Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SASR | ' |
Entity Common Stock, Shares Outstanding | ' | 24,986,939 |
Entity Registrant Name | 'SANDY SPRING BANCORP INC | ' |
Entity Central Index Key | '0000824410 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $58,746 | $59,540 |
Federal funds sold | 475 | 466 |
Interest-bearing deposits with banks | 20,847 | 26,400 |
Cash and cash equivalents | 80,068 | 86,406 |
Residential mortgage loans held for sale (at fair value) | 10,542 | 36,149 |
Investments available-for-sale (at fair value) | 815,545 | 825,582 |
Investments held-to-maturity — fair value of $220,054 and $222,024 at September 30, 2013 and December 31, 2012, respectively | 225,994 | 215,814 |
Other equity securities | 36,412 | 33,636 |
Total loans and leases | 2,662,010 | 2,531,128 |
Less: allowance for loan and lease losses | -39,422 | -42,957 |
Net loans and leases | 2,622,588 | 2,488,171 |
Premises and equipment, net | 46,655 | 48,326 |
Other real estate owned | 1,662 | 5,926 |
Accrued interest receivable | 12,464 | 12,392 |
Goodwill | 84,171 | 84,808 |
Other intangible assets, net | 1,792 | 3,163 |
Other assets | 115,076 | 114,833 |
Total assets | 4,052,969 | 3,955,206 |
Liabilities | ' | ' |
Noninterest-bearing deposits | 890,319 | 847,415 |
Interest-bearing deposits | 2,026,147 | 2,065,619 |
Total deposits | 2,916,466 | 2,913,034 |
Securities sold under retail repurchase agreements and federal funds purchased | 53,177 | 86,929 |
Advances from FHLB | 520,000 | 405,058 |
Subordinated debentures | 35,000 | 35,000 |
Accrued interest payable and other liabilities | 34,444 | 31,673 |
Total liabilities | 3,559,087 | 3,471,694 |
Stockholders' Equity | ' | ' |
Common stock — par value $1.00; shares authorized 50,000,000; shares issued and outstanding 24,985,146 and 24,905,392 at September 30, 2013 and December 31, 2012, respectively | 24,985 | 24,905 |
Additional paid in capital | 192,964 | 191,689 |
Retained earnings | 278,825 | 255,606 |
Accumulated other comprehensive income (loss) | -2,892 | 11,312 |
Total stockholders' equity | 493,882 | 483,512 |
Total liabilities and stockholders' equity | $4,052,969 | $3,955,206 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Investments held-to-maturity, fair value | $220,054 | $222,024 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,985,146 | 24,905,392 |
Common stock, shares outstanding | 24,985,146 | 24,905,392 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income: | ' | ' | ' | ' |
Interest and fees on loans and leases | $33,079 | $30,697 | $91,937 | $86,164 |
Interest on loans held for sale | 176 | 248 | 838 | 587 |
Interest on deposits with banks | 22 | 38 | 65 | 83 |
Interest and dividends on investment securities: | ' | ' | ' | ' |
Taxable | 4,558 | 4,204 | 12,411 | 13,809 |
Exempt from federal income taxes | 2,345 | 2,308 | 6,987 | 7,024 |
Interest on federal funds sold | 0 | 0 | 0 | 1 |
Total interest income | 40,180 | 37,495 | 112,238 | 107,668 |
Interest Expense: | ' | ' | ' | ' |
Interest on deposits | 1,358 | 1,823 | 4,209 | 5,707 |
Interest on retail repurchase agreements and federal funds purchased | 39 | 46 | 126 | 158 |
Interest on advances from FHLB | 3,255 | 3,599 | 9,667 | 10,772 |
Interest on subordinated debt | 222 | 242 | 672 | 732 |
Total interest expense | 4,874 | 5,710 | 14,674 | 17,369 |
Net interest income | 35,306 | 31,785 | 97,564 | 90,299 |
Provision for loan and lease losses | 1,128 | 232 | -1,670 | 2,481 |
Net interest income after provision for loan and lease losses | 34,178 | 31,553 | 99,234 | 87,818 |
Non-interest Income: | ' | ' | ' | ' |
Investment securities gains | 0 | 296 | 118 | 459 |
Total other-than-temporary impairment ("OTTI") losses | 0 | -23 | 0 | -95 |
Portion of OTTI losses recognized in other comprehensive income, before taxes | 0 | 0 | 0 | 0 |
Net OTTI recognized in earnings | 0 | -23 | 0 | -95 |
Service charges on deposit accounts | 2,171 | 2,230 | 6,390 | 6,713 |
Mortgage banking activities | -26 | 1,981 | 2,738 | 4,294 |
Wealth management income | 4,503 | 3,858 | 13,077 | 11,949 |
Insurance agency commissions | 1,193 | 1,020 | 3,578 | 3,156 |
Income from bank owned life insurance | 629 | 660 | 1,864 | 1,954 |
Visa check fees | 1,077 | 984 | 3,113 | 2,844 |
Other income | 1,676 | 1,236 | 4,979 | 3,435 |
Total non-interest income | 11,223 | 12,242 | 35,857 | 34,709 |
Non-interest Expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 16,382 | 15,476 | 48,891 | 47,104 |
Occupancy expense of premises | 3,149 | 3,106 | 9,327 | 8,895 |
Equipment expenses | 1,200 | 1,237 | 3,676 | 3,682 |
Marketing | 713 | 764 | 1,983 | 1,824 |
Outside data services | 1,152 | 1,076 | 3,418 | 4,183 |
FDIC insurance | 678 | 667 | 1,855 | 1,972 |
Amortization of intangible assets | 462 | 476 | 1,384 | 1,403 |
Other expenses | 3,157 | 4,365 | 11,690 | 13,645 |
Total non-interest expenses | 26,893 | 27,167 | 82,224 | 82,708 |
Income before income taxes | 18,508 | 16,628 | 52,867 | 39,819 |
Income tax expense | 6,419 | 5,638 | 18,058 | 13,146 |
Net income | $12,089 | $10,990 | $34,809 | $26,673 |
Net Income Per Share Amounts: | ' | ' | ' | ' |
Basic net income per share | $0.48 | $0.44 | $1.40 | $1.09 |
Diluted net income per share | $0.48 | $0.44 | $1.39 | $1.09 |
Dividends declared per share | $0.16 | $0.12 | $0.46 | $0.34 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Net income | $12,089 | $10,990 | $34,809 | $26,673 | ||
Investments available-for-sale: | ' | ' | ' | ' | ||
Net change in unrealized gains (losses) on investments available-for-sale | -1,032 | 2,594 | -24,925 | 3,943 | ||
Related income tax (expense) benefit | 407 | -1,035 | 9,935 | -1,573 | ||
Net investment gains reclassified into earnings | 0 | 296 | 118 | 459 | ||
Related income tax expense | 0 | -118 | -47 | -183 | ||
Net effect on other comprehensive income (loss) for the period | -625 | 1,737 | -14,919 | 2,646 | ||
Defined benefit pension plan: | ' | ' | ' | ' | ||
Recognition of unrealized gain | 249 | 197 | 1,176 | [1] | 896 | [1] |
Related income tax expense | -91 | -78 | -461 | -357 | ||
Net effect on other comprehensive income for the period | 158 | 119 | 715 | 539 | ||
Total other comprehensive income (loss) | -467 | 1,856 | -14,204 | 3,185 | ||
Comprehensive income | $11,622 | $12,846 | $20,605 | $29,858 | ||
[1] | This amount is included in the computation of net periodic benefit cost, see Note 10 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $34,809 | $26,673 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,033 | 5,844 |
Net OTTI recognized in earnings | 0 | 95 |
Provision (credit) for loan and lease losses | -1,670 | 2,481 |
Share based compensation expense | 1,307 | 1,132 |
Deferred income tax expense | 2,945 | 2,315 |
Origination of loans held for sale | -219,153 | -221,288 |
Proceeds from sales of loans held for sale | 248,907 | 210,085 |
Gains on sales of loans held for sale | -4,147 | -3,340 |
Loss on sales of other real estate owned | 1,072 | 861 |
Investment securities gains | -118 | -459 |
Gains on sales of premises and equipment | 0 | -93 |
Net (increase) decrease in accrued interest receivable | -72 | 85 |
Net (increase) decrease in other assets | 6,441 | -1,681 |
Net increase in accrued expenses and other liabilities | 2,010 | 2,505 |
Other - net | 3,706 | 7,315 |
Net cash provided by operating activities | 82,070 | 32,530 |
Investing activities: | ' | ' |
Purchases of other equity securities | -2,776 | -2,956 |
Purchases of investments held-to-maturity | -20,666 | -132,097 |
Purchases of investments available-for-sale | -161,379 | -198,123 |
Net proceeds from redemption of Federal Home Loan Bank of Atlanta stock | 0 | 4,174 |
Proceeds from sales of investment available-for-sale | 0 | 28,519 |
Proceeds from maturities, calls and principal payments of investments held-to-maturity | 9,959 | 103,789 |
Proceeds from maturities, calls and principal payments of investments available-for-sale | 143,220 | 286,607 |
Net increase in loans and leases | -135,100 | -74,008 |
Proceeds from the sales of other real estate owned | 7,137 | 3,102 |
Acquisition of business activity, net of cash acquired | 0 | -849 |
Expenditures for premises and equipment | -1,883 | -3,675 |
Net cash used in investing activities | -161,488 | 14,483 |
Financing activities: | ' | ' |
Net increase in deposits | 3,432 | 53,821 |
Net decrease in retail repurchase agreements and federal funds purchased | -33,752 | -85,307 |
Proceeds from advances from FHLB | 745,000 | 40,000 |
Repayment of advances from FHLB | -630,058 | -40,262 |
Proceeds from issuance of common stock | 48 | -21 |
Remittances due to vesting of restricted stock | 0 | 0 |
Tax benefits associated with shared based compensation | 0 | 80 |
Dividends paid | -11,590 | -8,371 |
Net cash provided by financing activities | 73,080 | -40,060 |
Net increase (decrease) in cash and cash equivalents | -6,338 | 6,953 |
Cash and cash equivalents at beginning of period | 86,406 | 72,314 |
Cash and cash equivalents at end of period | 80,068 | 79,267 |
Supplemental Disclosures: | ' | ' |
Interest payments | 15,031 | 17,319 |
Income tax payments | 12,470 | 8,326 |
Transfers from loans to other real estate owned | $2,353 | $4,410 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||
Balances at Dec. 31, 2011 | $446,109 | $24,091 | $177,828 | $230,942 | $13,248 |
Net income | 26,673 | 0 | 0 | 26,673 | 0 |
Other comprehensive loss, net of tax | 3,185 | 0 | 0 | 0 | 3,185 |
Common stock dividends | -8,371 | 0 | 0 | -8,371 | 0 |
Stock compensation expense | 1,132 | 0 | 1,132 | 0 | 0 |
Common stock issued pursuant to: | ' | ' | ' | ' | ' |
Acquisition of CommerceFirst Bancorp, Inc. - 732,054 shares | 13,023 | 732 | 12,291 | 0 | 0 |
Stock option plan | 15 | 1 | 14 | 0 | 0 |
Employee stock purchase plan | 372 | 24 | 348 | 0 | 0 |
Director stock purchase plan | 19 | 1 | 18 | 0 | 0 |
Restricted stock | -347 | 47 | -394 | 0 | 0 |
Balances at Sep. 30, 2012 | 481,810 | 24,896 | 191,237 | 249,244 | 16,433 |
Balances at Dec. 31, 2012 | 483,512 | 24,905 | 191,689 | 255,606 | 11,312 |
Net income | 34,809 | 0 | 0 | 34,809 | 0 |
Other comprehensive loss, net of tax | -14,204 | 0 | 0 | 0 | -14,204 |
Common stock dividends | -11,590 | 0 | 0 | -11,590 | 0 |
Stock compensation expense | 1,307 | 0 | 1,307 | 0 | 0 |
Common stock issued pursuant to: | ' | ' | ' | ' | ' |
Stock option plan | 139 | 11 | 128 | 0 | 0 |
Employee stock purchase plan | 356 | 20 | 336 | 0 | 0 |
Restricted stock | -447 | 49 | -496 | 0 | 0 |
Balances at Sep. 30, 2013 | $493,882 | $24,985 | $192,964 | $278,825 | ($2,892) |
CONDENSED_CONSOLIDATED_STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common stock dividends, per share | $0.46 | $0.34 |
Employee stock purchase plan, shares | 19,971 | 24,295 |
Restricted stock, shares | 48,819 | 46,445 |
Acquisition of CommerceFirst Bancorp, Inc., shares | ' | 732,054 |
Stock option plan, shares | 10,964 | 1,217 |
Director stock purchase plan, shares | ' | 1,083 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 1 – Significant Accounting Policies | |
Nature of Operations | |
Sandy Spring Bancorp (the “Company”), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”), which conducts a full-service commercial banking, mortgage banking and trust business. Services to individuals and businesses include accepting deposits, extending real estate, consumer and commercial loans and lines of credit, equipment leasing, general insurance, personal trust, and investment and wealth management services. The Company operates in the six Maryland counties of Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George's, and in Arlington, Fairfax and Loudoun counties in Virginia. The Company offers investment and wealth management services through the Bank’s subsidiary, West Financial Services. Insurance products are available to clients through Sandy Spring Insurance, and Neff & Associates, which are agencies of Sandy Spring Insurance Corporation. | |
Basis of Presentation | |
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2013. In the opinion of management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentation of the results of the interim periods have been included. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. | |
These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2012 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 18, 2013. There have been no significant changes to the Company’s accounting policies as disclosed in the 2012 Annual Report on Form 10-K. | |
Principles of Consolidation | |
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Consolidation has resulted in the elimination of all intercompany accounts and transactions. | |
Use of Estimates | |
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported amounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for loan and lease losses and the related allowance, determination of impaired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of other real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projections related to pension expense and the related liability. | |
Cash Flows | |
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). | |
Loans Acquired with Deteriorated Credit Quality | |
Acquired loans are evaluated for evidence of credit deterioration since their origination as of the date of the acquisition are recorded at their initial fair value. Credit deterioration is determined based on the probability of collection of all contractually required principal and interest payments. The historical allowance for loan and lease losses related to the purchased loans is not carried over to the Company. The determination of credit quality deterioration as of the purchase date may include parameters such as past due and non-accrual status, commercial risk ratings, cash flow projections, type of loan and collateral, collateral value and recent loan-to-value ratios or appraised values. For loans acquired with no evidence of credit deterioration, the fair value discount or premium is amortized over the contractual life of the loan as an adjustment to yield. For loans acquired with evidence of credit deterioration, the Company determines at the acquisition date the excess of the loan’s contractually required payments over all cash flows expected to be collected as an amount that should not be accreted into interest income (nonaccretable difference). The remaining amount representing the difference in the expected cash flows of acquired loans and the initial investment in the acquired loans is accreted into interest income over the remaining life of the loan or pool of loans (accretable yield). Subsequent to the purchase date, increases in expected cash flows over those expected at the purchase date are recognized prospectively as interest income over the remaining life of the loan. The present value of any decreases in expected cash flows after the purchase date is recognized as an impairment through a charge to the provision for loan losses. Increases in the present value of expected cash flows after the purchase date are recognized as an adjustment to the accretable yield. Subsequent to the purchase date, the methods utilized to estimate the required allowance for loan and lease losses (“ALLL”) are similar to originated loans. Loans carried at fair value, mortgage loans held for sale and loans under revolving credit agreements are excluded from the scope of this guidance on loans acquired with deteriorated credit quality. | |
Adopted Accounting Pronouncements | |
In February 2013, the FASB issued a standard on the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The guidance sets requirements for presentation for significant items reclassified to net income in their entirety during the period and for items not reclassified to net income in their entirety during the period. Information about the reclassifications out of AOCI must be contained in single location in the financial statements. The reclassifications must also be presented by each component as part of the reporting on the changes in the AOCI balances. This guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. This guidance did not have any impact on the financial position, results of operations or cash flows of the Company, as it only affects the presentation of the information in the financial statements. | |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
NOTE 2 – ACQUISITION | |
On May 31, 2012, the Company completed the acquisition of CommerceFirst Bancorp, Inc. and its wholly-owned subsidiary. Under the terms of the acquisition the Company acquired 100% of the shares of CommerceFirst common stock for a combination of 50% Sandy Spring Bancorp common stock and 50% cash. The results of operations acquired in this transaction have been included in the Company’s financial results from the date of the acquisition. Stock consideration was exchanged at a ratio of 0.8043 of the Company’s shares for each CommerceFirst share resulting in the issuance of 732,054 of the Company’s common stock. Total cash consideration amounted to $12.4 million or $13.60 per share. | |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||
Note 3 – Investments | ||||||||||||||||||||||||||
Investments available-for-sale | ||||||||||||||||||||||||||
The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Gross | Gross | Estimated | Gross | Gross | Estimated | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||
U.S. government agencies | $ | 177,979 | $ | 126 | $ | -5,862 | $ | 172,243 | $ | 155,442 | $ | 1,084 | $ | -98 | $ | 156,428 | ||||||||||
State and municipal | 159,772 | 7,164 | -70 | 166,866 | 160,496 | 13,996 | -1 | 174,491 | ||||||||||||||||||
Mortgage-backed | 464,483 | 12,523 | -4,737 | 472,269 | 471,527 | 19,080 | -128 | 490,479 | ||||||||||||||||||
Corporate debt | 2,000 | 5 | - | 2,005 | 2,000 | - | -4 | 1,996 | ||||||||||||||||||
Trust preferred | 1,701 | - | -262 | 1,439 | 1,701 | - | -236 | 1,465 | ||||||||||||||||||
Total debt securities | 805,935 | 19,818 | -10,931 | 814,822 | 791,166 | 34,160 | -467 | 824,859 | ||||||||||||||||||
Marketable equity securities | 723 | - | - | 723 | 723 | - | - | 723 | ||||||||||||||||||
Total investments available-for-sale | $ | 806,658 | $ | 19,818 | $ | -10,931 | $ | 815,545 | $ | 791,889 | $ | 34,160 | $ | -467 | $ | 825,582 | ||||||||||
Any unrealized losses in the U.S. government agencies, state and municipal, mortgage-backed or corporate debt investment securities at September 30, 2013 are not the result of credit related events but due to changes in interest rates. These declines are considered temporary in nature and are expected to decline over time and recover as these securities approach maturity. | ||||||||||||||||||||||||||
The mortgage-backed securities portfolio at September 30, 2013 is composed entirely of either the most senior tranches of GNMA collateralized mortgage obligations ($219.1 million), or GNMA, FNMA or FHLMC mortgage-backed securities ($253.2 million). The Company does not intend to sell these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value. | ||||||||||||||||||||||||||
At September 30, 2013, the trust preferred portfolio consisted of one pooled trust preferred security. The pooled trust preferred security, which is backed by debt issued by banks and thrifts, totals $1.7 million with a fair value of $1.4 million. The fair value of this security was determined by management through the use of a third party valuation specialist due to the limited trading activity for this security. | ||||||||||||||||||||||||||
The income valuation approach technique (present value) was used that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. The methodology and significant assumptions employed to determine fair value included: | ||||||||||||||||||||||||||
⋅ Evaluation of the structural terms as established in the indenture; | ||||||||||||||||||||||||||
⋅ Detailed credit and structural evaluation for each piece of issuer collateral in the pool; | ||||||||||||||||||||||||||
⋅ Overall default (.48%), recovery and prepayment (2%)/amortization probabilities by issuers in the pool; | ||||||||||||||||||||||||||
⋅ Identification of adverse conditions specifically related to the security, industry and geographical area; | ||||||||||||||||||||||||||
⋅ Projection of estimated cash flows that incorporate default expectations and loss severities; | ||||||||||||||||||||||||||
⋅ Review of historical and implied volatility of the fair value of the security; | ||||||||||||||||||||||||||
⋅ Evaluation of credit risk concentrations; | ||||||||||||||||||||||||||
⋅ Evaluation of the length of time and the extent to which the fair value has been less than the amortized cost; and | ||||||||||||||||||||||||||
⋅ A discount rate of 12.7% was established using credit adjusted financial institution spreads for comparably rated institutions and a liquidity adjustment that considered the previously noted characteristics. | ||||||||||||||||||||||||||
As a result of this evaluation, it was determined that the pooled trust preferred security had not incurred any credit-related other-than-temporary impairment (“OTTI”) for the quarter ended September 30, 2013. Non-credit related OTTI on this security, which is not expected to be sold and which the Company has the ability to hold until maturity, was $0.3 million at September 30, 2013. This non-credit related OTTI was recognized in other comprehensive income (“OCI”) at September 30, 2013. | ||||||||||||||||||||||||||
The methodology and significant inputs used to measure the amount related to credit loss consisted of the following: | ||||||||||||||||||||||||||
⋅ | Default rates were developed based on the financial condition of the trust preferred issuers in the pool and the payment or deferral status. Conditional default rates were estimated based on the payment characteristics of the security and the financial condition of the issuers in the pool. Near term and future defaults are estimated using third party industry data in addition to a review of key financial ratios and other pertinent data on the financial stability of the underlying issuer; | |||||||||||||||||||||||||
⋅ | Loss severity is forecasted based on the type of impairment using research performed by third parties; | |||||||||||||||||||||||||
⋅ | The security contains one level of subordination below the senior tranche, with the senior tranche receiving the spread from the subordinate bonds; | |||||||||||||||||||||||||
⋅ | Credit ratings of the underlying issuers are reviewed in conjunction with the development of the default rates applied to determine the credit amounts related to the credit loss; and | |||||||||||||||||||||||||
⋅ | Potential prepayments are estimated based on terms and rates of the underlying trust preferred securities to determine the impact of excess spread on the credit enhancement, the removal of the strongest institutions from the underlying pool and any impact that prepayments might have on diversity and concentration. | |||||||||||||||||||||||||
The following table provides the activity of OTTI on investment securities due to credit losses recognized in earnings for the period indicated: | ||||||||||||||||||||||||||
(In thousands) | OTTI Losses | |||||||||||||||||||||||||
Cumulative credit losses on investment securities, through December 31, 2012 | $ | 531 | ||||||||||||||||||||||||
Additions for credit losses not previously recognized | - | |||||||||||||||||||||||||
Cumulative credit losses on investment securities, through September 30, 2013 | $ | 531 | ||||||||||||||||||||||||
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 14 | $ | 138,520 | $ | 5,862 | $ | - | $ | 5,862 | |||||||||||||||||
State and municipal | 7 | 5,758 | 70 | - | 70 | |||||||||||||||||||||
Mortgage-backed | 24 | 150,173 | 4,737 | - | 4,737 | |||||||||||||||||||||
Trust preferred | 1 | 1,439 | - | 262 | 262 | |||||||||||||||||||||
Total | 46 | $ | 295,890 | $ | 10,669 | $ | 262 | $ | 10,931 | |||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 2 | $ | 29,900 | $ | 98 | $ | - | $ | 98 | |||||||||||||||||
State and municipal | 1 | 390 | 1 | - | 1 | |||||||||||||||||||||
Mortgage-backed | 2 | 12,653 | 128 | - | 128 | |||||||||||||||||||||
Corporate debt | 1 | 1,996 | 4 | - | 4 | |||||||||||||||||||||
Trust preferred | 1 | 1,465 | - | 236 | 236 | |||||||||||||||||||||
Total | 7 | $ | 46,404 | $ | 231 | $ | 236 | $ | 467 | |||||||||||||||||
The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 30,314 | $ | 30,439 | $ | 35,544 | $ | 36,349 | ||||||||||||||||||
Due after one year through five years | 11,953 | 12,301 | 3,957 | 3,994 | ||||||||||||||||||||||
Due after five years through ten years | 394,079 | 398,163 | 382,957 | 399,180 | ||||||||||||||||||||||
Due after ten years | 369,589 | 373,919 | 368,708 | 385,336 | ||||||||||||||||||||||
Total debt securities available for sale | $ | 805,935 | $ | 814,822 | $ | 791,166 | $ | 824,859 | ||||||||||||||||||
At September 30, 2013 and December 31, 2012, investments available-for-sale with a book value of $189.2 million and $195.4 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
Investments held-to-maturity | ||||||||||||||||||||||||||
The amortized cost and estimated fair values of investments held-to-maturity at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Gross | Gross | Estimated | Gross | Gross | Estimated | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||
U.S. government agencies | $ | 64,503 | $ | - | $ | -3,381 | $ | 61,122 | $ | 64,498 | $ | 125 | $ | -29 | $ | 64,594 | ||||||||||
State and municipal | 161,231 | 2,219 | -4,813 | 158,637 | 150,995 | 6,194 | -123 | 157,066 | ||||||||||||||||||
Mortgage-backed | 260 | 35 | - | 295 | 321 | 43 | - | 364 | ||||||||||||||||||
Total investments held-to-maturity | $ | 225,994 | $ | 2,254 | $ | -8,194 | $ | 220,054 | $ | 215,814 | $ | 6,362 | $ | -152 | $ | 222,024 | ||||||||||
Gross unrealized losses and fair value by length of time that the individual held-to-maturity securities have been in a continuous unrealized loss position at the dates indicated are presented in the following tables: | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 8 | $ | 61,122 | $ | 3,381 | $ | - | $ | 3,381 | |||||||||||||||||
State and municipal | 100 | 85,882 | 4,813 | - | 4,813 | |||||||||||||||||||||
Total | 108 | $ | 147,004 | $ | 8,194 | $ | - | $ | 8,194 | |||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 1 | $ | 9,961 | $ | 29 | $ | - | $ | 29 | |||||||||||||||||
State and municipal | 13 | 16,868 | 123 | - | 123 | |||||||||||||||||||||
Total | 14 | $ | 26,829 | $ | 152 | $ | - | $ | 152 | |||||||||||||||||
The Company intends to hold these securities until they reach maturity. | ||||||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities held-to-maturity by contractual maturity at the dates indicated are reflected in the following table. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 2,765 | $ | 2,787 | $ | 7,431 | $ | 7,523 | ||||||||||||||||||
Due after one year through five years | 3,253 | 3,264 | 4,653 | 4,725 | ||||||||||||||||||||||
Due after five years through ten years | 132,577 | 130,588 | 116,735 | 120,074 | ||||||||||||||||||||||
Due after ten years | 87,399 | 83,415 | 86,995 | 89,702 | ||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 225,994 | $ | 220,054 | $ | 215,814 | $ | 222,024 | ||||||||||||||||||
At September 30, 2013 and December 31, 2012, investments held-to-maturity with a book value of $168.9 million and $155.5 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agency securities, exceeded ten percent of stockholders' equity at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Other equity securities at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Federal Reserve Bank stock | $ | 8,269 | $ | 8,269 | ||||||||||||||||||||||
Federal Home Loan Bank of Atlanta stock | 28,143 | 25,367 | ||||||||||||||||||||||||
Total equity securities | $ | 36,412 | $ | 33,636 | ||||||||||||||||||||||
Loans_and_Leases
Loans and Leases | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Loans and Leases | ' | |||||||
Note 4 – Loans and Leases | ||||||||
Outstanding loan balances at September 30, 2013 and December 31, 2012 are net of unearned income including net deferred loan costs of $0.8 million and $1.4 million, respectively. The loan portfolio segment balances at the dates indicated are presented in the following table: | ||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | ||||||
Residential real estate: | ||||||||
Residential mortgage | $ | 595,180 | $ | 523,364 | ||||
Residential construction | 118,316 | 120,314 | ||||||
Commercial real estate: | ||||||||
Commercial owner occupied real estate | 569,350 | 571,510 | ||||||
Commercial investor real estate | 518,029 | 456,888 | ||||||
Commercial acquisition, development and construction | 158,739 | 151,933 | ||||||
Commercial Business | 332,670 | 346,708 | ||||||
Leases | 962 | 3,421 | ||||||
Consumer | 368,764 | 356,990 | ||||||
Total loans and leases | $ | 2,662,010 | $ | 2,531,128 | ||||
Credit_Quality_Assessment
Credit Quality Assessment | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Credit Quality Assessment [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Credit Quality Assessment | ' | ||||||||||||||||||||||||||||||||||||
Note 5 – CREDIT QUALITY ASSESSMENT | |||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||||||||||||||||||||
Summary information on the allowance for loan and lease loss activity for the period indicated is provided in the following table: | |||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 42,957 | $ | 49,426 | |||||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | -1,670 | 2,481 | |||||||||||||||||||||||||||||||||||
Loan and lease charge-offs | -9,639 | -11,456 | |||||||||||||||||||||||||||||||||||
Loan and lease recoveries | 7,774 | 2,167 | |||||||||||||||||||||||||||||||||||
Net charge-offs | -1,865 | -9,289 | |||||||||||||||||||||||||||||||||||
Balance at period end | $ | 39,422 | $ | 42,618 | |||||||||||||||||||||||||||||||||
The following tables provide information on the activity in the allowance for loan and lease losses by the respective loan portfolio segment for the period indicated: | |||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Owner | Residential | Residential | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Business | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 6,495 | $ | 4,737 | $ | 9,583 | $ | 6,997 | $ | 332 | $ | 3,846 | $ | 8,522 | $ | 2,445 | $ | 42,957 | |||||||||||||||||||
Provision (credit) | 1,332 | -4,037 | 1,026 | -642 | -321 | 1,204 | 231 | -463 | -1,670 | ||||||||||||||||||||||||||||
Charge-offs | -2,405 | - | -4,744 | -229 | - | -1,327 | -829 | -105 | -9,639 | ||||||||||||||||||||||||||||
Recoveries | 692 | 3,080 | 3,347 | 332 | 10 | 160 | 144 | 9 | 7,774 | ||||||||||||||||||||||||||||
Net charge-offs | -1,713 | 3,080 | -1,397 | 103 | 10 | -1,167 | -685 | -96 | -1,865 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 6,114 | $ | 3,780 | $ | 9,212 | $ | 6,458 | $ | 21 | $ | 3,883 | $ | 8,068 | $ | 1,886 | $ | 39,422 | |||||||||||||||||||
Total loans and leases | $ | 332,670 | $ | 158,739 | $ | 518,029 | $ | 569,350 | $ | 962 | $ | 368,764 | $ | 595,180 | $ | 118,316 | $ | 2,662,010 | |||||||||||||||||||
Allowance for loans and leases to total loans and leases ratio | 1.84 | % | 2.38 | % | 1.78 | % | 1.13 | % | 2.18 | % | 1.05 | % | 1.36 | % | 1.59 | % | 1.48 | % | |||||||||||||||||||
Balance of loans specifically evaluated for impairment | $ | 6,562 | $ | 5,086 | $ | 7,729 | $ | 5,385 | na. | $ | 29 | $ | 4,438 | $ | 1,860 | $ | 31,089 | ||||||||||||||||||||
Allowance for loans specifically evaluated for impairment | $ | 1,550 | $ | 946 | $ | 146 | $ | 391 | na. | na. | $ | 650 | $ | 547 | $ | 4,230 | |||||||||||||||||||||
Specific allowance to specific loans ratio | 23.62 | % | 18.6 | % | 1.89 | % | 7.26 | % | na. | na. | 14.65 | % | 29.41 | % | 13.61 | % | |||||||||||||||||||||
Balance of loans collectively evaluated | $ | 326,108 | $ | 153,653 | $ | 510,300 | $ | 563,965 | $ | 962 | $ | 368,735 | $ | 590,742 | $ | 116,456 | $ | 2,630,921 | |||||||||||||||||||
Allowance for loans collectively evaluated | $ | 4,564 | $ | 2,834 | $ | 9,066 | $ | 6,067 | $ | 21 | $ | 3,883 | $ | 7,418 | $ | 1,339 | $ | 35,192 | |||||||||||||||||||
Collective allowance to collective loans ratio | 1.4 | % | 1.84 | % | 1.78 | % | 1.08 | % | 2.18 | % | 1.05 | % | 1.26 | % | 1.15 | % | 1.34 | % | |||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Owner | Residential | Residential | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Business | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 6,727 | $ | 6,664 | $ | 8,248 | $ | 7,329 | $ | 795 | $ | 4,873 | $ | 10,583 | $ | 4,207 | $ | 49,426 | |||||||||||||||||||
Provision (credit) | -758 | 826 | 4,928 | 804 | -478 | 44 | -167 | -1,550 | 3,649 | ||||||||||||||||||||||||||||
Charge-offs | -1,022 | -3,281 | -3,690 | -1,174 | -8 | -1,298 | -2,107 | -224 | -12,804 | ||||||||||||||||||||||||||||
Recoveries | 1,548 | 528 | 97 | 38 | 23 | 227 | 213 | 12 | 2,686 | ||||||||||||||||||||||||||||
Net charge-offs | 526 | -2,753 | -3,593 | -1,136 | 15 | -1,071 | -1,894 | -212 | -10,118 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 6,495 | $ | 4,737 | $ | 9,583 | $ | 6,997 | $ | 332 | $ | 3,846 | $ | 8,522 | $ | 2,445 | $ | 42,957 | |||||||||||||||||||
Total loans and leases | $ | 346,708 | $ | 151,933 | $ | 456,888 | $ | 571,510 | $ | 3,421 | $ | 356,990 | $ | 523,364 | $ | 120,314 | $ | 2,531,128 | |||||||||||||||||||
Allowance for loans and leases to total loans and leases ratio | 1.87 | % | 3.12 | % | 2.1 | % | 1.22 | % | 9.7 | % | 1.08 | % | 1.63 | % | 2.03 | % | 1.7 | % | |||||||||||||||||||
Balance of loans specifically evaluated for impairment | $ | 8,984 | $ | 6,332 | $ | 11,843 | $ | 15,184 | na. | $ | 31 | $ | 4,528 | $ | 1,871 | $ | 48,773 | ||||||||||||||||||||
Allowance for loans specifically evaluated for impairment | $ | 2,597 | $ | - | $ | 774 | $ | 598 | na. | na. | $ | 713 | $ | 467 | $ | 5,149 | |||||||||||||||||||||
Specific allowance to specific loans ratio | 28.91 | % | - | 6.54 | % | 3.94 | % | na. | na. | 15.75 | % | 24.96 | % | 10.56 | % | ||||||||||||||||||||||
Balance of loans collectively evaluated | $ | 337,724 | $ | 145,601 | $ | 445,045 | $ | 556,326 | $ | 3,421 | $ | 356,959 | $ | 518,836 | $ | 118,443 | $ | 2,482,355 | |||||||||||||||||||
Allowance for loans collectively evaluated | $ | 3,898 | $ | 4,737 | $ | 8,809 | $ | 6,399 | $ | 332 | $ | 3,846 | $ | 7,809 | $ | 1,978 | $ | 37,808 | |||||||||||||||||||
Collective allowance to collective loans ratio | 1.15 | % | 3.25 | % | 1.98 | % | 1.15 | % | 9.7 | % | 1.08 | % | 1.51 | % | 1.67 | % | 1.52 | % | |||||||||||||||||||
The following table provides summary information regarding impaired loans at the dates indicated and for the periods then ended: | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Impaired loans with a specific allowance | $ | 15,142 | $ | 27,526 | |||||||||||||||||||||||||||||||||
Impaired loans without a specific allowance | 15,947 | 21,247 | |||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 31,089 | $ | 48,773 | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses related to impaired loans | $ | 4,230 | $ | 5,149 | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses related to loans collectively evaluated | 35,192 | 37,808 | |||||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 39,422 | $ | 42,957 | |||||||||||||||||||||||||||||||||
Average impaired loans for the period | $ | 39,843 | $ | 57,438 | |||||||||||||||||||||||||||||||||
Contractual interest income due on impaired loans during the period | $ | 2,292 | $ | 4,433 | |||||||||||||||||||||||||||||||||
Interest income on impaired loans recognized on a cash basis | $ | 1,694 | $ | 1,121 | |||||||||||||||||||||||||||||||||
Interest income on impaired loans recognized on an accrual basis | $ | 332 | $ | 560 | |||||||||||||||||||||||||||||||||
The following tables present the recorded investment with respect to impaired loans, the associated allowance by the applicable portfolio segment and the principal balance of the impaired loans prior to amounts charged-off at the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 1,189 | $ | 1,379 | $ | 770 | $ | 207 | $ | - | $ | 3,545 | |||||||||||||||||||||||||
Restructured accruing | 905 | - | - | 995 | 2,379 | 4,279 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 266 | 2,439 | - | 2,581 | 2,032 | 7,318 | |||||||||||||||||||||||||||||||
Balance | $ | 2,360 | $ | 3,818 | $ | 770 | $ | 3,783 | $ | 4,411 | $ | 15,142 | |||||||||||||||||||||||||
Allowance | $ | 1,550 | $ | 946 | $ | 146 | $ | 391 | $ | 1,197 | $ | 4,230 | |||||||||||||||||||||||||
Impaired loans without a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 1,079 | $ | 1,268 | $ | 5,483 | $ | 675 | $ | - | $ | 8,505 | |||||||||||||||||||||||||
Restructured accruing | 1,607 | - | 852 | 188 | 1,128 | 3,775 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 1,516 | - | 624 | 739 | 788 | 3,667 | |||||||||||||||||||||||||||||||
Balance | $ | 4,202 | $ | 1,268 | $ | 6,959 | $ | 1,602 | $ | 1,916 | $ | 15,947 | |||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 2,268 | $ | 2,647 | $ | 6,253 | $ | 882 | $ | - | $ | 12,050 | |||||||||||||||||||||||||
Restructured accruing | 2,512 | - | 852 | 1,183 | 3,507 | 8,054 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 1,782 | 2,439 | 624 | 3,320 | 2,820 | 10,985 | |||||||||||||||||||||||||||||||
Balance | $ | 6,562 | $ | 5,086 | $ | 7,729 | $ | 5,385 | $ | 6,327 | $ | 31,089 | |||||||||||||||||||||||||
Unpaid principal balance in total impaired loans | $ | 8,645 | $ | 13,448 | $ | 12,585 | $ | 7,028 | $ | 6,944 | $ | 48,650 | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Average impaired loans for the period | $ | 7,539 | $ | 5,782 | $ | 11,343 | $ | 8,705 | $ | 6,474 | $ | 39,843 | |||||||||||||||||||||||||
Contractual interest income due on impaired loans during the period | $ | 481 | $ | 590 | $ | 430 | $ | 578 | $ | 213 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on a cash basis | $ | 250 | $ | 269 | $ | 74 | $ | 1,010 | $ | 91 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on an accrual basis | $ | 117 | $ | - | $ | 23 | $ | 58 | $ | 134 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 2,514 | $ | - | $ | 10,219 | $ | 4,319 | $ | - | $ | 17,052 | |||||||||||||||||||||||||
Restructured accruing | 2,981 | - | - | 1,503 | 3,419 | 7,903 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 228 | - | - | 1,039 | 1,304 | 2,571 | |||||||||||||||||||||||||||||||
Balance | $ | 5,723 | $ | - | $ | 10,219 | $ | 6,861 | $ | 4,723 | $ | 27,526 | |||||||||||||||||||||||||
Allowance | $ | 2,597 | $ | - | $ | 774 | $ | 598 | $ | 1,180 | $ | 5,149 | |||||||||||||||||||||||||
Impaired loans without a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 1,846 | $ | 3,033 | $ | 577 | $ | 6,191 | $ | - | $ | 11,647 | |||||||||||||||||||||||||
Restructured accruing | 1,392 | - | - | - | 815 | 2,207 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 23 | 3,299 | 1,047 | 2,132 | 892 | 7,393 | |||||||||||||||||||||||||||||||
Balance | $ | 3,261 | $ | 6,332 | $ | 1,624 | $ | 8,323 | $ | 1,707 | $ | 21,247 | |||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 4,360 | $ | 3,033 | $ | 10,796 | $ | 10,510 | $ | - | $ | 28,699 | |||||||||||||||||||||||||
Restructured accruing | 4,373 | - | - | 1,503 | 4,234 | 10,110 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 251 | 3,299 | 1,047 | 3,171 | 2,196 | 9,964 | |||||||||||||||||||||||||||||||
Balance | $ | 8,984 | $ | 6,332 | $ | 11,843 | $ | 15,184 | $ | 6,430 | $ | 48,773 | |||||||||||||||||||||||||
Unpaid principal balance in total impaired loans | $ | 11,506 | $ | 21,590 | $ | 15,405 | $ | 17,928 | $ | 6,904 | $ | 73,333 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Average impaired loans for the period | $ | 8,659 | $ | 12,270 | $ | 13,838 | $ | 16,172 | $ | 6,499 | $ | 57,438 | |||||||||||||||||||||||||
Contractual interest income due on impaired loans during the period | $ | 527 | $ | 1,222 | $ | 1,181 | $ | 1,391 | $ | 112 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on a cash basis | $ | 121 | $ | 323 | $ | 175 | $ | 420 | $ | 82 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on an accrual basis | $ | 257 | $ | - | $ | - | $ | 102 | $ | 201 | |||||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||||||
The following tables provide information on the credit quality of the loan portfolio by segment at the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Non-performing loans and assets: | |||||||||||||||||||||||||||||||||||||
Non-accrual loans and leases | $ | 4,050 | $ | 5,086 | $ | 6,877 | $ | 4,202 | $ | - | $ | 2,004 | $ | 5,643 | $ | 2,327 | $ | 30,189 | |||||||||||||||||||
Loans and leases 90 days past due | - | - | - | - | - | 10 | - | - | 10 | ||||||||||||||||||||||||||||
Restructured loans and leases | 2,512 | - | 852 | 1,183 | - | 29 | 3,478 | - | 8,054 | ||||||||||||||||||||||||||||
Total non-performing loans and leases | 6,562 | 5,086 | 7,729 | 5,385 | - | 2,043 | 9,121 | 2,327 | 38,253 | ||||||||||||||||||||||||||||
Other real estate owned | 408 | - | - | - | - | - | 1,254 | - | 1,662 | ||||||||||||||||||||||||||||
Total non-performing assets | $ | 6,970 | $ | 5,086 | $ | 7,729 | $ | 5,385 | $ | - | $ | 2,043 | $ | 10,375 | $ | 2,327 | $ | 39,915 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Non-performing loans and assets: | |||||||||||||||||||||||||||||||||||||
Non-accrual loans and leases | $ | 4,611 | $ | 6,332 | $ | 11,843 | $ | 13,681 | $ | 865 | $ | 2,410 | $ | 4,681 | $ | 3,125 | $ | 47,548 | |||||||||||||||||||
Loans and leases 90 days past due | 24 | - | - | 209 | - | 14 | - | - | 247 | ||||||||||||||||||||||||||||
Restructured loans and leases | 4,373 | - | - | 1,503 | - | 31 | 4,203 | - | 10,110 | ||||||||||||||||||||||||||||
Total non-performing loans and leases | 9,008 | 6,332 | 11,843 | 15,393 | 865 | 2,455 | 8,884 | 3,125 | 57,905 | ||||||||||||||||||||||||||||
Other real estate owned | 1,829 | - | 220 | 2,396 | - | - | 1,401 | 80 | 5,926 | ||||||||||||||||||||||||||||
Total non-performing assets | $ | 10,837 | $ | 6,332 | $ | 12,063 | $ | 17,789 | $ | 865 | $ | 2,455 | $ | 10,285 | $ | 3,205 | $ | 63,831 | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Past due loans and leases | |||||||||||||||||||||||||||||||||||||
31-60 days | $ | 4,989 | $ | - | $ | 5,901 | $ | 3,540 | $ | - | $ | 713 | $ | 5,985 | $ | - | $ | 21,128 | |||||||||||||||||||
61-90 days | 984 | 382 | 78 | 5,022 | - | 596 | - | - | 7,062 | ||||||||||||||||||||||||||||
> 90 days | - | - | - | - | - | 10 | - | - | 10 | ||||||||||||||||||||||||||||
Total past due | 5,973 | 382 | 5,979 | 8,562 | - | 1,319 | 5,985 | - | 28,200 | ||||||||||||||||||||||||||||
Non-accrual loans and leases | 4,050 | 5,086 | 6,877 | 4,202 | - | 2,004 | 5,643 | 2,327 | 30,189 | ||||||||||||||||||||||||||||
Loans aquired with deteriorated credit quality | 1,655 | - | 1,598 | 2,635 | - | - | - | - | 5,888 | ||||||||||||||||||||||||||||
Current loans | 320,992 | 153,271 | 503,575 | 553,951 | 962 | 365,441 | 583,552 | 115,989 | 2,597,733 | ||||||||||||||||||||||||||||
Total loans and leases | $ | 332,670 | $ | 158,739 | $ | 518,029 | $ | 569,350 | $ | 962 | $ | 368,764 | $ | 595,180 | $ | 118,316 | $ | 2,662,010 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Past due loans and leases | |||||||||||||||||||||||||||||||||||||
31-60 days | $ | 2,138 | $ | - | $ | 2,020 | $ | 1,556 | $ | 7 | $ | 496 | $ | 5,443 | $ | - | $ | 11,660 | |||||||||||||||||||
61-90 days | 212 | - | - | 1,809 | 68 | 101 | 1,603 | - | 3,793 | ||||||||||||||||||||||||||||
> 90 days | 24 | - | - | 209 | - | 14 | - | - | 247 | ||||||||||||||||||||||||||||
Total past due | 2,374 | - | 2,020 | 3,574 | 75 | 611 | 7,046 | - | 15,700 | ||||||||||||||||||||||||||||
Non-accrual loans and leases | 4,611 | 6,332 | 11,843 | 13,681 | 865 | 2,410 | 4,681 | 3,125 | 47,548 | ||||||||||||||||||||||||||||
Loans aquired with deteriorated credit quality | 1,978 | 332 | 949 | 3,941 | - | - | - | - | 7,200 | ||||||||||||||||||||||||||||
Current loans | 337,745 | 145,269 | 442,076 | 550,314 | 2,481 | 353,969 | 511,637 | 117,189 | 2,460,680 | ||||||||||||||||||||||||||||
Total loans and leases | $ | 346,708 | $ | 151,933 | $ | 456,888 | $ | 571,510 | $ | 3,421 | $ | 356,990 | $ | 523,364 | $ | 120,314 | $ | 2,531,128 | |||||||||||||||||||
The following tables provide information by credit risk rating indicators for each segment of the commercial loan portfolio for the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | |||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Total | ||||||||||||||||||||||||||||||||
Pass | $ | 292,973 | $ | 151,546 | $ | 493,523 | $ | 528,610 | $ | 1,466,652 | |||||||||||||||||||||||||||
Special Mention | 19,345 | 109 | 1,713 | 17,300 | 38,467 | ||||||||||||||||||||||||||||||||
Substandard | 20,063 | 7,084 | 22,750 | 23,440 | 73,337 | ||||||||||||||||||||||||||||||||
Doubtful | 289 | - | 43 | - | 332 | ||||||||||||||||||||||||||||||||
Total | $ | 332,670 | $ | 158,739 | $ | 518,029 | $ | 569,350 | $ | 1,578,788 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | |||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Total | ||||||||||||||||||||||||||||||||
Pass | $ | 305,348 | $ | 141,802 | $ | 405,448 | $ | 520,844 | $ | 1,373,442 | |||||||||||||||||||||||||||
Special Mention | 13,603 | 1,793 | 21,963 | 17,262 | 54,621 | ||||||||||||||||||||||||||||||||
Substandard | 26,091 | 8,338 | 28,885 | 32,613 | 95,927 | ||||||||||||||||||||||||||||||||
Doubtful | 1,666 | - | 592 | 791 | 3,049 | ||||||||||||||||||||||||||||||||
Total | $ | 346,708 | $ | 151,933 | $ | 456,888 | $ | 571,510 | $ | 1,527,039 | |||||||||||||||||||||||||||
Homogeneous loan pools do not have individual loans subjected to internal risk ratings therefore, the credit indicator applied to these pools is based on their delinquency status. The following tables provide information by credit risk rating indicators for those remaining segments of the loan portfolio at the dates indicated: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||
(In thousands) | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||||||
Performing | $ | 962 | $ | 366,721 | $ | 586,059 | $ | 115,989 | $ | 1,069,731 | |||||||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||||
90 days past due | - | 10 | - | - | 10 | ||||||||||||||||||||||||||||||||
Non-accruing | - | 2,004 | 5,643 | 2,327 | 9,974 | ||||||||||||||||||||||||||||||||
Restructured loans and leases | - | 29 | 3,478 | - | 3,507 | ||||||||||||||||||||||||||||||||
Total | $ | 962 | $ | 368,764 | $ | 595,180 | $ | 118,316 | $ | 1,083,222 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||
(In thousands) | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||||||
Performing | $ | 2,556 | $ | 354,535 | $ | 514,480 | $ | 117,189 | $ | 988,760 | |||||||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||||
90 days past due | - | 14 | - | - | 14 | ||||||||||||||||||||||||||||||||
Non-accruing | 865 | 2,410 | 4,681 | 3,125 | 11,081 | ||||||||||||||||||||||||||||||||
Restructured loans and leases | - | 31 | 4,203 | - | 4,234 | ||||||||||||||||||||||||||||||||
Total | $ | 3,421 | $ | 356,990 | $ | 523,364 | $ | 120,314 | $ | 1,004,089 | |||||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company restructured $1.6 million in loans. Modifications consisted principally of interest rate concessions. No modifications resulted in the reduction of the principal in the associated loan balances. Restructured loans are subject to periodic credit reviews to determine the necessity and adequacy of a specific loan loss allowance based on the collectability of the recorded investment in the restructured loan. Loans restructured during 2013 did not require significant specific reserves at September 30, 2013. For the year ended December 31, 2012, the Company restructured $4.9 million in loans. Modifications consisted principally of interest rate concessions and no modifications resulted in the reduction of the recorded investment in the associated loan balances. Loans restructured during 2012 had specific reserves of $1.2 million at December 31, 2012. Commitments to lend additional funds on loans that have been restructured at September 30, 2013 and December 31, 2012 amounted to $5.3 million and $5.1 million, respectively. | |||||||||||||||||||||||||||||||||||||
The following table provides the amounts of the restructured loans at the date of restructuring for specific segments of the loan portfolio during the period indicated: | |||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | All | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | ||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Total | |||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Restructured accruing | $ | 483 | $ | - | $ | 852 | $ | - | $ | - | $ | 1,335 | |||||||||||||||||||||||||
Restructured non-accruing | 221 | - | - | - | - | 221 | |||||||||||||||||||||||||||||||
Balance | $ | 704 | $ | - | $ | 852 | $ | - | $ | - | $ | 1,556 | |||||||||||||||||||||||||
Specific allowance | $ | 22 | $ | - | $ | - | $ | - | $ | - | $ | 22 | |||||||||||||||||||||||||
Restructured and subsequently defaulted | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | All | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | ||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Total | |||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Restructured accruing | $ | 2,600 | $ | - | $ | - | $ | 1,014 | $ | - | $ | 3,614 | |||||||||||||||||||||||||
Restructured non-accruing | - | - | - | - | 1,304 | 1,304 | |||||||||||||||||||||||||||||||
Balance | $ | 2,600 | $ | - | $ | - | $ | 1,014 | $ | 1,304 | $ | 4,918 | |||||||||||||||||||||||||
Specific allowance | $ | 552 | $ | - | $ | - | $ | 204 | $ | 467 | $ | 1,223 | |||||||||||||||||||||||||
Restructured and subsequently defaulted | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Changes in the accretable yield related to loans acquired with evidence of deteriorated credit quality are as follows: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amount | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 693 | |||||||||||||||||||||||||||||||||||
Accretion recognized to date | -333 | ||||||||||||||||||||||||||||||||||||
Net reclassification from accretable to non-accretable | - | ||||||||||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 360 | |||||||||||||||||||||||||||||||||||
Other Real Estate Owned | |||||||||||||||||||||||||||||||||||||
Other real estate owned totaled $1.7 million and $5.9 million at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Note 6 – Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: | ||||||||||||||||||||||||
At September 30, 2013 | Weighted | At December 31, 2012 | Weighted | |||||||||||||||||||||
Gross | Net | Average | Gross | Net | Average | |||||||||||||||||||
Carrying | Accumulated | Carrying | Remaining | Carrying | Accumulated | Carrying | Remaining | |||||||||||||||||
(Dollars in thousands) | Amount | Amortization | Amount | Life | Amount | Amortization | Amount | Life | ||||||||||||||||
Amortizing intangible assets: | ||||||||||||||||||||||||
Core deposit intangibles | $ | 9,716 | $ | -9,004 | $ | 712 | 0.5 years | $ | 9,716 | $ | -7,964 | $ | 1,752 | 1.3 years | ||||||||||
Other identifiable intangibles | 8,623 | -7,543 | 1,080 | 2.3 years | 8,611 | -7,200 | 1,411 | 3.1 years | ||||||||||||||||
Total amortizing intangible assets | $ | 18,339 | $ | -16,547 | $ | 1,792 | $ | 18,327 | $ | -15,164 | $ | 3,163 | ||||||||||||
Goodwill | $ | 84,171 | $ | 84,171 | $ | 84,808 | $ | 84,808 | ||||||||||||||||
During the second quarter of 2013 goodwill associated with the 2012 acquisition of CommerceFirst Bancorp, Inc. was reduced by $0.6 million relating to a reduction in the liabilities which existed as of the acquisition date. | ||||||||||||||||||||||||
The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: | ||||||||||||||||||||||||
(In thousands) | Amount | |||||||||||||||||||||||
2014 | $ | 821 | ||||||||||||||||||||||
2015 | 372 | |||||||||||||||||||||||
2016 | 94 | |||||||||||||||||||||||
2017 | 16 | |||||||||||||||||||||||
Thereafter | 27 | |||||||||||||||||||||||
Total amortizing intangible assets | $ | 1,330 | ||||||||||||||||||||||
Deposits
Deposits | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Deposits | ' | |||||||
Note 7 – Deposits | ||||||||
The following table presents the composition of deposits at the dates indicated: | ||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | ||||||
Noninterest-bearing deposits | $ | 890,319 | $ | 847,415 | ||||
Interest-bearing deposits: | ||||||||
Demand | 435,458 | 428,048 | ||||||
Money market savings | 871,360 | 884,367 | ||||||
Regular savings | 240,210 | 228,384 | ||||||
Time deposits of less than $100,000 | 272,101 | 307,445 | ||||||
Time deposits of $100,000 or more | 207,018 | 217,375 | ||||||
Total interest-bearing deposits | 2,026,147 | 2,065,619 | ||||||
Total deposits | $ | 2,916,466 | $ | 2,913,034 | ||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Note 8 – Stockholders’ Equity | |
The Company re-approved the stock repurchase program in August 2013. The current program permits the repurchase of up to 5% of the Company’s outstanding shares of common stock or approximately 1,250,000 shares. Repurchases, which will be conducted through open market purchases or privately negotiated transactions, will be made depending on market conditions and other factors. No shares were repurchased during the first nine months of 2013. | |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Share-Based Compensation [Abstract] | ' | |||||||||||||
Share Based Compensation | ' | |||||||||||||
Note 9 – Share Based Compensation | ||||||||||||||
At September 30, 2013, the Company had two share based compensation plans in existence, the 1999 Stock Option Plan (expired but having outstanding options that may still be exercised) and the 2005 Omnibus Stock Plan, which is described below. | ||||||||||||||
The Company’s 2005 Omnibus Stock Plan (“Omnibus Plan”) provides for the granting of non-qualifying stock options to the Company’s directors, and incentive and non-qualifying stock options, stock appreciation rights and restricted stock grants to selected key employees on a periodic basis at the discretion of the board. The Omnibus Plan authorizes the issuance of up to 1,800,000 shares of common stock of which 998,375 are available for issuance at September 30, 2013, has a term of ten years, and is administered by a committee of at least three directors appointed by the board of directors. Options granted under the plan have an exercise price which may not be less than 100% of the fair market value of the common stock on the date of the grant and must be exercised within seven to ten years from the date of grant. The exercise price of stock options must be paid for in full in cash or shares of common stock, or a combination of both. The Stock Option Committee has the discretion when making a grant of stock options to impose restrictions on the shares to be purchased upon the exercise of such options. Options granted under the expired 1999 Stock Option Plan remain outstanding until exercised or they expire. The Company generally issues authorized but previously unissued shares to satisfy option exercises. | ||||||||||||||
The fair values of all of the options granted for the periods indicated have been estimated using a binomial option-pricing model with the weighted-average assumptions for the periods shown are presented in the following table: | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Dividend yield | 2.8 | % | 2.17 | % | ||||||||||
Weighted average expected volatility | 53.87 | % | 50.9 | % | ||||||||||
Weighted average risk-free interest rate | 0.83 | % | 1.14 | % | ||||||||||
Weighted average expected lives (in years) | 5.34 | 5.35 | ||||||||||||
Weighted average grant-date fair value | $ | 7.99 | $ | 7.85 | ||||||||||
The dividend yield is based on estimated future dividend yields. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatilities are generally based on historical volatilities. The expected term of share options granted is generally derived from historical experience. | ||||||||||||||
Compensation expense is recognized on a straight-line basis over the vesting period of the respective stock option or restricted stock grant. The Company recognized compensation expense of $0.4 million and $0.4 million for the three months ended September 30, 2013 and 2012, respectively, related to the awards of stock options and restricted stock grants. Compensation expense of $1.2 million and $1.0 million was recognized for the nine months ended September 30, 2013 and 2012, respectively. Stock options exercised were 10,964 and 1,217 for the nine months ended September 30, 2013 and 2012, respectively. The intrinsic value for any exercised stock options in 2013 and 2012 was not significant. The total of unrecognized compensation cost related to stock options was approximately $0.3 million as of September 30, 2013. That cost is expected to be recognized over a weighted average period of approximately 1.7 years. The total of unrecognized compensation cost related to restricted stock was approximately $3.6 million as of September 30, 2013. That cost is expected to be recognized over a weighted average period of approximately 3.1 years. The fair value of the options vested during the three months ended September 30, 2013 and 2012, was $0.2 million and $0.2 million, respectively. | ||||||||||||||
In the first quarter of 2013, 20,229 stock options were granted, subject to a three year vesting schedule with one third of the options vesting each year on the anniversary date of the grant. Additionally, 93,770 shares of restricted stock were granted, subject to a five year vesting schedule with one fifth of the shares vesting each year on the grant date anniversary. | ||||||||||||||
A summary of share option activity for the period indicated is reflected in the following table: | ||||||||||||||
Weighted | ||||||||||||||
Number | Weighted | Average | Aggregate | |||||||||||
of | Average | Contractual | Intrinsic | |||||||||||
Common | Exercise | Remaining | Value | |||||||||||
Shares | Share Price | Life(Years) | (in thousands) | |||||||||||
Balance at January 1, 2013 | 440,453 | $ | 29.17 | $ | 557 | |||||||||
Granted | 20,229 | $ | 20.26 | $ | - | |||||||||
Exercised | -10,964 | $ | 12.7 | $ | - | |||||||||
Forfeited or expired | -4,962 | $ | 34.29 | $ | - | |||||||||
Balance at September 30, 2013 | 444,756 | $ | 29.11 | 1.9 | $ | 1,032 | ||||||||
Exercisable at September 30, 2013 | 399,221 | $ | 30.21 | 1.5 | $ | 861 | ||||||||
Weighted average fair value of options | $ | 7.99 | ||||||||||||
granted during the year | ||||||||||||||
A summary of the activity for the Company’s non-vested options for the period indicated is presented in the following table: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number | Grant-Date | |||||||||||||
(In dollars, except share data): | of Shares | Fair Value | ||||||||||||
Non-vested options at January 1, 2013 | 54,416 | $7.56 | ||||||||||||
Granted | 20,229 | $ | 7.99 | |||||||||||
Vested | -29,110 | $ | 7.34 | |||||||||||
Forfeited or expired | - | - | ||||||||||||
Non-vested options at September 30, 2013 | 45,535 | $ | 7.89 | |||||||||||
A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number | Grant-Date | |||||||||||||
(In dollars, except share data): | of Shares | Fair Value | ||||||||||||
Restricted stock at January 1, 2013 | 224,005 | $ | 17.4 | |||||||||||
Granted | 93,770 | $ | 20.26 | |||||||||||
Vested | -71,455 | $ | 17.06 | |||||||||||
Forfeited | -17,187 | $ | 18.24 | |||||||||||
Restricted stock at September 30, 2013 | 229,133 | $ | 18.61 | |||||||||||
Pension_Profit_Sharing_and_Oth
Pension, Profit Sharing, and Other Employee Benefit Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Pension Profit Sharing and Other Employee Benefit Plans [Abstract] | ' | |||||||||||||
Pension, Profit Sharing, and Other Employee Benefit Plans | ' | |||||||||||||
Note 10 – Pension, Profit Sharing, and Other Employee Benefit Plans | ||||||||||||||
Defined Benefit Pension Plan | ||||||||||||||
The Company has a qualified, noncontributory, defined benefit pension plan (the “Plan”) covering substantially all employees. Benefits after January 1, 2005, are based on the benefit earned as of December 31, 2004, plus benefits earned in future years of service based on the employee’s compensation during each such year. All benefit accruals for employees were frozen as of December 31, 2007 based on past service and thus future salary increases and additional years of service will no longer affect the defined benefit provided by the plan although additional vesting may continue to occur. | ||||||||||||||
The Company's funding policy is to contribute amounts to the plan sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. In addition, the Company contributes additional amounts as it deems appropriate based on benefits attributed to service prior to the date of the plan freeze. The Plan invests primarily in a diversified portfolio of managed fixed income and equity funds. | ||||||||||||||
The components of net periodic benefit cost for the periods indicated are presented in the following table: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Interest cost on projected benefit obligation | $ | 390 | $ | 374 | $ | 1,163 | $ | 1,151 | ||||||
Expected return on plan assets | -425 | -220 | -1,259 | -874 | ||||||||||
Recognized net actuarial loss | 249 | 197 | 1,176 | 896 | ||||||||||
Net periodic benefit cost | $ | 214 | $ | 351 | $ | 1,080 | $ | 1,173 | ||||||
Contributions | ||||||||||||||
The decision as to whether or not to make a plan contribution and the amount of any such contribution is dependent on a number of factors. Such factors include the investment performance of the plan assets in the current economy and, since the plan is currently frozen, the remaining investment horizon of the plan. Given these uncertainties, management continues to monitor the funding level of the pension plan and may make contributions as necessary during 2013. | ||||||||||||||
Net_Income_per_Common_Share
Net Income per Common Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Net Income per Common Share | ' | |||||||||||||
Note 11 – Net Income per Common Share | ||||||||||||||
The calculation of net income per common share for the periods indicated is presented in the following table: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(Dollars and amounts in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Net income | $ | 12,089 | $ | 10,990 | $ | 34,809 | $ | 26,673 | ||||||
Basic: | ||||||||||||||
Basic weighted average EPS shares | 24,979 | 24,893 | 24,952 | 24,463 | ||||||||||
Basic net income per share | $ | 0.48 | $ | 0.44 | $ | 1.4 | $ | 1.09 | ||||||
Diluted: | ||||||||||||||
Basic weighted average EPS shares | 24,979 | 24,893 | 24,952 | 24,463 | ||||||||||
Dilutive common stock equivalents | 92 | 56 | 97 | 72 | ||||||||||
Dilutive EPS shares | 25,071 | 24,949 | 25,049 | 24,535 | ||||||||||
Diluted net income per share | $ | 0.48 | $ | 0.44 | $ | 1.39 | $ | 1.09 | ||||||
Anti-dilutive shares | 146 | 459 | 195 | 489 | ||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Other Comprehensive Income Loss [Abstract] | ' | ||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||
NOTE 12 – OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Comprehensive income (loss) is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For condensed financial statements presented for the Company, non-equity changes are comprised of unrealized gains or losses on available-for-sale debt securities and any minimum pension liability adjustments. These do not have an impact on the Company’s net income. The following table presents the activity in net accumulated other comprehensive income (loss) and the components of the activity for the periods indicated: | |||||||||||
(In thousands) | Unrealized Gains | Defined Benefit | Total | ||||||||
(Losses) on | Pension Plan | ||||||||||
Investments | |||||||||||
Available-for-Sale | |||||||||||
Balance at January 1, 2013 | $ | 20,258 | $ | -8,946 | $ | 11,312 | |||||
Other comprehensive income before reclassification, net of tax | -14,990 | - | -14,990 | ||||||||
Reclassifications from accumulated other comprehensive income, net of tax | 71 | 715 | 786 | ||||||||
Current period change in other comprehensive income, net of tax | -14,919 | 715 | -14,204 | ||||||||
Balance at September 30, 2013 | $ | 5,339 | $ | -8,231 | $ | -2,892 | |||||
(In thousands) | Unrealized Gains | Defined Benefit | Total | ||||||||
(Losses) on | Pension Plan | ||||||||||
Investments | |||||||||||
Available-for-Sale | |||||||||||
Balance at January 1, 2012 | $ | 20,006 | $ | -6,758 | $ | 13,248 | |||||
Other comprehensive income before reclassification, net of tax | 2,370 | - | 2,370 | ||||||||
Reclassifications from accumulated other comprehensive income, net of tax | 276 | 539 | 815 | ||||||||
Current period change in other comprehensive income, net of tax | 2,646 | 539 | 3,185 | ||||||||
Balance at September 30, 2012 | $ | 22,652 | $ | -6,219 | $ | 16,433 | |||||
The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income (loss) for the periods indicated: | |||||||||||
Nine Months Ended September 30, | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
Unrealized gains/(losses) on investments available-for-sale | |||||||||||
Affected line item in the Statements of Income: | |||||||||||
Investment securities gains | $ | 118 | $ | 459 | |||||||
Income before taxes | 118 | 459 | |||||||||
Tax expense | 47 | 183 | |||||||||
Net income | $ | 71 | $ | 276 | |||||||
Amortization of defined benefit pension plan items | |||||||||||
Affected line item in the Statements of Income: | |||||||||||
Recognized actuarial loss 1 | $ | 1,176 | $ | 896 | |||||||
Income before taxes | 1,176 | 896 | |||||||||
Tax expense | 461 | 357 | |||||||||
Net income | $ | 715 | $ | 539 | |||||||
1 This amount is included in the computation of net periodic benefit cost, see Note 10 | |||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-balance Sheet Risk and Derivatives | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instruments With Off- Balance Sheet Risk and Derivatives [Abstract] | ' |
Financial Instruments with Off-balance Sheet Risk and Derivatives | ' |
Note 13 – Financial Instruments with Off-balance Sheet Risk and Derivatives | |
The Company is a party to interest rate derivatives that are not designated as hedging instruments. The Company has entered into these interest rate derivatives to facilitate customer transactions and meet their financing needs. These derivatives are interest rate swaps that the Company entered into with loan customers to allow the customers to convert variable rate loans to a fixed rate. Interest is paid to the customer at a floating rate based on the notional amount and the Company receives interest from the customer at a fixed rate for the same notional amount. Concurrent with the customer transaction, the Company enters into an offsetting interest rate swap with another financial institution. The Company pays the other financial institution at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount. The changes in the fair value of the swaps offset each other. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty or customer owes the Company, and results in credit risk to the Company. When the fair value of a derivative instrument contract is negative, the Company owes the customer or counterparty and therefore, has no credit risk to the Company. The notional value of commercial loan interest rate swaps outstanding was $46.8 million with a fair value of $1.9 million as of September 30, 2013 compared to $35.9 million with a fair value of $1.3 million as of December 31, 2012. The offsetting nature of the interest rate swaps results in a neutral effect on the Company’s operations. Fair values of the interest rate swaps are carried as both gross assets and gross liabilities in the condensed consolidated statements of condition. The associated net gains and losses on the interest rate swaps are recorded in other non-interest income. | |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Note 14 – Fair Value | |||||||||||||||||
Generally accepted accounting principles provide entities the option to measure eligible financial assets, financial liabilities and commitments at fair value (i.e. the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value under other accounting standards. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a commitment. Subsequent changes in fair value must be recorded in earnings. The Company applies the fair value option on residential mortgage loans held for sale. The fair value option on residential mortgage loans allows the recognition of gains on sale of mortgage loans to more accurately reflect the timing and economics of the transaction. | |||||||||||||||||
The standard for fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below. | |||||||||||||||||
Basis of Fair Value Measurement: | |||||||||||||||||
Level 1- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2- Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |||||||||||||||||
Level 3- Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). | |||||||||||||||||
Changes to interest rates may result in changes in the cash flows due to prepayments or extinguishments. Accordingly, this could result in higher or lower measurements of the fair values. | |||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Assets and Liabilities | |||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||
Mortgage loans held for sale are valued based on quotations from the secondary market for similar instruments and are classified as Level 2 of the fair value hierarchy. | |||||||||||||||||
Investments available-for-sale | |||||||||||||||||
U.S. government agencies, mortgage-backed securities and corporate debt | |||||||||||||||||
Valuations are based on active market data and use of evaluated broker pricing models that vary based by asset class and includes available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, descriptive terms and conditions databases coupled with extensive quality control programs. Multiple quality control evaluation processes review available market, credit and deal level information to support the evaluation of the security. If there is a lack of objectively verifiable information available to support the valuation, the evaluation of the security is discontinued. Additionally, proprietary models and pricing systems, mathematical tools, actual transacted prices, integration of market developments and experienced evaluators are used to determine the value of a security based on a hierarchy of market information regarding a security or securities with similar characteristics. The Company does not adjust the quoted price for such securities. Such instruments are generally classified within Level 2 of the fair value hierarchy. | |||||||||||||||||
State and municipal securities | |||||||||||||||||
Proprietary valuation matrices are used for valuing all tax-exempt municipals that can incorporate changes in the municipal market as they occur. Market evaluation models include the ability to value bank qualified municipals and general market municipals that can be broken down further according to insurer, credit support, state of issuance and rating to incorporate additional spreads and municipal curves. Taxable municipals are valued using a third party model that incorporates a methodology that captures the trading nuances associated with these bonds. Such instruments are generally classified within Level 2 of the fair value hierarchy. | |||||||||||||||||
Trust preferred securities | |||||||||||||||||
In active markets, these types of instruments are valued based on quoted market prices that are readily accessible at the measurement date and are classified within Level 1 of the fair value hierarchy. Positions that are not traded in active markets or are subject to transfer restrictions are valued or adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management uses a process that employs certain assumptions to determine the present value. For further information, refer to Note 3 – Investments. Positions that are not traded in active markets or are subject to transfer restrictions are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||
Interest rate swap agreements | |||||||||||||||||
Interest rate derivatives are reported at estimated fair value utilizing Level 2 inputs and are included in Other assets and Other liabilities. Based on the complex nature of interest rate swap agreements, the markets these instruments trade in are not as efficient and are less liquid than that of the more mature Level 1 markets. These markets do however have comparable, observable inputs in which an alternative pricing source values these assets in order to arrive at a fair market value. Interest rate swap agreements are valued using the LIBOR yield curve for an appropriate set of instruments. Interest rate derivatives are further described in Note 13. | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Residential mortgage loans held for sale | $ | - | $ | 10,542 | $ | - | $ | 10,542 | |||||||||
Investments available-for-sale: | |||||||||||||||||
U.S. government agencies | - | 172,243 | - | 172,243 | |||||||||||||
State and municipal | - | 166,866 | - | 166,866 | |||||||||||||
Mortgage-backed | - | 472,269 | - | 472,269 | |||||||||||||
Corporate debt | - | 2,005 | - | 2,005 | |||||||||||||
Trust preferred | - | - | 1,439 | 1,439 | |||||||||||||
Marketable equity securities | - | 723 | - | 723 | |||||||||||||
Interest rate swap agreements | - | 1,855 | - | 1,855 | |||||||||||||
Liabilities | |||||||||||||||||
Interest rate swap agreements | $ | - | $ | -1,855 | $ | - | $ | -1,855 | |||||||||
At December 31, 2012 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Residential mortgage loans held for sale | $ | - | $ | 36,149 | $ | - | $ | 36,149 | |||||||||
Investments available-for-sale: | |||||||||||||||||
U.S. government agencies | - | 156,428 | - | 156,428 | |||||||||||||
State and municipal | - | 174,491 | - | 174,491 | |||||||||||||
Mortgage-backed | - | 490,479 | - | 490,479 | |||||||||||||
Corporate debt | - | 1,996 | - | 1,996 | |||||||||||||
Trust preferred | - | - | 1,465 | 1,465 | |||||||||||||
Marketable equity securities | - | 723 | - | 723 | |||||||||||||
Interest rate swap agreements | - | 1,280 | - | 1,280 | |||||||||||||
Liabilities | |||||||||||||||||
Interest rate swap agreements | $ | - | $ | -1,280 | $ | - | $ | -1,280 | |||||||||
The following table provides unrealized losses included in assets measured in the Condensed Consolidated Statements of Condition at fair value on a recurring basis for the period indicated: | |||||||||||||||||
Significant | |||||||||||||||||
Unobservable | |||||||||||||||||
Inputs | |||||||||||||||||
(In thousands) | (Level 3) | ||||||||||||||||
Investments available-for-sale: | |||||||||||||||||
Balance at January 1, 2013 | $ | 1,465 | |||||||||||||||
Total OTTI included in earnings | - | ||||||||||||||||
Principal redemption | - | ||||||||||||||||
Total unrealized losses included in other comprehensive income (loss) | -26 | ||||||||||||||||
Balance at September 30, 2013 | $ | 1,439 | |||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||
The following table sets forth the Company’s financial assets subject to fair value adjustments (impairment) on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant | Significant | Total | Total Losses | ||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
Impaired loans (1) | $ | - | $ | - | $ | 26,859 | $ | 26,859 | $ | -5,891 | |||||||
Other real estate owned | - | - | 1,662 | 1,662 | 209 | ||||||||||||
Total | $ | - | $ | - | $ | 28,521 | $ | 28,521 | $ | -5,682 | |||||||
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records , discounted as appropriate (Level 3). | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant Other | Significant | Total | Total Losses | ||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | |||||||||||||||||
Impaired loans (1) | $ | - | $ | - | $ | 43,624 | $ | 43,624 | $ | -6,730 | |||||||
Other real estate owned | - | - | 5,926 | 5,926 | -188 | ||||||||||||
Total | $ | - | $ | - | $ | 49,550 | $ | 49,550 | $ | -6,918 | |||||||
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records , discounted as appropriate (Level 3). | |||||||||||||||||
At September 30, 2013, impaired loans totaling $31.1 million were written down to fair value of $26.9 million as a result of specific loan loss allowances of $4.2 million associated with the impaired loans which was included in the allowance for loan losses. Impaired loans totaling $48.8 million were written down to fair value of $43.6 million at December 31, 2012 as a result of specific loan loss allowances of $5.2 million associated with the impaired loans. | |||||||||||||||||
Loan impairment is measured using the present value of expected cash flows, the loan’s observable market price or the fair value of the collateral (less selling costs) if the loans are collateral dependent. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable. The value of business equipment, inventory and accounts receivable collateral is based on net book value on the business’ financial statements and, if necessary, discounted based on management’s review and analysis. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the factors identified above. Valuation techniques are consistent with those techniques applied in prior periods. | |||||||||||||||||
Other real estate owned (“OREO”) is adjusted to fair value upon transfer of the loans to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value. The estimated fair value for other real estate owned included in Level 3 is determined by independent market based appraisals and other available market information, less cost to sell, that may be reduced further based on market expectations or an executed sales agreement. If the fair value of the collateral deteriorates subsequent to initial recognition, the Company records the OREO as a non-recurring Level 3 adjustment. Valuation techniques are consistent with those techniques applied in prior periods. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company discloses fair value information about financial instruments for which it is practicable to estimate the value, whether or not such financial instruments are recognized on the balance sheet. Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price, if one exists. | |||||||||||||||||
Quoted market prices, where available, are shown as estimates of fair market values. Because no quoted market prices are available for a significant portion of the Company's financial instruments, the fair value of such instruments has been derived based on the amount and timing of future cash flows and estimated discount rates. | |||||||||||||||||
Present value techniques used in estimating the fair value of many of the Company's financial instruments are significantly affected by the assumptions used. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate cash settlement of the instrument. Additionally, the accompanying estimates of fair values are only representative of the fair values of the individual financial assets and liabilities, and should not be considered an indication of the fair value of the Company. | |||||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following table: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
September 30, 2013 | Quoted Prices in | ||||||||||||||||
Estimated | Active Markets for | Significant Other | Significant | ||||||||||||||
Carrying | Fair | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||
(In thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Financial Assets | |||||||||||||||||
Investments held-to-maturity | $ | 225,994 | $ | 220,054 | $ | - | $ | 220,054 | $ | - | |||||||
Other equity securities | 36,412 | 36,412 | - | 36,412 | - | ||||||||||||
Loans, net of allowance | 2,622,588 | 2,587,170 | - | - | 2,587,170 | ||||||||||||
Other assets | 85,578 | 85,578 | - | 85,578 | - | ||||||||||||
Financial Liabilities | |||||||||||||||||
Time Deposits | $ | 479,119 | $ | 479,780 | $ | - | $ | 479,780 | $ | - | |||||||
Securities sold under retail repurchase agreements and federal funds purchased | 53,177 | 53,177 | - | 53,177 | - | ||||||||||||
Advances from FHLB | 520,000 | 550,662 | - | 550,662 | - | ||||||||||||
Subordinated debentures | 35,000 | 8,669 | - | - | 8,669 | ||||||||||||
Fair Value Measurements | |||||||||||||||||
December 31, 2012 | Quoted Prices in | ||||||||||||||||
Estimated | Active Markets for | Significant Other | Significant | ||||||||||||||
Carrying | Fair | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||
(In thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Financial Assets | |||||||||||||||||
Investments held-to-maturity | $ | 215,814 | $ | 222,024 | $ | - | $ | 222,024 | $ | - | |||||||
Other equity securities | 33,636 | 33,636 | - | 33,636 | - | ||||||||||||
Loans, net of allowance | 2,488,171 | 2,453,314 | - | - | 2,453,314 | ||||||||||||
Other assets | 83,714 | 83,714 | - | 83,714 | - | ||||||||||||
Financial Liabilities | |||||||||||||||||
Time Deposits | $ | 524,820 | $ | 528,074 | $ | - | $ | 528,074 | $ | - | |||||||
Securities sold under retail repurchase agreements and federal funds purchased | 86,929 | 86,929 | - | 86,929 | - | ||||||||||||
Advances from FHLB | 405,058 | 451,408 | - | 451,408 | - | ||||||||||||
Subordinated debentures | 35,000 | 9,919 | - | - | 9,919 | ||||||||||||
The following methods and assumptions were used to estimate the fair value of each category of financial instruments for which it is practicable to estimate that value: | |||||||||||||||||
Cash and Temporary Investments: The carrying amounts of cash and cash equivalents approximate their fair value and have been excluded from the table above. | |||||||||||||||||
Investments: The fair value of marketable securities is based on quoted market prices, prices quoted for similar instruments, and prices obtained from independent pricing services. | |||||||||||||||||
Loans:For certain categories of loans, such as mortgage, installment and commercial loans, the fair value is estimated by discounting the expected future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and similar remaining maturities. Expected cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. | |||||||||||||||||
Accrued interest receivable: The carrying value of accrued interest receivable approximates fair value due to the short-term duration and has been excluded from the table above. | |||||||||||||||||
Other assets: The investment in bank-owned life insurance represents the cash surrender value of the policies at September 30, 2013 and December 31, 2012 as determined by the each insurance carrier. The carrying value of accrued interest receivable approximates fair values due to the short-term duration. | |||||||||||||||||
Deposits: The fair value of demand, money market savings and regular savings deposits, which have no stated maturity, were considered equal to their carrying amount, representing the amount payable on demand. While management believes that the Bank’s core deposit relationships provide a relatively stable, low-cost funding source that has a substantial intangible value separate from the value of the deposit balances, these estimated fair values do not include the intangible value of core deposit relationships, which comprise a significant portion of the Bank’s deposit base. | |||||||||||||||||
Short-term borrowings: The carrying values of short-term borrowings, including overnight, securities sold under agreements to repurchase and federal funds purchased approximates the fair values due to the short maturities of those instruments. | |||||||||||||||||
Long-term borrowings: The fair value of the Federal Home Loan Bank of Atlanta (“FHLB”) advances and subordinated debentures was estimated by computing the discounted value of contractual cash flows payable at current interest rates for obligations with similar remaining terms. The Company's credit risk is not material to calculation of fair value because the FHLB borrowings are collateralized. The Company classifies advances from the Federal Home Loan Bank of Atlanta within Level 2 of the fair value hierarchy since the fair value of such borrowings is based on rates currently available for borrowings with similar terms and remaining maturities. Subordinated debentures are classified as Level 3 in the fair value hierarchy due to the lack of market activity of such instruments. | |||||||||||||||||
Accrued interest payable: The carrying value of accrued interest payable approximates fair value due to the short-term duration and has been excluded from the table above. | |||||||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 15 - Segment Reporting | |||||||||||||||||
Currently, the Company conducts business in three operating segments—Community Banking, Insurance and Investment Management. Each of the operating segments is a strategic business unit that offers different products and services. The Insurance and Investment Management segments were businesses that were acquired in separate transactions where management of acquisition was retained. The accounting policies of the segments are the same as those of the Company. However, the segment data reflect inter-segment transactions and balances. | |||||||||||||||||
The Community Banking segment is conducted through Sandy Spring Bank and involves delivering a broad range of financial products and services, including various loan and deposit products to both individuals and businesses. Parent company income is included in the Community Banking segment, as the majority of effort of these functions is related to this segment. Major revenue sources include net interest income, gains on sales of mortgage loans, trust income, fees on sales of investment products and service charges on deposit accounts. Expenses include personnel, occupancy, marketing, equipment and other expenses. Non-cash charges associated with amortization of intangibles related to the acquired entities amounted to $0.3 million and $0.4 million in for the three months ended September 30, 2013 and 2012, respectively. These non-cash charges amounted to $1.1 million for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||
The Insurance segment is conducted through Sandy Spring Insurance Corporation, a subsidiary of the Bank, and offers annuities as an alternative to traditional deposit accounts. Sandy Spring Insurance Corporation operates Sandy Spring Insurance, a general insurance agency located in Annapolis, Maryland, and Neff and Associates, located in Ocean City, Maryland. Major sources of revenue are insurance commissions from commercial lines, personal lines, and medical liability lines. Expenses include personnel and support charges. Non-cash charges associated with amortization of intangibles related to the acquired entities was not significant for the three and nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
The Investment Management segment is conducted through West Financial Services, Inc., a subsidiary of the Bank. This asset management and financial planning firm, located in McLean, Virginia, provides comprehensive investment management and financial planning to individuals, families, small businesses and associations including cash flow analysis, investment review, tax planning, retirement planning, insurance analysis and estate planning. West Financial currently has approximately $880 million in assets under management. Major revenue sources include non-interest income earned on the above services. Expenses include personnel and support charges. Non-cash charges associated with amortization of intangibles related to the acquired entities was not significant for the three and nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Information for the operating segments and reconciliation of the information to the condensed consolidated financial statements for the periods indicated is presented in the following tables: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 40,180 | $ | 1 | $ | 4 | $ | -5 | $ | 40,180 | |||||||
Interest expense | 4,879 | - | - | -5 | 4,874 | ||||||||||||
Provision (credit) for loan and lease losses | 1,128 | - | - | - | 1,128 | ||||||||||||
Non-interest income | 8,453 | 1,271 | 1,573 | -74 | 11,223 | ||||||||||||
Non-interest expenses | 24,939 | 1,135 | 893 | -74 | 26,893 | ||||||||||||
Income before income taxes | 17,687 | 137 | 684 | - | 18,508 | ||||||||||||
Income tax expense | 6,094 | 55 | 270 | - | 6,419 | ||||||||||||
Net income | $ | 11,593 | $ | 82 | $ | 414 | $ | - | $ | 12,089 | |||||||
Assets | $ | 4,088,617 | $ | 13,907 | $ | 18,350 | $ | -67,905 | $ | 4,052,969 | |||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 37,494 | $ | 2 | $ | 4 | $ | -5 | $ | 37,495 | |||||||
Interest expense | 5,715 | - | - | -5 | 5,710 | ||||||||||||
Provision for loan and lease losses | 232 | - | - | - | 232 | ||||||||||||
Non-interest income | 9,942 | 1,076 | 1,427 | -203 | 12,242 | ||||||||||||
Non-interest expenses | 25,504 | 1,036 | 830 | -203 | 27,167 | ||||||||||||
Income before income taxes | 15,985 | 42 | 601 | - | 16,628 | ||||||||||||
Income tax expense | 5,390 | 17 | 231 | - | 5,638 | ||||||||||||
Net income | $ | 10,595 | $ | 25 | $ | 370 | $ | - | $ | 10,990 | |||||||
Assets | $ | 3,901,588 | $ | 13,058 | $ | 16,579 | $ | -43,798 | $ | 3,887,427 | |||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 112,238 | $ | 6 | $ | 11 | $ | -17 | $ | 112,238 | |||||||
Interest expense | 14,691 | - | - | -17 | 14,674 | ||||||||||||
Provision (credit) for loan and lease losses | -1,670 | - | - | - | -1,670 | ||||||||||||
Non-interest income | 27,748 | 3,968 | 4,622 | -481 | 35,857 | ||||||||||||
Non-interest expenses | 76,893 | 3,270 | 2,542 | -481 | 82,224 | ||||||||||||
Income before income taxes | 50,072 | 704 | 2,091 | - | 52,867 | ||||||||||||
Income tax expense | 16,955 | 285 | 818 | - | 18,058 | ||||||||||||
Net income | $ | 33,117 | $ | 419 | $ | 1,273 | $ | - | $ | 34,809 | |||||||
Assets | $ | 4,088,617 | $ | 13,907 | $ | 18,350 | $ | -67,905 | $ | 4,052,969 | |||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 107,668 | $ | 5 | $ | 9 | $ | -14 | $ | 107,668 | |||||||
Interest expense | 17,383 | - | - | -14 | 17,369 | ||||||||||||
Provision for loan and lease losses | 2,481 | - | - | - | 2,481 | ||||||||||||
Non-interest income | 27,742 | 3,388 | 4,188 | -609 | 34,709 | ||||||||||||
Non-interest expenses | 77,736 | 3,204 | 2,377 | -609 | 82,708 | ||||||||||||
Income before income taxes | 37,810 | 189 | 1,820 | - | 39,819 | ||||||||||||
Income tax expense | 12,363 | 77 | 706 | - | 13,146 | ||||||||||||
Net income | $ | 25,447 | $ | 112 | $ | 1,114 | $ | - | $ | 26,673 | |||||||
Assets | $ | 3,901,588 | $ | 13,058 | $ | 16,579 | $ | -43,798 | $ | 3,887,427 | |||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
Sandy Spring Bancorp (the “Company”), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”), which conducts a full-service commercial banking, mortgage banking and trust business. Services to individuals and businesses include accepting deposits, extending real estate, consumer and commercial loans and lines of credit, equipment leasing, general insurance, personal trust, and investment and wealth management services. The Company operates in the six Maryland counties of Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George's, and in Arlington, Fairfax and Loudoun counties in Virginia. The Company offers investment and wealth management services through the Bank’s subsidiary, West Financial Services. Insurance products are available to clients through Sandy Spring Insurance, and Neff & Associates, which are agencies of Sandy Spring Insurance Corporation. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2013. In the opinion of management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentation of the results of the interim periods have been included. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. | |
These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2012 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 18, 2013. There have been no significant changes to the Company’s accounting policies as disclosed in the 2012 Annual Report on Form 10-K. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Consolidation has resulted in the elimination of all intercompany accounts and transactions. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported amounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for loan and lease losses and the related allowance, determination of impaired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of other real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projections related to pension expense and the related liability. | |
Cash Flows | ' |
Cash Flows | |
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). | |
Loans Acquired with Deteriorated Credit Quality | ' |
Loans Acquired with Deteriorated Credit Quality | |
Acquired loans are evaluated for evidence of credit deterioration since their origination as of the date of the acquisition are recorded at their initial fair value. Credit deterioration is determined based on the probability of collection of all contractually required principal and interest payments. The historical allowance for loan and lease losses related to the purchased loans is not carried over to the Company. The determination of credit quality deterioration as of the purchase date may include parameters such as past due and non-accrual status, commercial risk ratings, cash flow projections, type of loan and collateral, collateral value and recent loan-to-value ratios or appraised values. For loans acquired with no evidence of credit deterioration, the fair value discount or premium is amortized over the contractual life of the loan as an adjustment to yield. For loans acquired with evidence of credit deterioration, the Company determines at the acquisition date the excess of the loan’s contractually required payments over all cash flows expected to be collected as an amount that should not be accreted into interest income (nonaccretable difference). The remaining amount representing the difference in the expected cash flows of acquired loans and the initial investment in the acquired loans is accreted into interest income over the remaining life of the loan or pool of loans (accretable yield). Subsequent to the purchase date, increases in expected cash flows over those expected at the purchase date are recognized prospectively as interest income over the remaining life of the loan. The present value of any decreases in expected cash flows after the purchase date is recognized as an impairment through a charge to the provision for loan losses. Increases in the present value of expected cash flows after the purchase date are recognized as an adjustment to the accretable yield. Subsequent to the purchase date, the methods utilized to estimate the required allowance for loan and lease losses (“ALLL”) are similar to originated loans. Loans carried at fair value, mortgage loans held for sale and loans under revolving credit agreements are excluded from the scope of this guidance on loans acquired with deteriorated credit quality. | |
Adopted Accounting Pronouncements | ' |
Adopted Accounting Pronouncements | |
In February 2013, the FASB issued a standard on the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The guidance sets requirements for presentation for significant items reclassified to net income in their entirety during the period and for items not reclassified to net income in their entirety during the period. Information about the reclassifications out of AOCI must be contained in single location in the financial statements. The reclassifications must also be presented by each component as part of the reporting on the changes in the AOCI balances. This guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. This guidance did not have any impact on the financial position, results of operations or cash flows of the Company, as it only affects the presentation of the information in the financial statements. | |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Amortized cost and Estimated fair values of Investments Available-for-sale | ' | |||||||||||||||||||||||||
The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Gross | Gross | Estimated | Gross | Gross | Estimated | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||
U.S. government agencies | $ | 177,979 | $ | 126 | $ | -5,862 | $ | 172,243 | $ | 155,442 | $ | 1,084 | $ | -98 | $ | 156,428 | ||||||||||
State and municipal | 159,772 | 7,164 | -70 | 166,866 | 160,496 | 13,996 | -1 | 174,491 | ||||||||||||||||||
Mortgage-backed | 464,483 | 12,523 | -4,737 | 472,269 | 471,527 | 19,080 | -128 | 490,479 | ||||||||||||||||||
Corporate debt | 2,000 | 5 | - | 2,005 | 2,000 | - | -4 | 1,996 | ||||||||||||||||||
Trust preferred | 1,701 | - | -262 | 1,439 | 1,701 | - | -236 | 1,465 | ||||||||||||||||||
Total debt securities | 805,935 | 19,818 | -10,931 | 814,822 | 791,166 | 34,160 | -467 | 824,859 | ||||||||||||||||||
Marketable equity securities | 723 | - | - | 723 | 723 | - | - | 723 | ||||||||||||||||||
Total investments available-for-sale | $ | 806,658 | $ | 19,818 | $ | -10,931 | $ | 815,545 | $ | 791,889 | $ | 34,160 | $ | -467 | $ | 825,582 | ||||||||||
Activity of OTTI on investment Securities Due to Credit Losses Recognized in Earnings | ' | |||||||||||||||||||||||||
The following table provides the activity of OTTI on investment securities due to credit losses recognized in earnings for the period indicated: | ||||||||||||||||||||||||||
(In thousands) | OTTI Losses | |||||||||||||||||||||||||
Cumulative credit losses on investment securities, through December 31, 2012 | $ | 531 | ||||||||||||||||||||||||
Additions for credit losses not previously recognized | - | |||||||||||||||||||||||||
Cumulative credit losses on investment securities, through September 30, 2013 | $ | 531 | ||||||||||||||||||||||||
Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity | ' | |||||||||||||||||||||||||
The amortized cost and estimated fair values of investments held-to-maturity at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Gross | Gross | Estimated | Gross | Gross | Estimated | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||
(In thousands) | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||
U.S. government agencies | $ | 64,503 | $ | - | $ | -3,381 | $ | 61,122 | $ | 64,498 | $ | 125 | $ | -29 | $ | 64,594 | ||||||||||
State and municipal | 161,231 | 2,219 | -4,813 | 158,637 | 150,995 | 6,194 | -123 | 157,066 | ||||||||||||||||||
Mortgage-backed | 260 | 35 | - | 295 | 321 | 43 | - | 364 | ||||||||||||||||||
Total investments held-to-maturity | $ | 225,994 | $ | 2,254 | $ | -8,194 | $ | 220,054 | $ | 215,814 | $ | 6,362 | $ | -152 | $ | 222,024 | ||||||||||
Other Equity Securities | ' | |||||||||||||||||||||||||
Other equity securities at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Federal Reserve Bank stock | $ | 8,269 | $ | 8,269 | ||||||||||||||||||||||
Federal Home Loan Bank of Atlanta stock | 28,143 | 25,367 | ||||||||||||||||||||||||
Total equity securities | $ | 36,412 | $ | 33,636 | ||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||
Gross Unrealized Losses and Fair Value by Length of Time | ' | |||||||||||||||||||||||||
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table: | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 14 | $ | 138,520 | $ | 5,862 | $ | - | $ | 5,862 | |||||||||||||||||
State and municipal | 7 | 5,758 | 70 | - | 70 | |||||||||||||||||||||
Mortgage-backed | 24 | 150,173 | 4,737 | - | 4,737 | |||||||||||||||||||||
Trust preferred | 1 | 1,439 | - | 262 | 262 | |||||||||||||||||||||
Total | 46 | $ | 295,890 | $ | 10,669 | $ | 262 | $ | 10,931 | |||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 2 | $ | 29,900 | $ | 98 | $ | - | $ | 98 | |||||||||||||||||
State and municipal | 1 | 390 | 1 | - | 1 | |||||||||||||||||||||
Mortgage-backed | 2 | 12,653 | 128 | - | 128 | |||||||||||||||||||||
Corporate debt | 1 | 1,996 | 4 | - | 4 | |||||||||||||||||||||
Trust preferred | 1 | 1,465 | - | 236 | 236 | |||||||||||||||||||||
Total | 7 | $ | 46,404 | $ | 231 | $ | 236 | $ | 467 | |||||||||||||||||
Amortized Cost and Estimated Fair Values of Investment Securities | ' | |||||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 30,314 | $ | 30,439 | $ | 35,544 | $ | 36,349 | ||||||||||||||||||
Due after one year through five years | 11,953 | 12,301 | 3,957 | 3,994 | ||||||||||||||||||||||
Due after five years through ten years | 394,079 | 398,163 | 382,957 | 399,180 | ||||||||||||||||||||||
Due after ten years | 369,589 | 373,919 | 368,708 | 385,336 | ||||||||||||||||||||||
Total debt securities available for sale | $ | 805,935 | $ | 814,822 | $ | 791,166 | $ | 824,859 | ||||||||||||||||||
Held-to-Maturity Securities | ' | |||||||||||||||||||||||||
Gross Unrealized Losses and Fair Value by Length of Time | ' | |||||||||||||||||||||||||
Gross unrealized losses and fair value by length of time that the individual held-to-maturity securities have been in a continuous unrealized loss position at the dates indicated are presented in the following tables: | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 8 | $ | 61,122 | $ | 3,381 | $ | - | $ | 3,381 | |||||||||||||||||
State and municipal | 100 | 85,882 | 4,813 | - | 4,813 | |||||||||||||||||||||
Total | 108 | $ | 147,004 | $ | 8,194 | $ | - | $ | 8,194 | |||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Continuous Unrealized | ||||||||||||||||||||||||||
Losses Existing for: | ||||||||||||||||||||||||||
Number | Total | |||||||||||||||||||||||||
of | Less than | More than | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | securities | Fair Value | 12 months | 12 months | Losses | |||||||||||||||||||||
U.S. government agencies | 1 | $ | 9,961 | $ | 29 | $ | - | $ | 29 | |||||||||||||||||
State and municipal | 13 | 16,868 | 123 | - | 123 | |||||||||||||||||||||
Total | 14 | $ | 26,829 | $ | 152 | $ | - | $ | 152 | |||||||||||||||||
Amortized Cost and Estimated Fair Values of Investment Securities | ' | |||||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities held-to-maturity by contractual maturity at the dates indicated are reflected in the following table. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 2,765 | $ | 2,787 | $ | 7,431 | $ | 7,523 | ||||||||||||||||||
Due after one year through five years | 3,253 | 3,264 | 4,653 | 4,725 | ||||||||||||||||||||||
Due after five years through ten years | 132,577 | 130,588 | 116,735 | 120,074 | ||||||||||||||||||||||
Due after ten years | 87,399 | 83,415 | 86,995 | 89,702 | ||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 225,994 | $ | 220,054 | $ | 215,814 | $ | 222,024 | ||||||||||||||||||
Loans_and_Leases_Tables
Loans and Leases (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||
Loan Portfolio Segment Balances | ' | |||||||
The loan portfolio segment balances at the dates indicated are presented in the following table: | ||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | ||||||
Residential real estate: | ||||||||
Residential mortgage | $ | 595,180 | $ | 523,364 | ||||
Residential construction | 118,316 | 120,314 | ||||||
Commercial real estate: | ||||||||
Commercial owner occupied real estate | 569,350 | 571,510 | ||||||
Commercial investor real estate | 518,029 | 456,888 | ||||||
Commercial acquisition, development and construction | 158,739 | 151,933 | ||||||
Commercial Business | 332,670 | 346,708 | ||||||
Leases | 962 | 3,421 | ||||||
Consumer | 368,764 | 356,990 | ||||||
Total loans and leases | $ | 2,662,010 | $ | 2,531,128 | ||||
Credit_Quality_Assessment_Tabl
Credit Quality Assessment (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Summary Information on Allowance for Loan and Lease Loss Activity | ' | ||||||||||||||||||||||||||||||||||||
Summary information on the allowance for loan and lease loss activity for the period indicated is provided in the following table: | |||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 42,957 | $ | 49,426 | |||||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | -1,670 | 2,481 | |||||||||||||||||||||||||||||||||||
Loan and lease charge-offs | -9,639 | -11,456 | |||||||||||||||||||||||||||||||||||
Loan and lease recoveries | 7,774 | 2,167 | |||||||||||||||||||||||||||||||||||
Net charge-offs | -1,865 | -9,289 | |||||||||||||||||||||||||||||||||||
Balance at period end | $ | 39,422 | $ | 42,618 | |||||||||||||||||||||||||||||||||
Activity in Allowance for Loan and Lease Losses by Respective Loan Portfolio Segment | ' | ||||||||||||||||||||||||||||||||||||
The following tables provide information on the activity in the allowance for loan and lease losses by the respective loan portfolio segment for the period indicated: | |||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Owner | Residential | Residential | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Business | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 6,495 | $ | 4,737 | $ | 9,583 | $ | 6,997 | $ | 332 | $ | 3,846 | $ | 8,522 | $ | 2,445 | $ | 42,957 | |||||||||||||||||||
Provision (credit) | 1,332 | -4,037 | 1,026 | -642 | -321 | 1,204 | 231 | -463 | -1,670 | ||||||||||||||||||||||||||||
Charge-offs | -2,405 | - | -4,744 | -229 | - | -1,327 | -829 | -105 | -9,639 | ||||||||||||||||||||||||||||
Recoveries | 692 | 3,080 | 3,347 | 332 | 10 | 160 | 144 | 9 | 7,774 | ||||||||||||||||||||||||||||
Net charge-offs | -1,713 | 3,080 | -1,397 | 103 | 10 | -1,167 | -685 | -96 | -1,865 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 6,114 | $ | 3,780 | $ | 9,212 | $ | 6,458 | $ | 21 | $ | 3,883 | $ | 8,068 | $ | 1,886 | $ | 39,422 | |||||||||||||||||||
Total loans and leases | $ | 332,670 | $ | 158,739 | $ | 518,029 | $ | 569,350 | $ | 962 | $ | 368,764 | $ | 595,180 | $ | 118,316 | $ | 2,662,010 | |||||||||||||||||||
Allowance for loans and leases to total loans and leases ratio | 1.84 | % | 2.38 | % | 1.78 | % | 1.13 | % | 2.18 | % | 1.05 | % | 1.36 | % | 1.59 | % | 1.48 | % | |||||||||||||||||||
Balance of loans specifically evaluated for impairment | $ | 6,562 | $ | 5,086 | $ | 7,729 | $ | 5,385 | na. | $ | 29 | $ | 4,438 | $ | 1,860 | $ | 31,089 | ||||||||||||||||||||
Allowance for loans specifically evaluated for impairment | $ | 1,550 | $ | 946 | $ | 146 | $ | 391 | na. | na. | $ | 650 | $ | 547 | $ | 4,230 | |||||||||||||||||||||
Specific allowance to specific loans ratio | 23.62 | % | 18.6 | % | 1.89 | % | 7.26 | % | na. | na. | 14.65 | % | 29.41 | % | 13.61 | % | |||||||||||||||||||||
Balance of loans collectively evaluated | $ | 326,108 | $ | 153,653 | $ | 510,300 | $ | 563,965 | $ | 962 | $ | 368,735 | $ | 590,742 | $ | 116,456 | $ | 2,630,921 | |||||||||||||||||||
Allowance for loans collectively evaluated | $ | 4,564 | $ | 2,834 | $ | 9,066 | $ | 6,067 | $ | 21 | $ | 3,883 | $ | 7,418 | $ | 1,339 | $ | 35,192 | |||||||||||||||||||
Collective allowance to collective loans ratio | 1.4 | % | 1.84 | % | 1.78 | % | 1.08 | % | 2.18 | % | 1.05 | % | 1.26 | % | 1.15 | % | 1.34 | % | |||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Owner | Residential | Residential | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Business | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 6,727 | $ | 6,664 | $ | 8,248 | $ | 7,329 | $ | 795 | $ | 4,873 | $ | 10,583 | $ | 4,207 | $ | 49,426 | |||||||||||||||||||
Provision (credit) | -758 | 826 | 4,928 | 804 | -478 | 44 | -167 | -1,550 | 3,649 | ||||||||||||||||||||||||||||
Charge-offs | -1,022 | -3,281 | -3,690 | -1,174 | -8 | -1,298 | -2,107 | -224 | -12,804 | ||||||||||||||||||||||||||||
Recoveries | 1,548 | 528 | 97 | 38 | 23 | 227 | 213 | 12 | 2,686 | ||||||||||||||||||||||||||||
Net charge-offs | 526 | -2,753 | -3,593 | -1,136 | 15 | -1,071 | -1,894 | -212 | -10,118 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 6,495 | $ | 4,737 | $ | 9,583 | $ | 6,997 | $ | 332 | $ | 3,846 | $ | 8,522 | $ | 2,445 | $ | 42,957 | |||||||||||||||||||
Total loans and leases | $ | 346,708 | $ | 151,933 | $ | 456,888 | $ | 571,510 | $ | 3,421 | $ | 356,990 | $ | 523,364 | $ | 120,314 | $ | 2,531,128 | |||||||||||||||||||
Allowance for loans and leases to total loans and leases ratio | 1.87 | % | 3.12 | % | 2.1 | % | 1.22 | % | 9.7 | % | 1.08 | % | 1.63 | % | 2.03 | % | 1.7 | % | |||||||||||||||||||
Balance of loans specifically evaluated for impairment | $ | 8,984 | $ | 6,332 | $ | 11,843 | $ | 15,184 | na. | $ | 31 | $ | 4,528 | $ | 1,871 | $ | 48,773 | ||||||||||||||||||||
Allowance for loans specifically evaluated for impairment | $ | 2,597 | $ | - | $ | 774 | $ | 598 | na. | na. | $ | 713 | $ | 467 | $ | 5,149 | |||||||||||||||||||||
Specific allowance to specific loans ratio | 28.91 | % | - | 6.54 | % | 3.94 | % | na. | na. | 15.75 | % | 24.96 | % | 10.56 | % | ||||||||||||||||||||||
Balance of loans collectively evaluated | $ | 337,724 | $ | 145,601 | $ | 445,045 | $ | 556,326 | $ | 3,421 | $ | 356,959 | $ | 518,836 | $ | 118,443 | $ | 2,482,355 | |||||||||||||||||||
Allowance for loans collectively evaluated | $ | 3,898 | $ | 4,737 | $ | 8,809 | $ | 6,399 | $ | 332 | $ | 3,846 | $ | 7,809 | $ | 1,978 | $ | 37,808 | |||||||||||||||||||
Collective allowance to collective loans ratio | 1.15 | % | 3.25 | % | 1.98 | % | 1.15 | % | 9.7 | % | 1.08 | % | 1.51 | % | 1.67 | % | 1.52 | % | |||||||||||||||||||
Summary of Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
The following table provides summary information regarding impaired loans at the dates indicated and for the periods then ended: | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Impaired loans with a specific allowance | $ | 15,142 | $ | 27,526 | |||||||||||||||||||||||||||||||||
Impaired loans without a specific allowance | 15,947 | 21,247 | |||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 31,089 | $ | 48,773 | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses related to impaired loans | $ | 4,230 | $ | 5,149 | |||||||||||||||||||||||||||||||||
Allowance for loan and lease losses related to loans collectively evaluated | 35,192 | 37,808 | |||||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 39,422 | $ | 42,957 | |||||||||||||||||||||||||||||||||
Average impaired loans for the period | $ | 39,843 | $ | 57,438 | |||||||||||||||||||||||||||||||||
Contractual interest income due on impaired loans during the period | $ | 2,292 | $ | 4,433 | |||||||||||||||||||||||||||||||||
Interest income on impaired loans recognized on a cash basis | $ | 1,694 | $ | 1,121 | |||||||||||||||||||||||||||||||||
Interest income on impaired loans recognized on an accrual basis | $ | 332 | $ | 560 | |||||||||||||||||||||||||||||||||
Recorded Investment with Respect to Impaired loans, Associated Allowance by Applicable Portfolio Segment and Principal Balance of Impaired Loans Prior to Amounts Charged-Off | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the recorded investment with respect to impaired loans, the associated allowance by the applicable portfolio segment and the principal balance of the impaired loans prior to amounts charged-off at the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 1,189 | $ | 1,379 | $ | 770 | $ | 207 | $ | - | $ | 3,545 | |||||||||||||||||||||||||
Restructured accruing | 905 | - | - | 995 | 2,379 | 4,279 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 266 | 2,439 | - | 2,581 | 2,032 | 7,318 | |||||||||||||||||||||||||||||||
Balance | $ | 2,360 | $ | 3,818 | $ | 770 | $ | 3,783 | $ | 4,411 | $ | 15,142 | |||||||||||||||||||||||||
Allowance | $ | 1,550 | $ | 946 | $ | 146 | $ | 391 | $ | 1,197 | $ | 4,230 | |||||||||||||||||||||||||
Impaired loans without a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 1,079 | $ | 1,268 | $ | 5,483 | $ | 675 | $ | - | $ | 8,505 | |||||||||||||||||||||||||
Restructured accruing | 1,607 | - | 852 | 188 | 1,128 | 3,775 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 1,516 | - | 624 | 739 | 788 | 3,667 | |||||||||||||||||||||||||||||||
Balance | $ | 4,202 | $ | 1,268 | $ | 6,959 | $ | 1,602 | $ | 1,916 | $ | 15,947 | |||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 2,268 | $ | 2,647 | $ | 6,253 | $ | 882 | $ | - | $ | 12,050 | |||||||||||||||||||||||||
Restructured accruing | 2,512 | - | 852 | 1,183 | 3,507 | 8,054 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 1,782 | 2,439 | 624 | 3,320 | 2,820 | 10,985 | |||||||||||||||||||||||||||||||
Balance | $ | 6,562 | $ | 5,086 | $ | 7,729 | $ | 5,385 | $ | 6,327 | $ | 31,089 | |||||||||||||||||||||||||
Unpaid principal balance in total impaired loans | $ | 8,645 | $ | 13,448 | $ | 12,585 | $ | 7,028 | $ | 6,944 | $ | 48,650 | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Average impaired loans for the period | $ | 7,539 | $ | 5,782 | $ | 11,343 | $ | 8,705 | $ | 6,474 | $ | 39,843 | |||||||||||||||||||||||||
Contractual interest income due on impaired loans during the period | $ | 481 | $ | 590 | $ | 430 | $ | 578 | $ | 213 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on a cash basis | $ | 250 | $ | 269 | $ | 74 | $ | 1,010 | $ | 91 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on an accrual basis | $ | 117 | $ | - | $ | 23 | $ | 58 | $ | 134 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Impaired loans with a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 2,514 | $ | - | $ | 10,219 | $ | 4,319 | $ | - | $ | 17,052 | |||||||||||||||||||||||||
Restructured accruing | 2,981 | - | - | 1,503 | 3,419 | 7,903 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 228 | - | - | 1,039 | 1,304 | 2,571 | |||||||||||||||||||||||||||||||
Balance | $ | 5,723 | $ | - | $ | 10,219 | $ | 6,861 | $ | 4,723 | $ | 27,526 | |||||||||||||||||||||||||
Allowance | $ | 2,597 | $ | - | $ | 774 | $ | 598 | $ | 1,180 | $ | 5,149 | |||||||||||||||||||||||||
Impaired loans without a specific allowance | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 1,846 | $ | 3,033 | $ | 577 | $ | 6,191 | $ | - | $ | 11,647 | |||||||||||||||||||||||||
Restructured accruing | 1,392 | - | - | - | 815 | 2,207 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 23 | 3,299 | 1,047 | 2,132 | 892 | 7,393 | |||||||||||||||||||||||||||||||
Balance | $ | 3,261 | $ | 6,332 | $ | 1,624 | $ | 8,323 | $ | 1,707 | $ | 21,247 | |||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||||||||||
Non-accruing | $ | 4,360 | $ | 3,033 | $ | 10,796 | $ | 10,510 | $ | - | $ | 28,699 | |||||||||||||||||||||||||
Restructured accruing | 4,373 | - | - | 1,503 | 4,234 | 10,110 | |||||||||||||||||||||||||||||||
Restructured non-accruing | 251 | 3,299 | 1,047 | 3,171 | 2,196 | 9,964 | |||||||||||||||||||||||||||||||
Balance | $ | 8,984 | $ | 6,332 | $ | 11,843 | $ | 15,184 | $ | 6,430 | $ | 48,773 | |||||||||||||||||||||||||
Unpaid principal balance in total impaired loans | $ | 11,506 | $ | 21,590 | $ | 15,405 | $ | 17,928 | $ | 6,904 | $ | 73,333 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Total Recorded | ||||||||||||||||||||||||||||||||||||
Commercial | All | Investment in | |||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | Impaired | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Loans | |||||||||||||||||||||||||||||||
Average impaired loans for the period | $ | 8,659 | $ | 12,270 | $ | 13,838 | $ | 16,172 | $ | 6,499 | $ | 57,438 | |||||||||||||||||||||||||
Contractual interest income due on impaired loans during the period | $ | 527 | $ | 1,222 | $ | 1,181 | $ | 1,391 | $ | 112 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on a cash basis | $ | 121 | $ | 323 | $ | 175 | $ | 420 | $ | 82 | |||||||||||||||||||||||||||
Interest income on impaired loans recognized on an accrual basis | $ | 257 | $ | - | $ | - | $ | 102 | $ | 201 | |||||||||||||||||||||||||||
Credit Quality of Loan Portfolio by Segment | ' | ||||||||||||||||||||||||||||||||||||
The following tables provide information on the credit quality of the loan portfolio by segment at the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Non-performing loans and assets: | |||||||||||||||||||||||||||||||||||||
Non-accrual loans and leases | $ | 4,050 | $ | 5,086 | $ | 6,877 | $ | 4,202 | $ | - | $ | 2,004 | $ | 5,643 | $ | 2,327 | $ | 30,189 | |||||||||||||||||||
Loans and leases 90 days past due | - | - | - | - | - | 10 | - | - | 10 | ||||||||||||||||||||||||||||
Restructured loans and leases | 2,512 | - | 852 | 1,183 | - | 29 | 3,478 | - | 8,054 | ||||||||||||||||||||||||||||
Total non-performing loans and leases | 6,562 | 5,086 | 7,729 | 5,385 | - | 2,043 | 9,121 | 2,327 | 38,253 | ||||||||||||||||||||||||||||
Other real estate owned | 408 | - | - | - | - | - | 1,254 | - | 1,662 | ||||||||||||||||||||||||||||
Total non-performing assets | $ | 6,970 | $ | 5,086 | $ | 7,729 | $ | 5,385 | $ | - | $ | 2,043 | $ | 10,375 | $ | 2,327 | $ | 39,915 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Non-performing loans and assets: | |||||||||||||||||||||||||||||||||||||
Non-accrual loans and leases | $ | 4,611 | $ | 6,332 | $ | 11,843 | $ | 13,681 | $ | 865 | $ | 2,410 | $ | 4,681 | $ | 3,125 | $ | 47,548 | |||||||||||||||||||
Loans and leases 90 days past due | 24 | - | - | 209 | - | 14 | - | - | 247 | ||||||||||||||||||||||||||||
Restructured loans and leases | 4,373 | - | - | 1,503 | - | 31 | 4,203 | - | 10,110 | ||||||||||||||||||||||||||||
Total non-performing loans and leases | 9,008 | 6,332 | 11,843 | 15,393 | 865 | 2,455 | 8,884 | 3,125 | 57,905 | ||||||||||||||||||||||||||||
Other real estate owned | 1,829 | - | 220 | 2,396 | - | - | 1,401 | 80 | 5,926 | ||||||||||||||||||||||||||||
Total non-performing assets | $ | 10,837 | $ | 6,332 | $ | 12,063 | $ | 17,789 | $ | 865 | $ | 2,455 | $ | 10,285 | $ | 3,205 | $ | 63,831 | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Past due loans and leases | |||||||||||||||||||||||||||||||||||||
31-60 days | $ | 4,989 | $ | - | $ | 5,901 | $ | 3,540 | $ | - | $ | 713 | $ | 5,985 | $ | - | $ | 21,128 | |||||||||||||||||||
61-90 days | 984 | 382 | 78 | 5,022 | - | 596 | - | - | 7,062 | ||||||||||||||||||||||||||||
> 90 days | - | - | - | - | - | 10 | - | - | 10 | ||||||||||||||||||||||||||||
Total past due | 5,973 | 382 | 5,979 | 8,562 | - | 1,319 | 5,985 | - | 28,200 | ||||||||||||||||||||||||||||
Non-accrual loans and leases | 4,050 | 5,086 | 6,877 | 4,202 | - | 2,004 | 5,643 | 2,327 | 30,189 | ||||||||||||||||||||||||||||
Loans aquired with deteriorated credit quality | 1,655 | - | 1,598 | 2,635 | - | - | - | - | 5,888 | ||||||||||||||||||||||||||||
Current loans | 320,992 | 153,271 | 503,575 | 553,951 | 962 | 365,441 | 583,552 | 115,989 | 2,597,733 | ||||||||||||||||||||||||||||
Total loans and leases | $ | 332,670 | $ | 158,739 | $ | 518,029 | $ | 569,350 | $ | 962 | $ | 368,764 | $ | 595,180 | $ | 118,316 | $ | 2,662,010 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Residential | Residential | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||
Past due loans and leases | |||||||||||||||||||||||||||||||||||||
31-60 days | $ | 2,138 | $ | - | $ | 2,020 | $ | 1,556 | $ | 7 | $ | 496 | $ | 5,443 | $ | - | $ | 11,660 | |||||||||||||||||||
61-90 days | 212 | - | - | 1,809 | 68 | 101 | 1,603 | - | 3,793 | ||||||||||||||||||||||||||||
> 90 days | 24 | - | - | 209 | - | 14 | - | - | 247 | ||||||||||||||||||||||||||||
Total past due | 2,374 | - | 2,020 | 3,574 | 75 | 611 | 7,046 | - | 15,700 | ||||||||||||||||||||||||||||
Non-accrual loans and leases | 4,611 | 6,332 | 11,843 | 13,681 | 865 | 2,410 | 4,681 | 3,125 | 47,548 | ||||||||||||||||||||||||||||
Loans aquired with deteriorated credit quality | 1,978 | 332 | 949 | 3,941 | - | - | - | - | 7,200 | ||||||||||||||||||||||||||||
Current loans | 337,745 | 145,269 | 442,076 | 550,314 | 2,481 | 353,969 | 511,637 | 117,189 | 2,460,680 | ||||||||||||||||||||||||||||
Total loans and leases | $ | 346,708 | $ | 151,933 | $ | 456,888 | $ | 571,510 | $ | 3,421 | $ | 356,990 | $ | 523,364 | $ | 120,314 | $ | 2,531,128 | |||||||||||||||||||
Restructured Loans for Specific Segments of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||
The following table provides the amounts of the restructured loans at the date of restructuring for specific segments of the loan portfolio during the period indicated: | |||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | All | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | ||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Total | |||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Restructured accruing | $ | 483 | $ | - | $ | 852 | $ | - | $ | - | $ | 1,335 | |||||||||||||||||||||||||
Restructured non-accruing | 221 | - | - | - | - | 221 | |||||||||||||||||||||||||||||||
Balance | $ | 704 | $ | - | $ | 852 | $ | - | $ | - | $ | 1,556 | |||||||||||||||||||||||||
Specific allowance | $ | 22 | $ | - | $ | - | $ | - | $ | - | $ | 22 | |||||||||||||||||||||||||
Restructured and subsequently defaulted | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | All | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | Other | ||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Loans | Total | |||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Restructured accruing | $ | 2,600 | $ | - | $ | - | $ | 1,014 | $ | - | $ | 3,614 | |||||||||||||||||||||||||
Restructured non-accruing | - | - | - | - | 1,304 | 1,304 | |||||||||||||||||||||||||||||||
Balance | $ | 2,600 | $ | - | $ | - | $ | 1,014 | $ | 1,304 | $ | 4,918 | |||||||||||||||||||||||||
Specific allowance | $ | 552 | $ | - | $ | - | $ | 204 | $ | 467 | $ | 1,223 | |||||||||||||||||||||||||
Restructured and subsequently defaulted | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Changes in Accretable Discount Related to Acquired Credit Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
Changes in the accretable yield related to loans acquired with evidence of deteriorated credit quality are as follows: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amount | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 693 | |||||||||||||||||||||||||||||||||||
Accretion recognized to date | -333 | ||||||||||||||||||||||||||||||||||||
Net reclassification from accretable to non-accretable | - | ||||||||||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 360 | |||||||||||||||||||||||||||||||||||
Commercial | ' | ||||||||||||||||||||||||||||||||||||
Credit Risk Rating Indicators | ' | ||||||||||||||||||||||||||||||||||||
The following tables provide information by credit risk rating indicators for each segment of the commercial loan portfolio for the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | |||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Total | ||||||||||||||||||||||||||||||||
Pass | $ | 292,973 | $ | 151,546 | $ | 493,523 | $ | 528,610 | $ | 1,466,652 | |||||||||||||||||||||||||||
Special Mention | 19,345 | 109 | 1,713 | 17,300 | 38,467 | ||||||||||||||||||||||||||||||||
Substandard | 20,063 | 7,084 | 22,750 | 23,440 | 73,337 | ||||||||||||||||||||||||||||||||
Doubtful | 289 | - | 43 | - | 332 | ||||||||||||||||||||||||||||||||
Total | $ | 332,670 | $ | 158,739 | $ | 518,029 | $ | 569,350 | $ | 1,578,788 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Owner | |||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | AD&C | Investor R/E | Occupied R/E | Total | ||||||||||||||||||||||||||||||||
Pass | $ | 305,348 | $ | 141,802 | $ | 405,448 | $ | 520,844 | $ | 1,373,442 | |||||||||||||||||||||||||||
Special Mention | 13,603 | 1,793 | 21,963 | 17,262 | 54,621 | ||||||||||||||||||||||||||||||||
Substandard | 26,091 | 8,338 | 28,885 | 32,613 | 95,927 | ||||||||||||||||||||||||||||||||
Doubtful | 1,666 | - | 592 | 791 | 3,049 | ||||||||||||||||||||||||||||||||
Total | $ | 346,708 | $ | 151,933 | $ | 456,888 | $ | 571,510 | $ | 1,527,039 | |||||||||||||||||||||||||||
Non Commercial Loan | ' | ||||||||||||||||||||||||||||||||||||
Credit Risk Rating Indicators | ' | ||||||||||||||||||||||||||||||||||||
Homogeneous loan pools do not have individual loans subjected to internal risk ratings therefore, the credit indicator applied to these pools is based on their delinquency status. The following tables provide information by credit risk rating indicators for those remaining segments of the loan portfolio at the dates indicated: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||
(In thousands) | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||||||
Performing | $ | 962 | $ | 366,721 | $ | 586,059 | $ | 115,989 | $ | 1,069,731 | |||||||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||||
90 days past due | - | 10 | - | - | 10 | ||||||||||||||||||||||||||||||||
Non-accruing | - | 2,004 | 5,643 | 2,327 | 9,974 | ||||||||||||||||||||||||||||||||
Restructured loans and leases | - | 29 | 3,478 | - | 3,507 | ||||||||||||||||||||||||||||||||
Total | $ | 962 | $ | 368,764 | $ | 595,180 | $ | 118,316 | $ | 1,083,222 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||||||
(In thousands) | Leasing | Consumer | Mortgage | Construction | Total | ||||||||||||||||||||||||||||||||
Performing | $ | 2,556 | $ | 354,535 | $ | 514,480 | $ | 117,189 | $ | 988,760 | |||||||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||||
90 days past due | - | 14 | - | - | 14 | ||||||||||||||||||||||||||||||||
Non-accruing | 865 | 2,410 | 4,681 | 3,125 | 11,081 | ||||||||||||||||||||||||||||||||
Restructured loans and leases | - | 31 | 4,203 | - | 4,234 | ||||||||||||||||||||||||||||||||
Total | $ | 3,421 | $ | 356,990 | $ | 523,364 | $ | 120,314 | $ | 1,004,089 | |||||||||||||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill | ' | |||||||||||||||||||||||
The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: | ||||||||||||||||||||||||
At September 30, 2013 | Weighted | At December 31, 2012 | Weighted | |||||||||||||||||||||
Gross | Net | Average | Gross | Net | Average | |||||||||||||||||||
Carrying | Accumulated | Carrying | Remaining | Carrying | Accumulated | Carrying | Remaining | |||||||||||||||||
(Dollars in thousands) | Amount | Amortization | Amount | Life | Amount | Amortization | Amount | Life | ||||||||||||||||
Amortizing intangible assets: | ||||||||||||||||||||||||
Core deposit intangibles | $ | 9,716 | $ | -9,004 | $ | 712 | 0.5 years | $ | 9,716 | $ | -7,964 | $ | 1,752 | 1.3 years | ||||||||||
Other identifiable intangibles | 8,623 | -7,543 | 1,080 | 2.3 years | 8,611 | -7,200 | 1,411 | 3.1 years | ||||||||||||||||
Total amortizing intangible assets | $ | 18,339 | $ | -16,547 | $ | 1,792 | $ | 18,327 | $ | -15,164 | $ | 3,163 | ||||||||||||
Goodwill | $ | 84,171 | $ | 84,171 | $ | 84,808 | $ | 84,808 | ||||||||||||||||
Estimated Future Amortization Expense for Amortizing Intangibles | ' | |||||||||||||||||||||||
The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: | ||||||||||||||||||||||||
(In thousands) | Amount | |||||||||||||||||||||||
2014 | $ | 821 | ||||||||||||||||||||||
2015 | 372 | |||||||||||||||||||||||
2016 | 94 | |||||||||||||||||||||||
2017 | 16 | |||||||||||||||||||||||
Thereafter | 27 | |||||||||||||||||||||||
Total amortizing intangible assets | $ | 1,330 | ||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Composition of Deposits | ' | |||||||
The following table presents the composition of deposits at the dates indicated: | ||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | ||||||
Noninterest-bearing deposits | $ | 890,319 | $ | 847,415 | ||||
Interest-bearing deposits: | ||||||||
Demand | 435,458 | 428,048 | ||||||
Money market savings | 871,360 | 884,367 | ||||||
Regular savings | 240,210 | 228,384 | ||||||
Time deposits of less than $100,000 | 272,101 | 307,445 | ||||||
Time deposits of $100,000 or more | 207,018 | 217,375 | ||||||
Total interest-bearing deposits | 2,026,147 | 2,065,619 | ||||||
Total deposits | $ | 2,916,466 | $ | 2,913,034 | ||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Share-Based Compensation [Abstract] | ' | |||||||||||||
Fair Values of all Options Granted Estimated Using Binomial Option-Pricing Model with Weighted-average Assumptions | ' | |||||||||||||
The fair values of all of the options granted for the periods indicated have been estimated using a binomial option-pricing model with the weighted-average assumptions for the periods shown are presented in the following table: | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Dividend yield | 2.8 | % | 2.17 | % | ||||||||||
Weighted average expected volatility | 53.87 | % | 50.9 | % | ||||||||||
Weighted average risk-free interest rate | 0.83 | % | 1.14 | % | ||||||||||
Weighted average expected lives (in years) | 5.34 | 5.35 | ||||||||||||
Weighted average grant-date fair value | $ | 7.99 | $ | 7.85 | ||||||||||
Summary of Share Option Activity | ' | |||||||||||||
A summary of share option activity for the period indicated is reflected in the following table: | ||||||||||||||
Weighted | ||||||||||||||
Number | Weighted | Average | Aggregate | |||||||||||
of | Average | Contractual | Intrinsic | |||||||||||
Common | Exercise | Remaining | Value | |||||||||||
Shares | Share Price | Life(Years) | (in thousands) | |||||||||||
Balance at January 1, 2013 | 440,453 | $ | 29.17 | $ | 557 | |||||||||
Granted | 20,229 | $ | 20.26 | $ | - | |||||||||
Exercised | -10,964 | $ | 12.7 | $ | - | |||||||||
Forfeited or expired | -4,962 | $ | 34.29 | $ | - | |||||||||
Balance at September 30, 2013 | 444,756 | $ | 29.11 | 1.9 | $ | 1,032 | ||||||||
Exercisable at September 30, 2013 | 399,221 | $ | 30.21 | 1.5 | $ | 861 | ||||||||
Weighted average fair value of options | $ | 7.99 | ||||||||||||
granted during the year | ||||||||||||||
Summary of Activity for Company's Non-Vested Options | ' | |||||||||||||
A summary of the activity for the Company’s non-vested options for the period indicated is presented in the following table: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number | Grant-Date | |||||||||||||
(In dollars, except share data): | of Shares | Fair Value | ||||||||||||
Non-vested options at January 1, 2013 | 54,416 | $7.56 | ||||||||||||
Granted | 20,229 | $ | 7.99 | |||||||||||
Vested | -29,110 | $ | 7.34 | |||||||||||
Forfeited or expired | - | - | ||||||||||||
Non-vested options at September 30, 2013 | 45,535 | $ | 7.89 | |||||||||||
Summary of Activity for Company's Restricted Stock | ' | |||||||||||||
A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number | Grant-Date | |||||||||||||
(In dollars, except share data): | of Shares | Fair Value | ||||||||||||
Restricted stock at January 1, 2013 | 224,005 | $ | 17.4 | |||||||||||
Granted | 93,770 | $ | 20.26 | |||||||||||
Vested | -71,455 | $ | 17.06 | |||||||||||
Forfeited | -17,187 | $ | 18.24 | |||||||||||
Restricted stock at September 30, 2013 | 229,133 | $ | 18.61 | |||||||||||
Pension_Profit_Sharing_and_Oth1
Pension, Profit Sharing, and Other Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Pension Profit Sharing and Other Employee Benefit Plans [Abstract] | ' | |||||||||||||
Net Periodic Benefit Cost | ' | |||||||||||||
The components of net periodic benefit cost for the periods indicated are presented in the following table: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Interest cost on projected benefit obligation | $ | 390 | $ | 374 | $ | 1,163 | $ | 1,151 | ||||||
Expected return on plan assets | -425 | -220 | -1,259 | -874 | ||||||||||
Recognized net actuarial loss | 249 | 197 | 1,176 | 896 | ||||||||||
Net periodic benefit cost | $ | 214 | $ | 351 | $ | 1,080 | $ | 1,173 | ||||||
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Calculation of Net Income Per Common Share | ' | |||||||||||||
The calculation of net income per common share for the periods indicated is presented in the following table: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(Dollars and amounts in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Net income | $ | 12,089 | $ | 10,990 | $ | 34,809 | $ | 26,673 | ||||||
Basic: | ||||||||||||||
Basic weighted average EPS shares | 24,979 | 24,893 | 24,952 | 24,463 | ||||||||||
Basic net income per share | $ | 0.48 | $ | 0.44 | $ | 1.4 | $ | 1.09 | ||||||
Diluted: | ||||||||||||||
Basic weighted average EPS shares | 24,979 | 24,893 | 24,952 | 24,463 | ||||||||||
Dilutive common stock equivalents | 92 | 56 | 97 | 72 | ||||||||||
Dilutive EPS shares | 25,071 | 24,949 | 25,049 | 24,535 | ||||||||||
Diluted net income per share | $ | 0.48 | $ | 0.44 | $ | 1.39 | $ | 1.09 | ||||||
Anti-dilutive shares | 146 | 459 | 195 | 489 | ||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Other Comprehensive Income Loss [Abstract] | ' | ||||||||||
Net Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
The following table presents the activity in net accumulated other comprehensive income (loss) and the components of the activity for the periods indicated: | |||||||||||
(In thousands) | Unrealized Gains | Defined Benefit | Total | ||||||||
(Losses) on | Pension Plan | ||||||||||
Investments | |||||||||||
Available-for-Sale | |||||||||||
Balance at January 1, 2013 | $ | 20,258 | $ | -8,946 | $ | 11,312 | |||||
Other comprehensive income before reclassification, net of tax | -14,990 | - | -14,990 | ||||||||
Reclassifications from accumulated other comprehensive income, net of tax | 71 | 715 | 786 | ||||||||
Current period change in other comprehensive income, net of tax | -14,919 | 715 | -14,204 | ||||||||
Balance at September 30, 2013 | $ | 5,339 | $ | -8,231 | $ | -2,892 | |||||
(In thousands) | Unrealized Gains | Defined Benefit | Total | ||||||||
(Losses) on | Pension Plan | ||||||||||
Investments | |||||||||||
Available-for-Sale | |||||||||||
Balance at January 1, 2012 | $ | 20,006 | $ | -6,758 | $ | 13,248 | |||||
Other comprehensive income before reclassification, net of tax | 2,370 | - | 2,370 | ||||||||
Reclassifications from accumulated other comprehensive income, net of tax | 276 | 539 | 815 | ||||||||
Current period change in other comprehensive income, net of tax | 2,646 | 539 | 3,185 | ||||||||
Balance at September 30, 2012 | $ | 22,652 | $ | -6,219 | $ | 16,433 | |||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||
The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income (loss) for the periods indicated: | |||||||||||
Nine Months Ended September 30, | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
Unrealized gains/(losses) on investments available-for-sale | |||||||||||
Affected line item in the Statements of Income: | |||||||||||
Investment securities gains | $ | 118 | $ | 459 | |||||||
Income before taxes | 118 | 459 | |||||||||
Tax expense | 47 | 183 | |||||||||
Net income | $ | 71 | $ | 276 | |||||||
Amortization of defined benefit pension plan items | |||||||||||
Affected line item in the Statements of Income: | |||||||||||
Recognized actuarial loss 1 | $ | 1,176 | $ | 896 | |||||||
Income before taxes | 1,176 | 896 | |||||||||
Tax expense | 461 | 357 | |||||||||
Net income | $ | 715 | $ | 539 | |||||||
1 This amount is included in the computation of net periodic benefit cost, see Note 10 | |||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value | ' | ||||||||||||||||
The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Residential mortgage loans held for sale | $ | - | $ | 10,542 | $ | - | $ | 10,542 | |||||||||
Investments available-for-sale: | |||||||||||||||||
U.S. government agencies | - | 172,243 | - | 172,243 | |||||||||||||
State and municipal | - | 166,866 | - | 166,866 | |||||||||||||
Mortgage-backed | - | 472,269 | - | 472,269 | |||||||||||||
Corporate debt | - | 2,005 | - | 2,005 | |||||||||||||
Trust preferred | - | - | 1,439 | 1,439 | |||||||||||||
Marketable equity securities | - | 723 | - | 723 | |||||||||||||
Interest rate swap agreements | - | 1,855 | - | 1,855 | |||||||||||||
Liabilities | |||||||||||||||||
Interest rate swap agreements | $ | - | $ | -1,855 | $ | - | $ | -1,855 | |||||||||
At December 31, 2012 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets | |||||||||||||||||
Residential mortgage loans held for sale | $ | - | $ | 36,149 | $ | - | $ | 36,149 | |||||||||
Investments available-for-sale: | |||||||||||||||||
U.S. government agencies | - | 156,428 | - | 156,428 | |||||||||||||
State and municipal | - | 174,491 | - | 174,491 | |||||||||||||
Mortgage-backed | - | 490,479 | - | 490,479 | |||||||||||||
Corporate debt | - | 1,996 | - | 1,996 | |||||||||||||
Trust preferred | - | - | 1,465 | 1,465 | |||||||||||||
Marketable equity securities | - | 723 | - | 723 | |||||||||||||
Interest rate swap agreements | - | 1,280 | - | 1,280 | |||||||||||||
Liabilities | |||||||||||||||||
Interest rate swap agreements | $ | - | $ | -1,280 | $ | - | $ | -1,280 | |||||||||
Unrealized Losses Included in Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following table provides unrealized losses included in assets measured in the Condensed Consolidated Statements of Condition at fair value on a recurring basis for the period indicated: | |||||||||||||||||
Significant | |||||||||||||||||
Unobservable | |||||||||||||||||
Inputs | |||||||||||||||||
(In thousands) | (Level 3) | ||||||||||||||||
Investments available-for-sale: | |||||||||||||||||
Balance at January 1, 2013 | $ | 1,465 | |||||||||||||||
Total OTTI included in earnings | - | ||||||||||||||||
Principal redemption | - | ||||||||||||||||
Total unrealized losses included in other comprehensive income (loss) | -26 | ||||||||||||||||
Balance at September 30, 2013 | $ | 1,439 | |||||||||||||||
Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||
The following table sets forth the Company’s financial assets subject to fair value adjustments (impairment) on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant | Significant | Total | Total Losses | ||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
Impaired loans (1) | $ | - | $ | - | $ | 26,859 | $ | 26,859 | $ | -5,891 | |||||||
Other real estate owned | - | - | 1,662 | 1,662 | 209 | ||||||||||||
Total | $ | - | $ | - | $ | 28,521 | $ | 28,521 | $ | -5,682 | |||||||
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records , discounted as appropriate (Level 3). | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||
(In thousands) | Quoted Prices in | Significant Other | Significant | Total | Total Losses | ||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | |||||||||||||||||
Impaired loans (1) | $ | - | $ | - | $ | 43,624 | $ | 43,624 | $ | -6,730 | |||||||
Other real estate owned | - | - | 5,926 | 5,926 | -188 | ||||||||||||
Total | $ | - | $ | - | $ | 49,550 | $ | 49,550 | $ | -6,918 | |||||||
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records , discounted as appropriate (Level 3). | |||||||||||||||||
Carrying Amounts And Fair Values of Company's Financial Instruments | ' | ||||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following table: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
September 30, 2013 | Quoted Prices in | ||||||||||||||||
Estimated | Active Markets for | Significant Other | Significant | ||||||||||||||
Carrying | Fair | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||
(In thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Financial Assets | |||||||||||||||||
Investments held-to-maturity | $ | 225,994 | $ | 220,054 | $ | - | $ | 220,054 | $ | - | |||||||
Other equity securities | 36,412 | 36,412 | - | 36,412 | - | ||||||||||||
Loans, net of allowance | 2,622,588 | 2,587,170 | - | - | 2,587,170 | ||||||||||||
Other assets | 85,578 | 85,578 | - | 85,578 | - | ||||||||||||
Financial Liabilities | |||||||||||||||||
Time Deposits | $ | 479,119 | $ | 479,780 | $ | - | $ | 479,780 | $ | - | |||||||
Securities sold under retail repurchase agreements and federal funds purchased | 53,177 | 53,177 | - | 53,177 | - | ||||||||||||
Advances from FHLB | 520,000 | 550,662 | - | 550,662 | - | ||||||||||||
Subordinated debentures | 35,000 | 8,669 | - | - | 8,669 | ||||||||||||
Fair Value Measurements | |||||||||||||||||
December 31, 2012 | Quoted Prices in | ||||||||||||||||
Estimated | Active Markets for | Significant Other | Significant | ||||||||||||||
Carrying | Fair | Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||
(In thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Financial Assets | |||||||||||||||||
Investments held-to-maturity | $ | 215,814 | $ | 222,024 | $ | - | $ | 222,024 | $ | - | |||||||
Other equity securities | 33,636 | 33,636 | - | 33,636 | - | ||||||||||||
Loans, net of allowance | 2,488,171 | 2,453,314 | - | - | 2,453,314 | ||||||||||||
Other assets | 83,714 | 83,714 | - | 83,714 | - | ||||||||||||
Financial Liabilities | |||||||||||||||||
Time Deposits | $ | 524,820 | $ | 528,074 | $ | - | $ | 528,074 | $ | - | |||||||
Securities sold under retail repurchase agreements and federal funds purchased | 86,929 | 86,929 | - | 86,929 | - | ||||||||||||
Advances from FHLB | 405,058 | 451,408 | - | 451,408 | - | ||||||||||||
Subordinated debentures | 35,000 | 9,919 | - | - | 9,919 | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating Segments and Reconciliation of Information to Condensed Consolidated Financial Statements | ' | ||||||||||||||||
Information for the operating segments and reconciliation of the information to the condensed consolidated financial statements for the periods indicated is presented in the following tables: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 40,180 | $ | 1 | $ | 4 | $ | -5 | $ | 40,180 | |||||||
Interest expense | 4,879 | - | - | -5 | 4,874 | ||||||||||||
Provision (credit) for loan and lease losses | 1,128 | - | - | - | 1,128 | ||||||||||||
Non-interest income | 8,453 | 1,271 | 1,573 | -74 | 11,223 | ||||||||||||
Non-interest expenses | 24,939 | 1,135 | 893 | -74 | 26,893 | ||||||||||||
Income before income taxes | 17,687 | 137 | 684 | - | 18,508 | ||||||||||||
Income tax expense | 6,094 | 55 | 270 | - | 6,419 | ||||||||||||
Net income | $ | 11,593 | $ | 82 | $ | 414 | $ | - | $ | 12,089 | |||||||
Assets | $ | 4,088,617 | $ | 13,907 | $ | 18,350 | $ | -67,905 | $ | 4,052,969 | |||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 37,494 | $ | 2 | $ | 4 | $ | -5 | $ | 37,495 | |||||||
Interest expense | 5,715 | - | - | -5 | 5,710 | ||||||||||||
Provision for loan and lease losses | 232 | - | - | - | 232 | ||||||||||||
Non-interest income | 9,942 | 1,076 | 1,427 | -203 | 12,242 | ||||||||||||
Non-interest expenses | 25,504 | 1,036 | 830 | -203 | 27,167 | ||||||||||||
Income before income taxes | 15,985 | 42 | 601 | - | 16,628 | ||||||||||||
Income tax expense | 5,390 | 17 | 231 | - | 5,638 | ||||||||||||
Net income | $ | 10,595 | $ | 25 | $ | 370 | $ | - | $ | 10,990 | |||||||
Assets | $ | 3,901,588 | $ | 13,058 | $ | 16,579 | $ | -43,798 | $ | 3,887,427 | |||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 112,238 | $ | 6 | $ | 11 | $ | -17 | $ | 112,238 | |||||||
Interest expense | 14,691 | - | - | -17 | 14,674 | ||||||||||||
Provision (credit) for loan and lease losses | -1,670 | - | - | - | -1,670 | ||||||||||||
Non-interest income | 27,748 | 3,968 | 4,622 | -481 | 35,857 | ||||||||||||
Non-interest expenses | 76,893 | 3,270 | 2,542 | -481 | 82,224 | ||||||||||||
Income before income taxes | 50,072 | 704 | 2,091 | - | 52,867 | ||||||||||||
Income tax expense | 16,955 | 285 | 818 | - | 18,058 | ||||||||||||
Net income | $ | 33,117 | $ | 419 | $ | 1,273 | $ | - | $ | 34,809 | |||||||
Assets | $ | 4,088,617 | $ | 13,907 | $ | 18,350 | $ | -67,905 | $ | 4,052,969 | |||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Community | Investment | Inter-Segment | |||||||||||||||
(In thousands) | Banking | Insurance | Mgmt. | Elimination | Total | ||||||||||||
Interest income | $ | 107,668 | $ | 5 | $ | 9 | $ | -14 | $ | 107,668 | |||||||
Interest expense | 17,383 | - | - | -14 | 17,369 | ||||||||||||
Provision for loan and lease losses | 2,481 | - | - | - | 2,481 | ||||||||||||
Non-interest income | 27,742 | 3,388 | 4,188 | -609 | 34,709 | ||||||||||||
Non-interest expenses | 77,736 | 3,204 | 2,377 | -609 | 82,708 | ||||||||||||
Income before income taxes | 37,810 | 189 | 1,820 | - | 39,819 | ||||||||||||
Income tax expense | 12,363 | 77 | 706 | - | 13,146 | ||||||||||||
Net income | $ | 25,447 | $ | 112 | $ | 1,114 | $ | - | $ | 26,673 | |||||||
Assets | $ | 3,901,588 | $ | 13,058 | $ | 16,579 | $ | -43,798 | $ | 3,887,427 | |||||||
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (CommerceFirst Bancorp, inc., USD $) | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | 31-May-12 |
CommerceFirst Bancorp, inc. | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' |
Business acquisition, percentage of common stock acquired | 100.00% |
Business acquisition percentage of common stock acquired in exchange of common stock | 50.00% |
Business acquisition, percentage of common stock acquired in exchange of cash | 50.00% |
Stock consideration, exchange ratio | 0.8043 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 732,054 |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $12.40 |
Business acquisition, cash consideration Paid Per Share | $13.60 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Overall default probabilities percentage | 0.48% | ' |
Recovery and prepayment probabilities percentage | 2.00% | ' |
Discount rate assumption | 12.70% | ' |
Pooled trust preferred security incurred credit-related other-than-temporary impairment ("OTTI") | $0.30 | ' |
Investments available-for-sale book value | 189.2 | 195.4 |
Investments held-to-maturity book value | 168.9 | 155.5 |
Banks and Financial Institutions | ' | ' |
Investment [Line Items] | ' | ' |
Trust preferred portfolio Fair Value | 1.4 | ' |
Trust preferred portfolio | 1.7 | ' |
Government National Mortgage Association Certificates and Obligations (GNMA) | ' | ' |
Investment [Line Items] | ' | ' |
Mortgage-backed portfolio | 219.1 | ' |
Government National Mortgage Association Certificates and Obligations (GNMA) | Federal Home Loan Mortgage and Federal National Mortgage Association | ' | ' |
Investment [Line Items] | ' | ' |
Mortgage-backed portfolio | $253.20 | ' |
Amortized_Cost_and_Estimated_F
Amortized Cost and Estimated Fair Values of Investments Available-for-sale (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value | $815,545 | $825,582 |
Available-for-Sale Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 806,658 | 791,889 |
Gross Unrealized Gains | 19,818 | 34,160 |
Gross Unrealized Losses | -10,931 | -467 |
Estimated Fair Value | 815,545 | 825,582 |
Available-for-Sale Securities | Marketable Equity Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 723 | 723 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 723 | 723 |
Available-for-Sale Securities | Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 805,935 | 791,166 |
Gross Unrealized Gains | 19,818 | 34,160 |
Gross Unrealized Losses | -10,931 | -467 |
Estimated Fair Value | 814,822 | 824,859 |
Available-for-Sale Securities | Debt Securities | U.S. Government Agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 177,979 | 155,442 |
Gross Unrealized Gains | 126 | 1,084 |
Gross Unrealized Losses | -5,862 | -98 |
Estimated Fair Value | 172,243 | 156,428 |
Available-for-Sale Securities | Debt Securities | State and Municipal | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 159,772 | 160,496 |
Gross Unrealized Gains | 7,164 | 13,996 |
Gross Unrealized Losses | -70 | -1 |
Estimated Fair Value | 166,866 | 174,491 |
Available-for-Sale Securities | Debt Securities | Mortgage-Backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 464,483 | 471,527 |
Gross Unrealized Gains | 12,523 | 19,080 |
Gross Unrealized Losses | -4,737 | -128 |
Estimated Fair Value | 472,269 | 490,479 |
Available-for-Sale Securities | Debt Securities | Corporate Debt | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,000 | 2,000 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | 0 | -4 |
Estimated Fair Value | 2,005 | 1,996 |
Available-for-Sale Securities | Debt Securities | Trust Preferred | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,701 | 1,701 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -262 | -236 |
Estimated Fair Value | $1,439 | $1,465 |
Activity_of_OTTI_on_Investment
Activity of OTTI on Investment Securities Due to Credit Losses Recognized in Earnings (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' |
Cumulative credit losses on investment securities, through December 31, 2012 | $531 |
Additions for credit losses not previously recognized | 0 |
Cumulative credit losses on investment securities, through September 30, 2013 | $531 |
Gross_Unrealized_Losses_and_Fa
Gross Unrealized Losses and Fair Value by Length of Time of Available-For-Sale Securities (Detail) (Available-for-Sale Securities, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Securities | Securities |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities | 46 | 7 |
Fair Value | $295,890 | $46,404 |
Less than 12 months | 10,669 | 231 |
More than 12 months | 262 | 236 |
Total Unrealized Losses | 10,931 | 467 |
U.S. Government Agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities | 14 | 2 |
Fair Value | 138,520 | 29,900 |
Less than 12 months | 5,862 | 98 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | 5,862 | 98 |
State and municipal | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities | 7 | 1 |
Fair Value | 5,758 | 390 |
Less than 12 months | 70 | 1 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | 70 | 1 |
Mortgage-Backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities | 24 | 2 |
Fair Value | 150,173 | 12,653 |
Less than 12 months | 4,737 | 128 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | 4,737 | 128 |
Trust Preferred | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities | 1 | 1 |
Fair Value | 1,439 | 1,465 |
Less than 12 months | 0 | 0 |
More than 12 months | 262 | 236 |
Total Unrealized Losses | 262 | 236 |
Corporate Debt | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of securities | ' | 1 |
Fair Value | ' | 1,996 |
Less than 12 months | ' | 4 |
More than 12 months | ' | 0 |
Total Unrealized Losses | ' | $4 |
Amortized_Cost_and_Estimated_F1
Amortized Cost and Estimated Fair Values of investment securities Available-For-Sale by Contractual Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $30,314 | $35,544 |
Due after one year through five years | 11,953 | 3,957 |
Due after five years through ten years | 394,079 | 382,957 |
Due after ten years | 369,589 | 368,708 |
Total debt securities available for sale | 805,935 | 791,166 |
Estimated Fair Value | ' | ' |
Due in one year or less | 30,439 | 36,349 |
Due after one year through five years | 12,301 | 3,994 |
Due after five years through ten years | 398,163 | 399,180 |
Due after ten years | 373,919 | 385,336 |
Estimated Fair Value | $815,545 | $825,582 |
Amortized_Cost_and_Estimated_F2
Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $225,994 | $215,814 |
Gross Unrealized Gains | 2,254 | 6,362 |
Gross Unrealized Losses | -8,194 | -152 |
Investments held-to-maturity, fair value | 220,054 | 222,024 |
U.S. Government Agencies | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 64,503 | 64,498 |
Gross Unrealized Gains | 0 | 125 |
Gross Unrealized Losses | -3,381 | -29 |
Investments held-to-maturity, fair value | 61,122 | 64,594 |
State and municipal | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 161,231 | 150,995 |
Gross Unrealized Gains | 2,219 | 6,194 |
Gross Unrealized Losses | -4,813 | -123 |
Investments held-to-maturity, fair value | 158,637 | 157,066 |
Mortgage-Backed | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 260 | 321 |
Gross Unrealized Gains | 35 | 43 |
Gross Unrealized Losses | 0 | 0 |
Investments held-to-maturity, fair value | $295 | $364 |
Gross_Unrealized_Losses_and_Fa1
Gross Unrealized Losses and Fair Value by Length of Time for Held-To-Maturity Securities (Detail) (Held-to-Maturity Securities, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Securities | Securities |
Gain (Loss) on Investments [Line Items] | ' | ' |
Number of securities | 108 | 14 |
Fair Value | $147,004 | $26,829 |
Less than 12 months | 8,194 | 152 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | 8,194 | 152 |
U.S. government agencies | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Number of securities | 8 | 1 |
Fair Value | 61,122 | 9,961 |
Less than 12 months | 3,381 | 29 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | 3,381 | 29 |
State and municipal | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Number of securities | 100 | 13 |
Fair Value | 85,882 | 16,868 |
Less than 12 months | 4,813 | 123 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | $4,813 | $123 |
Amortized_Cost_and_Estimated_F3
Amortized Cost and Estimated Fair Values of Debt Securities Held-To-Maturity by Contractual Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $2,765 | $7,431 |
Due after one year through five years | 3,253 | 4,653 |
Due after five years through ten years | 132,577 | 116,735 |
Due after ten years | 87,399 | 86,995 |
Total debt securities held-to-maturity | 225,994 | 215,814 |
Estimated Fair Value | ' | ' |
Due in one year or less | 2,787 | 7,523 |
Due after one year through five years | 3,264 | 4,725 |
Due after five years through ten years | 130,588 | 120,074 |
Due after ten years | 83,415 | 89,702 |
Total debt securities held-to-maturity | $220,054 | $222,024 |
Other_Equity_Securities_Detail
Other Equity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Securities Owned [Line Items] | ' | ' |
Federal Reserve Bank stock | $8,269 | $8,269 |
Federal Home Loan Bank of Atlanta stock | 28,143 | 25,367 |
Total equity securities | $36,412 | $33,636 |
Loans_and_Leases_Additional_In
Loans and Leases - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Composition of Loan Portfolio [Line Items] | ' | ' |
Unearned income and deferred fees | $0.80 | $1.40 |
Loan_Portfolio_Segment_Balance
Loan Portfolio Segment Balances (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | $2,662,010 | $2,531,128 |
Residential Mortgage | Residential Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 595,180 | 523,364 |
Residential Construction | Residential Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 118,316 | 120,314 |
Commercial Owner Occupied Real Estate | Commercial Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 569,350 | 571,510 |
Commercial Investor Real Estate | Commercial Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 518,029 | 456,888 |
Commercial Acquisition, Development and Construction | Commercial Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 158,739 | 151,933 |
Commercial Business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 332,670 | 346,708 |
Leases | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | 962 | 3,421 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans and leases | $368,764 | $356,990 |
Credit_Quality_Assessment_Addi
Credit Quality Assessment - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable Troubled Debt Restructurings Balance | $1,556,000 | $4,918,000 |
Financing Receivable Troubled Debt Restructurings Specific Allowance | 22,000 | 1,223,000 |
Available Portion of Contractual Agreements to Lend Additional Financing | 5,300,000 | 5,100,000 |
Repossessed Assets, Total | $1,662,000 | $5,926,000 |
Summary_Information_on_Allowan
Summary Information on Allowance for Loan and Lease Loss Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | $42,957 | $49,426 | $49,426 |
Provision (credit) for loan and lease losses | 1,128 | 232 | -1,670 | 2,481 | ' |
Loan and lease charge-offs | ' | ' | -9,639 | -11,456 | ' |
Loan and lease recoveries | ' | ' | 7,774 | 2,167 | 2,686 |
Net charge-offs | ' | ' | -1,865 | -9,289 | -10,118 |
Balance at period end | $39,422 | $42,618 | $39,422 | $42,618 | $42,957 |
Activity_in_Allowance_for_Loan
Activity in Allowance for Loan and Lease Losses by Respective Loan Portfolio Segment (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | $42,957 | $49,426 | $49,426 |
Provision (credit) | -1,670 | ' | 3,649 |
Charge-offs | -9,639 | ' | -12,804 |
Loan and lease recoveries | 7,774 | 2,167 | 2,686 |
Net charge-offs | -1,865 | -9,289 | -10,118 |
Balance at period end | 39,422 | 42,618 | 42,957 |
Total loans and leases | 2,662,010 | ' | 2,531,128 |
Allowance for loans and leases to total loans and leases ratio | 1.48% | ' | 1.70% |
Balance of loans specifically evaluated for impairment | 31,089 | ' | 48,773 |
Allowance for loans specifically evaluated for impairment | 4,230 | ' | 5,149 |
Specific allowance to specific loans ratio | 13.61% | ' | 10.56% |
Balance of loans collectively evaluated | 2,630,921 | ' | 2,482,355 |
Allowance for loans collectively evaluated | 35,192 | ' | 37,808 |
Collective allowance to collective loans ratio | 1.34% | ' | 1.52% |
Commercial Business | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 6,495 | 6,727 | 6,727 |
Provision (credit) | 1,332 | ' | -758 |
Charge-offs | -2,405 | ' | -1,022 |
Loan and lease recoveries | 692 | ' | 1,548 |
Net charge-offs | -1,713 | ' | 526 |
Balance at period end | 6,114 | ' | 6,495 |
Total loans and leases | 332,670 | ' | 346,708 |
Allowance for loans and leases to total loans and leases ratio | 1.84% | ' | 1.87% |
Balance of loans specifically evaluated for impairment | 6,562 | ' | 8,984 |
Allowance for loans specifically evaluated for impairment | 1,550 | ' | 2,597 |
Specific allowance to specific loans ratio | 23.62% | ' | 28.91% |
Balance of loans collectively evaluated | 326,108 | ' | 337,724 |
Allowance for loans collectively evaluated | 4,564 | ' | 3,898 |
Collective allowance to collective loans ratio | 1.40% | ' | 1.15% |
Leases | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 332 | 795 | 795 |
Provision (credit) | -321 | ' | -478 |
Charge-offs | 0 | ' | -8 |
Loan and lease recoveries | 10 | ' | 23 |
Net charge-offs | 10 | ' | 15 |
Balance at period end | 21 | ' | 332 |
Total loans and leases | 962 | ' | 3,421 |
Allowance for loans and leases to total loans and leases ratio | 2.18% | ' | 9.70% |
Balance of loans collectively evaluated | 962 | ' | 3,421 |
Allowance for loans collectively evaluated | 21 | ' | 332 |
Collective allowance to collective loans ratio | 2.18% | ' | 9.70% |
Consumer | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 3,846 | 4,873 | 4,873 |
Provision (credit) | 1,204 | ' | 44 |
Charge-offs | -1,327 | ' | -1,298 |
Loan and lease recoveries | 160 | ' | 227 |
Net charge-offs | -1,167 | ' | -1,071 |
Balance at period end | 3,883 | ' | 3,846 |
Total loans and leases | 368,764 | ' | 356,990 |
Allowance for loans and leases to total loans and leases ratio | 1.05% | ' | 1.08% |
Balance of loans specifically evaluated for impairment | 29 | ' | 31 |
Balance of loans collectively evaluated | 368,735 | ' | 356,959 |
Allowance for loans collectively evaluated | 3,883 | ' | 3,846 |
Collective allowance to collective loans ratio | 1.05% | ' | 1.08% |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 4,737 | 6,664 | 6,664 |
Provision (credit) | -4,037 | ' | 826 |
Charge-offs | 0 | ' | -3,281 |
Loan and lease recoveries | 3,080 | ' | 528 |
Net charge-offs | 3,080 | ' | -2,753 |
Balance at period end | 3,780 | ' | 4,737 |
Total loans and leases | 158,739 | ' | 151,933 |
Allowance for loans and leases to total loans and leases ratio | 2.38% | ' | 3.12% |
Balance of loans specifically evaluated for impairment | 5,086 | ' | 6,332 |
Allowance for loans specifically evaluated for impairment | 946 | ' | 0 |
Specific allowance to specific loans ratio | 18.60% | ' | 0.00% |
Balance of loans collectively evaluated | 153,653 | ' | 145,601 |
Allowance for loans collectively evaluated | 2,834 | ' | 4,737 |
Collective allowance to collective loans ratio | 1.84% | ' | 3.25% |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 9,583 | 8,248 | 8,248 |
Provision (credit) | 1,026 | ' | 4,928 |
Charge-offs | -4,744 | ' | -3,690 |
Loan and lease recoveries | 3,347 | ' | 97 |
Net charge-offs | -1,397 | ' | -3,593 |
Balance at period end | 9,212 | ' | 9,583 |
Total loans and leases | 518,029 | ' | 456,888 |
Allowance for loans and leases to total loans and leases ratio | 1.78% | ' | 2.10% |
Balance of loans specifically evaluated for impairment | 7,729 | ' | 11,843 |
Allowance for loans specifically evaluated for impairment | 146 | ' | 774 |
Specific allowance to specific loans ratio | 1.89% | ' | 6.54% |
Balance of loans collectively evaluated | 510,300 | ' | 445,045 |
Allowance for loans collectively evaluated | 9,066 | ' | 8,809 |
Collective allowance to collective loans ratio | 1.78% | ' | 1.98% |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 6,997 | 7,329 | 7,329 |
Provision (credit) | -642 | ' | 804 |
Charge-offs | -229 | ' | -1,174 |
Loan and lease recoveries | 332 | ' | 38 |
Net charge-offs | 103 | ' | -1,136 |
Balance at period end | 6,458 | ' | 6,997 |
Total loans and leases | 569,350 | ' | 571,510 |
Allowance for loans and leases to total loans and leases ratio | 1.13% | ' | 1.22% |
Balance of loans specifically evaluated for impairment | 5,385 | ' | 15,184 |
Allowance for loans specifically evaluated for impairment | 391 | ' | 598 |
Specific allowance to specific loans ratio | 7.26% | ' | 3.94% |
Balance of loans collectively evaluated | 563,965 | ' | 556,326 |
Allowance for loans collectively evaluated | 6,067 | ' | 6,399 |
Collective allowance to collective loans ratio | 1.08% | ' | 1.15% |
Residential Real Estate Portfolio Segment | Residential Mortgage | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 8,522 | 10,583 | 10,583 |
Provision (credit) | 231 | ' | -167 |
Charge-offs | -829 | ' | -2,107 |
Loan and lease recoveries | 144 | ' | 213 |
Net charge-offs | -685 | ' | -1,894 |
Balance at period end | 8,068 | ' | 8,522 |
Total loans and leases | 595,180 | ' | 523,364 |
Allowance for loans and leases to total loans and leases ratio | 1.36% | ' | 1.63% |
Balance of loans specifically evaluated for impairment | 4,438 | ' | 4,528 |
Allowance for loans specifically evaluated for impairment | 650 | ' | 713 |
Specific allowance to specific loans ratio | 14.65% | ' | 15.75% |
Balance of loans collectively evaluated | 590,742 | ' | 518,836 |
Allowance for loans collectively evaluated | 7,418 | ' | 7,809 |
Collective allowance to collective loans ratio | 1.26% | ' | 1.51% |
Residential Real Estate Portfolio Segment | Residential Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of year | 2,445 | 4,207 | 4,207 |
Provision (credit) | -463 | ' | -1,550 |
Charge-offs | -105 | ' | -224 |
Loan and lease recoveries | 9 | ' | 12 |
Net charge-offs | -96 | ' | -212 |
Balance at period end | 1,886 | ' | 2,445 |
Total loans and leases | 118,316 | ' | 120,314 |
Allowance for loans and leases to total loans and leases ratio | 1.59% | ' | 2.03% |
Balance of loans specifically evaluated for impairment | 1,860 | ' | 1,871 |
Allowance for loans specifically evaluated for impairment | 547 | ' | 467 |
Specific allowance to specific loans ratio | 29.41% | ' | 24.96% |
Balance of loans collectively evaluated | 116,456 | ' | 118,443 |
Allowance for loans collectively evaluated | $1,339 | ' | $1,978 |
Collective allowance to collective loans ratio | 1.15% | ' | 1.67% |
Summary_of_Impaired_Loans_Deta
Summary of Impaired Loans (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with a specific allowance | $15,142 | $27,526 |
Impaired loans without a specific allowance | 15,947 | 21,247 |
Total impaired loans | 31,089 | 48,773 |
Allowance for loan and lease losses related to impaired loans | 4,230 | 5,149 |
Allowance for loan and lease losses related to loans collectively evaluated | 35,192 | 37,808 |
Total allowance for loan and lease losses | 39,422 | 42,957 |
Average impaired loans for the period | 39,843 | 57,438 |
Contractual interest income due on impaired loans during the period | 2,292 | 4,433 |
Interest income on impaired loans recognized on a cash basis | 1,694 | 1,121 |
Interest income on impaired loans recognized on an accrual basis | $332 | $560 |
Recorded_Investment_with_Respe
Recorded Investment with Respect to Impaired loans, Associated Allowance by Applicable Portfolio Segment and Principal Balance of Impaired Loans prior to Amounts Charged-off (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired loans | $31,089 | $48,773 |
Allowance | 4,230 | 5,149 |
Unpaid principal balance in total impaired loans | 48,650 | 73,333 |
Non Accrual Loans | ' | ' |
Impaired loans | 12,050 | 28,699 |
Restructuring | Accrual Loans | ' | ' |
Impaired loans | 8,054 | 10,110 |
Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 10,985 | 9,964 |
Commercial | ' | ' |
Impaired loans | 6,562 | 8,984 |
Allowance | 1,550 | 2,597 |
Unpaid principal balance in total impaired loans | 8,645 | 11,506 |
Commercial | Non Accrual Loans | ' | ' |
Impaired loans | 2,268 | 4,360 |
Commercial | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 2,512 | 4,373 |
Commercial | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 1,782 | 251 |
All Other | ' | ' |
Impaired loans | 6,327 | 6,430 |
Allowance | 1,197 | 1,180 |
Unpaid principal balance in total impaired loans | 6,944 | 6,904 |
All Other | Non Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
All Other | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 3,507 | 4,234 |
All Other | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 2,820 | 2,196 |
Impaired Financing Receivables with Related Allowance | ' | ' |
Impaired loans | 15,142 | 27,526 |
Impaired Financing Receivables with Related Allowance | Non Accrual Loans | ' | ' |
Impaired loans | 3,545 | 17,052 |
Impaired Financing Receivables with Related Allowance | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 4,279 | 7,903 |
Impaired Financing Receivables with Related Allowance | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 7,318 | 2,571 |
Impaired Financing Receivables with Related Allowance | Commercial | ' | ' |
Impaired loans | 2,360 | 5,723 |
Impaired Financing Receivables with Related Allowance | Commercial | Non Accrual Loans | ' | ' |
Impaired loans | 1,189 | 2,514 |
Impaired Financing Receivables with Related Allowance | Commercial | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 905 | 2,981 |
Impaired Financing Receivables with Related Allowance | Commercial | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 266 | 228 |
Impaired Financing Receivables with Related Allowance | All Other | ' | ' |
Impaired loans | 4,411 | 4,723 |
Impaired Financing Receivables with Related Allowance | All Other | Non Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Impaired Financing Receivables with Related Allowance | All Other | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 2,379 | 3,419 |
Impaired Financing Receivables with Related Allowance | All Other | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 2,032 | 1,304 |
Impaired Financing Receivables with No Related Allowance | ' | ' |
Impaired loans | 15,947 | 21,247 |
Impaired Financing Receivables with No Related Allowance | Non Accrual Loans | ' | ' |
Impaired loans | 8,505 | 11,647 |
Impaired Financing Receivables with No Related Allowance | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 3,775 | 2,207 |
Impaired Financing Receivables with No Related Allowance | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 3,667 | 7,393 |
Impaired Financing Receivables with No Related Allowance | Commercial | ' | ' |
Impaired loans | 4,202 | 3,261 |
Impaired Financing Receivables with No Related Allowance | Commercial | Non Accrual Loans | ' | ' |
Impaired loans | 1,079 | 1,846 |
Impaired Financing Receivables with No Related Allowance | Commercial | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 1,607 | 1,392 |
Impaired Financing Receivables with No Related Allowance | Commercial | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 1,516 | 23 |
Impaired Financing Receivables with No Related Allowance | All Other | ' | ' |
Impaired loans | 1,916 | 1,707 |
Impaired Financing Receivables with No Related Allowance | All Other | Non Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Impaired Financing Receivables with No Related Allowance | All Other | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 1,128 | 815 |
Impaired Financing Receivables with No Related Allowance | All Other | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 788 | 892 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' |
Impaired loans | 5,086 | 6,332 |
Allowance | 946 | 0 |
Unpaid principal balance in total impaired loans | 13,448 | 21,590 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Non Accrual Loans | ' | ' |
Impaired loans | 2,647 | 3,033 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 2,439 | 3,299 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ' | ' |
Impaired loans | 7,729 | 11,843 |
Allowance | 146 | 774 |
Unpaid principal balance in total impaired loans | 12,585 | 15,405 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Non Accrual Loans | ' | ' |
Impaired loans | 6,253 | 10,796 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 852 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 624 | 1,047 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' |
Impaired loans | 5,385 | 15,184 |
Allowance | 391 | 598 |
Unpaid principal balance in total impaired loans | 7,028 | 17,928 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Non Accrual Loans | ' | ' |
Impaired loans | 882 | 10,510 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 1,183 | 1,503 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 3,320 | 3,171 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Acquisition, Development and Construction | ' | ' |
Impaired loans | 3,818 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Acquisition, Development and Construction | Non Accrual Loans | ' | ' |
Impaired loans | 1,379 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Acquisition, Development and Construction | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Acquisition, Development and Construction | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 2,439 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Investor Real Estate | ' | ' |
Impaired loans | 770 | 10,219 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Investor Real Estate | Non Accrual Loans | ' | ' |
Impaired loans | 770 | 10,219 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Investor Real Estate | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Investor Real Estate | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Owner Occupied Real Estate | ' | ' |
Impaired loans | 3,783 | 6,861 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Owner Occupied Real Estate | Non Accrual Loans | ' | ' |
Impaired loans | 207 | 4,319 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Owner Occupied Real Estate | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 995 | 1,503 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with Related Allowance | Commercial Owner Occupied Real Estate | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 2,581 | 1,039 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Acquisition, Development and Construction | ' | ' |
Impaired loans | 1,268 | 6,332 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Acquisition, Development and Construction | Non Accrual Loans | ' | ' |
Impaired loans | 1,268 | 3,033 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Acquisition, Development and Construction | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Acquisition, Development and Construction | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 0 | 3,299 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Investor Real Estate | ' | ' |
Impaired loans | 6,959 | 1,624 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Investor Real Estate | Non Accrual Loans | ' | ' |
Impaired loans | 5,483 | 577 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Investor Real Estate | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 852 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Investor Real Estate | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | 624 | 1,047 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Owner Occupied Real Estate | ' | ' |
Impaired loans | 1,602 | 8,323 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Owner Occupied Real Estate | Non Accrual Loans | ' | ' |
Impaired loans | 675 | 6,191 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Owner Occupied Real Estate | Restructuring | Accrual Loans | ' | ' |
Impaired loans | 188 | 0 |
Commercial Real Estate Portfolio Segment | Impaired Financing Receivables with No Related Allowance | Commercial Owner Occupied Real Estate | Restructuring | Non Accrual Loans | ' | ' |
Impaired loans | $739 | $2,132 |
Impaired_Loans_by_Portfolio_De
Impaired Loans by Portfolio (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average impaired loans for the period | $39,843 | $57,438 |
Contractual interest income due on impaired loans during the period | 2,292 | 4,433 |
Interest income on impaired loans recognized on a cash basis | 1,694 | 1,121 |
Interest income on impaired loans recognized on an accrual basis | 332 | 560 |
Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average impaired loans for the period | 7,539 | 8,659 |
Contractual interest income due on impaired loans during the period | 481 | 527 |
Interest income on impaired loans recognized on a cash basis | 250 | 121 |
Interest income on impaired loans recognized on an accrual basis | 117 | 257 |
All Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average impaired loans for the period | 6,474 | 6,499 |
Contractual interest income due on impaired loans during the period | 213 | 112 |
Interest income on impaired loans recognized on a cash basis | 91 | 82 |
Interest income on impaired loans recognized on an accrual basis | 134 | 201 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average impaired loans for the period | 5,782 | 12,270 |
Contractual interest income due on impaired loans during the period | 590 | 1,222 |
Interest income on impaired loans recognized on a cash basis | 269 | 323 |
Interest income on impaired loans recognized on an accrual basis | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average impaired loans for the period | 11,343 | 13,838 |
Contractual interest income due on impaired loans during the period | 430 | 1,181 |
Interest income on impaired loans recognized on a cash basis | 74 | 175 |
Interest income on impaired loans recognized on an accrual basis | 23 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average impaired loans for the period | 8,705 | 16,172 |
Contractual interest income due on impaired loans during the period | 578 | 1,391 |
Interest income on impaired loans recognized on a cash basis | 1,010 | 420 |
Interest income on impaired loans recognized on an accrual basis | $58 | $102 |
Credit_Quality_of_Loan_Portfol
Credit Quality of Loan Portfolio by Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | $30,189 | $47,548 |
Loans and leases 90 days past due | 10 | 247 |
Restructured loans and leases | 8,054 | 10,110 |
Total non-performing loans and leases | 38,253 | 57,905 |
Other real estate owned | 1,662 | 5,926 |
Total non-performing assets | 39,915 | 63,831 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 4,050 | 4,611 |
Loans and leases 90 days past due | 0 | 24 |
Restructured loans and leases | 2,512 | 4,373 |
Total non-performing loans and leases | 6,562 | 9,008 |
Other real estate owned | 408 | 1,829 |
Total non-performing assets | 6,970 | 10,837 |
Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 0 | 865 |
Loans and leases 90 days past due | 0 | 0 |
Restructured loans and leases | 0 | 0 |
Total non-performing loans and leases | 0 | 865 |
Other real estate owned | 0 | 0 |
Total non-performing assets | 0 | 865 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 2,004 | 2,410 |
Loans and leases 90 days past due | 10 | 14 |
Restructured loans and leases | 29 | 31 |
Total non-performing loans and leases | 2,043 | 2,455 |
Other real estate owned | 0 | 0 |
Total non-performing assets | 2,043 | 2,455 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 5,086 | 6,332 |
Loans and leases 90 days past due | 0 | 0 |
Restructured loans and leases | 0 | 0 |
Total non-performing loans and leases | 5,086 | 6,332 |
Other real estate owned | 0 | 0 |
Total non-performing assets | 5,086 | 6,332 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 6,877 | 11,843 |
Loans and leases 90 days past due | 0 | 0 |
Restructured loans and leases | 852 | 0 |
Total non-performing loans and leases | 7,729 | 11,843 |
Other real estate owned | 0 | 220 |
Total non-performing assets | 7,729 | 12,063 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 4,202 | 13,681 |
Loans and leases 90 days past due | 0 | 209 |
Restructured loans and leases | 1,183 | 1,503 |
Total non-performing loans and leases | 5,385 | 15,393 |
Other real estate owned | 0 | 2,396 |
Total non-performing assets | 5,385 | 17,789 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 5,643 | 4,681 |
Loans and leases 90 days past due | 0 | 0 |
Restructured loans and leases | 3,478 | 4,203 |
Total non-performing loans and leases | 9,121 | 8,884 |
Other real estate owned | 1,254 | 1,401 |
Total non-performing assets | 10,375 | 10,285 |
Residential Real Estate Portfolio Segment | Residential Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Non-accrual loans and leases | 2,327 | 3,125 |
Loans and leases 90 days past due | 0 | 0 |
Restructured loans and leases | 0 | 0 |
Total non-performing loans and leases | 2,327 | 3,125 |
Other real estate owned | 0 | 80 |
Total non-performing assets | $2,327 | $3,205 |
Credit_Quality_of_Loan_Portfol1
Credit Quality of Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | $21,128 | $11,660 |
61-90 days | 7,062 | 3,793 |
> 90 days | 10 | 247 |
Total past due | 28,200 | 15,700 |
Non-accrual loans and leases | 30,189 | 47,548 |
Loans aquired with deteriorated credit quality | 5,888 | 7,200 |
Current loans | 2,597,733 | 2,460,680 |
Total loans and leases | 2,662,010 | 2,531,128 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 4,989 | 2,138 |
61-90 days | 984 | 212 |
> 90 days | 0 | 24 |
Total past due | 5,973 | 2,374 |
Non-accrual loans and leases | 4,050 | 4,611 |
Loans aquired with deteriorated credit quality | 1,655 | 1,978 |
Current loans | 320,992 | 337,745 |
Total loans and leases | 332,670 | 346,708 |
Leases | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 0 | 7 |
61-90 days | 0 | 68 |
> 90 days | 0 | 0 |
Total past due | 0 | 75 |
Non-accrual loans and leases | 0 | 865 |
Loans aquired with deteriorated credit quality | 0 | 0 |
Current loans | 962 | 2,481 |
Total loans and leases | 962 | 3,421 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 713 | 496 |
61-90 days | 596 | 101 |
> 90 days | 10 | 14 |
Total past due | 1,319 | 611 |
Non-accrual loans and leases | 2,004 | 2,410 |
Loans aquired with deteriorated credit quality | 0 | 0 |
Current loans | 365,441 | 353,969 |
Total loans and leases | 368,764 | 356,990 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 0 | 0 |
61-90 days | 382 | 0 |
> 90 days | 0 | 0 |
Total past due | 382 | 0 |
Non-accrual loans and leases | 5,086 | 6,332 |
Loans aquired with deteriorated credit quality | 0 | 332 |
Current loans | 153,271 | 145,269 |
Total loans and leases | 158,739 | 151,933 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 5,901 | 2,020 |
61-90 days | 78 | 0 |
> 90 days | 0 | 0 |
Total past due | 5,979 | 2,020 |
Non-accrual loans and leases | 6,877 | 11,843 |
Loans aquired with deteriorated credit quality | 1,598 | 949 |
Current loans | 503,575 | 442,076 |
Total loans and leases | 518,029 | 456,888 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 3,540 | 1,556 |
61-90 days | 5,022 | 1,809 |
> 90 days | 0 | 209 |
Total past due | 8,562 | 3,574 |
Non-accrual loans and leases | 4,202 | 13,681 |
Loans aquired with deteriorated credit quality | 2,635 | 3,941 |
Current loans | 553,951 | 550,314 |
Total loans and leases | 569,350 | 571,510 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 5,985 | 5,443 |
61-90 days | 0 | 1,603 |
> 90 days | 0 | 0 |
Total past due | 5,985 | 7,046 |
Non-accrual loans and leases | 5,643 | 4,681 |
Loans aquired with deteriorated credit quality | 0 | 0 |
Current loans | 583,552 | 511,637 |
Total loans and leases | 595,180 | 523,364 |
Residential Real Estate Portfolio Segment | Residential Construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
31-60 days | 0 | 0 |
61-90 days | 0 | 0 |
> 90 days | 0 | 0 |
Total past due | 0 | 0 |
Non-accrual loans and leases | 2,327 | 3,125 |
Loans aquired with deteriorated credit quality | 0 | 0 |
Current loans | 115,989 | 117,189 |
Total loans and leases | $118,316 | $120,314 |
Credit_Risk_Rating_Indicators_
Credit Risk Rating Indicators for Each Segment of Commercial Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | $2,662,010 | $2,531,128 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 332,670 | 346,708 |
Pass | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 292,973 | 305,348 |
Special Mention | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 19,345 | 13,603 |
Substandard | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 20,063 | 26,091 |
Doubtful | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 289 | 1,666 |
Commercial Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 1,578,788 | 1,527,039 |
Commercial Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 158,739 | 151,933 |
Commercial Portfolio Segment | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 518,029 | 456,888 |
Commercial Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 569,350 | 571,510 |
Commercial Portfolio Segment | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 1,466,652 | 1,373,442 |
Commercial Portfolio Segment | Pass | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 151,546 | 141,802 |
Commercial Portfolio Segment | Pass | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 493,523 | 405,448 |
Commercial Portfolio Segment | Pass | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 528,610 | 520,844 |
Commercial Portfolio Segment | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 38,467 | 54,621 |
Commercial Portfolio Segment | Special Mention | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 109 | 1,793 |
Commercial Portfolio Segment | Special Mention | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 1,713 | 21,963 |
Commercial Portfolio Segment | Special Mention | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 17,300 | 17,262 |
Commercial Portfolio Segment | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 73,337 | 95,927 |
Commercial Portfolio Segment | Substandard | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 7,084 | 8,338 |
Commercial Portfolio Segment | Substandard | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 22,750 | 28,885 |
Commercial Portfolio Segment | Substandard | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 23,440 | 32,613 |
Commercial Portfolio Segment | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 332 | 3,049 |
Commercial Portfolio Segment | Doubtful | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 0 | 0 |
Commercial Portfolio Segment | Doubtful | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 43 | 592 |
Commercial Portfolio Segment | Doubtful | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | $0 | $791 |
Information_by_Credit_Risk_Rat
Information by Credit Risk Rating Indicators for Those Remaining Segments of Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | $2,662,010 | $2,531,128 |
Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 962 | 3,421 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 368,764 | 356,990 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 595,180 | 523,364 |
Residential Real Estate Portfolio Segment | Residential Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 118,316 | 120,314 |
Performing Financing Receivable | Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 962 | 2,556 |
Performing Financing Receivable | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 366,721 | 354,535 |
Nonperforming Financing Receivable | Leases | Loans 90 Days Or More Past Due | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 0 | 0 |
Nonperforming Financing Receivable | Leases | Non Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 0 | 865 |
Nonperforming Financing Receivable | Leases | Restructured Loans | Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 0 | 0 |
Nonperforming Financing Receivable | Consumer | Loans 90 Days Or More Past Due | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 10 | 14 |
Nonperforming Financing Receivable | Consumer | Non Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 2,004 | 2,410 |
Nonperforming Financing Receivable | Consumer | Restructured Loans | Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 29 | 31 |
Homogeneous Loan Pools | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 1,083,222 | 1,004,089 |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 595,180 | 523,364 |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 118,316 | 120,314 |
Homogeneous Loan Pools | Performing Financing Receivable | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 1,069,731 | 988,760 |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 586,059 | 514,480 |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 115,989 | 117,189 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Loans 90 Days Or More Past Due | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 10 | 14 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Non Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 9,974 | 11,081 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Restructured Loans | Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 3,507 | 4,234 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Loans 90 Days Or More Past Due | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 0 | 0 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Non Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 5,643 | 4,681 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Restructured Loans | Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 3,478 | 4,203 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Loans 90 Days Or More Past Due | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 0 | 0 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Non Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | 2,327 | 3,125 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Restructured Loans | Accrual Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans and leases | $0 | $0 |
Troubled_Debt_Restructured_Loa
Troubled Debt Restructured Loans for Specific Segments of the Loan Portfolio (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured accruing | $1,335 | $3,614 |
Restructured non-accruing | 221 | 1,304 |
Balance | 1,556 | 4,918 |
Specific allowance | 22 | 1,223 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured accruing | 483 | 2,600 |
Restructured non-accruing | 221 | 0 |
Balance | 704 | 2,600 |
Specific allowance | 22 | 552 |
Restructured and subsequently defaulted | 0 | 0 |
All Other | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured accruing | 0 | 0 |
Restructured non-accruing | 0 | 1,304 |
Balance | 0 | 1,304 |
Specific allowance | 0 | 467 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Acquisition, Development and Construction | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured accruing | 0 | 0 |
Restructured non-accruing | 0 | 0 |
Balance | 0 | 0 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Investor Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured accruing | 852 | 0 |
Restructured non-accruing | 0 | 0 |
Balance | 852 | 0 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Owner Occupied Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured accruing | 0 | 1,014 |
Restructured non-accruing | 0 | 0 |
Balance | 0 | 1,014 |
Specific allowance | 0 | 204 |
Restructured and subsequently defaulted | $0 | $0 |
Changes_in_Accretable_Discount
Changes in Accretable Discount Related to Acquired Credit Impaired Loans (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accretable Discount Related Acquired Credit Impaired Loans [Line Items] | ' |
Balance at January 1, 2013 | $693 |
Accretion recognized to date | -333 |
Net reclassification from accretable to non-accretable | 0 |
Balance at September 30, 2013 | $360 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Commerce First Bancorp Inc [Member] | ||
Other intangible assets, net | $1,792 | $3,163 | $600 |
Gross_Carrying_Amounts_and_Acc
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Net Carrying Amount | $1,792 | $3,163 |
Goodwill gross | 84,171 | 84,808 |
Goodwill | 84,171 | 84,808 |
Core Deposits | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 9,716 | 9,716 |
Accumulated Amortization | -9,004 | -7,964 |
Net Carrying Amount | 712 | 1,752 |
Weighted average useful life | '6 months | '1 year 3 months 18 days |
Other Intangible Assets | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 8,623 | 8,611 |
Accumulated Amortization | -7,543 | -7,200 |
Net Carrying Amount | 1,080 | 1,411 |
Weighted average useful life | '2 years 3 months 18 days | '3 years 1 month 6 days |
Amortization of Intangible Assets | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 18,339 | 18,327 |
Accumulated Amortization | -16,547 | -15,164 |
Net Carrying Amount | $1,792 | $3,163 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense for Amortizing Intangibles (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Estimated Amortization Expense for Intangible Assets and Unfavorable Lease Liability [Line Items] | ' |
2014 | $821 |
2015 | 372 |
2016 | 94 |
2017 | 16 |
Thereafter | 27 |
Total amortizing intangible assets | $1,330 |
Composition_of_Deposits_Detail
Composition of Deposits (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposit Liabilities [Line Items] | ' | ' |
Noninterest-bearing deposits | $890,319 | $847,415 |
Interest-bearing deposits: | ' | ' |
Demand | 435,458 | 428,048 |
Money market savings | 871,360 | 884,367 |
Regular savings | 240,210 | 228,384 |
Time deposits of less than $100,000 | 272,101 | 307,445 |
Time deposits of $100,000 or more | 207,018 | 217,375 |
Total interest-bearing deposits | 2,026,147 | 2,065,619 |
Total deposits | $2,916,466 | $2,913,034 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) | Aug. 31, 2013 |
Stockholders Equity Note [Line Items] | ' |
Repurchase of outstanding shares of common stock | 5.00% |
Repurchase of outstanding shares of common stock under Stock Repurchase Program | 1,250,000 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
2005 Omnibus Stock Plan | Stock Options and Restricted Stock Units | Stock Options and Restricted Stock Units | Stock Options and Restricted Stock Units | Stock Options and Restricted Stock Units | Stock Option | Stock Option | Restricted Stock | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorizes | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares available for issuance | ' | ' | ' | ' | 998,375 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise period, maximum | ' | ' | '5 years 4 months 2 days | '5 years 4 months 6 days | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum grant price percentage | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | 10,964 | 1,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized Compensation expense | ' | ' | ' | ' | ' | $0.40 | $0.40 | $1.20 | $1 | ' | ' | ' | ' |
Unrecognized Compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | 3.6 |
Expected cost recognition weighted average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' | '3 years 1 month 6 days |
Fair value of shares vested | $0.20 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock granted | ' | ' | 20,229 | ' | ' | ' | ' | ' | ' | 20,229 | ' | 93,770 | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '5 years | ' |
Fair_Values_of_all_Options_Gra
Fair Values of all Options Granted Estimated Using Binomial Option-Pricing Model with Weighted-average Assumptions (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Dividend yield | 2.80% | 2.17% |
Weighted average expected volatility | 53.87% | 50.90% |
Weighted average risk-free interest rate | 0.83% | 1.14% |
Weighted average expected lives (in years) | '5 years 4 months 2 days | '5 years 4 months 6 days |
Weighted average grant-date fair value | $7.99 | $7.85 |
Summary_of_Share_Option_Activi
Summary of Share Option Activity (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Number of Common Shares | ' | ' |
Balance at January 1, 2013 | 440,453 | ' |
Granted | 20,229 | ' |
Exercised | -10,964 | -1,217 |
Forfeited or expired | -4,962 | ' |
Balance at September 30, 2013 | 444,756 | ' |
Exercisable at June 30, 2013 | 399,221 | ' |
Weighted Average Exercise Share Price | ' | ' |
Balance at January 1, 2013 | $29.17 | ' |
Granted | $20.26 | ' |
Exercised | $12.70 | ' |
Forfeited or expired | $34.29 | ' |
Balance at September 30, 2013 | $29.11 | ' |
Exercisable at September 30, 2013 | $30.21 | ' |
Weighted average fair value of options granted during the year | $7.99 | $7.85 |
Weighted Average Contractual Remaining Life(Years) | ' | ' |
Balance at end of period | '1 year 10 months 24 days | ' |
Exercisable at end of period | '1 year 6 months | ' |
Aggregate Intrinsic Value | ' | ' |
Balance at January 1, 2013 | $557 | ' |
Granted | 0 | ' |
Exercised | 0 | ' |
Forfeited or expired | 0 | ' |
Balance at June 30, 2013 | 1,032 | ' |
Exercisable at June 30, 2013 | $861 | ' |
Summary_of_Activity_for_Compan
Summary of Activity for Company's Non-vested Options (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Number of Shares | ' |
Non-vested options at January 1, 2013 | 54,416 |
Granted | 20,229 |
Vested | -29,110 |
Forfeited or expired | 0 |
Non-vested options at September 30, 2013 | 45,535 |
Weighted Average Grant-Date Fair Value | ' |
Non-vested options at January 1, 2013 | $7.56 |
Granted | $7.99 |
Vested | $7.34 |
Forfeited or expired | $0 |
Non-vested options at September 30, 2013 | $7.89 |
Summary_of_Activity_for_Compan1
Summary of Activity for Company's Restricted Stock (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted Average Grant-Date Fair Value | ' | ' |
Granted | $7.99 | $7.85 |
Restricted Stock | ' | ' |
Number of Shares | ' | ' |
Restricted stock at January 1, 2013 | 224,005 | ' |
Granted | 93,770 | ' |
Vested | -71,455 | ' |
Forfeited | -17,187 | ' |
Restricted stock at June 30, 2013 | 229,133 | ' |
Weighted Average Grant-Date Fair Value | ' | ' |
Restricted stock at January 1, 2013 | $17.40 | ' |
Granted | $20.26 | ' |
Vested | $17.06 | ' |
Forfeited | $18.24 | ' |
Restricted stock at September 30, 2013 | $18.61 | ' |
Net_Periodic_Benefit_Cost_Deta
Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost on projected benefit obligation | $390 | $374 | $1,163 | $1,151 |
Expected return on plan assets | -425 | -220 | -1,259 | -874 |
Recognized net actuarial loss | 249 | 197 | 1,176 | 896 |
Net periodic benefit cost | $214 | $351 | $1,080 | $1,173 |
Calculation_of_Net_Income_per_
Calculation of Net Income per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' |
Net income | $12,089 | $10,990 | $34,809 | $26,673 |
Basic: | ' | ' | ' | ' |
Basic weighted average EPS shares | 24,979 | 24,893 | 24,952 | 24,463 |
Basic net income per share | $0.48 | $0.44 | $1.40 | $1.09 |
Diluted: | ' | ' | ' | ' |
Basic weighted average EPS shares | 24,979 | 24,893 | 24,952 | 24,463 |
Dilutive common stock equivalents | 92 | 56 | 97 | 72 |
Dilutive EPS shares | 25,071 | 24,949 | 25,049 | 24,535 |
Diluted net income per share | $0.48 | $0.44 | $1.39 | $1.09 |
Anti-dilutive shares | 146 | 459 | 195 | 489 |
Net_Accumulated_Other_Comprehe
Net Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | $20,258 | $20,006 |
Other comprehensive income before reclassification, net of tax | ' | ' | -14,990 | 2,370 |
Reclassifications from accumulated other comprehensive income, net of tax | ' | ' | 71 | 276 |
Current period change in other comprehensive income, net of tax | -625 | 1,737 | -14,919 | 2,646 |
Balance at September 30, 2013 | 5,339 | 22,652 | 5,339 | 22,652 |
Balance at January 1, 2013 | ' | ' | -8,946 | -6,758 |
Other comprehensive income before reclassification, net of tax | ' | ' | 0 | 0 |
Reclassifications from accumulated other comprehensive income, net of tax | ' | ' | 715 | 539 |
Current period change in other comprehensive income, net of tax | 158 | 119 | 715 | 539 |
Balance at September 30, 2013 | -8,231 | -6,219 | -8,231 | -6,219 |
Balance at January 1, 2013 | ' | ' | 11,312 | 13,248 |
Other comprehensive income before reclassification, net of tax | ' | ' | -14,990 | 2,370 |
Reclassifications from accumulated other comprehensive income, net of tax | ' | ' | 786 | 815 |
Current period change in other comprehensive income, net of tax | ' | ' | -14,204 | 3,185 |
Balance at September 30, 2013 | ($2,892) | $16,433 | ($2,892) | $16,433 |
Reclassification_Adjustments_O
Reclassification Adjustments Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Investment securities gains | $0 | $296 | $118 | $459 | ||
Income before taxes | ' | ' | 118 | 459 | ||
Tax expense | ' | ' | 47 | 183 | ||
Net income | ' | ' | 71 | 276 | ||
Recognized actuarial loss 1 | 249 | 197 | 1,176 | [1] | 896 | [1] |
Income before taxes | ' | ' | 1,176 | 896 | ||
Tax expense | ' | ' | 461 | 357 | ||
Net income | ' | ' | $715 | $539 | ||
[1] | This amount is included in the computation of net periodic benefit cost, see Note 10 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk and Derivatives - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial Instrument With Off Balance Sheet Risk And Derivatives [Line Items] | ' | ' |
Interest rate swap notional amount | $46.80 | $35.90 |
Interest rate swap fair value | $1.90 | $1.30 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments [Line Items] | ' | ' |
Impaired loans | $31,089,000 | $48,773,000 |
Impaired loans fair value | 26,900,000 | 43,600,000 |
Specific loan loss reserves | $4,200,000 | $5,200,000 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities at Dates Indicated that Were Accounted for or Disclosed at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | $10,542 | $36,149 |
Fair Value, Measurements, Recurring | Residential Mortgage Loans Held For Sale | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 10,542 | 36,149 |
Fair Value, Measurements, Recurring | U.S. Government Agencies | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 172,243 | 156,428 |
Fair Value, Measurements, Recurring | State and Municipal | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 166,866 | 174,491 |
Fair Value, Measurements, Recurring | Mortgage-Backed | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 472,269 | 490,479 |
Fair Value, Measurements, Recurring | Corporate Debt | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 2,005 | 1,996 |
Fair Value, Measurements, Recurring | Trust Preferred | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 1,439 | 1,465 |
Fair Value, Measurements, Recurring | Marketable Equity Securities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 723 | 723 |
Fair Value, Measurements, Recurring | Interest Rate Swap Agreements | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other assets | 1,855 | 1,280 |
Other liabilities | -1,855 | -1,280 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Residential Mortgage Loans Held For Sale | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | U.S. Government Agencies | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | State and Municipal | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-Backed | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Corporate Debt | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Trust Preferred | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Marketable Equity Securities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Interest Rate Swap Agreements | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other assets | 0 | 0 |
Other liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Residential Mortgage Loans Held For Sale | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 10,542 | 36,149 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Government Agencies | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 172,243 | 156,428 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | State and Municipal | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 166,866 | 174,491 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-Backed | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 472,269 | 490,479 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate Debt | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 2,005 | 1,996 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Trust Preferred | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Marketable Equity Securities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 723 | 723 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Interest Rate Swap Agreements | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other assets | 1,855 | 1,280 |
Other liabilities | -1,855 | -1,280 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential Mortgage Loans Held For Sale | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. Government Agencies | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | State and Municipal | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mortgage-Backed | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate Debt | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Trust Preferred | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 1,439 | 1,465 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Marketable Equity Securities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Interest Rate Swap Agreements | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other assets | 0 | 0 |
Other liabilities | $0 | $0 |
Unrealized_Losses_Included_in_
Unrealized Losses Included in Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' |
Total OTTI included in earnings | $0 | $23 | $0 | $95 | ' |
Total unrealized losses included in other comprehensive income (loss) | 531 | ' | 531 | ' | 531 |
Available-for-Sale Securities | Fair Value, Inputs, Level 3 | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | 1,465 | ' | ' |
Total OTTI included in earnings | ' | ' | 0 | ' | ' |
Principal redemption | ' | ' | 0 | ' | ' |
Total unrealized losses included in other comprehensive income (loss) | -26 | ' | -26 | ' | ' |
Balance at September 30, 2013 | $1,439 | ' | $1,439 | ' | ' |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | $28,521 | $49,550 |
Fair value measured on nonrecurring basis losses | -5,682 | -6,918 |
Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 26,859 | 43,624 |
Fair value measured on nonrecurring basis losses | -5,891 | -6,730 |
Other real estate owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 1,662 | 5,926 |
Fair value measured on nonrecurring basis losses | 209 | -188 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 28,521 | 49,550 |
Fair Value, Inputs, Level 3 | Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | 26,859 | 43,624 |
Fair Value, Inputs, Level 3 | Other real estate owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value disclosure, nonrecurring | $1,662 | $5,926 |
Carrying_Amounts_And_Fair_Valu
Carrying Amounts And Fair Values of Company's Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Investments held-to-maturity | $225,994 | $215,814 |
Other equity securities | 36,412 | 33,636 |
Loans, net of allowance | 2,622,588 | 2,488,171 |
Other assets | 85,578 | 83,714 |
Financial Liabilities | ' | ' |
Time Deposits | 479,119 | 524,820 |
Securities sold under retail repurchase agreements and federal funds purchased | 53,177 | 86,929 |
Advances from FHLB | 520,000 | 405,058 |
Subordinated debentures | 35,000 | 35,000 |
Financial Assets | ' | ' |
Investments held-to-maturity | 220,054 | 222,024 |
Other equity securities | 36,412 | 33,636 |
Loans, net of allowance | 2,587,170 | 2,453,314 |
Other assets | 85,578 | 83,714 |
Financial Liabilities | ' | ' |
Time Deposits | 479,780 | 528,074 |
Securities sold under retail repurchase agreements and federal funds purchased | 53,177 | 86,929 |
Advances from FHLB | 550,662 | 451,408 |
Subordinated debentures | 8,669 | 9,919 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Financial Assets | ' | ' |
Investments held-to-maturity | 0 | 0 |
Other equity securities | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Other assets | 0 | 0 |
Financial Liabilities | ' | ' |
Time Deposits | 0 | 0 |
Securities sold under retail repurchase agreements and federal funds purchased | 0 | 0 |
Advances from FHLB | 0 | 0 |
Subordinated debentures | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Financial Assets | ' | ' |
Investments held-to-maturity | 220,054 | 222,024 |
Other equity securities | 36,412 | 33,636 |
Loans, net of allowance | 0 | 0 |
Other assets | 85,578 | 83,714 |
Financial Liabilities | ' | ' |
Time Deposits | 479,780 | 528,074 |
Securities sold under retail repurchase agreements and federal funds purchased | 53,177 | 86,929 |
Advances from FHLB | 550,662 | 451,408 |
Subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Financial Assets | ' | ' |
Investments held-to-maturity | 0 | 0 |
Other equity securities | 0 | 0 |
Loans, net of allowance | 2,587,170 | 2,453,314 |
Other assets | 0 | 0 |
Financial Liabilities | ' | ' |
Time Deposits | 0 | 0 |
Securities sold under retail repurchase agreements and federal funds purchased | 0 | 0 |
Advances from FHLB | 0 | 0 |
Subordinated debentures | $8,669 | $9,919 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | $462,000 | $476,000 | $1,384,000 | $1,403,000 |
Assets under management | $880,000,000 | ' | $880,000,000 | ' |
Operating_Segments_and_Reconci
Operating Segments and Reconciliation of Information to Condensed Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | $40,180 | $37,495 | $112,238 | $107,668 | ' |
Interest expense | 4,874 | 5,710 | 14,674 | 17,369 | ' |
Provision (credit) for loan and lease losses | 1,128 | 232 | -1,670 | 2,481 | ' |
Non-interest income | 11,223 | 12,242 | 35,857 | 34,709 | ' |
Non-interest expenses | 26,893 | 27,167 | 82,224 | 82,708 | ' |
Income before income taxes | 18,508 | 16,628 | 52,867 | 39,819 | ' |
Income tax expense | 6,419 | 5,638 | 18,058 | 13,146 | ' |
Net income | 12,089 | 10,990 | 34,809 | 26,673 | ' |
Assets | 4,052,969 | 3,887,427 | 4,052,969 | 3,887,427 | 3,955,206 |
Community Banking | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 40,180 | 37,494 | 112,238 | 107,668 | ' |
Interest expense | 4,879 | 5,715 | 14,691 | 17,383 | ' |
Provision (credit) for loan and lease losses | 1,128 | 232 | -1,670 | 2,481 | ' |
Non-interest income | 8,453 | 9,942 | 27,748 | 27,742 | ' |
Non-interest expenses | 24,939 | 25,504 | 76,893 | 77,736 | ' |
Income before income taxes | 17,687 | 15,985 | 50,072 | 37,810 | ' |
Income tax expense | 6,094 | 5,390 | 16,955 | 12,363 | ' |
Net income | 11,593 | 10,595 | 33,117 | 25,447 | ' |
Assets | 4,088,617 | 3,901,588 | 4,088,617 | 3,901,588 | ' |
Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 1 | 2 | 6 | 5 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Provision (credit) for loan and lease losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | 1,271 | 1,076 | 3,968 | 3,388 | ' |
Non-interest expenses | 1,135 | 1,036 | 3,270 | 3,204 | ' |
Income before income taxes | 137 | 42 | 704 | 189 | ' |
Income tax expense | 55 | 17 | 285 | 77 | ' |
Net income | 82 | 25 | 419 | 112 | ' |
Assets | 13,907 | 13,058 | 13,907 | 13,058 | ' |
Investment Management | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 4 | 4 | 11 | 9 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Provision (credit) for loan and lease losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | 1,573 | 1,427 | 4,622 | 4,188 | ' |
Non-interest expenses | 893 | 830 | 2,542 | 2,377 | ' |
Income before income taxes | 684 | 601 | 2,091 | 1,820 | ' |
Income tax expense | 270 | 231 | 818 | 706 | ' |
Net income | 414 | 370 | 1,273 | 1,114 | ' |
Assets | 18,350 | 16,579 | 18,350 | 16,579 | ' |
Intersegment Elimination | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | -5 | -5 | -17 | -14 | ' |
Interest expense | -5 | -5 | -17 | -14 | ' |
Provision (credit) for loan and lease losses | 0 | 0 | 0 | 0 | ' |
Non-interest income | -74 | -203 | -481 | -609 | ' |
Non-interest expenses | -74 | -203 | -481 | -609 | ' |
Income before income taxes | 0 | 0 | 0 | 0 | ' |
Income tax expense | 0 | 0 | 0 | 0 | ' |
Net income | 0 | 0 | 0 | 0 | ' |
Assets | ($67,905) | ($43,798) | ($67,905) | ($43,798) | ' |