Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Trading Symbol | CNBKA | |
Entity Registrant Name | CENTURY BANCORP INC | |
Entity Central Index Key | 0000812348 | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, State or Province | MA | |
Title of 12(b) Security | Class A Common Stock | |
Security Exchange Name | NASDAQ | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,652,349 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,915,560 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 64,523 | $ 44,420 |
Federal funds sold and interest-bearing deposits in other banks | 218,488 | 214,273 |
Total cash and cash equivalents | 283,011 | 258,693 |
Securities available-for-sale, amortized cost $280,520 and $260,924, respectively | 278,019 | 260,502 |
Securities held-to-maturity, fair value $2,365,027 and $2,361,304, respectively | 2,304,074 | 2,351,120 |
Federal Home Loan Bank of Boston, stock at cost | 17,241 | 19,471 |
Equity securities, amortized cost $1,635 and $1,635, respectively | 1,609 | 1,688 |
Loans, net: | ||
Total loans, net | 2,498,894 | 2,426,119 |
Less: allowance for loan losses | 30,804 | 29,585 |
Net loans | 2,468,090 | 2,396,534 |
Bank premises and equipment | 36,238 | 33,952 |
Accrued interest receivable | 12,998 | 13,110 |
Goodwill | 2,714 | 2,714 |
Other assets | 158,292 | 154,640 |
Total assets | 5,562,286 | 5,492,424 |
Deposits: | ||
Demand deposits | 797,570 | 712,842 |
Savings and NOW deposits | 1,662,414 | 1,678,250 |
Money market accounts | 1,489,679 | 1,453,572 |
Time deposits | 612,849 | 555,447 |
Total deposits | 4,562,512 | 4,400,111 |
Securities sold under agreements to repurchase | 219,995 | 266,045 |
Other borrowed funds | 312,120 | 370,955 |
Subordinated debentures | 36,083 | 36,083 |
Due to broker | 5,500 | |
Other liabilities | 85,389 | 86,649 |
Total liabilities | 5,221,599 | 5,159,843 |
Stockholders' Equity | ||
Preferred Stock – $1.00 par value; 100,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 12,292 | 12,292 |
Retained earnings | 348,093 | 338,980 |
Stockholders' equity before adjustment of accumulated other comprehensive income (loss) | 365,953 | 356,840 |
Unrealized losses on securities available-for-sale, net of taxes | (1,839) | (308) |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | (1,648) | (1,812) |
Pension liability, net of taxes | (21,779) | (22,139) |
Total accumulated other comprehensive loss, net of taxes | (25,266) | (24,259) |
Total stockholders' equity | 340,687 | 332,581 |
Total liabilities and stockholders' equity | 5,562,286 | 5,492,424 |
Construction and land development [Member] | ||
Loans, net: | ||
Total loans, net | 6,493 | 8,992 |
Commercial and industrial [Member] | ||
Loans, net: | ||
Total loans, net | 867,599 | 812,417 |
Municipal [Member] | ||
Loans, net: | ||
Total loans, net | 141,588 | 120,455 |
Commercial real estate [Member] | ||
Loans, net: | ||
Total loans, net | 761,464 | 786,102 |
Residential real estate [Member] | ||
Loans, net: | ||
Total loans, net | 393,338 | 371,897 |
Consumer and overdrafts [Member] | ||
Loans, net: | ||
Total loans, net | 21,039 | 21,893 |
Home equity [Member] | ||
Loans, net: | ||
Total loans, net | 307,373 | 304,363 |
Class A Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock value | 3,652 | 3,651 |
Total stockholders' equity | 3,652 | 3,651 |
Class B Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock value | 1,916 | 1,917 |
Total stockholders' equity | $ 1,916 | $ 1,917 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized cost | $ 280,520 | $ 260,924 |
Held-to-maturity securities, fair value | 2,365,027 | 2,361,304 |
Equity securities, amortized cost | $ 1,635 | $ 1,635 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,652,349 | 3,650,949 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 1,915,560 | 1,916,960 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income | ||
Loans | $ 22,199 | $ 21,309 |
Securities held-to-maturity | 15,293 | 13,788 |
Securities available-for-sale | 1,693 | 2,631 |
Federal funds sold and interest-bearing deposits in other banks | 610 | 1,349 |
Total interest income | 39,795 | 39,077 |
Interest expense | ||
Savings and NOW deposits | 3,725 | 5,466 |
Money market accounts | 5,572 | 5,343 |
Time deposits | 3,172 | 2,793 |
Securities sold under agreements to repurchase | 626 | 385 |
Other borrowed funds and subordinated debentures | 1,499 | 1,652 |
Total interest expense | 14,594 | 15,639 |
Net interest income | 25,201 | 23,438 |
Provision for loan losses | 1,075 | 375 |
Net interest income after provision for loan losses | 24,126 | 23,063 |
Other operating income | ||
Service charges on deposit accounts | 2,296 | 2,209 |
Lockbox fees | 930 | 1,089 |
Gains on sales of mortgage loans | 15 | |
Other income | 1,084 | 1,114 |
Total other operating income | 4,310 | 4,427 |
Operating expenses | ||
Salaries and employee benefits | 11,371 | 11,035 |
Occupancy | 1,515 | 1,701 |
Equipment | 837 | 783 |
FDIC Assessments | 373 | |
Other | 4,450 | 4,298 |
Total operating expenses | 18,173 | 18,190 |
Income before income taxes | 10,263 | 9,300 |
(Benefit) Provision for income taxes | 597 | (118) |
Net income | $ 9,666 | $ 9,418 |
Class A Common Stock [Member] | ||
Share data: | ||
Weighted average number of shares outstanding, basic | 3,652,349 | 3,610,329 |
Weighted average number of shares outstanding, diluted | 5,567,909 | 5,567,909 |
Basic earnings per share | $ 2.10 | $ 2.05 |
Diluted earnings per share | $ 1.74 | $ 1.69 |
Class B Common Stock [Member] | ||
Share data: | ||
Weighted average number of shares outstanding, basic | 1,915,560 | 1,957,580 |
Weighted average number of shares outstanding, diluted | 1,915,560 | 1,957,580 |
Basic earnings per share | $ 1.05 | $ 1.03 |
Diluted earnings per share | $ 1.05 | $ 1.03 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 9,666 | $ 9,418 |
Unrealized gains (losses) on securities: | ||
Unrealized (losses) gains arising during period | (1,531) | (462) |
Less: reclassification adjustment for gains included in net income | ||
Total unrealized (losses) gains on securities | (1,531) | (462) |
Accretion of net unrealized losses transferred | 164 | 216 |
Defined benefit pension plans: | ||
Amortization of prior service cost and loss included in net periodic benefit cost | 360 | 263 |
Other comprehensive (loss) income | (1,007) | 17 |
Comprehensive income | $ 8,659 | $ 9,435 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class A Common Stock [Member] | Retained Earnings [Member]Class B Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Dec. 31, 2018 | $ 300,439 | $ 3,608 | $ 1,960 | $ 12,292 | $ 301,488 | $ (18,909) | ||
Net income | 9,418 | 9,418 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding (losses) gains arising during period, net of taxes | (462) | (462) | ||||||
Accretion of unrealized losses on securities transferred to held-to-maturity, net of taxes | 216 | 216 | ||||||
Pension liability adjustment, net of taxes | 263 | 263 | ||||||
Conversion of Class B Common Stock to Class A Common Stock | 2 | (2) | ||||||
Cash dividends | (433) | (117) | $ (433) | $ (117) | ||||
Ending balance at Mar. 31, 2019 | 309,324 | 3,610 | 1,958 | 12,292 | 310,356 | (18,892) | ||
Beginning balance at Dec. 31, 2019 | 332,581 | 3,651 | 1,917 | 12,292 | 338,980 | (24,259) | ||
Net income | 9,666 | 9,666 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding (losses) gains arising during period, net of taxes | (1,531) | (1,531) | ||||||
Accretion of unrealized losses on securities transferred to held-to-maturity, net of taxes | 164 | 164 | ||||||
Pension liability adjustment, net of taxes | 360 | 360 | ||||||
Conversion of Class B Common Stock to Class A Common Stock | 1 | (1) | ||||||
Cash dividends | (438) | (115) | $ (438) | $ (115) | ||||
Ending balance at Mar. 31, 2020 | $ 340,687 | $ 3,652 | $ 1,916 | $ 12,292 | $ 348,093 | $ (25,266) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Unrealized holding (losses) gains arising during period, taxes | $ 548 | $ 166 | |
Accretion of net unrealized losses transferred during the period, taxes | 58 | 78 | |
Pension liability adjustment, taxes | $ 141 | $ 103 | |
Class A Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 1,400 | 2,300 | |
Cash dividends, per share | $ 0.12 | $ 0.12 | |
Class B Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 1,400 | 2,300 | |
Cash dividends, per share | $ 0.06 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 9,666 | $ 9,418 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Gain on sales of mortgage loans | (15) | |
Net loss (gain) on equity securities | 79 | (53) |
Provision for loan losses | 1,075 | 375 |
Deferred income taxes | (114) | 104 |
Net depreciation and amortization | (578) | (468) |
Decrease (increase) in accrued interest receivable | 112 | (58) |
(Increase) decrease in other assets | 2,359 | 2,187 |
Increase in other liabilities | (336) | (458) |
Net cash provided by operating activities | 12,263 | 11,032 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from redemptions of Federal Home Loan Bank of Boston stock | 6,831 | 4,777 |
Purchase of Federal Home Loan Bank of Boston stock | (4,601) | (1,047) |
Proceeds from calls/maturities of securities available-for-sale | 20,734 | 34,927 |
Purchase of securities available-for-sale | (39,719) | (34,031) |
Proceeds from calls/maturities of securities held-to-maturity | 123,723 | 88,027 |
Purchase of securities held-to-maturity | (70,171) | (148,500) |
Net increase in loans | (72,621) | (25,811) |
Proceeds from sales of portfolio loans | 685 | |
Bank owned life insurance purchases | (6,000) | |
Capital expenditures | (3,084) | (1,344) |
Net cash used in investing activities | (44,908) | (82,317) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in time deposits | 57,402 | (18,500) |
Net increase in demand, savings, money market and NOW deposits | 104,999 | 61,163 |
Cash dividends | (553) | (550) |
Net (decrease) increase in securities sold under agreements to repurchase | (46,050) | 10,260 |
Net (decrease) increase in other borrowed funds | (58,835) | 54,770 |
Net cash provided by financing activities | 56,963 | 107,143 |
Net increase in cash and cash equivalents | 24,318 | 35,858 |
Cash and cash equivalents at beginning of period | 258,693 | 342,503 |
Cash and cash equivalents at end of period | 283,011 | 378,361 |
Cash paid (received) during the period for: | ||
Interest | 14,711 | 15,462 |
Income tax refunds | 300 | |
Income taxes | (1,265) | |
Change in unrealized gains (losses) on securities available-for-sale, net of taxes | (1,531) | (462) |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | 164 | 216 |
Pension liability adjustment, net of taxes | 360 | 263 |
Change in due to (from) to broker | $ 5,500 | $ 11,740 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Note 1. Basis of Financial Statement Presentation The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts, New Hampshire, Rhode Island, Connecticut, and New York. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The Company’s quarterly report on Form 10-Q 10-K 2016-13, 2016-13. Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on a review of factors, including historical charge-off COVID-19 |
Securities Available-for-Sale
Securities Available-for-Sale | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Securities Available-for-Sale | Note 2. Securities Available-for-Sale March 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value (in thousands) SBA Backed Securities $ 50,722 $ 25 $ 132 $ 50,615 $ 54,331 $ 23 $ 143 $ 54,211 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 208,596 157 2,538 206,215 184,580 139 532 184,187 Privately Issued Residential Mortgage-Backed Securities 378 — 44 334 397 1 2 396 Obligations Issued by States and Political Subdivisions 17,224 — — 17,224 18,016 60 — 18,076 Other Debt Securities 3,600 42 11 3,631 3,600 51 19 3,632 Total $ 280,520 $ 224 $ 2,725 $ 278,019 $ 260,924 $ 274 $ 696 $ 260,502 Included in SBA Backed Securities, and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $185,943,000 and $186,245,000 at March 31, 2020 and December 31, 2019, respectively. Also included in securities available-for-sale available-for-sale available-for-sale Debt securities of U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the maturity distribution of the Company’s securities available-for-sale Amortized Fair Cost Value (in thousands) Within one year $ 18,618 $ 18,568 After one but within five years 149,846 148,675 After five but within ten years 107,266 105,995 More than 10 years 4,790 4,781 Total $ 280,520 $ 278,019 The weighted average remaining life of investment securities available-for-sale As of March 31, 2020 and December 31, 2019, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of its remaining amortized cost. In making its other-than-temporary impairment evaluation, the Company considered that the principal and interest on these securities are from issuers that are investment grade. The unrealized loss on SBA Backed Securities, U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2020 or December 31, 2019. In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans. The following table shows the temporarily impaired securities of the Company’s available-for-sale securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 124 holdings at March 31, 2020. March 31, 2020 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) SBA Backed Securities $ 12,806 $ 25 $ 20,687 $ 107 $ 33,493 $ 132 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 131,960 1,846 43,274 692 175,234 2,538 Privately Issued Residential Mortgage-Backed Securities 334 44 — — 334 44 Obligations Issued by States and Political Subdivisions — — Other Debt Securities 800 — 489 11 1,289 11 Total temporarily impaired securities $ 145,900 $ 1,915 $ 64,450 $ 810 $ 210,350 $ 2,725 The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2019 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) SBA Backed Securities $ 14,560 $ 30 $ 22,092 $ 113 $ 36,652 $ 143 U.S. Government Agency and Sponsored Enterprise Mortgage- Backed Securities 108,806 379 29,178 153 137,984 532 Privately Issued Residential Mortgage-Backed Securities 252 2 — — 252 2 Obligations Issued by States and Political Subdivisions — — — — — — Other Debt Securities 800 1 481 18 1,281 19 Total temporarily impaired securities $ 124,418 $ 412 $ 51,751 $ 284 $ 176,169 $ 696 |
Investment Securities Held-to-M
Investment Securities Held-to-Maturity | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Investment Securities Held-to-Maturity | Note 3. Investment Securities Held-to-Maturity March 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Estimated Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cost Gains Losses Fair Value (in thousands) U.S. Government Sponsored Enterprises $ 89,419 $ 1,113 $ — $ 90,532 $ 98,867 $ 527 $ 96 $ 99,298 SBA Backed Securities 42,856 492 69 43,279 44,379 182 303 44,258 U.S. Government Sponsored Enterprises Mortgage-Backed Securities 2,171,799 61,037 1,620 2,231,216 2,207,874 20,720 10,846 2,217,748 Total $ 2,304,074 $ 62,642 $ 1,689 $ 2,365,027 $ 2,351,120 $ 21,429 $ 11,245 $ 2,361,304 Included in total investment securities held-to-maturity available-for-sale held-to-maturity At March 31, 2020 and December 31, 2019, all mortgage-backed securities are obligations of U.S. Government Sponsored Enterprises. Debt securities of U.S. Government Sponsored Enterprises and U.S. Government Sponsored Enterprises Mortgage-Backed Securities primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the maturity distribution of the Company’s securities held-to-maturity Amortized Fair Cost Value (in thousands) Within one year $ 90,437 $ 91,896 After one but within five years 1,921,419 1,971,224 After five but within ten years 280,016 289,074 More than ten years 12,202 12,833 Total $ 2,304,074 $ 2,365,027 The weighted average remaining life of investment securities held-to-maturity As of March 31, 2020 and December 31, 2019, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The unrealized loss on U.S. Government Sponsored Enterprises, SBA Backed Securities, and U.S. Government Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2020 or December 31, 2019. In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. The following table shows the temporarily impaired securities of the Company’s held-to-maturity March 31, 2020 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) SBA Backed Securities $ 12,725 $ 69 $ — $ — $ 12,725 $ 69 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 197,134 911 53,703 709 250,837 1,620 Total temporarily impaired securities $ 209,859 $ 980 $ 53,703 $ 709 $ 263,562 $ 1,689 The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises 24,420 72 9,976 24 34,396 96 SBA Backed Securities 25,251 303 — — 25,251 303 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 613,905 3,949 389,919 6,897 1,003,824 10,846 Total temporarily impaired securities $ 663,576 $ 4,324 $ 399,895 $ 6,921 $ 1,063,471 $ 11,245 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 4. Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, financial condition of borrowers, the value of collateral securing loans and other relevant factors. The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated. Three months ended March 31, 2020 2019 (in thousands) Allowance for loan losses, beginning of period $ 29,585 $ 28,543 Loans charged off (62 ) (142 ) Recoveries on loans previously charged-off 206 72 Net recoveries (charge-offs) 144 (70 ) Provision charged to expense 1,075 375 Allowance for loan losses, end of period $ 30,804 $ 28,848 Further information pertaining to the allowance for loan losses for the three months ending March 31, 2020 is as follows: Construction Commercial and Land and Commercial Residential Home Development Industrial Municipal Real Estate Real Estate Consumer Equity Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2019 $ 331 $ 11,596 $ 2,566 $ 11,464 $ 2,194 $ 312 $ 1,065 $ 57 $ 29,585 Charge-offs — (5 ) — — — (57 ) — — (62 ) Recoveries — 164 — — — 37 5 — 206 Provision (85 ) 673 323 (343 ) 255 4 67 181 1,075 Ending balance at March 31, 2020 $ 246 $ 12,428 $ 2,889 $ 11,121 $ 2,449 $ 296 $ 1,137 $ 238 $ 30,804 Amount of allowance for loan losses for loans deemed to be impaired $ — $ — $ — $ 85 $ — $ — $ — $ — $ 85 Amount of allowance for loan losses for loans not deemed to be impaired $ 246 $ 12,428 $ 2,889 $ 11,036 $ 2,449 $ 296 $ 1,137 $ 238 $ 30,719 Loans: Ending balance $ 6,493 $ 867,599 $ 141,588 $ 761,464 $ 393,338 $ 21,039 $ 307,373 $ — $ 2,498,894 Loans deemed to be impaired $ — $ 623 $ — $ 2,322 $ — $ — $ — $ — $ 2,945 Loans not deemed to be impaired $ 6,493 $ 866,976 $ 141,588 $ 759,142 $ 393,338 $ 21,039 $ 307,373 $ — $ 2,495,949 Further information pertaining to the allowance for loan losses for the three months ending March 31, 2019 is as follows: Construction Commercial and Land and Commercial Residential Home Development Industrial Municipal Real Estate Real Estate Consumer Equity Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2018 $ 1,092 $ 10,998 $ 1,838 $ 10,663 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,543 Charge-offs — (43 ) — — — (99 ) — — (142 ) Recoveries — 18 — — — 54 — — 72 Provision (81 ) 183 160 104 (55 ) 22 (10 ) 52 375 Ending balance at March 31, 2019 $ 1,011 $ 11,156 $ 1,998 $ 10,767 $ 2,135 $ 342 $ 1,101 $ 338 $ 28,848 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 6 $ — $ 94 $ — $ — $ — $ — $ 100 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,011 $ 11,150 $ 1,998 $ 10,673 $ 2,135 $ 342 $ 1,101 $ 338 $ 28,748 Loans: Ending balance $ 13,305 $ 767,436 $ 105,288 $ 746,703 $ 349,966 $ 22,123 $ 305,839 $ — $ 2,310,660 Loans deemed to be impaired $ — $ 320 $ — $ 2,946 $ — $ — $ — $ — $ 3,266 Loans not deemed to be impaired $ 13,305 $ 767,116 $ 105,288 $ 743,757 $ 349,966 $ 22,123 $ 305,839 $ — $ 2,307,394 The Company utilizes a six grade internal loan rating system for commercial real estate, construction and commercial loans as follows: Loans rated 1-3 Loans in this category are considered “pass” rated loans with low to average risk. Loans rated 4 (Monitor): These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of March 31, 2020 and December 31, 2019. Loans rated 5 (Substandard): Substandard loans represent classified loans that management is closely monitoring for credit quality. These loans have had more significant credit quality deterioration as of March 31, 2020 and December 31, 2019. Loans rated 6 (Doubtful): Doubtful loans represent classified loans that management is closely monitoring for credit quality. These loans had more significant credit quality deterioration as of March 31, 2020 and December 31, 2019 and full collectability is doubtful. Impaired: Impaired loans represent classified loans that management is closely monitoring for credit quality. A loan is classified as impaired when it is probable that the Company will be unable to collect all amounts due. The following table presents the Company’s loans by risk rating at March 31, 2020. Construction Commercial and Land and Commercial Development Industrial Municipal Real Estate (in thousands) Grade: 1-3 $ 6,493 $ 863,026 $ 141,588 $ 734,992 4 (Monitor) — 3,950 — 24,150 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 623 — 2,322 Total $ 6,493 $ 867,599 $ 141,588 $ 761,464 The following table presents the Company’s loans by risk rating at December 31, 2019. Construction Commercial and Land and Commercial Development Industrial Municipal Real Estate (in thousands) Grade: 1-3 $ 8,992 $ 807,486 $ 120,455 $ 759,402 4 (Monitor) — 4,025 — 24,354 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 906 — 2,346 Total $ 8,992 $ 812,417 $ 120,455 $ 786,102 Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at March 31, 2020 and are included within the total loan portfolio. Commercial Commercial and Real Industrial Municipal Estate Total (in thousands) Credit Rating: Aaa – Aa3 $ 568,173 $ 74,406 $ 38,955 $ 681,534 A1 – A3 185,819 7,354 147,953 341,126 Baa1 – Baa3 — 51,133 143,302 194,435 Ba2 — 5,895 — 5,895 Total $ 753,992 $ 138,788 $ 330,210 $ 1,222,990 Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at December 31, 2019. Commercial Commercial and Real Industrial Municipal Estate Total (in thousands) Credit Rating: Aaa – Aa3 $ 523,644 $ 53,273 $ 40,437 $ 617,354 A1 – A3 186,044 7,354 148,346 341,744 Baa1 – Baa3 — 51,133 144,711 195,844 Ba2 — 5,895 — 5,895 Total $ 709,688 $ 117,655 $ 333,494 $ 1,160,837 The Company utilized payment performance as credit quality indicators for the loan types listed below. The indicators are depicted in the table “aging of past due loans,” below. Further information pertaining to the allowance for loan losses at March 31, 2020 follows: Accruing Accruing Greater Total 30-89 Days Non than Past Current Past Due Accrual 90 Days Due Loans Total (in thousands) Construction and land development $ — $ — $ — $ — $ 6,493 $ 6,493 Commercial and industrial 337 374 — 711 866,888 867,599 Municipal — — — — 141,588 141,588 Commercial real estate 2,322 238 — 2,560 758,904 761,464 Residential real estate 2,455 890 — 3,345 389,993 393,338 Consumer and overdrafts 17 6 — 23 21,016 21,039 Home equity 1,450 193 — 1,643 305,730 307,373 Total $ 6,581 $ 1,701 $ — $ 8,282 $ 2,490,612 $ 2,498,894 Further information pertaining to the allowance for loan losses at December 31, 2019 follows: Accruing Accruing Greater Total 30-89 Days Non than Past Current Past Due Accrual 90 Days Due Loans Total (in thousands) Construction and land development $ — $ — $ — $ — $ 8,992 $ 8,992 Commercial and industrial 227 400 — 627 811,790 812,417 Municipal — — — — 120,455 120,455 Commercial real estate 840 492 — 1,332 784,770 786,102 Residential real estate 1,563 683 — 2,246 369,651 371,897 Consumer and overdrafts 18 4 — 22 21,871 21,893 Home equity 603 435 — 1,038 303,325 304,363 Total $ 3,251 $ 2,014 $ — $ 5,265 $ 2,420,854 $ 2,426,119 Impaired loans A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company measures impairment based on a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Loans are charged-off charged-off The following is information pertaining to impaired loans for March 31, 2020: Average Interest Carrying Income Value Recognized for 3 for 3 Unpaid Months Months Carrying Principal Required Ending Ending Value Balance Reserve 3/31/20 3/31/20 (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 623 641 — 582 1 Municipal — — — — — Commercial real estate 155 185 — 157 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 778 $ 826 $ — $ 739 $ 1 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial — — — 113 1 Municipal — — — — — Commercial real estate 2,167 2,290 85 2,176 22 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,167 $ 2,290 $ 85 $ 2,289 $ 23 Total: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 623 641 — 695 2 Municipal — — — — — Commercial real estate 2,322 2,475 85 2,333 22 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,945 $ 3,116 $ 85 $ 3,028 $ 24 The following is information pertaining to impaired loans for March 31, 2019: Average Interest Carrying Income Value Recognized Unpaid for 3 Months for 3 Months Carrying Principal Required Ending Ending Value Balance Reserve 3/31/19 3/31/19 (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 93 306 — 87 2 Municipal — — — — — Commercial real estate 182 206 — 188 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 275 $ 512 $ — $ 275 $ 2 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 227 228 6 262 3 Municipal — — — — — Commercial real estate 2,764 2,881 94 2,694 24 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,991 $ 3,109 $ 100 $ 2,956 $ 27 Total: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 320 534 6 349 5 Municipal — — — — — Commercial real estate 2,946 3,087 94 2,882 24 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 3,266 $ 3,621 $ 100 $ 3,231 $ 29 Troubled debt restructurings (“TDR”) are identified as modifications in which a concession was granted to a customer who was having financial difficulties. This concession may be below market rate, longer amortization/term, or a lower payment amount. The present value calculation of the modification did not result in an increase in the allowance for these loans beyond any previously established allocations. There was no TDR that occurred during the three-month period ended March 31, 2020. Also, there were no commitments to lend additional funds to troubled debt restructuring borrowers. There were no troubled debt restructurings that subsequently defaulted during the first three months of 2020. Under Section 4013 of the CARES Act, loans less than 30 days past due as of December 31, 2019 will be considered current for COVID-19 COVID-19 COVID-19 As of March 31, 2020, and as a result of COVID-19 loan modification, the Company had modified 58 loans aggregating $32,073,000, primarily consisting of the deferral of principal and/or the extension of the maturity date. Of these modifications, $32,073,000, or 100%, were performing in accordance with their modified terms. There was no troubled debt restructuring that occurred during the three-month period ended March 31, 2019. Also, there were no commitments to lend additional funds to troubled debt restructuring borrowers. There were no troubled debt restructurings that subsequently defaulted during the first three months of 2019. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Note 5. Reclassifications Out of Accumulated Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income Three Three Affected Line Item in the Details about Accumulated Other Months Ended Months Ended Statement where Net Income is Comprehensive Income Components March 31, 2020 March 31, 2019 Presented (in thousands) Accretion of unrealized losses transferred $ (222 ) $ (294 ) Securities held-to-maturity Tax (expense) or benefit 58 78 Provision for income taxes Net of tax $ (164 ) $ (216 ) Net income Amortization of defined benefit pension items Prior-service costs $ (29 ) $ (29 )(b) Salaries and employee benefits Actuarial gains (losses) (472 ) (337 )(b) Salaries and employee benefits Total before tax (501 ) (366 ) Income before taxes Tax (expense) or benefit 141 103 Provision for income taxes Net of tax $ (360 ) $ (263 ) Net income (a) Amount in parentheses indicates reductions to net income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Employee Benefits footnote (Note 7) for additional details). |
Earnings per share ("EPS")
Earnings per share ("EPS") | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share ("EPS") | Note 6. Earnings per Share (“EPS”) Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock. Diluted EPS includes the dilutive effect of common stock equivalents and assumes the conversion of all Class B common stock; basic EPS excludes all common stock equivalents. The Company had no common stock equivalents outstanding for the periods ended March 31, 2020 and 2019. The following table is a reconciliation of basic EPS and diluted EPS. Three Months Ended March 31, (in thousands except share and per share data) 2020 2019 Basic EPS Computation: Numerator: Net income, Class A $ 7,658 $ 7,409 Net income, Class B 2,008 2,009 Denominator: Weighted average shares outstanding, Class A 3,652,349 3,610,329 Weighted average shares outstanding, Class B 1,915,560 1,957,580 Basic EPS, Class A $ 2.10 $ 2.05 Basic EPS, Class B 1.05 1.03 Diluted EPS Computation: Numerator: Net income, Class A $ 7,658 $ 7,409 Net income, Class B 2,008 2,009 Total net income, for diluted EPS, Class A computation 9,666 9,418 Denominator: Weighted average shares outstanding, basic, Class A 3,652,349 3,610,329 Weighted average shares outstanding, Class B 1,915,560 1,957,580 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,915,560 1,957,580 Diluted EPS, Class A $ 1.74 $ 1.69 Diluted EPS, Class B 1.05 1.03 |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 7. Employee Benefits The Company provides pension benefits to its employees under a noncontributory, defined benefit plan which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. The Company also has a Supplemental Executive Insurance/Retirement Plan (the “Supplemental Plan”) which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. Executive officers of the Company and its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary, and participants are required to contribute to its cost. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant. Components of Net Periodic Benefit Cost for the Three Months Ended March 31, Supplemental Insurance/ Pension Benefits Retirement Plan 2020 2019 2020 2019 (in thousands) Service cost $ 344 $ 276 $ 353 $ 256 Interest 450 473 466 482 Expected return on plan assets (952 ) (819 ) — — Recognized prior service cost (benefit) — — 29 28 Recognized net actuarial losses 261 229 211 109 Net periodic benefit (credit) cost $ 103 $ 159 $ 1,059 $ 875 Approximately $465,000 and $502,000 of costs other than service costs, from the table above, are included in other expenses for the three months ended March 31, 2020 and 2019, respectively. The Company does not intend to contribute to the Defined Benefit Pension Plan in 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements The Company follows FASB ASC 820-10, 2016-1, (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities 820-10 Level I – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices such as G-7 Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds, and OTC derivatives. Level III – Instruments that have little to no pricing observability as of the reported date. These financial instruments do not have two-way The results of the fair value hierarchy as of March 31, 2020, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Quoted Prices In Active Significant Markets for Significant Other Identical Observable Unobservable Carrying Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) SBA Backed Securities $ 50,615 $ — $ 50,615 $ — U.S. Government Agency and Sponsored Mortgage-Backed Securities 206,215 — 206,215 — Privately Issued Residential Mortgage- Backed Securities 334 — 334 — Obligations Issued by States and Political Subdivisions 17,224 — — 17,224 Other Debt Securities 3,631 — 3,631 — Total Debt Securities $ 278,019 $ — $ 260,795 $ 17,224 Equity Securities $ 1,609 $ 243 $ 1,366 $ — Financial Instruments Measured at Fair Value on a Non-recurring Impaired Loans $ 608 $ — $ — $ 608 Impaired loan balances represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not observable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. All impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis, appraisal of collateral or other type of real estate tax assessment. The types of adjustments that are made to specific provisions related to impaired loans recognized for the three-month period ended March 31, 2020 amounted to ($9,000). The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Unobservable Input Asset Fair Value Valuation Technique Unobservable Input Value or Range Securities AFS $ 17,224 Discounted cash flow Discount rate 0%-1% (3) Impaired Loans $ 608 Appraisal of collateral (1) Appraisal adjustments (2) 0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages. The changes in Level 3 securities for the three-month period ended March 31, 2020 are shown in the table below: Obligations Issued by States & Political Subdivisions Balance at December 31, 2019 $ 13,301 Purchases 9,372 Maturities and calls (5,449 ) Amortization — Balance at March 31, 2020 $ 17,224 The amortized cost of Level 3 securities was $17,224,000 at March 31, 2020 with an unrealized loss of $0. The securities in this category are generally municipal securities with no readily determinable fair value. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. The fair value of impaired loans decreased by $269,000, for the first three months of 2020, mainly attributable to one loan that was paid down. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the three-month period ended March 31, 2020. The changes in Level 3 securities for the three-month period ended March 31, 2019, are shown in the table below: Obligations Issued by States & Political Subdivisions Balance at December 31, 2018 $ 88,728 Purchases 970 Maturities and calls (26,352 ) Amortization (14 ) Changes in fair value — Balance at March 31, 2019 $ 63,332 The amortized cost of Level 3 securities was $63,332,000 at March 31, 2019 with an unrealized loss of $0. The securities in this category are generally municipal securities with no readily determinable fair value. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. There was no change in the fair value of other real estate owned for the first three months of 2019. The fair value of impaired loans decreased by $56,000, for the first three months of 2019, mainly as a result of a charge-off The results of the fair value hierarchy as of December 31, 2019, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Quoted Prices In Active Significant Markets for Significant Other Identical Observable Unobservable Carrying Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) SBA Backed Securities $ 54,211 $ — $ 54,211 $ — U.S. Government Agency and Sponsored Mortgage-Backed Securities 184,187 — 184,187 — Privately Issued Residential Mortgage-Backed Securities 396 — 396 — Obligations Issued by States and Political Subdivisions 18,076 — 4,775 13,301 Other Debt Securities 3,632 3,632 — Total $ 260,502 $ — $ 247,201 $ 13,301 Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities $ 1,688 $ 343 $ 1,345 $ — Financial Instruments Measured at Fair Value on a Non-recurring $ 877 $ — $ — $ 877 Impaired loan balances in the table above represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions relate to impaired loans recognized for 2019 for the estimated credit loss amounted to $79,000. There were no transfers between level 1, 2 and 3 for the year ended December 31, 2019. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2019. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Unobservable Input Asset Fair Value Valuation Technique Unobservable Input Value or Range Securities AFS $ 13,301 Discounted cash flow Discount rate 1.5%-3.2% (3) Impaired Loans $ 877 Appraisal of collateral (1) Appraisal adjustments (2) 0%-30% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Fair Values of Financial Instruments | Note 9. Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all non-financial The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. Securities Held-to-Maturity The fair values of these securities were based on quoted market prices, where available, as provided by third-party investment portfolio pricing vendors. If quoted market prices were not available, fair values provided by the vendors were based on quoted market prices of comparable instruments in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association’s standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Management regards the inputs and methods used by third party pricing vendors to be “Level 2 inputs and methods” as defined in the “fair value hierarchy” provided by FASB. Loans The fair value of loans is estimated using the exit price notion consistent with Topic 820, Fair Value Measurement. Fair value is determined based on a discounted cash flow analysis. The discounted cash flow analysis was based on the contractual maturity of the loan and market indications of rates, prepayment speeds, defaults and credit risk. For certain non-performing Time Deposits The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Other Borrowed Funds The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities. Subordinated Debentures The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities. The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2020 and December 31, 2019. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity Fair Value Carrying Estimated Measurements Level 2 Level 3 March 31, 2020 Amount Fair Value Level 1 Inputs Inputs Inputs (in thousands) Financial assets: Securities held-to-maturity $ 2,304,074 $ 2,365,027 $ — $ 2,365,027 $ — Loans (1) 2,468,090 2,437,099 — — 2,437,099 Financial liabilities: Time deposits 612,849 621,553 — 621,553 — Other borrowed funds 312,120 320,830 — 320,830 — Subordinated debentures 36,083 36,083 — 36,083 — December 31, 2019 Financial assets: Securities held-to-maturity $ 2,351,120 $ 2,361,304 $ — $ 2,361,304 $ — Loans (1) 2,396,534 2,424,770 — — 2,424,770 Financial liabilities: Time deposits 555,447 560,746 — 560,746 — Other borrowed funds 370,955 374,531 — 374,531 — Subordinated debentures 36,083 36,083 — 36,083 — (1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the type of financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular financial instrument. Because no active market exists for some of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, cash flows, current economic conditions, risk characteristics and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions and changes in the loan, debt and interest rate markets could significantly affect the estimates. Further, the income tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 10. Revenue from Contracts with Customers Revenue from contracts with customers in the scope of ASC Topic 606 is measured based on the consideration specified in the contract with a customer, and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered, and our contracts do not include multiple performance obligations. Payment is generally collected at the time services are rendered, or monthly. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. The Company pays sales commissions to its employees in accordance with certain incentive plans. The Company expenses sales commissions when incurred if we do not expect to recover these costs from the terms of the contract with the customer. Sales commissions are included in compensation expense. In certain cases, other parties are involved with providing products and services to our customers. If the Company is a principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Waivers and reversals are recorded as a reduction of revenue either when the revenue is recognized by the Company or at the time the waiver or reversal is earned by the customer. A. Nature of goods and services The vast majority of the Company’s revenue is specifically out-of-scope in-scope, a. Revenue earned at a point in time – Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, NSF fees, credit and debit card interchange fees and foreign exchange transaction fees. Revenue is generally derived from transactional information accumulated by our systems and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is the principal in each of these contracts, with the exception of credit and debit card interchange fees, in which case we are acting as the agent and record revenue net of expenses paid to the principal. b. Revenue earned over time – The Company earns revenue from contracts with customers in a variety of ways in which the revenue is earned over a period of time – generally monthly or quarterly. Examples of this type of revenue are deposit account service fees, lockbox fees, investment management fees, merchant referral services, and safe deposit box fees. Account service charges, management fees and referral fees are recognized on a monthly basis while any transaction based income is recorded as the activity occurs. Revenue is primarily based on the number and type of transactions or assets managed and is generally derived from transactional information accumulated by our systems. Revenue is recorded in the same period as the related transactions occur or services are rendered to the customer. B. Disaggregation of revenue The following table presents total revenues as presented in the Consolidated Statements of Income and the related amounts which are from contracts with customers within the scope of Topic 606. As illustrated here, the vast majority of our revenues are specifically excluded from the scope of Topic 606. Three Revenue from Three Revenue from Months Contracts in Months Contracts in Ended Scope of Ended Scope of 3/31/2020 Topic 606 3/31/2019 Topic 606 (dollars in thousands) Total interest income $ 25,201 $ — $ 23,438 $ — Noninterest income: Service charges on deposit accounts 2,296 2,296 2,209 2,209 Lockbox fees 930 930 1,089 1,089 Gains on sales of mortgage loans — — 15 — Other income 1,084 599 1,114 800 Total noninterest income 4,310 3,825 4,427 4,098 Total revenues $ 29,511 $ 3,825 $ 27,865 $ 4,098 The following table provides information about receivables with customers. March 31, 2020 December 31, 2019 (dollars in thousands) Receivables, which are included in “Other assets” $ 1,236 $ 1,200 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 11. Leases The Company has operating leases primarily for branch locations as well as data processing centers. The Company’s operating leases have remaining lease terms of 1 year to 32 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. The Company also has one sublease for part of a data processing center that the Company currently leases from a lessor. The sublease expires in 2022 with an option to terminate and no option to extend. Lease income, for the sublease, totaled approximately $9,900 for the three months ended March 31, 2020. Variable lease costs include costs that are not included in the lease liability. The components of lease expense were as follows: Three Three Months Months Ended Ended 3/31/2020 3/31/2019 (in thousands) Operating lease cost $ 546 $ 563 Variable lease cost 133 148 Total lease cost $ 679 $ 711 Supplemental cash flow information related to leases was as follows: Three Three Months Months Ended Ended 3/31/2020 3/31/2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 529 $ 538 Right-of-use Operating leases $ 421 $ 443 Supplemental balance sheet information related to leases was as follows: 3/31/2020 12/31/2019 (in thousands, except lease term and discount rate) Operating Leases: Operating lease right-of-use $ 12,085 $ 12,521 Operating lease liabilities $ 12,267 $ 12,690 Weighted Average Remaining Lease Term: Operating Leases 11 years 11 years Weighted Average Discount Rate: Operating Leases 3.5 % 3.5 % A summary of future minimum rental payments under such leases as the dates indicated follows: Minimum Rental Payments March 31, 2020 December 31, 2019 (in thousands) Year Ending December 31, 2020 $ 1,502 $ 2,030 2021 1,754 1,754 2022 1,603 1,603 2023 1,545 1,545 2024 1,277 1,277 Thereafter 7,311 7,312 Total lease payments $ 14,992 $ 15,521 Less imputed interest (2,725 ) (2,831 ) Present value of lease liability $ 12,267 $ 12,690 March 31, 2020 minimum rental payments represent nine months o f |
Securities Available-for-Sale (
Securities Available-for-Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Summary of Securities Available-for-Sale | March 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value (in thousands) SBA Backed Securities $ 50,722 $ 25 $ 132 $ 50,615 $ 54,331 $ 23 $ 143 $ 54,211 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 208,596 157 2,538 206,215 184,580 139 532 184,187 Privately Issued Residential Mortgage-Backed Securities 378 — 44 334 397 1 2 396 Obligations Issued by States and Political Subdivisions 17,224 — — 17,224 18,016 60 — 18,076 Other Debt Securities 3,600 42 11 3,631 3,600 51 19 3,632 Total $ 280,520 $ 224 $ 2,725 $ 278,019 $ 260,924 $ 274 $ 696 $ 260,502 |
Estimated Maturity Distribution of Securities Available-for-Sale | The following table shows the maturity distribution of the Company’s securities available-for-sale Amortized Fair Cost Value (in thousands) Within one year $ 18,618 $ 18,568 After one but within five years 149,846 148,675 After five but within ten years 107,266 105,995 More than 10 years 4,790 4,781 Total $ 280,520 $ 278,019 |
Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer | The following table shows the temporarily impaired securities of the Company’s available-for-sale securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 124 holdings at March 31, 2020. March 31, 2020 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) SBA Backed Securities $ 12,806 $ 25 $ 20,687 $ 107 $ 33,493 $ 132 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 131,960 1,846 43,274 692 175,234 2,538 Privately Issued Residential Mortgage-Backed Securities 334 44 — — 334 44 Obligations Issued by States and Political Subdivisions — — Other Debt Securities 800 — 489 11 1,289 11 Total temporarily impaired securities $ 145,900 $ 1,915 $ 64,450 $ 810 $ 210,350 $ 2,725 The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2019 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) SBA Backed Securities $ 14,560 $ 30 $ 22,092 $ 113 $ 36,652 $ 143 U.S. Government Agency and Sponsored Enterprise Mortgage- Backed Securities 108,806 379 29,178 153 137,984 532 Privately Issued Residential Mortgage-Backed Securities 252 2 — — 252 2 Obligations Issued by States and Political Subdivisions — — — — — — Other Debt Securities 800 1 481 18 1,281 19 Total temporarily impaired securities $ 124,418 $ 412 $ 51,751 $ 284 $ 176,169 $ 696 |
Investment Securities Held-to_2
Investment Securities Held-to-Maturity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Summary of Held-to-Maturity Securities | March 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Estimated Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cost Gains Losses Fair Value (in thousands) U.S. Government Sponsored Enterprises $ 89,419 $ 1,113 $ — $ 90,532 $ 98,867 $ 527 $ 96 $ 99,298 SBA Backed Securities 42,856 492 69 43,279 44,379 182 303 44,258 U.S. Government Sponsored Enterprises Mortgage-Backed Securities 2,171,799 61,037 1,620 2,231,216 2,207,874 20,720 10,846 2,217,748 Total $ 2,304,074 $ 62,642 $ 1,689 $ 2,365,027 $ 2,351,120 $ 21,429 $ 11,245 $ 2,361,304 |
Company's Securities Held-to-Maturity | The following table shows the maturity distribution of the Company’s securities held-to-maturity Amortized Fair Cost Value (in thousands) Within one year $ 90,437 $ 91,896 After one but within five years 1,921,419 1,971,224 After five but within ten years 280,016 289,074 More than ten years 12,202 12,833 Total $ 2,304,074 $ 2,365,027 |
Unrealized Market Loss of Securities | The following table shows the temporarily impaired securities of the Company’s held-to-maturity March 31, 2020 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) SBA Backed Securities $ 12,725 $ 69 $ — $ — $ 12,725 $ 69 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 197,134 911 53,703 709 250,837 1,620 Total temporarily impaired securities $ 209,859 $ 980 $ 53,703 $ 709 $ 263,562 $ 1,689 The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Temporarily Impaired Investments Value Losses Value Losses Value Losses (in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises 24,420 72 9,976 24 34,396 96 SBA Backed Securities 25,251 303 — — 25,251 303 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 613,905 3,949 389,919 6,897 1,003,824 10,846 Total temporarily impaired securities $ 663,576 $ 4,324 $ 399,895 $ 6,921 $ 1,063,471 $ 11,245 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Analysis of the allowance for loan losses | The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated. Three months ended March 31, 2020 2019 (in thousands) Allowance for loan losses, beginning of period $ 29,585 $ 28,543 Loans charged off (62 ) (142 ) Recoveries on loans previously charged-off 206 72 Net recoveries (charge-offs) 144 (70 ) Provision charged to expense 1,075 375 Allowance for loan losses, end of period $ 30,804 $ 28,848 |
Summary of Allowance for Loan Losses | Further information pertaining to the allowance for loan losses for the three months ending March 31, 2020 is as follows: Construction Commercial and Land and Commercial Residential Home Development Industrial Municipal Real Estate Real Estate Consumer Equity Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2019 $ 331 $ 11,596 $ 2,566 $ 11,464 $ 2,194 $ 312 $ 1,065 $ 57 $ 29,585 Charge-offs — (5 ) — — — (57 ) — — (62 ) Recoveries — 164 — — — 37 5 — 206 Provision (85 ) 673 323 (343 ) 255 4 67 181 1,075 Ending balance at March 31, 2020 $ 246 $ 12,428 $ 2,889 $ 11,121 $ 2,449 $ 296 $ 1,137 $ 238 $ 30,804 Amount of allowance for loan losses for loans deemed to be impaired $ — $ — $ — $ 85 $ — $ — $ — $ — $ 85 Amount of allowance for loan losses for loans not deemed to be impaired $ 246 $ 12,428 $ 2,889 $ 11,036 $ 2,449 $ 296 $ 1,137 $ 238 $ 30,719 Loans: Ending balance $ 6,493 $ 867,599 $ 141,588 $ 761,464 $ 393,338 $ 21,039 $ 307,373 $ — $ 2,498,894 Loans deemed to be impaired $ — $ 623 $ — $ 2,322 $ — $ — $ — $ — $ 2,945 Loans not deemed to be impaired $ 6,493 $ 866,976 $ 141,588 $ 759,142 $ 393,338 $ 21,039 $ 307,373 $ — $ 2,495,949 Further information pertaining to the allowance for loan losses for the three months ending March 31, 2019 is as follows: Construction Commercial and Land and Commercial Residential Home Development Industrial Municipal Real Estate Real Estate Consumer Equity Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2018 $ 1,092 $ 10,998 $ 1,838 $ 10,663 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,543 Charge-offs — (43 ) — — — (99 ) — — (142 ) Recoveries — 18 — — — 54 — — 72 Provision (81 ) 183 160 104 (55 ) 22 (10 ) 52 375 Ending balance at March 31, 2019 $ 1,011 $ 11,156 $ 1,998 $ 10,767 $ 2,135 $ 342 $ 1,101 $ 338 $ 28,848 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 6 $ — $ 94 $ — $ — $ — $ — $ 100 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,011 $ 11,150 $ 1,998 $ 10,673 $ 2,135 $ 342 $ 1,101 $ 338 $ 28,748 Loans: Ending balance $ 13,305 $ 767,436 $ 105,288 $ 746,703 $ 349,966 $ 22,123 $ 305,839 $ — $ 2,310,660 Loans deemed to be impaired $ — $ 320 $ — $ 2,946 $ — $ — $ — $ — $ 3,266 Loans not deemed to be impaired $ 13,305 $ 767,116 $ 105,288 $ 743,757 $ 349,966 $ 22,123 $ 305,839 $ — $ 2,307,394 |
Loans by Risk Rating | The following table presents the Company’s loans by risk rating at March 31, 2020. Construction Commercial and Land and Commercial Development Industrial Municipal Real Estate (in thousands) Grade: 1-3 $ 6,493 $ 863,026 $ 141,588 $ 734,992 4 (Monitor) — 3,950 — 24,150 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 623 — 2,322 Total $ 6,493 $ 867,599 $ 141,588 $ 761,464 The following table presents the Company’s loans by risk rating at December 31, 2019. Construction Commercial and Land and Commercial Development Industrial Municipal Real Estate (in thousands) Grade: 1-3 $ 8,992 $ 807,486 $ 120,455 $ 759,402 4 (Monitor) — 4,025 — 24,354 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 906 — 2,346 Total $ 8,992 $ 812,417 $ 120,455 $ 786,102 |
Loans by Credit Rating | Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at March 31, 2020 and are included within the total loan portfolio. Commercial Commercial and Real Industrial Municipal Estate Total (in thousands) Credit Rating: Aaa – Aa3 $ 568,173 $ 74,406 $ 38,955 $ 681,534 A1 – A3 185,819 7,354 147,953 341,126 Baa1 – Baa3 — 51,133 143,302 194,435 Ba2 — 5,895 — 5,895 Total $ 753,992 $ 138,788 $ 330,210 $ 1,222,990 Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at December 31, 2019. Commercial Commercial and Real Industrial Municipal Estate Total (in thousands) Credit Rating: Aaa – Aa3 $ 523,644 $ 53,273 $ 40,437 $ 617,354 A1 – A3 186,044 7,354 148,346 341,744 Baa1 – Baa3 — 51,133 144,711 195,844 Ba2 — 5,895 — 5,895 Total $ 709,688 $ 117,655 $ 333,494 $ 1,160,837 |
Aging of Past Due Loan Losses | Further information pertaining to the allowance for loan losses at March 31, 2020 follows: Accruing Accruing Greater Total 30-89 Days Non than Past Current Past Due Accrual 90 Days Due Loans Total (in thousands) Construction and land development $ — $ — $ — $ — $ 6,493 $ 6,493 Commercial and industrial 337 374 — 711 866,888 867,599 Municipal — — — — 141,588 141,588 Commercial real estate 2,322 238 — 2,560 758,904 761,464 Residential real estate 2,455 890 — 3,345 389,993 393,338 Consumer and overdrafts 17 6 — 23 21,016 21,039 Home equity 1,450 193 — 1,643 305,730 307,373 Total $ 6,581 $ 1,701 $ — $ 8,282 $ 2,490,612 $ 2,498,894 Further information pertaining to the allowance for loan losses at December 31, 2019 follows: Accruing Accruing Greater Total 30-89 Days Non than Past Current Past Due Accrual 90 Days Due Loans Total (in thousands) Construction and land development $ — $ — $ — $ — $ 8,992 $ 8,992 Commercial and industrial 227 400 — 627 811,790 812,417 Municipal — — — — 120,455 120,455 Commercial real estate 840 492 — 1,332 784,770 786,102 Residential real estate 1,563 683 — 2,246 369,651 371,897 Consumer and overdrafts 18 4 — 22 21,871 21,893 Home equity 603 435 — 1,038 303,325 304,363 Total $ 3,251 $ 2,014 $ — $ 5,265 $ 2,420,854 $ 2,426,119 |
Information Pertaining to Impaired Loans | The following is information pertaining to impaired loans for March 31, 2020: Average Interest Carrying Income Value Recognized for 3 for 3 Unpaid Months Months Carrying Principal Required Ending Ending Value Balance Reserve 3/31/20 3/31/20 (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 623 641 — 582 1 Municipal — — — — — Commercial real estate 155 185 — 157 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 778 $ 826 $ — $ 739 $ 1 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial — — — 113 1 Municipal — — — — — Commercial real estate 2,167 2,290 85 2,176 22 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,167 $ 2,290 $ 85 $ 2,289 $ 23 Total: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 623 641 — 695 2 Municipal — — — — — Commercial real estate 2,322 2,475 85 2,333 22 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,945 $ 3,116 $ 85 $ 3,028 $ 24 The following is information pertaining to impaired loans for March 31, 2019: Average Interest Carrying Income Value Recognized Unpaid for 3 Months for 3 Months Carrying Principal Required Ending Ending Value Balance Reserve 3/31/19 3/31/19 (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 93 306 — 87 2 Municipal — — — — — Commercial real estate 182 206 — 188 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 275 $ 512 $ — $ 275 $ 2 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 227 228 6 262 3 Municipal — — — — — Commercial real estate 2,764 2,881 94 2,694 24 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,991 $ 3,109 $ 100 $ 2,956 $ 27 Total: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 320 534 6 349 5 Municipal — — — — — Commercial real estate 2,946 3,087 94 2,882 24 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 3,266 $ 3,621 $ 100 $ 3,231 $ 29 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income Three Three Affected Line Item in the Details about Accumulated Other Months Ended Months Ended Statement where Net Income is Comprehensive Income Components March 31, 2020 March 31, 2019 Presented (in thousands) Accretion of unrealized losses transferred $ (222 ) $ (294 ) Securities held-to-maturity Tax (expense) or benefit 58 78 Provision for income taxes Net of tax $ (164 ) $ (216 ) Net income Amortization of defined benefit pension items Prior-service costs $ (29 ) $ (29 )(b) Salaries and employee benefits Actuarial gains (losses) (472 ) (337 )(b) Salaries and employee benefits Total before tax (501 ) (366 ) Income before taxes Tax (expense) or benefit 141 103 Provision for income taxes Net of tax $ (360 ) $ (263 ) Net income (a) Amount in parentheses indicates reductions to net income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Employee Benefits footnote (Note 7) for additional details). |
Earnings per share ("EPS") (Tab
Earnings per share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic EPS and Diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS. Three Months Ended March 31, (in thousands except share and per share data) 2020 2019 Basic EPS Computation: Numerator: Net income, Class A $ 7,658 $ 7,409 Net income, Class B 2,008 2,009 Denominator: Weighted average shares outstanding, Class A 3,652,349 3,610,329 Weighted average shares outstanding, Class B 1,915,560 1,957,580 Basic EPS, Class A $ 2.10 $ 2.05 Basic EPS, Class B 1.05 1.03 Diluted EPS Computation: Numerator: Net income, Class A $ 7,658 $ 7,409 Net income, Class B 2,008 2,009 Total net income, for diluted EPS, Class A computation 9,666 9,418 Denominator: Weighted average shares outstanding, basic, Class A 3,652,349 3,610,329 Weighted average shares outstanding, Class B 1,915,560 1,957,580 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,915,560 1,957,580 Diluted EPS, Class A $ 1.74 $ 1.69 Diluted EPS, Class B 1.05 1.03 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Supplemental Insurance/ Pension Benefits Retirement Plan 2020 2019 2020 2019 (in thousands) Service cost $ 344 $ 276 $ 353 $ 256 Interest 450 473 466 482 Expected return on plan assets (952 ) (819 ) — — Recognized prior service cost (benefit) — — 29 28 Recognized net actuarial losses 261 229 211 109 Net periodic benefit (credit) cost $ 103 $ 159 $ 1,059 $ 875 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis | The results of the fair value hierarchy as of March 31, 2020, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Quoted Prices In Active Significant Markets for Significant Other Identical Observable Unobservable Carrying Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) SBA Backed Securities $ 50,615 $ — $ 50,615 $ — U.S. Government Agency and Sponsored Mortgage-Backed Securities 206,215 — 206,215 — Privately Issued Residential Mortgage- Backed Securities 334 — 334 — Obligations Issued by States and Political Subdivisions 17,224 — — 17,224 Other Debt Securities 3,631 — 3,631 — Total Debt Securities $ 278,019 $ — $ 260,795 $ 17,224 Equity Securities $ 1,609 $ 243 $ 1,366 $ — Financial Instruments Measured at Fair Value on a Non-recurring Impaired Loans $ 608 $ — $ — $ 608 The results of the fair value hierarchy as of December 31, 2019, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Quoted Prices In Active Significant Markets for Significant Other Identical Observable Unobservable Carrying Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) SBA Backed Securities $ 54,211 $ — $ 54,211 $ — U.S. Government Agency and Sponsored Mortgage-Backed Securities 184,187 — 184,187 — Privately Issued Residential Mortgage-Backed Securities 396 — 396 — Obligations Issued by States and Political Subdivisions 18,076 — 4,775 13,301 Other Debt Securities 3,632 3,632 — Total $ 260,502 $ — $ 247,201 $ 13,301 Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities $ 1,688 $ 343 $ 1,345 $ — Financial Instruments Measured at Fair Value on a Non-recurring $ 877 $ — $ — $ 877 |
Assets Measured at Fair Value | The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Unobservable Input Asset Fair Value Valuation Technique Unobservable Input Value or Range Securities AFS $ 17,224 Discounted cash flow Discount rate 0%-1% (3) Impaired Loans $ 608 Appraisal of collateral (1) Appraisal adjustments (2) 0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Unobservable Input Asset Fair Value Valuation Technique Unobservable Input Value or Range Securities AFS $ 13,301 Discounted cash flow Discount rate 1.5%-3.2% (3) Impaired Loans $ 877 Appraisal of collateral (1) Appraisal adjustments (2) 0%-30% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages. |
Changes in Level 3 Securities | The changes in Level 3 securities for the three-month period ended March 31, 2020 are shown in the table below: Obligations Issued by States & Political Subdivisions Balance at December 31, 2019 $ 13,301 Purchases 9,372 Maturities and calls (5,449 ) Amortization — Balance at March 31, 2020 $ 17,224 The changes in Level 3 securities for the three-month period ended March 31, 2019, are shown in the table below: Obligations Issued by States & Political Subdivisions Balance at December 31, 2018 $ 88,728 Purchases 970 Maturities and calls (26,352 ) Amortization (14 ) Changes in fair value — Balance at March 31, 2019 $ 63,332 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Carrying Amounts and Fair Values of Company's Financial Instruments | Fair Value Carrying Estimated Measurements Level 2 Level 3 March 31, 2020 Amount Fair Value Level 1 Inputs Inputs Inputs (in thousands) Financial assets: Securities held-to-maturity $ 2,304,074 $ 2,365,027 $ — $ 2,365,027 $ — Loans (1) 2,468,090 2,437,099 — — 2,437,099 Financial liabilities: Time deposits 612,849 621,553 — 621,553 — Other borrowed funds 312,120 320,830 — 320,830 — Subordinated debentures 36,083 36,083 — 36,083 — December 31, 2019 Financial assets: Securities held-to-maturity $ 2,351,120 $ 2,361,304 $ — $ 2,361,304 $ — Loans (1) 2,396,534 2,424,770 — — 2,424,770 Financial liabilities: Time deposits 555,447 560,746 — 560,746 — Other borrowed funds 370,955 374,531 — 374,531 — Subordinated debentures 36,083 36,083 — 36,083 — (1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue From Contracts | The following table presents total revenues as presented in the Consolidated Statements of Income and the related amounts which are from contracts with customers within the scope of Topic 606. As illustrated here, the vast majority of our revenues are specifically excluded from the scope of Topic 606. Three Revenue from Three Revenue from Months Contracts in Months Contracts in Ended Scope of Ended Scope of 3/31/2020 Topic 606 3/31/2019 Topic 606 (dollars in thousands) Total interest income $ 25,201 $ — $ 23,438 $ — Noninterest income: Service charges on deposit accounts 2,296 2,296 2,209 2,209 Lockbox fees 930 930 1,089 1,089 Gains on sales of mortgage loans — — 15 — Other income 1,084 599 1,114 800 Total noninterest income 4,310 3,825 4,427 4,098 Total revenues $ 29,511 $ 3,825 $ 27,865 $ 4,098 |
Information about Receivables with Customers | The following table provides information about receivables with customers. March 31, 2020 December 31, 2019 (dollars in thousands) Receivables, which are included in “Other assets” $ 1,236 $ 1,200 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of lease expense | The components of lease expense were as follows: Three Three Months Months Ended Ended 3/31/2020 3/31/2019 (in thousands) Operating lease cost $ 546 $ 563 Variable lease cost 133 148 Total lease cost $ 679 $ 711 |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows: Three Three Months Months Ended Ended 3/31/2020 3/31/2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 529 $ 538 Right-of-use Operating leases $ 421 $ 443 |
Supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases was as follows: 3/31/2020 12/31/2019 (in thousands, except lease term and discount rate) Operating Leases: Operating lease right-of-use $ 12,085 $ 12,521 Operating lease liabilities $ 12,267 $ 12,690 Weighted Average Remaining Lease Term: Operating Leases 11 years 11 years Weighted Average Discount Rate: Operating Leases 3.5 % 3.5 % |
Maturities of lease liabilities | A summary of future minimum rental payments under such leases as the dates indicated follows: Minimum Rental Payments March 31, 2020 December 31, 2019 (in thousands) Year Ending December 31, 2020 $ 1,502 $ 2,030 2021 1,754 1,754 2022 1,603 1,603 2023 1,545 1,545 2024 1,277 1,277 Thereafter 7,311 7,312 Total lease payments $ 14,992 $ 15,521 Less imputed interest (2,725 ) (2,831 ) Present value of lease liability $ 12,267 $ 12,690 |
Basis of Financial Statement _2
Basis of Financial Statement Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Segment | |
Number of Reportable Segments | 1 |
Century Bancorp Capital Trust II [Member] | |
Equity ownership interest | 100.00% |
Securities Available-for-Sale -
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 280,520 | $ 260,924 |
Gross Unrealized Gains | 224 | 274 |
Gross Unrealized Losses | 2,725 | 696 |
Total, Fair Value | 278,019 | 260,502 |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50,722 | 54,331 |
Gross Unrealized Gains | 25 | 23 |
Gross Unrealized Losses | 132 | 143 |
Total, Fair Value | 50,615 | 54,211 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 208,596 | 184,580 |
Gross Unrealized Gains | 157 | 139 |
Gross Unrealized Losses | 2,538 | 532 |
Total, Fair Value | 206,215 | 184,187 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 378 | 397 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 44 | 2 |
Total, Fair Value | 334 | 396 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,224 | 18,016 |
Gross Unrealized Gains | 0 | 60 |
Total, Fair Value | 17,224 | 18,076 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,600 | 3,600 |
Gross Unrealized Gains | 42 | 51 |
Gross Unrealized Losses | 11 | 19 |
Total, Fair Value | $ 3,631 | $ 3,632 |
Securities Available-for-Sale_2
Securities Available-for-Sale - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,916,047,000 | $ 1,776,399,000 |
Securities available-for-sale are securities at fair value pledged for borrowing | 30,619,000 | 32,297,000 |
Securities at floating rate or adjustable rate | 260,560,000 | |
Sales of securities available for sale | 0 | 0 |
Federal Reserve Bank Discount Window [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available-for-sale are securities at fair value pledged for borrowing | $ 9,706,000 | $ 0 |
Securities AFS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted average remaining life of investment securities available-for-sale | 5 years | |
Number of securities, temporarily impaired for less than 12 months | Security | 56 | 45 |
Number of securities, temporarily impaired for 12 months or longer | Security | 25 | 18 |
Number of securities, temporarily impaired, total | Security | 122 | |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 185,943,000 | $ 186,245,000 |
Securities Available-for-Sale_3
Securities Available-for-Sale - Estimated Maturity Distribution of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 18,618 | |
After one but within five years, Amortized Cost | 149,846 | |
After five but within ten years, Amortized Cost | 107,266 | |
More than ten years, Amortized Cost | 4,790 | |
Amortized Cost | 280,520 | $ 260,924 |
Within one year, Fair Value | 18,568 | |
After one but within five years, Fair Value | 148,675 | |
After five but within ten years, Fair Value | 105,995 | |
More than ten years, Fair Value | 4,781 | |
Total, Fair Value | $ 278,019 | $ 260,502 |
Securities Available-for-Sale_4
Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 145,900 | $ 124,418 |
Less Than 12 Months, Unrealized Losses | 1,915 | 412 |
12 Months or Longer, Fair Value | 64,450 | 51,751 |
12 Months or Longer, Unrealized Losses | 810 | 284 |
Total, Fair Value | 210,350 | 176,169 |
Total, Unrealized Losses | 2,725 | 696 |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 12,806 | 14,560 |
Less Than 12 Months, Unrealized Losses | 25 | 30 |
12 Months or Longer, Fair Value | 20,687 | 22,092 |
12 Months or Longer, Unrealized Losses | 107 | 113 |
Total, Fair Value | 33,493 | 36,652 |
Total, Unrealized Losses | 132 | 143 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 131,960 | 108,806 |
Less Than 12 Months, Unrealized Losses | 1,846 | 379 |
12 Months or Longer, Fair Value | 43,274 | 29,178 |
12 Months or Longer, Unrealized Losses | 692 | 153 |
Total, Fair Value | 175,234 | 137,984 |
Total, Unrealized Losses | 2,538 | 532 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 334 | 252 |
Less Than 12 Months, Unrealized Losses | 44 | 2 |
Total, Fair Value | 334 | 252 |
Total, Unrealized Losses | 44 | 2 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 800 | 800 |
Less Than 12 Months, Unrealized Losses | 1 | |
12 Months or Longer, Fair Value | 489 | 481 |
12 Months or Longer, Unrealized Losses | 11 | 18 |
Total, Fair Value | 1,289 | 1,281 |
Total, Unrealized Losses | $ 11 | $ 19 |
Investment Securities Held-to_3
Investment Securities Held-to-Maturity - Summary of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,304,074 | $ 2,351,120 |
Gross Unrealized Gains | 62,642 | 21,429 |
Gross Unrealized Losses | 1,689 | 11,245 |
Estimated Fair Value | 2,365,027 | 2,361,304 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 89,419 | 98,867 |
Gross Unrealized Gains | 1,113 | 527 |
Gross Unrealized Losses | 96 | |
Estimated Fair Value | 90,532 | 99,298 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 42,856 | 44,379 |
Gross Unrealized Gains | 492 | 182 |
Gross Unrealized Losses | 69 | 303 |
Estimated Fair Value | 43,279 | 44,258 |
U.S. Government Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,171,799 | 2,207,874 |
Gross Unrealized Gains | 61,037 | 20,720 |
Gross Unrealized Losses | 1,620 | 10,846 |
Estimated Fair Value | $ 2,231,216 | $ 2,217,748 |
Investment Securities Held-to_4
Investment Securities Held-to-Maturity - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2020USD ($)Security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,916,047,000 | $ 1,776,399,000 | |
Securities pledged for borrowing at the Federal Home Loan Bank | 196,469,000 | $ 0 | |
Securities held to maturity at floating rate or adjustable rate | 102,000 | ||
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Sales of held-to-maturity securities | $ 0 | $ 0 | |
Held-to-Maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life of investment securities held-to-maturity | 3 years 4 months 24 days | ||
Number of securities, temporarily impaired for less than 12 months | Security | 34 | 114 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 19 | 103 | |
Number of securities, temporarily impaired, total | Security | 533 | 531 | |
Held-to-Maturity Securities [Member] | U.S. Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life | $ 19,000,000 | ||
Federal Home Loan Bank [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities pledged for borrowing at the Federal Home Loan Bank | $ 383,904,000 | $ 399,646,000 |
Investment Securities Held-to_5
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 90,437 | |
After one but within five years, Amortized Cost | 1,921,419 | |
After five but within ten years, Amortized Cost | 280,016 | |
More than ten years, Amortized Cost | 12,202 | |
Amortized Cost | 2,304,074 | $ 2,351,120 |
Within one year, Fair Value | 91,896 | |
After one but within five years, Fair Value | 1,971,224 | |
After five but within ten years, Fair Value | 289,074 | |
More than ten years, Fair Value | 12,833 | |
Estimated Fair Value | $ 2,365,027 | $ 2,361,304 |
Investment Securities Held-to_6
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 209,859 | $ 663,576 |
Less Than 12 Months, Unrealized Losses | 980 | 4,324 |
12 Months or Longer, Fair Value | 53,703 | 399,895 |
12 Months or Longer, Unrealized Losses | 709 | 6,921 |
Total, Fair Value | 263,562 | 1,063,471 |
Total, Unrealized Losses | 1,689 | 11,245 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 24,420 | |
Less Than 12 Months, Unrealized Losses | 72 | |
12 Months or Longer, Fair Value | 9,976 | |
12 Months or Longer, Unrealized Losses | 24 | |
Total, Fair Value | 34,396 | |
Total, Unrealized Losses | 96 | |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 12,725 | 25,251 |
Less Than 12 Months, Unrealized Losses | 69 | 303 |
Total, Fair Value | 12,725 | 25,251 |
Total, Unrealized Losses | 69 | 303 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 197,134 | 613,905 |
Less Than 12 Months, Unrealized Losses | 911 | 3,949 |
12 Months or Longer, Fair Value | 53,703 | 389,919 |
12 Months or Longer, Unrealized Losses | 709 | 6,897 |
Total, Fair Value | 250,837 | 1,003,824 |
Total, Unrealized Losses | $ 1,620 | $ 10,846 |
Allowance for Loan Losses - Ana
Allowance for Loan Losses - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Allowance for loan losses, beginning of period | $ 29,585 | $ 28,543 |
Loans charged-off | (62) | (142) |
Recoveries on loans previously charged-off | 206 | 72 |
Net recoveries (charge-offs) | 144 | (70) |
Provision charged to expense | 1,075 | 375 |
Allowance for loan losses, end of period | $ 30,804 | $ 28,848 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | $ 29,585 | $ 28,543 | |
Charge-offs | (62) | (142) | |
Recoveries | 206 | 72 | |
Provision | 1,075 | 375 | |
Allowance for loan losses, end of period | 30,804 | 28,848 | |
Amount of allowance for loan losses for loans deemed to be impaired | 85 | 100 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 30,719 | 28,748 | |
Loans: | |||
Total loans, net | 2,498,894 | 2,310,660 | $ 2,426,119 |
Loans deemed to be impaired | 2,945 | 3,266 | |
Loans not deemed to be impaired | 2,495,949 | 2,307,394 | |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 331 | 1,092 | |
Provision | (85) | (81) | |
Allowance for loan losses, end of period | 246 | 1,011 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 246 | 1,011 | |
Loans: | |||
Total loans, net | 6,493 | 13,305 | 8,992 |
Loans not deemed to be impaired | 6,493 | 13,305 | |
Commercial and Industrial [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 11,596 | 10,998 | |
Charge-offs | (5) | (43) | |
Recoveries | 164 | 18 | |
Provision | 673 | 183 | |
Allowance for loan losses, end of period | 12,428 | 11,156 | |
Amount of allowance for loan losses for loans deemed to be impaired | 6 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 12,428 | 11,150 | |
Loans: | |||
Total loans, net | 867,599 | 767,436 | 812,417 |
Loans deemed to be impaired | 623 | 320 | |
Loans not deemed to be impaired | 866,976 | 767,116 | |
Municipal [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 2,566 | 1,838 | |
Provision | 323 | 160 | |
Allowance for loan losses, end of period | 2,889 | 1,998 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 2,889 | 1,998 | |
Loans: | |||
Total loans, net | 141,588 | 105,288 | 120,455 |
Loans not deemed to be impaired | 141,588 | 105,288 | |
Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 11,464 | 10,663 | |
Provision | (343) | 104 | |
Allowance for loan losses, end of period | 11,121 | 10,767 | |
Amount of allowance for loan losses for loans deemed to be impaired | 85 | 94 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 11,036 | 10,673 | |
Loans: | |||
Total loans, net | 761,464 | 746,703 | 786,102 |
Loans deemed to be impaired | 2,322 | 2,946 | |
Loans not deemed to be impaired | 759,142 | 743,757 | |
Residential Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 2,194 | 2,190 | |
Provision | 255 | (55) | |
Allowance for loan losses, end of period | 2,449 | 2,135 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 2,449 | 2,135 | |
Loans: | |||
Total loans, net | 393,338 | 349,966 | 371,897 |
Loans not deemed to be impaired | 393,338 | 349,966 | |
Consumer [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 312 | 365 | |
Charge-offs | (57) | (99) | |
Recoveries | 37 | 54 | |
Provision | 4 | 22 | |
Allowance for loan losses, end of period | 296 | 342 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 296 | 342 | |
Loans: | |||
Total loans, net | 21,039 | 22,123 | 21,893 |
Loans not deemed to be impaired | 21,039 | 22,123 | |
Home Equity [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 1,065 | 1,111 | |
Recoveries | 5 | ||
Provision | 67 | (10) | |
Allowance for loan losses, end of period | 1,137 | 1,101 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,137 | 1,101 | |
Loans: | |||
Total loans, net | 307,373 | 305,839 | $ 304,363 |
Loans not deemed to be impaired | 307,373 | 305,839 | |
Unallocated [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of period | 57 | 286 | |
Provision | 181 | 52 | |
Allowance for loan losses, end of period | 238 | 338 | |
Amount of allowance for loan losses for loans not deemed to be impaired | $ 238 | $ 338 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Loans by risk rating | |||
Financing Receivable, Net | $ 2,498,894 | $ 2,426,119 | $ 2,310,660 |
Construction and Land Development [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 6,493 | 8,992 | 13,305 |
Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 867,599 | 812,417 | 767,436 |
Municipal [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 141,588 | 120,455 | 105,288 |
Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 761,464 | 786,102 | $ 746,703 |
1-3 (Pass) [Member] | Construction and Land Development [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 6,493 | 8,992 | |
1-3 (Pass) [Member] | Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 863,026 | 807,486 | |
1-3 (Pass) [Member] | Municipal [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 141,588 | 120,455 | |
1-3 (Pass) [Member] | Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 734,992 | 759,402 | |
4 (Monitor) [Member] | Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 3,950 | 4,025 | |
4 (Monitor) [Member] | Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 24,150 | 24,354 | |
Impaired [Member] | Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 623 | 906 | |
Impaired [Member] | Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | $ 2,322 | $ 2,346 |
Allowance for Loan Losses - L_2
Allowance for Loan Losses - Loans by Credit Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 1,222,990 | $ 1,160,837 |
Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 681,534 | 617,354 |
A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 341,126 | 341,744 |
Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 194,435 | 195,844 |
Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 5,895 | 5,895 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 753,992 | 709,688 |
Commercial and Industrial [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 568,173 | 523,644 |
Commercial and Industrial [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 185,819 | 186,044 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 138,788 | 117,655 |
Municipal [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 74,406 | 53,273 |
Municipal [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 7,354 | 7,354 |
Municipal [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 51,133 | 51,133 |
Municipal [Member] | Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 5,895 | 5,895 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 330,210 | 333,494 |
Commercial Real Estate [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 38,955 | 40,437 |
Commercial Real Estate [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 147,953 | 148,346 |
Commercial Real Estate [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 143,302 | $ 144,711 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | $ 6,581 | $ 3,251 | |
Non Accrual | 1,701 | 2,014 | |
Total Past Due | 8,282 | 5,265 | |
Current Loans | 2,490,612 | 2,420,854 | |
Total loans, net | 2,498,894 | 2,426,119 | $ 2,310,660 |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 6,493 | 8,992 | |
Total loans, net | 6,493 | 8,992 | 13,305 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 337 | 227 | |
Non Accrual | 374 | 400 | |
Total Past Due | 711 | 627 | |
Current Loans | 866,888 | 811,790 | |
Total loans, net | 867,599 | 812,417 | 767,436 |
Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 141,588 | 120,455 | |
Total loans, net | 141,588 | 120,455 | 105,288 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 2,322 | 840 | |
Non Accrual | 238 | 492 | |
Total Past Due | 2,560 | 1,332 | |
Current Loans | 758,904 | 784,770 | |
Total loans, net | 761,464 | 786,102 | 746,703 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 2,455 | 1,563 | |
Non Accrual | 890 | 683 | |
Total Past Due | 3,345 | 2,246 | |
Current Loans | 389,993 | 369,651 | |
Total loans, net | 393,338 | 371,897 | 349,966 |
Consumer and overdrafts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 17 | 18 | |
Non Accrual | 6 | 4 | |
Total Past Due | 23 | 22 | |
Current Loans | 21,016 | 21,871 | |
Total loans, net | 21,039 | 21,893 | 22,123 |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 1,450 | 603 | |
Non Accrual | 193 | 435 | |
Total Past Due | 1,643 | 1,038 | |
Current Loans | 305,730 | 303,325 | |
Total loans, net | $ 307,373 | $ 304,363 | $ 305,839 |
Allowance for Loan Losses - Inf
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | $ 778 | $ 275 |
With no required reserve recorded, Unpaid Balance Principal | 826 | 512 |
With no required reserve recorded, Average Carrying Value Recognized | 739 | 275 |
With no required reserve recorded, Interest Income | 1 | 2 |
With required reserve recorded, Carrying Value | 2,167 | 2,991 |
With required reserve recorded, Unpaid Balance Principal | 2,290 | 3,109 |
With required reserve recorded, Required Reserve | 85 | 100 |
With required reserve recorded, Average Carrying Value Recognized | 2,289 | 2,956 |
With required reserve recorded, Interest Income | 23 | 27 |
Carrying Value | 2,945 | 3,266 |
Unpaid Balance Principal | 3,116 | 3,621 |
With required reserve recorded, Required Reserve | 85 | 100 |
Average Carrying Value Recognized | 3,028 | 3,231 |
Interest Income | 24 | 29 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 623 | 93 |
With no required reserve recorded, Unpaid Balance Principal | 641 | 306 |
With no required reserve recorded, Average Carrying Value Recognized | 582 | 87 |
With no required reserve recorded, Interest Income | 1 | 2 |
With required reserve recorded, Carrying Value | 0 | 227 |
With required reserve recorded, Unpaid Balance Principal | 228 | |
With required reserve recorded, Required Reserve | 6 | |
With required reserve recorded, Average Carrying Value Recognized | 113 | 262 |
With required reserve recorded, Interest Income | 1 | 3 |
Carrying Value | 623 | 320 |
Unpaid Balance Principal | 641 | 534 |
With required reserve recorded, Required Reserve | 6 | |
Average Carrying Value Recognized | 695 | 349 |
Interest Income | 2 | 5 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 155 | 182 |
With no required reserve recorded, Unpaid Balance Principal | 185 | 206 |
With no required reserve recorded, Average Carrying Value Recognized | 157 | 188 |
With required reserve recorded, Carrying Value | 2,167 | 2,764 |
With required reserve recorded, Unpaid Balance Principal | 2,290 | 2,881 |
With required reserve recorded, Required Reserve | 85 | 94 |
With required reserve recorded, Average Carrying Value Recognized | 2,176 | 2,694 |
With required reserve recorded, Interest Income | 22 | 24 |
Carrying Value | 2,322 | 2,946 |
Unpaid Balance Principal | 2,475 | 3,087 |
With required reserve recorded, Required Reserve | 85 | 94 |
Average Carrying Value Recognized | 2,333 | 2,882 |
Interest Income | $ 22 | $ 24 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Extended Maturity [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Description Of Covid Nineteen Loan Modifications Aggregating Deferral Principal | As of March 31, 2020, and as a result of COVID-19 loan modification, the Company had modified 58 loans aggregating $32,073,000, primarily consisting of the deferral of principal and/or the extension of the maturity date. Of these modifications, $32,073,000, or 100%, were performing in accordance with their modified terms. |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income taxes | $ (597) | $ 118 |
Net income | 9,666 | 9,418 |
Salaries and employee benefits | (11,371) | (11,035) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accretion of Unrealized Losses Transferred [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains on sales of securities | (222) | (294) |
Provision for income taxes | 58 | 78 |
Net income | (164) | (216) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | (29) | (29) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Actuarial Gains (Losses) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | (472) | (337) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Amortization of Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before taxes | (501) | (366) |
Provision for income taxes | 141 | 103 |
Net income | $ (360) | $ (263) |
Earnings per Share ("EPS") - Ad
Earnings per Share ("EPS") - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Class A Common Stock [Member] | Minimum [Member] | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% |
Earnings Per Share ("EPS") - Re
Earnings Per Share ("EPS") - Reconciliation of Basic EPS and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 9,666 | $ 9,418 |
Class A Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 7,658 | $ 7,409 |
Weighted average shares outstanding, basic | 3,652,349 | 3,610,329 |
Basic earnings per share | $ 2.10 | $ 2.05 |
Net income | $ 7,658 | $ 7,409 |
Weighted average shares outstanding, diluted | 5,567,909 | 5,567,909 |
Diluted earnings per share | $ 1.74 | $ 1.69 |
Class B Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 2,008 | $ 2,009 |
Weighted average shares outstanding, basic | 1,915,560 | 1,957,580 |
Basic earnings per share | $ 1.05 | $ 1.03 |
Net income | $ 2,008 | $ 2,009 |
Weighted average shares outstanding, diluted | 1,915,560 | 1,957,580 |
Diluted earnings per share | $ 1.05 | $ 1.03 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 465,000 | $ 502,000 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Pension Plan [Member] | ||
Components of net periodic benefit cost | ||
Service cost | $ 344 | $ 276 |
Interest cost | 450 | 473 |
Expected return on plan assets | (952) | (819) |
Recognized net losses | 261 | 229 |
Net periodic benefit cost (credit) | 103 | 159 |
Supplemental Insurance/ Retirement Plan [Member] | ||
Components of net periodic benefit cost | ||
Service cost | 353 | 256 |
Interest cost | 466 | 482 |
Recognized prior service cost | 29 | 28 |
Recognized net losses | 211 | 109 |
Net periodic benefit cost (credit) | $ 1,059 | $ 875 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Specific adjustments to impaired loans recognized | $ 9,000 | $ 79,000 | |
Amortized cost of Level 3 securities | 1,635,000 | 1,635,000 | |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | $ 0 | |
Transfers between level 1, 2 and 3 | $ 0 | ||
Real Estate, Other [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of loans | 0 | ||
Impaired Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of loans | 269,000 | 56,000 | |
Fair Value Measurements, Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Amortized cost of Level 3 securities | 17,224,000 | 63,332,000 | |
Unrealized loss | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019 | |
Securities AFS [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Fair Value | $ 17,224 | $ 13,301 | |
Valuation Technique | Discounted cash flow | Discounted cash flow | |
Unobservable Input | Discount rate | Discount rate | |
Impaired Loans [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Fair Value | $ 608 | $ 877 | |
Valuation Technique | Appraisal of collateral (1) | Appraisal of collateral (1) | |
Unobservable Input | Appraisal adjustments (2) | Appraisal adjustments (2) | |
Minimum [Member] | Securities AFS [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Securities AFS, Unobservable Input Value or Range | 0 | 150 | |
Minimum [Member] | Impaired Loans [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Impaired Loans, Unobservable Input Value or Range | 0 | 0 | |
Maximum [Member] | Securities AFS [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Securities AFS, Unobservable Input Value or Range | (100) | (320) | |
Maximum [Member] | Impaired Loans [Member] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Impaired Loans, Unobservable Input Value or Range | (3,000) |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Securities (Detail) - Obligations Issued by States and Political Subdivisions [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 13,301 | $ 88,728 |
Purchases | 9,372 | 970 |
Maturities/redemptions | (5,449) | (26,352) |
Amortization | (14) | |
Ending Balance | $ 17,224 | $ 63,332 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 278,019 | $ 260,502 |
Fair Value Measurements, Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Non Recurring Basis Equity Securities | 343 | |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 260,795 | 247,201 |
Financial Instruments Measured at Fair Value on a Non Recurring Basis Equity Securities | 1,345 | |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 17,224 | 13,301 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans | 608 | 877 |
SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 50,615 | 54,211 |
SBA Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 50,615 | 54,211 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 206,215 | 184,187 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 206,215 | 184,187 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 334 | 396 |
Privately Issued Residential Mortgage-Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 334 | 396 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 17,224 | 18,076 |
Obligations Issued by States and Political Subdivisions [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,775 | |
Obligations Issued by States and Political Subdivisions [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 17,224 | 13,301 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,631 | 3,632 |
Other Debt Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,631 | 3,632 |
Equity Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Non Recurring Basis Equity Securities | 243 | |
Equity Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Non Recurring Basis Equity Securities | 1,366 | |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 278,019 | 260,502 |
Financial Instruments Measured at Fair Value on a Non Recurring Basis Equity Securities | 1,688 | |
Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans | 608 | 877 |
Carrying Value [Member] | SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 50,615 | 54,211 |
Carrying Value [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 206,215 | 184,187 |
Carrying Value [Member] | Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 334 | 396 |
Carrying Value [Member] | Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 17,224 | 18,076 |
Carrying Value [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,631 | $ 3,632 |
Carrying Value [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Non Recurring Basis Equity Securities | $ 1,609 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Carrying Amount and Fair Value of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Financial assets: | |||
Securities held-to-maturity | $ 2,304,074 | $ 2,351,120 | |
Loans | 2,468,090 | 2,396,534 | |
Financial liabilities: | |||
Time deposits | 612,849 | 555,447 | |
Other borrowed funds | 312,120 | 370,955 | |
Subordinated debentures | 36,083 | 36,083 | |
Carrying Value [Member] | |||
Financial assets: | |||
Securities held-to-maturity | 2,304,074 | 2,351,120 | |
Loans | [1] | 2,468,090 | 2,396,534 |
Financial liabilities: | |||
Time deposits | 612,849 | 555,447 | |
Other borrowed funds | 312,120 | 370,955 | |
Subordinated debentures | 36,083 | 36,083 | |
Estimated Fair Value [Member] | |||
Financial assets: | |||
Securities held-to-maturity | 2,365,027 | 2,361,304 | |
Loans | [1] | 2,437,099 | 2,424,770 |
Financial liabilities: | |||
Time deposits | 621,553 | 560,746 | |
Other borrowed funds | 320,830 | 374,531 | |
Subordinated debentures | 36,083 | 36,083 | |
Fair Value Measurements, Level 2 Inputs [Member] | |||
Financial assets: | |||
Securities held-to-maturity | 2,365,027 | 2,361,304 | |
Financial liabilities: | |||
Time deposits | 621,553 | 560,746 | |
Other borrowed funds | 320,830 | 374,531 | |
Subordinated debentures | 36,083 | 36,083 | |
Fair Value Measurements, Level 3 Inputs [Member] | |||
Financial assets: | |||
Loans | [1] | $ 2,437,099 | $ 2,424,770 |
[1] | Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Revenue from Contracts (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net interest income | $ 25,201 | $ 23,438 |
Noninterest income: | ||
Service charges on deposit accounts | 2,296 | 2,209 |
Lockbox fees | 930 | 1,089 |
Gains on sales of mortgage loans | 15 | |
Other income | 1,084 | 1,114 |
Total noninterest income | 4,310 | 4,427 |
ASU 2014-09 [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net interest income | 25,201 | 23,438 |
Noninterest income: | ||
Service charges on deposit accounts | 2,296 | 2,209 |
Lockbox fees | 930 | 1,089 |
Gains on sales of mortgage loans | 15 | |
Other income | 1,084 | 1,114 |
Total noninterest income | 4,310 | 4,427 |
Total revenues | 29,511 | 27,865 |
ASU 2014-09 [Member] | Revenue Guidance Contracts in Scope of Topic 606 [Member] | ||
Noninterest income: | ||
Service charges on deposit accounts | 2,296 | 2,209 |
Lockbox fees | 930 | 1,089 |
Other income | 599 | 800 |
Total noninterest income | 3,825 | 4,098 |
Total revenues | $ 3,825 | $ 4,098 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Information about Receivables with Customers (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Assets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Receivables, which are included in "Other assets" | $ 1,236 | $ 1,200 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Operating lease option to extend | options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. |
Sublease Income | $ 9,900 |
Sublease option to terminate | sublease expires in 2022 with an option to terminate and no option to extend. |
Maximum [Member] | |
Operating lease remaining lease term | 32 years |
Minimum [Member] | |
Operating lease remaining lease term | 1 year |
Leases - Components of lease ex
Leases - Components of lease expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating lease cost | $ 546 | $ 563 |
Variable lease cost | 133 | 148 |
Total lease cost | $ 679 | $ 711 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 529 | $ 538 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 421 | $ 443 |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information related to leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Leases: | ||
Operating lease right-of-use assets, included in other assets | $ 12,085 | $ 12,521 |
Operating lease liabilities, included in other liabilities | $ 12,267 | $ 12,690 |
Weighted Average Remaining Lease Term: | ||
Operating Leases | 11 years | 11 years |
Weighted Average Discount Rate: | ||
Operating Leases | 3.50% | 3.50% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rental Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 | $ 1,502 | $ 2,030 |
2021 | 1,754 | 1,754 |
2022 | 1,603 | 1,603 |
2023 | 1,545 | 1,545 |
2024 | 1,277 | 1,277 |
Thereafter | 7,311 | 7,312 |
Total lease payments | 14,992 | 15,521 |
Less imputed interest | (2,725) | (2,831) |
Present value of lease liability | $ 12,267 | $ 12,690 |