Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | FINANCIAL INSTITUTIONS INC | |
Entity Central Index Key | 862,831 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,184,235 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents: | ||
Cash and cash equivalents | $ 52,554 | $ 58,151 |
Securities available for sale, at fair value | 772,639 | 622,494 |
Securities held to maturity, at amortized cost (fair value of $324,873 and $298,695, respectively) | 320,820 | 294,438 |
Loans held for sale | 448 | 755 |
Loans (net of allowance for loan losses of $27,500 and $27,637, respectively) | 1,981,773 | 1,884,365 |
Company owned life insurance | 61,998 | 61,004 |
Premises and equipment, net | 37,110 | 36,394 |
Goodwill and other intangible assets, net | 68,158 | 68,639 |
Other assets | 63,959 | 63,281 |
Total assets | 3,359,459 | 3,089,521 |
Deposits: | ||
Noninterest-bearing demand | 602,143 | 571,260 |
Interest-bearing demand | 530,861 | 490,190 |
Savings and money market | 910,215 | 795,835 |
Certificates of deposit | 613,019 | 593,242 |
Total deposits | 2,656,238 | 2,450,527 |
Short-term borrowings | 350,600 | 334,804 |
Long-term borrowings, net of issuance costs of $1,045 | 38,955 | |
Other liabilities | 29,231 | 24,658 |
Total liabilities | 3,075,024 | 2,809,989 |
Shareholders' equity: | ||
Total preferred equity | 17,340 | 17,340 |
Common stock, $0.01 par value; 50,000,000 shares authorized and 14,397,509 shares issued and outstanding | 144 | 144 |
Additional paid-in capital | 72,279 | 72,955 |
Retained earnings | 210,337 | 203,312 |
Accumulated other comprehensive loss | (11,682) | (9,011) |
Treasury stock, at cost - 213,374 and 279,461 shares, respectively | (3,983) | (5,208) |
Total shareholders' equity | 284,435 | 279,532 |
Total liabilities and shareholders' equity | 3,359,459 | 3,089,521 |
Series A 3% Preferred Stock [Member] | ||
Shareholders' equity: | ||
Total preferred equity | 149 | 149 |
Series B-1 8.48% Preferred Stock [Member] | ||
Shareholders' equity: | ||
Total preferred equity | $ 17,191 | $ 17,191 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Securities held to maturity, fair value | $ 324,873 | $ 298,695 |
Loans, allowance for loan losses | 27,500 | $ 27,637 |
Debt issuance costs | $ 1,045 | |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 14,397,509 | 14,397,509 |
Common stock, shares outstanding | 14,397,509 | 14,397,509 |
Treasury stock, shares | 213,374 | 279,461 |
Series A 3% Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 1,533 | 1,533 |
Preferred stock, shares issued | 1,492 | 1,492 |
Preferred stock, shares outstanding | 1,492 | 1,492 |
Preferred stock, dividend percentage | 3.00% | 3.00% |
Series B-1 8.48% Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 171,906 | 171,906 |
Preferred stock, shares outstanding | 171,906 | 171,906 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Interest and fees on loans | $ 20,446 | $ 20,230 | $ 40,583 | $ 40,497 |
Interest and dividends on investment securities | 5,513 | 4,653 | 10,373 | 9,445 |
Total interest income | 25,959 | 24,883 | 50,956 | 49,942 |
Interest expense: | ||||
Deposits | 1,827 | 1,577 | 3,447 | 3,102 |
Short-term borrowings | 213 | 203 | 443 | 462 |
Long-term borrowings | 515 | 515 | ||
Total interest expense | 2,555 | 1,780 | 4,405 | 3,564 |
Net interest income | 23,404 | 23,103 | 46,551 | 46,378 |
Provision for loan losses | 1,288 | 1,758 | 4,029 | 3,864 |
Net interest income after provision for loan losses | 22,116 | 21,345 | 42,522 | 42,514 |
Noninterest income: | ||||
Service charges on deposits | 1,964 | 2,241 | 3,843 | 4,491 |
Insurance income | 1,057 | 16 | 2,665 | 57 |
ATM and debit card | 1,283 | 1,257 | 2,476 | 2,431 |
Investment advisory | 541 | 561 | 1,028 | 1,123 |
Company owned life insurance | 493 | 425 | 960 | 828 |
Investments in limited partnerships | 55 | 81 | 529 | 707 |
Loan servicing | 96 | 176 | 263 | 330 |
Net gain on sale of loans held for sale | 39 | 50 | 108 | 155 |
Net gain on disposal of investment securities | 949 | 1,062 | 1,262 | |
Net gain (loss) on disposal of other assets | 16 | 24 | 20 | (11) |
Other | 911 | 797 | 1,798 | 1,561 |
Total noninterest income | 6,455 | 6,577 | 14,752 | 12,934 |
Noninterest expense: | ||||
Salaries and employee benefits | 10,606 | 9,063 | 20,829 | 18,319 |
Occupancy and equipment | 3,375 | 3,139 | 7,074 | 6,374 |
Professional services | 866 | 1,384 | 1,834 | 2,356 |
Computer and data processing | 810 | 777 | 1,512 | 1,500 |
Supplies and postage | 508 | 535 | 1,071 | 1,047 |
FDIC assessments | 415 | 388 | 833 | 810 |
Advertising and promotions | 238 | 214 | 477 | 393 |
Other | 2,418 | 2,308 | 4,617 | 4,222 |
Total noninterest expense | 19,236 | 17,808 | 38,247 | 35,021 |
Income before income taxes | 9,335 | 10,114 | 19,027 | 20,427 |
Income tax expense | 2,750 | 3,082 | 5,641 | 6,176 |
Net income | 6,585 | 7,032 | 13,386 | 14,251 |
Preferred stock dividends | 366 | 365 | 731 | 731 |
Net income available to common shareholders | $ 6,219 | $ 6,667 | $ 12,655 | $ 13,520 |
Earnings per common share (Note 3): | ||||
Basic | $ 0.44 | $ 0.48 | $ 0.90 | $ 0.98 |
Diluted | 0.44 | 0.48 | 0.90 | 0.98 |
Cash dividends declared per common share | $ 0.20 | $ 0.19 | $ 0.40 | $ 0.38 |
Weighted average common shares outstanding: | ||||
Basic | 14,078 | 13,791 | 14,071 | 13,782 |
Diluted | 14,121 | 13,838 | 14,118 | 13,831 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 6,585 | $ 7,032 | $ 13,386 | $ 14,251 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized (losses) gains on securities available for sale | (6,207) | 2,684 | (2,946) | 6,428 |
Pension and post-retirement obligations | 140 | 20 | 275 | 39 |
Total other comprehensive income (loss), net of tax | (6,067) | 2,704 | (2,671) | 6,467 |
Comprehensive income | $ 518 | $ 9,736 | $ 10,715 | $ 20,718 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Series A 3% Preferred Stock [Member]Retained Earnings [Member] | Series A 3% Preferred Stock [Member] | Series B-1 8.48% Preferred Stock [Member]Retained Earnings [Member] | Series B-1 8.48% Preferred Stock [Member] | Preferred Equity [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2013 | $ 17,342 | $ 142 | $ 67,574 | $ 186,137 | $ (10,187) | $ (6,169) | $ 254,839 | ||||
Comprehensive income: | |||||||||||
Net income | 14,251 | 14,251 | |||||||||
Other comprehensive income, net of tax | 6,467 | 6,467 | |||||||||
Purchases of common stock for treasury | (195) | (195) | |||||||||
Repurchase of Series B-1 8.48% preferred stock | (2) | (2) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 305 | 305 | |||||||||
Stock options exercised | (1) | 133 | 132 | ||||||||
Restricted stock awards issued, net | (655) | 655 | |||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (2) | $ (2) | $ (729) | $ (729) | (731) | ||||||
Common stock dividends per share | (5,239) | (5,239) | |||||||||
Balance at Jun. 30, 2014 | 17,340 | 142 | 67,223 | 194,418 | (3,720) | (5,576) | 269,827 | ||||
Balance at Dec. 31, 2014 | 17,340 | 144 | 72,955 | 203,312 | (9,011) | (5,208) | 279,532 | ||||
Comprehensive income: | |||||||||||
Net income | 13,386 | 13,386 | |||||||||
Other comprehensive income, net of tax | (2,671) | (2,671) | |||||||||
Purchases of common stock for treasury | (41) | (41) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 370 | 370 | |||||||||
Stock options exercised | 2 | 163 | 165 | ||||||||
Restricted stock awards issued, net | (1,060) | 1,060 | |||||||||
Excess tax benefit on share-based compensation | 1 | 1 | |||||||||
Stock awards | 11 | 43 | 54 | ||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (2) | $ (2) | $ (729) | $ (729) | (731) | ||||||
Common stock dividends per share | (5,630) | (5,630) | |||||||||
Balance at Jun. 30, 2015 | $ 17,340 | $ 144 | $ 72,279 | $ 210,337 | $ (11,682) | $ (3,983) | $ 284,435 |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common stock dividends per share, declared | $ 0.40 | $ 0.38 |
Series A 3% Preferred Stock [Member] | ||
Preferred stock dividends per share, declared | $ 1.50 | $ 1.50 |
Preferred stock, dividend percentage | 3.00% | 3.00% |
Series B-1 8.48% Preferred Stock [Member] | ||
Preferred stock dividends per share, declared | $ 4.24 | $ 4.24 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 7,032 | $ 13,386 | $ 14,251 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,671 | 2,061 | |
Net amortization of premiums on securities | 1,547 | 1,582 | |
Provision for loan losses | 1,758 | 4,029 | 3,864 |
Share-based compensation | 202 | 370 | 305 |
Deferred income tax expense | 202 | 1,066 | |
Proceeds from sale of loans held for sale | 7,321 | 7,705 | |
Originations of loans held for sale | (6,906) | (5,223) | |
Increase in company owned life insurance | (425) | (960) | (828) |
Net gain on sale of loans held for sale | (50) | (108) | (155) |
Net gain on disposal of investment securities | (949) | (1,062) | (1,262) |
Net (gain) loss on sale and disposal of other assets | (24) | (20) | 11 |
Decrease in other assets | 1,009 | 288 | |
Increase (decrease) in other liabilities | 820 | (249) | |
Net cash provided by operating activities | 22,299 | 23,416 | |
Cash flows from investing activities: | |||
Purchases of available for sale securities | (241,906) | (125,419) | |
Purchases of held to maturity securities | (39,570) | (28,594) | |
Proceeds from principal payments, maturities and calls on available for sale securities | 57,787 | 83,904 | |
Proceeds from principal payments, maturities and calls on held to maturity securities | 16,394 | 16,491 | |
Proceeds from sales of securities available for sale | 41,958 | 29,508 | 61,428 |
Net loan originations | (101,567) | (65,937) | |
Purchases of company owned life insurance | (34) | (34) | |
Proceeds from sales of other assets | 167 | 623 | |
Purchases of premises and equipment | (2,891) | (2,371) | |
Net cash used in investing activities | (282,112) | (59,909) | |
Cash flows from financing activities: | |||
Net increase in deposits | 205,711 | 130,022 | |
Net increase (decrease) in short-term borrowings | 15,796 | (82,359) | |
Issuance of long-term debt | 40,000 | ||
Debt issuance costs | (1,060) | ||
Repurchase of preferred stock | (2) | ||
Purchase of common stock for treasury | (41) | (195) | |
Proceeds from stock options exercised | 165 | 132 | |
Excess tax benefit on share-based compensation, net | 1 | ||
Cash dividends paid to common and preferred shareholders | (6,356) | (5,965) | |
Net cash provided by financing activities | 254,216 | 41,633 | |
Net (decrease) increase in cash and cash equivalents | (5,597) | 5,140 | |
Cash and cash equivalents, beginning of period | 58,151 | 59,692 | |
Cash and cash equivalents, end of period | 64,832 | 52,554 | 64,832 |
Supplemental information: | |||
Cash paid for interest | 3,166 | 3,313 | |
Cash paid for income taxes | 1,539 | 8,313 | |
Noncash investing and financing activities: | |||
Real estate and other assets acquired in settlement of loans | 130 | 311 | |
Accrued and declared unpaid dividends | $ 2,986 | 3,182 | 2,986 |
Increase in net unsettled security purchases | $ 4,023 | 2,260 | |
Loans transferred from held for sale to held for investment | $ 853 |
Basis of Presentation And Summa
Basis of Presentation And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation And Summary Of Significant Accounting Policies | (1.)BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Financial Institutions, Inc., (the "Parent" or the "Company") is a financial holding company organized in 1931 under the laws of New York State. The Company offers a broad array of deposit, lending and other financial services to individuals, municipalities and businesses in Western and Central New York through its wholly-owned New York chartered banking subsidiary, Five Star Bank (the "Bank"). The Company has also expanded its indirect lending network to include relationships with franchised automobile dealers in the Capital District of New York and Northern Pennsylvania. On August 1, 2014, the Company acquired Scott Danahy Naylon Co., Inc., a full service insurance agency located in Amherst, New York. The Company provides insurance and risk consulting services through its wholly-owned insurance subsidiary, Scott Danahy Naylon, LLC ("SDN"). Basis of Presentation The consolidated financial statements include the accounts of Financial Institutions, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to applicable rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated statements of financial condition, income, comprehensive income, changes in shareholders' equity and cash flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Prior years' consolidated financial statements are re-classified whenever necessary to conform to the current year's presentation. These consolidated financial statements should be read in conjunction with the Company's 2014 Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year . Subsequent Events The Company has evaluated events and transactions for potential recognition or disclosure through the day the financial statements were issued and determined that there were no subsequent events. Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates relate to the determination of the allowance for loan losses, the carrying value of goodwill and deferred tax assets, the valuation and other than temporary impairment ("OTTI") considerations related to the securities portfolio, and assumptions used in the defined benefit pension plan accounting. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The effective date was recently deferred for one year to the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted as of the original effective date – interim and annual periods beginning on or after December 15, 2016. The Company is evaluating the potential impact of ASU 2014-09 on the Company's financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718) . The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 will be effective for the Company beginning January 1, 2016, though early adoption is permitted. The adoption of ASU 2014-12 is not expected to have a significant impact on the Company's financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 will be effective for the Company beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Company's financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . Under ASU 2015-03 the Company will present debt issuance costs in the balance sheet as a reduction from the related debt liability rather than as an asset. Amortization of such costs will continue to be reported as interest expense. ASU 2015-03 will be effective for the Company beginning January 1, 2016, though early adoption is permitted. Retrospective adoption is required. The Company early adopted this standard during the quarter ended June 30, 2015, concurrent with the issuance of the Subordinated Notes described in Note 7. Unamortized debt issuance costs of $1.0 million are included in the net balance of long-term borrowings reported on the Consolidated Statements of Financial Condition. Retrospective application of this standard did not impact previously issued financial statements. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | (2.) BUSINESS COMBINATIONS SDN Acquisition On August 1 , 2014, the Company completed the acquisition of Scott Danahy Naylon Co., Inc., a full service insurance agency located in Amherst, New York . Consideration for the acquisition included both cash and stock totaling $ 16.9 , including up to $ 3.4 As a result of the acquisition, the Company recorded goodwill of $12.6 million and other intangible assets of $6.6 million. The goodwill is not expected to be deductible for income tax purposes . Pro forma results of operations for this acquisition have not been presented because the effect of this acquisition was not material to the Company's consolidated financial statements. This acquisition was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The following table summarizes the consideration paid for Scott Danahy Naylon Co., Inc. and the amounts of the assets acquired and liabilities assumed. Consideration paid: Cash $ 8,100 Stock 5,400 Contingent consideration 3,227 Fair value of total consideration transferred 16,727 Fair value of assets acquired: Cash 105 Identified intangible assets 6,640 Premises and equipment, accounts receivable and other assets 1,094 Total identifiable assets acquired 7,839 Fair value of liabilities assumed: Deferred tax liability 2,556 Other liabilities 1,173 Total liabilities assumed 3,729 Fair value of net assets acquired 4,110 Goodwill resulting from acquisition $ 12,617 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | (3.) EARNINGS PER COMMON SHARE ("EPS") The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts). Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Net income available to common shareholders $ 6,219 $ 6,667 $ 12,655 $ 13,520 Weighted average common shares outstanding: Total shares issued 14,398 14,162 14,398 14,162 Unvested restricted stock awards (100 ) (67 ) (87 ) (65 ) Treasury shares (220 ) (304 ) (240 ) (315 ) Total basic weighted average common shares outstanding 14,078 13,791 14,071 13,782 Incremental shares from assumed: Exercise of stock options 22 28 22 25 Vesting of restricted stock awards 21 19 25 24 Total diluted weighted average common shares outstanding 14,121 13,838 14,118 13,831 Basic earnings per common share $ 0.44 $ 0.48 $ 0.90 $ 0.98 Diluted earnings per common share $ 0.44 $ 0.48 $ 0.90 $ 0.98 For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive: Stock options - - - 7 Restricted stock awards 3 3 2 1 3 3 2 8 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | (4.) INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 271,774 $ 777 $ 2,474 $ 270,077 Mortgage-backed securities: Federal National Mortgage Association 227,129 1,933 2,307 226,755 Federal Home Loan Mortgage Corporation 28,840 501 204 29,137 Government National Mortgage Association 43,804 1,728 - 45,532 Collateralized mortgage obligations: Federal National Mortgage Association 83,447 514 1,132 82,829 Federal Home Loan Mortgage Corporation 95,268 186 2,752 92,702 Government National Mortgage Association 23,828 470 39 24,259 Privately issued - 1,123 - 1,123 Total collateralized mortgage obligations 202,543 2,293 3,923 200,913 Total mortgage-backed securities 502,316 6,455 6,434 502,337 Asset-backed securities - 225 - 225 Total available for sale securities $ 774,090 $ 7,457 $ 8,908 $ 772,639 Securities held to maturity: State and political subdivisions 289,713 4,790 451 294,052 Mortgage-backed securities: Federal National Mortgage Association 9,280 6 86 9,200 Government National Mortgage Association 21,827 5 211 21,621 Total mortgage-backed securities 31,107 11 297 30,821 Total held to maturity securities $ 320,820 $ 4,801 $ 748 $ 324,873 December 31, 2014 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 160,334 $ 1,116 $ 975 $ 160,475 Mortgage-backed securities: Federal National Mortgage Association 184,857 2,344 1,264 185,937 Federal Home Loan Mortgage Corporation 29,478 799 7 30,270 Government National Mortgage Association 48,800 2,022 - 50,822 Collateralized mortgage obligations: Federal National Mortgage Association 76,247 489 944 75,792 Federal Home Loan Mortgage Corporation 89,623 199 2,585 87,237 Government National Mortgage Association 29,954 598 40 30,512 Privately issued - 1,218 - 1,218 Total collateralized mortgage obligations 195,824 2,504 3,569 194,759 Total mortgage-backed securities 458,959 7,669 4,840 461,788 Asset-backed securities - 231 - 231 Total available for sale securities $ 619,293 $ 9,016 $ 5,815 $ 622,494 Securities held to maturity: State and political subdivisions 277,273 4,231 120 281,384 Mortgage-backed securities: Federal National Mortgage Association 3,279 24 - 3,303 Government National Mortgage Association 13,886 122 - 14,008 Total mortgage-backed securities 17,165 146 - 17,311 Total held to maturity securities $ 294,438 $ 4,377 $ 120 $ 298,695 Investment securities with a total fair value of $ 846.9 Sales and calls of securities available for sale were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Proceeds from sales $ - $ 41,958 $ 29,508 $ 61,428 Gross realized gains - 949 1,073 1,262 Gross realized losses - - 11 - The scheduled maturities of securities available for sale and securities held to maturity at June 30, 2015 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 30,008 $ 30,008 Due from one to five years 166,519 166,266 Due after five years through ten years 328,808 328,993 Due after ten years 248,755 247,372 $ 774,090 $ 772,639 Debt securities held to maturity: Due in one year or less $ 24,064 $ 24,158 Due from one to five years 161,041 164,083 Due after five years through ten years 107,099 108,259 Due after ten years 28,616 28,373 $ 320,820 $ 324,873 Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands): Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 162,940 $ 2,110 $ 24,637 $ 364 $ 187,577 $ 2,474 Mortgage-backed securities: Federal National Mortgage Association 93,817 1,779 34,433 528 128,250 2,307 Federal Home Loan Mortgage Corporation 6,005 204 - - 6,005 204 Collateralized mortgage obligations: Federal National Mortgage Association 24,181 271 19,886 861 44,067 1,132 Federal Home Loan Mortgage Corporation 21,765 484 61,553 2,268 83,318 2,752 Government National Mortgage Association - - 2,306 39 2,306 39 Total collateralized mortgage obligations 45,946 755 83,745 3,168 129,691 3,923 Total mortgage-backed securities 145,768 2,738 118,178 3,696 263,946 6,434 Total available for sale securities 308,708 4,848 142,815 4,060 451,523 8,908 Securities held to maturity: State and political subdivisions 35,997 451 - - 35,997 451 Mortgage-backed securities: - - Federal National Mortgage Association 5,724 86 - - 5,724 86 Government National Mortgage Association 15,328 211 - - 15,328 211 Total held to maturity securities 57,049 748 - - 57,049 748 Total temporarily impaired securities $ 365,757 $ 5,596 $ 142,815 $ 4,060 $ 508,572 $ 9,656 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2014 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 34,995 $ 77 $ 41,070 $ 898 $ 76,065 $ 975 Mortgage-backed securities: Federal National Mortgage Association 2,242 8 62,592 1,256 64,834 1,264 Federal Home Loan Mortgage Corporation 3,387 7 - - 3,387 7 Collateralized mortgage obligations: Federal National Mortgage Association 11,228 24 25,644 920 36,872 944 Federal Home Loan Mortgage Corporation - - 76,126 2,585 76,126 2,585 Government National Mortgage Association - - 2,510 40 2,510 40 Total collateralized mortgage obligations 11,228 24 104,280 3,545 115,508 3,569 Total mortgage-backed securities 16,857 39 166,872 4,801 183,729 4,840 Total available for sale securities 51,852 116 207,942 5,699 259,794 5,815 Securities held to maturity: State and political subdivisions 18,036 120 - - 18,036 120 Total temporarily impaired securities $ 69,888 $ 236 $ 207,942 $ 5,699 $ 277,830 $ 5,935 The total number of security positions in the investment portfolio in an unrealized loss position at June 30, 2015 was 243 122 32 211 51 71 Based on management's review and evaluation of the Company's debt securities as of June 30, 2015, the debt securities with unrealized losses were not considered to be OTTI. As of June 30, 2015, the Company did not intend to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of June 30, 2015, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company's consolidated statements of income. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Loans [Abstract] | |
Loans | (5.) LOANS The Company's loan portfolio consisted of the following as of the dates indicated (in thousands): Principal Net Deferred Amount Loan Costs Outstanding (Fees) Loans, Net June 30, 2015 Commercial business $ 292,674 $ 117 $ 292,791 Commercial mortgage 538,034 (1,444 ) 536,590 Residential mortgage 95,259 (97 ) 95,162 Home equity 391,645 7,209 398,854 Consumer indirect 641,871 24,679 666,550 Other consumer 19,141 185 19,326 Total $ 1,978,624 $ 30,649 2,009,273 Allowance for loan losses (27,500 ) Total loans, net $ 1,981,773 December 31, 2014 Commercial business $ 267,377 $ 32 $ 267,409 Commercial mortgage 476,407 (1,315 ) 475,092 Residential mortgage 100,241 (140 ) 100,101 Home equity 379,774 6,841 386,615 Consumer indirect 636,357 25,316 661,673 Other consumer 20,915 197 21,112 Total $ 1,881,071 $ 30,931 1,912,002 Allowance for loan losses (27,637 ) Total loans, net $ 1,884,365 Loans held for sale (not included above) were comprised entirely of residential real estate mortgages and totaled $448 thousand and $755 thousand as of June 30, 2015 and December 31, 2014, respectively. Past Due Loans Aging The Company's recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of the dates indicated (in thousands): Greater 30-59 Days 60-89 Days Than 90 Total Past Past Due Past Due Days Due Nonaccrual Current Total Loans June 30, 2015 Commercial business $ 605 $ - $ - $ 605 $ 4,643 $ 287,426 $ 292,674 Commercial mortgage 606 - - 606 3,070 534,358 538,034 Residential mortgage 192 - - 192 1,628 93,439 95,259 Home equity 454 78 - 532 619 390,494 391,645 Consumer indirect 1,708 364 - 2,072 728 639,071 641,871 Other consumer 86 52 9 147 11 18,983 19,141 Total loans, gross $ 3,651 $ 494 $ 9 $ 4,154 $ 10,699 $ 1,963,771 $ 1,978,624 December 31, 2014 Commercial business $ 28 $ - $ - $ 28 $ 4,288 $ 263,061 $ 267,377 Commercial mortgage 83 - - 83 3,020 473,304 476,407 Residential mortgage 321 - - 321 1,194 98,726 100,241 Home equity 799 67 - 866 463 378,445 379,774 Consumer indirect 2,429 402 - 2,831 1,169 632,357 636,357 Other consumer 148 48 8 204 11 20,700 20,915 Total loans, gross $ 3,808 $ 517 $ 8 $ 4,333 $ 10,145 $ 1,866,593 $ 1,881,071 There were no loans past due greater than 90 days and still accruing interest as of June 30, 2015 and December 31, 2014. There were $9 thousand and $8 thousand in consumer overdrafts which were past due greater than 90 days as of June 30, 2015 and December 31, 2014, respectively. Consumer overdrafts are overdrawn deposit accounts which have been reclassified as loans but by their terms do not accrue interest. Troubled Debt Restructurings A modification of a loan constitutes a troubled debt restructuring ("TDR") when a borrower is experiencing financial difficulty and the modification constitutes a concession. Commercial loans modified in a TDR may involve temporary interest-only payments, term extensions, reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, collateral concessions, forgiveness of principal, forebearance agreements, or substituting or adding a new borrower or guarantor. The following table presents information related to loans modified in a TDR during the quarterly periods indicated (dollars in thousands). Quarter-to-Date Year-to-Date Pre - Post Pre Post- Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment June 30, 2015 Commercial business 2 $ 1,342 $ 1,342 2 $ 1,342 $ 1,342 Commercial mortgage - - - 1 682 330 Total 2 $ 1,342 $ 1,342 3 $ 2,024 $ 1,672 June 30, 2014 Commercial business 1 $ 1,381 $ 1,381 1 $ 1,381 $ 1,381 Commercial mortgage - - - - - - Total 1 $ 1,381 $ 1,381 1 $ 1,381 $ 1,381 The loans identified as a TDR by the Company during the six month periods ended June 30, 2015 and 2014 were previously on nonaccrual status and reported as impaired loans prior to restructuring. The modifications during the reported periods primarily related to extending amortization periods, forebearance agreements, requesting additional collateral and, in one instance, forgiveness of principal. Nonaccrual loans that are restructured remain on nonaccrual status, but may move to accrual status after they have performed according to the restructured terms for a period of time. The TDR classification did not have a material impact on the Company's determination of the allowance for loan losses because the modified loans were impaired and evaluated for a specific reserve both before and after restructuring. There were two commercial business loans with an aggregate pre-default balance of $1.3 million restructured in the 12 months prior to June 30, 2015 that went into default during the six months ended June 30, 2015. There were no loans modified as a TDR within the previous 12 months that defaulted during the six months ended June 30, 2014. For purposes of this disclosure, a loan modified as a TDR is considered to have defaulted when the borrower becomes 90 days past due. Impaired Loans Management has determined that specific commercial loans on nonaccrual status and all loans that have had their terms restructured in a troubled debt restructuring are impaired loans. The following table presents the recorded investment, unpaid principal balance and related allowance of impaired loans as of the dates indicated, and average recorded investment and interest income recognized on impaired loans for the six month periods ended as of the dates indicated (in thousands): Unpaid Average Interest Recorded Principal Related Recorded Income Investment (1) Balance (1) Allowance Investment Recognized June 30, 2015 With no related allowance recorded: Commercial business $ 1,348 $ 2,807 $ - $ 1,461 $ - Commercial mortgage 1,159 1,708 - 1,171 - 2,507 4,515 - 2,632 - With an allowance recorded: Commercial business 3,295 3,295 1,247 3,093 - Commercial mortgage 1,911 1,911 707 2,121 - 5,206 5,206 1,954 5,214 - $ 7,713 $ 9,721 $ 1,954 $ 7,846 $ - December 31, 2014 With no related allowance recorded: Commercial business $ 1,408 $ 1,741 $ - $ 1,431 $ - Commercial mortgage 781 920 - 1,014 - 2,189 2,661 - 2,445 - With an allowance recorded: Commercial business 2,880 2,880 1,556 1,998 - Commercial mortgage 2,239 2,239 911 1,560 - 5,119 5,119 2,467 3,558 - $ 7,308 $ 7,780 $ 2,467 $ 6,003 $ - (1) Difference between recorded investment and unpaid principal balance represents partial charge-offs. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors such as the fair value of collateral. The Company analyzes commercial business and commercial mortgage loans individually by classifying the loans as to credit risk. Risk ratings are updated any time the situation warrants. The Company uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company's credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans that do not meet the criteria above that are analyzed individually as part of the process described above are considered "uncriticized" or pass-rated loans and are included in groups of homogeneous loans with similar risk and loss characteristics. The following table sets forth the Company's commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands): Commercial Commercial Business Mortgage June 30, 2015 Uncriticized $ 275,639 $ 523,226 Special mention 5,078 6,015 Substandard 11,957 8,793 Doubtful - - Total $ 292,674 $ 538,034 December 31, 2014 Uncriticized $ 250,961 $ 460,880 Special mention 5,530 5,411 Substandard 10,886 10,116 Doubtful - - Total $ 267,377 $ 476,407 The Company utilizes payment status as a means of identifying and reporting problem and potential problem retail loans. The Company considers nonaccrual loans and loans past due greater than 90 days and still accruing interest to be non-performing. The following table sets forth the Company's retail loan portfolio, categorized by payment status, as of the dates indicated (in thousands): Residential Home Consumer Other Mortgage Equity Indirect Consumer June 30, 2015 Performing $ 93,631 $ 391,026 $ 641,143 $ 19,121 Non-performing 1,628 619 728 20 Total $ 95,259 $ 391,645 $ 641,871 $ 19,141 December 31, 2014 Performing $ 99,047 $ 379,311 $ 635,188 $ 20,896 Non-performing 1,194 463 1,169 19 Total $ 100,241 $ 379,774 $ 636,357 $ 20,915 Allowance for Loan Losses Loans and the related allowance for loan losses are presented below as of the dates indicated (in thousands): Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total June 30, 2015 Loans: Ending balance $ 292,674 $ 538,034 $ 95,259 $ 391,645 $ 641,871 $ 19,141 $ 1,978,624 Evaluated for impairment: Individually $ 4,643 $ 3,070 $ - $ - $ - $ - $ 7,713 Collectively $ 288,031 $ 534,964 $ 95,259 $ 391,645 $ 641,871 $ 19,141 $ 1,970,911 Allowance for loan losses: Ending balance $ 5,334 $ 9,358 $ 465 $ 1,198 $ 10,676 $ 469 $ 27,500 Evaluated for impairment: Individually $ 1,247 $ 707 $ - $ - $ - $ - $ 1,954 Collectively $ 4,087 $ 8,651 $ 465 $ 1,198 $ 10,676 $ 469 $ 25,546 June 30, 2014 Loans: Ending balance $ 277,609 $ 469,936 $ 106,342 $ 363,243 $ 626,418 $ 21,205 $ 1,864,753 Evaluated for impairment: Individually $ 3,589 $ 2,734 $ - $ - $ - $ - $ 6,323 Collectively $ 274,020 $ 467,202 $ 106,342 $ 363,243 $ 626,418 $ 21,205 $ 1,858,430 Allowance for loan losses: Ending balance $ 5,402 $ 7,633 $ 618 $ 1,607 $ 11,446 $ 460 $ 27,166 Evaluated for impairment: Individually $ 1,056 $ 432 $ - $ - $ - $ - $ 1,488 Collectively $ 4,346 $ 7,201 $ 618 $ 1,607 $ 11,446 $ 460 $ 25,678 The following table sets forth the changes in the allowance for loan losses for the three and six month periods ended June 30, 2015 (in thousands): Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total Three months ended June 30, 2015 Beginning balance $ 5,395 $ 8,156 $ 558 $ 1,430 $ 11,205 $ 447 $ 27,191 Charge-offs 13 201 22 154 1,841 154 2,385 Recoveries 86 7 13 9 1,196 95 1,406 Provision (credit) (134 ) 1,396 (84 ) (87 ) 116 81 1,288 Ending balance $ 5,334 $ 9,358 $ 465 $ 1,198 $ 10,676 $ 469 $ 27,500 Six months ended June 30, 2015 Beginning balance $ 5,621 $ 8,122 $ 570 $ 1,485 $ 11,383 $ 456 $ 27,637 Charge-offs 1,154 810 77 238 4,263 413 6,955 Recoveries 134 96 46 19 2,301 193 2,789 Provision 733 1,950 (74 ) (68 ) 1,255 233 4,029 Ending balance $ 5,334 $ 9,358 $ 465 $ 1,198 $ 10,676 $ 469 $ 27,500 The following table sets forth the changes in the allowance for loan losses for the three and six month periods ended June 30, 2014 (in thousands): Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total Three months ended June 30, 2014 Beginning balance $ 4,689 $ 7,980 $ 672 $ 1,371 $ 11,984 $ 456 $ 27,152 Charge-offs 3 165 69 156 2,331 224 2,948 Recoveries 68 6 8 29 995 98 1,204 Provision (credit) 648 (188 ) 7 363 798 130 1,758 Ending balance $ 5,402 $ 7,633 $ 618 $ 1,607 $ 11,446 $ 460 $ 27,166 Six months ended June 30, 2014 Beginning balance $ 4,273 $ 7,743 $ 676 $ 1,367 $ 12,230 $ 447 $ 26,736 Charge-offs 71 165 147 262 4,786 493 5,924 Recoveries 97 13 29 40 2,100 211 2,490 Provision 1,103 42 60 462 1,902 295 3,864 Ending balance $ 5,402 $ 7,633 $ 618 $ 1,607 $ 11,446 $ 460 $ 27,166 Risk Characteristics Commercial business loans primarily consist of loans to small to midsize businesses in our market area in a diverse range of industries. These loans are typically made on the basis of the borrower's ability to make repayment from the cash flow of the borrower's business. Risk arises primarily due to a difference between expected and actual cash flows of the borrowers. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value. The credit risk related to commercial loans is largely influenced by general economic conditions and the resulting impact on a borrower's operations or on the value of underlying collateral, if any. Commercial mortgage loans generally have larger balances and involve a greater degree of risk than residential mortgage loans, potentially resulting in higher losses on an individual customer basis. Loan repayment is often dependent on the successful operation and management of the properties, as well as on the collateral securing the loan. Economic events or conditions in the real estate market could have an adverse impact on the cash flows generated by properties securing the Company's commercial real estate loans and on the value of such properties. Residential mortgage loans and home equities (comprised of home equity loans and home equity lines) are generally made on the basis of the borrower's ability to make repayment from his or her employment and other income, but are secured by real property whose value tends to be more easily ascertainable. Credit risk for these types of loans is generally influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Consumer indirect and other consumer loans may entail greater credit risk than residential mortgage loans and home equities, particularly in the case of other consumer loans which are unsecured or, in the case of indirect consumer loans, secured by depreciable assets, such as automobiles or boats. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance. In addition, consumer loan collections are dependent on the borrower's continuing financial stability, and thus are more likely to be affected by adverse personal circumstances such as job loss, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | (6.) GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill totaled $61.2 million as of June 30, 2015 and December 31, 2014. The Company performs a goodwill impairment test on an annual basis or more frequently if events and circumstances warrant. The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships acquired in connection with the Company's insurance agency acquisition). Changes in the gross carrying amount, accumulated amortization and net book value, were as follows (in thousands): June 30, December 31, 2015 2014 Other intangibles assets: Gross carrying amount $ 8,682 $ 8,682 Accumulated amortization (1,677 ) (1,196 ) Net book value $ 7,005 $ 7,486 Amortization expense for total other intangible assets was $ 238 481 87 176 2015 (remainder of year) $ 461 2016 864 2017 778 2018 689 2019 611 2020 533 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Borrowings [Abstract] | |
Borrowings | (7.) BORROWINGS The Company classifies borrowings as short-term or long-term in accordance with the original terms of the agreement. Outstanding borrowings consisted of the following as of the dates indicated (in thousands): June 30, December 31, 2015 2014 Short-term borrowings: Short-term FHLB borrowings $ 350,600 $ 295,300 Repurchase agreements - 39,504 Total short-term borrowings 350,600 334,804 Long-term borrowings: Subordinated notes, net 38,955 - Total borrowings $ 389,555 $ 334,804 Subordinated Notes On April 15, 2015, the Company issued $ 40.0 6.0 10 3.944 1.1 38.9 The Company adopted ASU 2015-03 that requires debt issuance costs to be reported as a direct deduction from the face of the Notes and not as a deferred charge. Refer to Note 1 for additional information. The debt issuance costs will be amortized as an adjustment to interest expense over 15 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | (8.) SHAREHOLDERS' EQUITY Common Stock The changes in shares of common stock were as follows for the six month periods ended June 30, 2015 and 2014: Outstanding Treasury Issued June 30, 2015 Shares outstanding at December 31, 2014 14,118,048 279,461 14,397,509 Restricted stock awards issued 59,834 (59,834 ) - Restricted stock awards forfeited (3,041 ) 3,041 - Stock options exercised 8,722 (8,722 ) - Treasury stock purchases (1,791 ) 1,791 - Stock awards 2,363 (2,363 ) - Shares outstanding at June 30, 2015 14,184,135 213,374 14,397,509 June 30, 2014 Shares outstanding at December 31, 2013 13,829,355 332,242 14,161,597 Restricted stock awards issued 43,242 (43,242 ) - Restricted stock awards forfeited (8,144 ) 8,144 - Stock options exercised 7,125 (7,125 ) - Treasury stock purchases (9,102 ) 9,102 - Shares outstanding at June 30, 2014 13,862,476 299,121 14,161,597 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (9.) ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the components of other comprehensive income (loss) for the six month periods ended June 30, 2015 and 2014 (in thousands): Pre Net Amount Tax Effect Amount June 30, 2015 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (3,590 ) $ (1,386 ) $ (2,204 ) Reclassification adjustment for net gains included in net income (1) (1,208 ) (466 ) (742 ) Total securities available for sale and transferred securities (4,798 ) (1,852 ) (2,946 ) Amortization of pension and post-retirement items: Prior service credit (24 ) (9 ) (15 ) Net actuarial losses 471 181 290 Total pension and post-retirement obligations 447 172 275 Other comprehensive loss $ (4,351 ) $ (1,680 ) $ (2,671 ) June 30, 2014 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 12,168 $ 4,821 $ 7,347 Reclassification adjustment for net gains included in net income (1) (1,521 ) (602 ) (919 ) Total securities available for sale and transferred securities 10,647 4,219 6,428 Amortization of pension and post-retirement items: Prior service credit (24 ) (9 ) (15 ) Net actuarial losses 88 34 54 Total pension and post-retirement obligations 64 25 39 Other comprehensive income $ 10,711 $ 4,244 $ 6,467 (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses resulting from the Company's reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. Activity in accumulated other comprehensive loss, net of tax, for the six month periods ended June 30, 2015 and 2014 was as follows (in thousands): Securities Available for Pension and Accumulated Sale and Post Other Transferred retirement Comprehensive Securities Obligations Loss June 30, 2015 Balance at beginning of year $ 1,625 $ (10,636 ) $ (9,011 ) Other comprehensive income before reclassifications (2,204 ) - (2,204 ) Amounts reclassified from accumulated other comprehensive loss (742 ) 275 (467 ) Net current period other comprehensive income (loss) (2,946 ) 275 (2,671 ) Balance at end of period $ (1,321 ) $ (10,361 ) $ (11,682 ) June 30, 2014 Balance at beginning of year $ (5,337 ) $ (4,850 ) $ (10,187 ) Other comprehensive income before reclassifications 7,347 - 7,347 Amounts reclassified from accumulated other comprehensive loss (919 ) 39 (880 ) Net current period other comprehensive income 6,428 39 6,467 Balance at end of period $ 1,091 $ (4,811 ) $ (3,720 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for six month periods ended June 30, 2015 and 2014 (in thousands): Amount Reclassified from Details About Accumulated Other Accumulated Other Affected Line Item in the Comprehensive Loss Components Comprehensive Loss Consolidated Statement of Income Six months ended June 30, 2015 2014 Realized gain on sale of investment securities $ 1,062 $ 1,262 Net gain on disposal of investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity 146 259 Interest income 1,208 1,521 Total before tax (466 ) (602 ) Income tax expense 742 919 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 24 24 Salaries and employee benefits Net actuarial losses (1) (471 ) (88 ) Salaries and employee benefits (447 ) (64 ) Total before tax 172 25 Income tax benefit (275 ) (39 ) Net of tax Total reclassified for the period $ 467 $ 880 (1) These items are included in the computation of net periodic pension expense. See Note 11 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | (10.) SHARE-BASED COMPENSATION PLANS The Company maintains certain stock-based compensation plans that were approved by the Company's shareholders and are administered by the Company's Board of Directors, or the Management Development and Compensation Committee of the Board. The share-based compensation plans were established to allow for the grant of compensation awards to attract, motivate and retain employees, executive officers and non-employee directors who contribute to the success and profitability of the Company by giving such persons a proprietary interest in the Company, thereby enhancing their personal interest in the Company's success. The Company awarded grants of 36,384 Thirty seventy three The grant-date fair value of the TSR portion of the award granted during the six month period ended June 30, 2015 was determined using the Monte Carlo simulation model on the date of grant, assuming the following (i) expected term of 2.85 0.92 3.53 26.8 The Company granted 12,700 three 22.79 During the six months ended June 30, 2015, the Company issued a total of 2,363 three 10,750 5,380 5,370 one 23.25 The restricted stock awards granted to management and directors in 2015 do not have rights to dividends or dividend equivalents. The following is a summary of restricted stock award activity for the six month period ended June 30, 2015: Weighted Average Market Number of Price at Shares Grant Date Outstanding at beginning of year 59,113 $ 17.24 Granted 59,834 17.66 Vested (16,458 ) 20.80 Forfeited (3,041 ) 20.39 Outstanding at end of period 99,448 $ 16.81 As of June 30, 2015, there was $ 1.1 2.1 The Company amortizes the expense related to restricted stock awards over the vesting period. Share-based compensation expense is recorded as a component of salaries and employee benefits in the consolidated statements of income for awards granted to management and as a component of other noninterest expense for awards granted to directors. The share-based compensation expense included in the consolidated statements of income is as follows (in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Salaries and employee benefits $ 113 $ 75 $ 191 $ 156 Other noninterest expense 154 127 179 149 Total share-based compensation expense $ 267 $ 202 $ 370 $ 305 The Company uses the Black-Scholes valuation method to estimate the fair value of its stock option awards. There were no stock options awarded during 2015 or 2014. The following is a summary of stock option activity for the six months ended June 30, 2015 (dollars in thousands, except per share amounts): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at beginning of year 135,416 $ 19.25 Exercised (8,722 ) 18.96 Expired (12,645 ) 20.15 Outstanding and exercisable at end of period 114,049 $ 19.17 1.7 $ 646 The aggregate intrinsic value (the amount by which the market price of the stock on the date of exercise exceeded the market price of the stock on the date of grant) of option exercises for the six months ended June 30, 2015 and 2014 was $ 39 32 165 132 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (11.) EMPLOYEE BENEFIT PLANS The components of the Company's net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 581 $ 480 $ 1,162 $ 959 Interest cost on projected benefit obligation 583 573 1,166 1,147 Expected return on plan assets (1,205 ) (1,030 ) (2,410 ) (2,059 ) Amortization of prior service credit (12 ) (12 ) (24 ) (24 ) Amortization of net actuarial losses 235 44 471 88 Net periodic pension expense $ 182 $ 55 $ 365 $ 111 The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company's funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2015 fiscal year. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (12.) COMMITMENTS AND CONTINGENCIES The Company has financial instruments with off-balance sheet risk established in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk extending beyond amounts recognized in the Company's financial statements. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is essentially the same as that involved with extending loans to customers. The Company uses the same credit underwriting policies in making commitments and conditional obligations as for on-balance sheet instruments. Off-balance sheet commitments consist of the following (in thousands): June 30, December 31, 2015 2014 Commitments to extend credit $ 487,114 $ 450,343 Standby letters of credit 10,296 8,578 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses which may require payment by the customer of a termination fee. Commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if any, is based on management's credit evaluation of the borrower. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company also extends rate lock agreements to borrowers related to the origination of residential mortgage loans. To mitigate the interest rate risk inherent in these rate lock agreements, the Company may enter into forward commitments to sell individual residential mortgages. Rate lock agreements and forward commitments are considered derivatives and are recorded at fair value. Forward sales commitments totaled $ 274 1.2 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (13.) FAIR VALUE MEASUREMENTS Determination of Fair Value – Assets Measured at Fair Value on a Recurring and Nonrecurring Basis Valuation Hierarchy The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820, "Fair Value Measurements and Disclosures," establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. There have been no changes in the valuation techniques used during the current period. The fair value hierarchy is as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Transfers between levels of the fair value hierarchy are recorded as of the end of the reporting period. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the issuer's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Securities available for sale: Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. Loans held for sale: The fair value of loans held for sale is determined using quoted secondary market prices and investor commitments. Loans held for sale are classified as Level 2 in the fair value hierarchy. Collateral dependent impaired loans: Fair value of impaired loans with specific allocations of the allowance for loan losses is measured based on the value of the collateral securing these loans and is classified as Level 3 in the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable and collateral value is determined based on appraisals performed by qualified licensed appraisers hired by the Company. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Appraised and reported values may be discounted based on management's historical knowledge, changes in market conditions from the time of valuation, and/or management's expertise and knowledge of the client and the client's business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. 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. Loan servicing rights: Loan servicing rights do not trade in an active market with readily observable market data. As a result, the Company estimates the fair value of loan servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The assumptions used in the discounted cash flow model are those that we believe market participants would use in estimating future net servicing income, including estimates of loan prepayment rates, servicing costs, ancillary income, impound account balances, and discount rates. The significant unobservable inputs used in the fair value measurement of the Company's loan servicing rights are the constant prepayment rates and weighted average discount rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. Although the constant prepayment rate and the discount rate are not directly interrelated, they will generally move in opposite directions. Loan servicing rights are classified as Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. Other real estate owned (Foreclosed assets): Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property, resulting in a Level 3 classification. The appraisals are sometimes further discounted based on management's historical knowledge, changes in market conditions from the time of valuation, and/or management's expertise and knowledge of the client and client's business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Commitments to extend credit and letters of credit: Commitments to extend credit and fund letters of credit are principally at current interest rates, and, therefore, the carrying amount approximates fair value. The fair value of commitments is not material. The following tables present for each of the fair-value hierarchy levels the Company's assets that are measured at fair value on a recurring and non-recurring basis as of the dates indicated (in thousands). Quoted Prices in Active Markets for Significant Identical Other Significant Assets or Observable Unobservable Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total June 30, 2015 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 270,077 $ - $ 270,077 Mortgage-backed securities - 502,337 - 502,337 Asset-backed securities - 225 - 225 $ - $ 772,639 $ - $ 772,639 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 448 $ - $ 448 Collateral dependent impaired loans - - 3,252 3,252 Other assets: Loan servicing rights - - 1,289 1,289 Other real estate owned - - 165 165 $ - $ 448 $ 4,706 $ 5,154 December 31, 2014 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 160,475 $ - $ 160,475 Mortgage-backed securities - 461,788 - 461,788 Asset-backed securities - 231 - 231 $ - $ 622,494 $ - $ 622,494 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 755 $ - $ 755 Collateral dependent impaired loans - - 2,652 2,652 Other assets: Loan servicing rights - - 1,359 1,359 Other real estate owned - - 194 194 $ - $ 755 $ 4,205 $ 4,960 There were no transfers between Levels 1 and 2 during the six months ended June 30, 2015 and 2014. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the six month periods ended June 30, 2015 and 2014. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Fair Unobservable Input Asset Value Valuation Technique Unobservable Input Value or Range Collateral dependent impaired loans $ 3,252 Appraisal of collateral (1) Appraisal adjustments (2) 0 100 Discounted cash flow Discount rate 4.4 % (3) Risk premium rate 10.0 % (3) Loan servicing rights 1,289 Discounted cash flow Discount rate 5.1 % (3) Constant prepayment rate 12.9 % (3) Other real estate owned 165 Appraisal of collateral (1) Appraisal adjustments (2) 19 53 (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. Changes in Level 3 Fair Value Measurements There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended June 30, 2015. Disclosures about Fair Value of Financial Instruments The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. The estimated fair value approximates carrying value for cash and cash equivalents, Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stock, accrued interest receivable, non-maturity deposits, short-term borrowings and accrued interest payable. Fair value estimates for other financial instruments not included elsewhere in this disclosure are discussed below. Securities held to maturity: The fair value of the Company's investment securities held to maturity is primarily measured using information from a third-party pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. Loans: The fair value of the Company's loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made for the same remaining maturities. Loans were first segregated by type such as commercial, residential mortgage, and consumer, and were then further segmented into fixed and variable rate and loan quality categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. Time deposits: The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company's time deposit liabilities do not take into consideration the value of the Company's long-term relationships with depositors, which may have significant value. Long-term borrowings: Long-term borrowings consist of $40 million of subordinated notes issued during the second quarter of 2015. The subordinated notes are publicly traded and are valued based on market prices, which are characterized as Level 2 liabilities in the fair value hierarchy The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company's financial instruments as of the dates indicated. Level in June 30, 2015 December 31, 2014 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 52,554 $ 52,554 $ 58,151 $ 58,151 Securities available for sale Level 2 772,639 772,639 622,494 622,494 Securities held to maturity Level 2 320,820 324,873 294,438 298,695 Loans held for sale Level 2 448 448 755 755 Loans Level 2 1,978,521 1,987,842 1,881,713 1,887,959 Loans (1) Level 3 3,252 3,252 2,652 2,652 Accrued interest receivable Level 1 8,623 8,623 8,104 8,104 FHLB and FRB stock Level 2 21,558 21,558 19,014 19,014 Financial liabilities: Non-maturity deposits Level 1 2,043,219 2,043,219 1,857,285 1,857,285 Time deposits Level 2 613,019 614,066 593,242 593,793 Short-term borrowings Level 1 350,600 350,600 334,804 334,804 Long-term borrowings Level 2 38,955 38,555 - - Accrued interest payable Level 1 5,101 5,101 3,862 3,862 (1) Comprised of collateral dependent impaired loans. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | (14.) SEGMENT REPORTING The Company has two reportable operating segments, banking and insurance, which are delineated by the consolidated subsidiaries Financial Institutions, Inc. The banking segment includes all of the Company's retail and commercial banking operations. insurance segment includes the activities of SDN, a full service insurance agency that provides a broad range of insurance services both personal and business clients. The Company operated as one business segment until the acquisition of SDN on August 1, 2014, which time the new "Insurance" segment was created for financial reporting purposes. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the "Holding Company and Other" column below, along with amounts to eliminate balances and transactions between segments. The following tables present information regarding the Company's business segments as of and for the periods indicated (in thousands) Holding Company and Consolidated Banking Insurance Other Totals June 30, 2015 Goodwill $ 48,536 $ 12,617 $ - $ 61,153 Other intangible assets, net 972 6,033 - 7,005 Total assets 3,337,787 20,960 712 3,359,459 December 31, 2014 Goodwill $ 48,536 $ 12,617 $ - $ 61,153 Other intangible assets, net 1,125 6,361 - 7,486 Total assets 3,065,109 20,368 4,044 3,089,521 Holding Company and Consolidated Banking Insurance Other Totals Three months ended June 30, 2015 Net interest income $ 23,919 $ - $ (515 ) $ 23,404 Provision for loan losses (1,288 ) - - (1,288 ) Noninterest income 5,522 1,033 (100 ) 6,455 Noninterest expense (17,668 ) (1,050 ) (518 ) (19,236 ) Income (loss) before income taxes 10,485 (17 ) (1,133 ) 9,335 Income tax (expense) benefit (3,107 ) 5 352 (2,750 ) Net income (loss) $ 7,378 $ (12 ) $ (781 ) $ 6,585 Six months ended June 30, 2015 Net interest income $ 47,066 $ - $ (515 ) $ 46,551 Provision for loan losses (4,029 ) - - (4,029 ) Noninterest income 12,353 2,626 (227 ) 14,752 Noninterest expense (34,947 ) (2,237 ) (1,063 ) (38,247 ) Income (loss) before income taxes 20,443 389 (1,805 ) 19,027 Income tax (expense) benefit (6,056 ) (154 ) 569 (5,641 ) Net income (loss) $ 14,387 $ 235 $ (1,236 ) $ 13,386 - |
Basis Of Presentation And Sum23
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations Financial Institutions, Inc., (the "Parent" or the "Company") is a financial holding company organized in 1931 under the laws of New York State. The Company offers a broad array of deposit, lending and other financial services to individuals, municipalities and businesses in Western and Central New York through its wholly-owned New York chartered banking subsidiary, Five Star Bank (the "Bank"). The Company has also expanded its indirect lending network to include relationships with franchised automobile dealers in the Capital District of New York and Northern Pennsylvania. On August 1, 2014, the Company acquired Scott Danahy Naylon Co., Inc., a full service insurance agency located in Amherst, New York. The Company provides insurance and risk consulting services through its wholly-owned insurance subsidiary, Scott Danahy Naylon, LLC ("SDN"). |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Financial Institutions, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to applicable rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated statements of financial condition, income, comprehensive income, changes in shareholders' equity and cash flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Prior years' consolidated financial statements are re-classified whenever necessary to conform to the current year's presentation. These consolidated financial statements should be read in conjunction with the Company's 2014 Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year . |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions for potential recognition or disclosure through the day the financial statements were issued and determined that there were no subsequent events. |
Use Of Estimates | Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates relate to the determination of the allowance for loan losses, the carrying value of goodwill and deferred tax assets, the valuation and other than temporary impairment ("OTTI") considerations related to the securities portfolio, and assumptions used in the defined benefit pension plan accounting. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The effective date was recently deferred for one year to the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted as of the original effective date – interim and annual periods beginning on or after December 15, 2016. The Company is evaluating the potential impact of ASU 2014-09 on the Company's financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718) . The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 will be effective for the Company beginning January 1, 2016, though early adoption is permitted. The adoption of ASU 2014-12 is not expected to have a significant impact on the Company's financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 will be effective for the Company beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Company's financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . Under ASU 2015-03 the Company will present debt issuance costs in the balance sheet as a reduction from the related debt liability rather than as an asset. Amortization of such costs will continue to be reported as interest expense. ASU 2015-03 will be effective for the Company beginning January 1, 2016, though early adoption is permitted. Retrospective adoption is required. The Company early adopted this standard during the quarter ended June 30, 2015, concurrent with the issuance of the Subordinated Notes described in Note 7. Unamortized debt issuance costs of $1.0 million are included in the net balance of long-term borrowings reported on the Consolidated Statements of Financial Condition. Retrospective application of this standard did not impact previously issued financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Consideration Paid And The Amounts Of The Recognized Assets Acquired And Liabilities Assumed | Consideration paid: Cash $ 8,100 Stock 5,400 Contingent consideration 3,227 Fair value of total consideration transferred 16,727 Fair value of assets acquired: Cash 105 Identified intangible assets 6,640 Premises and equipment, accounts receivable and other assets 1,094 Total identifiable assets acquired 7,839 Fair value of liabilities assumed: Deferred tax liability 2,556 Other liabilities 1,173 Total liabilities assumed 3,729 Fair value of net assets acquired 4,110 Goodwill resulting from acquisition $ 12,617 |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS | Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Net income available to common shareholders $ 6,219 $ 6,667 $ 12,655 $ 13,520 Weighted average common shares outstanding: Total shares issued 14,398 14,162 14,398 14,162 Unvested restricted stock awards (100 ) (67 ) (87 ) (65 ) Treasury shares (220 ) (304 ) (240 ) (315 ) Total basic weighted average common shares outstanding 14,078 13,791 14,071 13,782 Incremental shares from assumed: Exercise of stock options 22 28 22 25 Vesting of restricted stock awards 21 19 25 24 Total diluted weighted average common shares outstanding 14,121 13,838 14,118 13,831 Basic earnings per common share $ 0.44 $ 0.48 $ 0.90 $ 0.98 Diluted earnings per common share $ 0.44 $ 0.48 $ 0.90 $ 0.98 |
Shares Excluded From Computation Of Diluted EPS | Stock options - - - 7 Restricted stock awards 3 3 2 1 3 3 2 8 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities [Abstract] | |
Amortized Cost And Fair Value Of Investment Securities | Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 271,774 $ 777 $ 2,474 $ 270,077 Mortgage-backed securities: Federal National Mortgage Association 227,129 1,933 2,307 226,755 Federal Home Loan Mortgage Corporation 28,840 501 204 29,137 Government National Mortgage Association 43,804 1,728 - 45,532 Collateralized mortgage obligations: Federal National Mortgage Association 83,447 514 1,132 82,829 Federal Home Loan Mortgage Corporation 95,268 186 2,752 92,702 Government National Mortgage Association 23,828 470 39 24,259 Privately issued - 1,123 - 1,123 Total collateralized mortgage obligations 202,543 2,293 3,923 200,913 Total mortgage-backed securities 502,316 6,455 6,434 502,337 Asset-backed securities - 225 - 225 Total available for sale securities $ 774,090 $ 7,457 $ 8,908 $ 772,639 Securities held to maturity: State and political subdivisions 289,713 4,790 451 294,052 Mortgage-backed securities: Federal National Mortgage Association 9,280 6 86 9,200 Government National Mortgage Association 21,827 5 211 21,621 Total mortgage-backed securities 31,107 11 297 30,821 Total held to maturity securities $ 320,820 $ 4,801 $ 748 $ 324,873 December 31, 2014 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 160,334 $ 1,116 $ 975 $ 160,475 Mortgage-backed securities: Federal National Mortgage Association 184,857 2,344 1,264 185,937 Federal Home Loan Mortgage Corporation 29,478 799 7 30,270 Government National Mortgage Association 48,800 2,022 - 50,822 Collateralized mortgage obligations: Federal National Mortgage Association 76,247 489 944 75,792 Federal Home Loan Mortgage Corporation 89,623 199 2,585 87,237 Government National Mortgage Association 29,954 598 40 30,512 Privately issued - 1,218 - 1,218 Total collateralized mortgage obligations 195,824 2,504 3,569 194,759 Total mortgage-backed securities 458,959 7,669 4,840 461,788 Asset-backed securities - 231 - 231 Total available for sale securities $ 619,293 $ 9,016 $ 5,815 $ 622,494 Securities held to maturity: State and political subdivisions 277,273 4,231 120 281,384 Mortgage-backed securities: Federal National Mortgage Association 3,279 24 - 3,303 Government National Mortgage Association 13,886 122 - 14,008 Total mortgage-backed securities 17,165 146 - 17,311 Total held to maturity securities $ 294,438 $ 4,377 $ 120 $ 298,695 |
Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity | Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 30,008 $ 30,008 Due from one to five years 166,519 166,266 Due after five years through ten years 328,808 328,993 Due after ten years 248,755 247,372 $ 774,090 $ 772,639 Debt securities held to maturity: Due in one year or less $ 24,064 $ 24,158 Due from one to five years 161,041 164,083 Due after five years through ten years 107,099 108,259 Due after ten years 28,616 28,373 $ 320,820 $ 324,873 |
Sales And Calls Of Securities Available For Sale | Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Proceeds from sales $ - $ 41,958 $ 29,508 $ 61,428 Gross realized gains - 949 1,073 1,262 Gross realized losses - - 11 - |
Investments' Gross Unrealized Losses And Fair Value | Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 162,940 $ 2,110 $ 24,637 $ 364 $ 187,577 $ 2,474 Mortgage-backed securities: Federal National Mortgage Association 93,817 1,779 34,433 528 128,250 2,307 Federal Home Loan Mortgage Corporation 6,005 204 - - 6,005 204 Collateralized mortgage obligations: Federal National Mortgage Association 24,181 271 19,886 861 44,067 1,132 Federal Home Loan Mortgage Corporation 21,765 484 61,553 2,268 83,318 2,752 Government National Mortgage Association - - 2,306 39 2,306 39 Total collateralized mortgage obligations 45,946 755 83,745 3,168 129,691 3,923 Total mortgage-backed securities 145,768 2,738 118,178 3,696 263,946 6,434 Total available for sale securities 308,708 4,848 142,815 4,060 451,523 8,908 Securities held to maturity: State and political subdivisions 35,997 451 - - 35,997 451 Mortgage-backed securities: - - Federal National Mortgage Association 5,724 86 - - 5,724 86 Government National Mortgage Association 15,328 211 - - 15,328 211 Total held to maturity securities 57,049 748 - - 57,049 748 Total temporarily impaired securities $ 365,757 $ 5,596 $ 142,815 $ 4,060 $ 508,572 $ 9,656 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2014 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 34,995 $ 77 $ 41,070 $ 898 $ 76,065 $ 975 Mortgage-backed securities: Federal National Mortgage Association 2,242 8 62,592 1,256 64,834 1,264 Federal Home Loan Mortgage Corporation 3,387 7 - - 3,387 7 Collateralized mortgage obligations: Federal National Mortgage Association 11,228 24 25,644 920 36,872 944 Federal Home Loan Mortgage Corporation - - 76,126 2,585 76,126 2,585 Government National Mortgage Association - - 2,510 40 2,510 40 Total collateralized mortgage obligations 11,228 24 104,280 3,545 115,508 3,569 Total mortgage-backed securities 16,857 39 166,872 4,801 183,729 4,840 Total available for sale securities 51,852 116 207,942 5,699 259,794 5,815 Securities held to maturity: State and political subdivisions 18,036 120 - - 18,036 120 Total temporarily impaired securities $ 69,888 $ 236 $ 207,942 $ 5,699 $ 277,830 $ 5,935 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans [Abstract] | |
Loan Portfolio | Principal Net Deferred Amount Loan Costs Outstanding (Fees) Loans, Net June 30, 2015 Commercial business $ 292,674 $ 117 $ 292,791 Commercial mortgage 538,034 (1,444 ) 536,590 Residential mortgage 95,259 (97 ) 95,162 Home equity 391,645 7,209 398,854 Consumer indirect 641,871 24,679 666,550 Other consumer 19,141 185 19,326 Total $ 1,978,624 $ 30,649 2,009,273 Allowance for loan losses (27,500 ) Total loans, net $ 1,981,773 December 31, 2014 Commercial business $ 267,377 $ 32 $ 267,409 Commercial mortgage 476,407 (1,315 ) 475,092 Residential mortgage 100,241 (140 ) 100,101 Home equity 379,774 6,841 386,615 Consumer indirect 636,357 25,316 661,673 Other consumer 20,915 197 21,112 Total $ 1,881,071 $ 30,931 1,912,002 Allowance for loan losses (27,637 ) Total loans, net $ 1,884,365 |
Recorded Investment By Loan Class In Current And Nonaccrual Loans | Greater 30-59 Days 60-89 Days Than 90 Total Past Past Due Past Due Days Due Nonaccrual Current Total Loans June 30, 2015 Commercial business $ 605 $ - $ - $ 605 $ 4,643 $ 287,426 $ 292,674 Commercial mortgage 606 - - 606 3,070 534,358 538,034 Residential mortgage 192 - - 192 1,628 93,439 95,259 Home equity 454 78 - 532 619 390,494 391,645 Consumer indirect 1,708 364 - 2,072 728 639,071 641,871 Other consumer 86 52 9 147 11 18,983 19,141 Total loans, gross $ 3,651 $ 494 $ 9 $ 4,154 $ 10,699 $ 1,963,771 $ 1,978,624 December 31, 2014 Commercial business $ 28 $ - $ - $ 28 $ 4,288 $ 263,061 $ 267,377 Commercial mortgage 83 - - 83 3,020 473,304 476,407 Residential mortgage 321 - - 321 1,194 98,726 100,241 Home equity 799 67 - 866 463 378,445 379,774 Consumer indirect 2,429 402 - 2,831 1,169 632,357 636,357 Other consumer 148 48 8 204 11 20,700 20,915 Total loans, gross $ 3,808 $ 517 $ 8 $ 4,333 $ 10,145 $ 1,866,593 $ 1,881,071 |
Information Related To Loans Modified In A TDR | Quarter-to-Date Year-to-Date Pre - Post Pre Post- Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment June 30, 2015 Commercial business 2 $ 1,342 $ 1,342 2 $ 1,342 $ 1,342 Commercial mortgage - - - 1 682 330 Total 2 $ 1,342 $ 1,342 3 $ 2,024 $ 1,672 June 30, 2014 Commercial business 1 $ 1,381 $ 1,381 1 $ 1,381 $ 1,381 Commercial mortgage - - - - - - Total 1 $ 1,381 $ 1,381 1 $ 1,381 $ 1,381 |
Summary Of Impaired Loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment (1) Balance (1) Allowance Investment Recognized June 30, 2015 With no related allowance recorded: Commercial business $ 1,348 $ 2,807 $ - $ 1,461 $ - Commercial mortgage 1,159 1,708 - 1,171 - 2,507 4,515 - 2,632 - With an allowance recorded: Commercial business 3,295 3,295 1,247 3,093 - Commercial mortgage 1,911 1,911 707 2,121 - 5,206 5,206 1,954 5,214 - $ 7,713 $ 9,721 $ 1,954 $ 7,846 $ - December 31, 2014 With no related allowance recorded: Commercial business $ 1,408 $ 1,741 $ - $ 1,431 $ - Commercial mortgage 781 920 - 1,014 - 2,189 2,661 - 2,445 - With an allowance recorded: Commercial business 2,880 2,880 1,556 1,998 - Commercial mortgage 2,239 2,239 911 1,560 - 5,119 5,119 2,467 3,558 - $ 7,308 $ 7,780 $ 2,467 $ 6,003 $ - (1) Difference between recorded investment and unpaid principal balance represents partial charge-offs. |
Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification | Commercial Commercial Business Mortgage June 30, 2015 Uncriticized $ 275,639 $ 523,226 Special mention 5,078 6,015 Substandard 11,957 8,793 Doubtful - - Total $ 292,674 $ 538,034 December 31, 2014 Uncriticized $ 250,961 $ 460,880 Special mention 5,530 5,411 Substandard 10,886 10,116 Doubtful - - Total $ 267,377 $ 476,407 |
Retail Loan Portfolio Categorized By Payment Status | Residential Home Consumer Other Mortgage Equity Indirect Consumer June 30, 2015 Performing $ 93,631 $ 391,026 $ 641,143 $ 19,121 Non-performing 1,628 619 728 20 Total $ 95,259 $ 391,645 $ 641,871 $ 19,141 December 31, 2014 Performing $ 99,047 $ 379,311 $ 635,188 $ 20,896 Non-performing 1,194 463 1,169 19 Total $ 100,241 $ 379,774 $ 636,357 $ 20,915 |
Changes In The Allowance For Loan Losses | Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total June 30, 2015 Loans: Ending balance $ 292,674 $ 538,034 $ 95,259 $ 391,645 $ 641,871 $ 19,141 $ 1,978,624 Evaluated for impairment: Individually $ 4,643 $ 3,070 $ - $ - $ - $ - $ 7,713 Collectively $ 288,031 $ 534,964 $ 95,259 $ 391,645 $ 641,871 $ 19,141 $ 1,970,911 Allowance for loan losses: Ending balance $ 5,334 $ 9,358 $ 465 $ 1,198 $ 10,676 $ 469 $ 27,500 Evaluated for impairment: Individually $ 1,247 $ 707 $ - $ - $ - $ - $ 1,954 Collectively $ 4,087 $ 8,651 $ 465 $ 1,198 $ 10,676 $ 469 $ 25,546 June 30, 2014 Loans: Ending balance $ 277,609 $ 469,936 $ 106,342 $ 363,243 $ 626,418 $ 21,205 $ 1,864,753 Evaluated for impairment: Individually $ 3,589 $ 2,734 $ - $ - $ - $ - $ 6,323 Collectively $ 274,020 $ 467,202 $ 106,342 $ 363,243 $ 626,418 $ 21,205 $ 1,858,430 Allowance for loan losses: Ending balance $ 5,402 $ 7,633 $ 618 $ 1,607 $ 11,446 $ 460 $ 27,166 Evaluated for impairment: Individually $ 1,056 $ 432 $ - $ - $ - $ - $ 1,488 Collectively $ 4,346 $ 7,201 $ 618 $ 1,607 $ 11,446 $ 460 $ 25,678 Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total Three months ended June 30, 2015 Beginning balance $ 5,395 $ 8,156 $ 558 $ 1,430 $ 11,205 $ 447 $ 27,191 Charge-offs 13 201 22 154 1,841 154 2,385 Recoveries 86 7 13 9 1,196 95 1,406 Provision (credit) (134 ) 1,396 (84 ) (87 ) 116 81 1,288 Ending balance $ 5,334 $ 9,358 $ 465 $ 1,198 $ 10,676 $ 469 $ 27,500 Six months ended June 30, 2015 Beginning balance $ 5,621 $ 8,122 $ 570 $ 1,485 $ 11,383 $ 456 $ 27,637 Charge-offs 1,154 810 77 238 4,263 413 6,955 Recoveries 134 96 46 19 2,301 193 2,789 Provision 733 1,950 (74 ) (68 ) 1,255 233 4,029 Ending balance $ 5,334 $ 9,358 $ 465 $ 1,198 $ 10,676 $ 469 $ 27,500 Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total Three months ended June 30, 2014 Beginning balance $ 4,689 $ 7,980 $ 672 $ 1,371 $ 11,984 $ 456 $ 27,152 Charge-offs 3 165 69 156 2,331 224 2,948 Recoveries 68 6 8 29 995 98 1,204 Provision (credit) 648 (188 ) 7 363 798 130 1,758 Ending balance $ 5,402 $ 7,633 $ 618 $ 1,607 $ 11,446 $ 460 $ 27,166 Six months ended June 30, 2014 Beginning balance $ 4,273 $ 7,743 $ 676 $ 1,367 $ 12,230 $ 447 $ 26,736 Charge-offs 71 165 147 262 4,786 493 5,924 Recoveries 97 13 29 40 2,100 211 2,490 Provision 1,103 42 60 462 1,902 295 3,864 Ending balance $ 5,402 $ 7,633 $ 618 $ 1,607 $ 11,446 $ 460 $ 27,166 |
Goodwill And Other Intangible28
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Changes In Carrying Amount Of Goodwill | June 30, December 31, 2015 2014 Other intangibles assets: Gross carrying amount $ 8,682 $ 8,682 Accumulated amortization (1,677 ) (1,196 ) Net book value $ 7,005 $ 7,486 |
Estimated Core Deposit Intangible Amortization Expense | 2015 (remainder of year) $ 461 2016 864 2017 778 2018 689 2019 611 2020 533 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Borrowings [Abstract] | |
Summary Of Outstanding Borrowings | June 30, December 31, 2015 2014 Short-term borrowings: Short-term FHLB borrowings $ 350,600 $ 295,300 Repurchase agreements - 39,504 Total short-term borrowings 350,600 334,804 Long-term borrowings: Subordinated notes, net 38,955 - Total borrowings $ 389,555 $ 334,804 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Shareholders' Equity [Abstract] | |
Changes In Shares Of Common Stock | Outstanding Treasury Issued June 30, 2015 Shares outstanding at December 31, 2014 14,118,048 279,461 14,397,509 Restricted stock awards issued 59,834 (59,834 ) - Restricted stock awards forfeited (3,041 ) 3,041 - Stock options exercised 8,722 (8,722 ) - Treasury stock purchases (1,791 ) 1,791 - Stock awards 2,363 (2,363 ) - Shares outstanding at June 30, 2015 14,184,135 213,374 14,397,509 June 30, 2014 Shares outstanding at December 31, 2013 13,829,355 332,242 14,161,597 Restricted stock awards issued 43,242 (43,242 ) - Restricted stock awards forfeited (8,144 ) 8,144 - Stock options exercised 7,125 (7,125 ) - Treasury stock purchases (9,102 ) 9,102 - Shares outstanding at June 30, 2014 13,862,476 299,121 14,161,597 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components Of Other Comprehensive Income (Loss) | Pre Net Amount Tax Effect Amount June 30, 2015 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (3,590 ) $ (1,386 ) $ (2,204 ) Reclassification adjustment for net gains included in net income (1) (1,208 ) (466 ) (742 ) Total securities available for sale and transferred securities (4,798 ) (1,852 ) (2,946 ) Amortization of pension and post-retirement items: Prior service credit (24 ) (9 ) (15 ) Net actuarial losses 471 181 290 Total pension and post-retirement obligations 447 172 275 Other comprehensive loss $ (4,351 ) $ (1,680 ) $ (2,671 ) June 30, 2014 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 12,168 $ 4,821 $ 7,347 Reclassification adjustment for net gains included in net income (1) (1,521 ) (602 ) (919 ) Total securities available for sale and transferred securities 10,647 4,219 6,428 Amortization of pension and post-retirement items: Prior service credit (24 ) (9 ) (15 ) Net actuarial losses 88 34 54 Total pension and post-retirement obligations 64 25 39 Other comprehensive income $ 10,711 $ 4,244 $ 6,467 (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses resulting from the Company's reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. |
Components Of Accumulated Other Comprehensive Income (Loss) | Securities Available for Pension and Accumulated Sale and Post Other Transferred retirement Comprehensive Securities Obligations Loss June 30, 2015 Balance at beginning of year $ 1,625 $ (10,636 ) $ (9,011 ) Other comprehensive income before reclassifications (2,204 ) - (2,204 ) Amounts reclassified from accumulated other comprehensive loss (742 ) 275 (467 ) Net current period other comprehensive income (loss) (2,946 ) 275 (2,671 ) Balance at end of period $ (1,321 ) $ (10,361 ) $ (11,682 ) June 30, 2014 Balance at beginning of year $ (5,337 ) $ (4,850 ) $ (10,187 ) Other comprehensive income before reclassifications 7,347 - 7,347 Amounts reclassified from accumulated other comprehensive loss (919 ) 39 (880 ) Net current period other comprehensive income 6,428 39 6,467 Balance at end of period $ 1,091 $ (4,811 ) $ (3,720 ) |
Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from Details About Accumulated Other Accumulated Other Affected Line Item in the Comprehensive Loss Components Comprehensive Loss Consolidated Statement of Income Six months ended June 30, 2015 2014 Realized gain on sale of investment securities $ 1,062 $ 1,262 Net gain on disposal of investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity 146 259 Interest income 1,208 1,521 Total before tax (466 ) (602 ) Income tax expense 742 919 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 24 24 Salaries and employee benefits Net actuarial losses (1) (471 ) (88 ) Salaries and employee benefits (447 ) (64 ) Total before tax 172 25 Income tax benefit (275 ) (39 ) Net of tax Total reclassified for the period $ 467 $ 880 (1) These items are included in the computation of net periodic pension expense. See Note 11 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Summary Of Restricted Stock Award Activity | Weighted Average Market Number of Price at Shares Grant Date Outstanding at beginning of year 59,113 $ 17.24 Granted 59,834 17.66 Vested (16,458 ) 20.80 Forfeited (3,041 ) 20.39 Outstanding at end of period 99,448 $ 16.81 |
Summary Of Stock Option Activity | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at beginning of year 135,416 $ 19.25 Exercised (8,722 ) 18.96 Expired (12,645 ) 20.15 Outstanding and exercisable at end of period 114,049 $ 19.17 1.7 $ 646 |
Share-Based Compensation Expense Included In Consolidated Statements Of Income | Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Salaries and employee benefits $ 113 $ 75 $ 191 $ 156 Other noninterest expense 154 127 179 149 Total share-based compensation expense $ 267 $ 202 $ 370 $ 305 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Expense | Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 581 $ 480 $ 1,162 $ 959 Interest cost on projected benefit obligation 583 573 1,166 1,147 Expected return on plan assets (1,205 ) (1,030 ) (2,410 ) (2,059 ) Amortization of prior service credit (12 ) (12 ) (24 ) (24 ) Amortization of net actuarial losses 235 44 471 88 Net periodic pension expense $ 182 $ 55 $ 365 $ 111 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Off-Balance Sheet Commitments | June 30, December 31, 2015 2014 Commitments to extend credit $ 487,114 $ 450,343 Standby letters of credit 10,296 8,578 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Assets Measured At Fair Value On A Recurring And Non-Recurring Basis | Quoted Prices in Active Markets for Significant Identical Other Significant Assets or Observable Unobservable Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total June 30, 2015 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 270,077 $ - $ 270,077 Mortgage-backed securities - 502,337 - 502,337 Asset-backed securities - 225 - 225 $ - $ 772,639 $ - $ 772,639 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 448 $ - $ 448 Collateral dependent impaired loans - - 3,252 3,252 Other assets: Loan servicing rights - - 1,289 1,289 Other real estate owned - - 165 165 $ - $ 448 $ 4,706 $ 5,154 December 31, 2014 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 160,475 $ - $ 160,475 Mortgage-backed securities - 461,788 - 461,788 Asset-backed securities - 231 - 231 $ - $ 622,494 $ - $ 622,494 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 755 $ - $ 755 Collateral dependent impaired loans - - 2,652 2,652 Other assets: Loan servicing rights - - 1,359 1,359 Other real estate owned - - 194 194 $ - $ 755 $ 4,205 $ 4,960 |
Additional Quantitative Information About Assets Measured At Fair Value On A Recurring And Non-Recurring Basis | Fair Unobservable Input Asset Value Valuation Technique Unobservable Input Value or Range Collateral dependent impaired loans $ 3,252 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 100% discount Discounted cash flow Discount rate 4.4 % (3) Risk premium rate 10.0 % (3) Loan servicing rights 1,289 Discounted cash flow Discount rate 5.1 % (3) Constant prepayment rate 12.9 % (3) Other real estate owned 165 Appraisal of collateral (1) Appraisal adjustments (2) 19% - 53 % discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. |
Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments | Level in June 30, 2015 December 31, 2014 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 52,554 $ 52,554 $ 58,151 $ 58,151 Securities available for sale Level 2 772,639 772,639 622,494 622,494 Securities held to maturity Level 2 320,820 324,873 294,438 298,695 Loans held for sale Level 2 448 448 755 755 Loans Level 2 1,978,521 1,987,842 1,881,713 1,887,959 Loans (1) Level 3 3,252 3,252 2,652 2,652 Accrued interest receivable Level 1 8,623 8,623 8,104 8,104 FHLB and FRB stock Level 2 21,558 21,558 19,014 19,014 Financial liabilities: Non-maturity deposits Level 1 2,043,219 2,043,219 1,857,285 1,857,285 Time deposits Level 2 613,019 614,066 593,242 593,793 Short-term borrowings Level 1 350,600 350,600 334,804 334,804 Long-term borrowings Level 2 38,955 38,555 - - Accrued interest payable Level 1 5,101 5,101 3,862 3,862 (1) Comprised of collateral dependent impaired loans. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Assets | Holding Company and Consolidated Banking Insurance Other Totals June 30, 2015 Goodwill $ 48,536 $ 12,617 $ - $ 61,153 Other intangible assets, net 972 6,033 - 7,005 Total assets 3,337,787 20,960 712 3,359,459 December 31, 2014 Goodwill $ 48,536 $ 12,617 $ - $ 61,153 Other intangible assets, net 1,125 6,361 - 7,486 Total assets 3,065,109 20,368 4,044 3,089,521 |
Business Segment Information | Holding Company and Consolidated Banking Insurance Other Totals Three months ended June 30, 2015 Net interest income $ 23,919 $ - $ (515 ) $ 23,404 Provision for loan losses (1,288 ) - - (1,288 ) Noninterest income 5,522 1,033 (100 ) 6,455 Noninterest expense (17,668 ) (1,050 ) (518 ) (19,236 ) Income (loss) before income taxes 10,485 (17 ) (1,133 ) 9,335 Income tax (expense) benefit (3,107 ) 5 352 (2,750 ) Net income (loss) $ 7,378 $ (12 ) $ (781 ) $ 6,585 Six months ended June 30, 2015 Net interest income $ 47,066 $ - $ (515 ) $ 46,551 Provision for loan losses (4,029 ) - - (4,029 ) Noninterest income 12,353 2,626 (227 ) 14,752 Noninterest expense (34,947 ) (2,237 ) (1,063 ) (38,247 ) Income (loss) before income taxes 20,443 389 (1,805 ) 19,027 Income tax (expense) benefit (6,056 ) (154 ) 569 (5,641 ) Net income (loss) $ 14,387 $ 235 $ (1,236 ) $ 13,386 |
Basis of Presentation And Sum37
Basis of Presentation And Summary Of Significant Accounting Policies (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Basis of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Unamortized debt issuance costs | $ 1,045 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) | Aug. 01, 2014 | Apr. 15, 2015 |
Significant Acquisitions and Disposals [Line Items] | ||
Principal amount | $ 40,000,000 | |
Scott Danahy Naylon Co., Inc. [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Consideration including both cash and stock | $ 16,900,000 | |
Contingent future payments | 3,400,000 | |
Contingent consideration | 3,227,000 | |
Identified intangible assets | 6,640,000 | |
Goodwill resulting from acquisition | $ 12,617,000 |
Business Combinations (Schedule
Business Combinations (Schedule Of Assets Purchased And Liabilities Assumed) (Details) - Aug. 01, 2014 - Scott Danahy Naylon Co., Inc. [Member] - USD ($) $ in Thousands | Total |
Significant Acquisitions and Disposals [Line Items] | |
Cash | $ 8,100 |
Common stock issued for acquisition | 5,400 |
Contingent consideration | 3,227 |
Fair value of total consideration transferred | 16,727 |
Cash | 105 |
Identified intangible assets | 6,640 |
Premises and equipment, accounts receivable and other assets | 1,094 |
Total identifiable assets acquired | 7,839 |
Deferred tax liability | 2,556 |
Other liabilities | 1,173 |
Total liabilities assumed | 3,729 |
Fair value of net assets acquired | 4,110 |
Goodwill resulting from acquisition | $ 12,617 |
Earnings Per Common Share (EP40
Earnings Per Common Share (EPS) (Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Common Share [Abstract] | ||||
Net income available to common shareholders | $ 6,219 | $ 6,667 | $ 12,655 | $ 13,520 |
Total shares issued | 14,398 | 14,162 | 14,398 | 14,162 |
Unvested restricted stock awards | (100) | (67) | (87) | (65) |
Treasury shares | (220) | (304) | (240) | (315) |
Total basic weighted average common shares outstanding | 14,078 | 13,791 | 14,071 | 13,782 |
Exercise of stock options | 22 | 28 | 22 | 25 |
Vesting of restricted stock awards | 21 | 19 | 25 | 24 |
Total diluted weighted average common shares outstanding | 14,121 | 13,838 | 14,118 | 13,831 |
Basic earnings per common share | $ 0.44 | $ 0.48 | $ 0.90 | $ 0.98 |
Diluted earnings per common share | $ 0.44 | $ 0.48 | $ 0.90 | $ 0.98 |
Earnings Per Common Share (EP41
Earnings Per Common Share (EPS) (Shares Excluded from Computation of Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of diluted EPS | 3 | 3 | 2 | 8 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of diluted EPS | 7 | |||
Restricted Stock Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of diluted EPS | 3 | 3 | 2 | 1 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | Jun. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security |
Investment Securities [Abstract] | ||
Securities pledged as collateral | $ 846,900 | |
Number of security positions, unrealized loss position | security | 243 | 122 |
Number of security positions, unrealized loss position for more than 12 months | security | 32 | 51 |
Fair value, continuous unrealized loss position for more than 12 months | $ 142,815 | $ 207,942 |
Securities available for sale, 12 months or longer, Unrealized Losses | $ 4,060 | $ 5,699 |
Number of security positions, unrealized loss position for less than 12 months | security | 211 | 71 |
Securities, less than 12 months, Fair Value | $ 365,757 | $ 69,888 |
Securities, less than 12 months, Unrealized Losses | $ 5,596 | $ 236 |
Investment Securities (Summary
Investment Securities (Summary Of Amortized Cost And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | $ 774,090 | $ 619,293 |
Securities available for sale, Unrealized Gains | 7,457 | 9,016 |
Securities available for sale, Unrealized Losses | 8,908 | 5,815 |
Securities available for sale | 772,639 | 622,494 |
Securities held to maturity, Amortized Cost | 320,820 | 294,438 |
Securities held to maturity, Unrealized Gains | 4,801 | 4,377 |
Securities held to maturity, Unrealized Losses | 748 | 120 |
Securities held to maturity, fair value | 324,873 | 298,695 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 271,774 | 160,334 |
Securities available for sale, Unrealized Gains | 777 | 1,116 |
Securities available for sale, Unrealized Losses | 2,474 | 975 |
Securities available for sale | 270,077 | 160,475 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 289,713 | 277,273 |
Securities held to maturity, Unrealized Gains | 4,790 | 4,231 |
Securities held to maturity, Unrealized Losses | 451 | 120 |
Securities held to maturity, fair value | 294,052 | 281,384 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 502,316 | 458,959 |
Securities available for sale, Unrealized Gains | 6,455 | 7,669 |
Securities available for sale, Unrealized Losses | 6,434 | 4,840 |
Securities available for sale | 502,337 | 461,788 |
Securities held to maturity, Amortized Cost | 31,107 | 17,165 |
Securities held to maturity, Unrealized Gains | 11 | 146 |
Securities held to maturity, Unrealized Losses | 297 | |
Securities held to maturity, fair value | 30,821 | 17,311 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 227,129 | 184,857 |
Securities available for sale, Unrealized Gains | 1,933 | 2,344 |
Securities available for sale, Unrealized Losses | 2,307 | 1,264 |
Securities available for sale | 226,755 | 185,937 |
Securities held to maturity, Amortized Cost | 9,280 | 3,279 |
Securities held to maturity, Unrealized Gains | 6 | 24 |
Securities held to maturity, Unrealized Losses | 86 | |
Securities held to maturity, fair value | 9,200 | 3,303 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 28,840 | 29,478 |
Securities available for sale, Unrealized Gains | 501 | 799 |
Securities available for sale, Unrealized Losses | 204 | 7 |
Securities available for sale | 29,137 | 30,270 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 43,804 | 48,800 |
Securities available for sale, Unrealized Gains | 1,728 | 2,022 |
Securities available for sale | 45,532 | 50,822 |
Securities held to maturity, Amortized Cost | 21,827 | 13,886 |
Securities held to maturity, Unrealized Gains | 5 | 122 |
Securities held to maturity, Unrealized Losses | 211 | |
Securities held to maturity, fair value | 21,621 | 14,008 |
Collateralized Mortgage Obligations [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 202,543 | 195,824 |
Securities available for sale, Unrealized Gains | 2,293 | 2,504 |
Securities available for sale, Unrealized Losses | 3,923 | 3,569 |
Securities available for sale | 200,913 | 194,759 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 83,447 | 76,247 |
Securities available for sale, Unrealized Gains | 514 | 489 |
Securities available for sale, Unrealized Losses | 1,132 | 944 |
Securities available for sale | 82,829 | 75,792 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 95,268 | 89,623 |
Securities available for sale, Unrealized Gains | 186 | 199 |
Securities available for sale, Unrealized Losses | 2,752 | 2,585 |
Securities available for sale | 92,702 | 87,237 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 23,828 | 29,954 |
Securities available for sale, Unrealized Gains | 470 | 598 |
Securities available for sale, Unrealized Losses | 39 | 40 |
Securities available for sale | 24,259 | 30,512 |
Collateralized Mortgage Obligations [Member] | Privately Issued [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 1,123 | 1,218 |
Securities available for sale | 1,123 | 1,218 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 225 | 231 |
Securities available for sale | $ 225 | $ 231 |
Investment Securities (Sales An
Investment Securities (Sales And Calls Of Securities Available For Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investment Securities [Abstract] | |||
Proceeds from sales | $ 41,958 | $ 29,508 | $ 61,428 |
Gross realized gains | $ 949 | 1,073 | $ 1,262 |
Gross realized losses | $ 11 |
Investment Securities (Schedule
Investment Securities (Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Securities [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized Cost | $ 30,008 | |
Debt securities available for sale, Due from one to five years, Amortized Cost | 166,519 | |
Debt securities available for sale, Due after five years through ten years, Amortized Cost | 328,808 | |
Debt securities available for sale, Due after ten years, Amortized Cost | 248,755 | |
Debt securities available for sale, Amortized Cost | 774,090 | |
Debt securities available for sale, Due in one year or less, Fair Value | 30,008 | |
Debt securities available for sale, Due from one to five years, Fair Value | 166,266 | |
Debt securities available for sale, Due after five years through ten years, Fair Value | 328,993 | |
Debt securities available for sale, Due after ten years, Fair Value | 247,372 | |
Debt securities available for sale, Fair Value | 772,639 | |
Debt securities held to maturity, Due in one year or less, Amortized Cost | 24,064 | |
Debt securities held to maturity, Due from one to five years, Amortized Cost | 161,041 | |
Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 107,099 | |
Debt securities held to maturity, Due after ten years, Amortized Cost | 28,616 | |
Securities held to maturity, Amortized Cost | 320,820 | $ 294,438 |
Debt securities held to maturity, Due in one year or less, Fair Value | 24,158 | |
Debt securities held to maturity, Due from one to five years, Fair Value | 164,083 | |
Debt securities held to maturity, Due after five years through ten years, Fair Value | 108,259 | |
Debt securities held to maturity, Due after ten years, Fair Value | 28,373 | |
Securities held to maturity, Fair Value | $ 324,873 | $ 298,695 |
Investment Securities (Investme
Investment Securities (Investments' Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | $ 308,708 | $ 51,852 |
Securities available for sale, Less than 12 months, Unrealized Losses | 4,848 | 116 |
Securities available for sale, 12 months or longer, Fair Value | 142,815 | 207,942 |
Securities available for sale, 12 months or longer, Unrealized Losses | 4,060 | 5,699 |
Securities available for sale, Fair Value, Total | 451,523 | 259,794 |
Securities available for sale, Unrealized Losses, Total | 8,908 | 5,815 |
Securities held to maturity, Less than 12 months, Fair Value | 57,049 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 748 | |
Securities held to maturity, Fair Value, Total | 57,049 | |
Securities held to maturity, Unrealized Losses, Total | 748 | 120 |
Total Securities, Less than 12 months, Fair Value | 365,757 | 69,888 |
Total Securities, Less than 12 months, Unrealized Losses | 5,596 | 236 |
Total Securities, 12 months or longer, Fair Value | 142,815 | 207,942 |
Total Securities, 12 months or longer, Unrealized Losses | 4,060 | 5,699 |
Total Securities, Fair Value | 508,572 | 277,830 |
Total Securities, Unrealized Losses | 9,656 | 5,935 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 162,940 | 34,995 |
Securities available for sale, Less than 12 months, Unrealized Losses | 2,110 | 77 |
Securities available for sale, 12 months or longer, Fair Value | 24,637 | 41,070 |
Securities available for sale, 12 months or longer, Unrealized Losses | 364 | 898 |
Securities available for sale, Fair Value, Total | 187,577 | 76,065 |
Securities available for sale, Unrealized Losses, Total | 2,474 | 975 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 35,997 | 18,036 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 451 | 120 |
Securities held to maturity, Fair Value, Total | 35,997 | 18,036 |
Securities held to maturity, Unrealized Losses, Total | 451 | 120 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 145,768 | 16,857 |
Securities available for sale, Less than 12 months, Unrealized Losses | 2,738 | 39 |
Securities available for sale, 12 months or longer, Fair Value | 118,178 | 166,872 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3,696 | 4,801 |
Securities available for sale, Fair Value, Total | 263,946 | 183,729 |
Securities available for sale, Unrealized Losses, Total | 6,434 | 4,840 |
Securities held to maturity, Unrealized Losses, Total | 297 | |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 93,817 | 2,242 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1,779 | 8 |
Securities available for sale, 12 months or longer, Fair Value | 34,433 | 62,592 |
Securities available for sale, 12 months or longer, Unrealized Losses | 528 | 1,256 |
Securities available for sale, Fair Value, Total | 128,250 | 64,834 |
Securities available for sale, Unrealized Losses, Total | 2,307 | 1,264 |
Securities held to maturity, Less than 12 months, Fair Value | 5,724 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 86 | |
Securities held to maturity, Fair Value, Total | 5,724 | |
Securities held to maturity, Unrealized Losses, Total | 86 | |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 6,005 | 3,387 |
Securities available for sale, Less than 12 months, Unrealized Losses | 204 | 7 |
Securities available for sale, Fair Value, Total | 6,005 | 3,387 |
Securities available for sale, Unrealized Losses, Total | 204 | 7 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 15,328 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 211 | |
Securities held to maturity, Fair Value, Total | 15,328 | |
Securities held to maturity, Unrealized Losses, Total | 211 | |
Collateralized Mortgage Obligations [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 45,946 | 11,228 |
Securities available for sale, Less than 12 months, Unrealized Losses | 755 | 24 |
Securities available for sale, 12 months or longer, Fair Value | 83,745 | 104,280 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3,168 | 3,545 |
Securities available for sale, Fair Value, Total | 129,691 | 115,508 |
Securities available for sale, Unrealized Losses, Total | 3,923 | 3,569 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 24,181 | 11,228 |
Securities available for sale, Less than 12 months, Unrealized Losses | 271 | 24 |
Securities available for sale, 12 months or longer, Fair Value | 19,886 | 25,644 |
Securities available for sale, 12 months or longer, Unrealized Losses | 861 | 920 |
Securities available for sale, Fair Value, Total | 44,067 | 36,872 |
Securities available for sale, Unrealized Losses, Total | 1,132 | 944 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 21,765 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 484 | |
Securities available for sale, 12 months or longer, Fair Value | 61,553 | 76,126 |
Securities available for sale, 12 months or longer, Unrealized Losses | 2,268 | 2,585 |
Securities available for sale, Fair Value, Total | 83,318 | 76,126 |
Securities available for sale, Unrealized Losses, Total | 2,752 | 2,585 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 2,306 | 2,510 |
Securities available for sale, 12 months or longer, Unrealized Losses | 39 | 40 |
Securities available for sale, Fair Value, Total | 2,306 | 2,510 |
Securities available for sale, Unrealized Losses, Total | $ 39 | $ 40 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)contract | Jun. 30, 2014USD ($)contract | Jun. 30, 2015USD ($)contract | Jun. 30, 2014USD ($)contract | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | $ 448 | $ 448 | $ 755 | ||
Past due greater than 90 days | $ 9 | $ 9 | $ 8 | ||
Number of Contracts | contract | 2 | 1 | 3 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,342 | $ 1,381 | $ 2,024 | $ 1,381 | |
Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Contracts | contract | 2 | 1 | 2 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,342 | $ 1,381 | $ 1,342 | $ 1,381 |
Loans (Loan Portfolio) (Details
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | $ 1,978,624 | $ 1,881,071 |
Net Deferred Loan Costs (Fees) | 30,649 | 30,931 |
Loans, Net | 2,009,273 | 1,912,002 |
Allowance for loan losses | (27,500) | (27,637) |
Total loans, net | 1,981,773 | 1,884,365 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 292,674 | 267,377 |
Net Deferred Loan Costs (Fees) | 117 | 32 |
Loans, Net | 292,791 | 267,409 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 538,034 | 476,407 |
Net Deferred Loan Costs (Fees) | (1,444) | (1,315) |
Loans, Net | 536,590 | 475,092 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 95,259 | 100,241 |
Net Deferred Loan Costs (Fees) | (97) | (140) |
Loans, Net | 95,162 | 100,101 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 391,645 | 379,774 |
Net Deferred Loan Costs (Fees) | 7,209 | 6,841 |
Loans, Net | 398,854 | 386,615 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 641,871 | 636,357 |
Net Deferred Loan Costs (Fees) | 24,679 | 25,316 |
Loans, Net | 666,550 | 661,673 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 19,141 | 20,915 |
Net Deferred Loan Costs (Fees) | 185 | 197 |
Loans, Net | $ 19,326 | $ 21,112 |
Loans (Recorded Investment By L
Loans (Recorded Investment By Loan Class In Current And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | $ 3,651 | $ 3,808 | |
60-89 Days Past Due | 494 | 517 | |
Greater Than 90 Days | 9 | 8 | |
Total Past Due | 4,154 | 4,333 | |
Nonaccrual | 10,699 | 10,145 | |
Current | 1,963,771 | 1,866,593 | |
Total loans | 1,978,624 | 1,881,071 | $ 1,864,753 |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 605 | 28 | |
Total Past Due | 605 | 28 | |
Nonaccrual | 4,643 | 4,288 | |
Current | 287,426 | 263,061 | |
Total loans | 292,674 | 267,377 | 277,609 |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 606 | 83 | |
Total Past Due | 606 | 83 | |
Nonaccrual | 3,070 | 3,020 | |
Current | 534,358 | 473,304 | |
Total loans | 538,034 | 476,407 | 469,936 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 192 | 321 | |
Total Past Due | 192 | 321 | |
Nonaccrual | 1,628 | 1,194 | |
Current | 93,439 | 98,726 | |
Total loans | 95,259 | 100,241 | 106,342 |
Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 454 | 799 | |
60-89 Days Past Due | 78 | 67 | |
Total Past Due | 532 | 866 | |
Nonaccrual | 619 | 463 | |
Current | 390,494 | 378,445 | |
Total loans | 391,645 | 379,774 | 363,243 |
Consumer Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 1,708 | 2,429 | |
60-89 Days Past Due | 364 | 402 | |
Total Past Due | 2,072 | 2,831 | |
Nonaccrual | 728 | 1,169 | |
Current | 639,071 | 632,357 | |
Total loans | 641,871 | 636,357 | 626,418 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 86 | 148 | |
60-89 Days Past Due | 52 | 48 | |
Greater Than 90 Days | 9 | 8 | |
Total Past Due | 147 | 204 | |
Nonaccrual | 11 | 11 | |
Current | 18,983 | 20,700 | |
Total loans | $ 19,141 | $ 20,915 | $ 21,205 |
Loans (Information Related To L
Loans (Information Related To Loans Modified In A TDR) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)contract | Jun. 30, 2014USD ($)contract | Jun. 30, 2015USD ($)contract | Jun. 30, 2014USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 1 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,342 | $ 1,381 | $ 2,024 | $ 1,381 |
Post-Modification Outstanding Recorded Investment | $ 1,342 | $ 1,381 | $ 1,672 | $ 1,381 |
Commercial Business [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 1 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,342 | $ 1,381 | $ 1,342 | $ 1,381 |
Post-Modification Outstanding Recorded Investment | $ 1,342 | $ 1,381 | $ 1,342 | $ 1,381 |
Commercial Mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 682 | |||
Post-Modification Outstanding Recorded Investment | $ 330 |
Loans (Summary Of Impaired Loan
Loans (Summary Of Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 2,507 | $ 2,189 |
Recorded Investment, With an allowance recorded | [1] | 5,206 | 5,119 |
Recorded Investment | [1] | 7,713 | 7,308 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 4,515 | 2,661 |
Unpaid Principal Balance, With an allowance recorded | [1] | 5,206 | 5,119 |
Unpaid Principal Balance | [1] | 9,721 | 7,780 |
Related Allowance | 1,954 | 2,467 | |
Average Recorded Investment, With no related allowance recorded | 2,632 | 2,445 | |
Average Recorded Investment, With an allowance recorded | 5,214 | 3,558 | |
Average Recorded Investment | $ 7,846 | $ 6,003 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
Interest Income Recognized | |||
Commercial Business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 1,348 | $ 1,408 |
Recorded Investment, With an allowance recorded | [1] | 3,295 | 2,880 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 2,807 | 1,741 |
Unpaid Principal Balance, With an allowance recorded | [1] | 3,295 | 2,880 |
Related Allowance | 1,247 | 1,556 | |
Average Recorded Investment, With no related allowance recorded | 1,461 | 1,431 | |
Average Recorded Investment, With an allowance recorded | $ 3,093 | $ 1,998 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 1,159 | $ 781 |
Recorded Investment, With an allowance recorded | [1] | 1,911 | 2,239 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 1,708 | 920 |
Unpaid Principal Balance, With an allowance recorded | [1] | 1,911 | 2,239 |
Related Allowance | 707 | 911 | |
Average Recorded Investment, With no related allowance recorded | 1,171 | 1,014 | |
Average Recorded Investment, With an allowance recorded | $ 2,121 | $ 1,560 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
[1] | Difference between recorded investment and unpaid principal balance represents partial charge-offs. |
Loans (Commercial Loan Portfoli
Loans (Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1,978,624 | $ 1,881,071 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 292,674 | 267,377 |
Commercial Business [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 275,639 | 250,961 |
Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,078 | 5,530 |
Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 11,957 | $ 10,886 |
Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 538,034 | $ 476,407 |
Commercial Mortgage [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 523,226 | 460,880 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,015 | 5,411 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 8,793 | $ 10,116 |
Commercial Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans |
Loans (Retail Loan Portfolio Ca
Loans (Retail Loan Portfolio Categorized By Payment Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1,978,624 | $ 1,881,071 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 95,259 | 100,241 |
Residential Mortgage [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 93,631 | 99,047 |
Residential Mortgage [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,628 | 1,194 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 391,645 | 379,774 |
Home Equity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 391,026 | 379,311 |
Home Equity [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 619 | 463 |
Consumer Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 641,871 | 636,357 |
Consumer Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 641,143 | 635,188 |
Consumer Indirect [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 728 | 1,169 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 19,141 | 20,915 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 19,121 | 20,896 |
Other Consumer [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 20 | $ 19 |
Loans (Changes In The Allowance
Loans (Changes In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 27,191 | $ 27,152 | $ 27,637 | $ 26,736 | |
Charge-offs | 2,385 | 2,948 | 6,955 | 5,924 | |
Recoveries | 1,406 | 1,204 | 2,789 | 2,490 | |
Provision (credit) | 1,288 | 1,758 | 4,029 | 3,864 | |
Ending balance | 27,500 | 27,166 | 27,500 | 27,166 | |
Allowance for loan losses, Individually Evaluated for impairment | 1,954 | 1,488 | 1,954 | 1,488 | |
Allowance for loan losses, Collectively Evaluated for impairment | 25,546 | 25,678 | 25,546 | 25,678 | |
Loans, Ending balance | 1,978,624 | 1,864,753 | 1,978,624 | 1,864,753 | $ 1,881,071 |
Loans, Individually Evaluated for impairment | 7,713 | 6,323 | 7,713 | 6,323 | |
Loans, Collectively Evaluated for impairment | 1,970,911 | 1,858,430 | 1,970,911 | 1,858,430 | |
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 5,395 | 4,689 | 5,621 | 4,273 | |
Charge-offs | 13 | 3 | 1,154 | 71 | |
Recoveries | 86 | 68 | 134 | 97 | |
Provision (credit) | (134) | 648 | 733 | 1,103 | |
Ending balance | 5,334 | 5,402 | 5,334 | 5,402 | |
Allowance for loan losses, Individually Evaluated for impairment | 1,247 | 1,056 | 1,247 | 1,056 | |
Allowance for loan losses, Collectively Evaluated for impairment | 4,087 | 4,346 | 4,087 | 4,346 | |
Loans, Ending balance | 292,674 | 277,609 | 292,674 | 277,609 | 267,377 |
Loans, Individually Evaluated for impairment | 4,643 | 3,589 | 4,643 | 3,589 | |
Loans, Collectively Evaluated for impairment | 288,031 | 274,020 | 288,031 | 274,020 | |
Commercial Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 8,156 | 7,980 | 8,122 | 7,743 | |
Charge-offs | 201 | 165 | 810 | 165 | |
Recoveries | 7 | 6 | 96 | 13 | |
Provision (credit) | 1,396 | (188) | 1,950 | 42 | |
Ending balance | 9,358 | 7,633 | 9,358 | 7,633 | |
Allowance for loan losses, Individually Evaluated for impairment | 707 | 432 | 707 | 432 | |
Allowance for loan losses, Collectively Evaluated for impairment | 8,651 | 7,201 | 8,651 | 7,201 | |
Loans, Ending balance | 538,034 | 469,936 | 538,034 | 469,936 | 476,407 |
Loans, Individually Evaluated for impairment | 3,070 | 2,734 | 3,070 | 2,734 | |
Loans, Collectively Evaluated for impairment | 534,964 | 467,202 | 534,964 | 467,202 | |
Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 558 | 672 | 570 | 676 | |
Charge-offs | 22 | 69 | 77 | 147 | |
Recoveries | 13 | 8 | 46 | 29 | |
Provision (credit) | (84) | 7 | (74) | 60 | |
Ending balance | 465 | 618 | 465 | 618 | |
Allowance for loan losses, Collectively Evaluated for impairment | 465 | 618 | 465 | 618 | |
Loans, Ending balance | 95,259 | 106,342 | 95,259 | 106,342 | 100,241 |
Loans, Collectively Evaluated for impairment | 95,259 | 106,342 | 95,259 | 106,342 | |
Home Equity [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1,430 | 1,371 | 1,485 | 1,367 | |
Charge-offs | 154 | 156 | 238 | 262 | |
Recoveries | 9 | 29 | 19 | 40 | |
Provision (credit) | (87) | 363 | (68) | 462 | |
Ending balance | 1,198 | 1,607 | 1,198 | 1,607 | |
Allowance for loan losses, Collectively Evaluated for impairment | 1,198 | 1,607 | 1,198 | 1,607 | |
Loans, Ending balance | 391,645 | 363,243 | 391,645 | 363,243 | 379,774 |
Loans, Collectively Evaluated for impairment | 391,645 | 363,243 | 391,645 | 363,243 | |
Consumer Indirect [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 11,205 | 11,984 | 11,383 | 12,230 | |
Charge-offs | 1,841 | 2,331 | 4,263 | 4,786 | |
Recoveries | 1,196 | 995 | 2,301 | 2,100 | |
Provision (credit) | 116 | 798 | 1,255 | 1,902 | |
Ending balance | 10,676 | 11,446 | 10,676 | 11,446 | |
Allowance for loan losses, Collectively Evaluated for impairment | 10,676 | 11,446 | 10,676 | 11,446 | |
Loans, Ending balance | 641,871 | 626,418 | 641,871 | 626,418 | 636,357 |
Loans, Collectively Evaluated for impairment | 641,871 | 626,418 | 641,871 | 626,418 | |
Other Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 447 | 456 | 456 | 447 | |
Charge-offs | 154 | 224 | 413 | 493 | |
Recoveries | 95 | 98 | 193 | 211 | |
Provision (credit) | 81 | 130 | 233 | 295 | |
Ending balance | 469 | 460 | 469 | 460 | |
Allowance for loan losses, Collectively Evaluated for impairment | 469 | 460 | 469 | 460 | |
Loans, Ending balance | 19,141 | 21,205 | 19,141 | 21,205 | $ 20,915 |
Loans, Collectively Evaluated for impairment | $ 19,141 | $ 21,205 | $ 19,141 | $ 21,205 |
Goodwill And Other Intangible55
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill And Other Intangible Assets [Abstract] | |||||
Goodwill | $ 61,153 | $ 61,153 | $ 61,153 | ||
Amortization during the year | $ 238 | $ 87 | $ 481 | $ 176 |
Goodwill And Other Intangible56
Goodwill And Other Intangible Assets (Changes In The Accumulated Amortization And Net Book Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill And Other Intangible Assets [Abstract] | ||
Gross carrying amount | $ 8,682 | $ 8,682 |
Accumulated amortization | (1,677) | (1,196) |
Net carrying value at end of period | $ 7,005 | $ 7,486 |
Goodwill And Other Intangible57
Goodwill And Other Intangible Assets (Estimated Core Deposit Intangible Amortization Expense) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2015 (remainder of year) | $ 461 |
2,016 | 864 |
2,017 | 778 |
2,018 | 689 |
2,019 | 611 |
2,020 | $ 533 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | Apr. 15, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 350,600,000 | $ 334,804,000 | |
Cost related to issuance of debt | 1,100,000 | ||
Proceeds from issuance of debt, net | $ 38,900,000 | ||
Principal amount | $ 40,000,000 | ||
Debt issuance cost amortization period | 15 years | ||
Subordinated Notes Due April 15, 2030 [Member] | |||
Short-term Debt [Line Items] | |||
Interest rate | 6.00% | ||
Number of years at stated rate | 10 years | ||
Federal Home Loan Bank Advances [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 350,600,000 | $ 295,300,000 | |
LIBOR [Member] | Subordinated Notes Due April 15, 2030 [Member] | |||
Short-term Debt [Line Items] | |||
Spread on variable rate | 3.944% |
Borrowings (Summary Of Outstand
Borrowings (Summary Of Outstanding Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 350,600 | $ 334,804 |
Subordinated notes | 38,955 | |
Total borrowings | 389,555 | 334,804 |
Repurchase Agreements [Member] | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 39,504 | |
Federal Home Loan Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 350,600 | $ 295,300 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In Shares Of Common Stock) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Shareholders Equity [Line Items] | ||
Shares outstanding, beginning balance | 14,397,509 | |
Treasury stock, beginning balance | 279,461 | |
Shares issued, beginning balance | 14,397,509 | 14,161,597 |
Restricted stock awards issued | ||
Restricted stock awards forfeited | ||
Stock options exercised | ||
Treasury stock purchases | ||
Stock awards | ||
Shares outstanding, ending balance | 14,397,509 | |
Treasury stock, ending balance | 213,374 | |
Shares issued, ending balance | 14,397,509 | 14,161,597 |
Common Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Shares outstanding, beginning balance | 14,118,048 | 13,829,355 |
Restricted stock awards issued | 59,834 | 43,242 |
Restricted stock awards forfeited | (3,041) | (8,144) |
Stock options exercised | 8,722 | 7,125 |
Treasury stock purchases | (1,791) | (9,102) |
Stock awards | $ 2,363 | |
Shares outstanding, ending balance | 14,184,135 | 13,862,476 |
Treasury Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 279,461 | 332,242 |
Restricted stock awards issued | (59,834) | (43,242) |
Restricted stock awards forfeited | 3,041 | 8,144 |
Stock options exercised | (8,722) | (7,125) |
Treasury stock purchases | 1,791 | 9,102 |
Stock awards | $ (2,363) | |
Treasury stock, ending balance | 213,374 | 299,121 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Loss (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accumulated Other Comprehensive Loss [Abstract] | |||||
Change in unrealized gain/loss during the period, Pre-tax Amount | $ (3,590) | $ 12,168 | |||
Reclassification adjustment for net gains included in net income, Pre-tax Amount | [1] | (1,208) | (1,521) | ||
Total securities available for sale and transferred securities, Pre-tax Amount | (4,798) | 10,647 | |||
Amortization of net actuarial loss and prior service cost included in income, Pre-tax Amount | (24) | (24) | |||
Net actuarial losses, Pre-tax Amount | 471 | 88 | |||
Total pension and post-retirement obligations, Pre-tax Amount | 447 | 64 | |||
Other comprehensive income (loss), Pre-tax Amount | (4,351) | 10,711 | |||
Change in unrealized gain/loss during the period, Tax Effect | (1,386) | 4,821 | |||
Reclassification adjustment for net gains included in net income, Tax Effect | [1] | (466) | (602) | ||
Total securities available for sale and transferred securities, Tax Effect | (1,852) | 4,219 | |||
Net actuarial losses, Tax Effect | 181 | 34 | |||
Amortization of net actuarial loss and prior service cost included in income, Tax Effect | (9) | (9) | |||
Total pension and post-retirement obligations, Tax Effect | 172 | 25 | |||
Other comprehensive income (loss), Tax Effect | (1,680) | 4,244 | |||
Change in unrealized gain/loss during the period, Net-of-tax Amount | (2,204) | 7,347 | |||
Reclassification adjustment for net gains included in net income, Net-of-tax Amount | [1] | (742) | (919) | ||
Total securities available for sale and transferred securities, Net-of-tax Amount | $ (6,207) | $ 2,684 | (2,946) | 6,428 | |
Net actuarial losses, Net-of-tax Amount | 290 | 54 | |||
Amortization of prior service credit, Net-of-tax Amount | (15) | (15) | |||
Total pension and post-retirement obligations, Net-of-tax Amount | $ 140 | $ 20 | 275 | 39 | |
Other comprehensive income (loss), Net-of-tax Amount | $ (2,671) | $ 6,467 | |||
[1] | Includes amounts related to the amortization/accretion of unrealized net gains and losses resulting from the Company's reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | $ (9,011) | $ (10,187) | ||
Other comprehensive (loss) income before reclassifications | (2,204) | 7,347 | ||
Amounts reclassified from accumulated other comprehensive income | (467) | (880) | ||
Net current period other comprehensive income (loss) | $ (6,067) | $ 2,704 | (2,671) | 6,467 |
Balance at end of period | (11,682) | (3,720) | (9,011) | (10,187) |
Securities Available For Sale and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | 1,625 | (5,337) | ||
Other comprehensive (loss) income before reclassifications | (2,204) | 7,347 | ||
Amounts reclassified from accumulated other comprehensive income | (742) | (919) | ||
Net current period other comprehensive income (loss) | (2,946) | 6,428 | ||
Balance at end of period | (1,321) | 1,091 | 1,625 | (5,337) |
Pension And Post-Retirement Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | (10,636) | (4,850) | ||
Amounts reclassified from accumulated other comprehensive income | 275 | 39 | ||
Net current period other comprehensive income (loss) | 275 | 39 | ||
Balance at end of period | $ (10,361) | $ (4,811) | $ (10,636) | $ (4,850) |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Loss (Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain on disposal of investment securities | $ 949 | $ 1,062 | $ 1,262 | ||
Interest income | $ 23,404 | 23,103 | 46,551 | 46,378 | |
Prior service credit | (24) | (24) | |||
Net actuarial losses | 471 | 88 | |||
Income before income taxes | 9,335 | 10,114 | 19,027 | 20,427 | |
Income tax (expense) benefit | (2,750) | (3,082) | (5,641) | (6,176) | |
Net income | $ 6,585 | $ 7,032 | 13,386 | 14,251 | |
Total reclassified for the period | 467 | 880 | |||
Securities Available For Sale and Transferred Securities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassified for the period | 742 | 919 | |||
Pension And Post-Retirement Items [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassified for the period | (275) | (39) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassified for the period | 467 | 880 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Realized Gain on Sale of Investment Securities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain on disposal of investment securities | 1,062 | 1,262 | |||
Interest income | 146 | 259 | |||
Income before income taxes | 1,208 | 1,521 | |||
Income tax (expense) benefit | (466) | (602) | |||
Net income | 742 | 919 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension And Post-Retirement Items [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Prior service credit | [1] | 24 | 24 | ||
Net actuarial losses | [1] | (471) | (88) | ||
Income before income taxes | (447) | (64) | |||
Income tax (expense) benefit | 172 | 25 | |||
Net income | $ (275) | $ (39) | |||
[1] | These items are included in the computation of net periodic pension expense. See Note 11 - Employee Benefit Plans for additional information. |
Share-Based Compensation Plan64
Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)item$ / sharesshares | Jun. 30, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 10,750 | |
Grant date fair value | $ / shares | $ 23.25 | |
Shares issued in lieu of cash | 2,363 | |
Number of non-employee directors | item | 3 | |
Award vesting period | 1 year | |
Unrecognized compensation expense | $ | $ 1,100 | |
Aggregate intrinsic value | $ | 39 | $ 32 |
Total cash received as a result of option exercises | $ | $ 165 | $ 132 |
EPS Performance Requirement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
EPS percentage of award, one year performance period | 30.00% | |
TSR Performance Requirement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
TSR percentage of award, three year performance period | 70.00% | |
Expected term | 2 years 10 months 6 days | |
Risk free interest rate | 0.92% | |
Expected dividend yield | 3.53% | |
Expected stock price volatility | 26.80% | |
Vested Immediately [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 5,380 | |
Vested After Completion of One-Year Service Requirement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 5,370 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 59,834 | |
Grant date fair value | $ / shares | $ 17.66 | |
Management Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 36,384 | |
Management Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 12,700 | |
Grant date fair value | $ / shares | $ 22.79 | |
Award vesting period | 3 years | |
Required service period | 3 years | |
Minimum [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected recognition expense period, weighted average period in years | 2 years 1 month 6 days |
Share-Based Compensation Plan65
Share-Based Compensation Plans (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercised, Number of Options | ||
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year, Number of Options | 135,416 | |
Exercised, Number of Options | (8,722) | |
Expired, Number of Options | (12,645) | |
Outstanding and exercisable at end of period, Number of Options | 114,049 | |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 19.25 | |
Exercised, Weighted Average Exercise Price | 18.96 | |
Expired, Weighted Average Exercise Price | 20.15 | |
Outstanding and exercisable at end of period, Weighted Average Exercise Price | $ 19.17 | |
Outstanding and exercisable at end of period, Weighted Average Remaining Contractual Term | 1 year 8 months 12 days | |
Outstanding and exercisable at end of period, Aggregate Intrinsic Value | $ 646 |
Share-Based Compensation Plan66
Share-Based Compensation Plans (Summary Of Restricted Stock Award Activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Number of Shares | 10,750 |
Granted, Weighted Average Market Price at Grant Date | $ 23.25 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares | 59,113 |
Granted, Number of Shares | 59,834 |
Vested, Number of Shares | (16,458) |
Forfeited, number of shares | (3,041) |
Outstanding at end of period, Number of Shares | 99,448 |
Outstanding at beginning of year, Weighted Average Market Price at Grant Date | $ 17.24 |
Granted, Weighted Average Market Price at Grant Date | 17.66 |
Vested, Weighted Average Market Price at Grant Date | 20.80 |
Forfeited, Weighted Average Market Price at Grant Date | 20.39 |
Outstanding at end of period, Weighted Average Market Price at Grant Date | $ 16.81 |
Share-Based Compensation Plan67
Share-Based Compensation Plans (Share-Based Compensation Expense Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 267 | $ 202 | $ 370 | $ 305 |
Salaries and Employee Benefits [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | 113 | 75 | 191 | 156 |
Other Noninterest Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 154 | $ 127 | $ 179 | $ 149 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Benefit Plans [Abstract] | ||||
Service cost | $ 581 | $ 480 | $ 1,162 | $ 959 |
Interest cost on projected benefit obligation | 583 | 573 | 1,166 | 1,147 |
Expected return on plan assets | (1,205) | (1,030) | (2,410) | (2,059) |
Amortization of prior service credit | (12) | (12) | (24) | (24) |
Amortization of net actuarial losses | 235 | 44 | 471 | 88 |
Net periodic pension expense | $ 182 | $ 55 | $ 365 | $ 111 |
Commitments and Contingencies69
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments And Contingencies [Abstract] | ||
Forward sales commitments | $ 274 | $ 1.2 |
Commitments and Contingencies70
Commitments and Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 487,114 | $ 450,343 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 10,296 | $ 8,578 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value Measurements [Abstract] | ||
Level 1 to Level 2 transfers, assets amount | $ 0 | $ 0 |
Level 2 to Level 1 transfers, assets amount | 0 | 0 |
Level 1 to Level 2 transfers, liabilities amount | 0 | 0 |
Level 2 to Level 1 transfers, liabilities amount | 0 | 0 |
Liabilities measured at fair value on recurring basis | 0 | 0 |
Liabilities measured at fair value on nonrecurring basis | 0 | 0 |
Assets measured at fair value on recurring basis using significant unobservable inputs | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 772,639 | $ 622,494 |
Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,252 | |
Loan Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,289 | |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 165 | |
Measured On A Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 772,639 | 622,494 |
Measured On A Recurring Basis [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 270,077 | 160,475 |
Measured On A Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 502,337 | 461,788 |
Measured On A Recurring Basis [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 225 | $ 231 |
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 772,639 | $ 622,494 |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 270,077 | 160,475 |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 502,337 | 461,788 |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 225 | 231 |
Measured On A Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,154 | 4,960 |
Measured On A Nonrecurring Basis [Member] | Loans Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 448 | 755 |
Measured On A Nonrecurring Basis [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,252 | 2,652 |
Measured On A Nonrecurring Basis [Member] | Loan Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,289 | 1,359 |
Measured On A Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 165 | $ 194 |
Measured On A Nonrecurring Basis [Member] | Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | ||
Measured On A Nonrecurring Basis [Member] | Level 1 Inputs [Member] | Loans Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | ||
Measured On A Nonrecurring Basis [Member] | Level 1 Inputs [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | ||
Measured On A Nonrecurring Basis [Member] | Level 1 Inputs [Member] | Loan Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | ||
Measured On A Nonrecurring Basis [Member] | Level 1 Inputs [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | ||
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 448 | $ 755 |
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Loans Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 448 | 755 |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 4,706 | 4,205 |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 3,252 | 2,652 |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Loan Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,289 | 1,359 |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 165 | $ 194 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Quantitative Information About Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | |
Collateral Dependent Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 3,252 | |
Discount rate | [1] | 4.40% |
Risk premium rate | [1] | 10.00% |
Loan Servicing Rights [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 1,289 | |
Discount rate | [1] | 5.10% |
Constant prepayment rate | [1] | 12.90% |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 165 | |
Minimum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 0.00% | |
Minimum [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 19.00% | |
Maximum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 100.00% | |
Maximum [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 53.00% | |
[1] | Weighted averages. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 772,639 | $ 622,494 | |
Securities held to maturity, fair value | 324,873 | 298,695 | |
Carrying Amount [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 52,554 | 58,151 | |
Accrued interest receivable | 8,623 | 8,104 | |
Non-maturity deposits | 2,043,219 | 1,857,285 | |
Short-term borrowings | 350,600 | 334,804 | |
Accrued interest payable | 5,101 | 3,862 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 772,639 | 622,494 | |
Securities held to maturity, fair value | 320,820 | 294,438 | |
Loans held for sale | 448 | 755 | |
Loans | 1,978,521 | 1,881,713 | |
FHLB and FRB stock | 21,558 | 19,014 | |
Time deposits | 613,019 | 593,242 | |
Carrying Amount [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | [1] | 3,252 | 2,652 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 52,554 | 58,151 | |
Accrued interest receivable | 8,623 | 8,104 | |
Non-maturity deposits | 2,043,219 | 1,857,285 | |
Short-term borrowings | 350,600 | 334,804 | |
Accrued interest payable | 5,101 | 3,862 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 772,639 | 622,494 | |
Securities held to maturity, fair value | 324,873 | 298,695 | |
Loans held for sale | 448 | 755 | |
Loans | 1,987,842 | 1,887,959 | |
FHLB and FRB stock | 21,558 | 19,014 | |
Time deposits | 614,066 | 593,793 | |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | [1] | $ 3,252 | $ 2,652 |
[1] | Comprised of collateral dependent impaired loans. |
Segment Reporting (Business Seg
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 61,153 | $ 61,153 |
Other intangible assets, net | 7,005 | 7,486 |
Assets | 3,359,459 | 3,089,521 |
Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 48,536 | 48,536 |
Other intangible assets, net | 972 | 1,125 |
Assets | 3,337,787 | 3,065,109 |
Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 12,617 | 12,617 |
Other intangible assets, net | 6,033 | 6,361 |
Assets | 20,960 | 20,368 |
Holding Company and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 712 | $ 4,044 |
Segment Reporting (Business S76
Segment Reporting (Business Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 23,404 | $ 23,103 | $ 46,551 | $ 46,378 |
Provision for loan losses | (1,288) | (1,758) | (4,029) | (3,864) |
Noninterest income | 6,455 | 6,577 | 14,752 | 12,934 |
Noninterest expense | (19,236) | (17,808) | (38,247) | (35,021) |
Income before income taxes | 9,335 | 10,114 | 19,027 | 20,427 |
Income tax (expense) benefit | (2,750) | (3,082) | (5,641) | (6,176) |
Net income | 6,585 | $ 7,032 | 13,386 | $ 14,251 |
Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 23,919 | 47,066 | ||
Provision for loan losses | (1,288) | (4,029) | ||
Noninterest income | 5,522 | 12,353 | ||
Noninterest expense | (17,668) | (34,947) | ||
Income before income taxes | 10,485 | 20,443 | ||
Income tax (expense) benefit | (3,107) | (6,056) | ||
Net income | 7,378 | 14,387 | ||
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 1,033 | 2,626 | ||
Noninterest expense | (1,050) | (2,237) | ||
Income before income taxes | (17) | 389 | ||
Income tax (expense) benefit | 5 | (154) | ||
Net income | (12) | 235 | ||
Holding Company and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (515) | (515) | ||
Noninterest income | (100) | (227) | ||
Noninterest expense | (518) | (1,063) | ||
Income before income taxes | (1,133) | (1,805) | ||
Income tax (expense) benefit | 352 | 569 | ||
Net income | $ (781) | $ (1,236) |
Uncategorized Items - fisi-2015
Label | Element | Value |
Gain (Loss) on Sales of Loans, Net | us-gaap_GainLossOnSalesOfLoansNet | $ 39 |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | 493 |
Gains (Losses) on Sales of Other Assets | us-gaap_GainLossOnSaleOfOtherAssets | $ 16 |