Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LBAI | |
Entity Registrant Name | LAKELAND BANCORP INC | |
Entity Central Index Key | 0000846901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,441,279 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash | $ 205,322 | $ 205,199 |
Interest-bearing deposits due from banks | 21,037 | 3,400 |
Total cash and cash equivalents | 226,359 | 208,599 |
Investment securities available for sale, at fair value | 659,238 | 638,618 |
Equity securities, at fair value | 15,232 | 15,921 |
Investment securities held to maturity; fair value of $158,219 at March 31, 2019 and $150,932 at December 31, 2018 | 159,308 | 153,646 |
Federal Home Loan Bank and other membership bank stock, at cost | 16,951 | 13,301 |
Loans, net of deferred costs (fees) | 4,921,391 | 4,456,733 |
Less: allowance for loan losses | 37,979 | 37,688 |
Net loans | 4,883,412 | 4,419,045 |
Loans held for sale | 600 | 1,113 |
Premises and equipment, net | 51,703 | 49,175 |
Operating lease right-of-use assets | 19,239 | |
Accrued interest receivable | 17,515 | 16,114 |
Goodwill | 154,153 | 136,433 |
Other identifiable intangible assets | 5,192 | 1,768 |
Bank owned life insurance | 110,430 | 110,052 |
Other assets | 45,731 | 42,308 |
TOTAL ASSETS | 6,365,063 | 5,806,093 |
Deposits: | ||
Noninterest-bearing | 1,071,890 | 950,218 |
Savings and interest-bearing transaction accounts | 3,046,322 | 2,913,414 |
Time deposits $250 thousand and under | 753,126 | 589,737 |
Time deposits over $250 thousand | 193,246 | 167,301 |
Total deposits | 5,064,584 | 4,620,670 |
Federal funds purchased and securities sold under agreements to repurchase | 261,266 | 233,905 |
Other borrowings | 175,783 | 181,118 |
Subordinated debentures | 118,193 | 105,027 |
Operating lease liabilities | 20,823 | |
Other liabilities | 43,071 | 41,634 |
TOTAL LIABILITIES | 5,683,720 | 5,182,354 |
STOCKHOLDERS’ EQUITY | ||
Common stock, no par value; authorized shares, 100,000,000 at March 31, 2019 and December 31, 2018; issued shares, 50,435,663 at March 31, 2019 and 47,486,250 at December 31, 2018 | 558,245 | 514,703 |
Retained earnings | 126,787 | 116,874 |
Accumulated other comprehensive loss | (3,689) | (7,838) |
TOTAL STOCKHOLDERS’ EQUITY | 681,343 | 623,739 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 6,365,063 | $ 5,806,093 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity; fair value | $ 158,219 | $ 150,932 |
Common stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 50,435,663 | 47,486,250 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST INCOME | ||
Loans and fees | $ 57,642 | $ 45,544 |
Federal funds sold and interest-bearing deposits with banks | 254 | 166 |
Taxable investment securities and other | 4,873 | 3,992 |
Tax-exempt investment securities | 408 | 443 |
TOTAL INTEREST INCOME | 63,177 | 50,145 |
INTEREST EXPENSE | ||
Deposits | 11,497 | 5,755 |
Federal funds purchased and securities sold under agreements to repurchase | 608 | 134 |
Other borrowings | 2,466 | 2,020 |
TOTAL INTEREST EXPENSE | 14,571 | 7,909 |
NET INTEREST INCOME | 48,606 | 42,236 |
Provision for loan losses | 508 | 1,284 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 48,098 | 40,952 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 2,573 | 2,611 |
Commissions and fees | 1,412 | 1,272 |
Income on bank owned life insurance | 683 | 719 |
Gain (loss) on equity securities | 353 | (18) |
Gains on sales of loans | 371 | 246 |
Other income | 331 | 504 |
TOTAL NONINTEREST INCOME | 5,723 | 5,334 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 19,231 | 16,861 |
Net occupancy expense | 2,954 | 2,738 |
Furniture and equipment | 2,116 | 2,206 |
FDIC insurance expense | 450 | 425 |
Stationery, supplies and postage | 447 | 416 |
Marketing expense | 469 | 361 |
Data processing expense | 1,327 | 466 |
Telecommunications expense | 493 | 421 |
ATM and debit card expense | 602 | 510 |
Core deposit intangible amortization | 304 | 157 |
Other real estate and repossessed asset expense | 86 | 46 |
Merger related expenses | 2,860 | 0 |
Other expenses | 2,645 | 2,530 |
TOTAL NONINTEREST EXPENSE | 33,984 | 27,137 |
Income before provision for income taxes | 19,837 | 19,149 |
Provision for income taxes | 4,211 | 3,894 |
NET INCOME | $ 15,626 | $ 15,255 |
PER SHARE OF COMMON STOCK | ||
Basic earnings (in usd per share) | $ 0.31 | $ 0.32 |
Diluted earnings (in dollars per share) | 0.31 | 0.32 |
Dividends (in usd per share) | $ 0.115 | $ 0.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 15,626 | $ 15,255 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Unrealized gains (losses) on securities available for sale | 4,363 | (5,732) |
Unrealized (losses) gains on derivatives | (214) | 283 |
Other comprehensive income (loss) | 4,149 | (5,449) |
TOTAL COMPREHENSIVE INCOME | $ 19,775 | $ 9,806 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Cumulative adjustment for adoption of ASU 2016-01 | $ (2,043) | |||
January 1, 2018, as adjusted | (4,392) | |||
Balance at beginning of period at Dec. 31, 2017 | $ 583,122 | $ 512,734 | $ 72,737 | (2,349) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 15,255 | 15,255 | ||
Other comprehensive loss, net of tax | (5,449) | (5,449) | ||
Stock based compensation | 994 | 994 | ||
Exercise of stock options | 248 | 248 | ||
Retirement of restricted stock | (744) | (744) | ||
Cash dividends, common stock | (4,778) | (4,778) | ||
Balance at end of period at Mar. 31, 2018 | 588,648 | 513,232 | 85,257 | (9,841) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Cumulative adjustment for adoption of ASU 2016-01 | 0 | |||
January 1, 2018, as adjusted | (7,838) | |||
Balance at beginning of period at Dec. 31, 2018 | 623,739 | 514,703 | 116,874 | (7,838) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 15,626 | |||
Other comprehensive loss, net of tax | 4,149 | 4,149 | ||
Stock based compensation | 696 | 696 | ||
Retirement of restricted stock | (571) | (571) | ||
Cash dividends, common stock | (5,838) | (5,838) | ||
Issuance of stock for Highlands acquisition | 43,417 | 43,417 | ||
Balance at end of period at Mar. 31, 2019 | $ 681,343 | $ 558,245 | $ 126,787 | $ (3,689) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 15,626 | $ 15,255 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of premiums, discounts and deferred loan fees and costs | 497 | 1,250 |
Depreciation and amortization | 2,138 | 1,323 |
Amortization of intangible assets | 304 | 157 |
Amortization of operating lease right-of-use assets | 652 | |
Provision for loan losses | 508 | 1,284 |
Loans originated for sale | (8,931) | (8,473) |
Proceeds from sales of loans held for sale | 10,928 | 9,175 |
Change in market value of equity securities | (353) | 18 |
Gains on sales of loans held for sale | (371) | (246) |
Gains on other real estate and other repossessed assets | (36) | (25) |
Losses on sales of premises and equipment | 85 | 0 |
Stock-based compensation | 696 | 994 |
Excess tax benefits | 131 | 298 |
Increase in other assets | (2,590) | (2,388) |
Increase in other liabilities | 959 | 1,262 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 20,243 | 19,884 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash acquired in acquisitions | 13,454 | 0 |
Proceeds from repayments and maturities of available for sale securities | 42,074 | 20,928 |
Proceeds from repayments and maturities of held to maturity securities | 4,153 | 5,820 |
Proceeds from sales of equity securities | 1,138 | 0 |
Purchase of available for sale securities | (36,085) | (24,589) |
Purchase of held to maturity securities | (8,510) | (18,461) |
Purchase of equity securities | (95) | (326) |
Proceeds from redemptions of Federal Home Loan Bank stock | 25,792 | 688 |
Purchases of Federal Home Loan Bank stock | (27,675) | 0 |
Net increase in loans | (38,506) | (73,247) |
Proceeds from sales of other real estate and repossessed assets | 253 | 145 |
Proceeds from dispositions and sales of premises and equipment | 953 | 0 |
Purchases of premises and equipment | (1,793) | (1,354) |
NET CASH USED IN INVESTING ACTIVITIES | (24,847) | (90,396) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 34,545 | 79,339 |
Increase in federal funds purchased and securities sold under agreements to repurchase | 27,361 | 1,549 |
Repayments of other borrowings | (33,133) | (15,000) |
Exercise of stock options | 0 | 248 |
Retirement of restricted stock | (571) | (744) |
Dividends paid | (5,838) | (4,778) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 22,364 | 60,614 |
Net increase (decrease) in cash and cash equivalents | 17,760 | (9,898) |
Cash and cash equivalents, beginning of period | 208,599 | 142,933 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 226,359 | 133,035 |
Supplemental schedule of non-cash investing and financing activities: | ||
Cash paid during the period for income taxes | 230 | 2,046 |
Cash paid during the period for interest | 13,001 | 6,716 |
Transfer of loans into other repossessed assets and other real estate owned | 102 | 669 |
Initial recognition of operating lease right-of-use assets | 19,239 | |
Initial recognition of operating lease liabilities | 20,823 | |
Non-cash assets acquired: | ||
Federal Home Loan Bank stock | 1,767 | 0 |
Investment securities available for sale | 22,734 | 0 |
Loans, including loans held for sale | 428,072 | 0 |
Goodwill and other intangible assets, net | 21,448 | 0 |
Other assets | 8,602 | 0 |
Total non-cash assets acquired | 482,623 | 0 |
Deposits | 409,638 | 0 |
Other borrowings | 40,957 | 0 |
Other liabilities | 2,065 | 0 |
Total liabilities assumed | 452,660 | 0 |
Common stock issued and fair value of stock options converted to Lakeland Bancorp stock options | $ 43,417 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and the Bank’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are, in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2019 do not necessarily indicate the results that the Company will achieve for all of 2019 . Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS On January 4, 2019, the Company completed its acquisition of Highlands Bancorp, Inc. ("Highlands"), a bank holding company headquartered in Vernon, New Jersey. Highlands was the parent of Highlands State Bank, which operated four branches in Sussex, Passaic and Morris Counties in New Jersey. This acquisition enabled the Company to broaden its presence in those counties. Effective as of the close of business on January 4, 2019 , Highlands merged into the Company and Highlands State Bank merged into Lakeland. Pursuant to the merger agreement, the shareholders of Highlands received for each outstanding share of Highlands common stock that they owned at the effective time of the merger, 1.015 shares of Lakeland Bancorp, Inc. common stock. The Company issued 2,837,524 shares of its common stock in the merger. Outstanding Highlands options were paid out in cash at the difference between $14.71 and an average strike price of $8.09 for a total cash payment of $797,000 . The acquisition was accounted for under the acquisition method of accounting and accordingly, the assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date. Highlands' assets were recorded at their preliminary estimated fair values as of January 4, 2019 and Highlands' results of operations will be included in the Company's Consolidated Statements of Income from that date forward. The assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values based on management's best estimates using information available at the date of the acquisition, including the use of a third-party valuation specialist. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the acquisition. The following table summarizes the estimated fair value of the acquired assets and liabilities assumed at the date of acquisition for Highlands. (in thousands) Cash and cash equivalents 13,454 Securities, available for sale 22,734 Federal Home Loan Bank stock 1,767 Loans held for sale 1,113 Loans 426,959 Premises and equipment 3,253 Goodwill 17,720 Identifiable intangible assets 3,728 Accrued interest receivable and other assets 5,349 Total assets acquired 496,077 Deposits (409,638 ) Other borrowings (27,800 ) Subordinated debt (13,157 ) Other liabilities (2,065 ) Total liabilities assumed (452,660 ) Net assets acquired $ 43,417 Loans acquired in the Highlands acquisition were recorded at fair value and subsequently accounted for in accordance with ASC Topic 310. There was no carryover related allowance for loan losses. The fair values of loans acquired from Highlands were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted for estimated future credit losses and the rate of prepayments. Projected cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. The following is a summary of the credit impaired loans acquired in the Highlands acquisition as of the closing date. (in thousands) Contractually required principal and interest at acquisition $ 20,025 Contractual cash flows not expected to be collected (non-accretable difference) 4,758 Expected cash flows at acquisition $ 15,267 Interest component of expected cash flows (accretable difference) 1,420 Fair value of acquired loans $ 13,847 The core deposit intangible totaled $3.7 million and is being amortized over its estimated useful life of approximately ten years using an accelerated method. The goodwill will be evaluated annually for impairment. The goodwill is not deductible for tax purposes. The fair values of deposit liabilities with no stated maturities such as checking, money market and savings accounts, were assumed to equal the carrying amounts since these deposits are payable on demand. The fair values of certificates of deposits and IRAs represent the present value of contractual cash flows discounted at market rates for similar certificates of deposit. Direct costs related to the acquisition were expensed as incurred. During the three months ended March 31, 2019 , the Company incurred $2.9 million of merger and acquisition integration-related expenses, which have been separately stated in the Company's Consolidated Statements of Income. Supplemental Pro Forma Financial Information The following table provides unaudited condensed pro forma financial information assuming that the Highlands acquisition had been completed as of January 1, 2019, for the three months ended March 31, 2019 and as of January 1, 2018 for the three months ended March 31, 2018. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisitions occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings or the impact of conforming certain accounting policies of the acquired companies to the Company’s policies that may have occurred as a result of the integration and consolidation of Highlands' operations. The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects. The Company has not provided separate information regarding revenue and earnings of Highlands since the acquisition because of the manner in which Highlands' branches and lending team were immediately merged into Lakeland’s branches and lending team making such information impracticable to provide. Pro Forma Pro Forma (in thousands) March 31, 2019 March 31, 2018 Net interest income $ 48,753 $ 46,787 Provision for loan losses 508 1,382 Noninterest income 5,694 6,198 Noninterest expense 31,205 30,501 Net income 17,784 16,687 Earnings per share: Fully diluted $ 0.35 $ 0.33 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION The Company’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid. The Company’s additional source of income, also referred to as noninterest income, is generated from deposit related fees, interchange fees, loan fees, merchant fees, loan sales and other miscellaneous income and is largely based on contracts with customers. In these cases, the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company considers a customer to be any party to which the Company will provide goods or services that are an output of the Company’s ordinary activities in exchange for consideration. There is little seasonality with regards to revenue from contracts with customers and all inter-company revenue is eliminated when the Company’s financial statements are consolidated. Generally, the Company enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, the Company does not have contract assets, contract liabilities or related receivable accounts for contracts with customers. In cases where collectability is a concern, the Company does not record revenue. Generally, the pricing of transactions between the Company and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with the loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts. The Company primarily operates in one geographic region, Northern and Central New Jersey and contiguous areas. Therefore, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated from customers during the Company’s ordinary activities primarily relates to mortgage servicing rights, gains/losses on the sale of investment securities, gains/losses on the sale of other real estate owned, gains/losses on the sale of property, plant and equipment, and income from bank owned life insurance. The following table sets forth the components of noninterest income for the three months ended March 31, 2019 and 2018 : For the Three Months Ended March 31, (in thousands) 2019 2018 Deposit Related Fees and Charges Debit card interchange income $ 1,218 $ 1,118 Overdraft charges 996 1,109 ATM service charges 184 190 Demand deposit fees and charges 143 158 Savings service charges 32 36 Total 2,573 2,611 Commissions and Fees Loan fees 348 322 Wire transfer charges 267 248 Investment services income 352 228 Merchant fees 184 216 Commissions from sales of checks 103 108 Safe deposit income 91 84 Other income 61 63 Total 1,406 1,269 Gains on Sale of Loans 371 246 Other Income Gains on customer swap transactions 199 332 Title insurance income 90 49 Other income 61 97 Total 350 478 Revenue not from contracts with customers 1,023 730 Total Noninterest Income 5,723 5,334 Timing of Revenue Recognition Products and services transferred at a point in time 4,681 4,585 Products and services transferred over time 19 19 Revenue not from contracts with customers 1,023 730 Total Noninterest Income $ 5,723 $ 5,334 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Three Months Ended March 31, (in thousands, except per share data) 2019 2018 Net income available to common shareholders $ 15,626 $ 15,255 Less: earnings allocated to participating securities 141 141 Net income allocated to common shareholders $ 15,485 $ 15,114 Weighted average number of common shares outstanding - basic 50,275 47,503 Share-based plans 167 233 Weighted average number of common shares outstanding - diluted 50,442 47,736 Basic earnings per share $ 0.31 $ 0.32 Diluted earnings per share $ 0.31 $ 0.32 There were no antidilutive options to purchase common stock excluded from the computation for the three months ended March 31, 2019 and 2018 . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses and the fair value of the Company's available for sale and held to maturity investment securities are as follows: March 31, 2019 December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 141,088 $ 94 $ (1,601 ) $ 139,581 $ 143,495 $ — $ (2,568 ) $ 140,927 Mortgage-backed securities, residential 442,358 1,473 (5,204 ) 438,627 434,208 779 (8,843 ) 426,144 Mortgage-backed securities, multifamily 30,956 135 (82 ) 31,009 21,087 67 (204 ) 20,950 Obligations of states and political subdivisions 44,850 362 (195 ) 45,017 45,951 140 (586 ) 45,505 Debt securities 5,000 4 — 5,004 5,000 92 — 5,092 $ 664,252 $ 2,068 $ (7,082 ) $ 659,238 $ 649,741 $ 1,078 $ (12,201 ) $ 638,618 March 31, 2019 December 31, 2018 (in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair HELD TO MATURITY U.S. government agencies $ 32,461 $ — $ (360 ) $ 32,101 $ 33,025 $ — $ (677 ) $ 32,348 Mortgage-backed securities, residential 82,070 246 (1,033 ) 81,283 75,859 169 (1,838 ) 74,190 Mortgage-backed securities, multifamily 1,827 — (19 ) 1,808 1,853 — (35 ) 1,818 Obligations of states and political subdivisions 36,450 274 (127 ) 36,597 37,909 113 (328 ) 37,694 Debt securities 6,500 — (70 ) 6,430 5,000 — (118 ) 4,882 $ 159,308 $ 520 $ (1,609 ) $ 158,219 $ 153,646 $ 282 $ (2,996 ) $ 150,932 The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2019. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value March 31, 2019 Due in one year or less $ 24,755 $ 24,636 $ 5,924 $ 5,929 Due after one year through five years 116,056 115,089 42,423 42,361 Due after five years through ten years 32,550 32,602 24,379 24,144 Due after ten years 17,577 17,275 2,685 2,694 190,938 189,602 75,411 75,128 Mortgage-backed securities 473,314 469,636 83,897 83,091 Total securities $ 664,252 $ 659,238 $ 159,308 $ 158,219 There were no sales of available for sale or held to maturity securities during the three months ended March 31, 2019 and 2018. Securities with a carrying value of approximately $511.3 million and $476.3 million at March 31, 2019 and December 31, 2018 , respectively, were pledged to secure public deposits and for other purposes required by applicable laws and regulations. The following tables indicates the length of time individual securities have been in a continuous unrealized loss position for the periods presented: Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Number of Securities Fair Value Unrealized March 31, 2019 AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 12,112 $ 78 $ 116,126 $ 1,523 25 $ 128,238 $ 1,601 Mortgage-backed securities, residential 719 1 289,307 5,203 126 290,026 5,204 Mortgage-backed securities, multifamily 4,979 9 12,993 73 4 17,972 82 Obligations of states and political subdivisions — — 16,088 195 30 16,088 195 $ 17,810 $ 88 $ 434,514 $ 6,994 185 $ 452,324 $ 7,082 HELD TO MATURITY U.S. government agencies $ — $ — $ 32,101 $ 360 6 $ 32,101 $ 360 Mortgage-backed securities, residential 9,012 27 47,210 1,006 31 56,222 1,033 Mortgage-backed securities, multifamily — — 1,808 19 2 1,808 19 Obligations of states and political subdivisions — — 8,222 127 7 8,222 127 Debt securities 3,930 70 — — 1 3,930 70 $ 12,942 $ 97 $ 89,341 $ 1,512 47 $ 102,283 $ 1,609 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized December 31, 2018 AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 20,588 $ 216 $ 120,338 $ 2,352 27 $ 140,926 $ 2,568 Mortgage-backed securities, residential 10,119 58 316,851 8,785 139 326,970 8,843 Mortgage-backed securities, multifamily 1,977 2 12,911 202 4 14,888 204 Obligations of states and political subdivisions 1,289 2 26,522 584 50 27,811 586 $ 33,973 $ 278 $ 476,622 $ 11,923 220 $ 510,595 $ 12,201 HELD TO MATURITY U.S. government agencies $ — $ — $ 32,348 $ 677 6 $ 32,348 $ 677 Mortgage-backed securities, residential 8,325 59 53,761 1,779 36 62,086 1,838 Mortgage-backed securities, multifamily — — 1,818 35 2 1,818 35 Obligations of states and political subdivisions 1,764 8 15,580 320 27 17,344 328 Debt securities 3,882 118 — — 1 3,882 118 $ 13,971 $ 185 $ 103,507 $ 2,811 72 $ 117,478 $ 2,996 Management has evaluated the securities in the above table and has concluded that none of the securities with unrealized losses has impairments that are other-than-temporary. Fair value below cost is solely due to interest rate movements and is deemed temporary. Investment securities, including the mortgage-backed securities and corporate securities, are evaluated on a periodic basis to determine if factors are identified that would require further analysis. In evaluating the Company’s securities, management considers the following items: • The Company’s ability and intent to hold the securities, including an evaluation of the need to sell the security to meet certain liquidity measures, or whether the Company has sufficient levels of cash to hold the identified security in order to recover the entire amortized cost of the security; • The financial condition of the underlying issuer; • The credit ratings of the underlying issuer and if any changes in the credit rating have occurred; • The length of time the security’s fair value has been less than amortized cost; and • Adverse conditions related to the security or its issuer if the issuer has failed to make scheduled payments or other factors. If the above factors indicate that an additional analysis is required, management will perform a discounted cash flow analysis evaluating the security. Equity securities at fair value The Company has an equity securities portfolio which consists of investments in other financial institutions for market appreciation purposes and investments in Community Reinvestment funds. The market value of these investments was $15.2 million and $15.9 million at March 31, 2019 and December 31, 2018 , respectively. Upon implementation of Accounting Standards Update 2016-01 - Financial Instruments ("ASU 2016-01"), the Company made a cumulative adjustment of $2.0 million from other comprehensive income to retained earnings as of January 1, 2018. In the first three months of 2019, the Company recorded proceeds from sales of equity securities of $1.1 million while recording no sales in the first three months of 2018. The Company also recorded $353,000 in market value gain on equity securities in noninterest income for the first quarter of 2019 and $18,000 in market value loss in the same period of 2018. As of March 31, 2019 , the equity investments in other financial institutions and Community Reinvestment funds had a market value of $1.9 million and $13.4 million , respectively. The Community Reinvestment funds include $3.5 million that are primarily invested in community development loans that are guaranteed by the Small Business Administration (“SBA”). Because the funds are primarily guaranteed by the federal government there are minimal changes in market value between accounting periods. These funds can be redeemed with 60 days notice at the net asset value less unpaid management fees with the approval of the fund manager. As of March 31, 2019 , the net amortized cost equaled the market value of the investment. There are no unfunded commitments related to these investments. The Community Reinvestment funds include $9.8 million that are primarily invested in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments. |
Loans and Other Real Estate
Loans and Other Real Estate | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Other Real Estate | LOANS AND OTHER REAL ESTATE The following sets forth the composition of the Company’s loan portfolio: (in thousands) March 31, 2019 December 31, 2018 Commercial, secured by real estate $ 3,436,550 $ 3,057,779 Commercial, industrial and other 389,230 336,735 Equipment finance 90,791 87,925 Real estate - residential mortgage 335,290 329,854 Real estate - construction 332,995 319,545 Home equity and consumer 339,815 328,609 Total loans 4,924,671 4,460,447 Less: deferred fees (3,280 ) (3,714 ) Loans, net of deferred fees $ 4,921,391 $ 4,456,733 At March 31, 2019 and December 31, 2018 , home equity and consumer loans included overdraft deposit balances of $368,000 and $452,000 , respectively. At March 31, 2019 and December 31, 2018 , the Company had $1.32 billion and $1.16 billion , respectively, in loans pledged for actual and potential borrowings at the Federal Home Loan Bank of New York (“FHLB”). Purchased Credit Impaired Loans The carrying value of loans acquired in the Highlands merger and accounted for in accordance with ASC Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” was $13.7 million which was substantially the same as the balance at acquisition on January 4, 2019. The carrying value of the purchased credit impaired ("PCI") loans acquired in the Pascack Community Bank ("Pascack") acquisition was $145,000 at March 31, 2019 compared to $ 157,000 at December 31, 2018 . The carrying value of PCI loans acquired in the Harmony Bank ("Harmony") acquisition was $485,000 at March 31, 2019 compared to $495,000 at December 31, 2018 . The following table presents changes in the accretable yield for PCI loans: For the Three Months Ended (in thousands) March 31, 2019 March 31, 2018 Balance, beginning of period $ 81 $ 129 Acquisitions 1,420 — Accretion (193 ) (44 ) Net reclassification non-accretable difference 30 28 Balance, end of period $ 1,338 $ 113 Non-Performing Assets and Past Due Loans The following schedule sets forth certain information regarding the Company’s non-performing assets and its accruing troubled debt restructurings, excluding PCI loans: (in thousands) March 31, 2019 December 31, 2018 Commercial, secured by real estate $ 9,817 $ 7,192 Commercial, industrial and other 2,202 1,019 Equipment finance 383 501 Real estate - residential mortgage 1,740 1,986 Home equity and consumer 1,581 1,432 Total non-accrual loans $ 15,723 $ 12,130 Other real estate and other repossessed assets 715 830 TOTAL NON-PERFORMING ASSETS $ 16,438 $ 12,960 Troubled debt restructurings, still accruing $ 6,352 $ 9,293 Non-accrual loans included $2.8 million and $3.6 million of troubled debt restructurings for the periods ended March 31, 2019 and December 31, 2018 , respectively. At March 31, 2019 and December 31, 2018 , the Company had $1.2 million and $1.5 million , respectively, in residential mortgages and consumer home equity loans that were in the process of foreclosure which are included in non-accrual loans in the above table. An age analysis of past due loans, segregated by class of loans as of March 31, 2019 and December 31, 2018 , is as follows: (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Investment Greater than 89 Days and Still Accruing March 31, 2019 Commercial, secured by real estate $ 14,944 $ 3,060 $ 3,913 $ 21,917 $ 3,414,633 $ 3,436,550 $ — Commercial, industrial and other 1,084 220 377 1,681 387,549 389,230 — Equipment finance 358 210 383 951 89,840 90,791 — Real estate - residential mortgage 2,406 — 1,146 3,552 331,738 335,290 — Real estate - construction — — 3,423 3,423 329,572 332,995 — Home equity and consumer 1,845 365 1,297 3,507 336,308 339,815 78 $ 20,637 $ 3,855 $ 10,539 $ 35,031 $ 4,889,640 $ 4,924,671 $ 78 December 31, 2018 Commercial, secured by real estate $ 1,477 $ 639 $ 2,237 $ 4,353 $ 3,053,426 $ 3,057,779 $ — Commercial, industrial and other 173 243 750 1,166 335,569 336,735 — Equipment finance 533 13 501 1,047 86,878 87,925 — Real estate - residential mortgage 743 111 1,776 2,630 327,224 329,854 — Real estate - construction — — — — 319,545 319,545 — Home equity and consumer 1,917 216 850 2,983 325,626 328,609 — $ 4,843 $ 1,222 $ 6,114 $ 12,179 $ 4,448,268 $ 4,460,447 $ — Impaired Loans The Company defines impaired loans as all non-accrual loans with recorded investments of $500,000 or greater. Impaired loans also include all loans that have been modified in troubled debt restructurings, but excludes PCI loans. Impaired loans as of March 31, 2019 and December 31, 2018 are as follows: (in thousands) Recorded Investment in Impaired Loans Contractual Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized March 31, 2019 Loans without specific allowance: Commercial, secured by real estate $ 12,188 $ 12,883 $ — $ 8,878 $ 52 Commercial, industrial and other 2,309 2,633 — 1,142 4 Equipment finance 301 597 — 301 — Real estate - residential mortgage — — — — — Real estate - construction — — — — — Home equity and consumer — — — — — Loans with specific allowance: Commercial, secured by real estate 3,797 4,070 229 6,642 72 Commercial, industrial and other 200 199 8 199 3 Equipment finance 26 26 12 26 — Real estate - residential mortgage 715 875 4 718 5 Real estate - construction — — — — — Home equity and consumer 700 741 6 697 8 Total: Commercial, secured by real estate $ 15,985 $ 16,953 $ 229 $ 15,520 $ 124 Commercial, industrial and other 2,509 2,832 8 1,341 7 Equipment finance 327 623 12 327 — Real estate - residential mortgage 715 875 4 718 5 Real estate - construction — — — — — Home equity and consumer 700 741 6 697 8 $ 20,236 $ 22,024 $ 259 $ 18,603 $ 144 (in thousands) Recorded Contractual Specific Average Interest December 31, 2018 Loans without specific allowance: Commercial, secured by real estate $ 9,284 $ 9,829 — $ 7,369 $ 188 Commercial, industrial and other 1,151 1,449 — 1,834 19 Equipment finance 301 597 — 376 — Real estate - residential mortgage — — — 242 4 Real estate - construction — — — 726 — Home equity and consumer — — — — — Loans with specific allowance: Commercial, secured by real estate 7,270 7,597 307 7,594 317 Commercial, industrial and other 209 209 7 209 12 Equipment finance 30 30 14 19 — Real estate - residential mortgage 730 884 4 745 20 Real estate - construction — — — — — Home equity and consumer 727 765 6 898 32 Total: Commercial, secured by real estate $ 16,554 $ 17,426 $ 307 $ 14,963 $ 505 Commercial, industrial and other 1,360 1,658 7 2,043 31 Equipment finance 331 627 14 395 — Real estate - residential mortgage 730 884 4 987 24 Real estate - construction — — — 726 — Home equity and consumer 727 765 6 898 32 $ 19,702 $ 21,360 $ 338 $ 20,012 $ 592 Interest income recognized on impaired loans was $144,000 and $177,000 for the three months ended March 31, 2019 and 2018 , respectively. Interest that would have been accrued on impaired loans during the first three months of 2019 and 2018 had the loans been performing under original terms would have been $268,000 and $307,000 , respectively. Credit Quality Indicators The class of loans is determined by internal risk rating. Management closely and continually monitors the quality of its loans and assesses the quantitative and qualitative risks arising from the credit quality of its loans. Lakeland assigns a credit risk rating to all commercial loans and loan commitments. The credit risk rating system has been developed by management to provide a methodology to be used by loan officers, department heads and senior management in identifying various levels of credit risk that exist within Lakeland’s commercial loan portfolios. The risk rating system assists senior management in evaluating Lakeland’s commercial loan portfolio, analyzing trends, and determining the proper level of required reserves to be recommended to the Board. In assigning risk ratings, management considers, among other things, a borrower’s debt service coverage, earnings strength, loan to value ratios, guarantor support, industry conditions and economic conditions. Management categorizes commercial loans and commitments into a one (1) to nine (9) numerical structure with rating 1 being the strongest rating and rating 9 being the weakest. Ratings 1 through 5W are considered ‘Pass’ ratings. The following table shows the Company’s commercial loan portfolio as of March 31, 2019 and December 31, 2018 , by the risk ratings discussed above (in thousands): March 31, 2019 Commercial, Secured by Real Estate Commercial, Industrial and Other Real Estate - Construction RISK RATING 1 $ — $ 2,450 $ — 2 — 18,444 — 3 68,756 36,739 — 4 933,390 88,551 18,204 5 2,247,650 205,999 302,190 5W - Watch 89,295 19,381 5,873 6 - Other assets especially mentioned 46,466 3,988 2,267 7 - Substandard 50,993 13,678 4,461 8 - Doubtful — — — 9 - Loss — — — Total $ 3,436,550 $ 389,230 $ 332,995 December 31, 2018 Commercial, Commercial, Real Estate - RISK RATING 1 $ — $ 1,119 $ — 2 — 18,462 — 3 69,995 36,367 — 4 933,577 91,145 17,375 5 1,910,423 168,474 297,625 5W - Watch 61,626 7,798 3,493 6 - Other assets especially mentioned 38,844 2,033 — 7 - Substandard 43,314 11,337 1,052 8 - Doubtful — — — 9 - Loss — — — Total $ 3,057,779 $ 336,735 $ 319,545 The risk rating tables above do not include residential mortgage loans, consumer loans, or equipment finance because they are evaluated on their payment status. Allowance for Loan Losses The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2019 and 2018 : (in thousands) Commercial, Secured by Real Estate Commercial, Industrial and Other Equipment Finance Real Estate- Residential Mortgage Real Estate- Construction Home Equity and Consumer Total Three Months Ended March 31, 2019 Beginning Balance $ 27,881 $ 1,742 $ 987 $ 1,566 $ 3,015 $ 2,497 $ 37,688 Charge-offs (187 ) (147 ) (87 ) (50 ) — (45 ) (516 ) Recoveries 115 97 2 9 5 71 299 Provision (294 ) 900 45 39 (133 ) (49 ) 508 Ending Balance $ 27,515 $ 2,592 $ 947 $ 1,564 $ 2,887 $ 2,474 $ 37,979 (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total Three Months Ended March 31, 2018 Beginning Balance $ 25,704 $ 2,313 $ 630 $ 1,557 $ 2,731 $ 2,520 $ 35,455 Charge-offs (22 ) (1,012 ) (23 ) (93 ) — (100 ) (1,250 ) Recoveries 31 20 2 2 5 95 155 Provision 104 447 433 123 196 (19 ) 1,284 Ending Balance $ 25,817 $ 1,768 $ 1,042 $ 1,589 $ 2,932 $ 2,496 $ 35,644 Loans receivable summarized by portfolio segment and impairment method are as follows: (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total March 31, 2019 Ending Balance: Individually evaluated for impairment $ 15,985 $ 2,509 $ 327 $ 715 $ — $ 700 $ 20,236 Ending Balance: Collectively evaluated for impairment 3,413,062 384,213 90,464 334,177 329,566 338,573 4,890,055 Ending Balance: Loans acquired with deteriorated credit quality 7,503 2,508 — 398 3,429 542 14,380 Ending Balance (1) $ 3,436,550 $ 389,230 $ 90,791 $ 335,290 $ 332,995 $ 339,815 $ 4,924,671 (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total December 31, 2018 Ending Balance: Individually evaluated for impairment $ 16,554 $ 1,360 $ 331 $ 730 $ — $ 727 $ 19,702 Ending Balance: Collectively evaluated for impairment 3,040,573 335,375 87,594 329,124 319,545 327,882 4,440,093 Ending balance: Loans acquired with deteriorated credit quality 652 — — — — — 652 Ending Balance (1) $ 3,057,779 $ 336,735 $ 87,925 $ 329,854 $ 319,545 $ 328,609 $ 4,460,447 (1) Excludes deferred fees The allowance for loan losses is summarized by portfolio segment and impairment classification as follows: (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total March 31, 2019 Ending Balance: Individually evaluated for impairment $ 229 $ 8 $ 12 $ 4 $ — $ 6 $ 259 Ending Balance: Collectively evaluated for impairment 27,286 2,584 935 1,560 2,887 2,468 37,720 Ending Balance $ 27,515 $ 2,592 $ 947 $ 1,564 $ 2,887 $ 2,474 $ 37,979 (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total December 31, 2018 Ending Balance: Individually evaluated for impairment $ 307 $ 7 $ 14 $ 4 $ — $ 6 $ 338 Ending Balance: Collectively evaluated for impairment 27,574 1,735 973 1,562 3,015 2,491 37,350 Ending Balance $ 27,881 $ 1,742 $ 987 $ 1,566 $ 3,015 $ 2,497 $ 37,688 Lakeland also maintains a reserve for unfunded lending commitments which is included in other liabilities. This reserve was $2.3 million as of March 31, 2019 and December 31, 2018 . The Company analyzes the adequacy of the reserve for unfunded lending commitments quarterly. Troubled Debt Restructurings Loans are classified as troubled debt restructured loans in cases where borrowers experience financial difficulties and Lakeland makes certain concessionary modifications to contractual terms. Restructured loans typically involve a modification of terms such as a reduction of the stated interest rate, a moratorium of principal payments and/or an extension of the maturity date at a stated interest rate lower than the current market rate of a new loan with similar risk. The Company considers the potential losses on these loans as well as the remainder of its impaired loans while considering the adequacy of the allowance for loan losses. The following table summarizes loans that have been restructured during the three months ended March 31, 2019 and 2018 : For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial, secured by real estate — $ — $ — 2 $ 1,657 $ 1,657 — $ — $ — 2 $ 1,657 $ 1,657 There were no loans as of March 31, 2019 and 2018 that were restructured within the previous twelve months that have subsequently defaulted. Other Real Estate and Other Repossessed Assets At March 31, 2019 and December 31, 2018 , the Company had other real estate owned of $715,000 and $830,000 , respectively. Included in other real estate owned was residential property acquired as a result of foreclosure proceedings totaling $624,000 and $702,000 at March 31, 2019 and December 31, 2018 , respectively. There were no balances of other repossessed assets at both March 31, 2019 and December 31, 2018 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain premises and equipment under operating leases. Portions of certain properties are subleased for terms extending through 2024. At March 31, 2019 , the Company had lease liabilities totaling $20.8 million and right-of-use assets totaling $19.2 million related to these leases. The calculated amount of the right-of-use asset and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. The Company's lease agreements often include one or more options to renew at the Company's discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. The Company uses its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. For the three months ended March 31, 2019 , the weighted average remaining lease term for operating leases was 10.86 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.49% . As the Company elected not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Lease costs were as follows: (in thousands) Three Months Ended Operating lease cost $ 820 Variable lease cost 35 Sublease income (31 ) Net lease cost $ 824 Rent expense for the three months ended March 31, 2018 , prior to the adoption of ASU 2016-02, was $758,000 . Other information (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 660 Right-of-use asset obtained in exchange for new operating lease liabilities $ 765 There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three months ended March 31, 2019 . At March 31, 2019 , the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at March 31, 2019 is as follows: (in thousands) Within one year $ 3,273 After one year but within two years 3,036 After two year but within three years 2,786 After three year but within four years 2,283 After four year but within five years 2,058 After 5 years 12,061 Total undiscounted cash flows 25,497 Discount on cash flows (4,674 ) Total lease liability $ 20,823 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES Lakeland is a party to interest rate derivatives that are not designated as hedging instruments. Under a program, Lakeland executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Lakeland executes with a third party, such that Lakeland minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. Lakeland had $11.2 million and $498,000 , respectively, in available for sale securities pledged for collateral on its interest rate swaps with the financial institution for March 31, 2019 and December 31, 2018 . In June 2016, the Company entered into two cash flow hedges in order to hedge the variable cash outflows associated with its subordinated debentures. The notional value of these hedges was $30.0 million . The Company’s objectives in using the cash flow hedge are to add stability to interest expense and to manage its exposure to interest rate movements. The Company used interest rate swaps designated as cash flow hedges which involved the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In these particular hedges the Company is paying a third party an average of 1.10% in exchange for a payment at 3 month LIBOR . The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2019 , the Company did not record any hedge ineffectiveness. The Company recognized $124,000 and $43,000 of accumulated other comprehensive income (loss) that was reclassified into interest expense for the first three months of 2019 and 2018 , respectively. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that $448,000 will be reclassified as a decrease to interest expense should the rate environment remain the same. The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands): March 31, 2019 Notional Amount Average Maturity (Years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value Classified in Other Assets: 3rd Party interest rate swaps $ 88,842 7.5 3.80 % 1 Mo. LIBOR + 2.13% $ 2,939 Customer interest rate swaps 253,922 10.8 4.83 % 1 Mo. LIBOR + 2.04% 11,411 Interest rate swap (cash flow hedge) 30,000 2.3 1.10 % 3 Mo. LIBOR 828 Classified in Other Liabilities: Customer interest rate swaps $ 88,842 7.5 3.80 % 1 Mo. LIBOR + 2.13% $ (2,939 ) 3rd Party interest rate swaps 253,922 10.8 4.83 % 1 Mo. LIBOR + 2.04% (11,411 ) December 31, 2018 Notional Average Weighted Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 153,909 8.3 4.10 % 1 Mo. LIBOR + 2.13% $ 5,329 Customer interest rate swaps 164,427 12.0 5.04 % 1 Mo. LIBOR + 2.05% 5,707 Interest rate swap (cash flow hedge) 30,000 2.5 1.10 % 3 Mo. LIBOR 1,099 Classified in Other Liabilities: Customer interest rate swaps $ 153,909 8.3 4.10 % 1 Mo. LIBOR + 2.13% $ (5,329 ) 3rd party interest rate swaps 164,427 12.0 5.04 % 1 Mo. LIBOR + 2.05% (5,707 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company had goodwill of $154.2 million and $136.4 million at March 31, 2019 and December 31, 2018 , respectively. The Company recorded $17.7 million in goodwill from the Highlands merger in January 2019. The Company reviews its goodwill and intangible assets annually, on November 30, or more frequently if conditions warrant, for impairment. In testing goodwill for impairment, the Company compares the estimated fair value of its reporting unit to its carrying amount, including goodwill. The Company has determined that it has one reporting unit, Community Banking. The Company had core deposit intangibles of $5.2 million and $1.8 million at March 31, 2019 and December 31, 2018 , respectively. The Company recorded core deposit intangible of $3.7 million for the Highlands acquisition. The estimated future amortization expense for the remainder of 2019 and for each of the succeeding five years ended December 31 is as follows (in thousands): For the Year Ended 2019 $ 878 2020 1,025 2021 868 2022 711 2023 554 2024 425 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS At March 31, 2019 , the Company had federal funds purchased and securities sold under agreements to repurchase of $220.0 million and $41.3 million , respectively, compared to federal funds purchased and securities sold under agreements to repurchase of $192.1 million and $41.8 million , respectively, at December 31, 2018. The securities sold under agreements to repurchase are overnight sweep arrangement accounts with our customers. As of March 31, 2019 , the Company had $56.2 million in mortgage backed securities pledged for its securities sold under agreements to repurchase. At times the market values of securities collateralizing our securities sold under agreements to repurchase may decline due to changes in interest rates and may necessitate our lenders to issue a “margin call” which requires Lakeland to pledge additional collateral to meet that margin call. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Company grants restricted stock, restricted stock units (“RSUs”) and stock options under the 2018 Omnibus Equity Incentive Plan and previously granted such awards under the 2009 Equity Compensation Program. The Company recognized share based compensation expense on its restricted stock of $55,000 and $56,000 for the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 , there was unrecognized compensation cost of $156,000 related to unvested restricted stock that is expected to be recognized over a weighted average period of approximately 0.80 years . The Company recognized share based compensation expense of $640,000 and $938,000 on RSUs for the three months ended March 31, 2019 and 2018 , respectively. Unrecognized compensation expense related to RSUs was approximately $3.9 million as of March 31, 2019 , and that cost is expected to be recognized over a period of 1.78 years . There was no unrecognized compensation expense related to unvested stock options as of March 31, 2019 . In the first three months of 2019 , the Company granted 13,052 shares of restricted stock to non-employee directors at a grant date fair value of $15.96 per share under the 2018 Omnibus Equity Incentive Program. The restricted stock vests one year from the date it was granted. Compensation expense on this restricted stock is expected to be $208,000 over a one year period. In the first three months of 2018 , the Company granted 10,945 shares of restricted stock to non-employee directors at a grant date fair value of $20.55 per share under the 2009 Equity Compensation Program. The restricted stock vested one year from the date it was granted. Compensation expense on this restricted stock was $225,000 over a one year period. The following is a summary of the Company’s restricted stock activity during the three months ended March 31, 2019 : Number of Shares Weighted Average Price Outstanding, January 1, 2019 11,701 $ 20.18 Granted 13,052 15.96 Vested (11,643 ) 20.24 Forfeited — — Outstanding, March 31, 2019 13,110 $ 15.93 In the first three months of 2019 , the Company granted 127,559 RSUs under the 2018 Omnibus Equity Incentive Plan at a weighted average grant date fair value of $16.66 per share. These units vest within a range of two to three years . A portion of these RSUs will vest subject to certain performance conditions in the restricted stock unit agreement. There are also certain provisions in the compensation program which state that if a recipient of the RSUs reaches a certain age and years of service, the person has effectively earned a portion of the RSUs at that time. Compensation expense on the restricted stock units issued in the first three months of 2019 is expected to average approximately $708,000 per year over a three year period. In the first three months of 2018 , the Company granted 146,233 RSUs at a weighted average grant date fair value of $19.11 per share under the Company’s 2009 Equity Compensation Program. Compensation expense on these restricted stock units is expected to average approximately $932,000 per year over a three year period. The following is a summary of the Company’s RSU activity during the three months ended March 31, 2019 : Number of Shares Weighted Average Price Outstanding, January 1, 2019 299,347 $ 16.60 Granted 127,559 16.66 Vested (83,396 ) 12.53 Forfeited (2,717 ) 17.38 Outstanding, March 31, 2019 340,793 $ 17.61 There were no grants of stock options in the first three months of 2019 or 2018 . Option activity under the Company’s stock option plans is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2019 67,488 $ 8.28 2.86 $ 440,483 Granted — — Exercised — — Forfeited — — Expired — — Outstanding, March 31, 2019 67,488 $ 8.28 2.61 $ 448,581 Options exercisable at March 31, 2019 67,488 $ 8.28 2.61 $ 448,581 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options). There were no stock options exercised during the first three months of 2019 and 26,250 stock options exercised during the first three months of 2018 . The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2019 and 2018 was $0 and $297,000 , respectively. Exercise of stock options during the first three months of 2019 and 2018 , resulted in cash receipts of $0 and $248,000 , respectively. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | COMPREHENSIVE INCOME The components of other comprehensive income (loss) are as follows: For the Three Months Ended March 31, 2019 March 31, 2018 (in thousands) Before Tax Amount Tax Benefit (Expense) Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount Net unrealized gains (losses) on available for sale securities: Net unrealized holding (losses) gains arising during period $ 6,109 $ (1,746 ) $ 4,363 $ (7,502 ) $ 1,770 $ (5,732 ) Reclassification adjustment for net gains arising during the period — — — — — — Net unrealized losses (gains) 6,109 (1,746 ) 4,363 (7,502 ) 1,770 (5,732 ) Unrealized gains (losses) on derivatives (271 ) 57 (214 ) 358 (75 ) 283 Other comprehensive (loss) income, net $ 5,838 $ (1,689 ) $ 4,149 $ (7,144 ) $ 1,695 $ (5,449 ) The following table shows the changes in the balances of each of the components of other comprehensive income for the periods presented, net of tax: For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (in thousands) Unrealized Losses on Available for Sale Securities Unrealized Gains on Derivatives Pension Items Total Unrealized Gains (Losses) on Available for Sale Securities Unrealized Gains on Derivatives Pension Items Total Beginning balance (8,782 ) 903 41 (7,838 ) $ (3,232 ) $ 862 $ 21 $ (2,349 ) Adjustment for implementation of ASU 2016-01 — — — — (2,043 ) — — (2,043 ) Adjusted beginning balance (8,782 ) 903 41 (7,838 ) (5,275 ) 862 21 (4,392 ) Net current period other comprehensive (loss) income 4,363 (214 ) — 4,149 (5,732 ) 283 — (5,449 ) Ending balance (4,419 ) 689 41 (3,689 ) $ (11,007 ) $ 1,145 $ 21 $ (9,841 ) |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments and Fair Value Measurement | ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest level priority to unobservable inputs (level 3 measurements). The following describes the three levels of fair value hierarchy: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; includes U.S. Treasury Notes, and other U.S. Government Agency securities that actively trade in over-the-counter markets; equity securities and mutual funds that actively trade in over-the-counter markets. Level 2 – quoted prices for similar assets or liabilities in active markets; or quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability including yield curves, volatilities, and prepayment speeds. Level 3 – unobservable inputs for the asset or liability that reflect the Company’s own assumptions about assumptions that market participants would use in the pricing of the asset or liability and that are consequently not based on market activity but upon particular valuation techniques. The Company’s assets that are measured at fair value on a recurring basis are its available for sale investment securities and its interest rate swaps. The Company obtains fair values on its securities using information from a third-party servicer. If quoted prices for securities are available in an active market, those securities are classified as Level 1 securities. The Company has U.S. Treasury Notes and certain equity securities that are classified as Level 1 securities. Level 2 securities were primarily comprised of U.S. Agency bonds, residential mortgage-backed securities, obligations of state and political subdivisions and corporate securities. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids and offers. On a quarterly basis, the Company reviews the pricing information received from the Company’s third-party pricing service. This review includes a comparison to non-binding third-party quotes. The fair values of derivatives are based on valuation models from a third party using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter party as of the measurement date (Level 2). The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the three months ended March 31, 2019 , the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value March 31, 2019 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 16,293 $ 123,288 $ — $ 139,581 Mortgage-backed securities — 469,636 — 469,636 Obligations of states and political subdivisions — 45,017 — 45,017 Other debt securities — 5,004 — 5,004 Total securities available for sale 16,293 642,945 — 659,238 Equity securities, at fair value 1,864 13,368 — 15,232 Derivative assets — 15,178 — 15,178 Total Assets $ 18,157 $ 671,491 $ — $ 689,648 Liabilities: Derivative liabilities $ — $ 14,350 $ — $ 14,350 Total Liabilities $ — $ 14,350 $ — $ 14,350 December 31, 2018 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 4,920 $ 136,007 $ — $ 140,927 Mortgage-backed securities — 447,094 — 447,094 Obligations of states and political subdivisions — 45,505 — 45,505 Corporate debt securities — 5,092 — 5,092 Total securities available for sale 4,920 633,698 — 638,618 Equity securities, at fair value 2,731 13,190 — 15,921 Derivative assets — 12,135 — 12,135 Total Assets $ 7,651 $ 659,023 $ — $ 666,674 Liabilities: Derivative liabilities $ — $ 11,036 $ — $ 11,036 Total Liabilities $ — $ 11,036 $ — $ 11,036 The following table sets forth the Company’s assets subject to fair value adjustments (impairment) on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) (Level 1) (Level 2) (Level 3) Total Fair Value March 31, 2019 Assets: Impaired loans $ — $ — $ 20,236 $ 20,236 Loans held for sale — 600 — 600 Other real estate owned and other repossessed assets — — 715 715 December 31, 2018 Assets: Impaired loans $ — $ — $ 19,702 $ 19,702 Loans held for sale — 1,113 — 1,113 Other real estate owned and other repossessed assets — — 830 830 Impaired loans are evaluated and valued at the time the loan is identified as impaired at the lower of cost or market value. Because most of Lakeland’s impaired loans are collateral dependent, fair value is generally measured based on the value of the collateral, less estimated costs to sell, securing these loans and is classified at a level 3 in the fair value hierarchy. Collateral may be real estate, accounts receivable, inventory, equipment and/or other business assets. The value of real estate is assessed based on appraisals by qualified third-party licensed appraisers. The appraisers may use the income approach to value the collateral using discount rates (with ranges of 5 - 11% ) or capitalization rates (with ranges of 4 - 9% ) to evaluate the property. The value of the equipment may be determined by an appraiser, if significant, inquiry through a recognized valuation resource, or by the value on the borrower’s financial statements. Field examiner reviews on business assets may be conducted based on the loan exposure and reliance on this type of collateral. Appraised and reported values may be adjusted 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 same factors identified above. The Company has a held for sale loan portfolio that consists of residential mortgages that are being sold in the secondary market. The Company records these mortgages at the lower of cost or market value. Fair value is generally determined by the value of purchase commitments. Other real estate owned (“OREO”) and other repossessed assets, representing property acquired through foreclosure or deed in lieu of foreclosure, are carried at fair value less estimated disposal costs of the acquired property. Fair value on other real estate owned is based on the appraised value of the collateral using discount rates or capitalization rates similar to those used in impaired loan valuation. The fair value of other repossessed assets is estimated by inquiry through recognized valuation resources. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Changes in economic conditions, locally or nationally, could impact the value of the estimated amounts of impaired loans, OREO and other repossessed assets. Fair Value of Certain Financial Instruments Estimated fair values have been determined by the Company using the best available data and an estimation methodology suitable for each category of financial instruments. Management is concerned that there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. The estimation methodologies used, the estimated fair values and recorded book balances at March 31, 2019 , and December 31, 2018 , are outlined below. This summary, as well as the table below, excludes financial assets and liabilities for which carrying value approximates fair value. For financial assets, these include cash and cash equivalents. For financial liabilities, these include noninterest-bearing demand deposits, savings and interest-bearing transaction accounts and federal funds purchased and securities sold under agreements to repurchase. The estimated fair value of demand, savings and interest-bearing transaction accounts is the amount payable on demand at the reporting date. Carrying value is used because there is no stated maturity on these accounts, and the customer has the ability to withdraw the funds immediately. Also excluded from this summary and the following table are those financial instruments recorded at fair value on a recurring basis, as previously described. The fair value of investment securities held to maturity was measured using information from the same third-party servicer used for investment securities available for sale using the same methodologies discussed above. Investment securities held to maturity includes $5.0 million in short-term municipal bond anticipation notes and $2.5 million in subordinated debt that are non-rated and do not have an active secondary market or information readily available on standard financial systems. As a result, the securities are classified as Level 3 securities. Management performs a credit analysis before investing in these securities. FHLB stock is an equity interest that can be sold to the issuing FHLB, to other Federal Home Loan Banks, or to other member banks at its par value. Because ownership of these securities is restricted, they do not have a readily determinable fair value. As such, the Company’s FHLB stock is recorded at cost or par value and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company’s evaluation primarily includes an evaluation of liquidity, capitalization, operating performance, commitments, and regulatory or legislative events. The net loan portfolio has been valued using an exit price approach, which incorporates a buildup discount rate calculation that uses a swap rate adjusted for credit risk, servicing costs, a liquidity premium and a prepayment premium. For fixed maturity certificates of deposit, fair value is estimated based on the present value of discounted cash flows using the rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest payable approximates its fair value. The fair value of long-term debt is based upon the discounted value of contractual cash flows. The Company estimates the discount rate using the rates currently offered for similar borrowing arrangements. The fair value of subordinated debentures is based on bid/ask prices from brokers for similar types of instruments. The fair values of commitments to extend credit and standby letters of credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to extend credit and standby letters of credit are deemed immaterial. The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2019 and December 31, 2018 : (in thousands) Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2019 Financial Assets: Investment securities held to maturity $ 159,308 $ 158,219 $ — $ 150,700 $ 7,519 Federal Home Loan Bank and other membership bank stocks 16,951 16,951 — 16,951 — Loans, net 4,883,412 4,899,288 — — 4,899,288 Financial Liabilities: Certificates of deposit 946,372 942,283 — 942,283 — Other borrowings 175,783 174,569 — 174,569 — Subordinated debentures 118,193 115,462 — — 115,462 December 31, 2018 Financial Assets: Investment securities held to maturity $ 153,646 $ 150,932 $ — $ 143,913 $ 7,019 Federal Home Loan Bank and other membership bank stocks 13,301 13,301 — 13,301 — Loans, net 4,419,045 4,341,477 — — 4,341,477 Financial Liabilities: Certificates of deposit 757,038 750,801 — 750,801 — Other borrowings 181,118 176,921 — 176,921 — Subordinated debentures 105,027 102,497 — — 102,497 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the Financial Accounting Standards Board ("FASB") issued an update to improve the effectiveness of fair value measurement disclosures. Among other provisions, the update removes requirements to disclose amounts and reasons of transfers between Level 1 and Level 2 in the fair value hierarchy, and it modifies the disclosures regarding transfers in and out of Level 3 of the fair value hierarchy. The update requires a discussion regarding the change in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. Because the Company does not typically have Level 3 fair value measurements, the update is not expected to have a material impact on the Company's financial statements. In August 2018, the FASB issued an update which aligns the requirements for capitalizing implementation costs in a cloud-computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. Implementation costs incurred by customers in a cloud computing arrangement are to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing arrangement under the internal-use software guidance. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company is currently assessing the impact that the guidance will have on its financial statements. In August 2018, the FASB issued an update which changes the disclosure of accounting and reporting requirements related to single-employer defined benefit pension or other postretirement benefit plans. The amendments in the update remove disclosures that are no longer considered cost-beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. For calendar-year public companies, the changes will be effective for annual periods, including interim periods within those annual periods, in 2020. Because the Company has minimal pension plans that require calculation of projected benefit obligations or accumulated benefit obligations, the update will not have a material impact on the Company's financial statements. In June 2018, the FASB issued an update expanding earlier guidance on stock compensation to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially the same. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2018. Earlier adoption was permitted. The adoption of this update did not have a significant impact on the Company's financial statements. In August 2017, the FASB issued an update intended to improve and simplify accounting rules around hedge accounting. Amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this update also make certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company is still evaluating the impact that this guidance will have on its financial statements. In July 2017, the FASB issued guidance which simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. The provisions of the new guidance related to down rounds are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this update did not have a material impact on the Company’s financial statements because the Company does not have any equity-linked financial instruments that have such down round features. In March 2017, the FASB issued an update which shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. Under current GAAP, entities amortize the premium as an adjustment of yield over the contractual life of the instrument even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The update shortens the amortization period for certain callable debt securities held at a premium and requires the premium be amortized to the earliest call date. This update will be effective for annual and interim periods beginning after December 15, 2018. Entities are required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this update did not have a material impact on the Company’s financial statements. In January 2017, the FASB issued an update to simplify the test for goodwill impairment. This amendment eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. This update will be effective for the Company’s financial statements for annual years beginning after December 15, 2019. The adoption of this update is not expected to have a material impact on the Company’s financial statements. In June 2016, the FASB issued an accounting standards update pertaining to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company formed a working group under the direction of the Chief Risk Officer that is comprised of individuals from the credit, risk management, finance and project management areas for implementation of this update. In 2018, the Company contracted with a software and advisory service provider to aid in implementation. The software provider has completed configuration of the software platform and the Company has completed initial data preparation for the software. The Company and software provider have begun evaluating results of initial scenario analysis and as a result have been reviewing and fine tuning assumptions in the model. The Company is still developing qualitative adjustments as well as metrics for determination of a reasonable and supportable forecast period. The Company has engaged a third-party firm to conduct a review and validation of our methodology and models. In February 2016, FASB issued accounting guidance that requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company retained the services of a software provider to aid in its implementation. In the third quarter of 2018, the FASB issued updates which included targeted improvements to the leasing guidance that is intended to reduce costs and ease implementation of the leases standard. The improvements include an optional transition method to adopt the new leases standard where the entity could initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for comparative periods presented in the financial statements in which it adopts the new leases standard, will continue to be in accordance with Accounting Standards Codification ("ASC") Topic 840, Leases. An entity that adopts this additional transition method, must provide the required disclosures for all periods that continue to be in accordance with the current ASC 840. The lease update also includes a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for these components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance and both of the following conditions are met: 1) the timing and pattern of transfer of the nonlease component(s) and associated lease component are the same, and 2) the lease component, if accounted for separately, would be classified as an operating lease. Management used the optional transition method discussed above and also used the practical expedient to account for non-lease components with the associated lease component as a single component assuming the appropriate conditions are met. The FASB issued further clarification of the standard and addressed implementation and disclosure requirements. With the adoption of this update, the Company recorded an operating lease right-of-use asset of $18.7 million , a corresponding liability of $20.2 million and a cumulative adjustment to retained earnings of $125,000 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and the Bank’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are, in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2019 do not necessarily indicate the results that the Company will achieve for all of 2019 . Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Recent Accounting Pronouncements | In August 2018, the Financial Accounting Standards Board ("FASB") issued an update to improve the effectiveness of fair value measurement disclosures. Among other provisions, the update removes requirements to disclose amounts and reasons of transfers between Level 1 and Level 2 in the fair value hierarchy, and it modifies the disclosures regarding transfers in and out of Level 3 of the fair value hierarchy. The update requires a discussion regarding the change in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. Because the Company does not typically have Level 3 fair value measurements, the update is not expected to have a material impact on the Company's financial statements. In August 2018, the FASB issued an update which aligns the requirements for capitalizing implementation costs in a cloud-computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. Implementation costs incurred by customers in a cloud computing arrangement are to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing arrangement under the internal-use software guidance. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company is currently assessing the impact that the guidance will have on its financial statements. In August 2018, the FASB issued an update which changes the disclosure of accounting and reporting requirements related to single-employer defined benefit pension or other postretirement benefit plans. The amendments in the update remove disclosures that are no longer considered cost-beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. For calendar-year public companies, the changes will be effective for annual periods, including interim periods within those annual periods, in 2020. Because the Company has minimal pension plans that require calculation of projected benefit obligations or accumulated benefit obligations, the update will not have a material impact on the Company's financial statements. In June 2018, the FASB issued an update expanding earlier guidance on stock compensation to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially the same. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2018. Earlier adoption was permitted. The adoption of this update did not have a significant impact on the Company's financial statements. In August 2017, the FASB issued an update intended to improve and simplify accounting rules around hedge accounting. Amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this update also make certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company is still evaluating the impact that this guidance will have on its financial statements. In July 2017, the FASB issued guidance which simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. The provisions of the new guidance related to down rounds are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this update did not have a material impact on the Company’s financial statements because the Company does not have any equity-linked financial instruments that have such down round features. In March 2017, the FASB issued an update which shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. Under current GAAP, entities amortize the premium as an adjustment of yield over the contractual life of the instrument even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The update shortens the amortization period for certain callable debt securities held at a premium and requires the premium be amortized to the earliest call date. This update will be effective for annual and interim periods beginning after December 15, 2018. Entities are required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this update did not have a material impact on the Company’s financial statements. In January 2017, the FASB issued an update to simplify the test for goodwill impairment. This amendment eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. This update will be effective for the Company’s financial statements for annual years beginning after December 15, 2019. The adoption of this update is not expected to have a material impact on the Company’s financial statements. In June 2016, the FASB issued an accounting standards update pertaining to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company formed a working group under the direction of the Chief Risk Officer that is comprised of individuals from the credit, risk management, finance and project management areas for implementation of this update. In 2018, the Company contracted with a software and advisory service provider to aid in implementation. The software provider has completed configuration of the software platform and the Company has completed initial data preparation for the software. The Company and software provider have begun evaluating results of initial scenario analysis and as a result have been reviewing and fine tuning assumptions in the model. The Company is still developing qualitative adjustments as well as metrics for determination of a reasonable and supportable forecast period. The Company has engaged a third-party firm to conduct a review and validation of our methodology and models. In February 2016, FASB issued accounting guidance that requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company retained the services of a software provider to aid in its implementation. In the third quarter of 2018, the FASB issued updates which included targeted improvements to the leasing guidance that is intended to reduce costs and ease implementation of the leases standard. The improvements include an optional transition method to adopt the new leases standard where the entity could initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for comparative periods presented in the financial statements in which it adopts the new leases standard, will continue to be in accordance with Accounting Standards Codification ("ASC") Topic 840, Leases. An entity that adopts this additional transition method, must provide the required disclosures for all periods that continue to be in accordance with the current ASC 840. The lease update also includes a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for these components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance and both of the following conditions are met: 1) the timing and pattern of transfer of the nonlease component(s) and associated lease component are the same, and 2) the lease component, if accounted for separately, would be classified as an operating lease. Management used the optional transition method discussed above and also used the practical expedient to account for non-lease components with the associated lease component as a single component assuming the appropriate conditions are met. The FASB issued further clarification of the standard and addressed implementation and disclosure requirements. With the adoption of this update, the Company recorded an operating lease right-of-use asset of $18.7 million , a corresponding liability of $20.2 million and a cumulative adjustment to retained earnings of $125,000 . |
Acquisitions - (Tables)
Acquisitions - (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the acquired assets and liabilities assumed at the date of acquisition for Highlands. (in thousands) Cash and cash equivalents 13,454 Securities, available for sale 22,734 Federal Home Loan Bank stock 1,767 Loans held for sale 1,113 Loans 426,959 Premises and equipment 3,253 Goodwill 17,720 Identifiable intangible assets 3,728 Accrued interest receivable and other assets 5,349 Total assets acquired 496,077 Deposits (409,638 ) Other borrowings (27,800 ) Subordinated debt (13,157 ) Other liabilities (2,065 ) Total liabilities assumed (452,660 ) Net assets acquired $ 43,417 |
Schedule of Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following is a summary of the credit impaired loans acquired in the Highlands acquisition as of the closing date. (in thousands) Contractually required principal and interest at acquisition $ 20,025 Contractual cash flows not expected to be collected (non-accretable difference) 4,758 Expected cash flows at acquisition $ 15,267 Interest component of expected cash flows (accretable difference) 1,420 Fair value of acquired loans $ 13,847 |
Business Acquisition, Pro Forma Information | Pro Forma Pro Forma (in thousands) March 31, 2019 March 31, 2018 Net interest income $ 48,753 $ 46,787 Provision for loan losses 508 1,382 Noninterest income 5,694 6,198 Noninterest expense 31,205 30,501 Net income 17,784 16,687 Earnings per share: Fully diluted $ 0.35 $ 0.33 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table sets forth the components of noninterest income for the three months ended March 31, 2019 and 2018 : For the Three Months Ended March 31, (in thousands) 2019 2018 Deposit Related Fees and Charges Debit card interchange income $ 1,218 $ 1,118 Overdraft charges 996 1,109 ATM service charges 184 190 Demand deposit fees and charges 143 158 Savings service charges 32 36 Total 2,573 2,611 Commissions and Fees Loan fees 348 322 Wire transfer charges 267 248 Investment services income 352 228 Merchant fees 184 216 Commissions from sales of checks 103 108 Safe deposit income 91 84 Other income 61 63 Total 1,406 1,269 Gains on Sale of Loans 371 246 Other Income Gains on customer swap transactions 199 332 Title insurance income 90 49 Other income 61 97 Total 350 478 Revenue not from contracts with customers 1,023 730 Total Noninterest Income 5,723 5,334 Timing of Revenue Recognition Products and services transferred at a point in time 4,681 4,585 Products and services transferred over time 19 19 Revenue not from contracts with customers 1,023 730 Total Noninterest Income $ 5,723 $ 5,334 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Three Months Ended March 31, (in thousands, except per share data) 2019 2018 Net income available to common shareholders $ 15,626 $ 15,255 Less: earnings allocated to participating securities 141 141 Net income allocated to common shareholders $ 15,485 $ 15,114 Weighted average number of common shares outstanding - basic 50,275 47,503 Share-based plans 167 233 Weighted average number of common shares outstanding - diluted 50,442 47,736 Basic earnings per share $ 0.31 $ 0.32 Diluted earnings per share $ 0.31 $ 0.32 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciliation of Available-for-Sale Securities | March 31, 2019 December 31, 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 141,088 $ 94 $ (1,601 ) $ 139,581 $ 143,495 $ — $ (2,568 ) $ 140,927 Mortgage-backed securities, residential 442,358 1,473 (5,204 ) 438,627 434,208 779 (8,843 ) 426,144 Mortgage-backed securities, multifamily 30,956 135 (82 ) 31,009 21,087 67 (204 ) 20,950 Obligations of states and political subdivisions 44,850 362 (195 ) 45,017 45,951 140 (586 ) 45,505 Debt securities 5,000 4 — 5,004 5,000 92 — 5,092 $ 664,252 $ 2,068 $ (7,082 ) $ 659,238 $ 649,741 $ 1,078 $ (12,201 ) $ 638,618 |
Reconciliation of Held-to-Maturity Securities | March 31, 2019 December 31, 2018 (in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair HELD TO MATURITY U.S. government agencies $ 32,461 $ — $ (360 ) $ 32,101 $ 33,025 $ — $ (677 ) $ 32,348 Mortgage-backed securities, residential 82,070 246 (1,033 ) 81,283 75,859 169 (1,838 ) 74,190 Mortgage-backed securities, multifamily 1,827 — (19 ) 1,808 1,853 — (35 ) 1,818 Obligations of states and political subdivisions 36,450 274 (127 ) 36,597 37,909 113 (328 ) 37,694 Debt securities 6,500 — (70 ) 6,430 5,000 — (118 ) 4,882 $ 159,308 $ 520 $ (1,609 ) $ 158,219 $ 153,646 $ 282 $ (2,996 ) $ 150,932 |
Summary of Investment Securities by Stated Maturity | The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2019. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value March 31, 2019 Due in one year or less $ 24,755 $ 24,636 $ 5,924 $ 5,929 Due after one year through five years 116,056 115,089 42,423 42,361 Due after five years through ten years 32,550 32,602 24,379 24,144 Due after ten years 17,577 17,275 2,685 2,694 190,938 189,602 75,411 75,128 Mortgage-backed securities 473,314 469,636 83,897 83,091 Total securities $ 664,252 $ 659,238 $ 159,308 $ 158,219 |
Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position | The following tables indicates the length of time individual securities have been in a continuous unrealized loss position for the periods presented: Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Number of Securities Fair Value Unrealized March 31, 2019 AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 12,112 $ 78 $ 116,126 $ 1,523 25 $ 128,238 $ 1,601 Mortgage-backed securities, residential 719 1 289,307 5,203 126 290,026 5,204 Mortgage-backed securities, multifamily 4,979 9 12,993 73 4 17,972 82 Obligations of states and political subdivisions — — 16,088 195 30 16,088 195 $ 17,810 $ 88 $ 434,514 $ 6,994 185 $ 452,324 $ 7,082 HELD TO MATURITY U.S. government agencies $ — $ — $ 32,101 $ 360 6 $ 32,101 $ 360 Mortgage-backed securities, residential 9,012 27 47,210 1,006 31 56,222 1,033 Mortgage-backed securities, multifamily — — 1,808 19 2 1,808 19 Obligations of states and political subdivisions — — 8,222 127 7 8,222 127 Debt securities 3,930 70 — — 1 3,930 70 $ 12,942 $ 97 $ 89,341 $ 1,512 47 $ 102,283 $ 1,609 Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Number of Fair Value Unrealized December 31, 2018 AVAILABLE FOR SALE U.S. Treasury and U.S. government agencies $ 20,588 $ 216 $ 120,338 $ 2,352 27 $ 140,926 $ 2,568 Mortgage-backed securities, residential 10,119 58 316,851 8,785 139 326,970 8,843 Mortgage-backed securities, multifamily 1,977 2 12,911 202 4 14,888 204 Obligations of states and political subdivisions 1,289 2 26,522 584 50 27,811 586 $ 33,973 $ 278 $ 476,622 $ 11,923 220 $ 510,595 $ 12,201 HELD TO MATURITY U.S. government agencies $ — $ — $ 32,348 $ 677 6 $ 32,348 $ 677 Mortgage-backed securities, residential 8,325 59 53,761 1,779 36 62,086 1,838 Mortgage-backed securities, multifamily — — 1,818 35 2 1,818 35 Obligations of states and political subdivisions 1,764 8 15,580 320 27 17,344 328 Debt securities 3,882 118 — — 1 3,882 118 $ 13,971 $ 185 $ 103,507 $ 2,811 72 $ 117,478 $ 2,996 |
Loans and Other Real Estate (Ta
Loans and Other Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Composition of Company`s Loan and Lease Portfolio | The following sets forth the composition of the Company’s loan portfolio: (in thousands) March 31, 2019 December 31, 2018 Commercial, secured by real estate $ 3,436,550 $ 3,057,779 Commercial, industrial and other 389,230 336,735 Equipment finance 90,791 87,925 Real estate - residential mortgage 335,290 329,854 Real estate - construction 332,995 319,545 Home equity and consumer 339,815 328,609 Total loans 4,924,671 4,460,447 Less: deferred fees (3,280 ) (3,714 ) Loans, net of deferred fees $ 4,921,391 $ 4,456,733 |
Schedule of Changes in Accretable Yield | The following table presents changes in the accretable yield for PCI loans: For the Three Months Ended (in thousands) March 31, 2019 March 31, 2018 Balance, beginning of period $ 81 $ 129 Acquisitions 1,420 — Accretion (193 ) (44 ) Net reclassification non-accretable difference 30 28 Balance, end of period $ 1,338 $ 113 |
Company's Non-Performing Assets and its Accruing Troubled Debt Restructurings, Excluding PCI Loans | The following schedule sets forth certain information regarding the Company’s non-performing assets and its accruing troubled debt restructurings, excluding PCI loans: (in thousands) March 31, 2019 December 31, 2018 Commercial, secured by real estate $ 9,817 $ 7,192 Commercial, industrial and other 2,202 1,019 Equipment finance 383 501 Real estate - residential mortgage 1,740 1,986 Home equity and consumer 1,581 1,432 Total non-accrual loans $ 15,723 $ 12,130 Other real estate and other repossessed assets 715 830 TOTAL NON-PERFORMING ASSETS $ 16,438 $ 12,960 Troubled debt restructurings, still accruing $ 6,352 $ 9,293 |
Age Analysis of Past Due Loans, Segregated by Class of Loans | An age analysis of past due loans, segregated by class of loans as of March 31, 2019 and December 31, 2018 , is as follows: (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Current Total Loans Recorded Investment Greater than 89 Days and Still Accruing March 31, 2019 Commercial, secured by real estate $ 14,944 $ 3,060 $ 3,913 $ 21,917 $ 3,414,633 $ 3,436,550 $ — Commercial, industrial and other 1,084 220 377 1,681 387,549 389,230 — Equipment finance 358 210 383 951 89,840 90,791 — Real estate - residential mortgage 2,406 — 1,146 3,552 331,738 335,290 — Real estate - construction — — 3,423 3,423 329,572 332,995 — Home equity and consumer 1,845 365 1,297 3,507 336,308 339,815 78 $ 20,637 $ 3,855 $ 10,539 $ 35,031 $ 4,889,640 $ 4,924,671 $ 78 December 31, 2018 Commercial, secured by real estate $ 1,477 $ 639 $ 2,237 $ 4,353 $ 3,053,426 $ 3,057,779 $ — Commercial, industrial and other 173 243 750 1,166 335,569 336,735 — Equipment finance 533 13 501 1,047 86,878 87,925 — Real estate - residential mortgage 743 111 1,776 2,630 327,224 329,854 — Real estate - construction — — — — 319,545 319,545 — Home equity and consumer 1,917 216 850 2,983 325,626 328,609 — $ 4,843 $ 1,222 $ 6,114 $ 12,179 $ 4,448,268 $ 4,460,447 $ — |
Impaired Loans with and without Specific Allowances | Impaired loans as of March 31, 2019 and December 31, 2018 are as follows: (in thousands) Recorded Investment in Impaired Loans Contractual Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized March 31, 2019 Loans without specific allowance: Commercial, secured by real estate $ 12,188 $ 12,883 $ — $ 8,878 $ 52 Commercial, industrial and other 2,309 2,633 — 1,142 4 Equipment finance 301 597 — 301 — Real estate - residential mortgage — — — — — Real estate - construction — — — — — Home equity and consumer — — — — — Loans with specific allowance: Commercial, secured by real estate 3,797 4,070 229 6,642 72 Commercial, industrial and other 200 199 8 199 3 Equipment finance 26 26 12 26 — Real estate - residential mortgage 715 875 4 718 5 Real estate - construction — — — — — Home equity and consumer 700 741 6 697 8 Total: Commercial, secured by real estate $ 15,985 $ 16,953 $ 229 $ 15,520 $ 124 Commercial, industrial and other 2,509 2,832 8 1,341 7 Equipment finance 327 623 12 327 — Real estate - residential mortgage 715 875 4 718 5 Real estate - construction — — — — — Home equity and consumer 700 741 6 697 8 $ 20,236 $ 22,024 $ 259 $ 18,603 $ 144 (in thousands) Recorded Contractual Specific Average Interest December 31, 2018 Loans without specific allowance: Commercial, secured by real estate $ 9,284 $ 9,829 — $ 7,369 $ 188 Commercial, industrial and other 1,151 1,449 — 1,834 19 Equipment finance 301 597 — 376 — Real estate - residential mortgage — — — 242 4 Real estate - construction — — — 726 — Home equity and consumer — — — — — Loans with specific allowance: Commercial, secured by real estate 7,270 7,597 307 7,594 317 Commercial, industrial and other 209 209 7 209 12 Equipment finance 30 30 14 19 — Real estate - residential mortgage 730 884 4 745 20 Real estate - construction — — — — — Home equity and consumer 727 765 6 898 32 Total: Commercial, secured by real estate $ 16,554 $ 17,426 $ 307 $ 14,963 $ 505 Commercial, industrial and other 1,360 1,658 7 2,043 31 Equipment finance 331 627 14 395 — Real estate - residential mortgage 730 884 4 987 24 Real estate - construction — — — 726 — Home equity and consumer 727 765 6 898 32 $ 19,702 $ 21,360 $ 338 $ 20,012 $ 592 |
Company's Commercial Loan Portfolio | The following table shows the Company’s commercial loan portfolio as of March 31, 2019 and December 31, 2018 , by the risk ratings discussed above (in thousands): March 31, 2019 Commercial, Secured by Real Estate Commercial, Industrial and Other Real Estate - Construction RISK RATING 1 $ — $ 2,450 $ — 2 — 18,444 — 3 68,756 36,739 — 4 933,390 88,551 18,204 5 2,247,650 205,999 302,190 5W - Watch 89,295 19,381 5,873 6 - Other assets especially mentioned 46,466 3,988 2,267 7 - Substandard 50,993 13,678 4,461 8 - Doubtful — — — 9 - Loss — — — Total $ 3,436,550 $ 389,230 $ 332,995 December 31, 2018 Commercial, Commercial, Real Estate - RISK RATING 1 $ — $ 1,119 $ — 2 — 18,462 — 3 69,995 36,367 — 4 933,577 91,145 17,375 5 1,910,423 168,474 297,625 5W - Watch 61,626 7,798 3,493 6 - Other assets especially mentioned 38,844 2,033 — 7 - Substandard 43,314 11,337 1,052 8 - Doubtful — — — 9 - Loss — — — Total $ 3,057,779 $ 336,735 $ 319,545 |
Allowance for Loan and Lease Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2019 and 2018 : (in thousands) Commercial, Secured by Real Estate Commercial, Industrial and Other Equipment Finance Real Estate- Residential Mortgage Real Estate- Construction Home Equity and Consumer Total Three Months Ended March 31, 2019 Beginning Balance $ 27,881 $ 1,742 $ 987 $ 1,566 $ 3,015 $ 2,497 $ 37,688 Charge-offs (187 ) (147 ) (87 ) (50 ) — (45 ) (516 ) Recoveries 115 97 2 9 5 71 299 Provision (294 ) 900 45 39 (133 ) (49 ) 508 Ending Balance $ 27,515 $ 2,592 $ 947 $ 1,564 $ 2,887 $ 2,474 $ 37,979 (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total Three Months Ended March 31, 2018 Beginning Balance $ 25,704 $ 2,313 $ 630 $ 1,557 $ 2,731 $ 2,520 $ 35,455 Charge-offs (22 ) (1,012 ) (23 ) (93 ) — (100 ) (1,250 ) Recoveries 31 20 2 2 5 95 155 Provision 104 447 433 123 196 (19 ) 1,284 Ending Balance $ 25,817 $ 1,768 $ 1,042 $ 1,589 $ 2,932 $ 2,496 $ 35,644 |
Loans Receivable Summarized by Portfolio Segment and Impairment Method | Loans receivable summarized by portfolio segment and impairment method are as follows: (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total March 31, 2019 Ending Balance: Individually evaluated for impairment $ 15,985 $ 2,509 $ 327 $ 715 $ — $ 700 $ 20,236 Ending Balance: Collectively evaluated for impairment 3,413,062 384,213 90,464 334,177 329,566 338,573 4,890,055 Ending Balance: Loans acquired with deteriorated credit quality 7,503 2,508 — 398 3,429 542 14,380 Ending Balance (1) $ 3,436,550 $ 389,230 $ 90,791 $ 335,290 $ 332,995 $ 339,815 $ 4,924,671 (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total December 31, 2018 Ending Balance: Individually evaluated for impairment $ 16,554 $ 1,360 $ 331 $ 730 $ — $ 727 $ 19,702 Ending Balance: Collectively evaluated for impairment 3,040,573 335,375 87,594 329,124 319,545 327,882 4,440,093 Ending balance: Loans acquired with deteriorated credit quality 652 — — — — — 652 Ending Balance (1) $ 3,057,779 $ 336,735 $ 87,925 $ 329,854 $ 319,545 $ 328,609 $ 4,460,447 (1) Excludes deferred fees |
Allowance for Loan Losses Summarized by Portfolio Segment and Impairment Classification | The allowance for loan losses is summarized by portfolio segment and impairment classification as follows: (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total March 31, 2019 Ending Balance: Individually evaluated for impairment $ 229 $ 8 $ 12 $ 4 $ — $ 6 $ 259 Ending Balance: Collectively evaluated for impairment 27,286 2,584 935 1,560 2,887 2,468 37,720 Ending Balance $ 27,515 $ 2,592 $ 947 $ 1,564 $ 2,887 $ 2,474 $ 37,979 (in thousands) Commercial, Commercial, Equipment Finance Real Estate- Real Estate- Home Total December 31, 2018 Ending Balance: Individually evaluated for impairment $ 307 $ 7 $ 14 $ 4 $ — $ 6 $ 338 Ending Balance: Collectively evaluated for impairment 27,574 1,735 973 1,562 3,015 2,491 37,350 Ending Balance $ 27,881 $ 1,742 $ 987 $ 1,566 $ 3,015 $ 2,497 $ 37,688 |
Summary of Restructured Loans | The following table summarizes loans that have been restructured during the three months ended March 31, 2019 and 2018 : For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial, secured by real estate — $ — $ — 2 $ 1,657 $ 1,657 — $ — $ — 2 $ 1,657 $ 1,657 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | Lease costs were as follows: (in thousands) Three Months Ended Operating lease cost $ 820 Variable lease cost 35 Sublease income (31 ) Net lease cost $ 824 |
Maturity analysis of operating lease liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at March 31, 2019 is as follows: (in thousands) Within one year $ 3,273 After one year but within two years 3,036 After two year but within three years 2,786 After three year but within four years 2,283 After four year but within five years 2,058 After 5 years 12,061 Total undiscounted cash flows 25,497 Discount on cash flows (4,674 ) Total lease liability $ 20,823 |
Schedule of Lease, Other Information | Other information (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 660 Right-of-use asset obtained in exchange for new operating lease liabilities $ 765 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Information Regarding Derivatives | The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands): March 31, 2019 Notional Amount Average Maturity (Years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value Classified in Other Assets: 3rd Party interest rate swaps $ 88,842 7.5 3.80 % 1 Mo. LIBOR + 2.13% $ 2,939 Customer interest rate swaps 253,922 10.8 4.83 % 1 Mo. LIBOR + 2.04% 11,411 Interest rate swap (cash flow hedge) 30,000 2.3 1.10 % 3 Mo. LIBOR 828 Classified in Other Liabilities: Customer interest rate swaps $ 88,842 7.5 3.80 % 1 Mo. LIBOR + 2.13% $ (2,939 ) 3rd Party interest rate swaps 253,922 10.8 4.83 % 1 Mo. LIBOR + 2.04% (11,411 ) December 31, 2018 Notional Average Weighted Weighted Average Fair Classified in Other Assets: 3rd Party interest rate swaps $ 153,909 8.3 4.10 % 1 Mo. LIBOR + 2.13% $ 5,329 Customer interest rate swaps 164,427 12.0 5.04 % 1 Mo. LIBOR + 2.05% 5,707 Interest rate swap (cash flow hedge) 30,000 2.5 1.10 % 3 Mo. LIBOR 1,099 Classified in Other Liabilities: Customer interest rate swaps $ 153,909 8.3 4.10 % 1 Mo. LIBOR + 2.13% $ (5,329 ) 3rd party interest rate swaps 164,427 12.0 5.04 % 1 Mo. LIBOR + 2.05% (5,707 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense for the remainder of 2019 and for each of the succeeding five years ended December 31 is as follows (in thousands): For the Year Ended 2019 $ 878 2020 1,025 2021 868 2022 711 2023 554 2024 425 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Company's Restricted Stock Activity | The following is a summary of the Company’s restricted stock activity during the three months ended March 31, 2019 : Number of Shares Weighted Average Price Outstanding, January 1, 2019 11,701 $ 20.18 Granted 13,052 15.96 Vested (11,643 ) 20.24 Forfeited — — Outstanding, March 31, 2019 13,110 $ 15.93 The following is a summary of the Company’s RSU activity during the three months ended March 31, 2019 : Number of Shares Weighted Average Price Outstanding, January 1, 2019 299,347 $ 16.60 Granted 127,559 16.66 Vested (83,396 ) 12.53 Forfeited (2,717 ) 17.38 Outstanding, March 31, 2019 340,793 $ 17.61 |
Option Activity under the Company's Stock Option Plans | There were no grants of stock options in the first three months of 2019 or 2018 . Option activity under the Company’s stock option plans is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2019 67,488 $ 8.28 2.86 $ 440,483 Granted — — Exercised — — Forfeited — — Expired — — Outstanding, March 31, 2019 67,488 $ 8.28 2.61 $ 448,581 Options exercisable at March 31, 2019 67,488 $ 8.28 2.61 $ 448,581 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss) are as follows: For the Three Months Ended March 31, 2019 March 31, 2018 (in thousands) Before Tax Amount Tax Benefit (Expense) Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount Net unrealized gains (losses) on available for sale securities: Net unrealized holding (losses) gains arising during period $ 6,109 $ (1,746 ) $ 4,363 $ (7,502 ) $ 1,770 $ (5,732 ) Reclassification adjustment for net gains arising during the period — — — — — — Net unrealized losses (gains) 6,109 (1,746 ) 4,363 (7,502 ) 1,770 (5,732 ) Unrealized gains (losses) on derivatives (271 ) 57 (214 ) 358 (75 ) 283 Other comprehensive (loss) income, net $ 5,838 $ (1,689 ) $ 4,149 $ (7,144 ) $ 1,695 $ (5,449 ) |
Summary of Changes in Components of Other Comprehensive Income, Net of Tax | The following table shows the changes in the balances of each of the components of other comprehensive income for the periods presented, net of tax: For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 (in thousands) Unrealized Losses on Available for Sale Securities Unrealized Gains on Derivatives Pension Items Total Unrealized Gains (Losses) on Available for Sale Securities Unrealized Gains on Derivatives Pension Items Total Beginning balance (8,782 ) 903 41 (7,838 ) $ (3,232 ) $ 862 $ 21 $ (2,349 ) Adjustment for implementation of ASU 2016-01 — — — — (2,043 ) — — (2,043 ) Adjusted beginning balance (8,782 ) 903 41 (7,838 ) (5,275 ) 862 21 (4,392 ) Net current period other comprehensive (loss) income 4,363 (214 ) — 4,149 (5,732 ) 283 — (5,449 ) Ending balance (4,419 ) 689 41 (3,689 ) $ (11,007 ) $ 1,145 $ 21 $ (9,841 ) |
Estimated Fair Value of Finan_2
Estimated Fair Value of Financial Instruments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the three months ended March 31, 2019 , the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value March 31, 2019 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 16,293 $ 123,288 $ — $ 139,581 Mortgage-backed securities — 469,636 — 469,636 Obligations of states and political subdivisions — 45,017 — 45,017 Other debt securities — 5,004 — 5,004 Total securities available for sale 16,293 642,945 — 659,238 Equity securities, at fair value 1,864 13,368 — 15,232 Derivative assets — 15,178 — 15,178 Total Assets $ 18,157 $ 671,491 $ — $ 689,648 Liabilities: Derivative liabilities $ — $ 14,350 $ — $ 14,350 Total Liabilities $ — $ 14,350 $ — $ 14,350 December 31, 2018 Assets: Investment securities, available for sale U.S. Treasury and government agencies $ 4,920 $ 136,007 $ — $ 140,927 Mortgage-backed securities — 447,094 — 447,094 Obligations of states and political subdivisions — 45,505 — 45,505 Corporate debt securities — 5,092 — 5,092 Total securities available for sale 4,920 633,698 — 638,618 Equity securities, at fair value 2,731 13,190 — 15,921 Derivative assets — 12,135 — 12,135 Total Assets $ 7,651 $ 659,023 $ — $ 666,674 Liabilities: Derivative liabilities $ — $ 11,036 $ — $ 11,036 Total Liabilities $ — $ 11,036 $ — $ 11,036 |
Fair Value of Assets Measured on Non-recurring Basis | The following table sets forth the Company’s assets subject to fair value adjustments (impairment) on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (in thousands) (Level 1) (Level 2) (Level 3) Total Fair Value March 31, 2019 Assets: Impaired loans $ — $ — $ 20,236 $ 20,236 Loans held for sale — 600 — 600 Other real estate owned and other repossessed assets — — 715 715 December 31, 2018 Assets: Impaired loans $ — $ — $ 19,702 $ 19,702 Loans held for sale — 1,113 — 1,113 Other real estate owned and other repossessed assets — — 830 830 |
Carrying Values and Fair Values of Company's Financial Instruments | The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2019 and December 31, 2018 : (in thousands) Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2019 Financial Assets: Investment securities held to maturity $ 159,308 $ 158,219 $ — $ 150,700 $ 7,519 Federal Home Loan Bank and other membership bank stocks 16,951 16,951 — 16,951 — Loans, net 4,883,412 4,899,288 — — 4,899,288 Financial Liabilities: Certificates of deposit 946,372 942,283 — 942,283 — Other borrowings 175,783 174,569 — 174,569 — Subordinated debentures 118,193 115,462 — — 115,462 December 31, 2018 Financial Assets: Investment securities held to maturity $ 153,646 $ 150,932 $ — $ 143,913 $ 7,019 Federal Home Loan Bank and other membership bank stocks 13,301 13,301 — 13,301 — Loans, net 4,419,045 4,341,477 — — 4,341,477 Financial Liabilities: Certificates of deposit 757,038 750,801 — 750,801 — Other borrowings 181,118 176,921 — 176,921 — Subordinated debentures 105,027 102,497 — — 102,497 |
- Acquisitions (Details)
- Acquisitions (Details) $ / shares in Units, $ in Thousands | Jan. 04, 2019USD ($)Branch$ / sharesshares | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||
Merger related expenses | $ 2,860 | $ 0 | |
Highlands Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Number of bank branches operated | Branch | 4 | ||
Business acquisition, conversion, shares issued | shares | 1.015 | ||
Consideration paid through common stock | shares | 2,837,524 | ||
Stock option payout price per share (in dollars per share) | $ / shares | $ 14.71 | ||
Average strike price (in dollars per share) | $ / shares | $ 8.09 | ||
Cash paid for redemption of stock options | $ 797 | ||
Identifiable intangible assets | $ 3,728 | ||
Merger related expenses | $ 2,860 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Value of the Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 04, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 154,153 | $ 136,433 | |
Highlands Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 13,454 | ||
Securities, available for sale | 22,734 | ||
Federal Home Loan Bank stock | 1,767 | ||
Loans held for sale | 1,113 | ||
Loans | 426,959 | ||
Premises and equipment | 3,253 | ||
Goodwill | 17,720 | ||
Identifiable intangible assets | 3,728 | ||
Accrued interest receivable and other assets | 5,349 | ||
Total assets acquired | 496,077 | ||
Deposits | (409,638) | ||
Other borrowings | (27,800) | ||
Subordinated debt | (13,157) | ||
Other liabilities | (2,065) | ||
Total liabilities assumed | (452,660) | ||
Net assets acquired | $ 43,417 |
Acquisitions - Summary of the L
Acquisitions - Summary of the Loans Acquired (Details) - Financial Asset Acquired with Credit Deterioration - Highlands Bancorp, Inc. $ in Thousands | Jan. 04, 2019USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest at acquisition | $ 20,025 |
Contractual cash flows not expected to be collected (non-accretable difference) | 4,758 |
Expected cash flows at acquisition | 15,267 |
Interest component of expected cash flows (accretable difference) | 1,420 |
Fair value of acquired loans | $ 13,847 |
Acquisitions - Supplemental Pro
Acquisitions - Supplemental Pro Forma Financial Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Combinations [Abstract] | ||
Net interest income | $ 48,753 | $ 46,787 |
Provision for loan losses | 508 | 1,382 |
Noninterest income | 5,694 | 6,198 |
Noninterest expense | 31,205 | 30,501 |
Net income | $ 17,784 | $ 16,687 |
Fully diluted (in dollars per share) | $ 0.35 | $ 0.33 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | 3 Months Ended |
Mar. 31, 2019RegionSegment | |
Revenue from Contract with Customer [Abstract] | |
Number of geographic regions | Region | 1 |
Number of operating segments | Segment | 1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Deposit Related Fees and Charges [Abstract] | ||
Debit card interchange income | $ 1,218 | $ 1,118 |
Overdraft charges | 996 | 1,109 |
ATM service charges | 184 | 190 |
Demand deposit fees and charges | 143 | 158 |
Savings service charges | 32 | 36 |
Total | 2,573 | 2,611 |
Commissions and Fees | ||
Loans, leases and fees | 348 | 322 |
Wire transfer charges | 267 | 248 |
Investment services income | 352 | 228 |
Merchant fees | 184 | 216 |
Commissions from sales of checks | 103 | 108 |
Safe deposit income | 91 | 84 |
Other income | 61 | 63 |
Total | 1,406 | 1,269 |
Gains on sales of loans | 371 | 246 |
Other Income | ||
Gains on customer swap transactions | 199 | 332 |
Other income | 61 | 97 |
Total | 350 | 478 |
Title insurance income | 90 | 49 |
Revenue not from contracts with customers | 1,023 | 730 |
TOTAL NONINTEREST INCOME | 5,723 | 5,334 |
Products and services transferred at a point in time | ||
Other Income | ||
Revenue from contract with customer | 4,681 | 4,585 |
Products and services transferred over time | ||
Other Income | ||
Revenue from contract with customer | $ 19 | $ 19 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 15,626 | $ 15,255 |
Less: earnings allocated to participating securities | 141 | 141 |
Net income allocated to common shareholders | $ 15,485 | $ 15,114 |
Weighted average number of common shares outstanding - basic (in shares) | 50,275 | 47,503 |
Share-based plans (in shares) | 167 | 233 |
Weighted average number of common shares outstanding - diluted (in shares) | 50,442 | 47,736 |
Basic earnings per share (in usd per share) | $ 0.31 | $ 0.32 |
Diluted earnings per share (in usd per share) | $ 0.31 | $ 0.32 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options to purchase (in shares) | 0 | 0 |
Investment Securities - Reconci
Investment Securities - Reconciliation of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 664,252 | $ 649,741 |
Gross Unrealized Gains | 2,068 | 1,078 |
Gross Unrealized Losses | (7,082) | (12,201) |
Fair Value | 659,238 | 638,618 |
U.S. Treasury and U.S. government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 141,088 | 143,495 |
Gross Unrealized Gains | 94 | 0 |
Gross Unrealized Losses | (1,601) | (2,568) |
Fair Value | 139,581 | 140,927 |
Mortgage-backed securities, residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 442,358 | 434,208 |
Gross Unrealized Gains | 1,473 | 779 |
Gross Unrealized Losses | (5,204) | (8,843) |
Fair Value | 438,627 | 426,144 |
Mortgage-backed securities, multifamily | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,956 | 21,087 |
Gross Unrealized Gains | 135 | 67 |
Gross Unrealized Losses | (82) | (204) |
Fair Value | 31,009 | 20,950 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,850 | 45,951 |
Gross Unrealized Gains | 362 | 140 |
Gross Unrealized Losses | (195) | (586) |
Fair Value | 45,017 | 45,505 |
Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | 5,000 |
Gross Unrealized Gains | 4 | 92 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 5,004 | $ 5,092 |
Investment Securities - Recon_2
Investment Securities - Reconciliation of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 159,308 | $ 153,646 |
Gross Unrealized Gains | 520 | 282 |
Gross Unrealized Losses | (1,609) | (2,996) |
Fair Value | 158,219 | 150,932 |
U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 32,461 | 33,025 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (360) | (677) |
Fair Value | 32,101 | 32,348 |
Mortgage-backed securities, residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 82,070 | 75,859 |
Gross Unrealized Gains | 246 | 169 |
Gross Unrealized Losses | (1,033) | (1,838) |
Fair Value | 81,283 | 74,190 |
Mortgage-backed securities, multifamily | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,827 | 1,853 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (19) | (35) |
Fair Value | 1,808 | 1,818 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 36,450 | 37,909 |
Gross Unrealized Gains | 274 | 113 |
Gross Unrealized Losses | (127) | (328) |
Fair Value | 36,597 | 37,694 |
Debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,500 | 5,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (70) | (118) |
Fair Value | $ 6,430 | $ 4,882 |
Investment Securities - Summary
Investment Securities - Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available for Sale, Amortized Cost | ||
Due in one year or less | $ 24,755 | |
Due after one year through five years | 116,056 | |
Due after five years through ten years | 32,550 | |
Due after ten years | 17,577 | |
Total | 190,938 | |
Total securities | 664,252 | |
Available for Sale, Fair Value | ||
Due in one year or less | 24,636 | |
Due after one year through five years | 115,089 | |
Due after five years through ten years | 32,602 | |
Due after ten years | 17,275 | |
Total | 189,602 | |
Total securities | 659,238 | $ 638,618 |
Held to Maturity, Amortized Cost | ||
Due in one year or less | 5,924 | |
Due after one year through five years | 42,423 | |
Due after five years through ten years | 24,379 | |
Due after ten years | 2,685 | |
Total | 75,411 | |
Total securities | 159,308 | 153,646 |
Held to Maturity, Fair Value | ||
Due in one year or less | 5,929 | |
Due after one year through five years | 42,361 | |
Due after five years through ten years | 24,144 | |
Due after ten years | 2,694 | |
Total | 75,128 | |
Total securities | 158,219 | $ 150,932 |
Mortgage-backed securities | ||
Available for Sale, Amortized Cost | ||
Mortgage-backed securities | 473,314 | |
Available for Sale, Fair Value | ||
Mortgage-backed securities | 469,636 | |
Held to Maturity, Amortized Cost | ||
Mortgage-backed securities | 83,897 | |
Held to Maturity, Fair Value | ||
Mortgage-backed securities | $ 83,091 |
Investment Securities - Sales o
Investment Securities - Sales of Securities and Gross Gains and Losses on Sales of Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sale proceeds | $ 0 | $ 0 |
Gross gains | 0 | 0 |
Gross losses | $ 0 | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Investment [Line Items] | |||||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 0 | ||||
Other than temporary impairments | $ 0 | ||||
Securities, carrying value | 511,300,000 | $ 476,300,000 | |||
Equity securities, at fair value | 15,232,000 | $ 15,921,000 | |||
Cumulative adjustment for adoption of ASU 2016-01 | $ 125,000 | ||||
Proceeds from sales of equity securities | 1,138,000 | 0 | |||
Loss on equity securities | (353,000) | $ 18,000 | |||
Investment in government guaranteed loans, mortgage-backed securities, small business loans | 9,800,000 | ||||
Investment in community development loans | $ 3,500,000 | ||||
Redemption of funds | 60 days | ||||
Unfunded commitments | $ 0 | ||||
Other financial institutions | |||||
Investment [Line Items] | |||||
Equity securities, at fair value | 1,900,000 | ||||
Community reinvestment funds | |||||
Investment [Line Items] | |||||
Equity securities, at fair value | $ 13,400,000 | ||||
Retained Earnings | |||||
Investment [Line Items] | |||||
Cumulative adjustment for adoption of ASU 2016-01 | $ 125,000 | $ 2,043,000 |
Investment Securities - Recon_3
Investment Securities - Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position (Detail) $ in Thousands | Mar. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Investment [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | $ 17,810 | $ 33,973 |
Available for Sale, Less Than 12 Months, Unrealized Losses | 88 | 278 |
Available for Sale, 12 Months or Longer, Fair Value | 434,514 | 476,622 |
Available for Sale, 12 Months or Longer, Unrealized Losses | $ 6,994 | $ 11,923 |
Available for Sale, Number of Securities (in shares) | Security | 185 | 220 |
Available for Sale, Total, Fair Value | $ 452,324 | $ 510,595 |
Available for Sale, Total, Unrealized Losses | 7,082 | 12,201 |
Held to Maturity, Less Than 12 Months, Fair Value | 12,942 | 13,971 |
Held to Maturity, Less Than 12 Months, Unrealized Losses | 97 | 185 |
Held to Maturity, 12 Months or Longer, Fair Value | 89,341 | 103,507 |
Held to Maturity, 12 Months or Longer, Unrealized Losses | $ 1,512 | $ 2,811 |
Held to Maturity, Number of Securities (in shares) | Security | 47 | 72 |
Held to Maturity, Total, Fair Value | $ 102,283 | $ 117,478 |
Held to Maturity, Total, Unrealized Losses | 1,609 | 2,996 |
U.S. Treasury and U.S. government agencies | ||
Investment [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | 12,112 | 20,588 |
Available for Sale, Less Than 12 Months, Unrealized Losses | 78 | 216 |
Available for Sale, 12 Months or Longer, Fair Value | 116,126 | 120,338 |
Available for Sale, 12 Months or Longer, Unrealized Losses | $ 1,523 | $ 2,352 |
Available for Sale, Number of Securities (in shares) | Security | 25 | 27 |
Available for Sale, Total, Fair Value | $ 128,238 | $ 140,926 |
Available for Sale, Total, Unrealized Losses | 1,601 | 2,568 |
Held to Maturity, Less Than 12 Months, Fair Value | 0 | 0 |
Held to Maturity, Less Than 12 Months, Unrealized Losses | 0 | 0 |
Held to Maturity, 12 Months or Longer, Fair Value | 32,101 | 32,348 |
Held to Maturity, 12 Months or Longer, Unrealized Losses | $ 360 | $ 677 |
Held to Maturity, Number of Securities (in shares) | Security | 6 | 6 |
Held to Maturity, Total, Fair Value | $ 32,101 | $ 32,348 |
Held to Maturity, Total, Unrealized Losses | 360 | 677 |
Mortgage-backed securities, residential | ||
Investment [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | 719 | 10,119 |
Available for Sale, Less Than 12 Months, Unrealized Losses | 1 | 58 |
Available for Sale, 12 Months or Longer, Fair Value | 289,307 | 316,851 |
Available for Sale, 12 Months or Longer, Unrealized Losses | $ 5,203 | $ 8,785 |
Available for Sale, Number of Securities (in shares) | Security | 126 | 139 |
Available for Sale, Total, Fair Value | $ 290,026 | $ 326,970 |
Available for Sale, Total, Unrealized Losses | 5,204 | 8,843 |
Held to Maturity, Less Than 12 Months, Fair Value | 9,012 | 8,325 |
Held to Maturity, Less Than 12 Months, Unrealized Losses | 27 | 59 |
Held to Maturity, 12 Months or Longer, Fair Value | 47,210 | 53,761 |
Held to Maturity, 12 Months or Longer, Unrealized Losses | $ 1,006 | $ 1,779 |
Held to Maturity, Number of Securities (in shares) | Security | 31 | 36 |
Held to Maturity, Total, Fair Value | $ 56,222 | $ 62,086 |
Held to Maturity, Total, Unrealized Losses | 1,033 | 1,838 |
Mortgage-backed securities, multifamily | ||
Investment [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | 4,979 | 1,977 |
Available for Sale, Less Than 12 Months, Unrealized Losses | 9 | 2 |
Available for Sale, 12 Months or Longer, Fair Value | 12,993 | 12,911 |
Available for Sale, 12 Months or Longer, Unrealized Losses | $ 73 | $ 202 |
Available for Sale, Number of Securities (in shares) | Security | 4 | 4 |
Available for Sale, Total, Fair Value | $ 17,972 | $ 14,888 |
Available for Sale, Total, Unrealized Losses | 82 | 204 |
Held to Maturity, Less Than 12 Months, Fair Value | 0 | 0 |
Held to Maturity, Less Than 12 Months, Unrealized Losses | 0 | 0 |
Held to Maturity, 12 Months or Longer, Fair Value | 1,808 | 1,818 |
Held to Maturity, 12 Months or Longer, Unrealized Losses | $ 19 | $ 35 |
Held to Maturity, Number of Securities (in shares) | Security | 2 | 2 |
Held to Maturity, Total, Fair Value | $ 1,808 | $ 1,818 |
Held to Maturity, Total, Unrealized Losses | 19 | 35 |
Obligations of states and political subdivisions | ||
Investment [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | 0 | 1,289 |
Available for Sale, Less Than 12 Months, Unrealized Losses | 0 | 2 |
Available for Sale, 12 Months or Longer, Fair Value | 16,088 | 26,522 |
Available for Sale, 12 Months or Longer, Unrealized Losses | $ 195 | $ 584 |
Available for Sale, Number of Securities (in shares) | Security | 30 | 50 |
Available for Sale, Total, Fair Value | $ 16,088 | $ 27,811 |
Available for Sale, Total, Unrealized Losses | 195 | 586 |
Held to Maturity, Less Than 12 Months, Fair Value | 0 | 1,764 |
Held to Maturity, Less Than 12 Months, Unrealized Losses | 0 | 8 |
Held to Maturity, 12 Months or Longer, Fair Value | 8,222 | 15,580 |
Held to Maturity, 12 Months or Longer, Unrealized Losses | $ 127 | $ 320 |
Held to Maturity, Number of Securities (in shares) | Security | 7 | 27 |
Held to Maturity, Total, Fair Value | $ 8,222 | $ 17,344 |
Held to Maturity, Total, Unrealized Losses | 127 | 328 |
Debt securities | ||
Investment [Line Items] | ||
Held to Maturity, Less Than 12 Months, Fair Value | 3,930 | 3,882 |
Held to Maturity, Less Than 12 Months, Unrealized Losses | 70 | 118 |
Held to Maturity, 12 Months or Longer, Fair Value | 0 | 0 |
Held to Maturity, 12 Months or Longer, Unrealized Losses | $ 0 | $ 0 |
Held to Maturity, Number of Securities (in shares) | Security | 1 | 1 |
Held to Maturity, Total, Fair Value | $ 3,930 | $ 3,882 |
Held to Maturity, Total, Unrealized Losses | $ 70 | $ 118 |
Loans and Other Real Estate - C
Loans and Other Real Estate - Composition of Company`s Loan and Lease Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,924,671 | $ 4,460,447 |
Less: deferred fees | (3,280) | (3,714) |
Loans, net of deferred fees | 4,921,391 | 4,456,733 |
Commercial, secured by real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,436,550 | 3,057,779 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 389,230 | 336,735 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 90,791 | 87,925 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 335,290 | 329,854 |
Real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 332,995 | 319,545 |
Home equity and consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 339,815 | $ 328,609 |
Loans and Other Real Estate - N
Loans and Other Real Estate - Narrative (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings included in non accrual loans | $ 2,800,000 | $ 3,600,000 | |
Unfunded lending reserve | 2,300,000 | 2,300,000 | |
Other real estate owned | 700,000 | 830,000 | |
Other repossessed assets owned | 0 | 0 | |
Financing receivable, modifications, subsequent default, recorded investment | 0 | $ 0 | |
Residential Property | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other real estate owned | 600,000 | 702,000 | |
Impaired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on credit impaired loans | 144,000 | 177,000 | |
Interest accrued on impaired loans | 268,000 | $ 300,000 | |
Highlands Bancorp, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and debt securities acquired with deteriorated credit quality | 13,700,000 | ||
Pascack Bancorp, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and debt securities acquired with deteriorated credit quality | 145,000 | 157,000 | |
Harmony Bank | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and debt securities acquired with deteriorated credit quality | 485,000 | ||
Federal Home Loan Bank of New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential loans pledged for potential borrowings at the Federal Home Loan Bank of New York | 1,300,000,000 | 1,200,000,000 | |
Home equity and consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Overdraft balances included in home equity and consumer loans | 368,000 | 452,000 | |
Residential Mortgages And Consumer Home Equity Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans that were in process of foreclosure | 1,200,000 | $ 1,500,000 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Group of impaired loans with recorded investment | $ 500,000 |
Loans and Other Real Estate - S
Loans and Other Real Estate - Schedule of Changes in Accretable Yield (Detail) - Loans Acquired with Deteriorated Credit Quality - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $ 81 | $ 129 |
Acquisitions | 1,420 | 0 |
Accretion | (193) | (44) |
Net reclassification non-accretable difference | 30 | 28 |
Balance, end of period | $ 1,338 | $ 113 |
Loans and Other Real Estate -_2
Loans and Other Real Estate - Company's Non-Performing Assets and Its Accruing Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $ 15,723 | $ 12,130 |
Other real estate and other repossessed assets | 715 | 830 |
TOTAL NON-PERFORMING ASSETS | 16,438 | 12,960 |
Troubled debt restructurings, still accruing | 6,352 | 9,293 |
Commercial, secured by real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 9,817 | 7,192 |
Commercial, industrial and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 2,202 | 1,019 |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 383 | 501 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | 1,740 | 1,986 |
Home equity and consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total non-accrual loans | $ 1,581 | $ 1,432 |
Loans and Other Real Estate - A
Loans and Other Real Estate - Age Analysis of Past Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 35,031 | $ 12,179 |
Current | 4,889,640 | 4,448,268 |
Total Loans | 4,924,671 | 4,460,447 |
Recorded Investment Greater than 89 Days and Still Accruing | 78 | 0 |
Commercial, secured by real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21,917 | 4,353 |
Current | 3,414,633 | 3,053,426 |
Total Loans | 3,436,550 | 3,057,779 |
Recorded Investment Greater than 89 Days and Still Accruing | 0 | 0 |
Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,681 | 1,166 |
Current | 387,549 | 335,569 |
Total Loans | 389,230 | 336,735 |
Recorded Investment Greater than 89 Days and Still Accruing | 0 | 0 |
Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 951 | 1,047 |
Current | 89,840 | 86,878 |
Total Loans | 90,791 | 87,925 |
Recorded Investment Greater than 89 Days and Still Accruing | 0 | 0 |
Real estate - residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,552 | 2,630 |
Current | 331,738 | 327,224 |
Total Loans | 335,290 | 329,854 |
Recorded Investment Greater than 89 Days and Still Accruing | 0 | 0 |
Real estate - construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,423 | 0 |
Current | 329,572 | 319,545 |
Total Loans | 332,995 | 319,545 |
Recorded Investment Greater than 89 Days and Still Accruing | 0 | 0 |
Home equity and consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,507 | 2,983 |
Current | 336,308 | 325,626 |
Total Loans | 339,815 | 328,609 |
Recorded Investment Greater than 89 Days and Still Accruing | 78 | 0 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,637 | 4,843 |
30-59 Days Past Due | Commercial, secured by real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,944 | 1,477 |
30-59 Days Past Due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,084 | 173 |
30-59 Days Past Due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 358 | 533 |
30-59 Days Past Due | Real estate - residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,406 | 743 |
30-59 Days Past Due | Real estate - construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
30-59 Days Past Due | Home equity and consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,845 | 1,917 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,855 | 1,222 |
60-89 Days Past Due | Commercial, secured by real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,060 | 639 |
60-89 Days Past Due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 220 | 243 |
60-89 Days Past Due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 13 |
60-89 Days Past Due | Real estate - residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 111 |
60-89 Days Past Due | Real estate - construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Home equity and consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 365 | 216 |
Greater Than 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,539 | 6,114 |
Greater Than 89 Days Past Due | Commercial, secured by real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,913 | 2,237 |
Greater Than 89 Days Past Due | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 377 | 750 |
Greater Than 89 Days Past Due | Equipment finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 383 | 501 |
Greater Than 89 Days Past Due | Real estate - residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,146 | 1,776 |
Greater Than 89 Days Past Due | Real estate - construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,423 | 0 |
Greater Than 89 Days Past Due | Home equity and consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,297 | $ 850 |
Loans and Other Real Estate - I
Loans and Other Real Estate - Impaired Loans with and without Specific Allowances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment in Impaired Loans | $ 20,236 | $ 19,702 |
Contractual Unpaid Principal Balance | 22,024 | 21,360 |
Related Allowance | 259 | 338 |
Average Investment in Impaired Loans | 18,603 | 20,012 |
Interest Income Recognized | 144 | 592 |
Commercial, secured by real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without related allowance, Recorded Investment in Impaired Loans | 12,188 | 9,284 |
Loans with related allowance, Recorded Investment in Impaired Loans | 3,797 | 7,270 |
Recorded Investment in Impaired Loans | 15,985 | 16,554 |
Loans without related allowance, Contractual Unpaid Principal Balance | 12,883 | 9,829 |
Loans with related allowance, Contractual Unpaid Principal Balance | 4,070 | 7,597 |
Contractual Unpaid Principal Balance | 16,953 | 17,426 |
Related Allowance | 229 | 307 |
Loans without related allowance, Average Investment in Impaired Loans | 8,878 | 7,369 |
Loans with related allowance, Average Investment in Impaired Loans | 6,642 | 7,594 |
Average Investment in Impaired Loans | 15,520 | 14,963 |
Loans without related allowance, Interest Income Recognized | 52 | 188 |
Loans with related allowance, Interest Income Recognized | 72 | 317 |
Interest Income Recognized | 124 | 505 |
Commercial, industrial and other | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without related allowance, Recorded Investment in Impaired Loans | 2,309 | 1,151 |
Loans with related allowance, Recorded Investment in Impaired Loans | 200 | 209 |
Recorded Investment in Impaired Loans | 2,509 | 1,360 |
Loans without related allowance, Contractual Unpaid Principal Balance | 2,633 | 1,449 |
Loans with related allowance, Contractual Unpaid Principal Balance | 199 | 209 |
Contractual Unpaid Principal Balance | 2,832 | 1,658 |
Related Allowance | 8 | 7 |
Loans without related allowance, Average Investment in Impaired Loans | 1,142 | 1,834 |
Loans with related allowance, Average Investment in Impaired Loans | 199 | 209 |
Average Investment in Impaired Loans | 1,341 | 2,043 |
Loans without related allowance, Interest Income Recognized | 4 | 19 |
Loans with related allowance, Interest Income Recognized | 3 | 12 |
Interest Income Recognized | 7 | 31 |
Equipment finance | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without related allowance, Recorded Investment in Impaired Loans | 301 | 301 |
Loans with related allowance, Recorded Investment in Impaired Loans | 26 | 30 |
Recorded Investment in Impaired Loans | 327 | 331 |
Loans without related allowance, Contractual Unpaid Principal Balance | 597 | 597 |
Loans with related allowance, Contractual Unpaid Principal Balance | 26 | 30 |
Contractual Unpaid Principal Balance | 623 | 627 |
Related Allowance | 12 | 14 |
Loans without related allowance, Average Investment in Impaired Loans | 301 | 376 |
Loans with related allowance, Average Investment in Impaired Loans | 26 | 19 |
Average Investment in Impaired Loans | 327 | 395 |
Loans without related allowance, Interest Income Recognized | 0 | 0 |
Loans with related allowance, Interest Income Recognized | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Real estate - residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without related allowance, Recorded Investment in Impaired Loans | 0 | 0 |
Loans with related allowance, Recorded Investment in Impaired Loans | 715 | 730 |
Recorded Investment in Impaired Loans | 715 | 730 |
Loans without related allowance, Contractual Unpaid Principal Balance | 0 | 0 |
Loans with related allowance, Contractual Unpaid Principal Balance | 875 | 884 |
Contractual Unpaid Principal Balance | 875 | 884 |
Related Allowance | 4 | 4 |
Loans without related allowance, Average Investment in Impaired Loans | 0 | 242 |
Loans with related allowance, Average Investment in Impaired Loans | 718 | 745 |
Average Investment in Impaired Loans | 718 | 987 |
Loans without related allowance, Interest Income Recognized | 0 | 4 |
Loans with related allowance, Interest Income Recognized | 5 | 20 |
Interest Income Recognized | 5 | 24 |
Real estate - construction | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without related allowance, Recorded Investment in Impaired Loans | 0 | 0 |
Loans with related allowance, Recorded Investment in Impaired Loans | 0 | 0 |
Recorded Investment in Impaired Loans | 0 | 0 |
Loans without related allowance, Contractual Unpaid Principal Balance | 0 | 0 |
Loans with related allowance, Contractual Unpaid Principal Balance | 0 | 0 |
Contractual Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Loans without related allowance, Average Investment in Impaired Loans | 0 | 726 |
Loans with related allowance, Average Investment in Impaired Loans | 0 | 0 |
Average Investment in Impaired Loans | 0 | 726 |
Loans without related allowance, Interest Income Recognized | 0 | 0 |
Loans with related allowance, Interest Income Recognized | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Home equity and consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Loans without related allowance, Recorded Investment in Impaired Loans | 0 | 0 |
Loans with related allowance, Recorded Investment in Impaired Loans | 700 | 727 |
Recorded Investment in Impaired Loans | 700 | 727 |
Loans without related allowance, Contractual Unpaid Principal Balance | 0 | 0 |
Loans with related allowance, Contractual Unpaid Principal Balance | 741 | 765 |
Contractual Unpaid Principal Balance | 741 | 765 |
Related Allowance | 6 | 6 |
Loans without related allowance, Average Investment in Impaired Loans | 0 | 0 |
Loans with related allowance, Average Investment in Impaired Loans | 697 | 898 |
Average Investment in Impaired Loans | 697 | 898 |
Loans without related allowance, Interest Income Recognized | 0 | 0 |
Loans with related allowance, Interest Income Recognized | 8 | 32 |
Interest Income Recognized | $ 8 | $ 32 |
Loans and Other Real Estate -_3
Loans and Other Real Estate - Company's Commercial Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 4,883,412 | $ 4,419,045 |
Commercial, secured by real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,436,550 | 3,057,779 |
Commercial, secured by real estate | 1 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial, secured by real estate | 2 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial, secured by real estate | 3 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68,756 | 69,995 |
Commercial, secured by real estate | 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 933,390 | 933,577 |
Commercial, secured by real estate | 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,247,650 | 1,910,423 |
Commercial, secured by real estate | 5W - Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 89,295 | 61,626 |
Commercial, secured by real estate | 6 - Other assets especially mentioned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 46,466 | 38,844 |
Commercial, secured by real estate | 7 - Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 50,993 | 43,314 |
Commercial, secured by real estate | 8 - Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial, secured by real estate | 9 - Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial, industrial and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 389,230 | 336,735 |
Commercial, industrial and other | 1 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,450 | 1,119 |
Commercial, industrial and other | 2 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18,444 | 18,462 |
Commercial, industrial and other | 3 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 36,739 | 36,367 |
Commercial, industrial and other | 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 88,551 | 91,145 |
Commercial, industrial and other | 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 205,999 | 168,474 |
Commercial, industrial and other | 5W - Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 19,381 | 7,798 |
Commercial, industrial and other | 6 - Other assets especially mentioned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,988 | 2,033 |
Commercial, industrial and other | 7 - Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,678 | 11,337 |
Commercial, industrial and other | 8 - Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial, industrial and other | 9 - Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate - construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 332,995 | 319,545 |
Real estate - construction | 1 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate - construction | 2 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate - construction | 3 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate - construction | 4 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18,204 | 17,375 |
Real estate - construction | 5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 302,190 | 297,625 |
Real estate - construction | 5W - Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,873 | 3,493 |
Real estate - construction | 6 - Other assets especially mentioned | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,267 | 0 |
Real estate - construction | 7 - Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,461 | 1,052 |
Real estate - construction | 8 - Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate - construction | 9 - Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans and Other Real Estate -_4
Loans and Other Real Estate - Activity in the Allowance for Loan and Lease Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 37,688 | $ 35,455 |
Charge-offs | 516 | 1,250 |
Recoveries | 299 | 155 |
Provision | 508 | 1,284 |
Ending Balance | 37,979 | 35,644 |
Commercial, secured by real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 27,881 | 25,704 |
Charge-offs | (187) | (22) |
Recoveries | 115 | 31 |
Provision | (294) | 104 |
Ending Balance | 27,515 | 25,817 |
Commercial, industrial and other | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 1,742 | 2,313 |
Charge-offs | (147) | (1,012) |
Recoveries | 97 | 20 |
Provision | 900 | 447 |
Ending Balance | 2,592 | 1,768 |
Equipment finance | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 987 | 630 |
Charge-offs | (87) | (23) |
Recoveries | 2 | 2 |
Provision | 45 | 433 |
Ending Balance | 947 | 1,042 |
Real estate - residential mortgage | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 1,566 | 1,557 |
Charge-offs | (50) | (93) |
Recoveries | 9 | 2 |
Provision | 39 | 123 |
Ending Balance | 1,564 | 1,589 |
Real estate - construction | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 3,015 | 2,731 |
Charge-offs | 0 | 0 |
Recoveries | 5 | 5 |
Provision | (133) | 196 |
Ending Balance | 2,887 | 2,932 |
Home equity and consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 2,497 | 2,520 |
Charge-offs | (45) | (100) |
Recoveries | 71 | 95 |
Provision | (49) | (19) |
Ending Balance | $ 2,474 | $ 2,496 |
Loans and Other Real Estate -_5
Loans and Other Real Estate - Allowance for Loan and Lease Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | $ 4,924,671 | $ 4,460,447 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 259 | 338 | ||
Ending Balance | 37,979 | 37,688 | $ 35,644 | $ 35,455 |
Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 20,236 | 19,702 | ||
Ending Balance: Collectively evaluated for impairment | 4,890,055 | 4,440,093 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 14,380 | 652 | ||
Total Loans | 4,924,671 | 4,460,447 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 259 | 338 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 37,720 | 37,350 | ||
Ending Balance | 37,979 | 37,688 | ||
Commercial, secured by real estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 3,436,550 | 3,057,779 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 229 | 307 | ||
Ending Balance | 27,515 | 27,881 | 25,817 | 25,704 |
Commercial, secured by real estate | Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 15,985 | 16,554 | ||
Ending Balance: Collectively evaluated for impairment | 3,413,062 | 3,040,573 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 7,503 | 652 | ||
Total Loans | 3,436,550 | 3,057,779 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 229 | 307 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 27,286 | 27,574 | ||
Ending Balance | 27,515 | 27,881 | ||
Commercial, industrial and other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 389,230 | 336,735 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 8 | 7 | ||
Ending Balance | 2,592 | 1,742 | 1,768 | 2,313 |
Commercial, industrial and other | Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 2,509 | 1,360 | ||
Ending Balance: Collectively evaluated for impairment | 384,213 | 335,375 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 2,508 | 0 | ||
Total Loans | 389,230 | 336,735 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 8 | 7 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 2,584 | 1,735 | ||
Ending Balance | 2,592 | 1,742 | ||
Equipment finance | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 90,791 | 87,925 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 12 | 14 | ||
Ending Balance | 947 | 987 | 1,042 | 630 |
Equipment finance | Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 327 | 331 | ||
Ending Balance: Collectively evaluated for impairment | 90,464 | 87,594 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 0 | 0 | ||
Total Loans | 90,791 | 87,925 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 12 | 14 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 935 | 973 | ||
Ending Balance | 947 | 987 | ||
Real estate - residential mortgage | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 335,290 | 329,854 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 4 | 4 | ||
Ending Balance | 1,564 | 1,566 | 1,589 | 1,557 |
Real estate - residential mortgage | Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 715 | 730 | ||
Ending Balance: Collectively evaluated for impairment | 334,177 | 329,124 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 398 | 0 | ||
Total Loans | 335,290 | 329,854 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 4 | 4 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 1,560 | 1,562 | ||
Ending Balance | 1,564 | 1,566 | ||
Real estate - construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 332,995 | 319,545 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 0 | 0 | ||
Ending Balance | 2,887 | 3,015 | 2,932 | 2,731 |
Real estate - construction | Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 0 | 0 | ||
Ending Balance: Collectively evaluated for impairment | 329,566 | 319,545 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 3,429 | 0 | ||
Total Loans | 332,995 | 319,545 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 0 | 0 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 2,887 | 3,015 | ||
Ending Balance | 2,887 | 3,015 | ||
Home equity and consumer | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 339,815 | 328,609 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 6 | 6 | ||
Ending Balance | 2,474 | 2,497 | $ 2,496 | $ 2,520 |
Home equity and consumer | Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Ending Balance: Individually evaluated for impairment | 700 | 727 | ||
Ending Balance: Collectively evaluated for impairment | 338,573 | 327,882 | ||
Ending Balance: Loans acquired with deteriorated credit quality | 542 | 0 | ||
Total Loans | 339,815 | 328,609 | ||
Ending Balance: Individually evaluated for impairment, related allowance | 6 | 6 | ||
Ending Balance: Collectively evaluated for impairment, related allowance | 2,468 | 2,491 | ||
Ending Balance | $ 2,474 | $ 2,497 |
Loans and Other Real Estate -_6
Loans and Other Real Estate - Summary of Restructured Loans (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Contract | Mar. 31, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1,657 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1,657 |
Commercial, secured by real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1,657 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1,657 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 20,823,000 | $ 20,203,000 | |
Operating lease right-of-use assets | $ 19,239,000 | 18,651,000 | |
Operating lease, weighted average remaining lease term | 10 years 10 months 10 days | ||
Lessee, operating lease, discount rate | 3.49% | ||
Operating lease, lease not yet commenced | $ 0 | ||
Accounting Standards Update 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | 20,200,000 | ||
Operating lease right-of-use assets | $ 18,700,000 | ||
Rent expense | $ 758,000 | ||
Related Parties Lease Transaction | |||
Lessee, Lease, Description [Line Items] | |||
Sale leaseback transaction | $ 0 |
Leases - Schedule of Lease, Cos
Leases - Schedule of Lease, Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 820 |
Variable lease cost | 35 |
Sublease Income | (31) |
Total lease cost | $ 824 |
Leases - Maturity analysis of o
Leases - Maturity analysis of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Within one year | $ 3,273 | |
After one year but within two years | 3,036 | |
After two year but within three years | 2,786 | |
After three year but within four years | 2,283 | |
After four year but within five years | 2,058 | |
After 5 years | 12,061 | |
Total undiscounted cash flows | 25,497 | |
Discount on cash flows | (4,674) | |
Operating lease liabilities | $ 20,823 | $ 20,203 |
Leases - Other Information (Det
Leases - Other Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 660 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 765 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2016USD ($)Derivative | |
Derivative [Line Items] | ||||
Available for sale securities pledged for collateral | $ 11,200,000 | $ 498,000 | ||
Reclassification Out of Accumulated Other Comprehensive Income | ||||
Derivative [Line Items] | ||||
Estimated decrease in interest expense | $ 448,000 | |||
Cash Flow Hedging | Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Number of derivatives | Derivative | 2 | |||
Notional amount | $ 30,000,000 | |||
Average interest rate | 1.10% | |||
Variable rate basis | 3 month LIBOR | |||
Amount of ineffective hedges | $ 0 | |||
Cash Flow Hedging | Interest Rate Swaps | Interest Expense | ||||
Derivative [Line Items] | ||||
Accumulated other comprehensive income (loss) reclassified | $ 124,000 | $ 43,000 |
Derivatives - Summary Informati
Derivatives - Summary Information Regarding Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
3rd Party interest rate swaps | ||
Derivative [Line Items] | ||
Other Assets, Notional Amount | $ 88,842 | $ 153,909 |
Other Assets, Average Maturity (Years) | 7 years 6 months | 8 years 3 months 18 days |
Other Assets, Wighted Average Fixed Rate | 3.80% | 4.10% |
Other Assets, Weighted Average Variable Rate | 1 Mo. LIBOR + 2.13% | 1 Mo. LIBOR + 2.13% |
Other Assets, Fair Value | $ 2,939 | $ 5,329 |
Other Assets, Average Basis Spread On Variable Rate | 2.13% | 2.13% |
Other Liabilities, Notional Amount | $ 253,922 | $ 164,427 |
Other Liabilities, Average Maturity (Years) | 10 years 10 months 2 days | 12 years |
Other Liabilities, Weighted Average Fixed Rate | 4.83% | 5.04% |
Other Liabilities, Weighted Average Variable Rate | 1 Mo. LIBOR + 2.04% | 1 Mo. LIBOR + 2.05% |
Other Liabilities, Fair Value | $ (11,411) | $ (5,707) |
Other Liabilities, Average Basis Spread On Variable Rate | 2.04% | 2.05% |
Customer interest rate swaps | ||
Derivative [Line Items] | ||
Other Assets, Notional Amount | $ 253,922 | $ 164,427 |
Other Assets, Average Maturity (Years) | 10 years 10 months 2 days | 12 years |
Other Assets, Wighted Average Fixed Rate | 4.83% | 5.04% |
Other Assets, Weighted Average Variable Rate | 1 Mo. LIBOR + 2.04% | 1 Mo. LIBOR + 2.05% |
Other Assets, Fair Value | $ 11,411 | $ 5,707 |
Other Assets, Average Basis Spread On Variable Rate | 2.04% | 2.05% |
Other Liabilities, Notional Amount | $ 88,842 | $ 153,909 |
Other Liabilities, Average Maturity (Years) | 7 years 6 months | 8 years 3 months 18 days |
Other Liabilities, Weighted Average Fixed Rate | 3.80% | 4.10% |
Other Liabilities, Weighted Average Variable Rate | 1 Mo. LIBOR + 2.13% | 1 Mo. LIBOR + 2.13% |
Other Liabilities, Fair Value | $ (2,939) | $ (5,329) |
Other Liabilities, Average Basis Spread On Variable Rate | 2.13% | 2.13% |
Interest rate swap (cash flow hedge) | ||
Derivative [Line Items] | ||
Other Assets, Notional Amount | $ 30,000 | $ 30,000 |
Other Assets, Average Maturity (Years) | 2 years 3 months | 2 years 6 months |
Other Assets, Wighted Average Fixed Rate | 1.10% | 1.10% |
Other Assets, Weighted Average Variable Rate | 3 Mo. LIBOR | 3 Mo. LIBOR |
Other Assets, Fair Value | $ 828 | $ 1,099 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 04, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 154,153 | $ 136,433 | |
Core Deposits | |||
Goodwill And Intangible Assets [Line Items] | |||
Core deposit intangible | $ 5,200 | $ 1,800 | |
Highlands Bancorp, Inc. | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 17,720 | ||
Identifiable intangible assets | $ 3,728 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 878 |
2020 | 1,025 |
2021 | 868 |
2022 | 711 |
2023 | 554 |
2024 | $ 425 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Federal funds purchased | $ 220 | $ 192.1 |
Securities sold under agreements to repurchase | 41.3 | $ 41.8 |
Securities Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Pledged securities | $ 56.2 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 696,000 | $ 994,000 |
Granted, Number of shares (in shares) | 0 | 0 |
Stock options exercised (in shares) | 0 | |
Aggregate intrinsic value of stock options exercised | $ 0 | $ 297,000 |
Cash receipts due to exercise of stock options | $ 0 | 248,000 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in usd per share) | $ 15.96 | |
Granted (in shares) | 13,052 | |
Restricted Stock | 2009 Equity Compensation Program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 55,000 | $ 56,000 |
Unrecognized compensation cost | $ 156,000 | |
Unrecognized compensation expense, period of recognition | 9 months 18 days | |
Restricted Stock | 2009 Equity Compensation Program | Non-Employee Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted (in shares) | 10,945 | |
Granted (in usd per share) | $ 15.96 | $ 20.55 |
Share-based compensation expense | $ 208,000 | $ 225,000 |
Vesting period | 1 year | 1 year |
Restricted Stock | 2018 Omnibus Equity Incentive Plan | Non-Employee Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted (in shares) | 13,052 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in usd per share) | $ 16.66 | |
Granted (in shares) | 127,559 | |
RSUs | 2009 Equity Compensation Program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 900,000 | |
Unrecognized compensation cost | $ 3,900,000 | |
Unrecognized compensation expense, period of recognition | 1 year 9 months 12 days | |
Granted (in usd per share) | $ 16.66 | $ 19.11 |
Share-based compensation expense | $ 708,000 | $ 932,000 |
Vesting period | 3 years | 3 years |
Granted (in shares) | 146,233 | |
RSUs | 2009 Equity Compensation Program | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 2 years | |
RSUs | 2009 Equity Compensation Program | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
RSUs | 2018 Omnibus Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 600,000 | |
Granted (in shares) | 127,559 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options exercised (in shares) | 0 | 26,250 |
Stock Options | 2009 Equity Compensation Program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 0 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Company's Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Restricted Stock | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 11,701 |
Granted (in shares) | shares | 13,052 |
Vested (in shares) | shares | (11,643) |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 13,110 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 20.18 |
Granted (in usd per share) | $ / shares | 15.96 |
Vested (in usd per share) | $ / shares | 20.24 |
Forfeited (in usd per share) | $ / shares | 0 |
Balance of end of period (in usd per share) | $ / shares | $ 15.93 |
RSUs | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 299,347 |
Granted (in shares) | shares | 127,559 |
Vested (in shares) | shares | (83,396) |
Forfeited (in shares) | shares | (2,717) |
Balance at end of period (in shares) | shares | 340,793 |
Weighted Average Price | |
Balance at beginning of period (in usd per share) | $ / shares | $ 16.60 |
Granted (in usd per share) | $ / shares | 16.66 |
Vested (in usd per share) | $ / shares | 12.53 |
Forfeited (in usd per share) | $ / shares | 17.38 |
Balance of end of period (in usd per share) | $ / shares | $ 17.61 |
Share-Based Compensation - Opti
Share-Based Compensation - Option Activity under the Company's Stock Option Plans (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Number of Shares | |||
Outstanding, Number of shares, Beginning balance (in shares) | 67,488 | ||
Granted, Number of shares (in shares) | 0 | 0 | |
Exercised, Number of shares (in shares) | 0 | ||
Forfeited, Number of shares (in shares) | 0 | ||
Expired, Number of shares (in shares) | 0 | ||
Outstanding, Number of shares, Ending balance (in shares) | 67,488 | 67,488 | |
Options exercisable, Number of shares, Ending balance (in shares) | 67,488 | ||
Weighted Average Exercise Price | |||
Outstanding, Weighted average exercise price, Beginning balance (in usd per share) | $ 8.28 | ||
Granted, Weighted average exercise price (in usd per share) | 0 | ||
Exercised, Weighted average exercise price (in usd per share) | 0 | ||
Forfeited, Weighted average exercise price (in usd per share) | 0 | ||
Expired, Weighted average exercise price (in usd per share) | 0 | ||
Outstanding, Weighted average exercise price, Ending balance (in usd per share) | 8.28 | $ 8.28 | |
Options exercisable, Weighted average exercise price, Ending balance (in usd per share) | $ 8.28 | ||
Weighted Average Remaining Contractual Term (in years) | |||
Outstanding, Average remaining contractual term (in years) | 2 years 7 months 10 days | 2 years 10 months 10 days | |
Options exercisable, Average remaining contractual term (in years) | 2 years 7 months 10 days | ||
Aggregate Intrinsic Value | |||
Outstanding, Aggregate intrinsic value | $ 448,581 | $ 440,483 | |
Options exercisable at year end, Aggregate intrinsic value | $ 448,581 |
Comprehensive Income - Componen
Comprehensive Income - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Before Tax Amount | ||
Other comprehensive loss, net | $ 5,838 | $ (7,144) |
Tax Benefit (Expense) | ||
Other comprehensive loss, net | (1,689) | 1,695 |
Net of Tax Amount | ||
Other comprehensive income (loss) | 4,149 | (5,449) |
Net unrealized gains (losses) on available for sale securities: | ||
Before Tax Amount | ||
Net unrealized holding (losses) gains arising during period | 6,109 | (7,502) |
Reclassification adjustment for net gains arising during the period | 0 | 0 |
Other comprehensive loss, net | 6,109 | (7,502) |
Tax Benefit (Expense) | ||
Net unrealized holding (losses) gains arising during period | (1,746) | 1,770 |
Reclassification adjustment for net gains arising during the period | 0 | 0 |
Other comprehensive loss, net | (1,746) | 1,770 |
Net of Tax Amount | ||
Net unrealized holding (losses) gains arising during period | 4,363 | (5,732) |
Reclassification adjustment for net gains arising during the period | 0 | 0 |
Other comprehensive income (loss) | 4,363 | (5,732) |
Unrealized gains on derivatives | ||
Before Tax Amount | ||
Other comprehensive loss, net | (271) | 358 |
Tax Benefit (Expense) | ||
Other comprehensive loss, net | 57 | (75) |
Net of Tax Amount | ||
Other comprehensive income (loss) | $ (214) | $ 283 |
Comprehensive Income - Summary
Comprehensive Income - Summary of Changes in Components of Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | $ 623,739 | $ 583,122 | ||||
Cumulative adjustment for adoption of ASU 2016-01 | $ 125 | |||||
Adjusted equity balance | 623,864 | $ 583,122 | ||||
Net current period other comprehensive (loss) income | 4,149 | (5,449) | ||||
Balance at end of period | 681,343 | 588,648 | ||||
Unrealized Losses on Available for Sale Securities | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (8,782) | (3,232) | ||||
Cumulative adjustment for adoption of ASU 2016-01 | $ 0 | $ (2,043) | ||||
Adjusted equity balance | (8,782) | (5,275) | ||||
Net current period other comprehensive (loss) income | 4,363 | (5,732) | ||||
Balance at end of period | (4,419) | (11,007) | ||||
Unrealized Gains on Derivatives | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | 903 | 862 | ||||
Cumulative adjustment for adoption of ASU 2016-01 | 0 | 0 | ||||
Adjusted equity balance | 903 | 862 | ||||
Net current period other comprehensive (loss) income | (214) | 283 | ||||
Balance at end of period | 689 | 1,145 | ||||
Pension Items | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | 41 | 21 | ||||
Cumulative adjustment for adoption of ASU 2016-01 | 0 | 0 | ||||
Adjusted equity balance | 41 | 21 | ||||
Net current period other comprehensive (loss) income | 0 | 0 | ||||
Balance at end of period | 41 | 21 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (7,838) | (2,349) | ||||
Cumulative adjustment for adoption of ASU 2016-01 | 0 | (2,043) | (2,043) | |||
Adjusted equity balance | $ (7,838) | $ (7,838) | $ (4,392) | $ (4,392) | ||
Balance at end of period | $ (3,689) | $ (9,841) |
Estimated Fair Value of Finan_3
Estimated Fair Value of Financial Instruments and Fair Value Measurement - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Investment securities available for sale, at fair value | $ 659,238 | $ 638,618 |
Equity securities, at fair value | 15,232 | 15,921 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investment securities available for sale, at fair value | 659,238 | 638,618 |
Equity securities, at fair value | 15,232 | 15,921 |
Derivative assets | 15,178 | 12,135 |
Total Assets | 689,648 | 666,674 |
Liabilities: | ||
Derivative liabilities | 14,350 | 11,036 |
Total Liabilities | 14,350 | 11,036 |
Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Investment securities available for sale, at fair value | 139,581 | 140,927 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 469,636 | 447,094 |
Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Investment securities available for sale, at fair value | 45,017 | 45,505 |
Fair Value, Measurements, Recurring | Other debt securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 5,004 | 5,092 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Investment securities available for sale, at fair value | 16,293 | 4,920 |
Equity securities, at fair value | 1,864 | 2,731 |
Derivative assets | 0 | 0 |
Total Assets | 18,157 | 7,651 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Investment securities available for sale, at fair value | 16,293 | 4,920 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other debt securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Investment securities available for sale, at fair value | 642,945 | 633,698 |
Equity securities, at fair value | 13,368 | 13,190 |
Derivative assets | 15,178 | 12,135 |
Total Assets | 671,491 | 659,023 |
Liabilities: | ||
Derivative liabilities | 14,350 | 11,036 |
Total Liabilities | 14,350 | 11,036 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Investment securities available for sale, at fair value | 123,288 | 136,007 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 469,636 | 447,094 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Investment securities available for sale, at fair value | 45,017 | 45,505 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Other debt securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 5,004 | 5,092 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. Treasury and U.S. government agencies | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Investment securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other debt securities | ||
Assets: | ||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Estimated Fair Value of Finan_4
Estimated Fair Value of Financial Instruments and Fair Value Measurement - Fair Value of Assets Measured on Non-recurring Basis (Detail) - Fair Value, Measurements, Non-recurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Impaired loans | $ 20,236 | $ 19,702 |
Loans held for sale | 600 | 1,113 |
Other real estate owned and other repossessed assets | 715 | 830 |
(Level 1) | ||
Assets: | ||
Impaired loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Other real estate owned and other repossessed assets | 0 | 0 |
(Level 2) | ||
Assets: | ||
Impaired loans | 0 | 0 |
Loans held for sale | 600 | 1,113 |
Other real estate owned and other repossessed assets | 0 | 0 |
(Level 3) | ||
Assets: | ||
Impaired loans | 20,236 | 19,702 |
Loans held for sale | 0 | 0 |
Other real estate owned and other repossessed assets | $ 715 | $ 830 |
Estimated Fair Value of Finan_5
Estimated Fair Value of Financial Instruments and Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Subordinate debt | $ 118,193 | $ 105,027 |
Non-rated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term municipal bond | 5,000 | |
Subordinate debt | $ 2,500 | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 5.00% | |
Capitalization rates | 4.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 11.00% | |
Capitalization rates | 9.00% |
Estimated Fair Value of Finan_6
Estimated Fair Value of Financial Instruments and Fair Value Measurement- Carrying Values and Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Investment securities held to maturity; fair value of $158,219 at March 31, 2019 and $150,932 at December 31, 2018 | $ 159,308 | $ 153,646 |
Investment securities held to maturity, Fair Value | 158,219 | 150,932 |
Federal Home Loan Bank and other membership bank stocks, Carrying Value | 16,951 | 13,301 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 16,951 | 13,301 |
Loans and leases, net Carrying Value | 4,883,412 | 4,419,045 |
Loans and leases, net Fair Value | 4,899,288 | 4,341,477 |
Financial Liabilities: | ||
Certificates of deposit, Carrying value | 946,372 | 757,038 |
Certificates of deposit, Fair Value | 942,283 | 750,801 |
Other borrowings, Carrying value | 175,783 | 181,118 |
Other borrowings, Fair Value | 174,569 | 176,921 |
Subordinated debentures, Carrying Value | 118,193 | 105,027 |
Subordinated debentures, Fair Value | 115,462 | 102,497 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets: | ||
Investment securities held to maturity, Fair Value | 0 | 0 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Loans and leases, net Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial Assets: | ||
Investment securities held to maturity, Fair Value | 150,700 | 143,913 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 16,951 | 13,301 |
Loans and leases, net Fair Value | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 942,283 | 750,801 |
Other borrowings, Fair Value | 174,569 | 176,921 |
Subordinated debentures, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Investment securities held to maturity, Fair Value | 7,519 | 7,019 |
Federal Home Loan Bank and other membership bank stocks, Fair Value | 0 | 0 |
Loans and leases, net Fair Value | 4,899,288 | 4,341,477 |
Financial Liabilities: | ||
Certificates of deposit, Fair Value | 0 | 0 |
Other borrowings, Fair Value | 0 | 0 |
Subordinated debentures, Fair Value | $ 115,462 | $ 102,497 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 19,239 | $ 18,651 |
Operating lease liabilities | $ 20,823 | 20,203 |
Cumulative adjustment for adoption of ASU 2016-01 | 125 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | 18,700 | |
Operating lease liabilities | $ 20,200 |
Uncategorized Items - lbai-2019
Label | Element | Value |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 74,780,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 116,999,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 512,734,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 514,703,000 |