales comparison approach Adj to comparables 0.0% - 25.3% (1.0%) Bulk sale approach Discount rate 10.0% - 10.7% (10.0%) Residential real estate $ 1,882 Sales comparison approach Adj to comparables 0.0% - 96.7% (12.5%) Income approach Capitalization rate 3.8% - 10.1% (9.1%) Cost approach Accumulated depreciation 33.3% - 50.0% (43.4%) Other real estate owned: Commercial real estate $ 2,796 Sales comparison approach Adj to comparables 2.0% - 71.0% (26.9%) Income approach Capitalization rate 9.5% (9.5%) Construction real estate $ 3,387 Sales comparison approach Adj to comparables 0.0% - 85.0% (24.3%) Bulk sale approach Discount rate 15.0% (15.0%) Residential real estate $ 2,332 Sales comparison approach Adj to comparables 0.1% - 61.8% (23.0%) The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for assets and liabilities not discussed above: Cash and cash equivalents: The carrying amounts reported in the Consolidated Balance Sheets for cash and short-term instruments approximate those assets’ fair values. Other investments: FHLB stock and FRB stock within other investments are carried at their respective redemption values as it is not practical to calculate their fair values. Additional investments within this category are carried at their cost basis as these investments do not have a readily determinable fair value and Park does not have the ability to influence the operating or financial decisions of the investee. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for certain mortgage loans (e.g., one-to-four family residential) are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values for other loans are estimated using discounted cash flow analyses, based upon interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. The methods utilized to estimate fair value do not necessarily represent an exit price. Off-balance sheet instruments: Fair values for the Corporation’s loan commitments and standby letters of credit are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The carrying amount and fair value are not material. Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities of time deposits. Short-term borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values. Long-term debt: Fair values for long-term debt are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long-term debt to a schedule of monthly maturities. Subordinated notes: Fair values for subordinated notes are estimated using a discounted cash flow calculation that applies interest rate spreads currently being offered on similar debt structures to a schedule of monthly maturities. The fair value of financial instruments at December 31, 2016 and December 31, 2015 , was as follows: December 31, 2016 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 146,466 $ 146,466 $ — $ — $ 146,466 Investment securities 1,517,972 2,644 1,511,377 790 1,514,811 Accrued interest receivable - securities 3,849 — 3,849 — 3,849 Accrued interest receivable - loans 14,973 — — 14,973 14,973 Mortgage loans held for sale 10,413 — 10,413 — 10,413 Impaired loans carried at fair value 5,983 — — 5,983 5,983 Mortgage IRLCs 124 — 124 — 124 Other loans 5,204,713 — — 5,161,919 5,161,919 Loans receivable, net $ 5,221,233 $ — $ 10,537 $ 5,167,902 $ 5,178,439 Financial liabilities: Non-interest bearing checking accounts $ 1,523,417 $ 1,523,417 $ — $ — $ 1,523,417 Interest bearing transaction accounts 1,174,448 1,174,448 — — 1,174,448 Savings accounts 1,704,920 1,704,920 — — 1,704,920 Time deposits 1,117,870 — 1,122,598 — 1,122,598 Other 1,301 1,301 — — 1,301 Total deposits $ 5,521,956 $ 4,404,086 $ 1,122,598 $ — $ 5,526,684 Short-term borrowings $ 394,795 $ — $ 394,795 $ — $ 394,795 Long-term debt 694,281 — 712,958 — 712,958 Subordinated notes 45,000 — 40,903 — 40,903 Accrued interest payable – deposits 900 82 818 — 900 Accrued interest payable – debt/borrowings 1,251 1 1,250 — 1,251 Derivative financial instruments: Fair value swap $ 226 $ — $ — $ 226 $ 226 December 31, 2015 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 149,459 $ 149,459 $ — $ — $ 149,459 Investment securities 1,585,568 1,941 1,584,984 769 1,587,694 Accrued interest receivable - securities 4,436 — 4,436 — 4,436 Accrued interest receivable - loans 14,239 — — 14,239 14,239 Mortgage loans held for sale 7,306 — 7,306 — 7,306 Impaired loans carried at fair value 9,496 — — 9,496 9,496 Mortgage IRLCs 165 — 165 — 165 Other loans 4,994,624 — — 4,997,318 4,997,318 Loans receivable, net $ 5,011,591 $ — $ 7,471 $ 5,006,814 $ 5,014,285 Financial liabilities: Non-interest bearing checking accounts $ 1,404,032 $ 1,404,032 $ — — $ 1,404,032 Interest bearing transaction accounts 1,107,200 1,107,200 — — 1,107,200 Savings accounts 1,544,708 1,544,708 — — 1,544,708 Time deposits 1,290,412 — 1,295,329 — 1,295,329 Other 1,290 1,290 — — 1,290 Total deposits $ 5,347,642 $ 4,057,230 $ 1,295,329 $ — $ 5,352,559 Short-term borrowings $ 394,242 $ — $ 394,242 $ — $ 394,242 Long-term debt 738,105 — 771,420 — 771,420 Subordinated notes 45,000 — 41,596 — 41,596 Accrued interest payable – deposits 987 66 921 — 987 Accrued interest payable – debt/borrowings 1,351 4 1,347 — 1,351 Derivative financial instruments: Fair value swap $ 226 $ — $ — $ 226 $ 226 |
Capital Ratios
Capital Ratios | 12 Months Ended |
Dec. 31, 2016 | |
Capital [Abstract] | |
Capital Ratios | Capital Ratios Financial institution regulators have established guidelines for minimum capital ratios for banks, thrifts and bank holding companies. During the first quarter of 2015, Park adopted the Basel III regulatory capital framework as approved by the federal banking agencies. The adoption of this framework modified the calculation of the various capital ratios, added an additional ratio, common equity tier 1, and revised the adequately and well capitalized thresholds. Additionally, under this framework, in order to avoid limitations on capital distributions, including dividend payments, Park must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.0% for 2015 to 2.50% by 2019. The capital conservation buffer was 0.625% for 2016. The amounts shown below as the adequately capitalized ratio plus capital conservation buffer includes the fully phased-in 2.50% buffer. PNB met each of the well-capitalized ratio guidelines at December 31, 2016. The following table indicates the capital ratios for PNB and Park at December 31, 2016 and 2015. As of December 31, 2016 Leverage Tier 1 Risk-Based Common Equity Tier 1 Total Risk-Based The Park National Bank 7.34 % 9.87 % 9.87 % 11.24 % Park National Corporation 9.56 % 12.83 % 12.55 % 14.32 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (PNB only) 5.00 % 8.00 % 6.50 % 10.00 % As of December 31, 2015 Leverage Tier 1 Risk-Based Common Equity Tier 1 Total Risk-Based The Park National Bank 7.06 % 9.83 % 9.83 % 11.37 % Park National Corporation 9.22 % 12.82 % 12.54 % 14.49 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (PNB only) 5.00 % 8.00 % 6.50 % 10.00 % Failure to meet the minimum requirements above could cause the FRB to take action. PNB is also subject to the capital requirements of its primary regulator, the OCC. As of December 31, 2016 and 2015 , Park and PNB were well-capitalized and met all capital requirements to which each was then subject. There are no conditions or events since PNB's most recent regulatory report filings, that management believes have changed the risk categories for PNB. The following table reflects various measures of capital for Park and PNB: To Be Adequately Capitalized To Be Well Capitalized (In thousands) Actual Amount Ratio Amount Ratio Amount Ratio At December 31, 2016 Total Risk-Based Capital PNB $ 607,269 11.24 % $ 432,153 8.00 % $ 540,192 10.00 % Park 784,406 14.32 % 438,231 8.00 % N/A N/A Tier 1 Risk-Based Capital PNB $ 533,215 9.87 % $ 324,115 6.00 % $ 432,153 8.00 % Park 702,651 12.83 % 328,673 6.00 % N/A N/A Leverage Ratio PNB $ 533,215 7.34 % $ 290,671 4.00 % $ 363,339 5.00 % Park 702,651 9.56 % 293,916 4.00 % N/A N/A Common Equity Tier 1 PNB $ 533,215 9.87 % $ 243,086 4.50 % $ 351,125 6.50 % Park 687,651 12.55 % 246,505 4.50 % N/A N/A At December 31, 2015 Total Risk-Based Capital PNB $ 588,467 11.37 % $ 414,079 8.00 % $ 517,599 10.00 % Park 758,988 14.49 % 419,080 8.00 % N/A N/A Tier 1 Risk-Based Capital PNB $ 508,763 9.83 % $ 310,560 6.00 % $ 414,079 8.00 % Park 671,664 12.82 % 314,310 6.00 % N/A N/A Leverage Ratio PNB $ 508,763 7.06 % $ 288,147 4.00 % $ 360,183 5.00 % Park 671,664 9.22 % 291,449 4.00 % N/A N/A Common Equity Tier 1 PNB 508,763 9.83 % 232,920 4.50 % 336,439 6.50 % Park 656,664 12.54 % 235,732 4.50 % N/A N/A |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio), SEPH and GFSC. GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer and President, who is the chief operating decision-maker. Operating results for the year ended December 31, 2016 (In thousands) PNB GFSC SEPH All Other Total Net interest income (loss) $ 227,576 $ 5,874 $ 4,774 $ (138 ) $ 238,086 Provision for (recovery of) loan losses 2,611 1,887 (9,599 ) — (5,101 ) Other income (loss) 74,803 (1 ) 2,974 955 78,731 Other expense 177,562 4,457 7,273 9,731 199,023 Income (loss) before taxes 122,206 (471 ) 10,074 (8,914 ) 122,895 Income taxes (benefit) 37,755 (164 ) 3,526 (4,357 ) 36,760 Net income (loss) $ 84,451 $ (307 ) $ 6,548 $ (4,557 ) $ 86,135 Balances at December 31, 2016 Assets $ 7,389,538 $ 32,268 $ 25,342 $ 20,438 $ 7,467,586 Loans 5,234,828 32,661 12,354 (7,986 ) 5,271,857 Deposits 5,630,199 3,809 — (112,052 ) 5,521,956 Operating results for the year ended December 31, 2015 (In thousands) PNB GFSC SEPH All Other Total Net interest income (loss) $ 220,879 $ 6,588 $ (74 ) $ 239 $ 227,632 Provision for (recovery of) loan losses 7,665 1,415 (4,090 ) — 4,990 Other income 75,188 2 1,848 513 77,551 Other expense 167,476 2,984 6,182 9,972 186,614 Income (loss) before taxes 120,926 2,191 (318 ) (9,220 ) 113,579 Income taxes (benefit) 36,581 768 (111 ) (4,671 ) 32,567 Net income (loss) $ 84,345 $ 1,423 $ (207 ) $ (4,549 ) $ 81,012 Balances at December 31, 2015 Assets $ 7,229,764 $ 35,793 $ 33,541 $ 12,256 $ 7,311,354 Loans 5,029,072 35,469 15,153 (11,609 ) 5,068,085 Deposits 5,447,293 4,627 — (104,278 ) 5,347,642 Operating results for the year ended December 31, 2014 (In thousands) PNB GFSC SEPH All Other Total Net interest income (loss) $ 218,641 $ 7,457 $ 958 $ (2,012 ) $ 225,044 Provision for (recovery of) loan losses 3,517 1,544 (12,394 ) — (7,333 ) Other income (loss) 69,384 (1 ) 5,991 175 75,549 Other expense 163,641 4,103 11,766 8,000 187,510 Income (loss) before taxes 120,867 1,809 7,577 (9,837 ) 120,416 Income taxes (benefit) 37,960 634 2,652 (4,787 ) 36,459 Net income (loss) $ 82,907 $ 1,175 $ 4,925 $ (5,050 ) $ 83,957 Balances at December 31, 2014 Assets $ 6,910,386 $ 40,308 $ 43,762 $ 6,743 $ 7,001,199 Loans 4,781,761 40,645 23,956 (16,680 ) 4,829,682 Deposits 5,222,766 5,883 — (100,649 ) 5,128,000 The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals: 2016 (In thousands) Net Interest Income Depreciation Expense Other Expense Income Taxes Assets Deposits Totals for reportable segments $ 238,224 $ 8,396 $ 180,896 $ 41,117 $ 7,447,148 $ 5,634,008 Elimination of intersegment items 2,164 — — — (9,204 ) (112,052 ) Parent Co. totals - not eliminated (2,302 ) — 9,731 (4,357 ) 29,642 — Totals $ 238,086 $ 8,396 $ 190,627 $ 36,760 $ 7,467,586 $ 5,521,956 2015 (In thousands) Net Interest Income Depreciation Expense Other Expense Income Taxes Assets Deposits Totals for reportable segments $ 227,393 $ 7,347 $ 169,295 $ 37,238 $ 7,299,098 $ 5,451,920 Elimination of intersegment items 2,561 — — — (13,557 ) (104,278 ) Parent Co. totals - not eliminated (2,322 ) — 9,972 (4,671 ) 25,813 — Totals $ 227,632 $ 7,347 $ 179,267 $ 32,567 $ 7,311,354 $ 5,347,642 2014 (In thousands) Net Interest Income Depreciation Expense Other Expense Income Taxes Assets Deposits Totals for reportable segments $ 227,056 $ 7,243 $ 172,267 $ 41,246 $ 6,994,456 $ 5,228,649 Elimination of intersegment items 3,708 — — — (18,556 ) (100,649 ) Parent Co. totals - not eliminated (5,720 ) — 8,000 (4,787 ) 25,299 — Totals $ 225,044 $ 7,243 $ 180,267 $ 36,459 $ 7,001,199 $ 5,128,000 |
Parent Company Statements
Parent Company Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Statements | Parent Company Statements The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below. Investments in subsidiaries are accounted for using the equity method of accounting. Cash represents non-interest bearing deposits with PNB. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $4.4 million , $4.1 million and $5.8 million in 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , shareholders’ equity reflected in the Parent Company balance sheet includes $259.7 million and $199.4 million , respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation. Balance Sheets December 31, 2016 and 2015 (In thousands) 2016 2015 Assets: Cash $ 112,067 $ 102,416 Investment in subsidiaries 626,569 613,383 Debentures receivable from PNB 25,000 25,000 Other investments 2,962 2,341 Other assets 26,651 23,443 Total assets $ 793,249 $ 766,583 Liabilities: Subordinated notes 45,000 45,000 Other liabilities 6,009 8,228 Total liabilities 51,009 53,228 Total shareholders’ equity 742,240 713,355 Total liabilities and shareholders’ equity $ 793,249 $ 766,583 Statements of Income for the years ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Income: Dividends from subsidiaries $ 60,000 $ 60,000 $ 60,000 Interest and dividends 2,164 2,561 3,708 Other 1,081 560 262 Total income 63,245 63,121 63,970 Expense: Other, net 12,159 12,341 13,807 Total expense 12,159 12,341 13,807 Income before federal taxes and equity in undistributed income of subsidiaries 51,086 50,780 50,163 Federal income tax benefit 4,357 4,671 4,787 Income before equity in undistributed income of subsidiaries 55,443 55,451 54,950 Equity in undistributed income of subsidiaries 30,692 25,561 29,007 Net income $ 86,135 $ 81,012 $ 83,957 Other comprehensive (loss) income (1) (2,102 ) (2,035 ) 21,811 Comprehensive income 84,033 78,977 105,768 (1) See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Operating activities: Net income $ 86,135 $ 81,012 $ 83,957 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed income of subsidiaries (30,692 ) (25,561 ) (29,007 ) Compensation expense for issuance of treasury stock to directors 950 963 801 Share-based compensation expense 1,864 865 458 Increase in other assets (3,425 ) (182 ) (1,292 ) (Decrease) increase in other liabilities (2,524 ) 485 298 Net cash provided by operating activities 52,308 57,582 55,215 Investing activities: Repayment of investments in and advances to subsidiaries 15,000 10,000 32,000 Net cash provided by investing activities 15,000 10,000 32,000 Financing activities: Cash dividends paid (57,653 ) (57,776 ) (57,876 ) Repayment of subordinated notes — — (35,250 ) Repurchase of treasury shares — (6,058 ) (2,355 ) Cash payment for fractional shares (4 ) (3 ) (5 ) Net cash used in financing activities (57,657 ) (63,837 ) (95,486 ) Increase (decrease) in cash 9,651 3,745 (8,271 ) Cash at beginning of year 102,416 98,671 106,942 Cash at end of year $ 112,067 $ 102,416 $ 98,671 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no impact on net income or shareholders' equity. |
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from Banks The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $51.6 million at December 31, 2016 and $44.2 million at December 31, 2015 . No other compensating balance arrangements were in existence at December 31, 2016 . |
Investment Securities | Investment Securities Investment securities are classified upon acquisition into one of three categories: held-to-maturity ("HTM"), available-for-sale ("AFS"), or trading (see Note 4 - Investment Securities). HTM securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. AFS securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. AFS securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income (loss), net of applicable income taxes. The Corporation did not hold any trading securities during any period presented. AFS and HTM securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not that Park will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income (loss), net of income tax. Interest income from investment securities includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis. |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") Stock Park’s national bank subsidiary, The Park National Bank ("PNB"), is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Impairment is evaluated based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Bank Owned Life Insurance | Bank Owned Life Insurance Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized). |
Mortgage Loans Held For Sale | Loans Held for Sale Generally, loans held for sale are carried at the lower of cost or fair value. Park has elected the fair value option for mortgage loans held for sale, which are carried at their fair value as of each balance sheet date. |
Mortgage Banking Derivatives | Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Net deferred loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit ("HELOCs"), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment. Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Commercial loans placed on nonaccrual status are considered impaired (see Note 5 - Loans). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when Park expects to receive the entire recorded investment of the loan. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due. The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans may be removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management. A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below: Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications originated in the 28 Ohio counties where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services. Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. Construction real estate : The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event that a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt to either arrange for completion of construction or dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residences or second mortgages of individuals’ primary residences in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appraised value of the real estate securing the loan. Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans, to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances. |
Allowance for Loan Losses | Allowance for Loan Losses ("ALLL") The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries. The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”). Included in the statistical allocation is a reserve for troubled debt restructurings ("TDRs") within the consumer loan portfolio. Management performs a periodic evaluation to ensure the reserve calculated utilizing the statistical allocation is consistent with a reserve calculated under Accounting Standards Codification ("ASC") 310-10 - Receivables . In calculating the allowance for loan losses, management believes it is appropriate to consider historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2016 , the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2010 through 2016 within the individual segments of the commercial and consumer loan categories. Management believes the 84 -month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditions. The loss factor applied to Park’s consumer loan portfolio as of December 31, 2016 was based on the historical loss experience over the past 84 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer loan portfolio to approximately 1.95 years of historical losses. The consumer loan portfolio loss coverage ratio was 1.99 years at December 31, 2015 . Historical loss experience over the past 84 months for the consumer loan portfolio was 0.34% for 2016 and 0.42% for 2015. The loss factor applied to Park’s commercial loan portfolio as of December 31, 2016 was based on the historical loss experience over the past 84 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial loan portfolio to approximately 3.20 years of historical losses at December 31, 2016. The commercial loan portfolio loss coverage ratio was 2.37 years at December 31, 2015 . Historical loss experience over the past 84 months for the commercial loan portfolio was 0.39% for 2016 and 0.53% for 2015. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries. GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired : (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in credit scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment. |
Troubled Debt Restructuring (TDRs) | Troubled Debt Restructuring Management classifies loans as TDRs when a borrower is experiencing financial difficulty and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. |
Income Recognition | Income Recognition Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected. |
Premises and Equipment | Premises and Equipment Land is carried at cost and is not subject to depreciation. Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. The range of depreciable lives over which premises and equipment are being depreciated are: Buildings 30 Years Equipment, furniture and fixtures 3 to 12 Years Leasehold improvements 1 to 10 Years |
Other Real Estate Owned (OREO) | Other Real Estate Owned ("OREO") Management transfers a loan to OREO at the time that Park takes deed/title of the asset. OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent changes in the value of real estate are classified as OREO valuation adjustments, are reported as adjustments to the carrying amount of OREO and are recorded within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense". |
Mortgage Loan Servicing Rights | Mortgage Servicing Rights ("MSR") When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in "Other service income." Capitalized servicing rights are amortized in proportion to and over the period of the estimated future servicing income of the underlying loan and are included within “Other service income”. Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 24 - Loan Servicing.) Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred. |
Goodwill and Other Intangible Assets | Goodwill Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess. Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2016, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 27 - Segment Information for operating segment results.) Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2016, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired. There have been no subsequent circumstances or events triggering an additional evaluation. Goodwill in the amount of $72.3 million was recorded at each of December 31, 2016, 2015, and 2014. |
Consolidated Statement of Cash Flows | Consolidated Statement of Cash Flows Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods. |
Loss Contingencies and Guarantees | Loss Contingencies and Guarantees Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense. |
Treasury Shares | Treasury Shares The purchase of Park’s common shares to be held in treasury is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, and changes in the funded status of the Company’s defined benefit pension plan, which are also recognized as separate components of equity. |
Stock Based Compensation | Share-Based Compensation Compensation cost is recognized for restricted stock units and stock awards issued to employees and directors, respectively, based on the fair value of these awards at the date of grant. The market price of Park’s common shares at the date of grant is used to estimate the fair value of restricted stock units and stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period and is recorded in "Salaries" expense. (See Note 17-Share-Based Compensation.) |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Fair Value Measurement | Fair Value Measurement Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 25 - Fair Value. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Transfers and Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Retirement Plans | Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee KSOP plan expense is the amount of matching contributions to Park's employees stock ownership plan. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (See Note 18 - Benefit Plans.) |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements. (See Note 21 - Earnings Per Common Share.) |
Segment Reporting, Policy [Policy Text Block] | Operating Segments The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio), SE Property Holdings, LLC ("SEPH"), and Guardian Financial Services Company ("GFSC"). |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements and Issued Not Yet Effective Accounting Standards ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. While interest income is specifically out of scope of this standard, management is currently evaluating the revenue streams within "Other income" to assess the applicability of this standard. Specifically, management is evaluating the impact of this new guidance on deposit fees recorded within "Service Charges on Deposit Accounts" and trust income within "Income from Fiduciary Activities." ASU 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis : In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) : Amendments to the Consolidation Analysis . The ASU amends the current consolidation guidance and affect both the variable interest entity and voting interest entity consolidation models. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance on January 1, 2016 did not have an impact on Park’s consolidated financial statements. ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, the FASB issued ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Changes to the current U.S. GAAP model primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale securities. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2017. The adoption of this guidance is not expected to have a material impact on Park's consolidated financial statements. ASU 2016-02 - Leases (Topic 842): In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) . The ASU will require all organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Additional qualitative and quantitative disclosures will be required so that users can understand more about the nature of an entity’s leasing activities. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Management is currently analyzing data on leased assets. The adoption of this guidance is expected to increase both assets and liabilities, but is not expected to have a material impact on Park's consolidated statement of income. ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting: In March 2016, FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU provides simplification for several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2016. Early adoption was permitted. The adoption of this guidance on January 1, 2017 did not have a material impact on Park's consolidated financial statements. ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: In June 2016, FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new guidance replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, HTM debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The CECL model requires an entity to estimate the credit losses over the life of an asset or off-balance sheet exposure. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2018. Management is currently evaluating the impact of the adoption of this guidance on Park's consolidated financial statements. We anticipate that the adoption of the CECL model will result in a material increase to Park's allowance for loan losses. Management has established a committee to oversee the implementation of CECL. This committee is currently assessing the data and system requirements necessary for adoption. Management plans to run our current model and a CECL model concurrently for 12 months prior to the adoption of this guidance on January 1, 2020. ASU 2016-15 - Statement of Cash Flows (Topic 203): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force): In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 203): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) . This ASU provides guidance on eight specific cash flow issues where current GAAP is either unclear or does not include specific guidance. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. As such transactions arise, management will utilize the updated guidance within Park’s consolidated statements of cash flows. ASU 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 from the goodwill impairment test. Instead, under the new guidance, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have an impact on Park's consolidated financial statements. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of depreciable lives of premises and equipment | The range of depreciable lives over which premises and equipment are being depreciated are: Buildings 30 Years Equipment, furniture and fixtures 3 to 12 Years Leasehold improvements 1 to 10 Years |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of marketable securities | Investment securities at December 31, 2016 and December 31, 2015 were as follows: (In thousands) Amortized Cost Gross Unrealized/Unrecognized Holding Gains Gross Unrealized/Unrecognized Holding Losses Estimated Fair Value 2016: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 270,000 $ — $ 2,467 $ 267,533 U.S. Government sponsored entities’ asset-backed securities 991,642 5,372 9,842 987,172 Other equity securities 1,119 2,315 — 3,434 Total $ 1,262,761 $ 7,687 $ 12,309 $ 1,258,139 2016: Securities Held-to-Maturity Obligations of states and political subdivisions $ 188,622 $ 977 $ 5,148 $ 184,451 U.S. Government sponsored entities’ asset-backed securities 71,211 1,097 87 72,221 Total $ 259,833 $ 2,074 $ 5,235 $ 256,672 (In thousands) Amortized Cost Gross Unrealized/Unrecognized Holding Gains Gross Unrealized/Unrecognized Holding Losses Estimated Fair Value 2015: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 527,605 $ — $ 5,542 $ 522,063 U.S. Government sponsored entities’ asset-backed securities 907,989 8,776 5,272 911,493 Other equity securities 1,120 1,590 — 2,710 Total $ 1,436,714 $ 10,366 $ 10,814 $ 1,436,266 2015: Securities Held-to-Maturity Obligations of states and political subdivisions $ 48,190 $ 734 $ — $ 48,924 U.S. Government sponsored entities’ asset-backed securities 101,112 1,526 134 102,504 Total $ 149,302 $ 2,260 $ 134 $ 151,428 |
Schedule of unrealized loss on investments | The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2016 and December 31, 2015 : Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 2016: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 247,695 $ 2,305 $ 19,838 $ 162 $ 267,533 $ 2,467 U.S. Government sponsored entities' asset-backed securities 612,321 9,473 27,325 369 639,646 9,842 Total $ 860,016 $ 11,778 $ 47,163 $ 531 $ 907,179 $ 12,309 2016: Securities Held-to-Maturity Obligations of states and political subdivisions $ 134,909 $ 5,148 $ — $ — $ 134,909 $ 5,148 U.S. Government sponsored entities’ asset-backed securities — — 7,564 87 7,564 87 Total $ 134,909 $ 5,148 $ 7,564 $ 87 $ 142,473 $ 5,235 Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 2015: Securities Available-for-Sale Obligations of U.S. Treasury and other U.S. Government sponsored entities $ 326,973 $ 2,117 $ 195,090 $ 3,425 $ 522,063 $ 5,542 U.S. Government sponsored entities' asset-backed securities 384,169 2,776 114,543 2,496 498,712 5,272 Total $ 711,142 $ 4,893 $ 309,633 $ 5,921 $ 1,020,775 $ 10,814 2015: Securities Held-to-Maturity U.S. Government sponsored entities' asset-backed securities $ 5,656 $ 10 $ 7,792 $ 124 $ 13,448 $ 134 |
Schedule of contractual maturity of debt securities | The amortized cost and estimated fair value of investments in debt securities at December 31, 2016 , are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments. (In thousands) Amortized Cost Estimated Fair Value Tax Equivalent Yield (1) Securities Available-for-Sale U.S. Treasury and other U.S. Government sponsored entities’ notes: Due within one year $ 25,000 $ 24,933 0.87 % Due one through five years 245,000 242,600 1.22 % Total $ 270,000 $ 267,533 1.18 % U.S. Government sponsored entities’ asset-backed securities $ 991,642 $ 987,172 2.10 % Securities Held-to-Maturity Obligations of states and political subdivisions Due greater than ten years $ 188,622 $ 184,451 4.50 % Total $ 188,622 $ 184,451 4.50 % U.S. Government sponsored entities’ asset-backed securities $ 71,211 $ 72,221 3.31 % |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of composition of loan portfolio by class of loan | The composition of the loan portfolio, by class of loan, as of December 31, 2016 and December 31, 2015 was as follows: 12/31/2016 12/31/2015 (In thousands) Loan Balance Accrued Interest Receivable Recorded Investment Loan Balance Accrued Interest Receivable Recorded Investment Commercial, financial and agricultural * $ 994,619 $ 3,558 $ 998,177 $ 955,727 $ 3,437 $ 959,164 Commercial real estate * 1,155,703 4,161 1,159,864 1,113,603 4,009 1,117,612 Construction real estate: SEPH commercial land and development — — — 2,044 — 2,044 Remaining commercial 135,343 398 135,741 128,046 321 128,367 Mortgage 48,699 106 48,805 36,722 75 36,797 Installment 4,903 17 4,920 6,533 21 6,554 Residential real estate: Commercial 406,687 940 407,627 410,571 1,014 411,585 Mortgage 1,169,495 1,459 1,170,954 1,210,819 1,469 1,212,288 HELOC 212,441 853 213,294 211,415 769 212,184 Installment 19,874 67 19,941 22,638 78 22,716 Consumer 1,120,850 3,385 1,124,235 967,111 3,032 970,143 Leases 3,243 29 3,272 2,856 14 2,870 Total loans $ 5,271,857 $ 14,973 $ 5,286,830 $ 5,068,085 $ 14,239 $ 5,082,324 * Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. |
Schedule of recorded investment in nonaccrual restructured and loans past due 90 days or more and accruing | The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings ("TDRs"), and loans past due 90 days or more and still accruing by class of loan as of December 31, 2016 and December 31, 2015 : 12/31/2016 (In thousands) Nonaccrual Loans Accruing Troubled Debt Restructurings Loans Past Due 90 Days or More and Accruing Total Nonperforming Loans Commercial, financial and agricultural $ 20,057 $ 600 $ 15 $ 20,672 Commercial real estate 19,169 5,305 — 24,474 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 1,833 393 — 2,226 Mortgage — 104 — 104 Installment 61 95 12 168 Residential real estate: Commercial 23,013 89 — 23,102 Mortgage 18,313 9,612 887 28,812 HELOC 1,783 673 25 2,481 Installment 644 609 60 1,313 Consumer 2,949 748 1,139 4,836 Total loans $ 87,822 $ 18,228 $ 2,138 $ 108,188 12/31/2015 (In thousands) Nonaccrual Loans Accruing Troubled Debt Restructurings Loans Past Due 90 Days or More and Accruing Total Nonperforming Loans Commercial, financial and agricultural $ 21,676 $ 8,947 $ — $ 30,623 Commercial real estate 15,268 2,757 — 18,025 Construction real estate: SEPH commercial land and development 2,044 — — 2,044 Remaining commercial 4,162 514 — 4,676 Mortgage 7 110 — 117 Installment 64 114 — 178 Residential real estate: Commercial 25,063 261 — 25,324 Mortgage 20,378 10,143 851 31,372 HELOC 1,749 873 27 2,649 Installment 1,657 635 4 2,296 Consumer 3,819 734 1,093 5,646 Total loans $ 95,887 $ 25,088 $ 1,975 $ 122,950 |
Schedule of loans individually evaluated for impairment and loans collectively evaluated for impairment | The following table provides additional information regarding those nonaccrual and accruing TDR loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2016 and December 31, 2015 . 12/31/2016 12/31/2015 (In thousands) Nonaccrual and accruing TDRs Loans individually evaluated for impairment Loans collectively evaluated for impairment Nonaccrual and accruing TDRs Loans individually evaluated for impairment Loans collectively evaluated for impairment Commercial, financial and agricultural $ 20,657 $ 20,624 $ 33 $ 30,623 $ 30,595 $ 28 Commercial real estate 24,474 24,474 — 18,025 18,025 — Construction real estate: SEPH commercial land and development — — — 2,044 2,044 — Remaining commercial 2,226 2,226 — 4,676 4,676 — Mortgage 104 — 104 117 — 117 Installment 156 — 156 178 — 178 Residential real estate: Commercial 23,102 23,102 — 25,324 25,324 — Mortgage 27,925 — 27,925 30,521 — 30,521 HELOC 2,456 — 2,456 2,622 — 2,622 Installment 1,253 — 1,253 2,292 — 2,292 Consumer 3,697 — 3,697 4,553 — 4,553 Total loans $ 106,050 $ 70,426 $ 35,624 $ 120,975 $ 80,664 $ 40,311 |
Schedule of loans individually evaluated for impairment by class of loan | The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2016 and December 31, 2015 . 12/31/2016 12/31/2015 (In thousands) Unpaid principal balance Recorded investment Allowance for loan losses allocated Unpaid principal balance Recorded investment Allowance for loan losses allocated With no related allowance recorded Commercial, financial and agricultural $ 41,075 $ 19,965 $ — $ 32,583 $ 18,763 $ — Commercial real estate 23,961 23,474 — 15,138 14,916 — Construction real estate: SEPH commercial land and development — — — 10,834 2,044 — Remaining commercial 3,662 2,226 — 2,506 1,531 — Residential real estate: Commercial 24,409 22,687 — 23,798 23,480 — With an allowance recorded Commercial, financial and agricultural 810 659 152 16,155 11,832 1,904 Commercial real estate 1,014 1,000 309 3,195 3,109 381 Construction real estate: Remaining commercial — — — 3,145 3,145 1,356 Residential real estate: Commercial 427 415 87 1,951 1,844 550 Total $ 95,358 $ 70,426 $ 548 $ 109,305 $ 80,664 $ 4,191 |
Schedule of average recorded investment and interest income recognized on loans individually evaluated for impairment | The following tables present the average recorded investment and interest income recognized during the year subsequent to impairment on loans individually evaluated for impairment as of and for the years ended December 31, 2016 , 2015 , and 2014 : Year ended December 31, 2016 (In thousands) Recorded Investment as of December 31, 2016 Average recorded investment Interest income recognized Commercial, financial and agricultural $ 20,624 $ 26,821 $ 885 Commercial real estate 24,474 22,828 884 Construction real estate: SEPH commercial land and development — 1,597 — Remaining commercial 2,226 3,906 66 Residential real estate: Commercial 23,102 24,341 2,942 Consumer — 3 — Total $ 70,426 $ 79,496 $ 4,777 Year ended December 31, 2015 (In thousands) Recorded Investment as of December 31, 2015 Average recorded investment Interest income recognized Commercial, financial and agricultural $ 30,595 $ 20,179 $ 340 Commercial real estate 18,025 17,883 550 Construction real estate: SEPH commercial land and development 2,044 2,066 21 Remaining commercial 4,676 5,666 26 Residential real estate: Commercial 25,324 24,968 1,026 Consumer — — — Total $ 80,664 $ 70,762 $ 1,963 Year ended December 31, 2014 (In thousands) Recorded Investment as of December 31, 2014 Average recorded investment Interest income recognized Commercial, financial and agricultural $ 19,106 $ 19,518 $ 360 Commercial real estate 21,989 31,945 1,027 Construction real estate: SEPH commercial land and development 2,078 3,658 146 Remaining commercial 5,609 8,784 61 Residential real estate: Commercial 24,930 28,306 1,084 Consumer — 403 — Total $ 73,712 $ 92,614 $ 2,678 |
Schedule of aging of the recorded investment in past due loans | The following tables present the aging of the recorded investment in past due loans as of December 31, 2016 and December 31, 2015 by class of loan. 12/31/2016 (In thousands) Accruing loans past due 30-89 days Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) Total past due Total current (2) Total recorded investment Commercial, financial and agricultural $ 371 $ 4,113 $ 4,484 $ 993,693 $ 998,177 Commercial real estate 355 2,499 2,854 1,157,010 1,159,864 Construction real estate: SEPH commercial land and development — — — — — Remaining commercial — 541 541 135,200 135,741 Mortgage 559 — 559 48,246 48,805 Installment 223 64 287 4,633 4,920 Residential real estate: Commercial 330 3,631 3,961 403,666 407,627 Mortgage 10,854 9,769 20,623 1,150,331 1,170,954 HELOC 970 1,020 1,990 211,304 213,294 Installment 350 319 669 19,272 19,941 Consumer 12,579 2,094 14,673 1,109,562 1,124,235 Leases — — — 3,272 3,272 Total loans $ 26,591 $ 24,050 $ 50,641 $ 5,236,189 $ 5,286,830 (1) Includes an aggregate of $2.1 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $65.9 million of nonaccrual loans which are current in regards to contractual principal and interest payments. 12/31/2015 (In thousands) Accruing loans past due 30-89 days Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) Total past due Total current (2) Total recorded investment Commercial, financial and agricultural $ 670 $ 7,536 $ 8,206 $ 950,958 $ 959,164 Commercial real estate 142 530 672 1,116,940 1,117,612 Construction real estate: SEPH commercial land and development — 2,044 2,044 — 2,044 Remaining commercial 165 84 249 128,118 128,367 Mortgage 63 7 70 36,727 36,797 Installment 200 46 246 6,308 6,554 Residential real estate: Commercial 325 19,521 19,846 391,739 411,585 Mortgage 10,569 8,735 19,304 1,192,984 1,212,288 HELOC 487 186 673 211,511 212,184 Installment 426 318 744 21,972 22,716 Consumer 11,458 3,376 14,834 955,309 970,143 Leases — — — 2,870 2,870 Total loans $ 24,505 $ 42,383 $ 66,888 $ 5,015,436 $ 5,082,324 |
Schedule of recorded investment by loan grade | The tables below present the recorded investment by loan grade at December 31, 2016 and December 31, 2015 for all commercial loans: 12/31/2016 (In thousands) 5 Rated 6 Rated Impaired Pass Rated Recorded Investment Commercial, financial and agricultural* $ 5,826 $ — $ 20,657 $ 971,694 $ 998,177 Commercial real estate* 7,548 190 24,474 1,127,652 1,159,864 Construction real estate: SEPH commercial land and development — — — — — Remaining commercial 287 118 2,226 133,110 135,741 Residential real estate: Commercial 1,055 124 23,102 383,346 407,627 Leases — — — 3,272 3,272 Total Commercial Loans $ 14,716 $ 432 $ 70,459 $ 2,619,074 $ 2,704,681 * Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. 12/31/2015 (In thousands) 5 Rated 6 Rated Impaired Pass Rated Recorded Investment Commercial, financial and agricultural* $ 4,392 $ 347 $ 30,623 $ 923,802 $ 959,164 Commercial real estate* 14,880 3,417 18,025 1,081,290 1,117,612 Construction real estate: SEPH commercial land and development — — 2,044 — 2,044 Remaining commercial 2,151 122 4,676 121,418 128,367 Residential real estate: Commercial 3,280 386 25,324 382,595 411,585 Leases — — — 2,870 2,870 Total Commercial Loans $ 24,703 $ 4,272 $ 80,692 $ 2,511,975 $ 2,621,642 |
Schedule of troubled debt restructurings on financing receivables | The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2016 , 2015 and 2014 as well as the recorded investment of these contracts at December 31, 2016 , 2015 , and 2014. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal. Year ended December 31, 2016 (In thousands) Number of Contracts Accruing Nonaccrual Recorded Investment Commercial, financial and agricultural 32 $ 191 $ 8,450 $ 8,641 Commercial real estate 14 3,844 2,537 6,381 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 2 — 1,143 1,143 Mortgage — — — — Installment 1 — — — Residential real estate: Commercial 11 89 1,033 1,122 Mortgage 34 114 2,292 2,406 HELOC 13 104 178 282 Installment 5 102 3 105 Consumer 293 184 994 1,178 Total loans 405 $ 4,628 $ 16,630 $ 21,258 Year ended December 31, 2015 (In thousands) Number of Contracts Accruing Nonaccrual Recorded Investment Commercial, financial and agricultural 39 $ 8,948 $ 3,640 $ 12,588 Commercial real estate 14 637 3,523 4,160 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 2 513 — 513 Mortgage 1 19 — 19 Installment — — — — Residential real estate: Commercial 11 — 1,185 1,185 Mortgage 39 1,132 2,122 3,254 HELOC 26 315 45 360 Installment 9 — 155 155 Consumer 283 202 888 1,090 Total loans 424 $ 11,766 $ 11,558 $ 23,324 Year ended December 31, 2014 (In thousands) Number of Contracts Accruing Nonaccrual Recorded Investment Commercial, financial and agricultural 30 $ 292 $ 431 $ 723 Commercial real estate 11 1,184 1,254 2,438 Construction real estate: SEPH commercial land and development — — — — Remaining commercial 2 — 206 206 Mortgage — — — — Installment 2 — 56 56 Residential real estate: Commercial 9 — 866 866 Mortgage 46 32 2,325 2,357 HELOC 10 85 241 326 Installment 10 109 12 121 Consumer 330 244 1,058 1,302 Total loans 450 $ 1,946 $ 6,449 $ 8,395 |
Schedule recorded investment in financing receivables which were modified as troubled debt restructurings within the previous 12 months and for which there was a payment default during the 12 month | The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2016 , December 31, 2015 , and December 31, 2014. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial. Year ended December 31, 2016 Year ended Year ended (In thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial, financial and agricultural 7 $ 419 1 $ 1 4 $ 206 Commercial real estate 5 843 1 626 1 302 Construction real estate: SEPH commercial land and development — — — — — — Remaining commercial — — — — — — Mortgage — — — — — — Installment — — — — — — Residential real estate: Commercial 7 848 3 1,005 1 3 Mortgage 15 1,201 12 682 14 810 HELOC — — 1 5 2 160 Installment 1 3 2 101 2 12 Consumer 62 484 47 434 62 516 Leases — — — — — — Total loans 97 $ 3,798 $ 67 $ 2,854 86 $ 2,009 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Allowance For Loan Losses [Abstract] | |
Schedule of the activity in the allowance for loan losses | The activity in the allowance for loan losses for the years ended December 31, 2016 , 2015 , and 2014 is summarized in the following tables. Year ended December 31, 2016 (In thousands) Commercial, financial and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for credit losses: Beginning balance $ 13,694 $ 9,197 $ 8,564 $ 13,514 $ 11,524 $ 1 $ 56,494 Charge-offs 5,786 412 1,436 3,014 10,151 — 20,799 Recoveries (1,259 ) (3,671 ) (8,559 ) (2,446 ) (4,094 ) (1 ) (20,030 ) Net charge-offs (recoveries) 4,527 (3,259 ) (7,123 ) 568 6,057 (1 ) 769 Provision (Recovery) 4,267 (2,024 ) (10,440 ) (1,988 ) 5,086 (2 ) (5,101 ) Ending balance $ 13,434 $ 10,432 $ 5,247 $ 10,958 $ 10,553 — $ 50,624 Year ended December 31, 2015 (In thousands) Commercial, financial and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for credit losses: Beginning balance $ 10,719 $ 8,808 $ 8,652 $ 14,772 $ 11,401 $ — $ 54,352 Charge-offs 2,478 348 470 2,352 8,642 — 14,290 Recoveries (1,373 ) (2,241 ) (2,092 ) (2,438 ) (3,295 ) (3 ) (11,442 ) Net charge-offs (recoveries) 1,105 (1,893 ) (1,622 ) (86 ) 5,347 (3 ) 2,848 Provision (Recovery) 4,080 (1,504 ) (1,710 ) (1,344 ) 5,470 (2 ) 4,990 Ending balance $ 13,694 $ 9,197 $ 8,564 $ 13,514 $ 11,524 $ 1 $ 56,494 Year ended December 31, 2014 (In thousands) Commercial, financial and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for credit losses: Beginning balance $ 14,218 $ 15,899 $ 6,855 $ 14,251 $ 8,245 $ — $ 59,468 Charge-offs 3,779 8,003 1,316 3,944 7,738 — 24,780 Recoveries (1,003 ) (7,759 ) (12,572 ) (2,985 ) (2,671 ) (7 ) (26,997 ) Net charge-offs (recoveries) 2,776 244 (11,256 ) 959 5,067 (7 ) (2,217 ) (Recovery) Provision (723 ) (6,847 ) (9,459 ) 1,480 8,223 (7 ) (7,333 ) Ending balance $ 10,719 $ 8,808 $ 8,652 $ 14,772 $ 11,401 $ — $ 54,352 |
Schedule of the composition of the allowance for loan losses | The composition of the allowance for loan losses at December 31, 2016 and 2015 was as follows: December 31, 2016 (In thousands) Commercial, financial, and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans Individually evaluated for impairment $ 152 $ 309 $ — $ 87 $ — $ — $ 548 Collectively evaluated for impairment 13,282 10,123 5,247 10,871 10,553 — 50,076 Total ending allowance balance $ 13,434 $ 10,432 $ 5,247 $ 10,958 $ 10,553 $ — $ 50,624 Loan Balance: Loans individually evaluated for impairment $ 20,622 $ 24,465 $ 2,226 $ 23,102 $ — $ — $ 70,415 Loans collectively evaluated for impairment 973,997 1,131,238 186,719 1,785,395 1,120,850 3,243 5,201,442 Total ending loan balance $ 994,619 $ 1,155,703 $ 188,945 $ 1,808,497 $ 1,120,850 $ 3,243 $ 5,271,857 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 0.74 % 1.26 % — % 0.38 % — % — % 0.78 % Loans collectively evaluated for impairment 1.36 % 0.89 % 2.81 % 0.61 % 0.94 % — % 0.96 % Total 1.35 % 0.90 % 2.78 % 0.61 % 0.94 % — % 0.96 % Recorded Investment: Loans individually evaluated for impairment $ 20,624 $ 24,474 $ 2,226 $ 23,102 $ — $ — $ 70,426 Loans collectively evaluated for impairment 977,553 1,135,390 187,240 1,788,714 1,124,235 3,272 5,216,404 Total ending recorded investment $ 998,177 $ 1,159,864 $ 189,466 $ 1,811,816 $ 1,124,235 $ 3,272 $ 5,286,830 December 31, 2015 (In thousands) Commercial, financial, and agricultural Commercial real estate Construction real estate Residential real estate Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans Individually evaluated for impairment $ 1,904 $ 381 $ 1,356 $ 550 $ — $ — $ 4,191 Collectively evaluated for impairment 11,790 8,816 7,208 12,964 11,524 1 52,303 Total ending allowance balance $ 13,694 $ 9,197 $ 8,564 $ 13,514 $ 11,524 $ 1 $ 56,494 Loan Balance: Loans individually evaluated for impairment $ 30,545 $ 18,015 $ 6,716 $ 25,323 $ — $ — $ 80,599 Loans collectively evaluated for impairment 925,182 1,095,588 166,629 1,830,120 967,111 2,856 4,987,486 Total ending loan balance $ 955,727 $ 1,113,603 $ 173,345 $ 1,855,443 $ 967,111 $ 2,856 $ 5,068,085 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 6.23 % 2.11 % 20.19 % 2.17 % — % — % 5.20 % Loans collectively evaluated for impairment 1.27 % 0.80 % 4.33 % 0.71 % 1.19 % 0.04 % 1.05 % Total 1.43 % 0.83 % 4.94 % 0.73 % 1.19 % 0.04 % 1.11 % Recorded Investment: Loans individually evaluated for impairment $ 30,595 $ 18,025 $ 6,720 $ 25,324 $ — $ — $ 80,664 Loans collectively evaluated for impairment 928,569 1,099,587 167,042 1,833,449 970,143 2,870 5,001,660 Total ending recorded investment $ 959,164 $ 1,117,612 $ 173,762 $ 1,858,773 $ 970,143 $ 2,870 $ 5,082,324 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | |
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Table Text Block] [Text Block] | The carrying amount of foreclosed properties held at December 31, 2016 and December 31, 2015 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates. (In thousands) December 31, 2016 December 31, 2015 OREO: Commercial real estate $ 7,642 $ 8,333 Construction real estate 4,624 7,259 Residential real estate 1,660 3,059 Total OREO $ 13,926 $ 18,651 Loans in process of foreclosure: Residential real estate $ 3,250 $ 2,021 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of major categories of premises and equipment | The major categories of premises and equipment and accumulated depreciation are summarized as follows: December 31 (In thousands) 2016 2015 Land $ 19,577 $ 19,123 Buildings 75,472 74,525 Equipment, furniture and fixtures 52,719 47,839 Leasehold improvements 3,400 3,878 Total $ 151,168 $ 145,365 Less accumulated depreciation (93,197 ) (85,872 ) Premises and equipment, net $ 57,971 $ 59,493 |
Schedule of future minimum rental payments under operating leases | The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: (In thousands) 2017 $ 1,508 2018 1,269 2019 1,178 2020 621 2021 422 Thereafter 700 Total $ 5,698 |
Investment in Qualified Affor45
Investment in Qualified Affordable Housing (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of December 31, 2016 and 2015. (In thousands) December 31, 2016 December 31, 2015 Affordable housing tax credit investments $ 52,947 $ 51,247 Unfunded commitments 14,282 20,311 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of summary of non-interest bearing and interest bearing deposits | At December 31, 2016 and 2015 , non-interest bearing and interest bearing deposits were as follows: December 31 (In thousands) 2016 2015 Non-interest bearing $ 1,523,417 $ 1,404,032 Interest bearing 3,998,539 3,943,610 Total $ 5,521,956 $ 5,347,642 |
Schedule of maturities of time deposits | At December 31, 2016 , the maturities of time deposits were as follows: (In thousands) 2017 $ 717,879 2018 131,236 2019 153,257 2020 63,758 2021 51,245 After 5 years 495 Total $ 1,117,870 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers of Certain Financial Assets Accounted for as Secured Borrowings [Abstract] | |
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] | The following table presents the carrying value of Park's repurchase agreements by remaining contractual maturity and collateral pledged at December 31, 2016 and December 31, 2015 : December 31, 2016 (In thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 208,691 $ — $ — $ 301,104 $ 509,795 December 31, 2015 (In thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 247,618 $ 2,239 $ — $ 304,385 $ 554,242 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Schedule of short-term debt | The outstanding balances for all short-term borrowings as of December 31, 2016 and 2015 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: (In thousands) Repurchase agreements FHLB Advances 2016 Ending balance $ 209,795 $ 185,000 Highest month-end balance 248,277 185,000 Average daily balance 224,763 15,694 Weighted-average interest rate: As of year-end 0.17 % 0.80 % Paid during the year 0.16 % 0.63 % 2015 Ending balance $ 254,242 $ 140,000 Highest month-end balance 278,324 140,000 Average daily balance 257,622 1,096 Weighted-average interest rate: As of year-end 0.17 % 0.56 % Paid during the year 0.18 % 0.59 % Short-term borrowings were as follows: December 31 (In thousands) 2016 2015 Securities sold under agreements to repurchase $ 209,795 $ 254,242 FHLB advances 185,000 140,000 Total short-term borrowings $ 394,795 $ 394,242 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of maturities of long-term debt | Long-term debt is listed below: December 31, 2016 2015 (In thousands) Outstanding Balance Average Rate Outstanding Balance Average Rate Total Federal Home Loan Bank advances by year of maturity: 2017 $ 50,000 1.25 % $ 50,000 1.25 % 2018 150,000 2.04 % 150,000 2.04 % 2019 75,000 1.96 % 75,000 1.96 % 2020 25,000 2.14 % 25,000 2.14 % 2021 — — % — — % Thereafter 100,000 3.40 % 150,000 3.32 % Total $ 400,000 2.27 % 450,000 2.37 % Total broker repurchase agreements by year of maturity: 2017 300,000 1.75 % 300,000 1.75 % Total $ 300,000 1.75 % $ 300,000 1.75 % Total combined long-term debt by year of maturity: 2017 350,000 1.68 % 350,000 1.68 % 2018 150,000 2.04 % 150,000 2.04 % 2019 75,000 1.96 % 75,000 1.96 % 2020 25,000 2.14 % 25,000 2.14 % 2021 — — % — — % Thereafter 100,000 3.40 % 150,000 3.32 % Total $ 700,000 2.05 % $ 750,000 2.12 % Prepayment penalty (5,719 ) — (11,895 ) — Total long-term debt $ 694,281 2.07 % $ 738,105 2.16 % |
Share-Based Compensation Change
Share-Based Compensation Changes in nonvested shares (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of changes in Park's nonvested shares for the year ended December 31, 2016 follows: Shares Nonvested at January 1, 2016 44,700 Granted 41,550 Vested — Forfeited 825 Nonvested at December 31, 2016 85,425 |
Share-Based Compensation Additi
Share-Based Compensation Additional share based compensation expense related to PBRSUs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | The following table details expected additional share-based compensation expense related to PBRSUs currently outstanding: (In thousands) 2017 $ 1,193 2018 1,072 2019 491 2020 83 Total $ 2,839 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of plan assets and benefit obligation activity | Using an accrual measurement date of December 31, 2016 and 2015 , plan assets and benefit obligation activity for the Pension Plan are listed below: (In thousands) 2016 2015 Change in fair value of plan assets Fair value at beginning of measurement period $ 153,498 $ 160,598 Actual return on plan assets 19,256 (58 ) Benefits paid (5,707 ) (7,042 ) Fair value at end of measurement period $ 167,047 $ 153,498 Change in benefit obligation Projected benefit obligation at beginning of measurement period $ 102,245 $ 109,328 Service cost 5,055 5,368 Interest cost 4,869 4,695 Actuarial loss (gains) 7,993 (10,104 ) Benefits paid (5,707 ) (7,042 ) Projected benefit obligation at the end of measurement period $ 114,455 $ 102,245 Funded status at end of year (fair value of plan assets less benefit obligation) $ 52,592 $ 51,253 |
Schedule of allocation of plan assets | The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows: Percentage of Plan Assets Asset category Target Allocation 2016 2015 Equity securities 50% - 100% 84 % 85 % Fixed income and cash equivalents remaining balance 16 % 15 % Total 100 % 100 % |
Schedule of assumptions used to determine benefit obligations | The weighted average assumptions used to determine benefit obligations at December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 Discount rate 4.58 % 4.88 % 4.42 % Rate of compensation increase Under age 30 10.00 % 10.00 % 10.00 % Ages 30-39 6.00 % 6.00 % 6.00 % Ages 40-49 4.00 % 3.00 % 3.00 % Ages 50 and over 3.00 % 3.00 % 3.00 % |
Schedule of estimated future pension benefit Payments | The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands): 2017 $ 6,924 2018 7,644 2019 7,875 2020 8,393 2021 9,503 2022-2026 48,058 Total $ 88,397 |
Schedule of balances of accumulated other comprehensive income loss | The following table shows ending balances of accumulated other comprehensive loss at December 31, 2016 and 2015. (In thousands) 2016 2015 Prior service cost $ — $ — Net actuarial loss (22,677 ) (23,618 ) Total (22,677 ) (23,618 ) Deferred taxes 7,937 8,267 Accumulated other comprehensive loss $ (14,740 ) $ (15,351 ) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) | Using an actuarial measurement date of December 31 for 2016 , 2015 and 2014 , components of net periodic benefit income and other amounts recognized in other comprehensive income (loss) were as follows: (In thousands) 2016 2015 2014 Components of net periodic benefit income and other amounts recognized in other comprehensive income Service cost $ (5,055 ) $ (5,368 ) $ (4,331 ) Interest cost (4,869 ) (4,695 ) (4,577 ) Expected return on plan assets 10,950 11,420 10,869 Amortization of prior service cost — (15 ) (19 ) Recognized net actuarial loss (773 ) (637 ) — Net periodic benefit income $ 253 $ 705 $ 1,942 Change to net actuarial gain (loss) for the period $ 168 $ (1,400 ) $ (14,276 ) Amortization of prior service cost — 15 19 Amortization of net loss 773 637 — Total recognized in other comprehensive income (loss) 941 (748 ) (14,257 ) Total recognized in net benefit income and other comprehensive income (loss) $ 1,194 $ (43 ) $ (12,315 ) |
Schedule of assumptions used to determine costs | The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2016 , 2015 and 2014 are listed below: 2016 2015 2014 Discount Rate 4.88 % 4.42 % 5.30 % Rate of compensation increase Under age 30 10.00 % 10.00 % 10.00 % Ages 30-39 6.00 % 6.00 % 6.00 % Ages 40 and over 3.00 % 3.00 % 3.00 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | Significant components of the Corporation’s deferred tax assets and liabilities are as follows: December 31 (In thousands) 2016 2015 Deferred tax assets: Allowance for loan losses $ 17,719 $ 19,773 Accumulated other comprehensive loss – Pension plan 7,937 8,266 Accumulated other comprehensive loss – Unrealized losses on securities 1,618 157 Deferred compensation 4,140 3,908 OREO valuation adjustments 2,322 2,418 Net deferred loan fees 1,397 1,204 Deferred contract bonus 1,074 1,031 Nonvested equity-based compensation 1,115 463 Fixed assets 781 413 Accrued litigation 793 482 Other 2,525 2,813 Total deferred tax assets $ 41,421 $ 40,928 Deferred tax liabilities: Deferred investment income 10,199 10,199 Pension plan 26,344 26,205 Mortgage servicing rights 3,243 3,153 Partnership adjustments 549 560 Other 596 872 Total deferred tax liabilities $ 40,931 $ 40,989 Net deferred tax asset (liability) $ 490 $ (61 ) |
Federal and state income taxes | The components of the provision for federal income taxes are shown below: December 31, (In thousands) 2016 2015 2014 Currently payable Federal $ 28,879 $ 26,153 $ 27,062 Amortization of qualified affordable housing projects 7,300 6,664 6,869 Deferred Federal 581 (250 ) 2,528 Total $ 36,760 $ 32,567 $ 36,459 |
Schedule of income tax rate reconciliation | The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2016 , 2015 and 2014 . 2016 2015 2014 Statutory federal corporate tax rate 35.0 % 35.0 % 35.0 % Changes in rates resulting from: Tax exempt interest income, net of disallowed interest (1.3 )% (0.5 )% (0.5 )% Bank owned life insurance (1.2 )% (1.8 )% (1.4 )% Investments in qualified affordable housing projects, net of tax benefits (1.7 )% (1.9 )% (1.6 )% Other tax credits — % (0.9 )% — % KSOP dividend deduction (1.0 )% (1.0 )% (1.0 )% Other 0.1 % (0.2 )% (0.2 )% Effective tax rate 29.9 % 28.7 % 30.3 % |
Reconciliation of unrecognized tax benefits | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits. (In thousands) 2016 2015 2014 January 1 Balance $ 558 $ 532 $ 518 Additions based on tax positions related to the current year 117 80 76 Additions for tax positions of prior years 38 16 14 Reductions for tax positions of prior years — — — Reductions due to statute of limitations (80 ) (70 ) (76 ) December 31 Balance $ 633 $ 558 $ 532 |
Other Comprehensive Income (L54
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Other comprehensive income (loss) components, net of income tax, are shown in the following table for the years ended December 31, 2016 , 2015 and 2014 . Year ended December 31, (in thousands) Changes in Pension Plan assets and benefit obligations Unrealized gains and losses on available-for-sale securities Total Beginning balance at January 1, 2016 $ (15,351 ) $ (292 ) $ (15,643 ) Other comprehensive gain (loss) before reclassifications 109 (2,713 ) (2,604 ) Amounts reclassified from accumulated other comprehensive loss 502 — 502 Net current period other comprehensive income (loss) 611 (2,713 ) (2,102 ) Ending balance at December 31, 2016 $ (14,740 ) $ (3,005 ) $ (17,745 ) Beginning balance at January 1, 2015 $ (14,865 ) $ 1,257 $ (13,608 ) Other comprehensive loss before reclassifications (910 ) (1,549 ) (2,459 ) Amounts reclassified from accumulated other comprehensive loss 424 — 424 Net current period other comprehensive loss (486 ) (1,549 ) (2,035 ) Ending balance at December 31, 2015 $ (15,351 ) $ (292 ) $ (15,643 ) Beginning balance at January 1, 2014 $ (5,598 ) $ (29,821 ) $ (35,419 ) Other comprehensive (loss) gain before reclassifications (9,279 ) 30,325 21,046 Amounts reclassified from accumulated other comprehensive loss 12 753 765 Net current period other comprehensive (loss) income (9,267 ) 31,078 21,811 Ending balance at December 31, 2014 $ (14,865 ) $ 1,257 $ (13,608 ) |
Schedule of components of other comprehensive income (loss) | The following table provides information concerning amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2016 , 2015 and 2014 : Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Income (In thousands) 2016 2015 2014 Amortization of defined benefit pension items Amortization of prior service cost $ — $ 15 $ 19 Employee benefits Amortization of net loss 773 637 — Employee benefits Income before income taxes 773 652 19 Income before income taxes Federal income taxes 271 228 7 Federal income taxes Net of income tax $ 502 $ 424 $ 12 Net of income tax Unrealized gains & losses on available for sale securities Loss on sale of investment securities $ — $ — $ 1,158 Gain (loss) on sale of investment securities Other than temporary impairment — — — Miscellaneous expense Income before income taxes — — 1,158 Income before income taxes Federal income taxes — — 405 Federal income taxes Net of income tax $ — $ — $ 753 Net of income tax |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share: Year ended December 31 2016 2015 2014 Numerator: Net income available to common shareholders $ 86,135 $ 81,012 $ 83,957 Denominator: Weighted-average common shares outstanding 15,332,553 15,364,281 15,394,971 Effect of dilutive performance-based restricted stock units 72,607 40,459 18,861 Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units 15,405,160 15,404,740 15,413,832 Earnings per common share: Basic earnings per common share $ 5.62 $ 5.27 $ 5.45 Diluted earnings per common share $ 5.59 $ 5.26 $ 5.45 |
Financial Instruments With Of56
Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedule of off-balance sheet financial instruments with credit risk | The total amounts of off-balance sheet financial instruments with credit risk were as follows: December 31 (In thousands) 2016 2015 Loan commitments $ 912,007 $ 888,411 Standby letters of credit 13,746 12,326 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Schedule of servicing assets at amortized value | Activity for mortgage servicing rights and the related valuation allowance follows: December 31 (In thousands) 2016 2015 2014 Mortgage servicing rights: Carrying amount, net, beginning of year $ 9,008 $ 8,613 $ 9,013 Additions 2,286 1,748 1,026 Amortization (1,835 ) (1,637 ) (1,631 ) Change in valuation allowance (193 ) 284 205 Carrying amount, net, end of year $ 9,266 $ 9,008 $ 8,613 Valuation allowance: Beginning of year $ 542 $ 826 $ 1,031 Change in valuation allowance 193 (284 ) (205 ) End of year $ 735 $ 542 $ 826 |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Schedule of financial assets and liabilities measured on a recurring basis | The following table presents assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at December 31, 2016 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2016 Assets Investment securities: Obligations of U.S. Treasury and other U.S. Government sponsored entities $ — $ 267,533 $ — $ 267,533 U.S. Government sponsored entities’ asset-backed securities — 987,172 — 987,172 Equity securities 2,644 — 790 3,434 Mortgage loans held for sale — 10,413 — 10,413 Mortgage IRLCs — 124 — 124 Liabilities Fair value swap $ — $ — $ 226 $ 226 Fair Value Measurements at December 31, 2015 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2015 Assets Investment securities: Obligations of U.S. Treasury and other U.S. Government sponsored entities $ — $ 522,063 $ — $ 522,063 U.S. Government sponsored entities’ asset-backed securities — 911,493 — 911,493 Equity securities 1,941 — 769 2,710 Mortgage loans held for sale — 7,306 — 7,306 Mortgage IRLCs — 165 — 165 Liabilities Fair value swap $ — $ — $ 226 $ 226 |
Schedule of reconciliation of level 3 input for financial instruments measured on recurring basis | The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2016 and 2015 , for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements (In thousands) Equity Securities Fair Value Swap Balance at January 1, 2016 $ 769 $ (226 ) Total Gains (Losses) Included in earnings - realized — — Included in earnings - unrealized — — Included in other comprehensive income 21 — Purchases, sales, issuances and settlements, other, net — — Re-evaluation of fair value swap — — Balance at December 31, 2016 $ 790 $ (226 ) Balance at January 1, 2015 $ 776 $ (226 ) Total Gains (Losses) Included in earnings - realized — — Included in earnings - unrealized — — Included in other comprehensive income (7 ) — Purchases, sales, issuances and settlements, other, net — — Re-evaluation of fair value swap — — Balance at December 31, 2015 $ 769 $ (226 ) |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis | Fair Value Measurements at December 31, 2016 Using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2016 Impaired Loans: Commercial real estate $ — $ — $ 3,057 $ 3,057 Construction real estate — — 541 541 Residential real estate — — 2,385 2,385 Total impaired loans $ — $ — $ 5,983 $ 5,983 Mortgage Servicing Rights $ — $ 6,769 $ — $ 6,769 Other Real Estate Owned: Commercial real estate — — 2,644 2,644 Construction real estate — — 3,322 3,322 Residential real estate — — 931 931 Total Other Real Estate Owned $ — $ — $ 6,897 $ 6,897 Fair Value Measurements at December 31, 2015 Using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2015 Impaired Loans: Commercial real estate $ — $ — $ 3,698 $ 3,698 Construction real estate: SEPH commercial land and development — — 2,044 2,044 Remaining commercial — — 1,872 1,872 Residential real estate — — 1,882 1,882 Total impaired loans $ — $ — $ 9,496 $ 9,496 Mortgage Servicing Rights $ — $ 1,867 $ — $ 1,867 Other Real Estate Owned: Commercial real estate — — 2,796 2,796 Construction real estate — — 3,387 3,387 Residential real estate — — 2,332 2,332 Total Other Real Estate Owned $ — $ — $ 8,515 $ 8,515 |
Schedule of qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2016 and December 31, 2015 : December 31, 2016 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate $ 3,057 Sales comparison approach Adj to comparables 0.0% - 90.0% (20.2%) Income approach Capitalization rate 9.0% - 10.6% (10.1%) Cost approach Accumulated depreciation 17.0% - 18.0% (17.8%) Construction real estate $ 541 Sales comparison approach Adj to comparables 0.0% - 11.1% (1.6%) Bulk sale approach Discount rate 10.0% (10.0%) Residential real estate $ 2,385 Sales comparison approach Adj to comparables 0.3% - 110.0% (17.0%) Income approach Capitalization rate 10.0% (10.0%) Other real estate owned: Commercial real estate $ 2,644 Sales comparison approach Adj to comparables 0.0% - 68.4% (26.5%) Income approach Capitalization rate 13.0% - 14.0% (13.1%) Construction real estate $ 3,322 Sales comparison approach Adj to comparables 0.0% - 90.0% (24.7%) Bulk sale approach Discount rate 15.0% (15.0%) Residential real estate $ 931 Sales comparison approach Adj to comparables 3.2% - 79.7% (30.6%) December 31, 2015 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate $ 3,698 Sales comparison approach Adj to comparables 0.0% - 45.9% (20.3%) Income approach Capitalization rate 7.0% - 13.3% (9.5%) Cost approach Accumulated depreciation 50.0% (50.0%) Construction real estate: SEPH commercial land and development $ 2,044 Sales comparison approach Adj to comparables 5.0% - 40.0% (22.1%) Bulk sale approach Discount rate 10.7% (10.7%) Remaining commercial $ 1,872 Sales comparison approach Adj to comparables 0.0% - 25.3% (1.0%) Bulk sale approach Discount rate 10.0% - 10.7% (10.0%) Residential real estate $ 1,882 Sales comparison approach Adj to comparables 0.0% - 96.7% (12.5%) Income approach Capitalization rate 3.8% - 10.1% (9.1%) Cost approach Accumulated depreciation 33.3% - 50.0% (43.4%) Other real estate owned: Commercial real estate $ 2,796 Sales comparison approach Adj to comparables 2.0% - 71.0% (26.9%) Income approach Capitalization rate 9.5% (9.5%) Construction real estate $ 3,387 Sales comparison approach Adj to comparables 0.0% - 85.0% (24.3%) Bulk sale approach Discount rate 15.0% (15.0%) Residential real estate $ 2,332 Sales comparison approach Adj to comparables 0.1% - 61.8% (23.0%) |
Fair value, by balance sheet grouping | The fair value of financial instruments at December 31, 2016 and December 31, 2015 , was as follows: December 31, 2016 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 146,466 $ 146,466 $ — $ — $ 146,466 Investment securities 1,517,972 2,644 1,511,377 790 1,514,811 Accrued interest receivable - securities 3,849 — 3,849 — 3,849 Accrued interest receivable - loans 14,973 — — 14,973 14,973 Mortgage loans held for sale 10,413 — 10,413 — 10,413 Impaired loans carried at fair value 5,983 — — 5,983 5,983 Mortgage IRLCs 124 — 124 — 124 Other loans 5,204,713 — — 5,161,919 5,161,919 Loans receivable, net $ 5,221,233 $ — $ 10,537 $ 5,167,902 $ 5,178,439 Financial liabilities: Non-interest bearing checking accounts $ 1,523,417 $ 1,523,417 $ — $ — $ 1,523,417 Interest bearing transaction accounts 1,174,448 1,174,448 — — 1,174,448 Savings accounts 1,704,920 1,704,920 — — 1,704,920 Time deposits 1,117,870 — 1,122,598 — 1,122,598 Other 1,301 1,301 — — 1,301 Total deposits $ 5,521,956 $ 4,404,086 $ 1,122,598 $ — $ 5,526,684 Short-term borrowings $ 394,795 $ — $ 394,795 $ — $ 394,795 Long-term debt 694,281 — 712,958 — 712,958 Subordinated notes 45,000 — 40,903 — 40,903 Accrued interest payable – deposits 900 82 818 — 900 Accrued interest payable – debt/borrowings 1,251 1 1,250 — 1,251 Derivative financial instruments: Fair value swap $ 226 $ — $ — $ 226 $ 226 December 31, 2015 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 149,459 $ 149,459 $ — $ — $ 149,459 Investment securities 1,585,568 1,941 1,584,984 769 1,587,694 Accrued interest receivable - securities 4,436 — 4,436 — 4,436 Accrued interest receivable - loans 14,239 — — 14,239 14,239 Mortgage loans held for sale 7,306 — 7,306 — 7,306 Impaired loans carried at fair value 9,496 — — 9,496 9,496 Mortgage IRLCs 165 — 165 — 165 Other loans 4,994,624 — — 4,997,318 4,997,318 Loans receivable, net $ 5,011,591 $ — $ 7,471 $ 5,006,814 $ 5,014,285 Financial liabilities: Non-interest bearing checking accounts $ 1,404,032 $ 1,404,032 $ — — $ 1,404,032 Interest bearing transaction accounts 1,107,200 1,107,200 — — 1,107,200 Savings accounts 1,544,708 1,544,708 — — 1,544,708 Time deposits 1,290,412 — 1,295,329 — 1,295,329 Other 1,290 1,290 — — 1,290 Total deposits $ 5,347,642 $ 4,057,230 $ 1,295,329 $ — $ 5,352,559 Short-term borrowings $ 394,242 $ — $ 394,242 $ — $ 394,242 Long-term debt 738,105 — 771,420 — 771,420 Subordinated notes 45,000 — 41,596 — 41,596 Accrued interest payable – deposits 987 66 921 — 987 Accrued interest payable – debt/borrowings 1,351 4 1,347 — 1,351 Derivative financial instruments: Fair value swap $ 226 $ — $ — $ 226 $ 226 |
Impaired Financing Receivables [Table Text Block] | December 31, 2016 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 6,379 $ 3,681 $ 396 $ 5,983 Remaining impaired loans 64,047 21,262 152 63,895 Total impaired loans $ 70,426 $ 24,943 $ 548 $ 69,878 December 31, 2015 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 11,783 $ 10,512 $ 2,287 $ 9,496 Remaining impaired loans 68,881 18,193 1,904 66,977 Total impaired loans $ 80,664 $ 28,705 $ 4,191 $ 76,473 |
Capital Ratios (Tables)
Capital Ratios (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Capital [Abstract] | |
Schedule of compliance with regulatory capital requirements under banking regulations | The following table indicates the capital ratios for PNB and Park at December 31, 2016 and 2015. As of December 31, 2016 Leverage Tier 1 Risk-Based Common Equity Tier 1 Total Risk-Based The Park National Bank 7.34 % 9.87 % 9.87 % 11.24 % Park National Corporation 9.56 % 12.83 % 12.55 % 14.32 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (PNB only) 5.00 % 8.00 % 6.50 % 10.00 % As of December 31, 2015 Leverage Tier 1 Risk-Based Common Equity Tier 1 Total Risk-Based The Park National Bank 7.06 % 9.83 % 9.83 % 11.37 % Park National Corporation 9.22 % 12.82 % 12.54 % 14.49 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (PNB only) 5.00 % 8.00 % 6.50 % 10.00 % |
Schedule of various measures of capital ratio | The following table reflects various measures of capital for Park and PNB: To Be Adequately Capitalized To Be Well Capitalized (In thousands) Actual Amount Ratio Amount Ratio Amount Ratio At December 31, 2016 Total Risk-Based Capital PNB $ 607,269 11.24 % $ 432,153 8.00 % $ 540,192 10.00 % Park 784,406 14.32 % 438,231 8.00 % N/A N/A Tier 1 Risk-Based Capital PNB $ 533,215 9.87 % $ 324,115 6.00 % $ 432,153 8.00 % Park 702,651 12.83 % 328,673 6.00 % N/A N/A Leverage Ratio PNB $ 533,215 7.34 % $ 290,671 4.00 % $ 363,339 5.00 % Park 702,651 9.56 % 293,916 4.00 % N/A N/A Common Equity Tier 1 PNB $ 533,215 9.87 % $ 243,086 4.50 % $ 351,125 6.50 % Park 687,651 12.55 % 246,505 4.50 % N/A N/A At December 31, 2015 Total Risk-Based Capital PNB $ 588,467 11.37 % $ 414,079 8.00 % $ 517,599 10.00 % Park 758,988 14.49 % 419,080 8.00 % N/A N/A Tier 1 Risk-Based Capital PNB $ 508,763 9.83 % $ 310,560 6.00 % $ 414,079 8.00 % Park 671,664 12.82 % 314,310 6.00 % N/A N/A Leverage Ratio PNB $ 508,763 7.06 % $ 288,147 4.00 % $ 360,183 5.00 % Park 671,664 9.22 % 291,449 4.00 % N/A N/A Common Equity Tier 1 PNB 508,763 9.83 % 232,920 4.50 % 336,439 6.50 % Park 656,664 12.54 % 235,732 4.50 % N/A N/A |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of operating results by Segment | Segment Information The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio), SEPH and GFSC. GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer and President, who is the chief operating decision-maker. Operating results for the year ended December 31, 2016 (In thousands) PNB GFSC SEPH All Other Total Net interest income (loss) $ 227,576 $ 5,874 $ 4,774 $ (138 ) $ 238,086 Provision for (recovery of) loan losses 2,611 1,887 (9,599 ) — (5,101 ) Other income (loss) 74,803 (1 ) 2,974 955 78,731 Other expense 177,562 4,457 7,273 9,731 199,023 Income (loss) before taxes 122,206 (471 ) 10,074 (8,914 ) 122,895 Income taxes (benefit) 37,755 (164 ) 3,526 (4,357 ) 36,760 Net income (loss) $ 84,451 $ (307 ) $ 6,548 $ (4,557 ) $ 86,135 Balances at December 31, 2016 Assets $ 7,389,538 $ 32,268 $ 25,342 $ 20,438 $ 7,467,586 Loans 5,234,828 32,661 12,354 (7,986 ) 5,271,857 Deposits 5,630,199 3,809 — (112,052 ) 5,521,956 Operating results for the year ended December 31, 2015 (In thousands) PNB GFSC SEPH All Other Total Net interest income (loss) $ 220,879 $ 6,588 $ (74 ) $ 239 $ 227,632 Provision for (recovery of) loan losses 7,665 1,415 (4,090 ) — 4,990 Other income 75,188 2 1,848 513 77,551 Other expense 167,476 2,984 6,182 9,972 186,614 Income (loss) before taxes 120,926 2,191 (318 ) (9,220 ) 113,579 Income taxes (benefit) 36,581 768 (111 ) (4,671 ) 32,567 Net income (loss) $ 84,345 $ 1,423 $ (207 ) $ (4,549 ) $ 81,012 Balances at December 31, 2015 Assets $ 7,229,764 $ 35,793 $ 33,541 $ 12,256 $ 7,311,354 Loans 5,029,072 35,469 15,153 (11,609 ) 5,068,085 Deposits 5,447,293 4,627 — (104,278 ) 5,347,642 Operating results for the year ended December 31, 2014 (In thousands) PNB GFSC SEPH All Other Total Net interest income (loss) $ 218,641 $ 7,457 $ 958 $ (2,012 ) $ 225,044 Provision for (recovery of) loan losses 3,517 1,544 (12,394 ) — (7,333 ) Other income (loss) 69,384 (1 ) 5,991 175 75,549 Other expense 163,641 4,103 11,766 8,000 187,510 Income (loss) before taxes 120,867 1,809 7,577 (9,837 ) 120,416 Income taxes (benefit) 37,960 634 2,652 (4,787 ) 36,459 Net income (loss) $ 82,907 $ 1,175 $ 4,925 $ (5,050 ) $ 83,957 Balances at December 31, 2014 Assets $ 6,910,386 $ 40,308 $ 43,762 $ 6,743 $ 7,001,199 Loans 4,781,761 40,645 23,956 (16,680 ) 4,829,682 Deposits 5,222,766 5,883 — (100,649 ) 5,128,000 |
Schedule of reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals | The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals: 2016 (In thousands) Net Interest Income Depreciation Expense Other Expense Income Taxes Assets Deposits Totals for reportable segments $ 238,224 $ 8,396 $ 180,896 $ 41,117 $ 7,447,148 $ 5,634,008 Elimination of intersegment items 2,164 — — — (9,204 ) (112,052 ) Parent Co. totals - not eliminated (2,302 ) — 9,731 (4,357 ) 29,642 — Totals $ 238,086 $ 8,396 $ 190,627 $ 36,760 $ 7,467,586 $ 5,521,956 2015 (In thousands) Net Interest Income Depreciation Expense Other Expense Income Taxes Assets Deposits Totals for reportable segments $ 227,393 $ 7,347 $ 169,295 $ 37,238 $ 7,299,098 $ 5,451,920 Elimination of intersegment items 2,561 — — — (13,557 ) (104,278 ) Parent Co. totals - not eliminated (2,322 ) — 9,972 (4,671 ) 25,813 — Totals $ 227,632 $ 7,347 $ 179,267 $ 32,567 $ 7,311,354 $ 5,347,642 2014 (In thousands) Net Interest Income Depreciation Expense Other Expense Income Taxes Assets Deposits Totals for reportable segments $ 227,056 $ 7,243 $ 172,267 $ 41,246 $ 6,994,456 $ 5,228,649 Elimination of intersegment items 3,708 — — — (18,556 ) (100,649 ) Parent Co. totals - not eliminated (5,720 ) — 8,000 (4,787 ) 25,299 — Totals $ 225,044 $ 7,243 $ 180,267 $ 36,459 $ 7,001,199 $ 5,128,000 |
Parent Company Statements (Tabl
Parent Company Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | Balance Sheets December 31, 2016 and 2015 (In thousands) 2016 2015 Assets: Cash $ 112,067 $ 102,416 Investment in subsidiaries 626,569 613,383 Debentures receivable from PNB 25,000 25,000 Other investments 2,962 2,341 Other assets 26,651 23,443 Total assets $ 793,249 $ 766,583 Liabilities: Subordinated notes 45,000 45,000 Other liabilities 6,009 8,228 Total liabilities 51,009 53,228 Total shareholders’ equity 742,240 713,355 Total liabilities and shareholders’ equity $ 793,249 $ 766,583 |
Statements of Income | Statements of Income for the years ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Income: Dividends from subsidiaries $ 60,000 $ 60,000 $ 60,000 Interest and dividends 2,164 2,561 3,708 Other 1,081 560 262 Total income 63,245 63,121 63,970 Expense: Other, net 12,159 12,341 13,807 Total expense 12,159 12,341 13,807 Income before federal taxes and equity in undistributed income of subsidiaries 51,086 50,780 50,163 Federal income tax benefit 4,357 4,671 4,787 Income before equity in undistributed income of subsidiaries 55,443 55,451 54,950 Equity in undistributed income of subsidiaries 30,692 25,561 29,007 Net income $ 86,135 $ 81,012 $ 83,957 Other comprehensive (loss) income (1) (2,102 ) (2,035 ) 21,811 Comprehensive income 84,033 78,977 105,768 |
Statements of Cash Flows | Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Operating activities: Net income $ 86,135 $ 81,012 $ 83,957 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed income of subsidiaries (30,692 ) (25,561 ) (29,007 ) Compensation expense for issuance of treasury stock to directors 950 963 801 Share-based compensation expense 1,864 865 458 Increase in other assets (3,425 ) (182 ) (1,292 ) (Decrease) increase in other liabilities (2,524 ) 485 298 Net cash provided by operating activities 52,308 57,582 55,215 Investing activities: Repayment of investments in and advances to subsidiaries 15,000 10,000 32,000 Net cash provided by investing activities 15,000 10,000 32,000 Financing activities: Cash dividends paid (57,653 ) (57,776 ) (57,876 ) Repayment of subordinated notes — — (35,250 ) Repurchase of treasury shares — (6,058 ) (2,355 ) Cash payment for fractional shares (4 ) (3 ) (5 ) Net cash used in financing activities (57,657 ) (63,837 ) (95,486 ) Increase (decrease) in cash 9,651 3,745 (8,271 ) Cash at beginning of year 102,416 98,671 106,942 Cash at end of year $ 112,067 $ 102,416 $ 98,671 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Line Items] | ||
Goodwill | $ 72,334 | $ 72,334 |
Average required reserve balance | $ 51,600 | $ 44,200 |
Historical loss period used in estimating loan loss reserve | 84 months | |
Reserve coverage period in historical losses | 1 year 11 months 12 days | 1 year 11 months 26 days |
Compensating Balance, Amount | $ 0 | |
Commercial Loan | ||
Accounting Policies [Line Items] | ||
Reserve coverage period in historical losses | 3 years 2 months 13 days | 2 years 4 months 12 days |
Consumer | ||
Accounting Policies [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Factors that Influenced Management's Judgment | 0.0034 | 0.0042 |
Commercial Portfolio Segment [Member] | ||
Accounting Policies [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Factors that Influenced Management's Judgment | 0.0039 | 0.0053 |
Summary of Significant Accoun63
Summary of Significant Accounting Policies - Depreciable Lives of Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 30 years |
Minimum | Equipment, furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 3 years |
Minimum | Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 1 year |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 30 years |
Maximum | Equipment, furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 12 years |
Maximum | Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 10 years |
Investment Securities - Narrat
Investment Securities - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Tax Equivalent Interest Adjustment | $ 1,400,000 | ||
Other than Temporary Impairment Losses, Investments | 0 | $ 0 | $ 0 |
Amortized cost of securities available-for-sale | 1,262,761,000 | 1,436,714,000 | |
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 259,833,000 | 149,302,000 | |
Federal home loan bank stock | 50,100,000 | 50,086,000 | |
Federal reserve bank stock | $ 8,200,000 | 8,226,000 | |
Investment Securities average remaining life | 4 years 5 months 2 days | ||
Money pledged for government and trust department deposits | $ 343,000,000 | 429,000,000 | |
Money pledged to secure repurchase agreements | 569,000,000 | 622,000,000 | |
Money Pledged as Collateral for FHLB Advance Borrowings | $ 25,000,000 | 21,000,000 | |
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block] | 0 | ||
Percentage of amount greater than shareholder's equity | 10.00% | ||
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | 88,000 | ||
Available-for-sale Securities, Gross Realized Gains | 22,000 | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | 1,200,000 | ||
Equity investments | $ 3,500,000 | 0 | |
Securities sold at a gain [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of securities available-for-sale | 187,000 | ||
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 3,056,000 | ||
Securities sold at a loss [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of securities available-for-sale | $ 0 | $ 174,100,000 | |
U.S. Government sponsored entity asset-backed securities | |||
Schedule of Investments [Line Items] | |||
Asset-backed securities mortgage portfolio, maturity term | 15 years | ||
Amortized cost of securities available-for-sale | $ 991,642,000 | 907,989,000 | |
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 71,211,000 | $ 101,112,000 | |
Residential mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Amortized cost of securities available-for-sale | 545,100,000 | ||
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 0 | ||
Collateralized mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Amortized cost of securities available-for-sale | 446,500,000 | ||
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | $ 71,200,000 | ||
Minimum | U.S. Treasury and sponsored entities callable notes | |||
Schedule of Investments [Line Items] | |||
Available for Sale Securities, Debt Maturities, Term | 10 months 20 days | ||
Maximum | U.S. Treasury and sponsored entities callable notes | |||
Schedule of Investments [Line Items] | |||
Available for Sale Securities, Debt Maturities, Term | 3 years 6 months |
Investment Securities - Schedu
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Securities Available-for-Sale | ||
Amortized Cost | $ 1,262,761 | $ 1,436,714 |
Gross Unrealized/Unrecognized Holding Gains | 7,687 | 10,366 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 12,309 | 10,814 |
Estimated Fair Value | 1,258,139 | 1,436,266 |
Securities Held-to-Maturity | ||
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 259,833 | 149,302 |
Gross Unrealized/Unrecognized Holding Gains | 2,074 | 2,260 |
Gross Unrealized/Unrecognized Holding Losses | 5,235 | 134 |
Estimated Fair Value | 256,672 | 151,428 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | ||
Securities Available-for-Sale | ||
Amortized Cost | 270,000 | 527,605 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,467 | 5,542 |
Estimated Fair Value | 267,533 | 522,063 |
Obligations of States and Political Subdivisions | ||
Securities Held-to-Maturity | ||
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 188,622 | 48,190 |
Gross Unrealized/Unrecognized Holding Gains | 977 | 734 |
Gross Unrealized/Unrecognized Holding Losses | 5,148 | |
Estimated Fair Value | 184,451 | 48,924 |
U.S. Government sponsored entity asset-backed securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 991,642 | 907,989 |
Gross Unrealized/Unrecognized Holding Gains | 5,372 | 8,776 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 9,842 | 5,272 |
Estimated Fair Value | 987,172 | 911,493 |
Securities Held-to-Maturity | ||
Securities held-to-maturity, at amortized cost (fair value of $256,672 and $151,428 at December 31, 2016 and 2015, respectively) | 71,211 | 101,112 |
Gross Unrealized/Unrecognized Holding Gains | 1,097 | 1,526 |
Gross Unrealized/Unrecognized Holding Losses | 87 | 134 |
Estimated Fair Value | 72,221 | 102,504 |
Equity securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 1,119 | 1,120 |
Gross Unrealized/Unrecognized Holding Gains | 2,315 | 1,590 |
Estimated Fair Value | $ 3,434 | $ 2,710 |
Investment Securities - Sche66
Investment Securities - Schedule of Unrealized Loss on Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months | $ 860,016 | $ 711,142 |
12 Months or Longer | 47,163 | 309,633 |
Total | 907,179 | 1,020,775 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 Months | 11,778 | 4,893 |
12 Months or Longer | 531 | 5,921 |
Total | 12,309 | 10,814 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months | 134,909 | |
12 Months or Longer | 7,564 | |
Total | 142,473 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 Months | 5,148 | |
12 Months or Longer | 87 | |
Total | 5,235 | |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months | 247,695 | 326,973 |
12 Months or Longer | 19,838 | 195,090 |
Total | 267,533 | 522,063 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 Months | 2,305 | 2,117 |
12 Months or Longer | 162 | 3,425 |
Total | 2,467 | 5,542 |
U.S. Government sponsored entity asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months | 612,321 | 384,169 |
12 Months or Longer | 27,325 | 114,543 |
Total | 639,646 | 498,712 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 Months | 9,473 | 2,776 |
12 Months or Longer | 369 | 2,496 |
Total | 9,842 | 5,272 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months | 5,656 | |
12 Months or Longer | 7,564 | 7,792 |
Total | 7,564 | 13,448 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 Months | 10 | |
12 Months or Longer | 87 | 124 |
Total | 87 | $ 134 |
Obligations of States and Political Subdivisions | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months | 134,909 | |
Total | 134,909 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 Months | 5,148 | |
Total | $ 5,148 |
Investment Securities - Amorti
Investment Securities - Amortized Cost and Estimated Fair Value of Investments in Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Estimated Fair Value | $ 1,258,139 | $ 1,436,266 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 188,622 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 184,451 | |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ||
U.S. Government sponsored entities’ asset-backed securities | 259,833 | 149,302 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 25,000 | |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 24,933 | |
Available for Sale Securities Debt Maturities next twelve months Weighted Avg Yield | 0.87% | |
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract] | ||
Due one through five years | $ 245,000 | |
Total | 270,000 | |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Due one through five years | 242,600 | |
Estimated Fair Value | $ 267,533 | 522,063 |
Available for Sale Securities Weighted Avg Yield | 1.18% | |
Available for Sale Securities Debt Maturities After One Through Five Years Weighted Avg Yield | 1.22% | |
Obligations of States and Political Subdivisions | ||
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | $ 188,622 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 184,451 | |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ||
U.S. Government sponsored entities’ asset-backed securities | $ 188,622 | 48,190 |
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Held to Maturity Securities weighted avg yield | 4.50% | |
U.S. Government sponsored entity asset-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract] | ||
Total | $ 991,642 | |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Estimated Fair Value | $ 987,172 | 911,493 |
Available for Sale Securities Weighted Avg Yield | 2.10% | |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ||
U.S. Government sponsored entities’ asset-backed securities | $ 71,211 | $ 101,112 |
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Held to Maturity Securities weighted avg yield | 3.31% |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Deferred Income | $ 11,100,000 | $ 10,400,000 | |
Deposit Liabilities Reclassified as Loans Receivable | 2,900,000 | 1,700,000 | |
Troubled Debt Restructuring, Classification removed | 2,700,000 | 1,200,000 | |
Partial charge-offs on impaired loans | 24,943,000 | 28,705,000 | |
Allowance for loans individually evaluated for impairment | 548,000 | 4,191,000 | |
Recorded investment, related to loans | 2,100,000 | 19,900,000 | |
Loans 90 days past due and still accruing | 2,138,000 | 1,975,000 | |
financing receivable non accrual current | 65,900,000 | 55,500,000 | |
TDRs included in nonaccrual loan totals | 46,900,000 | 41,100,000 | |
Nonaccrual TDRs considered current | 38,000,000 | 19,100,000 | |
TDRs included in accruing loan totals | 18,200,000 | 25,100,000 | |
Commitments to lend additional funds to borrowers whose terms had been modified in a TDR | 700,000 | 2,300,000 | |
Specific reserves related to troubled debt restructuring | 200,000 | 2,300,000 | |
Additional specific reserves related to troubled debt restructuring | 1,000,000 | 1,300,000 | $ 700,000 |
Modified substandard commercial loans, total recorded investment | 26,000 | 116,000 | |
Modified substandard consumer loans total recorded investment | 7,400,000 | 16,500,000 | |
Nonaccrual loans not classified as TDRs at prior fiscal year end | 9,400,000 | 800,000 | 700,000 |
Recorded investment modified as TDRs | 3,798,000 | 2,854,000 | 2,009,000 |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Allowance for loans individually evaluated for impairment | 0 | 0 | |
Loans 90 days past due and still accruing | 1,139,000 | 1,093,000 | |
Executive officers and directors | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans due from related party | 43,400,000 | 47,000,000 | |
New loan made to related party | 5,400,000 | 5,800,000 | |
Repayment of loans due from related party | 15,300,000 | 12,900,000 | |
Increase (Decrease) in Customer Advances | 3,500,000 | 7,100,000 | |
Accruing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Recorded investment modified as TDRs | 111,000 | 44,000 | 314,000 |
Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Recorded investment modified as TDRs | 3,700,000 | 2,800,000 | $ 1,700,000 |
Financing Receivable With No Related Allowance Recorded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Partial charge-offs on impaired loans | 24,700,000 | 24,200,000 | |
Financing Receivable With Related Allowance Recorded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Partial charge-offs on impaired loans | 200,000 | 4,500,000 | |
Loans receivable | Executive officers and directors | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans due from related party | $ 29,600,000 | $ 36,000,000 |
Loans - Composition of Loan Po
Loans - Composition of Loan Portfolio By Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | $ 95,358 | $ 109,305 | ||
Impaired Financing Receivable, Recorded Investment | 70,426 | 80,664 | $ 73,712 | |
Impaired Financing Receivable, Related Allowance | 548 | 4,191 | ||
Loan Balance | 5,271,857 | 5,068,085 | ||
Accrued Interest Receivable | 14,973 | 14,239 | ||
Recorded Investment | 5,286,830 | 5,082,324 | ||
Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 20,624 | 30,595 | 19,106 | |
Loan Balance | [1] | 994,619 | 955,727 | |
Accrued Interest Receivable | [1] | 3,558 | 3,437 | |
Recorded Investment | [1] | 998,177 | 959,164 | |
Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 24,474 | 18,025 | 21,989 | |
Loan Balance | [1] | 1,155,703 | 1,113,603 | |
Accrued Interest Receivable | [1] | 4,161 | 4,009 | |
Recorded Investment | [1] | 1,159,864 | 1,117,612 | |
Construction real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 188,945 | 173,345 | ||
Recorded Investment | 189,466 | 173,762 | ||
SEPH commercial land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | [1] | 0 | 2,044 | |
Accrued Interest Receivable | [1] | 0 | 0 | |
Recorded Investment | [1] | 0 | 2,044 | |
Remaining commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 2,226 | 4,676 | 5,609 | |
Loan Balance | 135,343 | 128,046 | ||
Accrued Interest Receivable | 398 | 321 | ||
Recorded Investment | 135,741 | 128,367 | ||
Mortgage | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 48,699 | 36,722 | ||
Accrued Interest Receivable | 106 | 75 | ||
Recorded Investment | 48,805 | 36,797 | ||
Installment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 4,903 | 6,533 | ||
Accrued Interest Receivable | 17 | 21 | ||
Recorded Investment | 4,920 | 6,554 | ||
Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 23,102 | 25,324 | $ 24,930 | |
Loan Balance | 406,687 | 410,571 | ||
Accrued Interest Receivable | 940 | 1,014 | ||
Recorded Investment | 407,627 | 411,585 | ||
Mortgage | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 1,169,495 | 1,210,819 | ||
Accrued Interest Receivable | 1,459 | 1,469 | ||
Recorded Investment | 1,170,954 | 1,212,288 | ||
HELOC | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 212,441 | 211,415 | ||
Accrued Interest Receivable | 853 | 769 | ||
Recorded Investment | 213,294 | 212,184 | ||
Installment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 19,874 | 22,638 | ||
Accrued Interest Receivable | 67 | 78 | ||
Recorded Investment | 19,941 | 22,716 | ||
Consumer | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 1,120,850 | 967,111 | ||
Accrued Interest Receivable | 3,385 | 3,032 | ||
Recorded Investment | 1,124,235 | 970,143 | ||
Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan Balance | 3,243 | 2,856 | ||
Accrued Interest Receivable | 29 | 14 | ||
Recorded Investment | 3,272 | 2,870 | ||
Financing Receivable With No Related Allowance Recorded [Member] | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 41,075 | 32,583 | ||
Impaired Financing Receivable, Recorded Investment | 19,965 | 18,763 | ||
Financing Receivable With No Related Allowance Recorded [Member] | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 23,961 | 15,138 | ||
Impaired Financing Receivable, Recorded Investment | 23,474 | 14,916 | ||
Financing Receivable With No Related Allowance Recorded [Member] | SEPH commercial land and development | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 10,834 | |||
Impaired Financing Receivable, Recorded Investment | 2,044 | |||
Financing Receivable With No Related Allowance Recorded [Member] | Remaining commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 3,662 | 2,506 | ||
Impaired Financing Receivable, Recorded Investment | 2,226 | 1,531 | ||
Financing Receivable With No Related Allowance Recorded [Member] | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 24,409 | 23,798 | ||
Impaired Financing Receivable, Recorded Investment | 22,687 | 23,480 | ||
Financing Receivable With Related Allowance Recorded [Member] | Commercial, financial and agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 810 | 16,155 | ||
Impaired Financing Receivable, Recorded Investment | 659 | 11,832 | ||
Impaired Financing Receivable, Related Allowance | 152 | 1,904 | ||
Financing Receivable With Related Allowance Recorded [Member] | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,014 | 3,195 | ||
Impaired Financing Receivable, Recorded Investment | 1,000 | 3,109 | ||
Impaired Financing Receivable, Related Allowance | 309 | 381 | ||
Financing Receivable With Related Allowance Recorded [Member] | Remaining commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 3,145 | |||
Impaired Financing Receivable, Recorded Investment | 3,145 | |||
Impaired Financing Receivable, Related Allowance | 1,356 | |||
Financing Receivable With Related Allowance Recorded [Member] | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 427 | 1,951 | ||
Impaired Financing Receivable, Recorded Investment | 415 | 1,844 | ||
Impaired Financing Receivable, Related Allowance | $ 87 | $ 550 | ||
[1] | Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. |
Loans - Recorded Investment in
Loans - Recorded Investment in Nonaccrual, Restructured and Loans Past Due 90 Days or More and Accruing (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 70,426 | $ 80,664 | $ 73,712 |
Nonaccrual Loans | 87,822 | 95,887 | |
Accruing Troubled Debt Restructurings | 18,228 | 25,088 | |
Loans Past Due 90 Days or More and Accruing | 2,138 | 1,975 | |
Total Nonperforming Loans | 108,188 | 122,950 | |
Impaired Financing Receivable, Average Recorded Investment | 79,496 | 70,762 | 92,614 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 4,777 | 1,963 | 2,678 |
Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 20,624 | 30,595 | 19,106 |
Nonaccrual Loans | 20,057 | 21,676 | |
Accruing Troubled Debt Restructurings | 600 | 8,947 | |
Loans Past Due 90 Days or More and Accruing | 15 | 0 | |
Total Nonperforming Loans | 20,672 | 30,623 | |
Impaired Financing Receivable, Average Recorded Investment | 26,821 | 20,179 | 19,518 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 885 | 340 | 360 |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 24,474 | 18,025 | 21,989 |
Nonaccrual Loans | 19,169 | 15,268 | |
Accruing Troubled Debt Restructurings | 5,305 | 2,757 | |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | |
Total Nonperforming Loans | 24,474 | 18,025 | |
Impaired Financing Receivable, Average Recorded Investment | 22,828 | 17,883 | 31,945 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 884 | 550 | 1,027 |
SEPH commercial land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,044 | 2,078 | |
Nonaccrual Loans | 0 | 2,044 | |
Accruing Troubled Debt Restructurings | 0 | 0 | |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | |
Total Nonperforming Loans | 0 | 2,044 | |
Impaired Financing Receivable, Average Recorded Investment | 1,597 | 2,066 | 3,658 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 21 | 146 | |
Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,226 | 4,676 | 5,609 |
Nonaccrual Loans | 1,833 | 4,162 | |
Accruing Troubled Debt Restructurings | 393 | 514 | |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | |
Total Nonperforming Loans | 2,226 | 4,676 | |
Impaired Financing Receivable, Average Recorded Investment | 3,906 | 5,666 | 8,784 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 66 | 26 | 61 |
Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 0 | 7 | |
Accruing Troubled Debt Restructurings | 104 | 110 | |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | |
Total Nonperforming Loans | 104 | 117 | |
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 61 | 64 | |
Accruing Troubled Debt Restructurings | 95 | 114 | |
Loans Past Due 90 Days or More and Accruing | 12 | 0 | |
Total Nonperforming Loans | 168 | 178 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 23,102 | 25,324 | 24,930 |
Nonaccrual Loans | 23,013 | 25,063 | |
Accruing Troubled Debt Restructurings | 89 | 261 | |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | |
Total Nonperforming Loans | 23,102 | 25,324 | |
Impaired Financing Receivable, Average Recorded Investment | 24,341 | 24,968 | 28,306 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 2,942 | 1,026 | 1,084 |
Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 18,313 | 20,378 | |
Accruing Troubled Debt Restructurings | 9,612 | 10,143 | |
Loans Past Due 90 Days or More and Accruing | 887 | 851 | |
Total Nonperforming Loans | 28,812 | 31,372 | |
HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 1,783 | 1,749 | |
Accruing Troubled Debt Restructurings | 673 | 873 | |
Loans Past Due 90 Days or More and Accruing | 25 | 27 | |
Total Nonperforming Loans | 2,481 | 2,649 | |
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 644 | 1,657 | |
Accruing Troubled Debt Restructurings | 609 | 635 | |
Loans Past Due 90 Days or More and Accruing | 60 | 4 | |
Total Nonperforming Loans | 1,313 | 2,296 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 2,949 | 3,819 | |
Accruing Troubled Debt Restructurings | 748 | 734 | |
Loans Past Due 90 Days or More and Accruing | 1,139 | 1,093 | |
Total Nonperforming Loans | 4,836 | $ 5,646 | |
Impaired Financing Receivable, Average Recorded Investment | $ 3 | $ 403 |
Loans - Loans Individually and
Loans - Loans Individually and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | $ 106,050 | $ 120,975 |
Loans individually evaluated for impairment | 70,426 | 80,664 |
Loans collectively evaluated for impairment | 35,624 | 40,311 |
Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 20,657 | 30,623 |
Loans individually evaluated for impairment | 20,624 | 30,595 |
Loans collectively evaluated for impairment | 33 | 28 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 24,474 | 18,025 |
Loans individually evaluated for impairment | 24,474 | 18,025 |
Loans collectively evaluated for impairment | 0 | 0 |
SEPH commercial land and development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 0 | 2,044 |
Loans individually evaluated for impairment | 0 | 2,044 |
Loans collectively evaluated for impairment | 0 | 0 |
Remaining commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 2,226 | 4,676 |
Loans individually evaluated for impairment | 2,226 | 4,676 |
Loans collectively evaluated for impairment | 0 | 0 |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 104 | 117 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 104 | 117 |
Installment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 156 | 178 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 156 | 178 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 23,102 | 25,324 |
Loans individually evaluated for impairment | 23,102 | 25,324 |
Loans collectively evaluated for impairment | 0 | 0 |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 27,925 | 30,521 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 27,925 | 30,521 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 2,456 | 2,622 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 2,456 | 2,622 |
Installment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 1,253 | 2,292 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 1,253 | 2,292 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual and accruing TDRs | 3,697 | 4,553 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | $ 3,697 | $ 4,553 |
Loans - Loans Individually Eva
Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | $ 95,358 | $ 109,305 | |
Recorded investment | 70,426 | 80,664 | $ 73,712 |
Allowance for loan losses allocated | 548 | 4,191 | |
Impaired Financing Receivable, Average Recorded Investment | 79,496 | 70,762 | 92,614 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 4,777 | 1,963 | 2,678 |
Commercial, financial and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 20,624 | 30,595 | 19,106 |
Impaired Financing Receivable, Average Recorded Investment | 26,821 | 20,179 | 19,518 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 885 | 340 | 360 |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 24,474 | 18,025 | 21,989 |
Impaired Financing Receivable, Average Recorded Investment | 22,828 | 17,883 | 31,945 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 884 | 550 | 1,027 |
Remaining commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 2,226 | 4,676 | 5,609 |
Impaired Financing Receivable, Average Recorded Investment | 3,906 | 5,666 | 8,784 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 66 | 26 | 61 |
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 23,102 | 25,324 | 24,930 |
Impaired Financing Receivable, Average Recorded Investment | 24,341 | 24,968 | 28,306 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 2,942 | 1,026 | 1,084 |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | 3 | 403 | |
Construction Real Estate Vision Commercial Land And Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 2,044 | 2,078 | |
Impaired Financing Receivable, Average Recorded Investment | 1,597 | 2,066 | 3,658 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 21 | $ 146 | |
With no related allowance recorded | Commercial, financial and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 41,075 | 32,583 | |
Recorded investment | 19,965 | 18,763 | |
With no related allowance recorded | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 23,961 | 15,138 | |
Recorded investment | 23,474 | 14,916 | |
With no related allowance recorded | SEPH commercial land and development | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 10,834 | ||
Recorded investment | 2,044 | ||
With no related allowance recorded | Remaining commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 3,662 | 2,506 | |
Recorded investment | 2,226 | 1,531 | |
With no related allowance recorded | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 24,409 | 23,798 | |
Recorded investment | $ 22,687 | $ 23,480 |
Loans - Average Recorded Inves
Loans - Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | $ 70,426 | $ 80,664 | $ 73,712 |
Average recorded investment | 79,496 | 70,762 | 92,614 |
Interest income recognized | 4,777 | 1,963 | 2,678 |
Commercial, financial and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 20,624 | 30,595 | 19,106 |
Average recorded investment | 26,821 | 20,179 | 19,518 |
Interest income recognized | 885 | 340 | 360 |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 24,474 | 18,025 | 21,989 |
Average recorded investment | 22,828 | 17,883 | 31,945 |
Interest income recognized | 884 | 550 | 1,027 |
SEPH commercial land and development | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 2,044 | 2,078 | |
Average recorded investment | 1,597 | 2,066 | 3,658 |
Interest income recognized | 21 | 146 | |
Remaining commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 2,226 | 4,676 | 5,609 |
Average recorded investment | 3,906 | 5,666 | 8,784 |
Interest income recognized | 66 | 26 | 61 |
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 23,102 | 25,324 | 24,930 |
Average recorded investment | 24,341 | 24,968 | 28,306 |
Interest income recognized | 2,942 | $ 1,026 | 1,084 |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Average recorded investment | $ 3 | $ 403 |
Loans - Aging of Recorded Inve
Loans - Aging of Recorded Investment in Past Due Loans(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | $ 26,591 | $ 24,505 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 24,050 | [1] | 42,383 | [2] | |
Total past due | 50,641 | 66,888 | |||
Total current (2) | 5,236,189 | 5,015,436 | |||
Recorded Investment | 5,286,830 | 5,082,324 | |||
Commercial, financial and agricultural | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 371 | 670 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 4,113 | [1] | 7,536 | [2] | |
Total past due | 4,484 | 8,206 | |||
Total current (2) | 993,693 | 950,958 | |||
Recorded Investment | [3] | 998,177 | 959,164 | ||
Commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 355 | 142 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 2,499 | [1] | 530 | [2] | |
Total past due | 2,854 | 672 | |||
Total current (2) | 1,157,010 | 1,116,940 | |||
Recorded Investment | [3] | 1,159,864 | 1,117,612 | ||
Construction real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Recorded Investment | 189,466 | 173,762 | |||
SEPH commercial land and development | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | [2] | 2,044 | |||
Total past due | 2,044 | ||||
Recorded Investment | 2,044 | ||||
Remaining commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 165 | ||||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 541 | [1] | 84 | [2] | |
Total past due | 541 | 249 | |||
Total current (2) | 135,200 | 128,118 | |||
Recorded Investment | 135,741 | 128,367 | |||
Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 559 | 63 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | [2] | 7 | |||
Total past due | 559 | 70 | |||
Total current (2) | 48,246 | 36,727 | |||
Recorded Investment | 48,805 | 36,797 | |||
Installment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 223 | 200 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 64 | [1] | 46 | [2] | |
Total past due | 287 | 246 | |||
Total current (2) | 4,633 | 6,308 | |||
Recorded Investment | 4,920 | 6,554 | |||
Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 330 | 325 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 3,631 | [1] | 19,521 | [2] | |
Total past due | 3,961 | 19,846 | |||
Total current (2) | 403,666 | 391,739 | |||
Recorded Investment | 407,627 | 411,585 | |||
Mortgage | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 10,854 | 10,569 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 9,769 | [1] | 8,735 | [2] | |
Total past due | 20,623 | 19,304 | |||
Total current (2) | 1,150,331 | 1,192,984 | |||
Recorded Investment | 1,170,954 | 1,212,288 | |||
HELOC | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 970 | 487 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 1,020 | [1] | 186 | [2] | |
Total past due | 1,990 | 673 | |||
Total current (2) | 211,304 | 211,511 | |||
Recorded Investment | 213,294 | 212,184 | |||
Installment | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 350 | 426 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 319 | [1] | 318 | [2] | |
Total past due | 669 | 744 | |||
Total current (2) | 19,272 | 21,972 | |||
Recorded Investment | 19,941 | 22,716 | |||
Consumer | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 12,579 | 11,458 | |||
Past due, nonaccrual loans and loans past due 90 days or more and accruing (1) | 2,094 | [1] | 3,376 | [2] | |
Total past due | 14,673 | 14,834 | |||
Total current (2) | 1,109,562 | 955,309 | |||
Recorded Investment | 1,124,235 | 970,143 | |||
Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total current (2) | 3,272 | 2,870 | |||
Recorded Investment | $ 3,272 | $ 2,870 | |||
[1] | (1) Includes an aggregate of $2.1 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.(2) Includes an aggregate of $65.9 million of nonaccrual loans which are current in regards to contractual principal and interest payments. | ||||
[2] | (1) Includes an aggregate of $2.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.(2) Includes an aggregate of $55.5 million of nonaccrual loans which are current in regards to contractual principal and interest payments. | ||||
[3] | Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. |
Loans - Recorded Investment by
Loans - Recorded Investment by Loan Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 5,271,857 | $ 5,068,085 | $ 4,829,682 |
Five Rated [Member] | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,826 | 4,392 | |
Five Rated [Member] | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,548 | 14,880 | |
Five Rated [Member] | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 287 | 2,151 | |
Five Rated [Member] | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,055 | 3,280 | |
Five Rated [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 14,716 | 24,703 | |
Six Rated [Member] | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 347 | ||
Six Rated [Member] | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 190 | 3,417 | |
Six Rated [Member] | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 118 | 122 | |
Six Rated [Member] | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 124 | 386 | |
Six Rated [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 432 | 4,272 | |
Impaired [Member] | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,657 | 30,623 | |
Impaired [Member] | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 24,474 | 18,025 | |
Impaired [Member] | SEPH commercial land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,044 | ||
Impaired [Member] | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,226 | 4,676 | |
Impaired [Member] | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,102 | 25,324 | |
Impaired [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 70,459 | 80,692 | |
Pass [Member] | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 971,694 | 923,802 | |
Pass [Member] | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,127,652 | 1,081,290 | |
Pass [Member] | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 133,110 | 121,418 | |
Pass [Member] | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 383,346 | 382,595 | |
Pass [Member] | Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,272 | 2,870 | |
Pass [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,619,074 | 2,511,975 | |
Recorded Investment [Member] | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 998,177 | 959,164 | |
Recorded Investment [Member] | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,159,864 | 1,117,612 | |
Recorded Investment [Member] | SEPH commercial land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,044 | ||
Recorded Investment [Member] | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 135,741 | 128,367 | |
Recorded Investment [Member] | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 407,627 | 411,585 | |
Recorded Investment [Member] | Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,272 | 2,870 | |
Recorded Investment [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 2,704,681 | $ 2,621,642 |
Loans - TDR Number of Contract
Loans - TDR Number of Contracts Modified And Recorded Investment (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($)contracts | |
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 97 | 67 | 86 |
Recorded Investment | $ 3,798,000 | $ 2,854,000 | $ 2,009,000 |
Number of Contracts | contracts | 405 | 424 | 450 |
Total Recorded Investment Modified as TDRs During Period | $ 21,258,000 | $ 23,324,000 | $ 8,395,000 |
Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | 0 | 0 |
Recorded Investment | $ 0 | ||
Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 7 | 1 | 4 |
Recorded Investment | $ 419,000 | $ 1,000 | $ 206,000 |
Number of Contracts | contracts | 32 | 39 | 30 |
Total Recorded Investment Modified as TDRs During Period | $ 8,641,000 | $ 12,588,000 | $ 723,000 |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 5 | 1 | 1 |
Recorded Investment | $ 843,000 | $ 626,000 | $ 302,000 |
Number of Contracts | contracts | 14 | 14 | 11 |
Total Recorded Investment Modified as TDRs During Period | $ 6,381,000 | $ 4,160,000 | $ 2,438,000 |
SEPH commercial land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | ||
SEPH commercial land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | 0 | 0 |
Number of Contracts | contracts | 0 | 0 | |
Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | 0 | 0 |
Number of Contracts | contracts | 2 | 2 | 2 |
Total Recorded Investment Modified as TDRs During Period | $ 1,143,000 | $ 513,000 | $ 206,000 |
Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | 0 | 0 |
Recorded Investment | $ 0 | ||
Number of Contracts | contracts | 0 | 1 | 0 |
Total Recorded Investment Modified as TDRs During Period | $ 19,000 | ||
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | 0 | 0 |
Recorded Investment | $ 0 | ||
Number of Contracts | contracts | 1 | 0 | 2 |
Total Recorded Investment Modified as TDRs During Period | $ 56,000 | ||
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 7 | 3 | 1 |
Recorded Investment | $ 848,000 | $ 1,005,000 | $ 3,000 |
Number of Contracts | contracts | 11 | 11 | 9 |
Total Recorded Investment Modified as TDRs During Period | $ 1,122,000 | $ 1,185,000 | $ 866,000 |
Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 15 | 12 | 14 |
Recorded Investment | $ 1,201,000 | $ 682,000 | $ 810,000 |
Number of Contracts | contracts | 34 | 39 | 46 |
Total Recorded Investment Modified as TDRs During Period | $ 2,406,000 | $ 3,254,000 | $ 2,357,000 |
HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 0 | 1 | 2 |
Recorded Investment | $ 5,000 | $ 160,000 | |
Number of Contracts | contracts | 13 | 26 | 10 |
Total Recorded Investment Modified as TDRs During Period | $ 282,000 | $ 360,000 | $ 326,000 |
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 1 | 2 | 2 |
Recorded Investment | $ 3,000 | $ 101,000 | $ 12,000 |
Number of Contracts | contracts | 5 | 9 | 10 |
Total Recorded Investment Modified as TDRs During Period | $ 105,000 | $ 155,000 | $ 121,000 |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | contracts | 293 | 283 | 330 |
Total Recorded Investment Modified as TDRs During Period | $ 1,178,000 | $ 1,090,000 | $ 1,302,000 |
Accruing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Recorded Investment | 111,000 | 44,000 | 314,000 |
Total Recorded Investment Modified as TDRs During Period | 4,628,000 | 11,766,000 | 1,946,000 |
Accruing | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 191,000 | 8,948,000 | 292,000 |
Accruing | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 3,844,000 | 637,000 | 1,184,000 |
Accruing | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 513,000 | ||
Accruing | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 0 | 19,000 | 0 |
Accruing | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 0 | 0 | 0 |
Accruing | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 89,000 | ||
Accruing | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 114,000 | 1,132,000 | 32,000 |
Accruing | HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 104,000 | 315,000 | 85,000 |
Accruing | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 102,000 | 109,000 | |
Accruing | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 184,000 | 202,000 | 244,000 |
Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Recorded Investment | 3,700,000 | 2,800,000 | 1,700,000 |
Total Recorded Investment Modified as TDRs During Period | 16,630,000 | 11,558,000 | 6,449,000 |
Nonaccrual | Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 8,450,000 | 3,640,000 | 431,000 |
Nonaccrual | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 2,537,000 | 3,523,000 | 1,254,000 |
Nonaccrual | Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 1,143,000 | 206,000 | |
Nonaccrual | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 56,000 | ||
Nonaccrual | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 1,033,000 | 1,185,000 | 866,000 |
Nonaccrual | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 2,292,000 | 2,122,000 | 2,325,000 |
Nonaccrual | HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 178,000 | 45,000 | 241,000 |
Nonaccrual | Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | 3,000 | 155,000 | 12,000 |
Nonaccrual | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Recorded Investment Modified as TDRs During Period | $ 994,000 | $ 888,000 | $ 1,058,000 |
Loans - Recorded Investment 77
Loans - Recorded Investment in Financing Receivable Modified as TDR Within 12 Month (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($)contracts | |
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 97 | 67 | 86 |
Recorded Investment | $ | $ 3,798 | $ 2,854 | $ 2,009 |
Commercial, financial and agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 7 | 1 | 4 |
Recorded Investment | $ | $ 419 | $ 1 | $ 206 |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 5 | 1 | 1 |
Recorded Investment | $ | $ 843 | $ 626 | $ 302 |
SEPH commercial land and development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 0 | 0 | 0 |
Remaining commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 0 | 0 | 0 |
Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | ||
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | ||
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 7 | 3 | 1 |
Recorded Investment | $ | $ 848 | $ 1,005 | $ 3 |
Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 15 | 12 | 14 |
Recorded Investment | $ | $ 1,201 | $ 682 | $ 810 |
HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 0 | 1 | 2 |
Recorded Investment | $ | $ 5 | $ 160 | |
Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 1 | 2 | 2 |
Recorded Investment | $ | $ 3 | $ 101 | $ 12 |
Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Contracts | 62 | 47 | 62 |
Recorded Investment | $ | $ 484 | $ 434 | $ 516 |
Allowance for Loan Losses - Al
Allowance for Loan Losses - Allowance Calculation at the Segment Level and Adjusted Beginning Balance for the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 3,800 | |||
Allowance for Loan and Lease Losses, Reserve Estimate Methodology, Historical Loss Period Factor | 84 months | |||
Beginning balance | $ 56,494 | $ 54,352 | ||
Charge-offs | 20,799 | 14,290 | $ 24,780 | |
Recoveries | (20,030) | (11,442) | (26,997) | |
Net charge-offs (recoveries) | 769 | 2,848 | (2,217) | |
Provision (Recovery) | (5,101) | 4,990 | (7,333) | |
Ending balance | 50,624 | 56,494 | 54,352 | |
Commercial, financial and agricultural | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 13,694 | 10,719 | ||
Charge-offs | 5,786 | 2,478 | 3,779 | |
Recoveries | (1,259) | (1,373) | (1,003) | |
Net charge-offs (recoveries) | 4,527 | 1,105 | 2,776 | |
Provision (Recovery) | 4,267 | 4,080 | (723) | |
Ending balance | 13,694 | 10,719 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 9,197 | 8,808 | ||
Charge-offs | 412 | 348 | 8,003 | |
Recoveries | (3,671) | (2,241) | (7,759) | |
Net charge-offs (recoveries) | (3,259) | (1,893) | 244 | |
Provision (Recovery) | (2,024) | (1,504) | (6,847) | |
Ending balance | 9,197 | 8,808 | ||
Construction real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 8,564 | 8,652 | ||
Charge-offs | 1,436 | 470 | 1,316 | |
Recoveries | (8,559) | (2,092) | (12,572) | |
Net charge-offs (recoveries) | (7,123) | (1,622) | (11,256) | |
Provision (Recovery) | (10,440) | (1,710) | (9,459) | |
Ending balance | 8,564 | 8,652 | ||
Residential real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 13,514 | 14,772 | ||
Charge-offs | 3,014 | 2,352 | 3,944 | |
Recoveries | (2,446) | (2,438) | (2,985) | |
Net charge-offs (recoveries) | 568 | (86) | 959 | |
Provision (Recovery) | (1,988) | (1,344) | 1,480 | |
Ending balance | 13,514 | 14,772 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 11,524 | 11,401 | ||
Charge-offs | 10,151 | 8,642 | 7,738 | |
Recoveries | (4,094) | (3,295) | (2,671) | |
Net charge-offs (recoveries) | 6,057 | 5,347 | 5,067 | |
Provision (Recovery) | 5,086 | 5,470 | 8,223 | |
Ending balance | 11,524 | 11,401 | ||
Leases | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1 | 0 | ||
Charge-offs | 0 | 0 | 0 | |
Recoveries | (1) | (3) | (7) | |
Net charge-offs (recoveries) | (1) | (3) | (7) | |
Provision (Recovery) | $ (2) | (2) | (7) | |
Ending balance | $ 1 | $ 0 |
Allowance for Loan Losses - Co
Allowance for Loan Losses - Composition of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 50,624 | $ 56,494 | $ 54,352 | $ 59,468 | |
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 548 | 4,191 | |||
Collectively evaluated for impairment | 50,076 | 52,303 | |||
Total ending allowance balance | 50,624 | 56,494 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 70,415 | 80,599 | |||
Loans collectively evaluated for impairment | 5,201,442 | 4,987,486 | |||
Total ending loan balance | $ 5,271,857 | $ 5,068,085 | |||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 0.78% | 5.20% | |||
Loans collectively evaluated for impairment | 0.96% | 1.05% | |||
Total | 0.96% | 1.11% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 70,426 | $ 80,664 | |||
Loans collectively evaluated for impairment | 5,216,404 | 5,001,660 | |||
Recorded Investment | 5,286,830 | 5,082,324 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 20,799 | 14,290 | 24,780 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (20,030) | (11,442) | (26,997) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 769 | 2,848 | (2,217) | ||
Provision for Loan, Lease, and Other Losses | (5,101) | 4,990 | (7,333) | ||
Commercial, financial and agricultural | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | 13,694 | 10,719 | 14,218 | ||
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 152 | 1,904 | |||
Collectively evaluated for impairment | 13,282 | 11,790 | |||
Total ending allowance balance | 13,434 | 13,694 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 20,622 | 30,545 | |||
Loans collectively evaluated for impairment | 973,997 | 925,182 | |||
Total ending loan balance | [1] | $ 994,619 | $ 955,727 | ||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 0.74% | 6.23% | |||
Loans collectively evaluated for impairment | 1.36% | 1.27% | |||
Total | 1.35% | 1.43% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 20,624 | $ 30,595 | |||
Loans collectively evaluated for impairment | 977,553 | 928,569 | |||
Recorded Investment | [1] | 998,177 | 959,164 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 5,786 | 2,478 | 3,779 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (1,259) | (1,373) | (1,003) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 4,527 | 1,105 | 2,776 | ||
Provision for Loan, Lease, and Other Losses | 4,267 | 4,080 | (723) | ||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | 9,197 | 8,808 | 15,899 | ||
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 309 | 381 | |||
Collectively evaluated for impairment | 10,123 | 8,816 | |||
Total ending allowance balance | 10,432 | 9,197 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 24,465 | 18,015 | |||
Loans collectively evaluated for impairment | 1,131,238 | 1,095,588 | |||
Total ending loan balance | [1] | $ 1,155,703 | $ 1,113,603 | ||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 1.26% | 2.11% | |||
Loans collectively evaluated for impairment | 0.89% | 0.80% | |||
Total | 0.90% | 0.83% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 24,474 | $ 18,025 | |||
Loans collectively evaluated for impairment | 1,135,390 | 1,099,587 | |||
Recorded Investment | [1] | 1,159,864 | 1,117,612 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 412 | 348 | 8,003 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (3,671) | (2,241) | (7,759) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | (3,259) | (1,893) | 244 | ||
Provision for Loan, Lease, and Other Losses | (2,024) | (1,504) | (6,847) | ||
Construction real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | 8,564 | 8,652 | 6,855 | ||
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 0 | 1,356 | |||
Collectively evaluated for impairment | 5,247 | 7,208 | |||
Total ending allowance balance | 5,247 | 8,564 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 2,226 | 6,716 | |||
Loans collectively evaluated for impairment | 186,719 | 166,629 | |||
Total ending loan balance | $ 188,945 | $ 173,345 | |||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 0.00% | 20.19% | |||
Loans collectively evaluated for impairment | 2.81% | 4.33% | |||
Total | 2.78% | 4.94% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 2,226 | $ 6,720 | |||
Loans collectively evaluated for impairment | 187,240 | 167,042 | |||
Recorded Investment | 189,466 | 173,762 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 1,436 | 470 | 1,316 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (8,559) | (2,092) | (12,572) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | (7,123) | (1,622) | (11,256) | ||
Provision for Loan, Lease, and Other Losses | (10,440) | (1,710) | (9,459) | ||
Residential real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | 13,514 | 14,772 | 14,251 | ||
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 87 | 550 | |||
Collectively evaluated for impairment | 10,871 | 12,964 | |||
Total ending allowance balance | 10,958 | 13,514 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 23,102 | 25,323 | |||
Loans collectively evaluated for impairment | 1,785,395 | 1,830,120 | |||
Total ending loan balance | $ 1,808,497 | $ 1,855,443 | |||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 0.38% | 2.17% | |||
Loans collectively evaluated for impairment | 0.61% | 0.71% | |||
Total | 0.61% | 0.73% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 23,102 | $ 25,324 | |||
Loans collectively evaluated for impairment | 1,788,714 | 1,833,449 | |||
Recorded Investment | 1,811,816 | 1,858,773 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 3,014 | 2,352 | 3,944 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (2,446) | (2,438) | (2,985) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 568 | (86) | 959 | ||
Provision for Loan, Lease, and Other Losses | (1,988) | (1,344) | 1,480 | ||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | 11,524 | 11,401 | 8,245 | ||
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 10,553 | 11,524 | |||
Total ending allowance balance | 10,553 | 11,524 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 1,120,850 | 967,111 | |||
Total ending loan balance | $ 1,120,850 | $ 967,111 | |||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 0.00% | 0.00% | |||
Loans collectively evaluated for impairment | 0.94% | 1.19% | |||
Total | 0.94% | 1.19% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 0 | $ 0 | |||
Loans collectively evaluated for impairment | 1,124,235 | 970,143 | |||
Recorded Investment | 1,124,235 | 970,143 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 10,151 | 8,642 | 7,738 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (4,094) | (3,295) | (2,671) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 6,057 | 5,347 | 5,067 | ||
Provision for Loan, Lease, and Other Losses | 5,086 | 5,470 | 8,223 | ||
Leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | 1 | 0 | $ 0 | ||
Ending allowance balance attributed to loans | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 1 | |||
Total ending allowance balance | 0 | 1 | |||
Loan Balance: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 3,243 | 2,856 | |||
Total ending loan balance | $ 3,243 | $ 2,856 | |||
Allowance for loan losses as a percentage of loan balance: | |||||
Loans individually evaluated for impairment | 0.00% | 0.00% | |||
Loans collectively evaluated for impairment | 0.00% | 0.04% | |||
Total | 0.00% | 0.04% | |||
Recorded Investment: | |||||
Loans individually evaluated for impairment | $ 0 | $ 0 | |||
Loans collectively evaluated for impairment | 3,272 | 2,870 | |||
Recorded Investment | 3,272 | 2,870 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | (1) | (3) | (7) | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | (1) | (3) | (7) | ||
Provision for Loan, Lease, and Other Losses | $ (2) | $ (2) | $ (7) | ||
[1] | Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. |
Loans Held for Sale Narrative (
Loans Held for Sale Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Held for Sale [Line Items] | |||
Disposal Group, Including Discontinued Operation, Mortgage Loans | $ 10,413,000 | $ 7,306,000 | |
Loans Held-for-sale, Mortgages, Contractual Balance | 10,300,000 | 7,200,000 | |
Expected Gain (Loss) on Sale of Mortgage Loans | 131,000 | 95,000 | |
Commercial Portfolio Segment [Member] | |||
Loans Held for Sale [Line Items] | |||
Loans held for sale - lower of cost or market | $ 0 | 144,000 | $ 22,000,000 |
Gain (Loss) on Sale of Loans and Leases | $ 800,000 | $ 1,900,000 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 13,926 | $ 18,651 |
Construction real estate | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,624 | 7,259 |
Commercial Real Estate [Member] | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 7,642 | 8,333 |
Residential real estate | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,660 | 3,059 |
Mortgage Loans in Process of Foreclosure, Amount | $ 3,250 | $ 2,021 |
Premises And Equipment - Narra
Premises And Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 8.4 | $ 7.3 | $ 7.2 |
Rent expense | $ 2.1 | $ 1.7 | $ 1.7 |
Premises And Equipment - Major
Premises And Equipment - Major Categories of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | $ 151,168 | $ 145,365 |
Less accumulated depreciation | (93,197) | (85,872) |
Premises and equipment, net | 57,971 | 59,493 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 19,577 | 19,123 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 75,472 | 74,525 |
Equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 52,719 | 47,839 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | $ 3,400 | $ 3,878 |
Premises And Equipment - Schedu
Premises And Equipment - Schedule of Future Minimum Rental Payments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 1,508 |
2,018 | 1,269 |
2,019 | 1,178 |
2,020 | 621 |
2,021 | 422 |
Thereafter | 700 |
Total | $ 5,698 |
Investment in Qualified Affor85
Investment in Qualified Affordable Housing (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Equity investments | $ 3,500 | $ 0 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 7,300 | 6,700 | $ 6,900 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 9,400 | 8,900 | $ 8,800 |
Affordable Housing Program Obligation | 14,282 | 20,311 | |
Qualified Affordable Housing [Domain] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Equity investments | $ 52,947 | $ 51,247 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Deposits received from executive officers, directors, and their related interests | $ 26.5 | $ 21.6 |
Time Deposits, $250,000 or more | $ 43.3 | $ 49.7 |
Deposits - Summary of Noninter
Deposits - Summary of Noninterest Bearing and Interest Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | |||
Non-interest bearing | $ 1,523,417 | $ 1,404,032 | |
Interest bearing | 3,998,539 | 3,943,610 | |
Total deposits | $ 5,521,956 | $ 5,347,642 | $ 5,128,000 |
Deposits - Time Deposits (Deta
Deposits - Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or more | $ 43,300 | $ 49,700 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2,017 | 717,879 | |
2,018 | 131,236 | |
2,019 | 153,257 | |
2,020 | 63,758 | |
2,021 | 51,245 | |
After 5 years | 495 | |
Total | $ 1,117,870 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2012 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
ERROR in label resolution. | $ 640,000 | $ 583,000 | |
Pledged Assets Separately Reported, Securities Pledged for Repurchase Agreements, at Fair Value | 569,000 | 622,000 | |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 509,795 | 554,242 | |
Maturity Greater than 90 Days [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 301,104 | 304,385 | |
Maturity 30 to 90 Days [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 0 | |
Maturity Less than 30 Days [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 2,239 | |
Maturity Overnight [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | $ 208,691 | $ 247,618 | |
Long-term Debt [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | $ 300,000 |
Short-Term Borrowings - Narrat
Short-Term Borrowings - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Money Pledged as Collateral for FHLB Advance Borrowings | $ 25 | $ 21 |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Commercial real estate and residential mortgage loans pledged under blanket agreement | $ 1,909 | $ 1,985 |
Short-Term Borrowings - Schedu
Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 209,795 | $ 254,242 |
FHLB advances | 185,000 | 140,000 |
Total short-term borrowings | 394,795 | 394,242 |
Repurchase agreements | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 209,795 | 254,242 |
Highest month-end balance | 248,277 | 278,324 |
Average daily balance | $ 224,763 | $ 257,622 |
Weighted-average interest rate: | ||
As of year-end | 0.17% | 0.17% |
Paid during the year | 0.16% | 0.18% |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 185,000 | $ 140,000 |
Highest month-end balance | 185,000 | 140,000 |
Average daily balance | $ 15,694 | $ 1,096 |
Weighted-average interest rate: | ||
As of year-end | 0.80% | 0.56% |
Paid during the year | 0.63% | 0.59% |
Long-Term Debt - Narrative (De
Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2012 | |
Debt Instrument [Line Items] | ||||
Prepayment penalty on long-term debt | $ 5,554 | $ 532 | $ 0 | |
Gains (Losses) on Restructuring of Debt | 5,600 | 500 | 3,200 | |
Amortization of prepayment penalty on long term debt | 6,176 | 6,047 | 5,031 | |
Prepayment Penalty, Future Amortization Expense [Abstract] | ||||
Long-term debt with contractual maturity longer than five years | 100,000 | 150,000 | ||
Money Pledged as Collateral for FHLB Advance Borrowings | 25,000 | 21,000 | ||
FHLB Debt Prepaid | $ 50,000 | $ 54,500 | ||
FHLB Debt Prepaid Weighted Avg Rate | 3150.00% | 1.59% | ||
FHLB Debt Amount Restructured | $ 50,000 | |||
Broker Repurchase Agreements | ||||
Debt Instrument [Line Items] | ||||
Debt repurchased during period | $ 300,000 | |||
Debt repurchased during period, rate | 1.75% | |||
Prepayment penalty on long-term debt | $ 25,000 | |||
Effective interest rate percentage | 3.55% | |||
Prepayment Penalty, Future Amortization Expense [Abstract] | ||||
Payments of Debt Extinguishment Costs, Amount to be Amortized in Year Two | $ 4,700 | |||
Payments of Debt Extinguishment Costs, Amount to be Amortized in Year Three | $ 4,700 | |||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt repurchased during period, rate | 1.25% | |||
Effective interest rate percentage | 3.52% | |||
Prepayment Penalty, Future Amortization Expense [Abstract] | ||||
Payments of Debt Extinguishment Costs, Amount to be Amortized in Year Two | $ 1,000 | |||
Payments of Debt Extinguishment Costs, Amount to be Amortized in Year Three | $ 1,000 |
Long-Term Debt - Schedule of l
Long-Term Debt - Schedule of long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 350,000 | |
2,018 | 150,000 | $ 350,000 |
2,019 | 75,000 | 150,000 |
2,020 | 25,000 | 75,000 |
2,021 | 0 | 25,000 |
2,021 | 0 | |
Thereafter | 100,000 | 150,000 |
Total long-term debt, excluding prepayment penalty | 700,000 | 750,000 |
Prepayment penalty | (5,719) | (11,895) |
Total long-term debt | $ 694,281 | $ 738,105 |
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract] | ||
2,017 | 1.68% | |
2,018 | 2.04% | 1.68% |
2,019 | 1.96% | 2.04% |
2,020 | 2.14% | 1.96% |
2,021 | 0.00% | 2.14% |
2,021 | 0.00% | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 100,000 | |
Thereafter | 3.32% | |
Average rate, total, excluding prepayment penalty | 2.05% | 2.12% |
Average rate, total | 2.07% | 2.16% |
Long Term Debt Maturities Average Rate In After Year Five | 3.40% | |
FHLB Advances | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 50,000 | |
2,018 | 150,000 | $ 50,000 |
2,019 | 75,000 | 150,000 |
2,020 | 25,000 | 75,000 |
2,021 | 0 | 25,000 |
2,021 | 0 | |
Thereafter | 150,000 | |
Total long-term debt, excluding prepayment penalty | $ 400,000 | $ 450,000 |
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract] | ||
2,017 | 1.25% | |
2,018 | 2.04% | 1.25% |
2,019 | 1.96% | 2.04% |
2,020 | 2.14% | 1.96% |
2,021 | 0.00% | 2.14% |
2,021 | 0.00% | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 100,000 | |
Thereafter | 3.32% | |
Average rate, total, excluding prepayment penalty | 2.27% | 2.37% |
Long Term Debt Maturities Average Rate In After Year Five | 3.40% | |
Broker Repurchase Agreements | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 300,000 | |
2,020 | $ 300,000 | |
Total long-term debt, excluding prepayment penalty | $ 300,000 | $ 300,000 |
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract] | ||
2,019 | 1.75% | |
2,020 | 1.75% | |
Average rate, total, excluding prepayment penalty | 1.75% | 1.75% |
Subordinated Debentures_Notes (
Subordinated Debentures/Notes (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 20, 2012USD ($)purchaser | Dec. 23, 2009purchaser | |
Subordinated notes | $ 45,000 | $ 45,000 | ||
Number of purchasers | purchaser | 38 | |||
Trust I | ||||
Preferred securities issued | 15,000 | |||
Junior subordinated notes | ||||
Junior subordinated debt purchased by Trust I | $ 15,500 | |||
Trust preferred securities | ||||
Variable rate basis | three-month LIBOR plus 148 basis points | |||
Basis spread on variable rate (percent) | 1.48% | |||
Subordinated note | ||||
Subordinated notes principal amount | $ 35,250 | |||
Portion of principal amount purchased by related parties | $ 14,050 | |||
Interest rate | 10.00% | |||
Subordinated debt | 7% Subordinated notes due April 20, 2022 | ||||
Subordinated borrowing, number of purchasers | purchaser | 56 | |||
Aggregate principal amount | $ 30,000 | |||
Interest rate | 7.00% | |||
Purchase price as a percentage of principal amount | 100.00% | |||
Repurchase amount as a percentage of principal | 100.00% |
Contingent Liabilities (Details
Contingent Liabilities (Details) $ in Millions | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $ 2.3 |
Share-Based Compensation - Nar
Share-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 85,425 | 44,700 | |
Treasury Stock Reissued Shares For Director Grants | 9,950 | 10,150 | 10,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 950,000 | $ 963,000 | $ 801,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 825 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,125 | ||
Allocated Share-based Compensation Expense | $ 2,839,000 | ||
2013 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares authorized for delivery upon the exercise of incentive stock options | 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 473,725 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 41,550 | 23,025 | 21,975 |
Allocated Share-based Compensation Expense | $ 1,864,000 | $ 865,000 | $ 458,000 |
Common Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Treasury Stock Reissued Shares For Director Grants | 9,950 | 10,150 | 10,200 |
Allocated Share-based Compensation Expense | $ 1,864,000 | $ 865,000 | $ 458,000 |
Expense to be paid next twelve months [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 1,193,000 | ||
Expense to be paid Year Two [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 1,072,000 | ||
Expense to be paid Year Three [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 491,000 | ||
Expense to be paid Year Four [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 83,000 |
Benefit Plans - Narrative (Det
Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 17, 2009 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Company contributions | $ 0 | $ 0 | |||
Expected long-term rate of return on plan assets | 7.00% | 7.25% | |||
Accumulated benefit obligation for the pension plan | $ 97,200,000 | $ 86,100,000 | |||
Common share purchased under pension plan, shares | 115,800 | ||||
Common share purchased under pension plan, value | $ 7,000,000 | ||||
Common share purchased under pension plan, value per share | $ 60.45 | ||||
Fair value, pension plan common shares held, shares | 115,800 | 115,800 | |||
Fair value of common shares held by pension plan | $ 13,900,000 | $ 10,500,000 | |||
Fair value of common shares held by pension plan, per share | $ 119.66 | $ 90.48 | |||
Estimated net actuarial (loss) expected to be recognized in the next fiscal year | $ (773,000) | $ (637,000) | $ 0 | ||
Expected long-term return on plan assets | 7.25% | 7.25% | 7.25% | ||
Cash balance in bank | $ 2,500,000 | ||||
Market value of pension plan assets | 167,000,000 | $ 153,500,000 | |||
Equity investments | 3,500,000 | 0 | |||
Defined Contribution Plan, Cost Recognized | 1,300,000 | 1,200,000 | $ 1,100,000 | ||
Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated prior service costs expected to be recognized in net periodic benefit cost during next fiscal year | 0 | ||||
Supplemental Executive Retirement Plan (SERP) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit expense | 1,500,000 | 1,100,000 | $ 1,500,000 | ||
Accrued benefit cost | 8,800,000 | 8,000,000 | |||
Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Equity investments | 149,200,000 | 135,000,000 | |||
Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Equity investments | 17,800,000 | 18,500,000 | |||
Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Equity investments | $ 0 | $ 0 | |||
Scenario, Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated net actuarial (loss) expected to be recognized in the next fiscal year | $ 576,000 |
Benefit Plans - Plan Assets an
Benefit Plans - Plan Assets and Benefit Obligation Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in fair value of plan assets | |||
Fair value at beginning of measurement period | $ 153,498 | $ 160,598 | |
Actual return on plan assets | 19,256 | (58) | |
Benefits paid | (5,707) | (7,042) | |
Fair value at end of measurement period | 167,047 | 153,498 | $ 160,598 |
Change in benefit obligation | |||
Projected benefit obligation at beginning of measurement period | 102,245 | 109,328 | |
Service cost | 5,055 | 5,368 | 4,331 |
Interest cost | 4,869 | 4,695 | 4,577 |
Actuarial loss (gains) | 7,993 | (10,104) | |
Benefits paid | (5,707) | (7,042) | |
Projected benefit obligation at the end of measurement period | 114,455 | 102,245 | $ 109,328 |
Funded status at end of year (fair value of plan assets less benefit obligation) | $ 52,592 | $ 51,253 |
Benefit Plans - Asset Allocati
Benefit Plans - Asset Allocation for the Pension Plan by Asset Category (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 0 | $ 0 |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Expected Return on Plan Assets, Percentage | 7.00% | 7.25% |
Equity securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual Plan Asset Allocations | 84.00% | 85.00% |
Fixed income and cash equivalents | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual Plan Asset Allocations | 16.00% | 15.00% |
Benefit Plans - Weighted Avera
Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.58% | 4.88% | 4.42% |
Rate of compensation increase | |||
Ages 50 and over [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 3000.00% | 3000.00% | 3000.00% |
Ages 40-49 [Domain] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 4.00% | 3.00% | 3.00% |
Ages 30-39 [Member] [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 6.00% | 6.00% | 6.00% |
Under age 30 [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 10.00% | 10.00% | 10.00% |
Benefit Plans - Estimated Futu
Benefit Plans - Estimated Future Pension Benefit Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | $ 6,924 |
2,018 | 7,644 |
2,019 | 7,875 |
2,020 | 8,393 |
2,021 | 9,503 |
2022-2026 | 48,058 |
Total | $ 88,397 |
Benefit Plans - Balances of Ac
Benefit Plans - Balances of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Prior service cost | $ 0 | $ 0 |
Net actuarial loss | (22,677) | (23,618) |
Total | (22,677) | (23,618) |
Deferred taxes | (7,937) | (8,267) |
Accumulated other comprehensive loss | $ (14,740) | $ (15,351) |
Benefit Plans - Components of
Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of net periodic benefit cost | |||
Service cost | $ (5,055,000) | $ (5,368,000) | $ (4,331,000) |
Interest cost | (4,869,000) | (4,695,000) | (4,577,000) |
Expected return on plan assets | 10,950,000 | 11,420,000 | 10,869,000 |
Net periodic benefit income | (253,000) | (705,000) | (1,942,000) |
Other amounts recognized in other comprehensive (Loss) | |||
Change to net actuarial gain (loss) for the period | 168,000 | (1,400,000) | (14,276,000) |
Amortization of prior service cost | 0 | (15,000) | (19,000) |
Defined Benefit Plan, Future Amortization of Gain (Loss) | (773,000) | (637,000) | 0 |
Amortization of net loss | 773,000 | 637,000 | 0 |
Total recognized in other comprehensive income (loss) | 941,000 | (748,000) | (14,257,000) |
Total recognized in net benefit cost and other comprehensive income (loss) | $ 1,194,000 | $ (43,000) | $ (12,315,000) |
Benefit Plans - Weighted Av104
Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | |||
Expected long-term return on plan assets | 7.25% | 7.25% | 7.25% |
Discount Rate | 4.88% | 4.42% | 5.30% |
Ages 30-39 [Member] [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 6.00% | 6.00% | 6.00% |
Under age 30 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10.00% | 10.00% | 10.00% |
Ages 40 and over [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Income Taxes - Components of D
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 17,719 | $ 19,773 |
Accumulated other comprehensive loss – Pension Plan | 7,937 | 8,266 |
Accumulated other comprehensive loss – Unrealized losses on securities | 1,618 | 157 |
Deferred compensation | 4,140 | 3,908 |
OREO valuation adjustments | 2,322 | 2,418 |
Net deferred loan fees | 1,397 | 1,204 |
Deferred contract bonus | 1,074 | 1,031 |
Nonvested PBRSUs | 1,115 | 463 |
Fixed assets | 781 | 413 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Legal Settlements | 793 | 482 |
Other | 2,525 | 2,813 |
Total deferred tax assets | 41,421 | 40,928 |
Deferred tax liabilities: | ||
Deferred investment income | 10,199 | 10,199 |
Pension plan | 26,344 | 26,205 |
Mortgage servicing rights | 3,243 | 3,153 |
Partnership adjustments | 549 | 560 |
Other | 596 | 872 |
Total deferred tax liabilities | 40,931 | 40,989 |
Deferred Tax Assets, Net | $ 490 | |
Net deferred tax asset (liability) | $ 61 |
Income Taxes - Components of t
Income Taxes - Components of the Provision for Federal and State Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Currently payable | |||
Federal | $ 28,879 | $ 26,153 | $ 27,062 |
Other Tax Expense (Benefit) | 7,300 | 6,664 | 6,869 |
Deferred | |||
Federal | 581 | (250) | 2,528 |
Total | $ 36,760 | $ 32,567 | $ 36,459 |
Income Taxes - Reconciliation
Income Taxes - Reconciliation of Federal Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Examination, Penalties and Interest Expense | $ 1,500 | $ 0 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal corporate tax rate | 35.00% | 35.00% | 35.00% |
Changes in rates resulting from: | |||
Tax exempt interest income, net of disallowed interest | (1.30%) | (0.50%) | (0.50%) |
Bank owned life insurance | (1.20%) | (1.80%) | (1.40%) |
Effective Income Tax Rate Reconciliation, Investment in Qualified Affordable Housing, Percent | (1.70%) | (1.90%) | (1.60%) |
Investments in qualified affordable housing projects, net of tax benefits | (0.00%) | (0.90%) | (0.00%) |
Effective Income Tax Rate Reconciliation, Deduction, Employee Stock Ownership Plan Dividend, Percent | (1.00%) | (1.00%) | (1.00%) |
Other | 0.10% | (0.20%) | (0.20%) |
Effective tax rate | 29.90% | 28.70% | 30.30% |
Income Taxes - Reconciliati108
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 482,000 | $ 432,000 | $ 413,000 |
Income Tax Examination, Penalties and Interest Expense | 1,500 | 0 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
January 1 Balance | 558,000 | 532,000 | 518,000 |
Additions based on tax positions related to the current year | 117,000 | 80,000 | 76,000 |
Additions for tax positions of prior years | 38,000 | 16,000 | 14,000 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions due to statute of limitations | (80,000) | (70,000) | (76,000) |
December 31 Balance | 633,000 | 558,000 | 532,000 |
Income Tax Examination, Penalties and Interest Accrued | $ 70,500 | $ 69,000 | $ 67,000 |
Other Comprehensive Income (109
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | $ 0 | $ 15 | $ 19 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 773 | 637 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 773 | 652 | 19 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 271 | 228 | 7 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 14,740 | 15,351 | 14,865 | $ 5,598 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (3,005) | (292) | 1,257 | (29,821) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (17,745) | (15,643) | (13,608) | $ (35,419) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 611 | (486) | (9,267) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (2,713) | (1,549) | 31,078 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 109 | (910) | (9,279) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (2,713) | (1,549) | 30,325 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2,604) | (2,459) | 21,046 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 502 | 424 | 12 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 502 | 424 | 765 | |
Other Comprehensive Income (Loss), Net of Tax | (2,102) | (2,035) | 21,811 | |
Gain (Loss) on Sale of Investments | 0 | 0 | 1,158 | |
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 0 | 0 | 1,158 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 405 | |
Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 | $ 753 |
Earnings Per Common Share - Su
Earnings Per Common Share - Summary of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||
Net income available to common shareholders | $ 86,135 | $ 81,012 | $ 83,957 |
Denominator: | |||
Weighted-average common shares outstanding | 15,332,553 | 15,364,281 | 15,394,971 |
Effect of dilutive performance-based restricted stock units | 72,607 | 40,459 | 18,861 |
Earnings per common share: | 15,405,160 | 15,404,740 | 15,413,832 |
Earnings per common share: | |||
Basic earnings per common share | $ 5.62 | $ 5.27 | $ 5.45 |
Diluted earnings per common share | $ 5.59 | $ 5.26 | $ 5.45 |
Earnings Per Common Share - Na
Earnings Per Common Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 72,607 | 40,459 | 18,861 |
2013 Long Term Incentive Plan [Member] | |||
Class of Warrant or Right [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 41,550 | 23,025 | 21,975 |
Common Shares | |||
Class of Warrant or Right [Line Items] | |||
Treasury Stock, Shares, Acquired | 0 | 71,700 | 29,700 |
Dividend Restrictions (Details)
Dividend Restrictions (Details) $ in Millions | Dec. 31, 2016USD ($) |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Amount available for dividend distribution without prior approval from regulatory authority | $ 71.7 |
Financial Instruments With O113
Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Risks and Uncertainties [Abstract] | ||
Loan commitments | $ 912,007 | $ 888,411 |
Standby letters of credit | $ 13,746 | $ 12,326 |
Loan Servicing - Narrative (De
Loan Servicing - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Assets at Fair Value [Line Items] | |||
Mortgage Servicing Rights Fair Value | $ 9,299 | $ 9,593 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Serviced sold mortgage loans | 1,330,000 | 1,276,000 | $ 1,265,000 |
Serviced sold mortgage loans with recourse | 4,100 | 5,400 | 7,000 |
Mortgage loans sold with recourse, reserve | $ 266 | $ 500 | |
Mortgage servicing rights, discount rate | 13.00% | 10.00% | |
Servicing fees included in other service income | $ 3,400 | $ 3,400 | $ 3,500 |
Minimum | |||
Transfers and Servicing of Financial Assets [Abstract] | |||
Mortgage servicing rights, constant prepayment speeds | 6.20% | 6.30% | |
Maximum | |||
Transfers and Servicing of Financial Assets [Abstract] | |||
Mortgage servicing rights, constant prepayment speeds | 16.80% | 22.00% |
Loan Servicing - Activity for
Loan Servicing - Activity for MSRs And Related Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage servicing rights: | |||
Carrying amount, net, beginning of year | $ 9,008 | $ 8,613 | $ 9,013 |
Additions | 2,286 | 1,748 | 1,026 |
Amortization | (1,835) | (1,637) | (1,631) |
Change in valuation allowance | (193) | 284 | 205 |
Carrying amount, net, end of year | 9,266 | 9,008 | 8,613 |
Valuation allowance: | |||
Beginning of year | 542 | 826 | 1,031 |
Change in valuation allowance | 193 | (284) | (205) |
End of year | $ 735 | $ 542 | $ 826 |
Fair Values - Narrative (Detai
Fair Values - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount percentage applied to real estate appraised values | 15.00% | |||
Discount percentage applied to lot development appraised values | 6.00% | |||
Partial charge-offs on impaired loans | $ 24,943 | $ 28,705 | ||
Allowance for loans individually evaluated for impairment | 548 | 4,191 | ||
Book Value Of Impaired Loans Carried At Fair Value | 6,379 | 11,783 | ||
Impaired loans carried at fair value | 5,983 | 9,496 | ||
Impaired Financing Receivable, Related Allowance | 548 | 4,191 | ||
Impaired Financing Receivable, carried at fair value, related expense | 900 | (2,100) | $ (3,000) | |
MSR recorded at lower of cost or fair value | 9,266 | 9,008 | 8,613 | $ 9,013 |
Servicing Asset at Fair Value, Amount | 6,800 | 1,900 | ||
Valuation allowance of MSR | 735 | 542 | 826 | $ 1,031 |
MSRs recorded at cost | 2,500 | 7,100 | ||
Valuation allowance for impairment of recognized servicing assets, provisions (recoveries) | (193) | 284 | 205 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 13,926 | $ 18,651 | ||
Percent of OREO held at fair value | 50.00% | 46.00% | ||
Estimated fair value of other real estate owned (OREO) | $ 6,900 | $ 8,500 | ||
OREO devaluations | 601 | 1,592 | $ 2,406 | |
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired Financing Receivable, Related Allowance | $ 396 | $ 2,287 |
Fair Values - Assets and Liabi
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage Loans Held for Sale | $ 10,413 | $ 7,306 |
Mortgage IRLCs | 124 | 165 |
Level 1 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage IRLCs | 0 | 0 |
Level 2 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage Loans Held for Sale | 10,413 | 7,306 |
Mortgage IRLCs | 124 | 165 |
Level 3 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage IRLCs | 0 | 0 |
Fair value swap | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swaps, fair value | 226 | 226 |
Fair value swap | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swaps, fair value | 226 | 226 |
Recurring basis | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage Loans Held for Sale | 10,413 | 7,306 |
Mortgage IRLCs | 124 | 165 |
Recurring basis | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage Loans Held for Sale | 10,413 | 7,306 |
Mortgage IRLCs | 124 | 165 |
Recurring basis | Obligations of U.S. Treasury and other U.S. Government sponsored entities | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 267,533 | 522,063 |
Recurring basis | Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 267,533 | 522,063 |
Recurring basis | U.S. Government Sponsored Entities’ Asset-Backed Securities | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 987,172 | 911,493 |
Recurring basis | U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 987,172 | 911,493 |
Recurring basis | Equity securities | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 3,434 | 2,710 |
Recurring basis | Equity securities | Level 1 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 2,644 | 1,941 |
Recurring basis | Equity securities | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment Securities | 790 | 769 |
Recurring basis | Fair value swap | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swaps, fair value | 226 | 226 |
Recurring basis | Fair value swap | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swaps, fair value | $ 226 | $ 226 |
Fair Values - Reconciliation o
Fair Values - Reconciliation of the Level 3 Inputs for Financial Instruments Measured on a Recurring Basis (Details) - Recurring basis - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 769 | $ 776 |
Total Gains (Losses) | ||
Included in earnings - realized | 0 | 0 |
Included in earnings - unrealized | 0 | 0 |
Included in other comprehensive income | 21 | (7) |
Purchases, sales, issuances and settlements, other, net | 0 | 0 |
Re-evaluation of fair value swap | 0 | |
Ending balance | 790 | 769 |
Fair Value Swap | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (226) | (226) |
Total Gains (Losses) | ||
Included in earnings - realized | 0 | 0 |
Included in earnings - unrealized | 0 | 0 |
Purchases, sales, issuances and settlements, other, net | 0 | 0 |
Re-evaluation of fair value swap | 0 | |
Ending Balance | $ (226) | $ (226) |
Fair Values - Assets and Li119
Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | $ 5,983 | $ 9,496 |
Mortgage Servicing Rights | 6,800 | 1,900 |
Other loans | 5,161,919 | 4,997,318 |
Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 5,983 | 9,496 |
Other loans | 5,161,919 | 4,997,318 |
Nonrecurring basis | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 5,983 | 9,496 |
Mortgage Servicing Rights | 6,769 | 1,867 |
Other loans | 6,897 | 8,515 |
Nonrecurring basis | Level 1 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Mortgage Servicing Rights | 6,769 | 1,867 |
Other loans | 0 | 0 |
Nonrecurring basis | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 5,983 | 9,496 |
Other loans | 6,897 | 8,515 |
Nonrecurring basis | Commercial real estate | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 3,057 | 3,698 |
Other loans | 2,644 | 2,796 |
Nonrecurring basis | Commercial real estate | Level 1 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Commercial real estate | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Commercial real estate | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 3,057 | 3,698 |
Other loans | 2,644 | 2,796 |
Nonrecurring basis | Construction real estate | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 3,322 | 3,387 |
Nonrecurring basis | Construction real estate | Level 1 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Construction real estate | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Construction real estate | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 3,322 | 3,387 |
Nonrecurring basis | SEPH commercial land and development | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 2,044 | |
Nonrecurring basis | SEPH commercial land and development | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 2,044 | |
Nonrecurring basis | Remaining commercial | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 541 | 1,872 |
Nonrecurring basis | Remaining commercial | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 541 | 1,872 |
Nonrecurring basis | Residential real estate | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 2,385 | 1,882 |
Other loans | 931 | 2,332 |
Nonrecurring basis | Residential real estate | Level 1 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Residential real estate | Level 2 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Other loans | 0 | 0 |
Nonrecurring basis | Residential real estate | Level 3 | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans carried at fair value | 2,385 | 1,882 |
Other loans | $ 931 | $ 2,332 |
Fair Values - Qualitative Info
Fair Values - Qualitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | $ 5,983 | $ 9,496 |
Other real estate owned | 5,161,919 | 4,997,318 |
Nonrecurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 5,983 | 9,496 |
Other real estate owned | 6,897 | 8,515 |
Commercial real estate | Nonrecurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 3,057 | 3,698 |
Other real estate owned | 2,644 | 2,796 |
Commercial real estate | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 3,057 | 3,698 |
Construction real estate | Nonrecurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned | 3,322 | 3,387 |
SEPH commercial land and development | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 2,044 | |
Remaining commercial | Nonrecurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 541 | 1,872 |
Remaining commercial | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 541 | 1,872 |
Residential real estate | Nonrecurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 2,385 | 1,882 |
Other real estate owned | 931 | 2,332 |
Residential real estate | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 2,385 | 1,882 |
Commercial real estate | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned | 2,644 | 2,796 |
Construction real estate | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned | 3,322 | 3,387 |
Residential Real Estate | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned | $ 931 | $ 2,332 |
Sales comparison approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Commercial real estate | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 90.00% | 45.90% |
Sales comparison approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 20.20% | 20.30% |
Sales comparison approach | SEPH commercial land and development | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 5.00% | |
Sales comparison approach | SEPH commercial land and development | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 40.00% | |
Sales comparison approach | SEPH commercial land and development | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 22.10% | |
Sales comparison approach | Remaining commercial | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Remaining commercial | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 11.10% | 25.30% |
Sales comparison approach | Remaining commercial | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 1.60% | 1.00% |
Sales comparison approach | Residential real estate | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Residential real estate | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 110.00% | 96.70% |
Sales comparison approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 17.00% | 12.50% |
Sales comparison approach | Commercial real estate | Low | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 0.00% | 2.00% |
Sales comparison approach | Commercial real estate | High | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 68.40% | 71.00% |
Sales comparison approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 26.50% | 26.90% |
Sales comparison approach | Construction real estate | Low | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Construction real estate | High | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 90.00% | 85.00% |
Sales comparison approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 24.70% | 24.30% |
Sales comparison approach | Residential Real Estate | Low | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 3.20% | 0.00% |
Sales comparison approach | Residential Real Estate | High | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 79.70% | 61.80% |
Sales comparison approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Adj to comparables | 30.60% | 23.00% |
Income approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 9.00% | 7.00% |
Income approach | Commercial real estate | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 10.60% | 13.30% |
Income approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 10.10% | 9.50% |
Income approach | Residential real estate | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 10.00% | 3.80% |
Income approach | Residential real estate | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 10.00% | 10.10% |
Income approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 10.00% | 9.10% |
Income approach | Commercial real estate | Low | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 13.00% | 9.50% |
Income approach | Commercial real estate | High | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 14.00% | 9.50% |
Income approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Capitalization rate | 13.10% | 9.50% |
Cost approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Fair Value Inputs, Accumulated Depreciation | 17.00% | 50.00% |
Cost approach | Commercial real estate | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Fair Value Inputs, Accumulated Depreciation | 18.00% | 50.00% |
Cost approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Fair Value Inputs, Accumulated Depreciation | 17.80% | 50.00% |
Cost approach | Residential real estate | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Fair Value Inputs, Accumulated Depreciation | 33.30% | |
Cost approach | Residential real estate | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Fair Value Inputs, Accumulated Depreciation | 50.00% | |
Cost approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Fair Value Inputs, Accumulated Depreciation | 43.40% | |
Bulk sale approach | SEPH commercial land and development | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.70% | |
Bulk sale approach | SEPH commercial land and development | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.70% | |
Bulk sale approach | SEPH commercial land and development | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.70% | |
Bulk sale approach | Remaining commercial | Low | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.00% | 10.00% |
Bulk sale approach | Remaining commercial | High | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.00% | 10.70% |
Bulk sale approach | Remaining commercial | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 10.00% | 10.00% |
Bulk sale approach | Construction real estate | Low | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 15.00% | 15.00% |
Bulk sale approach | Construction real estate | High | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 15.00% | 15.00% |
Bulk sale approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 15.00% | 15.00% |
Fair Values - Fair Value of Fi
Fair Values - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Cash and money market instruments | $ 146,466 | $ 149,459 |
Investment securities | 1,514,811 | 1,587,694 |
Mortgage loans held for sale | 10,413 | 7,306 |
Impaired loans carried at fair value | 5,983 | 9,496 |
Derivative Asset | 124 | 165 |
Other loans | 5,161,919 | 4,997,318 |
Loans receivable, net | 5,178,439 | 5,014,285 |
Financial liabilities: | ||
Non-interest bearing checking accounts | 1,523,417 | 1,404,032 |
Interest bearing transaction accounts | 1,174,448 | 1,107,200 |
Savings accounts | 1,704,920 | 1,544,708 |
Time Deposits, Fair Value | 1,122,598 | 1,295,329 |
Other | 1,301 | 1,290 |
Total deposits | 5,526,684 | 5,352,559 |
Short-term borrowings | 394,795 | 394,242 |
Long-term debt | 712,958 | 771,420 |
Subordinated debentures/notes | 40,903 | 41,596 |
Fair value swap | ||
Derivative financial instruments: | ||
Swaps, fair value | 226 | 226 |
Level 1 | ||
Financial assets: | ||
Cash and money market instruments | 146,466 | 149,459 |
Investment securities | 2,644 | 1,941 |
Derivative Asset | 0 | 0 |
Loans receivable, net | 0 | 0 |
Financial liabilities: | ||
Non-interest bearing checking accounts | 1,523,417 | 1,404,032 |
Interest bearing transaction accounts | 1,174,448 | 1,107,200 |
Savings accounts | 1,704,920 | 1,544,708 |
Other | 1,301 | 1,290 |
Total deposits | 4,404,086 | 4,057,230 |
Level 2 | ||
Financial assets: | ||
Investment securities | 1,511,377 | 1,584,984 |
Mortgage loans held for sale | 10,413 | 7,306 |
Derivative Asset | 124 | 165 |
Loans receivable, net | 10,537 | 7,471 |
Financial liabilities: | ||
Time Deposits, Fair Value | 1,122,598 | 1,295,329 |
Total deposits | 1,122,598 | 1,295,329 |
Short-term borrowings | 394,795 | 394,242 |
Long-term debt | 712,958 | 771,420 |
Subordinated debentures/notes | 40,903 | 41,596 |
Level 3 | ||
Financial assets: | ||
Investment securities | 790 | 769 |
Impaired loans carried at fair value | 5,983 | 9,496 |
Derivative Asset | 0 | 0 |
Other loans | 5,161,919 | 4,997,318 |
Loans receivable, net | 5,167,902 | 5,006,814 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Level 3 | Fair value swap | ||
Derivative financial instruments: | ||
Swaps, fair value | 226 | 226 |
Available-for-sale Securities [Member] | ||
Financial assets: | ||
Accrued interest receivable | 3,849 | 4,436 |
Available-for-sale Securities [Member] | Level 2 | ||
Financial assets: | ||
Accrued interest receivable | 3,849 | 4,436 |
Loans | ||
Financial assets: | ||
Accrued interest receivable | 14,973 | 14,239 |
Loans | Level 3 | ||
Financial assets: | ||
Accrued interest receivable | 14,973 | 14,239 |
Deposits | ||
Financial liabilities: | ||
Accrued interest payable | 900 | 987 |
Deposits | Level 1 | ||
Financial liabilities: | ||
Accrued interest payable | 82 | 66 |
Deposits | Level 2 | ||
Financial liabilities: | ||
Accrued interest payable | 818 | 921 |
Borrowings | ||
Financial liabilities: | ||
Accrued interest payable | 1,251 | 1,351 |
Borrowings | Level 1 | ||
Financial liabilities: | ||
Accrued interest payable | 1 | 4 |
Borrowings | Level 2 | ||
Financial liabilities: | ||
Accrued interest payable | 1,250 | 1,347 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and money market instruments | 146,466 | 149,459 |
Investment securities | 1,517,972 | 1,585,568 |
Mortgage loans held for sale | 10,413 | 7,306 |
Impaired loans carried at fair value | 5,983 | 9,496 |
Derivative Asset | 124 | 165 |
Other loans | 5,204,713 | 4,994,624 |
Loans receivable, net | 5,221,233 | 5,011,591 |
Financial liabilities: | ||
Non-interest bearing checking accounts | 1,523,417 | 1,404,032 |
Interest bearing transaction accounts | 1,174,448 | 1,107,200 |
Savings accounts | 1,704,920 | 1,544,708 |
Time Deposits, Fair Value | 1,117,870 | 1,290,412 |
Other | 1,301 | 1,290 |
Total deposits | 5,521,956 | 5,347,642 |
Short-term borrowings | 394,795 | 394,242 |
Long-term debt | 694,281 | 738,105 |
Subordinated debentures/notes | 45,000 | 45,000 |
Reported Value Measurement [Member] | Fair value swap | ||
Derivative financial instruments: | ||
Swaps, fair value | 226 | 226 |
Reported Value Measurement [Member] | Available-for-sale Securities [Member] | ||
Financial assets: | ||
Accrued interest receivable | 3,849 | 4,436 |
Reported Value Measurement [Member] | Loans | ||
Financial assets: | ||
Accrued interest receivable | 14,973 | 14,239 |
Reported Value Measurement [Member] | Deposits | ||
Financial liabilities: | ||
Accrued interest payable | 900 | 987 |
Reported Value Measurement [Member] | Borrowings | ||
Financial liabilities: | ||
Accrued interest payable | $ 1,251 | $ 1,351 |
Fair Values Schedule of Impaire
Fair Values Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Book Value Of Impaired Loans Carried At Fair Value | $ 6,379 | $ 11,783 | |
Partial Charge-Offs On Impaired Loans carried at Fair Value | 3,681 | 10,512 | |
Impaired Financing Receivable, Related Allowance | 548 | 4,191 | |
Impaired loans carried at fair value | 5,983 | 9,496 | |
Impaired Financing Receivable, loans not held at Fair Value, Recorded Investment | 64,047 | 68,881 | |
Partial Charge-offs on Impaired Loans carried at Cost | 21,262 | 18,193 | |
impaired Financing Receivable, loans not held at Fair Value, Carrying Amount | 63,895 | 66,977 | |
Recorded investment | 70,426 | 80,664 | $ 73,712 |
Partial charge-offs on impaired loans | 24,943 | 28,705 | |
Individually evaluated for impairment | 548 | 4,191 | |
Impaired Financing Receivable, Carrying Value | 69,878 | 76,473 | |
Financing Receivable, not collateral dependent [Domain] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 152 | 1,904 | |
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 396 | $ 2,287 |
Capital Ratios - Capital Ratio
Capital Ratios - Capital Ratios for Park and Each Subsidiary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer | 0.625% | |
Park National Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Risk-Based Capital | 9.87% | 9.83% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 324,115 | $ 310,560 |
Common Equity Tier 1 | 9.87% | 9.83% |
Common Equity Tier 1 Capital Required For Capital Adequacy | $ 243,086 | $ 232,920 |
Total Risk-Based | 11.24% | 11.37% |
Capital Required for Capital Adequacy | $ 432,153 | $ 414,079 |
Leverage Capital Required For Capital Adequacy To Average Total Assets | 4.00% | 4.00% |
Common Equity Tier 1 Capital | $ 533,215 | $ 508,763 |
Leverage Capital Required To Be Well Capitalized | $ 363,339 | $ 360,183 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Leverage Capital | $ 533,215 | $ 508,763 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 432,153 | $ 414,079 |
Common Equity Tier 1 Capital Required For Capital Adequacy To Average Total Assets | 4.50% | 4.50% |
Common Equity Tier 1 Capital Required To Be Well Capitalized | $ 351,125 | $ 336,439 |
Leverage | 7.34% | 7.06% |
Leverage Capital Required For Capital Adequacy | $ 290,671 | $ 288,147 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 540,192 | $ 517,599 |
Tier One Risk Based Capital | $ 533,215 | $ 508,763 |
Common Equity Tier 1 Capital Required To Be Well Capitalized To Average Total Assets | 6.50% | 6.50% |
Risk Based Capital | $ 607,269 | $ 588,467 |
Leverage Capital Required To Be Well Capitalized To Average Total Assets | 5.00% | 5.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Park | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Risk-Based Capital | 12.83% | 12.82% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 328,673 | $ 314,310 |
Common Equity Tier 1 | 12.55% | 12.54% |
Common Equity Tier 1 Capital Required For Capital Adequacy | $ 246,505 | $ 235,732 |
Total Risk-Based | 14.32% | 14.49% |
Capital Required for Capital Adequacy | $ 438,231 | $ 419,080 |
Leverage Capital Required For Capital Adequacy To Average Total Assets | 4.00% | 4.00% |
Common Equity Tier 1 Capital | $ 687,651 | $ 656,664 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Leverage Capital | $ 702,651 | $ 671,664 |
Common Equity Tier 1 Capital Required For Capital Adequacy To Average Total Assets | 4.50% | 4.50% |
Leverage | 9.56% | 9.22% |
Leverage Capital Required For Capital Adequacy | $ 293,916 | $ 291,449 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Leverage Capital Required For Capital Adequacy plus capital conservation buffer To Average Total Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required For Capital Adequacy plus capital conservation buffer To Average Total Assets | 8.50% | 8.50% |
Common Equity Tier 1 Capital Required For Capital Adequacy plus capital conservation buffer To Average Total Assets | 7.00% | 7.00% |
Capital Required For Capital Adequacy plus capital conservation buffer To Average Total Assets | 10.50% | 10.50% |
Tier One Risk Based Capital | $ 702,651 | $ 671,664 |
Risk Based Capital | $ 784,406 | $ 758,988 |
Segment Information - Schedule
Segment Information - Schedule of Operating Results by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Other Noninterest Expense | $ 190,627 | $ 179,267 | $ 180,267 |
Net interest income (loss) | 238,086 | 227,632 | 225,044 |
Depreciation, Amortization and Accretion, Net | 8,396 | 7,347 | 7,243 |
(Recovery of) provision for loan losses | (5,101) | 4,990 | (7,333) |
Other income | 78,731 | 77,551 | 75,549 |
Gain (Loss) on Sale of Investments | 0 | 0 | (1,158) |
Other expense | 199,023 | 186,614 | 187,510 |
Income (loss) before taxes | 122,895 | 113,579 | 120,416 |
Income taxes (benefit) | 36,760 | 32,567 | 36,459 |
Net income | 86,135 | 81,012 | 83,957 |
Assets | 7,467,586 | 7,311,354 | 7,001,199 |
Loans | 5,271,857 | 5,068,085 | 4,829,682 |
Total deposits | 5,521,956 | 5,347,642 | 5,128,000 |
Totals For Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Other Noninterest Expense | 180,896 | 169,295 | 172,267 |
Net interest income (loss) | 238,224 | 227,393 | 227,056 |
Depreciation, Amortization and Accretion, Net | 8,396 | 7,347 | 7,243 |
Income taxes (benefit) | 41,117 | 37,238 | 41,246 |
Assets | 7,447,148 | 7,299,098 | 6,994,456 |
Total deposits | 5,634,008 | 5,451,920 | 5,228,649 |
PNB | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 227,576 | 220,879 | 218,641 |
(Recovery of) provision for loan losses | 2,611 | 7,665 | 3,517 |
Other income | 74,803 | 75,188 | 69,384 |
Other expense | 177,562 | 167,476 | 163,641 |
Income (loss) before taxes | 122,206 | 120,926 | 120,867 |
Income taxes (benefit) | 37,755 | 36,581 | 37,960 |
Net income | 84,451 | 84,345 | 82,907 |
Assets | 7,389,538 | 7,229,764 | 6,910,386 |
Loans | 5,234,828 | 5,029,072 | 4,781,761 |
Total deposits | 5,630,199 | 5,447,293 | 5,222,766 |
GFSC | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 5,874 | 6,588 | 7,457 |
(Recovery of) provision for loan losses | 1,887 | 1,415 | 1,544 |
Other income | (1) | 2 | (1) |
Other expense | 4,457 | 2,984 | 4,103 |
Income (loss) before taxes | (471) | 2,191 | 1,809 |
Income taxes (benefit) | (164) | 768 | 634 |
Net income | (307) | 1,423 | 1,175 |
Assets | 32,268 | 35,793 | 40,308 |
Loans | 32,661 | 35,469 | 40,645 |
Total deposits | 3,809 | 4,627 | 5,883 |
SEPH | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 4,774 | (74) | 958 |
(Recovery of) provision for loan losses | (9,599) | (4,090) | (12,394) |
Other income | 2,974 | 1,848 | 5,991 |
Other expense | 7,273 | 6,182 | 11,766 |
Income (loss) before taxes | 10,074 | (318) | 7,577 |
Income taxes (benefit) | 3,526 | (111) | 2,652 |
Net income | 6,548 | (207) | 4,925 |
Assets | 25,342 | 33,541 | 43,762 |
Loans | 12,354 | 15,153 | 23,956 |
Total deposits | 0 | 0 | 0 |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | (138) | 239 | (2,012) |
(Recovery of) provision for loan losses | 0 | 0 | 0 |
Other income | 955 | 513 | 175 |
Other expense | 9,731 | 9,972 | 8,000 |
Income (loss) before taxes | (8,914) | (9,220) | (9,837) |
Income taxes (benefit) | (4,357) | (4,671) | (4,787) |
Net income | (4,557) | (4,549) | (5,050) |
Assets | 20,438 | 12,256 | 6,743 |
Loans | (7,986) | (11,609) | (16,680) |
Total deposits | (112,052) | (104,278) | (100,649) |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Other Noninterest Expense | 0 | 0 | 0 |
Net interest income (loss) | 2,164 | 2,561 | 3,708 |
Depreciation, Amortization and Accretion, Net | 0 | 0 | 0 |
Income taxes (benefit) | 0 | 0 | 0 |
Assets | (9,204) | (13,557) | (18,556) |
Total deposits | (112,052) | (104,278) | (100,649) |
Parent Co Gfsc Totals Not Eliminated [Member] | |||
Segment Reporting Information [Line Items] | |||
Other Noninterest Expense | 9,731 | 9,972 | 8,000 |
Net interest income (loss) | (2,302) | (2,322) | (5,720) |
Depreciation, Amortization and Accretion, Net | 0 | 0 | 0 |
Income taxes (benefit) | (4,357) | (4,671) | (4,787) |
Assets | 29,642 | 25,813 | 25,299 |
Total deposits | $ 0 | $ 0 | $ 0 |
Parent Company Statements - Na
Parent Company Statements - Narrative (Details) - Parent Company - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income taxes | $ 4,400 | $ 4,130 | $ 5,810 |
Undistributed earnings, restricted from transfer as dividends | $ 259,700 | $ 199,400 |
Parent Company Statements - Ba
Parent Company Statements - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||||
Other assets | $ 520,124 | $ 506,425 | ||
Total assets | 7,467,586 | 7,311,354 | $ 7,001,199 | |
Liabilities: | ||||
Subordinated notes | 45,000 | 45,000 | ||
Other liabilities | 69,314 | 73,010 | ||
Total liabilities | 6,725,346 | 6,597,999 | ||
Total liabilities and shareholders’ equity | 7,467,586 | 7,311,354 | ||
Parent Company | ||||
Assets: | ||||
Cash | 112,067 | 102,416 | $ 98,671 | $ 106,942 |
Investment in subsidiaries | 626,569 | 613,383 | ||
Debentures receivable from PNB | 25,000 | 25,000 | ||
Other investments | 2,962 | 2,341 | ||
Other assets | 26,651 | 23,443 | ||
Total assets | 793,249 | 766,583 | ||
Liabilities: | ||||
Subordinated notes | 45,000 | 45,000 | ||
Other liabilities | 6,009 | 8,228 | ||
Total liabilities | 51,009 | 53,228 | ||
Total shareholders’ equity | 742,240 | 713,355 | ||
Total liabilities and shareholders’ equity | $ 793,249 | $ 766,583 |
Parent Company Statements - St
Parent Company Statements - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||
Interest and dividends | $ 276,258 | $ 265,074 | $ 265,143 |
Expense: | |||
Federal income tax benefit | (36,760) | (32,567) | (36,459) |
Net income | 86,135 | 81,012 | 83,957 |
Other Comprehensive Income (Loss), Net of Tax | (2,102) | (2,035) | 21,811 |
Parent Company | |||
Income: | |||
Dividends from subsidiaries | 60,000 | 60,000 | 60,000 |
Interest and dividends | 2,164 | 2,561 | 3,708 |
Other | 1,081 | 560 | 262 |
Total income | 63,245 | 63,121 | 63,970 |
Expense: | |||
Other, net | 12,159 | 12,341 | 13,807 |
Total expense | 12,159 | 12,341 | 13,807 |
Income before federal taxes and equity in undistributed income of subsidiaries | 51,086 | 50,780 | 50,163 |
Federal income tax benefit | 4,357 | 4,671 | 4,787 |
Income before equity in undistributed income of subsidiaries | 55,443 | 55,451 | 54,950 |
Equity in undistributed income of subsidiaries | 30,692 | 25,561 | 29,007 |
Net income | 86,135 | 81,012 | 83,957 |
Other Comprehensive Income (Loss), Net of Tax | (2,102) | (2,035) | 21,811 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 84,033 | $ 78,977 | $ 105,768 |
Parent Company Statements -128
Parent Company Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 86,135 | $ 81,012 | $ 83,957 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based Compensation | 2,814 | 1,828 | 1,259 |
(Decrease) increase in other liabilities | 2,006 | 1,173 | 5,689 |
Net cash provided by operating activities | 87,887 | 89,234 | 71,743 |
Investing activities: | |||
Net cash used in investing activities | (152,560) | (395,468) | (229,580) |
Financing activities | |||
Repayment of subordinated notes | 0 | 0 | (35,250) |
Net cash provided by financing activities | 61,660 | 217,994 | 248,506 |
Increase (decrease) in cash and cash equivalents | (3,013) | (88,240) | 90,669 |
Parent Company | |||
Net income | 86,135 | 81,012 | 83,957 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Undistributed income of subsidiaries | (30,692) | (25,561) | (29,007) |
Increase in other assets | (3,425) | (182) | (1,292) |
(Decrease) increase in other liabilities | (2,524) | 485 | 298 |
Net cash provided by operating activities | 52,308 | 57,582 | 55,215 |
Investing activities: | |||
Repayment of investments in and advances to subsidiaries | 15,000 | 10,000 | 32,000 |
Net cash used in investing activities | 15,000 | 10,000 | 32,000 |
Financing activities | |||
Cash dividends paid | (57,653) | (57,776) | (57,876) |
Cash payment for fractional shares | (4) | (3) | (5) |
Net cash provided by financing activities | (57,657) | (63,837) | (95,486) |
Increase (decrease) in cash and cash equivalents | 9,651 | 3,745 | (8,271) |
Cash at beginning of year | 102,416 | 98,671 | 106,942 |
Cash at end of year | 112,067 | 102,416 | 98,671 |
Parent Company | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Compensation expense for issuance of treasury shares to directors | 950 | 963 | 801 |
Share-based Compensation | 1,864 | 865 | 458 |
Treasury Stock, Common [Member] | |||
Financing activities | |||
Payments for Repurchase of Equity | $ 0 | $ 6,058 | $ 2,355 |