Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 14,529,815 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 358,540,000 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 71,277 | $ 60,121 |
Securities available for sale, at fair value | 539,926 | 544,395 |
Securities held to maturity, at amortized cost (fair value of $539,991 and $490,064, respectively) | 543,338 | 485,717 |
Loans held for sale | 1,050 | 1,430 |
Loans (net of allowance for loan losses of $30,934 and $27,085, respectively) | 2,309,227 | 2,056,677 |
Company owned life insurance | 63,455 | 63,045 |
Premises and equipment, net | 42,398 | 39,445 |
Goodwill and other intangible assets, net | 75,640 | 66,946 |
Other assets | 64,029 | 63,248 |
Total assets | 3,710,340 | 3,381,024 |
Deposits: | ||
Noninterest-bearing demand | 677,076 | 641,972 |
Interest-bearing demand | 581,436 | 523,366 |
Savings and money market | 1,034,194 | 928,175 |
Time deposits | 702,516 | 637,018 |
Total deposits | 2,995,222 | 2,730,531 |
Short-term borrowings | 331,500 | 293,100 |
Long-term borrowings, net of issuance costs of $939 and $1,010, respectively | 39,061 | 38,990 |
Other liabilities | 24,503 | 24,559 |
Total liabilities | 3,390,286 | 3,087,180 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity: | ||
Total preferred equity | 17,340 | 17,340 |
Common stock, $0.01 par value; 50,000,000 shares authorized; 14,692,214 and 14,397,509 shares issued | 147 | 144 |
Additional paid-in capital | 81,755 | 72,690 |
Retained earnings | 237,687 | 218,920 |
Accumulated other comprehensive loss | (13,951) | (11,327) |
Treasury stock, at cost - 154,617 and 207,317 shares, respectively | (2,924) | (3,923) |
Total shareholders' equity | 320,054 | 293,844 |
Total liabilities and shareholders' equity | 3,710,340 | 3,381,024 |
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Securities held to maturity, fair value | $ 539,991 | $ 490,064 |
Loans, allowance for loan losses | 30,934 | 27,085 |
Debt issuance costs | $ 939 | $ 1,010 |
Preferred stock, par value | $ 100 | |
Preferred stock, shares authorized | 210,000 | |
Preferred stock, shares issued | 173,398 | 173,398 |
Preferred stock, shares outstanding | 173,398 | 173,398 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 14,692,214 | 14,397,509 |
Treasury stock, shares | 154,617 | 207,317 |
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, 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, dividend percentage | 8.48% | 8.48% |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest income: | ||||
Interest and fees on loans | $ 92,296 | $ 83,575 | $ 82,453 | |
Interest and dividends on investment securities | 22,917 | 21,875 | 18,602 | |
Other interest income | 18 | |||
Total interest income | 115,231 | 105,450 | 101,055 | |
Interest expense: | ||||
Deposits | 8,458 | 7,306 | 6,366 | |
Short-term borrowings | 1,612 | 1,081 | 915 | |
Long-term borrowings | 2,471 | 1,750 | ||
Total interest expense | 12,541 | 10,137 | 7,281 | |
Net interest income | 102,690 | 95,313 | 93,774 | |
Provision for loan losses | 9,638 | 7,381 | 7,789 | |
Net interest income after provision for loan losses | 93,052 | 87,932 | 85,985 | |
Noninterest income: | ||||
Service charges on deposits | 7,280 | 7,742 | 8,954 | |
Insurance income | 5,396 | 5,166 | 2,399 | |
ATM and debit card | 5,687 | 5,084 | 4,963 | |
Investment advisory | 5,208 | 2,193 | 2,138 | |
Company owned life insurance | 2,808 | 1,962 | 1,753 | |
Investments in limited partnerships | 300 | 895 | 1,103 | |
Loan servicing | 436 | 503 | 568 | |
Net gain on sale of loans held for sale | 240 | 249 | 313 | |
Net gain on investment securities | 2,695 | 1,988 | 2,041 | |
Net gain (loss) on other assets | 313 | 27 | 69 | |
Amortization of tax credit investment | (390) | (2,323) | ||
Contingent consideration liability adjustment | 1,170 | 1,093 | ||
Other | 4,227 | 3,825 | 3,372 | |
Total noninterest income | 35,760 | 30,337 | 25,350 | |
Noninterest expense: | ||||
Salaries and employee benefits | 45,215 | 42,439 | 38,595 | |
Occupancy and equipment | 14,529 | 13,856 | 12,829 | |
Professional services | 6,184 | 4,502 | 4,760 | |
Computer and data processing | 3,402 | 3,186 | 3,016 | |
Supplies and postage | 2,047 | 2,155 | 2,053 | |
FDIC assessments | 1,735 | 1,719 | 1,592 | |
Advertising and promotions | 1,695 | 1,165 | 972 | |
Goodwill impairment | 751 | |||
Other | 9,864 | 9,620 | 8,538 | |
Total noninterest expense | 84,671 | 79,393 | [1] | 72,355 |
Income before income taxes | 44,141 | 38,876 | 38,980 | |
Income tax expense | 12,210 | 10,539 | 9,625 | |
Net income | 31,931 | 28,337 | 29,355 | |
Preferred stock dividends | 1,462 | 1,462 | 1,462 | |
Net income available to common shareholders | $ 30,469 | $ 26,875 | $ 27,893 | |
Earnings per common share (Note 16): | ||||
Basic | $ 2.11 | $ 1.91 | $ 2.01 | |
Diluted | 2.10 | 1.90 | 2 | |
Cash dividends declared per common share | $ 0.81 | $ 0.80 | $ 0.77 | |
Weighted average common shares outstanding: | ||||
Basic | 14,436 | 14,081 | 13,893 | |
Diluted | 14,491 | 14,135 | 13,946 | |
[1] | Non-Banking segment includes SDN reporting unit goodwill impairment of $751 thousand. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 31,931 | $ 28,337 | $ 29,355 |
Other comprehensive (loss) income, net of tax: | |||
Net unrealized (losses) gains on securities available for sale | (3,033) | (2,321) | 6,962 |
Pension and post-retirement obligations | 409 | 5 | (5,786) |
Total other comprehensive (loss) income, net of tax | (2,624) | (2,316) | 1,176 |
Comprehensive income | $ 29,307 | $ 26,021 | $ 30,531 |
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 | 29,355 | 29,355 | |||||||||
Other comprehensive income (loss), net of tax | 1,176 | 1,176 | |||||||||
Common stock issued | 2 | 5,398 | 5,400 | ||||||||
Purchases of common stock for treasury | (194) | (194) | |||||||||
Repurchase of Series B-1 8.48% preferred stock | (2) | (2) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 471 | 471 | |||||||||
Stock options exercised | 32 | 635 | 667 | ||||||||
Restricted stock awards issued, net | (520) | 520 | |||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (4) | $ (4) | $ (1,458) | $ (1,458) | |||||||
Common stock dividends per share | (10,718) | (10,718) | |||||||||
Balance at Dec. 31, 2014 | 17,340 | 144 | 72,955 | 203,312 | (9,011) | (5,208) | 279,532 | ||||
Comprehensive income: | |||||||||||
Net income | 28,337 | 28,337 | |||||||||
Other comprehensive income (loss), net of tax | (2,316) | (2,316) | |||||||||
Purchases of common stock for treasury | (202) | (202) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 674 | 674 | |||||||||
Stock options exercised | 6 | 353 | 359 | ||||||||
Restricted stock awards issued, net | (1,052) | 1,052 | |||||||||
Excess tax benefit | 79 | 79 | |||||||||
Stock awards | 28 | 82 | 110 | ||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | (4) | (4) | (1,458) | (1,458) | |||||||
Common stock dividends per share | (11,267) | (11,267) | |||||||||
Balance at Dec. 31, 2015 | 17,340 | 144 | 72,690 | 218,920 | (11,327) | (3,923) | 293,844 | ||||
Comprehensive income: | |||||||||||
Net income | 31,931 | 31,931 | |||||||||
Other comprehensive income (loss), net of tax | (2,624) | (2,624) | |||||||||
Common stock issued | 3 | 8,097 | 8,100 | ||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 845 | 845 | |||||||||
Stock options exercised | 23 | 941 | 964 | ||||||||
Restricted stock awards issued, net | 24 | (24) | |||||||||
Excess tax benefit | 30 | 30 | |||||||||
Stock awards | 46 | 82 | 128 | ||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (4) | $ (4) | $ (1,458) | $ (1,458) | |||||||
Common stock dividends per share | (11,702) | (11,702) | |||||||||
Balance at Dec. 31, 2016 | $ 17,340 | $ 147 | $ 81,755 | $ 237,687 | $ (13,951) | $ (2,924) | $ 320,054 |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common stock dividends per share, declared | $ 0.81 | $ 0.80 | $ 0.77 |
Series A 3% Preferred Stock [Member] | |||
Preferred stock dividends per share, declared | $ 3 | $ 3 | 3 |
Preferred stock, dividend percentage | 3.00% | 3.00% | |
Series B-1 8.48% Preferred Stock [Member] | |||
Preferred stock dividends per share, declared | $ 8.48 | $ 8.48 | $ 8.48 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 31,931 | $ 28,337 | $ 29,355 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,958 | 5,429 | 4,583 |
Net amortization of premiums on securities | 3,192 | 3,150 | 3,241 |
Provision for loan losses | 9,638 | 7,381 | 7,789 |
Share-based compensation | 845 | 674 | 471 |
Deferred income tax (benefit) expense | (1,718) | 1,798 | 2,154 |
Proceeds from sale of loans held for sale | 11,655 | 16,195 | 16,543 |
Originations of loans held for sale | (11,035) | (16,621) | (14,457) |
Increase in company owned life insurance | (2,808) | (1,962) | (1,753) |
Net gain on sale of loans held for sale | (240) | (249) | (313) |
Net gain on investment securities | (2,695) | (1,988) | (2,041) |
Amortization of tax credit investment | 390 | 2,323 | |
Goodwill impairment | 751 | ||
Net gain on other assets | (313) | (27) | (69) |
Contributions to defined benefit pension plan | (8,000) | ||
Decrease (increase) in other assets | 2,027 | (545) | (1,606) |
Increase (decrease) in other liabilities | 257 | 376 | (2,991) |
Net cash provided by operating activities | 46,694 | 43,089 | 35,229 |
Purchases of investment securities: | |||
Available for sale | (213,413) | (271,899) | (236,043) |
Held to maturity | (126,375) | (64,397) | (63,770) |
Proceeds from principal payments, maturities and calls on investment securities: | |||
Available for sale | 119,190 | 127,257 | 140,338 |
Held to maturity | 66,579 | 36,162 | 31,026 |
Proceeds from sales of securities available for sale | 95,261 | 54,277 | 81,600 |
Net loan originations | (262,684) | (180,067) | (84,812) |
Proceeds from company owned life insurance, net of purchases | 2,398 | (79) | (10,080) |
Proceeds from sales of other assets | 854 | 365 | 1,576 |
Purchases of premises and equipment | (7,619) | (7,493) | (5,330) |
Cash consideration paid for acquisition, net of cash acquired | (868) | (7,995) | |
Net cash used in investing activities | (326,677) | (305,874) | (153,490) |
Cash flows from financing activities: | |||
Net increase in deposits | 264,691 | 280,004 | 130,471 |
Net increase (decrease) in short-term borrowings | 38,400 | (41,704) | (2,238) |
Issuance of long-term debt | 40,000 | ||
Debt issuance costs | (1,060) | ||
Repurchase of preferred stock | (2) | ||
Purchases of common stock for treasury | (202) | (194) | |
Proceeds from stock options exercised | 964 | 359 | 667 |
Excess tax benefit on share-based compensation | 30 | 79 | |
Cash dividends paid to preferred shareholders | (1,462) | (1,462) | (1,463) |
Cash dividends paid to common shareholders | (11,484) | (11,259) | (10,521) |
Net cash provided by financing activities | 291,139 | 264,755 | 116,720 |
Net increase (decrease) in cash and cash equivalents | 11,156 | 1,970 | (1,541) |
Cash and cash equivalents, beginning of period | 60,121 | 58,151 | 59,692 |
Cash and cash equivalents, end of period | $ 71,277 | $ 60,121 | $ 58,151 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Institutions, Inc. (individually referred to herein as the "Parent Company" and together with all of its subsidiaries, collectively referred to herein as the "Company") is a financial holding company organized in 1931 under the laws of New York State ("New York"). At December 31, 2016, the Company conducted its business through its three subsidiaries: Five Star Bank (the "Bank"), a New York chartered bank; Scott Danahy Naylon, LLC ("SDN"), a full service insurance agency; and Courier Capital, LLC ("Courier Capital"), a SEC-registered investment advisory and wealth management firm. The Company provides a full range of banking and related financial services to consumer, commercial and municipal customers through its bank and nonbank subsidiaries. The accounting and reporting policies conform to general practices within the banking industry and to U.S. generally accepted accounting principles ("GAAP"). The Company has evaluated events and transactions for potential recognition or disclosure through the day the financial statements were issued and determined there were no material recognizable subsequent events. The following is a description of the Company's significant accounting policies. (a.) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. (b.) Use of Estimates In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the statement of financial condition and reported amounts of revenue and expenses during the reporting period. Material estimates relate to the determination of the allowance for loan losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. These estimates and assumptions are based on management's best estimates and judgment and are evaluated on an ongoing basis using historical experience and other factors, including the current economic environment. The Company adjusts these estimates and assumptions when facts and circumstances dictate. As future events cannot be determined with precision, actual results could differ significantly from the Company's estimates. (c.) Cash Flow Reporting Cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits in other banks. Net cash flows are reported for loans, deposit transactions and short-term borrowings. Supplemental cash flow information is summarized as follows for the years ended December 31 (in thousands): 2016 2015 2014 Cash payments: Interest expense $ 11,823 $ 9,323 $ 6,826 Income taxes 10,555 7,494 13,665 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans $ 496 $ 374 $ 394 Accrued and declared unpaid dividends 3,403 3,185 3,177 (Decrease) increase in net unsettled security purchases (170 ) (478 ) 568 Securities transferred from available for sale to held to maturity - 165,238 12,802 Loans transferred from held for sale to held for investment - - 853 Common stock issued for acquisition 8,100 - 5,400 Assets acquired and liabilities assumed in business combinations: Loans and other non-cash assets, excluding goodwill and core deposit intangible asset 4,848 - 1,007 Deposits and other liabilities 1,845 - 1,112 (d.) Investment Securities Investment securities are classified as either available for sale or held to maturity. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and are recorded at amortized cost. Other investment securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a component of comprehensive income and shareholders' equity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Securities are evaluated periodically to determine whether a decline in their fair value is other than temporary. Management utilizes criteria such as, the current intent to hold or sell the security, the magnitude and duration of the decline and, when appropriate, consideration of negative changes in expected cash flows, creditworthiness, near term prospects of issuers, the level of credit subordination, estimated loss severity, and delinquencies, to determine whether a loss in value is other than temporary. The term "other than temporary" is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable. Declines in the fair value of investment securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit issues or concerns, or the security is intended to be sold. The amount of impairment related to non-credit related factors is recognized in other comprehensive income. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. (e.) Loans Held for Sale and Loan Servicing Rights The Company generally makes the determination of whether to identify a mortgage as held for sale at the time the loan is closed based on the Company's intent and ability to hold the loan. Loans held for sale are recorded at the lower of cost or market computed on the aggregate portfolio basis. The amount, by which cost exceeds market value, if any, is accounted for as a valuation allowance with changes included in the determination of results of operations for the period in which the change occurs. The amount of loan origination costs and fees are deferred at origination and recognized as part of the gain or loss on sale of the loans, determined using the specific identification method, in the consolidated statements of income. The Company originates and sells certain residential real estate loans in the secondary market. The Company typically retains the right to service the mortgages upon sale. Mortgage-servicing rights ("MSRs") represent the cost of acquiring the contractual rights to service loans for others. MSRs are recorded at their fair value at the time a loan is sold and servicing rights are retained. MSRs are reported in other assets in the consolidated statements of financial position and are amortized to noninterest income in the consolidated statements of income in proportion to and over the period of estimated net servicing income. The Company uses a valuation model that calculates the present value of future cash flows to determine the fair value of servicing rights. In using this valuation method, the Company incorporates assumptions to estimate future net servicing income, which include estimates of the cost to service the loan, the discount rate, an inflation rate and prepayment speeds. On a quarterly basis, the Company evaluates its MSRs for impairment and charges any such impairment to current period earnings. In order to evaluate its MSRs the Company stratifies the related mortgage loans on the basis of their predominant risk characteristics, such as interest rates, year of origination and term, using discounted cash flows and market-based assumptions. Impairment of MSRs is recognized through a valuation allowance, determined by estimating the fair value of each stratum and comparing it to its carrying value. Subsequent increases in fair value are adjusted through the valuation allowance, but only to the extent of the valuation allowance. Mortgage loan servicing includes collecting monthly mortgagor payments, forwarding payments and related accounting reports to investors, collecting escrow deposits for the payment of mortgagor property taxes and insurance, paying taxes and insurance from escrow funds when due and administrating foreclosure actions when necessary. Loan servicing income (a component of noninterest income in the consolidated statements of income) consists of fees earned for servicing mortgage loans sold to third parties, net of amortization expense and impairment losses associated with capitalized mortgage servicing assets (f.) Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Loans are carried at the principal amount outstanding, net of any unearned income and unamortized deferred fees and costs on originated loans. Loan origination fees and certain direct loan origination costs are deferred, and the net amount is amortized into net interest income over the contractual life of the related loans or over the commitment period as an adjustment of yield. Interest income on loans is based on the principal balance outstanding computed using the effective interest method. A loan is considered delinquent when a payment has not been received in accordance with the contractual terms. The accrual of interest income for commercial loans is discontinued when there is a clear indication that the borrower's cash flow may not be sufficient to meet payments as they become due, while the accrual of interest income for retail loans is discontinued when loans reach specific delinquency levels. Loans are generally placed on nonaccrual status when contractually past due 90 six The Company's loan policy dictates the guidelines to be followed in determining when a loan is charged-off. All charge offs are approved by the Bank's senior loan officers or loan committees, depending on the amount of the charge off, and are reported in aggregate to the Bank's Board of Directors. Commercial business and commercial mortgage loans are charged-off when a determination is made that the financial condition of the borrower indicates that the loan will not be collectible in the ordinary course of business. Residential mortgage loans and home equities are generally charged-off or written down when the credit becomes severely delinquent and the balance exceeds the fair value of the property less costs to sell. Indirect and other consumer loans, both secured and unsecured, are generally charged-off in full during the month in which the loan becomes 120 A loan is accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial condition, grants a significant concession to the borrower that it would not otherwise consider. A troubled debt restructuring may involve the receipt of assets from the debtor in partial or full satisfaction of the loan, or a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk, or some combination of these concessions. Troubled debt restructurings generally remain on nonaccrual status until there is a sustained period of payment performance (usually six months or longer) and there is a reasonable assurance that the payments will continue. See Allowance for Loan Losses below for further policy discussion and see Note 5 – Loans for additional information. (g.) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, standby letters of credit and financial guarantees. Such financial instruments are recorded in the consolidated financial statements when they are funded or when related fees are incurred or received. The Company periodically evaluates the credit risks inherent in these commitments and establishes loss allowances for such risks if and when these are deemed necessary. The Company recognizes as liabilities the fair value of the obligations undertaken in issuing the guarantees under the standby letters of credit, net of the related amortization at inception. The fair value approximates the unamortized fees received from the customers for issuing the standby letters of credit. The fees are deferred and recognized on a straight-line basis over the commitment period. Standby letters of credit outstanding at December 31, 2016 had original terms ranging from one five (h.) Allowance for Loan Losses The allowance for loan losses is established through charges to earnings in the form of a provision for loan losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis and is based upon periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. Specific allowances are established for impaired loans. Impaired commercial business and commercial mortgage loans are individually evaluated and measured for impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, a loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. Regardless of the measurement method, impairment is based on the fair value of the collateral when foreclosure is probable. If the recorded investment in impaired loans exceeds the measure of estimated fair value, a specific allowance is established as a component of the allowance for loan losses. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged-off when deemed uncollectible. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loans obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures unless the loan has been subject to a troubled debt restructure. At December 31, 2016, there were no General allowances are established for loan losses on a portfolio basis for loans that are collectively evaluated for impairment. The portfolio is grouped into similar risk characteristics, primarily loan type. The Company applies an estimated loss rate, which considers both look-back and loss emergence periods, to each loan group. The loss rate is based on historical experience, with a look-back period of 24 12 28 While management evaluates currently available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if conditions differ substantially from the assumptions used in making the evaluations. In addition, various regulatory agencies, as an integral part of their examination process, periodically review a financial institution's allowance for loan losses. Such agencies may require the financial institution to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. (i.) Other Real Estate Owned Other real estate owned consists of properties acquired through foreclosure or by acceptance of a deed in lieu of foreclosure. These assets are recorded at the lower of fair value of the asset acquired less estimated costs to sell or "cost" (defined as the fair value at initial foreclosure). At the time of foreclosure, or when foreclosure occurs in-substance, the excess, if any, of the loan over the fair market value of the assets received, less estimated selling costs, is charged to the allowance for loan losses and any subsequent valuation write-downs are charged to other expense. In connection with the determination of the allowance for loan losses and the valuation of other real estate owned, management obtains appraisals for properties. Operating costs associated with the properties are charged to expense as incurred. Gains on the sale of other real estate owned are included in income when title has passed and the sale has met the minimum down payment requirements prescribed by GAAP. The balance of other real estate owned was $ 107 163 (j.) Company Owned Life Insurance The Company holds life insurance policies on certain current and former employees. The Company is the owner and beneficiary of the policies. The cash surrender value of these policies is included as an asset on the consolidated statements of financial condition, and any increase in cash surrender value is recorded as noninterest income on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit which would be recorded as noninterest income. (k.) Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The Company generally amortizes buildings and building improvements over a period of 15 39 3 10 (l.) Goodwill and Other Intangible Assets The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill, core deposit intangibles, and other identifiable intangible assets. Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's intangible assets consist of core deposits and other intangible assets (primarily customer relationships). Core deposit intangible assets are amortized on an accelerated basis over their estimated life of approximately nine twenty Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of each reporting unit is calculated and compared to the recorded book value, "Step 1." If the calculated fair value of the reporting unit exceeds its carrying value, then goodwill is not considered impaired. However, if the carrying value of a reporting unit exceeds its calculated fair value, the impairment test continues, "Step 2", by comparing the carrying value of the reporting unit's goodwill to the implied fair value of goodwill. The implied fair value is computed by adjusting all assets and liabilities of the reporting unit to current fair value with the offset adjustment to goodwill. The adjusted goodwill balance is the implied fair value of the goodwill. An impairment charge is recognized if the carrying value of goodwill exceeds the implied fair value of goodwill. See Note 7 for additional information on goodwill and other intangible assets. (m.)Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") Stock The non-marketable investments in FHLB and FRB stock are included in other assets in the consolidated statements of financial condition at par value or cost and are periodically reviewed for impairment. The dividends received relative to these investments are included in other noninterest income in the consolidated statements of income. As a member of the FHLB system, the Company is required to maintain a specified investment in FHLB of New York ("FHLBNY") stock in proportion to its volume of certain transactions with the FHLB. FHLBNY stock totaled $ 16.9 15.1 As a member of the FRB system, the Company is required to maintain a specified investment in FRB stock based on a ratio relative to the Company's capital. FRB stock totaled $ 4.9 (n.) Equity Method Investments The Company has investments in limited partnerships, primarily Small Business Investment Companies, and accounts for these investments under the equity method. These investments are included in other assets in the consolidated statements of financial condition and totaled $ 5.6 5.0 (o.) Treasury Stock Acquisitions of treasury stock are recorded at cost. The reissuance of shares in treasury is recorded at weighted-average cost. (p.) Employee Benefits The Company maintains an employer sponsored 401(k) plan where participants may make contributions in the form of salary deferrals and the Company provides matching contributions in accordance with the terms of the plan. Contributions due under the terms of our defined contribution plans are accrued as earned by employees. The Company also participates in a non-contributory defined benefit pension plan for certain employees who previously met participation requirements. The Company also provides post-retirement benefits, principally health and dental care, to employees of a previously acquired entity. The Company has closed the pension and post-retirement plans to new participants. The actuarially determined pension benefit is based on years of service and the employee's highest average compensation during five The Company recognizes an asset or a liability for a plans' overfunded status or underfunded status, respectively, in the consolidated financial statements and reports changes in the funded status as a component of other comprehensive income, net of applicable taxes, in the year in which changes occur. Effective January 1, 2016, the Company's 401(k) plan was amended and the Company's matching contribution was discontinued. Concurrent with the 401(k) plan amendment, the Company's defined benefit pension plan was amended to modify the current benefit formula to reflect the discontinuance of the matching contribution in the 401(k) plan, to open the defined benefit pension plan up to eligible employees who were hired on and after January 1, 2007, which provides those new participants with a cash balance benef i t formula . (q.) Share-Based Compensation Plans Compensation expense for stock options and restricted stock awards is based on the fair value of the award on the measurement date, which, for the Company, is the date of grant and is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of restricted stock awards is generally the market price of the Company's stock on the date of grant. Share-based compensation expense is included in the consolidated statements of income under salaries and employee benefits for awards granted to management and in other noninterest expense for awards granted to directors. (r.) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is recognized on deferred tax assets if, based upon the weight of available evidence, it is more likely than not that some or all of the assets may not be realized. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. (s.) Comprehensive Income Comprehensive income includes all changes in shareholders' equity during a period, except those resulting from transactions with shareholders. In addition to net income, other components of the Company's comprehensive income include the after tax effect of changes in net unrealized gain / loss on securities available for sale and changes in net actuarial gain / loss on defined benefit post-retirement plans. Comprehensive income is reported in the accompanying consolidated statements of changes in shareholders' equity and consolidated statements of comprehensive income. See Note 13 - Accumulated Other Comprehensive Income (Loss) for additional information. (t.) Earnings Per Common Share The Company calculates earnings per common share ("EPS") using the two-class method in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 260, "Earnings Per Share". The two-class method requires the Company to present EPS as if all of the earnings for the period are distributed to common shareholders and any participating securities, regardless of whether any actual dividends or distributions are made. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. Basic EPS is computed by dividing distributed and undistributed earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Distributed and undistributed earnings available to common shareholders represent net income reduced by preferred stock dividends and distributed and undistributed earnings available to participating securities. Common shares outstanding include common stock and vested restricted stock awards. Diluted EPS reflects the assumed conversion of all potential dilutive securities. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 16 - Earnings Per Common Share. (u.) Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. (v.) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") 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 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 continues to assess 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 is effective for the Company beginning January 1, 2016, though early adoption is permitted. The adoption of ASU 2014-12 did not 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 is effective for the Company beginning January 1, 2016, though early adoption was permitted. ASU 2015-01 did not have a significant impact on the Company's financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 is intended to improve the recognition and measurement of financial instruments by requiring equity investments to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement for entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured and amortized at cost on the balance sheet; and requiring an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2017. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is assessing the impact of ASU 2016-01 on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . ASU 2016-02 establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with te |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | (2.) BUSINESS COMBINATIONS Courier Capital Acquisition On January 5, 2016, the Company completed the acquisition of Courier Capital Corporation, a registered investment advisory and wealth management firm with approximately $ 1.2 9.0 8.1 918 2.8 2.2 two 1.3 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 presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values. Cash $ 50 Identified intangible assets 3,928 Premises and equipment, accounts receivable and other assets 870 Deferred tax liability (1,797 ) Other liabilities (48 ) Net assets acquired $ 3,003 The amounts assigned to goodwill and other intangible assets for the Courier Capital acquisition are as follows: Amount Useful life allocated (in years) Goodwill $ 6,015 n/a Other intangible assets – customer relationships 3,900 20 Other intangible assets – other 28 5 $ 9,943 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | (3.) INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below (in thousands). Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2016 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 187,325 $ 512 $ 1,569 $ 186,268 Mortgage-backed securities: Federal National Mortgage Association 288,949 897 4,413 285,433 Federal Home Loan Mortgage Corporation 30,182 114 807 29,489 Government National Mortgage Association 15,473 316 15 15,774 Collateralized mortgage obligations: Federal National Mortgage Association 16,921 74 125 16,870 Federal Home Loan Mortgage Corporation 5,142 - 65 5,077 Privately issued - 824 - 824 Total mortgage-backed securities 356,667 2,225 5,425 353,467 Asset-backed securities - 191 - 191 Total available for sale securities $ 543,992 $ 2,928 $ 6,994 $ 539,926 Securities held to maturity: State and political subdivisions 305,248 2,127 1,616 305,759 Mortgage-backed securities: Federal National Mortgage Association 10,362 1 124 10,239 Federal Home Loan Mortgage Corporation 3,290 - 150 3,140 Government National Mortgage Association 24,575 18 182 24,411 Collateralized mortgage obligations: Federal National Mortgage Association 83,929 21 1,573 82,377 Federal Home Loan Mortgage Corporation 101,025 80 1,827 99,278 Government National Mortgage Association 14,909 40 162 14,787 Total mortgage-backed securities 238,090 160 4,018 234,232 Total held to maturity securities $ 543,338 $ 2,287 $ 5,634 $ 539,991 December 31, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 260,748 $ 1,164 $ 1,049 $ 260,863 Mortgage-backed securities: Federal National Mortgage Association 209,671 1,092 2,333 208,430 Federal Home Loan Mortgage Corporation 24,564 282 194 24,652 Government National Mortgage Association 26,465 943 4 27,404 Collateralized mortgage obligations: Federal National Mortgage Association 16,998 90 154 16,934 Federal Home Loan Mortgage Corporation 5,175 1 91 5,085 Privately issued - 809 - 809 Total mortgage-backed securities 282,873 3,217 2,776 283,314 Asset-backed securities - 218 - 218 Total available for sale securities $ 543,621 $ 4,599 $ 3,825 $ 544,395 December 31, 2015 (continued) Securities held to maturity: State and political subdivisions 294,423 6,562 4 300,981 Mortgage-backed securities: Federal National Mortgage Association 9,242 14 79 9,177 Government National Mortgage Association 25,607 33 159 25,481 Collateralized mortgage obligations: Federal National Mortgage Association 56,791 - 818 55,973 Federal Home Loan Mortgage Corporation 80,570 - 1,120 79,450 Government National Mortgage Association 19,084 19 101 19,002 Total mortgage-backed securities 191,294 66 2,277 189,083 Total held to maturity securities $ 485,717 $ 6,628 $ 2,281 $ 490,064 Investment securities with a total fair value of $ 907.7 781.7 During the year ended December 31, 2015, the Company transferred $ 165.2 1.1 Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands): 2016 2015 2014 Taxable interest and dividends $ 17,025 $ 16,123 $ 13,304 Tax-exempt interest and dividends 5,892 5,752 5,298 Total interest and dividends on securities $ 22,917 $ 21,875 $ 18,602 Sales and calls of securities available for sale for the years ended December 31 were as follows (in thousands): 2016 2015 2014 Proceeds from sales $ 95,261 $ 54,277 $ 81,600 Gross realized gains 2,695 2,000 2,043 Gross realized losses - 12 2 The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2016 are shown below. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations (in Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 127 $ 127 Due from one to five years 149,249 149,428 Due after five years through ten years 277,147 274,529 Due after ten years 117,469 115,842 $ 543,992 $ 539,926 Debt securities held to maturity: Due in one year or less $ 48,132 $ 48,188 Due from one to five years 176,150 177,962 Due after five years through ten years 93,849 92,396 Due after ten years 225,207 221,445 $ 543,338 $ 539,991 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 as of December 31 are summarized 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 December 31, 2016 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 113,261 $ 1,566 $ 1,458 $ 3 $ 114,719 $ 1,569 Mortgage-backed securities: Federal National Mortgage Association 211,491 4,413 - - 211,491 4,413 Federal Home Loan Mortgage Corporation 24,360 807 - - 24,360 807 Government National Mortgage Association 1,111 15 - - 1,111 15 Collateralized mortgage obligations: Federal National Mortgage Association 8,119 125 - - 8,119 125 Federal Home Loan Mortgage Corporation 5,077 65 - - 5,077 65 Total mortgage-backed securities 250,158 5,425 - - 250,158 5,425 Total available for sale securities 363,419 6,991 1,458 3 364,877 6,994 Securities held to maturity: State and political subdivisions 82,644 1,616 - - 82,644 1,616 Mortgage-backed securities: Federal National Mortgage Association 9,253 124 - - 9,253 124 Federal Home Loan Mortgage Corporation 3,141 150 - - 3,141 150 Government National Mortgage Association 10,736 182 - - 10,736 182 Collateralized mortgage obligations: Federal National Mortgage Association 72,734 1,560 3,107 13 75,841 1,573 Federal Home Loan Mortgage Corporation 92,256 1,825 430 2 92,686 1,827 Government National Mortgage Association 8,675 161 531 1 9,206 162 Total mortgage-backed securities 196,795 4,002 4,068 16 200,863 4,018 Total held to maturity securities 279,439 5,618 4,068 16 283,507 5,634 Total temporarily impaired securities $ 642,858 $ 12,609 $ 5,526 $ 19 $ 648,384 $ 12,628 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 82,298 $ 735 $ 26,302 $ 314 $ 108,600 $ 1,049 Mortgage-backed securities: Federal National Mortgage Association 123,774 2,134 9,562 199 133,336 2,333 Federal Home Loan Mortgage Corporation 12,660 194 - - 12,660 194 Government National Mortgage Association 1,405 4 - - 1,405 4 Collateralized mortgage obligations: Federal National Mortgage Association 7,778 154 - - 7,778 154 Federal Home Loan Mortgage Corporation 4,998 91 - - 4,998 91 Total mortgage-backed securities 150,615 2,577 9,562 199 160,177 2,776 Total available for sale securities 232,913 3,312 35,864 513 268,777 3,825 Securities held to maturity: State and political subdivisions 3,075 4 - - 3,075 4 Mortgage-backed securities: Federal National Mortgage Association 5,666 79 - - 5,666 79 Government National Mortgage Association 8,790 159 - - 8,790 159 Collateralized mortgage obligations: Federal National Mortgage Association 55,973 818 - - 55,973 818 Federal Home Loan Mortgage Corporation 79,323 1,120 - - 79,323 1,120 Government National Mortgage Association 14,559 101 - - 14,559 101 Total mortgage-backed securities 164,311 2,277 - - 164,311 2,277 Total held to maturity securities 167,386 2,281 - - 167,386 2,281 Total temporarily impaired securities $ 400,299 $ 5,593 $ 35,864 $ 513 $ 436,163 $ 6,106 The total number of security positions in the investment portfolio in an unrealized loss position at December 31, 2016 was 463 152 9 454 10 142 The Company reviews investment securities on an ongoing basis for the presence of other than temporary impairment ("OTTI") with formal reviews performed quarterly. When evaluating debt securities for OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intention to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before its anticipated recovery. The assessment of whether OTTI exists involves a high degree of subjectivity and judgment and is based on the information available to management. No Based on management's review and evaluation of the Company's debt securities as of December 31, 2016, the debt securities with unrealized losses were not considered to be OTTI. As of December 31, 2016, the Company does not have the intent 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 December 31, 2016, 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 Held For Sale And Loan Se
Loans Held For Sale And Loan Servicing Rights | 12 Months Ended |
Dec. 31, 2016 | |
Loans Held For Sale And Loan Servicing Rights [Abstract] | |
Loans Held For Sale And Loan Servicing Rights | (4.) LOANS HELD FOR SALE AND LOAN SERVICING RIGHTS Loans held for sale were entirely comprised of residential real estate loans and totaled $1.1 million and $1.4 million as of December 31, 2016 and 2015, respectively. The Company sells certain qualifying newly originated or refinanced residential real estate loans on the secondary market. Residential real estate loans serviced for others, which are not included in the consolidated statements of financial condition, amounted to $ 173.7 196.0 4.0 4.4 The activity in capitalized loan servicing assets is summarized as follows for the years ended December 31 (in thousands): 2016 2015 2014 Mortgage servicing assets, beginning of year $ 1,225 $ 1,335 $ 1,479 Originations 150 166 172 Amortization (298 ) (276 ) (316 ) Mortgage servicing assets, end of year 1,077 1,225 1,335 Valuation allowance (2 ) (1 ) (6 ) Mortgage servicing assets, net, end of year $ 1,075 $ 1,224 $ 1,329 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Loans [Abstract] | |
Loans | (5.) LOANS The Company's loan portfolio consisted of the following at December 31 (in thousands): Principal Net Deferred Amount Loan (Fees) Outstanding Costs Loans, Net 2016 Commercial business $ 349,079 $ 468 $ 349,547 Commercial mortgage 671,552 (1,494 ) 670,058 Residential real estate loans 421,476 6,461 427,937 Residential real estate lines 119,745 2,810 122,555 Consumer indirect 725,754 26,667 752,421 Other consumer 17,465 178 17,643 Total $ 2,305,071 $ 35,090 2,340,161 Allowance for loan losses (30,934 ) Total loans, net $ 2,309,227 2015 Commercial business $ 313,475 $ 283 $ 313,758 Commercial mortgage 567,481 (1,380 ) 566,101 Residential real estate loans 376,023 5,051 381,074 Residential real estate lines 124,766 2,581 127,347 Consumer indirect 652,494 24,446 676,940 Other consumer 18,361 181 18,542 Total $ 2,052,600 $ 31,162 2,083,762 Allowance for loan losses (27,085 ) Total loans, net $ 2,056,677 The Company's significant concentrations of credit risk in the loan portfolio relate to a geographic concentration in the communities that the Company serves. Certain executive officers, directors and their business interests are customers of the Company. Transactions with these parties are based on the same terms as similar transactions with unrelated third parties and do not carry more than normal credit risk. Borrowings by these related parties amounted to $ 3.5 1.7 1.7 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 December 31 (in thousands): Greater 30-59 Days 60-89 Days Than 90 Total Past Past Due Past Due Days Due Nonaccrual Current Total Loans 2016 Commercial business $ 1,337 $ - $ - $ 1,337 $ 2,151 $ 345,591 $ 349,079 Commercial mortgage 48 - - 48 1,025 670,479 671,552 Residential real estate loans 1,073 253 - 1,326 1,236 418,914 421,476 Residential real estate lines 216 - - 216 372 119,157 119,745 Consumer indirect 2,320 488 - 2,808 1,526 721,420 725,754 Other consumer 134 15 9 158 7 17,300 17,465 Total loans, gross $ 5,128 $ 756 $ 9 $ 5,893 $ 6,317 $ 2,292,861 $ 2,305,071 2015 Commercial business $ 321 $ 612 $ - $ 933 $ 3,922 $ 308,620 $ 313,475 Commercial mortgage 68 146 - 214 947 566,320 567,481 Residential real estate loans 723 395 - 1,118 1,848 373,057 376,023 Residential real estate lines 199 34 - 233 235 124,298 124,766 Consumer indirect 1,975 286 - 2,261 1,467 648,766 652,494 Other consumer 98 13 8 119 13 18,229 18,361 Total loans, gross $ 3,384 $ 1,486 $ 8 $ 4,878 $ 8,432 $ 2,039,290 $ 2,052,600 There were no 9 8 Interest income on nonaccrual loans, if recognized, is recorded using the cash basis method of accounting. There was no interest income recognized on nonaccrual loans during the years ended December 31, 2016, 2015 and 2014. For the years ended December 31, 2016, 2015 and 2014, estimated interest income of $ 234 432 527 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, forbearance agreements, or substituting or adding a new borrower or guarantor. The following presents, by loan class, information related to loans modified in a TDR during the years ended December 31 (in thousands). Pre Post Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment 2016 Commercial business 3 $ 526 $ 526 Commercial mortgage 1 550 550 Total 4 $ 1,076 $ 1,076 2015 Commercial business 2 $ 1,342 $ 1,342 Commercial mortgage 1 682 330 Total 3 $ 2,024 $ 1,672 The loans identified as TDRs by the Company during the years ended December 31, 2016 and 2015 were previously reported as impaired loans prior to restructuring. The modifications during the year ended December 31, 2016 primarily related to collateral concessions and forbearance agreements. For the year ended December 31, 2015, the restructured loan modifications related to extending amortization periods, forbearance agreements, requesting additional collateral and, in one instance, forgiveness of principal. All loans restructured during the years ended December 31, 2016 and 2015 were on nonaccrual status at the end of those respective years. 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 either classified as substandard, with an increased risk allowance allocation, or impaired and evaluated for a specific reserve both before and after restructuring. There were no loans modified as a TDR during the year ended December 31, 2016 that defaulted during the year ended December 31, 2016. There were two 1.3 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 data on impaired loans at December 31 (in thousands): Unpaid Average Interest Recorded Principal Related Recorded Income Investment (1) Balance (1) Allowance Investment Recognized 2016 With no related allowance recorded: Commercial business $ 645 $ 1,044 $ - $ 1,032 $ - Commercial mortgage 673 882 - 725 - 1,318 1,926 - 1,757 - With an allowance recorded: Commercial business 1,506 1,506 694 1,141 - Commercial mortgage 352 352 124 486 - 1,858 1,858 818 1,627 - $ 3,176 $ 3,784 $ 818 $ 3,384 $ - 2015 With no related allowance recorded: Commercial business $ 1,441 $ 1,810 $ - $ 1,352 $ - Commercial mortgage 937 1,285 - 1,013 - 2,378 3,095 - 2,365 - With an allowance recorded: Commercial business 2,481 2,481 996 1,946 - Commercial mortgage 10 10 10 449 - 2,491 2,491 1,006 2,395 - $ 4,869 $ 5,586 $ 1,006 $ 4,760 $ - (1) Difference between recorded investment and unpaid principal balance represents partial charge-offs. Credit Quality Indicators 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 not meeting 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 December 31 (in thousands): Commercial Commercial Business Mortgage 2016 Uncriticized $ 326,254 $ 652,550 Special mention 10,377 12,690 Substandard 12,448 6,312 Doubtful - - Total $ 349,079 $ 671,552 2015 Uncriticized $ 298,413 $ 551,603 Special mention 4,916 9,015 Substandard 10,146 6,863 Doubtful - - Total $ 313,475 $ 567,481 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 December 31 (in thousands): Residential Residential Real Estate Real Estate Consumer Other Loans Lines Indirect Consumer 2016 Performing $ 420,240 $ 119,373 $ 724,228 $ 17,449 Non-performing 1,236 372 1,526 16 Total $ 421,476 $ 119,745 $ 725,754 $ 17,465 2015 Performing $ 374,175 $ 124,531 $ 651,027 $ 18,340 Non-performing 1,848 235 1,467 21 Total $ 376,023 $ 124,766 $ 652,494 $ 18,361 Allowance for Loan Losses The following tables set forth the changes in the allowance for loan losses for the years ended December 31 (in thousands): Residential Residential Commercial Commercial Real Estate Real Estate Consumer Other Business Mortgage Loans Lines Indirect Consumer Total 2016 Allowance for loan losses: Beginning balance $ 5,540 $ 9,027 $ 1,347 $ 345 $ 10,458 $ 368 $ 27,085 Charge-offs (943 ) (385 ) (289 ) (104 ) (8,748 ) (607 ) (11,076 ) Recoveries 447 45 174 15 4,259 347 5,287 Provision 2,181 1,628 246 47 5,342 194 9,638 Ending balance $ 7,225 $ 10,315 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,934 Evaluated for impairment: Individually $ 663 $ 105 $ - $ - $ - $ - $ 768 Collectively $ 6,562 $ 10,210 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,166 Loans: Ending balance $ 349,079 $ 671,552 $ 421,476 $ 119,745 $ 725,754 $ 17,465 $ 2,305,071 Evaluated for impairment: Individually $ 2,052 $ 935 $ - $ - $ - $ - $ 2,987 Collectively $ 347,027 $ 670,617 $ 421,476 $ 119,745 $ 725,754 $ 17,465 $ 2,302,084 2015 Allowance for loan losses: Beginning balance $ 5,621 $ 8,122 $ 1,620 $ 435 $ 11,383 $ 456 $ 27,637 Charge-offs (1,433 ) (895 ) (397 ) (199 ) (9,156 ) (878 ) (12,958 ) Recoveries 212 146 114 31 4,200 322 5,025 Provision 1,140 1,654 10 78 4,031 468 7,381 Ending balance $ 5,540 $ 9,027 $ 1,347 $ 345 $ 10,458 $ 368 $ 27,085 Evaluated for impairment: Individually $ 996 $ 10 $ - $ - $ - $ - $ 1,006 Collectively $ 4,544 $ 9,017 $ 1,347 $ 345 $ 10,458 $ 368 $ 26,079 Loans: Ending balance $ 313,475 $ 567,481 $ 376,023 $ 124,766 $ 652,494 $ 18,361 $ 2,052,600 Evaluated for impairment: Individually $ 3,922 $ 947 $ - $ - $ - $ - $ 4,869 Collectively $ 309,553 $ 566,534 $ 376,023 $ 124,766 $ 652,494 $ 18,361 $ 2,047,731 Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total 2014 Allowance for loan losses: Beginning balance $ 4,273 $ 7,743 $ 1,607 $ 436 $ 12,230 $ 447 $ 26,736 Charge-offs (204 ) (304 ) (382 ) (148 ) (10,004 ) (972 ) (12,014 ) Recoveries 201 143 76 19 4,321 366 5,126 Provision 1,351 540 319 128 4,836 615 7,789 Ending balance $ 5,621 $ 8,122 $ 1,620 $ 435 $ 11,383 $ 456 $ 27,637 Evaluated for impairment: Individually $ 1,556 $ 911 $ - $ - $ - $ - $ 2,467 Collectively $ 4,065 $ 7,211 $ 1,620 $ 435 $ 11,383 $ 456 $ 25,170 Loans: Ending balance $ 267,377 $ 476,407 $ 352,782 $ 127,233 $ 636,357 $ 20,915 $ 1,881,071 Evaluated for impairment: Individually $ 4,288 $ 3,020 $ - $ - $ - $ - $ 7,308 Collectively $ 263,089 $ 473,387 $ 352,782 $ 127,233 $ 636,357 $ 20,915 $ 1,873,763 Risk Characteristics Commercial business loans primarily consist of loans to small to mid-sized businesses in our market area in a diverse range of industries. These loans are of higher risk and typically are made on the basis of the borrower's ability to make repayment from the cash flow of the borrower's business. 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 potential 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 real estate loans (comprised of conventional mortgages and home equity loans) and residential real estate lines (comprised of 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. |
Premises And Equipment, Net
Premises And Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Premises And Equipment, Net [Abstract] | |
Premises And Equipment, Net | (6.) PREMISES AND EQUIPMENT, NET Major classes of premises and equipment at December 31 are summarized as follows (in thousands): 2016 2015 Land and land improvements $ 6,003 $ 5,917 Buildings and leasehold improvements 52,005 46,402 Furniture, fixtures, equipment and vehicles 32,972 31,868 Premises and equipment 90,980 84,187 Accumulated depreciation and amortization (48,582 ) (44,742 ) Premises and equipment, net $ 42,398 $ 39,445 Depreciation and amortization expense relating to premises and equipment, included in occupancy and equipment expense in the consolidated statements of income, amounted to $ 4.6 4.4 4.0 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | (7.) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs its annual impairment test of goodwill as of September 30 of each year. See Note 1 for the Company's accounting policy for goodwill and other intangible assets. The results of the Company's 2016 annual impairment test indicated no impairment, consequently no goodwill impairment charge was recorded in 2016. Based on its 2015 qualitative assessment, the Company concluded it was more likely than not that the fair value of its SDN reporting unit was less than its carrying value. Accordingly, the Company performed a Step 1 review for possible goodwill impairment. Under Step 1 of the goodwill impairment review, the fair value of the SDN reporting unit was calculated using income and market-based approaches. Under Step 1, it was determined that the carrying value of our SDN reporting unit exceeded its fair value. For Step 2, the implied fair value of the SDN reporting unit's goodwill was compared with the carrying amount of the goodwill for the SDN reporting unit. Based on this assessment, the Company recorded a goodwill impairment charge related to the SDN reporting unit of $ 751 Declines in the market value of the Company's publicly traded stock price or declines in the Company's ability to generate future cash flows may increase the potential that goodwill recorded on the Company's consolidated statement of financial condition be designated as impaired and that the Company may incur a goodwill write-down in the future. The change in the balance for goodwill during the years ended December 31 was as follows (in thousands): Banking Non-Banking Total Balance, January 1, 2015 $ 48,536 $ 12,617 $ 61,153 Impairment - (751 ) (751 ) Balance, December 31, 2015 48,536 11,866 60,402 Acquisition - 6,015 6,015 Balance, December 31, 2016 $ 48,536 $ 17,881 $ 66,417 Other Intangible Assets The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles. Changes in the gross carrying amount, accumulated amortization and net book value for the years ended December 31 were as follows (in thousands): 2016 2015 Core deposit intangibles: Gross carrying amount $ 2,042 $ 2,042 Accumulated amortization (1,464 ) (1,213 ) Net book value $ 578 $ 829 Amortization during the year $ 251 $ 296 Other intangibles: Gross carrying amount $ 10,568 $ 6,640 Accumulated amortization (1,923 ) (925 ) Net book value $ 8,645 $ 5,715 Amortization during the year $ 998 $ 646 Core deposit intangible and other intangibles amortization expense was $ 341 279 2017 $ 1,144 2018 1,035 2019 937 2020 840 2021 738 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | (8.) DEPOSITS A summary of deposits as of December 31 are as follows (in thousands): 2016 2015 Noninterest-bearing demand $ 677,076 $ 641,972 Interest-bearing demand 581,436 523,366 Savings and money market 1,034,194 928,175 Time deposits, due: Within one year 471,494 450,885 One to two years 158,399 97,059 Two to three years 23,548 46,545 Three to five years 49,075 42,482 Thereafter - 47 Total time deposits 702,516 637,018 Total deposits $ 2,995,222 $ 2,730,531 Time deposits in denominations of $250,000 or more at December 31, 2016 and 2015 amounted to $ 99.8 92.0 Interest expense by deposit type for the years ended December 31 is summarized as follows (in thousands): 2016 2015 2014 Interest-bearing demand $ 833 $ 754 $ 607 Savings and money market 1,339 1,166 913 Time deposits 6,286 5,386 4,846 Total interest expense on deposits $ 8,458 $ 7,306 $ 6,366 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings [Abstract] | |
Borrowings | (9.) BORROWINGS The Company classifies borrowings as short-term or long-term in accordance with the original terms of the agreement. Outstanding borrowings are summarized as follows as of December 31 (in thousands): 2016 2015 Short-term borrowings: Short-term FHLB borrowings $ 331,500 $ 293,100 Long-term borrowings: Subordinated notes, net 39,061 38,990 Total borrowings $ 370,561 $ 332,090 Short-term borrowings Short-term FHLB borrowings have original maturities of less than one year and include overnight borrowings that we typically utilize to address short term funding needs as they arise. Short-term FHLB borrowings at December 31, 2016 consisted of $ 171.5 160.0 116.8 176.3 0.76 0.53 Long-term borrowings 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 value of the Subordinated 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 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (10.) COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk 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 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 as of December 31 consist of the following (in thousands): 2016 2015 Commitments to extend credit $ 555,713 $ 514,818 Standby letters of credit 12,689 11,746 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a 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 when the Company intends to sell the related loan, once originated, as well as closed residential mortgage loans held for sale, the Company enters into forward commitments to sell individual residential mortgages. Rate lock agreements and forward commitments are considered derivatives and are recorded at fair value. The Company had no 1.3 Lease Obligations The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment. Certain of these leases provide for escalation clauses and contain renewal options calling for increased rentals if the lease is renewed. Future minimum payments by year and in the aggregate, under the non-cancellable leases with initial or remaining terms of one year or more, are as follows at December 31, 2016 (in thousands): 2017 $ 2,173 2018 2,201 2019 2,125 2020 1,999 2021 1,823 Thereafter 30,885 $ 41,206 Rent expense relating to these operating leases, included in occupancy and equipment expense in the statements of income, was $ 2.1 2.0 1.8 Contingent Liabilities In the ordinary course of business there are various threatened and pending legal proceedings against the Company. Based on consultation with outside legal counsel, management believes that the aggregate liability, if any, arising from such litigation would not have a material adverse effect on the Company's consolidated financial statements. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | (11.) REGULATORY MATTERS General The supervision and regulation of financial and bank holding companies and their subsidiaries is intended primarily for the protection of depositors, the deposit insurance funds regulated by the FDIC and the banking system as a whole, and not for the protection of shareholders or creditors of bank holding companies. The various bank regulatory agencies have broad enforcement power over financial holding companies and banks, including the power to impose substantial fines, operational restrictions and other penalties for violations of laws and regulations and for safety and soundness considerations. Capital Banks and bank holding companies are subject to various regulatory capital requirements administered by state and federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. The Basel III Capital Rules, a new comprehensive capital framework for U.S. banking organizations, became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table that follows) of Common Equity Tier 1 capital ("CET1"), Tier 1 capital and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted quarterly average assets (as defined). The Company's and the Bank's Common Equity Tier 1 capital includes common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1. Common Equity Tier 1 for both the Company and the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities, and subject to transition provisions. Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital. For the Company, additional Tier 1 capital at December 31, 2016 includes, subject to limitation, $ 17.3 Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital for both the Company and the Bank includes a permissible portion of the allowance for loan losses. Tier 2 capital for the Company also includes qualified subordinated debt. At December 31, 2016, the Company's Tier 2 capital included $ 39.1 The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. Risk-weighted assets are calculated based on regulatory requirements and include total assets, with certain exclusions, allocated by risk weight category, and certain off-balance-sheet items, among other things. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. When fully phased in on January 1, 2019, the Basel III Capital Rules will require the Company and the Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5 6.0 8.0 4.0 The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625 2.5 The following table presents actual and required capital ratios as of December 31, 2016 and 2015 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2016 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules (in thousands): Minimum Capital Minimum Capital Required to be Required – Basel III Required – Basel III Considered Well Actual Phase-in Schedule Fully Phased-in Capitalized Amount Ratio Amount Ratio Amount Ratio Amount Ratio 2016 Tier 1 leverage: Company $ 265,246 7.36 % $ 144,095 4.00 % $ 144,095 4.00 % $ 180,119 5.00 % Bank 284,765 7.92 143,862 4.00 143,862 4.00 179,828 5.00 CET1 capital: Company 247,906 9.59 132,438 5.13 180,891 7.00 167,970 6.50 Bank 284,765 11.06 132,014 5.13 180,312 7.00 167,432 6.50 Tier 1 capital: Company 265,246 10.26 171,201 6.63 219,654 8.50 206,733 8.00 Bank 284,765 11.06 170,652 6.63 218,950 8.50 206,070 8.00 Total capital: Company 335,241 12.97 222,884 8.63 271,337 10.50 258,416 10.00 Bank 315,699 12.26 222,170 8.63 270,467 10.50 257,588 10.00 2015 Tier 1 leverage: Company $ 243,452 7.41 % $ 131,506 4.00 % $ 131,506 4.00 % $ 164,382 5.00 % Bank 265,487 8.09 131,188 4.00 131,188 4.00 163,985 5.00 CET1 capital: Company 226,413 9.77 104,334 4.50 162,297 7.00 150,705 6.50 Bank 265,487 11.49 103,971 4.50 161,733 7.00 150,180 6.50 Tier 1 capital: Company 243,452 10.50 139,112 6.00 197,076 8.50 185,483 8.00 Bank 265,487 11.49 138,628 6.00 196,389 8.50 184,837 8.00 Total capital: Company 309,527 13.35 185,483 8.00 243,446 10.50 231,854 10.00 Bank 292,572 12.66 184,837 8.00 242,599 10.50 231,046 10.00 As of December 31, 2016, the Company and Bank were considered "well capitalized" under all regulatory capital guidelines. Such determination has been made based on the Tier 1 leverage, CET1capital, Tier 1 capital and total capital ratios. Federal Reserve Requirements The Bank is required to maintain a reserve balance at the FRB of New York. The reserve requirement for the Bank totaled $ 629 In the ordinary course of business, the Company is dependent upon dividends from the Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | (12.) SHAREHOLDERS' EQUITY The Company's authorized capital stock consists of 50,210,000 50,000,000 0.01 210,000 100 10,000 200,000 3 8.48 173,398 outstanding Common Stock The following table sets forth the changes in the number of shares of common stock for the years ended December 31: Outstanding Treasury Issued 2016 Shares outstanding at beginning of year 14,190,192 207,317 14,397,509 Shares issued for the Courier Capital acquisition 294,705 - 294,705 Restricted stock awards issued 8,800 (8,800 ) - Restricted stock awards forfeited (10,183 ) 10,183 - Stock options exercised 49,761 (49,761 ) - Stock awards 4,322 (4,322 ) - Shares outstanding at end of year 14,537,597 154,617 14,692,214 2015 Shares outstanding at beginning of year 14,118,048 279,461 14,397,509 Restricted stock awards issued 59,834 (59,834 ) - Restricted stock awards forfeited (3,490 ) 3,490 - Stock options exercised 18,922 (18,922 ) - Treasury stock purchases (7,523 ) 7,523 - Stock awards 4,401 (4,401 ) - Shares outstanding at end of year 14,190,192 207,317 14,397,509 Preferred Stock Series A 3% Preferred Stock. There were 1,492 3.00 Series B-1 8.48% Preferred Stock. There were 171,906 8.48 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (13.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of other comprehensive income (loss) for the years ended December 31 (in thousands): Pre Net Amount Tax Effect Amount 2016 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (2,146 ) $ (828 ) $ (1,318 ) Reclassification adjustment for net gains included in net income (1) (2,793 ) (1,078 ) (1,715 ) Total securities available for sale and transferred securities (4,939 ) (1,906 ) (3,033 ) Pension and post-retirement obligations: Net actuarial gains (losses) arising during the year (241 ) (93 ) (148 ) Amortization of net actuarial loss and prior service cost included in income 907 350 557 Total pension and post-retirement obligations 666 257 409 Other comprehensive loss $ (4,273 ) $ (1,649 ) $ (2,624 ) 2015 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (1,529 ) $ (591 ) $ (938 ) Reclassification adjustment for net gains included in net income (1) (2,251 ) (868 ) (1,383 ) Total securities available for sale and transferred securities (3,780 ) (1,459 ) (2,321 ) Pension and post-retirement obligations: Net actuarial gains (losses) arising during the year (887 ) (342 ) (545 ) Amortization of net actuarial loss and prior service cost included in income 895 345 550 Total pension and post-retirement obligations 8 3 5 Other comprehensive loss $ (3,772 ) $ (1,456 ) $ (2,316 ) 2014 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 14,008 $ 5,549 $ 8,459 Reclassification adjustment for net gains included in net income (1) (2,478 ) (981 ) (1,497 ) Total securities available for sale and transferred securities 11,530 4,568 6,962 Pension and post-retirement obligations: Net actuarial gains (losses) arising during the year (9,709 ) (3,846 ) (5,863 ) Amortization of net actuarial loss and prior service cost included in income 128 51 77 Total pension and post-retirement obligations (9,581 ) (3,795 ) (5,786 ) Other comprehensive income $ 1,949 $ 773 $ 1,176 (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to 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 income (loss), net of tax, was as follows (in thousands): Securities Available for Pension and Accumulated Sale and Post Other Transferred retirement Comprehensive Securities Obligations Income (Loss) Balance at January 1, 2016 $ (696 ) $ (10,631 ) $ (11,327 ) Other comprehensive income (loss) before reclassifications (1,318 ) (148 ) (1,466 ) Amounts reclassified from accumulated other comprehensive income (1,715 ) 557 (1,158 ) Net current period other comprehensive (loss) income (3,033 ) 409 (2,624 ) Balance at December 31, 2016 $ (3,729 ) $ (10,222 ) $ (13,951 ) Balance at January 1, 2015 $ 1,625 $ (10,636 ) $ (9,011 ) Other comprehensive income (loss) before reclassifications (938 ) (545 ) (1,483 ) Amounts reclassified from accumulated other comprehensive income (1,383 ) 550 (833 ) Net current period other comprehensive (loss) income (2,321 ) 5 (2,316 ) Balance at December 31, 2015 $ (696 ) $ (10,631 ) $ (11,327 ) Balance at January 1, 2014 $ (5,337 ) $ (4,850 ) $ (10,187 ) Other comprehensive income (loss) before reclassifications 8,459 (5,863 ) 2,596 Amounts reclassified from accumulated other comprehensive income (1,497 ) 77 (1,420 ) Net current period other comprehensive (loss) income 6,962 (5,786 ) 1,176 Balance at December 31, 2014 $ 1,625 $ (10,636 ) $ (9,011 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31 (in thousands): Amount Reclassified from Details About Accumulated Other Accumulated Other Affected Line Item in the Comprehensive Income Components Comprehensive Income Consolidated Statement of Income 2016 2015 Realized gain on sale of investment securities $ 2,695 $ 1,988 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 98 263 Interest income 2,793 2,251 Total before tax (1,078 ) (868 ) Income tax expense 1,715 1,383 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 48 48 Salaries and employee benefits Net actuarial losses (1) (955 ) (943 ) Salaries and employee benefits (907 ) (895 ) Total before tax 350 345 Income tax benefit (557 ) (550 ) Net of tax Total reclassified for the period $ 1,158 $ 833 (1) These items are included in the computation of net periodic pension expense. See Note 17 – Employee Benefit Plans for additional information. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | (14.) SHARE-BASED COMPENSATION The Company maintains certain stock-based compensation plans, approved by the Company's shareholders that are administered by the Management Development and Compensation Committee (the "Compensation Committee") of the Board. In May 2015, the Company's shareholders approved the 2015 Long-Term Incentive Plan (the "2015 Plan") to replace the 2009 Management Stock Incentive Plan and the 2009 Directors' Stock Incentive Plan (collectively, the "2009 Plans"). A total of 438,076 365,000 Under the Plan, the Compensation Committee may establish and prescribe grant guidelines including various terms and conditions for the granting of stock-based compensation. For stock options, the exercise price of each option equals the market price of the Company's stock on the date of the grant. All options expire after a period of ten 3 5 2 3 Fifty fifty The share-based compensation plans were established to allow for the granting of compensation awards to attract, motivate and retain employees, executive officers and non-employee directors who contribute to the long-term growth and profitability of the Company and to give such persons a proprietary interest in the Company, thereby enhancing their personal interest in the Company's success. The Company awarded grants of 24,084 Thirty seventy three The grant-date fair value of the TSR portion of the award granted during the year ended December 31, 2016 was determined using the Monte Carlo simulation model on the date of grant, assuming the following (i) expected term of 2.85 0.88 2.99 24.3 The Company granted 25,500 three 24.68 During the year ended December 31, 2016, the Company granted a total of 8,800 4,400 4,400 one 28.38 4,322 three 29.47 The restricted stock awards granted to the directors and the restricted stock units granted to management in 2016 do not have rights to dividends or dividend equivalents. 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 2016, 2015 or 2014. There was no Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at beginning of year 102,249 $ 19.21 Granted - - Exercised (49,761 ) 19.39 Forfeited - - Expired (3,389 ) 19.72 Outstanding and exercisable at end of period 49,099 $ 19.00 0.9 years $ 746 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 years ended December 31, 2016, 2015 and 2014 was $ 450 106 161 964 359 667 The following is a summary of restricted stock award and restricted stock units activity for the year ended December 31, 2016: Weighted Average Market Number of Price at Shares Grant Date Outstanding at beginning of year 82,908 $ 17.23 Granted 58,384 25.11 Vested (10,770 ) 25.11 Forfeited (15,957 ) 21.59 Outstanding at end of period 114,565 $ 19.90 As of December 31, 2016, there was $ 1.2 2.0 The Company amortizes the expense related to restricted stock awards and restricted stock units 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 for the years ended December 31 was as follows (in thousands): 2016 2015 2014 Salaries and employee benefits $ 601 $ 431 $ 270 Other noninterest expense 244 243 201 Total share-based compensation expense $ 845 $ 674 $ 471 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (15.) INCOME TAXES The income tax expense for the years ended December 31 consisted of the following (in thousands): 2016 2015 2014 Current tax expense (benefit): Federal $ 13,846 $ 8,720 $ 7,546 State 82 21 (75 ) Total current tax expense 13,928 8,741 7,471 Deferred tax (benefit) expense: Federal (2,175 ) 1,440 2,538 State 457 358 (384 ) Total deferred tax (benefit) expense (1,718 ) 1,798 2,154 Total income tax expense $ 12,210 $ 10,539 $ 9,625 Income tax expense differed from the statutory federal income tax rate for the years ended December 31 as follows: 2016 2015 2014 Statutory federal tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) resulting from: Tax exempt interest income (5.6 ) (6.1 ) (5.1 ) Tax credits and adjustments 0.3 (0.7 ) (3.5 ) Non-taxable earnings on company owned life insurance (2.2 ) (1.8 ) (1.6 ) State taxes, net of federal tax benefit 0.8 0.7 (0.8 ) Nondeductible expenses 0.2 0.3 0.5 Goodwill and contingent consideration adjustments (0.9 ) (0.3 ) - Other, net 0.1 - 0.2 Effective tax rate 27.7 % 27.1 % 24.7 % Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands): 2016 2015 2014 Income tax expense $ 12,210 $ 10,539 $ 9,625 Shareholder's equity (1,649 ) (1,456 ) 925 The Company recognizes deferred income taxes for the estimated future tax effects of differences between the tax and financial statement bases of assets and liabilities considering enacted tax laws. These differences result in deferred tax assets and liabilities, which are included in other assets in the Company's consolidated statements of condition. The Company also assesses the likelihood that deferred tax assets will be realizable based on, among other considerations, future taxable income and establishes, if necessary, a valuation allowance for those deferred tax assets determined to not likely be realizable. A deferred tax asset valuation allowance is recognized if, based on the weight of available evidence (both positive and negative), it is more likely than not that some portion or all of the deferred tax assets will not be realized. The future realization of deferred tax benefits depends upon the existence of sufficient taxable income within the carry-back and carry-forward periods. Management's judgment is required in determining the appropriate recognition of deferred tax assets and liabilities, including projections of future taxable income. The Company's net deferred tax asset is included in other assets in the consolidated statements of condition. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31 (in thousands): 2016 2015 Deferred tax assets: Allowance for loan losses $ 11,938 $ 10,452 Deferred compensation 1,357 972 Investment in limited partnerships 943 954 SERP agreements 682 767 Interest on nonaccrual loans 453 615 Benefit of tax credit carryforwards - 502 Share-based compensation 604 538 Net unrealized loss on securities available for sale 2,326 420 Other than temporary impairment of investment securities - - Other 120 328 Gross deferred tax assets 18,423 15,548 Deferred tax liabilities: Prepaid pension costs 4,727 5,065 Intangible assets 4,059 2,667 Depreciation and amortization 1,085 1,004 Net unrealized gain on securities available for sale - - Loan servicing assets 415 479 Other 234 - Gross deferred tax liabilities 10,520 9,215 Net deferred tax asset $ 7,903 $ 6,333 In March 2014, the New York legislature approved changes in the state tax law that was phased-in over two years, beginning in 2015. The primary changes that impacted the Company included the repeal of the Article 32 franchise tax on banking corporations ("Article 32A") for 2015, expanded nexus standards for 2015 and a reduction in the corporate tax rate for 2016. The repeal of Article 32A and the expanded nexus standards lowered our taxable income apportioned to New York in 2016 and 2015 compared to 2014. In addition, the New York state income tax rate was reduced from 7.1 6.5 Based upon the Company's historical and projected future levels of pre-tax and taxable income, the scheduled reversals of taxable temporary differences to offset future deductible amounts, and prudent and feasible tax planning strategies, management believes it is more likely than not that the deferred tax assets will be realized. As such, no valuation allowance has been recorded as of December 31, 2016 or 2015. The Company and its subsidiaries are primarily subject to federal and New York income taxes. The federal income tax years currently open for audits are 2014 through 2016. The New York income tax years currently open for audits are 2013 through 2016. At December 31, 2016, the Company had no federal or New York net operating loss or tax credits carryforwards. The Company's unrecognized tax benefits and changes in unrecognized tax benefits were not significant as of or for the years ended December 31, 2016, 2015 and 2014. There were no no |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | (16.) EARNINGS PER COMMON SHARE The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for each of the years ended December 31 (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. 2016 2015 2014 Net income available to common shareholders $ 30,469 $ 26,875 $ 27,893 Weighted average common shares outstanding: Total shares issued 14,689 14,398 14,261 Unvested restricted stock awards (75 ) (93 ) (64 ) Treasury shares (178 ) (224 ) (304 ) Total basic weighted average common shares outstanding 14,436 14,081 13,893 Incremental shares from assumed: Exercise of stock options 20 24 26 Vesting of restricted stock awards 35 30 27 Total diluted weighted average common shares outstanding 14,491 14,135 13,946 Basic earnings per common share $ 2.11 $ 1.91 $ 2.01 Diluted earnings per common share $ 2.10 $ 1.90 $ 2.00 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 - - 3 Restricted stock awards 2 1 1 Total 2 1 4 There were no participating securities outstanding for the years ended December 2016, 2015 and 2014; therefore, the two-class method of calculating basic and diluted EPS was not applicable for the years presented. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (17.) EMPLOYEE BENEFIT PLANS Defined Contribution Plan Employees that meet specified eligibility conditions are eligible to participate in the Company sponsored 401(k) plan. Under the plan, participants may make contributions, in the form of salary deferrals, up to the maximum Internal Revenue Code limit. Until December 31, 2015, the Company matched a participant's contributions up to 4.5 100 3 50 3 1.3 1.1 Defined Benefit Pension Plan The Company participates in The New York State Bankers Retirement System (the "Plan"), a defined benefit pension plan covering substantially all employees. For employees hired prior to December, 31, 2006, who met participation requirements on or before January 1, 2008 ("Tier 1 Participant"), the benefits are generally based on years of service and the employee's highest average compensation during five Effective January 1, 2016, the Plan was amended to open the Plan to eligible employees who were hired on and after January 1, 2007 ("Tier 2 Participant"), and provide these eligible participants with a cash balance benef i t formula . The following table provides a reconciliation of the Company's changes in the Plan's benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands): 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of period $ 59,232 $ 61,732 Service cost 2,885 2,324 Interest cost 2,402 2,328 Actuarial (gain) loss 1,210 (4,406 ) Benefits paid and plan expenses (2,727 ) (2,746 ) Projected benefit obligation at end of period 63,002 59,232 Change in plan assets: Fair value of plan assets at beginning of period 72,358 75,584 Actual return on plan assets 5,621 (480 ) Employer contributions - - Benefits paid and plan expenses (2,727 ) (2,746 ) Fair value of plan assets at end of period 75,252 72,358 Funded status at end of period $ 12,250 $ 13,126 The accumulated benefit obligation was $ 58.0 53.5 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 Internal Revenue Code. The Company had no minimum required contribution for the 2017 fiscal year. Estimated benefit payments under the Plan over the next ten years at December 31, 2016 are as follows (in thousands): 2017 $ 2,446 2018 2,492 2019 2,741 2020 3,076 2021 3,177 2022 - 2026 19,221 Net periodic pension cost consists of the following components for the years ended December 31 (in thousands): 2016 2015 2014 Service cost $ 2,885 $ 2,324 $ 1,918 Interest cost on projected benefit obligation 2,402 2,328 2,291 Expected return on plan assets (4,600 ) (4,820 ) (4,117 ) Amortization of unrecognized loss 938 926 159 Amortization of unrecognized prior service cost 20 20 20 Net periodic pension cost $ 1,645 $ 778 $ 271 The actuarial assumptions used to determine the net periodic pension cost were as follows: 2016 2015 2014 Weighted average discount rate 4.21 % 3.86 % 4.80 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Expected long-term rate of return 6.50 % 6.50 % 6.50 % The actuarial assumptions used to determine the projected benefit obligation were as follows: 2016 2015 2014 Weighted average discount rate 4.00 % 4.21 % 3.86 % Rate of compensation increase 3.00 % 3.00 % 3.00 % The weighted average discount rate was based upon the projected benefit cash flows and the market yields of high grade corporate bonds that are available to pay such cash flows. The weighted average expected long term rate of return is estimated based on current trends in the Plan's assets as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27, "Selection of Economic Assumptions for Measuring Pension Obligations" for long term inflation, and the real and nominal rate of investment return for a specific mix of asset classes. The following assumptions were used in determining the long term rate of return: Equity securities Dividend discount model, the smoothed earnings yield model and the equity risk premium model Fixed income securities Current yield to maturity and forecasts of future yields Other financial instruments Comparison of the specific investment's risk to that of fixed income and equity instruments and using judgment The long term rate of return considers historical returns. Adjustments were made to historical returns in order to reflect expectations of future returns. These adjustments were due to factor forecasts by economists and long term U.S. Treasury yields to forecast long term inflation. In addition, forecasts by economists and others for long term GDP growth were factored into the development of assumptions for earnings growth and per capita income. The Plan's overall investment strategy is to achieve a mix of approximately 97 3 The Plan currently prohibits its investment managers from purchasing any security greater than 5 8 Equity securities Short sales Unregistered stocks Margin purchases Fixed income securities Mortgage backed derivatives that have an inverse floating rate coupon or that are interest only securities Any ABS that is not issued by the U.S. Government or its agencies or its instrumentalities Generally securities of less than Baa2/BBB quality may not be purchased Securities of less than A-quality may not in the aggregate exceed 13 manager's portfolio. An investment manager's portfolio of commercial MBS and ABS shall not exceed 10 portfolio at the time of purchase. Other financial instruments Unhedged currency exposure in countries not defined as "high income economies" by the World Bank All other investments not prohibited by the Plan are permitted. At December 31, 2016 and 2015, the Plan held certain investments which are no longer deemed acceptable to acquire. These positions will be liquidated when the investment managers deem that such liquidation is in the best interest of the Plan. The target allocation range below is both historic and prospective in that it has not changed since prior to 2013. It is the asset allocation range that the investment managers have been advised to adhere to and within which they may make tactical asset allocation decisions. Weighted Average 2016 Percentage of Plan Assets Expected Target at December 31, Long-term Allocation 2016 2015 Rate of Return Asset category: Cash equivalents 0 20 6.1 % 5.2 % 0.18 % Equity securities 40 60 47.9 47.2 3.89 Fixed income securities 40 60 42.6 43.9 2.14 Other financial instruments 0 5 3.4 3.7 0.26 Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 18 - Fair Value Measurements). In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments valued using the NAV (Net Asset Value) are classified as level 2 if the Plan can redeem its investment with the investee at the NAV at the measurement date. If the Plan can never redeem the investment with the investee at the NAV, it is considered a level 3. If the Plan can redeem the investment at the NAV at a future date, the Plan's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset. The Plan uses the Thomson Reuters Pricing Service to determine the fair value of equities excluding commingled pension trust funds, the pricing service of IDC Corporate USA to determine the fair value of fixed income securities excluding commingled pension trust funds and JP Morgan Chase Bank, N.A. ("JPMorgan") and Northern Trust ("NT") to determine the fair value of commingled pension trust funds. The following is a table of the pricing methodology and unobservable inputs used by JPMorgan and NT in pricing commingled pension trust funds ("CPTF"): Principal Valuation Technique(s) Used Unobservable Inputs CPTF - Fixed Income: CPTF (Corporate High Yield) of Market None JPMorgan CPTF (High Yield) of JPMorgan Market Comparables Companies and EBITDA multiple, discounted rate of Discounted Cash Flow cash flows and discounts for lack of marketability CPTF (Long Duration Investment Market None Grade) of JPMorgan CPTF (Emerging Markets Currency Market None Debt) of JPMorgan CPTF (Emerging Markets - Fixed Market None Income) of JPMorgan NT Collective Aggregate Bond Index NAV None Fund - Lending CPTF – Other: CPTF (Strategic Property) of JPMorgan Market, Income, Debt Service and Credit Spreads, Discount Rate, Loan to Sales Comparison Value Ratio, Terminal Capitalization Rate and Value per Square Foot When valuing Commingled Pension Trust Funds (Equity) JPMorgan uses a market methodology and does not rely on unobservable inputs in those valuations. The following table sets forth a summary of the changes in the Plan's level 3 assets for the years ended December 31, 2016 and 2015: Level 3 assets, January 1, 2015 $ - Purchases 2,334 Unrealized gains 336 Level 3 assets, December 31, 2015 2,670 Realized Gain 52 Sales (381 ) Unrealized gains 296 Level 3 assets, December 31, 2016 $ 2,637 The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands). Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value 2016 Cash equivalents: Foreign currencies $ 99 $ - $ - $ 99 Short term investment funds - 4,454 - 4,454 Total cash equivalents 99 4,454 - 4,553 Equity securities: Common stock 13,326 - - 13,326 Depository receipts 391 - - 391 Commingled pension trust funds - 22,302 - 22,302 Total equity securities 13,717 22,302 - 36,019 Fixed income securities: Collateralized mortgage obligations - 633 - 633 Commingled pension trust funds - 18,151 - 18,151 Corporate bonds - 2,862 - 2,862 FNMA - 579 - 579 Government securities - 9,783 - 9,783 Mortgage backed securities - 35 - 35 Total fixed income securities - 32,043 - 32,043 Other investments: Commingled pension trust funds - Realty - - 2,637 2,637 Total Plan investments $ 13,816 $ 58,799 $ 2,637 $ 75,252 At December 31, 2016, the portfolio was managed by two investment firms, with control of the portfolio split approximately 58 38 4 14 6 6 Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value 2015 Cash equivalents: Foreign currencies $ 35 $ - $ - $ 35 Short term investment funds - 3,745 - 3,745 Total cash equivalents 35 3,745 - 3,780 Equity securities: Common stock 13,083 - - 13,083 Depository receipts 336 - - 336 Commingled pension trust funds - 10,557 - 10,557 Exchange traded funds 10,190 - - 10,190 Total equity securities 23,609 10,557 - 34,166 Fixed income securities: Collateralized mortgage obligations - 608 - 608 Commingled pension trust funds - 17,889 - 17,889 Corporate bonds - 3,439 - 3,439 FHLMC - 276 - 276 FNMA - 1,966 - 1,966 GNMA II - 384 - 384 Government issues - 7,180 - 7,180 Total fixed income securities - 31,742 - 31,742 Other Investments: Commingled pension trust funds - Realty - - 2,670 2,670 Total Plan investments $ 23,644 $ 46,044 $ 2,670 $ 72,358 At December 31, 2015, the portfolio was managed by two investment firms, with control of the portfolio split approximately 58 38 4 11 7 7 5 Postretirement Benefit Plan An entity acquired by the Company provided health and dental care benefits to retired employees who met specified age and service requirements through a postretirement health and dental care plan in which both the acquired entity and the retirees shared the cost. The plan provided for substantially the same medical insurance coverage as for active employees until their death and was integrated with Medicare for those retirees aged 65 or older. In 2001, the plan's eligibility requirements were amended to curtail eligible benefit payments to only retired employees and active employees who had already met the then-applicable age and service requirements under the Plan. In 2003, retirees under age 65 began contributing to health coverage at the same cost-sharing level as that of active employees. Retirees ages 65 or older were offered new Medicare supplemental plans as alternatives to the plan historically offered. The cost sharing of medical coverage was standardized throughout the group of retirees aged 65 or older. In addition, to be consistent with the administration of the Company's dental plan for active employees, all retirees who continued dental coverage began paying the full monthly premium. The accrued liability included in other liabilities in the consolidated statements of financial condition related to this plan amounted to $ 149 107 The components of accumulated other comprehensive loss related to the defined benefit plan and postretirement benefit plan as of December 31 are summarized below (in thousands): 2016 2015 Defined benefit plan: Net actuarial loss $ (16,966 ) $ (17,715 ) Prior service cost (12 ) (32 ) (16,978 ) (17,747 ) Postretirement benefit plan: Net actuarial loss (198 ) (162 ) Prior service credit 237 304 39 142 Total (16,939 ) (17,605 ) Deferred tax benefit 6,717 6,974 Amounts included in accumulated other comprehensive loss $ (10,222 ) $ (10,631 ) Changes in plan assets and benefit obligations recognized in other comprehensive income on a pre-tax basis during the years ended December 31 are as follows (in thousands): 2016 2015 Defined benefit plan: Net actuarial loss $ (189 ) $ (894 ) Amortization of net loss 938 926 Amortization of prior service cost 20 20 769 52 Postretirement benefit plan: Net actuarial (loss) gain (53 ) 7 Amortization of net loss 17 17 Amortization of prior service credit (67 ) (68 ) (103 ) (44 ) Total recognized in other comprehensive income $ 666 $ 8 For the year ending December 31, 2017, the estimated net loss and prior service credit for the plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost is $ 1.2 51 Supplemental Executive Retirement Agreements The Company has non-qualified Supplemental Executive Retirement Agreements ("SERPs") covering five former executives. The unfunded pension liability related to the SERPs was $ 2.1 2.3 88 408 295 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (18.) 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. 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. 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 company'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. Assets Measured at Fair Value The following table presents 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 December 31 (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 2016 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 186,268 $ - $ 186,268 Mortgage-backed securities - 353,467 - 353,467 Asset-backed securities - 191 - 191 $ - $ 539,926 $ - $ 539,926 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 1,050 $ - $ 1,050 Collateral dependent impaired loans - - 901 901 Other assets: Loan servicing rights - - 1,075 1,075 Other real estate owned - - 107 107 $ - $ 1,050 $ 2,083 $ 3,133 2015 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 260,863 $ - $ 260,863 Mortgage-backed securities - 283,314 - 283,314 Asset-backed securities - 218 - 218 $ - $ 544,395 $ - $ 544,395 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 1,430 $ - $ 1,430 Collateral dependent impaired loans - - 1,485 1,485 Other assets: Loan servicing rights - - 1,241 1,241 Other real estate owned - - 163 163 $ - $ 1,430 $ 2,889 $ 4,319 There were no 1 2 December 31, 2016 no December 31, 2016 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 $ 901 Appraisal of collateral (1) Appraisal adjustments (2) 0 50 Loan servicing rights $ 1,075 Discounted cash flow Discount rate 5.3 (3) Constant prepayment rate 10.2 (3) Other real estate owned $ 107 Appraisal of collateral (1) Appraisal adjustments (2) 38 72 (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 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, FHLB and 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 The following presents the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company's financial instruments as of December 31(in thousands): Level in 2016 2015 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 71,277 $ 71,277 $ 60,121 $ 60,121 Securities available for sale Level 2 539,926 539,926 544,395 544,395 Securities held to maturity Level 2 543,338 539,991 485,717 490,064 Loans held for sale Level 2 1,050 1,050 1,430 1,430 Loans Level 2 2,308,326 2,285,146 2,055,192 2,046,235 Loans (1) Level 3 901 901 1,485 1,485 Accrued interest receivable Level 1 9,192 9,192 8,609 8,609 FHLB and FRB stock Level 2 21,780 21,780 19,991 19,991 Financial liabilities: Non-maturity deposits Level 1 2,292,706 2,292,706 2,093,513 2,093,513 Time deposits Level 2 702,516 701,097 637,018 636,159 Short-term borrowings Level 1 331,500 331,500 293,100 293,100 Long-term borrowings Level 2 39,061 40,701 38,990 40,313 Accrued interest payable Level 1 5,394 5,394 4,676 4,676 (1) Comprised of collateral dependent impaired loans. |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Parent Company Financial Information [Abstract] | |
Parent Company Financial Information | (19.) PARENT COMPANY FINANCIAL INFORMATION Condensed financial statements pertaining only to the Parent are presented below (in thousands). Condensed Statements of Condition December 31, 2016 2015 Assets: Cash and due from subsidiary $ 16,516 $ 15,787 Investment in and receivables due from subsidiary 344,741 318,928 Other assets 4,020 4,451 Total assets $ 365,277 $ 339,166 Liabilities and shareholders' equity: Long-term borrowings, net of issuance costs of $ 939 1,010 $ 39,061 $ 38,990 Other liabilities 6,162 6,332 Shareholders' equity 320,054 293,844 Total liabilities and shareholders' equity $ 365,277 $ 339,166 Condensed Statements of Income Years ended December 31, 2016 2015 2014 Dividends from subsidiary and associated companies $ 16,000 $ 16,000 $ 20,920 Management and service fees from subsidiary 855 599 417 Other income 1,296 1,175 74 Total income 18,151 17,774 21,411 Interest expense 2,471 1,750 - Operating expenses 5,950 3,509 3,437 Total expense 8,421 5,259 3,437 Income before income tax benefit and equity in undistributed earnings of subsidiary 9,730 12,515 17,974 Income tax benefit 2,783 1,814 1,120 Income before equity in undistributed earnings of subsidiary 12,513 14,329 19,094 Equity in undistributed earnings of subsidiary 19,418 14,008 10,261 Net income $ 31,931 $ 28,337 $ 29,355 Condensed Statements of Cash Flows Years ended December 31, 2016 2015 2014 Cash flows from operating activities: Net income $ 31,931 $ 28,337 $ 29,355 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (19,418 ) (14,008 ) (10,261 ) Depreciation and amortization 148 97 48 Share-based compensation 845 674 471 (Increase) decrease in other assets 1,772 (1,069 ) 5,661 Decrease in other liabilities (389 ) (258 ) (5,717 ) Net cash provided by operating activities 14,889 13,773 19,557 Cash flows from investing activities: Capital investment in Five Star Bank - (34,000 ) - Purchase of premises and equipment (1,290 ) - - Net cash paid for acquisition (918 ) - (7,995 ) Net cash used in investing activities (2,208 ) (34,000 ) (7,995 ) Cash flows from financing activities: Issuance of long-term debt, net of issuance costs - 38,940 - Purchase of preferred and common shares - (202 ) (196 ) Proceeds from stock options exercised 964 359 667 Dividends paid (12,946 ) (12,721 ) (11,984 ) Other 30 79 - Net cash (used in) provided by financing activities (11,952 ) 26,455 (11,513 ) Net increase in cash and cash equivalents 729 6,228 49 Cash and cash equivalents as of beginning of year 15,787 9,559 9,510 Cash and cash equivalents as of end of the year $ 16,516 $ 15,787 $ 9,559 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | (20.) SEGMENT REPORTING The Company has two The Banking segment includes all of the Company's retail and commercial banking operations. The Non-Banking segment includes the activities of SDN, a full service insurance agency that provides a broad range of insurance services to both personal and business clients, and Courier Capital, an investment advisor and wealth management firm that provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. The Company had operated as one reportable segment until the acquisition of SDN on August 1, 2014, at which time the new "Non-Banking" 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 Non-Banking Other Totals December 31, 2016 Goodwill $ 48,536 $ 17,881 $ - $ 66,417 Other intangible assets, net 579 8,644 - 9,223 Total assets 3,678,230 31,166 944 3,710,340 December 31, 2015 Goodwill $ 48,536 $ 11,866 $ - $ 60,402 Other intangible assets, net 829 5,715 - 6,544 Total assets 3,356,987 20,315 3,722 3,381,024 Holding Non Company and Consolidated Banking Banking (1) Other Totals Year ended December 31, 2016 Net interest income (expense) $ 105,161 $ - $ (2,471 ) $ 102,690 Provision for loan losses (9,638 ) - - (9,638 ) Noninterest income 26,457 8,567 736 35,760 Noninterest expense (73,056 ) (7,080 ) (4,535 ) (84,671 ) Income (loss) before income taxes 48,924 1,487 (6,270 ) 44,141 Income tax (expense) benefit (14,409 ) (584 ) 2,783 (12,210 ) Net income (loss) $ 34,515 $ 903 $ (3,487 ) $ 31,931 Year ended December 31, 2015 Net interest income (expense) $ 97,063 $ - $ (1,750 ) $ 95,313 Provision for loan losses (7,381 ) - - (7,381 ) Noninterest income 24,734 4,969 634 30,337 Noninterest expense (2) (71,599 ) (5,426 ) (2,368 ) (79,393 ) Income (loss) before income taxes 42,817 (457 ) (3,484 ) 38,876 Income tax (expense) benefit (12,230 ) (121 ) 1,812 (10,539 ) Net income (loss) $ 30,587 $ (578 ) $ (1,672 ) $ 28,337 (1) Reflects activity from Courier Capital since January 5, 2016, the date of acquisition. (2) Non-Banking segment includes SDN reporting unit goodwill impairment of $ 751 |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | (a.) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use Of Estimates | (b.) Use of Estimates In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the statement of financial condition and reported amounts of revenue and expenses during the reporting period. Material estimates relate to the determination of the allowance for loan losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. These estimates and assumptions are based on management's best estimates and judgment and are evaluated on an ongoing basis using historical experience and other factors, including the current economic environment. The Company adjusts these estimates and assumptions when facts and circumstances dictate. As future events cannot be determined with precision, actual results could differ significantly from the Company's estimates. |
Cash Flow Reporting | (c.) Cash Flow Reporting Cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits in other banks. Net cash flows are reported for loans, deposit transactions and short-term borrowings. Supplemental cash flow information is summarized as follows for the years ended December 31 (in thousands): 2016 2015 2014 Cash payments: Interest expense $ 11,823 $ 9,323 $ 6,826 Income taxes 10,555 7,494 13,665 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans $ 496 $ 374 $ 394 Accrued and declared unpaid dividends 3,403 3,185 3,177 (Decrease) increase in net unsettled security purchases (170 ) (478 ) 568 Securities transferred from available for sale to held to maturity - 165,238 12,802 Loans transferred from held for sale to held for investment - - 853 Common stock issued for acquisition 8,100 - 5,400 Assets acquired and liabilities assumed in business combinations: Loans and other non-cash assets, excluding goodwill and core deposit intangible asset 4,848 - 1,007 Deposits and other liabilities 1,845 - 1,112 |
Investment Securities | (d.) Investment Securities Investment securities are classified as either available for sale or held to maturity. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and are recorded at amortized cost. Other investment securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a component of comprehensive income and shareholders' equity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Securities are evaluated periodically to determine whether a decline in their fair value is other than temporary. Management utilizes criteria such as, the current intent to hold or sell the security, the magnitude and duration of the decline and, when appropriate, consideration of negative changes in expected cash flows, creditworthiness, near term prospects of issuers, the level of credit subordination, estimated loss severity, and delinquencies, to determine whether a loss in value is other than temporary. The term "other than temporary" is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable. Declines in the fair value of investment securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit issues or concerns, or the security is intended to be sold. The amount of impairment related to non-credit related factors is recognized in other comprehensive income. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. |
Loans Held For Sale And Loan Servicing Rights | (e.) Loans Held for Sale and Loan Servicing Rights The Company generally makes the determination of whether to identify a mortgage as held for sale at the time the loan is closed based on the Company's intent and ability to hold the loan. Loans held for sale are recorded at the lower of cost or market computed on the aggregate portfolio basis. The amount, by which cost exceeds market value, if any, is accounted for as a valuation allowance with changes included in the determination of results of operations for the period in which the change occurs. The amount of loan origination costs and fees are deferred at origination and recognized as part of the gain or loss on sale of the loans, determined using the specific identification method, in the consolidated statements of income. The Company originates and sells certain residential real estate loans in the secondary market. The Company typically retains the right to service the mortgages upon sale. Mortgage-servicing rights ("MSRs") represent the cost of acquiring the contractual rights to service loans for others. MSRs are recorded at their fair value at the time a loan is sold and servicing rights are retained. MSRs are reported in other assets in the consolidated statements of financial position and are amortized to noninterest income in the consolidated statements of income in proportion to and over the period of estimated net servicing income. The Company uses a valuation model that calculates the present value of future cash flows to determine the fair value of servicing rights. In using this valuation method, the Company incorporates assumptions to estimate future net servicing income, which include estimates of the cost to service the loan, the discount rate, an inflation rate and prepayment speeds. On a quarterly basis, the Company evaluates its MSRs for impairment and charges any such impairment to current period earnings. In order to evaluate its MSRs the Company stratifies the related mortgage loans on the basis of their predominant risk characteristics, such as interest rates, year of origination and term, using discounted cash flows and market-based assumptions. Impairment of MSRs is recognized through a valuation allowance, determined by estimating the fair value of each stratum and comparing it to its carrying value. Subsequent increases in fair value are adjusted through the valuation allowance, but only to the extent of the valuation allowance. Mortgage loan servicing includes collecting monthly mortgagor payments, forwarding payments and related accounting reports to investors, collecting escrow deposits for the payment of mortgagor property taxes and insurance, paying taxes and insurance from escrow funds when due and administrating foreclosure actions when necessary. Loan servicing income (a component of noninterest income in the consolidated statements of income) consists of fees earned for servicing mortgage loans sold to third parties, net of amortization expense and impairment losses associated with capitalized mortgage servicing assets |
Loans | (f.) Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Loans are carried at the principal amount outstanding, net of any unearned income and unamortized deferred fees and costs on originated loans. Loan origination fees and certain direct loan origination costs are deferred, and the net amount is amortized into net interest income over the contractual life of the related loans or over the commitment period as an adjustment of yield. Interest income on loans is based on the principal balance outstanding computed using the effective interest method. A loan is considered delinquent when a payment has not been received in accordance with the contractual terms. The accrual of interest income for commercial loans is discontinued when there is a clear indication that the borrower's cash flow may not be sufficient to meet payments as they become due, while the accrual of interest income for retail loans is discontinued when loans reach specific delinquency levels. Loans are generally placed on nonaccrual status when contractually past due 90 six The Company's loan policy dictates the guidelines to be followed in determining when a loan is charged-off. All charge offs are approved by the Bank's senior loan officers or loan committees, depending on the amount of the charge off, and are reported in aggregate to the Bank's Board of Directors. Commercial business and commercial mortgage loans are charged-off when a determination is made that the financial condition of the borrower indicates that the loan will not be collectible in the ordinary course of business. Residential mortgage loans and home equities are generally charged-off or written down when the credit becomes severely delinquent and the balance exceeds the fair value of the property less costs to sell. Indirect and other consumer loans, both secured and unsecured, are generally charged-off in full during the month in which the loan becomes 120 A loan is accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial condition, grants a significant concession to the borrower that it would not otherwise consider. A troubled debt restructuring may involve the receipt of assets from the debtor in partial or full satisfaction of the loan, or a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk, or some combination of these concessions. Troubled debt restructurings generally remain on nonaccrual status until there is a sustained period of payment performance (usually six months or longer) and there is a reasonable assurance that the payments will continue. See Allowance for Loan Losses below for further policy discussion and see Note 5 – Loans for additional information. |
Off-Balance Sheet Financial Instruments | (g.) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, standby letters of credit and financial guarantees. Such financial instruments are recorded in the consolidated financial statements when they are funded or when related fees are incurred or received. The Company periodically evaluates the credit risks inherent in these commitments and establishes loss allowances for such risks if and when these are deemed necessary. The Company recognizes as liabilities the fair value of the obligations undertaken in issuing the guarantees under the standby letters of credit, net of the related amortization at inception. The fair value approximates the unamortized fees received from the customers for issuing the standby letters of credit. The fees are deferred and recognized on a straight-line basis over the commitment period. Standby letters of credit outstanding at December 31, 2016 had original terms ranging from one five |
Allowance For Loan Losses | (h.) Allowance for Loan Losses The allowance for loan losses is established through charges to earnings in the form of a provision for loan losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis and is based upon periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. Specific allowances are established for impaired loans. Impaired commercial business and commercial mortgage loans are individually evaluated and measured for impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, a loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. Regardless of the measurement method, impairment is based on the fair value of the collateral when foreclosure is probable. If the recorded investment in impaired loans exceeds the measure of estimated fair value, a specific allowance is established as a component of the allowance for loan losses. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged-off when deemed uncollectible. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loans obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures unless the loan has been subject to a troubled debt restructure. At December 31, 2016, there were no General allowances are established for loan losses on a portfolio basis for loans that are collectively evaluated for impairment. The portfolio is grouped into similar risk characteristics, primarily loan type. The Company applies an estimated loss rate, which considers both look-back and loss emergence periods, to each loan group. The loss rate is based on historical experience, with a look-back period of 24 12 28 While management evaluates currently available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if conditions differ substantially from the assumptions used in making the evaluations. In addition, various regulatory agencies, as an integral part of their examination process, periodically review a financial institution's allowance for loan losses. Such agencies may require the financial institution to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. |
Other Real Estate Owned | (i.) Other Real Estate Owned Other real estate owned consists of properties acquired through foreclosure or by acceptance of a deed in lieu of foreclosure. These assets are recorded at the lower of fair value of the asset acquired less estimated costs to sell or "cost" (defined as the fair value at initial foreclosure). At the time of foreclosure, or when foreclosure occurs in-substance, the excess, if any, of the loan over the fair market value of the assets received, less estimated selling costs, is charged to the allowance for loan losses and any subsequent valuation write-downs are charged to other expense. In connection with the determination of the allowance for loan losses and the valuation of other real estate owned, management obtains appraisals for properties. Operating costs associated with the properties are charged to expense as incurred. Gains on the sale of other real estate owned are included in income when title has passed and the sale has met the minimum down payment requirements prescribed by GAAP. The balance of other real estate owned was $ 107 163 |
Company Owned Life Insurance | (j.) Company Owned Life Insurance The Company holds life insurance policies on certain current and former employees. The Company is the owner and beneficiary of the policies. The cash surrender value of these policies is included as an asset on the consolidated statements of financial condition, and any increase in cash surrender value is recorded as noninterest income on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit which would be recorded as noninterest income. |
Premises And Equipment | (k.) Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The Company generally amortizes buildings and building improvements over a period of 15 39 3 10 |
Goodwill And Other Intangible Assets | (l.) Goodwill and Other Intangible Assets The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill, core deposit intangibles, and other identifiable intangible assets. Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's intangible assets consist of core deposits and other intangible assets (primarily customer relationships). Core deposit intangible assets are amortized on an accelerated basis over their estimated life of approximately nine twenty Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of each reporting unit is calculated and compared to the recorded book value, "Step 1." If the calculated fair value of the reporting unit exceeds its carrying value, then goodwill is not considered impaired. However, if the carrying value of a reporting unit exceeds its calculated fair value, the impairment test continues, "Step 2", by comparing the carrying value of the reporting unit's goodwill to the implied fair value of goodwill. The implied fair value is computed by adjusting all assets and liabilities of the reporting unit to current fair value with the offset adjustment to goodwill. The adjusted goodwill balance is the implied fair value of the goodwill. An impairment charge is recognized if the carrying value of goodwill exceeds the implied fair value of goodwill. See Note 7 for additional information on goodwill and other intangible assets. |
Federal Home Loan Bank ("FHLB") And Federal Reserve Bank ("FRB") Stock | (m.)Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") Stock The non-marketable investments in FHLB and FRB stock are included in other assets in the consolidated statements of financial condition at par value or cost and are periodically reviewed for impairment. The dividends received relative to these investments are included in other noninterest income in the consolidated statements of income. As a member of the FHLB system, the Company is required to maintain a specified investment in FHLB of New York ("FHLBNY") stock in proportion to its volume of certain transactions with the FHLB. FHLBNY stock totaled $ 16.9 15.1 As a member of the FRB system, the Company is required to maintain a specified investment in FRB stock based on a ratio relative to the Company's capital. FRB stock totaled $ 4.9 |
Equity Method Investments | (n.) Equity Method Investments The Company has investments in limited partnerships, primarily Small Business Investment Companies, and accounts for these investments under the equity method. These investments are included in other assets in the consolidated statements of financial condition and totaled $ 5.6 5.0 |
Treasury Stock | (o.) Treasury Stock Acquisitions of treasury stock are recorded at cost. The reissuance of shares in treasury is recorded at weighted-average cost. |
Employee Benefits | (p.) Employee Benefits The Company maintains an employer sponsored 401(k) plan where participants may make contributions in the form of salary deferrals and the Company provides matching contributions in accordance with the terms of the plan. Contributions due under the terms of our defined contribution plans are accrued as earned by employees. The Company also participates in a non-contributory defined benefit pension plan for certain employees who previously met participation requirements. The Company also provides post-retirement benefits, principally health and dental care, to employees of a previously acquired entity. The Company has closed the pension and post-retirement plans to new participants. The actuarially determined pension benefit is based on years of service and the employee's highest average compensation during five The Company recognizes an asset or a liability for a plans' overfunded status or underfunded status, respectively, in the consolidated financial statements and reports changes in the funded status as a component of other comprehensive income, net of applicable taxes, in the year in which changes occur. Effective January 1, 2016, the Company's 401(k) plan was amended and the Company's matching contribution was discontinued. Concurrent with the 401(k) plan amendment, the Company's defined benefit pension plan was amended to modify the current benefit formula to reflect the discontinuance of the matching contribution in the 401(k) plan, to open the defined benefit pension plan up to eligible employees who were hired on and after January 1, 2007, which provides those new participants with a cash balance benef i t formula . |
Share-Based Compensation Plans | (q.) Share-Based Compensation Plans Compensation expense for stock options and restricted stock awards is based on the fair value of the award on the measurement date, which, for the Company, is the date of grant and is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of restricted stock awards is generally the market price of the Company's stock on the date of grant. Share-based compensation expense is included in the consolidated statements of income under salaries and employee benefits for awards granted to management and in other noninterest expense for awards granted to directors. |
Income Taxes | (r.) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is recognized on deferred tax assets if, based upon the weight of available evidence, it is more likely than not that some or all of the assets may not be realized. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Comprehensive Income | (s.) Comprehensive Income Comprehensive income includes all changes in shareholders' equity during a period, except those resulting from transactions with shareholders. In addition to net income, other components of the Company's comprehensive income include the after tax effect of changes in net unrealized gain / loss on securities available for sale and changes in net actuarial gain / loss on defined benefit post-retirement plans. Comprehensive income is reported in the accompanying consolidated statements of changes in shareholders' equity and consolidated statements of comprehensive income. See Note 13 - Accumulated Other Comprehensive Income (Loss) for additional information. |
Earnings Per Common Share | (t.) Earnings Per Common Share The Company calculates earnings per common share ("EPS") using the two-class method in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 260, "Earnings Per Share". The two-class method requires the Company to present EPS as if all of the earnings for the period are distributed to common shareholders and any participating securities, regardless of whether any actual dividends or distributions are made. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. Basic EPS is computed by dividing distributed and undistributed earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Distributed and undistributed earnings available to common shareholders represent net income reduced by preferred stock dividends and distributed and undistributed earnings available to participating securities. Common shares outstanding include common stock and vested restricted stock awards. Diluted EPS reflects the assumed conversion of all potential dilutive securities. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 16 - Earnings Per Common Share. |
Reclassifications | (u.) Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. |
Recent Accounting Pronouncements | (v.) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") 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 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 continues to assess 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 is effective for the Company beginning January 1, 2016, though early adoption is permitted. The adoption of ASU 2014-12 did not 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 is effective for the Company beginning January 1, 2016, though early adoption was permitted. ASU 2015-01 did not have a significant impact on the Company's financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 is intended to improve the recognition and measurement of financial instruments by requiring equity investments to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement for entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured and amortized at cost on the balance sheet; and requiring an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2017. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is assessing the impact of ASU 2016-01 on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . ASU 2016-02 establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn't convey risks and rewards or control, an operating lease results. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, with certain practical expedients available. Early adoption is permitted. The Company is assessing the impact of ASU 2016-02 on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The adoption of ASU 2016-09 is not expected to have a significant impact on the Company's financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments . ASU 2016-13 amends guidance on reporting credit losses for financial assets held at amortized cost basis and available for sale debt securities. Topic 326 eliminates the probable initial recognition threshold in current GAAP and instead, requires an entity to reflect its current estimate of all expected credit losses based on historical experience, current conditions and reasonable and supportable forecasts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted beginning after December 15, 2018. The Company is assessing the impact of ASU 2016-13 on its financial statements. |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Supplemental Cash Flow Information | 2016 2015 2014 Cash payments: Interest expense $ 11,823 $ 9,323 $ 6,826 Income taxes 10,555 7,494 13,665 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans $ 496 $ 374 $ 394 Accrued and declared unpaid dividends 3,403 3,185 3,177 (Decrease) increase in net unsettled security purchases (170 ) (478 ) 568 Securities transferred from available for sale to held to maturity - 165,238 12,802 Loans transferred from held for sale to held for investment - - 853 Common stock issued for acquisition 8,100 - 5,400 Assets acquired and liabilities assumed in business combinations: Loans and other non-cash assets, excluding goodwill and core deposit intangible asset 4,848 - 1,007 Deposits and other liabilities 1,845 - 1,112 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule Of Assets Purchased And Liabilities Assumed | Cash $ 50 Identified intangible assets 3,928 Premises and equipment, accounts receivable and other assets 870 Deferred tax liability (1,797 ) Other liabilities (48 ) Net assets acquired $ 3,003 |
Goodwill And Other Intangible Assets Acquired | Amount Useful life allocated (in years) Goodwill $ 6,015 n/a Other intangible assets – customer relationships 3,900 20 Other intangible assets – other 28 5 $ 9,943 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment Securities [Abstract] | |
Amortized Cost And Fair Value Of Investment Securities | Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2016 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 187,325 $ 512 $ 1,569 $ 186,268 Mortgage-backed securities: Federal National Mortgage Association 288,949 897 4,413 285,433 Federal Home Loan Mortgage Corporation 30,182 114 807 29,489 Government National Mortgage Association 15,473 316 15 15,774 Collateralized mortgage obligations: Federal National Mortgage Association 16,921 74 125 16,870 Federal Home Loan Mortgage Corporation 5,142 - 65 5,077 Privately issued - 824 - 824 Total mortgage-backed securities 356,667 2,225 5,425 353,467 Asset-backed securities - 191 - 191 Total available for sale securities $ 543,992 $ 2,928 $ 6,994 $ 539,926 Securities held to maturity: State and political subdivisions 305,248 2,127 1,616 305,759 Mortgage-backed securities: Federal National Mortgage Association 10,362 1 124 10,239 Federal Home Loan Mortgage Corporation 3,290 - 150 3,140 Government National Mortgage Association 24,575 18 182 24,411 Collateralized mortgage obligations: Federal National Mortgage Association 83,929 21 1,573 82,377 Federal Home Loan Mortgage Corporation 101,025 80 1,827 99,278 Government National Mortgage Association 14,909 40 162 14,787 Total mortgage-backed securities 238,090 160 4,018 234,232 Total held to maturity securities $ 543,338 $ 2,287 $ 5,634 $ 539,991 December 31, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 260,748 $ 1,164 $ 1,049 $ 260,863 Mortgage-backed securities: Federal National Mortgage Association 209,671 1,092 2,333 208,430 Federal Home Loan Mortgage Corporation 24,564 282 194 24,652 Government National Mortgage Association 26,465 943 4 27,404 Collateralized mortgage obligations: Federal National Mortgage Association 16,998 90 154 16,934 Federal Home Loan Mortgage Corporation 5,175 1 91 5,085 Privately issued - 809 - 809 Total mortgage-backed securities 282,873 3,217 2,776 283,314 Asset-backed securities - 218 - 218 Total available for sale securities $ 543,621 $ 4,599 $ 3,825 $ 544,395 December 31, 2015 (continued) Securities held to maturity: State and political subdivisions 294,423 6,562 4 300,981 Mortgage-backed securities: Federal National Mortgage Association 9,242 14 79 9,177 Government National Mortgage Association 25,607 33 159 25,481 Collateralized mortgage obligations: Federal National Mortgage Association 56,791 - 818 55,973 Federal Home Loan Mortgage Corporation 80,570 - 1,120 79,450 Government National Mortgage Association 19,084 19 101 19,002 Total mortgage-backed securities 191,294 66 2,277 189,083 Total held to maturity securities $ 485,717 $ 6,628 $ 2,281 $ 490,064 |
Interest And Dividends On Securities | 2016 2015 2014 Taxable interest and dividends $ 17,025 $ 16,123 $ 13,304 Tax-exempt interest and dividends 5,892 5,752 5,298 Total interest and dividends on securities $ 22,917 $ 21,875 $ 18,602 |
Sales And Calls Of Securities Available For Sale | 2016 2015 2014 Proceeds from sales $ 95,261 $ 54,277 $ 81,600 Gross realized gains 2,695 2,000 2,043 Gross realized losses - 12 2 |
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 $ 127 $ 127 Due from one to five years 149,249 149,428 Due after five years through ten years 277,147 274,529 Due after ten years 117,469 115,842 $ 543,992 $ 539,926 Debt securities held to maturity: Due in one year or less $ 48,132 $ 48,188 Due from one to five years 176,150 177,962 Due after five years through ten years 93,849 92,396 Due after ten years 225,207 221,445 $ 543,338 $ 539,991 |
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 December 31, 2016 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 113,261 $ 1,566 $ 1,458 $ 3 $ 114,719 $ 1,569 Mortgage-backed securities: Federal National Mortgage Association 211,491 4,413 - - 211,491 4,413 Federal Home Loan Mortgage Corporation 24,360 807 - - 24,360 807 Government National Mortgage Association 1,111 15 - - 1,111 15 Collateralized mortgage obligations: Federal National Mortgage Association 8,119 125 - - 8,119 125 Federal Home Loan Mortgage Corporation 5,077 65 - - 5,077 65 Total mortgage-backed securities 250,158 5,425 - - 250,158 5,425 Total available for sale securities 363,419 6,991 1,458 3 364,877 6,994 Securities held to maturity: State and political subdivisions 82,644 1,616 - - 82,644 1,616 Mortgage-backed securities: Federal National Mortgage Association 9,253 124 - - 9,253 124 Federal Home Loan Mortgage Corporation 3,141 150 - - 3,141 150 Government National Mortgage Association 10,736 182 - - 10,736 182 Collateralized mortgage obligations: Federal National Mortgage Association 72,734 1,560 3,107 13 75,841 1,573 Federal Home Loan Mortgage Corporation 92,256 1,825 430 2 92,686 1,827 Government National Mortgage Association 8,675 161 531 1 9,206 162 Total mortgage-backed securities 196,795 4,002 4,068 16 200,863 4,018 Total held to maturity securities 279,439 5,618 4,068 16 283,507 5,634 Total temporarily impaired securities $ 642,858 $ 12,609 $ 5,526 $ 19 $ 648,384 $ 12,628 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2015 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 82,298 $ 735 $ 26,302 $ 314 $ 108,600 $ 1,049 Mortgage-backed securities: Federal National Mortgage Association 123,774 2,134 9,562 199 133,336 2,333 Federal Home Loan Mortgage Corporation 12,660 194 - - 12,660 194 Government National Mortgage Association 1,405 4 - - 1,405 4 Collateralized mortgage obligations: Federal National Mortgage Association 7,778 154 - - 7,778 154 Federal Home Loan Mortgage Corporation 4,998 91 - - 4,998 91 Total mortgage-backed securities 150,615 2,577 9,562 199 160,177 2,776 Total available for sale securities 232,913 3,312 35,864 513 268,777 3,825 Securities held to maturity: State and political subdivisions 3,075 4 - - 3,075 4 Mortgage-backed securities: Federal National Mortgage Association 5,666 79 - - 5,666 79 Government National Mortgage Association 8,790 159 - - 8,790 159 Collateralized mortgage obligations: Federal National Mortgage Association 55,973 818 - - 55,973 818 Federal Home Loan Mortgage Corporation 79,323 1,120 - - 79,323 1,120 Government National Mortgage Association 14,559 101 - - 14,559 101 Total mortgage-backed securities 164,311 2,277 - - 164,311 2,277 Total held to maturity securities 167,386 2,281 - - 167,386 2,281 Total temporarily impaired securities $ 400,299 $ 5,593 $ 35,864 $ 513 $ 436,163 $ 6,106 |
Loans Held For Sale And Loan 33
Loans Held For Sale And Loan Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Held For Sale And Loan Servicing Rights [Abstract] | |
Activity In Capitalized Mortgage Servicing Assets | 2016 2015 2014 Mortgage servicing assets, beginning of year $ 1,225 $ 1,335 $ 1,479 Originations 150 166 172 Amortization (298 ) (276 ) (316 ) Mortgage servicing assets, end of year 1,077 1,225 1,335 Valuation allowance (2 ) (1 ) (6 ) Mortgage servicing assets, net, end of year $ 1,075 $ 1,224 $ 1,329 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans [Abstract] | |
Loan Portfolio | Principal Net Deferred Amount Loan (Fees) Outstanding Costs Loans, Net 2016 Commercial business $ 349,079 $ 468 $ 349,547 Commercial mortgage 671,552 (1,494 ) 670,058 Residential real estate loans 421,476 6,461 427,937 Residential real estate lines 119,745 2,810 122,555 Consumer indirect 725,754 26,667 752,421 Other consumer 17,465 178 17,643 Total $ 2,305,071 $ 35,090 2,340,161 Allowance for loan losses (30,934 ) Total loans, net $ 2,309,227 2015 Commercial business $ 313,475 $ 283 $ 313,758 Commercial mortgage 567,481 (1,380 ) 566,101 Residential real estate loans 376,023 5,051 381,074 Residential real estate lines 124,766 2,581 127,347 Consumer indirect 652,494 24,446 676,940 Other consumer 18,361 181 18,542 Total $ 2,052,600 $ 31,162 2,083,762 Allowance for loan losses (27,085 ) Total loans, net $ 2,056,677 |
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 2016 Commercial business $ 1,337 $ - $ - $ 1,337 $ 2,151 $ 345,591 $ 349,079 Commercial mortgage 48 - - 48 1,025 670,479 671,552 Residential real estate loans 1,073 253 - 1,326 1,236 418,914 421,476 Residential real estate lines 216 - - 216 372 119,157 119,745 Consumer indirect 2,320 488 - 2,808 1,526 721,420 725,754 Other consumer 134 15 9 158 7 17,300 17,465 Total loans, gross $ 5,128 $ 756 $ 9 $ 5,893 $ 6,317 $ 2,292,861 $ 2,305,071 2015 Commercial business $ 321 $ 612 $ - $ 933 $ 3,922 $ 308,620 $ 313,475 Commercial mortgage 68 146 - 214 947 566,320 567,481 Residential real estate loans 723 395 - 1,118 1,848 373,057 376,023 Residential real estate lines 199 34 - 233 235 124,298 124,766 Consumer indirect 1,975 286 - 2,261 1,467 648,766 652,494 Other consumer 98 13 8 119 13 18,229 18,361 Total loans, gross $ 3,384 $ 1,486 $ 8 $ 4,878 $ 8,432 $ 2,039,290 $ 2,052,600 |
Information Related To Loans Modified In A TDR | Pre Post Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment 2016 Commercial business 3 $ 526 $ 526 Commercial mortgage 1 550 550 Total 4 $ 1,076 $ 1,076 2015 Commercial business 2 $ 1,342 $ 1,342 Commercial mortgage 1 682 330 Total 3 $ 2,024 $ 1,672 |
Summary Of Impaired Loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment (1) Balance (1) Allowance Investment Recognized 2016 With no related allowance recorded: Commercial business $ 645 $ 1,044 $ - $ 1,032 $ - Commercial mortgage 673 882 - 725 - 1,318 1,926 - 1,757 - With an allowance recorded: Commercial business 1,506 1,506 694 1,141 - Commercial mortgage 352 352 124 486 - 1,858 1,858 818 1,627 - $ 3,176 $ 3,784 $ 818 $ 3,384 $ - 2015 With no related allowance recorded: Commercial business $ 1,441 $ 1,810 $ - $ 1,352 $ - Commercial mortgage 937 1,285 - 1,013 - 2,378 3,095 - 2,365 - With an allowance recorded: Commercial business 2,481 2,481 996 1,946 - Commercial mortgage 10 10 10 449 - 2,491 2,491 1,006 2,395 - $ 4,869 $ 5,586 $ 1,006 $ 4,760 $ - (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 2016 Uncriticized $ 326,254 $ 652,550 Special mention 10,377 12,690 Substandard 12,448 6,312 Doubtful - - Total $ 349,079 $ 671,552 2015 Uncriticized $ 298,413 $ 551,603 Special mention 4,916 9,015 Substandard 10,146 6,863 Doubtful - - Total $ 313,475 $ 567,481 |
Retail Loan Portfolio Categorized By Payment Status | Residential Residential Real Estate Real Estate Consumer Other Loans Lines Indirect Consumer 2016 Performing $ 420,240 $ 119,373 $ 724,228 $ 17,449 Non-performing 1,236 372 1,526 16 Total $ 421,476 $ 119,745 $ 725,754 $ 17,465 2015 Performing $ 374,175 $ 124,531 $ 651,027 $ 18,340 Non-performing 1,848 235 1,467 21 Total $ 376,023 $ 124,766 $ 652,494 $ 18,361 |
Changes In The Allowance For Loan Losses | Residential Residential Commercial Commercial Real Estate Real Estate Consumer Other Business Mortgage Loans Lines Indirect Consumer Total 2016 Allowance for loan losses: Beginning balance $ 5,540 $ 9,027 $ 1,347 $ 345 $ 10,458 $ 368 $ 27,085 Charge-offs (943 ) (385 ) (289 ) (104 ) (8,748 ) (607 ) (11,076 ) Recoveries 447 45 174 15 4,259 347 5,287 Provision 2,181 1,628 246 47 5,342 194 9,638 Ending balance $ 7,225 $ 10,315 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,934 Evaluated for impairment: Individually $ 663 $ 105 $ - $ - $ - $ - $ 768 Collectively $ 6,562 $ 10,210 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,166 Loans: Ending balance $ 349,079 $ 671,552 $ 421,476 $ 119,745 $ 725,754 $ 17,465 $ 2,305,071 Evaluated for impairment: Individually $ 2,052 $ 935 $ - $ - $ - $ - $ 2,987 Collectively $ 347,027 $ 670,617 $ 421,476 $ 119,745 $ 725,754 $ 17,465 $ 2,302,084 2015 Allowance for loan losses: Beginning balance $ 5,621 $ 8,122 $ 1,620 $ 435 $ 11,383 $ 456 $ 27,637 Charge-offs (1,433 ) (895 ) (397 ) (199 ) (9,156 ) (878 ) (12,958 ) Recoveries 212 146 114 31 4,200 322 5,025 Provision 1,140 1,654 10 78 4,031 468 7,381 Ending balance $ 5,540 $ 9,027 $ 1,347 $ 345 $ 10,458 $ 368 $ 27,085 Evaluated for impairment: Individually $ 996 $ 10 $ - $ - $ - $ - $ 1,006 Collectively $ 4,544 $ 9,017 $ 1,347 $ 345 $ 10,458 $ 368 $ 26,079 Loans: Ending balance $ 313,475 $ 567,481 $ 376,023 $ 124,766 $ 652,494 $ 18,361 $ 2,052,600 Evaluated for impairment: Individually $ 3,922 $ 947 $ - $ - $ - $ - $ 4,869 Collectively $ 309,553 $ 566,534 $ 376,023 $ 124,766 $ 652,494 $ 18,361 $ 2,047,731 Commercial Commercial Residential Home Consumer Other Business Mortgage Mortgage Equity Indirect Consumer Total 2014 Allowance for loan losses: Beginning balance $ 4,273 $ 7,743 $ 1,607 $ 436 $ 12,230 $ 447 $ 26,736 Charge-offs (204 ) (304 ) (382 ) (148 ) (10,004 ) (972 ) (12,014 ) Recoveries 201 143 76 19 4,321 366 5,126 Provision 1,351 540 319 128 4,836 615 7,789 Ending balance $ 5,621 $ 8,122 $ 1,620 $ 435 $ 11,383 $ 456 $ 27,637 Evaluated for impairment: Individually $ 1,556 $ 911 $ - $ - $ - $ - $ 2,467 Collectively $ 4,065 $ 7,211 $ 1,620 $ 435 $ 11,383 $ 456 $ 25,170 Loans: Ending balance $ 267,377 $ 476,407 $ 352,782 $ 127,233 $ 636,357 $ 20,915 $ 1,881,071 Evaluated for impairment: Individually $ 4,288 $ 3,020 $ - $ - $ - $ - $ 7,308 Collectively $ 263,089 $ 473,387 $ 352,782 $ 127,233 $ 636,357 $ 20,915 $ 1,873,763 |
Premises And Equipment, Net (Ta
Premises And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Premises And Equipment, Net [Abstract] | |
Major Classes Of Premises And Equipment | 2016 2015 Land and land improvements $ 6,003 $ 5,917 Buildings and leasehold improvements 52,005 46,402 Furniture, fixtures, equipment and vehicles 32,972 31,868 Premises and equipment 90,980 84,187 Accumulated depreciation and amortization (48,582 ) (44,742 ) Premises and equipment, net $ 42,398 $ 39,445 |
Goodwill And Other Intangible36
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |
Changes In Carrying Amount Of Goodwill | Banking Non-Banking Total Balance, January 1, 2015 $ 48,536 $ 12,617 $ 61,153 Impairment - (751 ) (751 ) Balance, December 31, 2015 48,536 11,866 60,402 Acquisition - 6,015 6,015 Balance, December 31, 2016 $ 48,536 $ 17,881 $ 66,417 |
Changes In The Accumulated Amortization And Net Book Value | 2016 2015 Core deposit intangibles: Gross carrying amount $ 2,042 $ 2,042 Accumulated amortization (1,464 ) (1,213 ) Net book value $ 578 $ 829 Amortization during the year $ 251 $ 296 Other intangibles: Gross carrying amount $ 10,568 $ 6,640 Accumulated amortization (1,923 ) (925 ) Net book value $ 8,645 $ 5,715 Amortization during the year $ 998 $ 646 |
Estimated Core Deposit Intangible Amortization Expense | 2017 $ 1,144 2018 1,035 2019 937 2020 840 2021 738 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Summary Of Deposits | 2016 2015 Noninterest-bearing demand $ 677,076 $ 641,972 Interest-bearing demand 581,436 523,366 Savings and money market 1,034,194 928,175 Time deposits, due: Within one year 471,494 450,885 One to two years 158,399 97,059 Two to three years 23,548 46,545 Three to five years 49,075 42,482 Thereafter - 47 Total time deposits 702,516 637,018 Total deposits $ 2,995,222 $ 2,730,531 |
Interest Expense By Deposits Type | 2016 2015 2014 Interest-bearing demand $ 833 $ 754 $ 607 Savings and money market 1,339 1,166 913 Time deposits 6,286 5,386 4,846 Total interest expense on deposits $ 8,458 $ 7,306 $ 6,366 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings [Abstract] | |
Summary Of Outstanding Short-Term Borrowings | 2016 2015 Short-term borrowings: Short-term FHLB borrowings $ 331,500 $ 293,100 Long-term borrowings: Subordinated notes, net 39,061 38,990 Total borrowings $ 370,561 $ 332,090 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Off-Balance Sheet Commitments | 2016 2015 Commitments to extend credit $ 555,713 $ 514,818 Standby letters of credit 12,689 11,746 |
Leases Future Minimum Payments By Years And In The Aggregate | 2017 $ 2,173 2018 2,201 2019 2,125 2020 1,999 2021 1,823 Thereafter 30,885 $ 41,206 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Actual And Required Capital Ratios | Minimum Capital Minimum Capital Required to be Required – Basel III Required – Basel III Considered Well Actual Phase-in Schedule Fully Phased-in Capitalized Amount Ratio Amount Ratio Amount Ratio Amount Ratio 2016 Tier 1 leverage: Company $ 265,246 7.36 % $ 144,095 4.00 % $ 144,095 4.00 % $ 180,119 5.00 % Bank 284,765 7.92 143,862 4.00 143,862 4.00 179,828 5.00 CET1 capital: Company 247,906 9.59 132,438 5.13 180,891 7.00 167,970 6.50 Bank 284,765 11.06 132,014 5.13 180,312 7.00 167,432 6.50 Tier 1 capital: Company 265,246 10.26 171,201 6.63 219,654 8.50 206,733 8.00 Bank 284,765 11.06 170,652 6.63 218,950 8.50 206,070 8.00 Total capital: Company 335,241 12.97 222,884 8.63 271,337 10.50 258,416 10.00 Bank 315,699 12.26 222,170 8.63 270,467 10.50 257,588 10.00 2015 Tier 1 leverage: Company $ 243,452 7.41 % $ 131,506 4.00 % $ 131,506 4.00 % $ 164,382 5.00 % Bank 265,487 8.09 131,188 4.00 131,188 4.00 163,985 5.00 CET1 capital: Company 226,413 9.77 104,334 4.50 162,297 7.00 150,705 6.50 Bank 265,487 11.49 103,971 4.50 161,733 7.00 150,180 6.50 Tier 1 capital: Company 243,452 10.50 139,112 6.00 197,076 8.50 185,483 8.00 Bank 265,487 11.49 138,628 6.00 196,389 8.50 184,837 8.00 Total capital: Company 309,527 13.35 185,483 8.00 243,446 10.50 231,854 10.00 Bank 292,572 12.66 184,837 8.00 242,599 10.50 231,046 10.00 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity [Abstract] | |
Changes In Shares Of Common Stock | Outstanding Treasury Issued 2016 Shares outstanding at beginning of year 14,190,192 207,317 14,397,509 Shares issued for the Courier Capital acquisition 294,705 - 294,705 Restricted stock awards issued 8,800 (8,800 ) - Restricted stock awards forfeited (10,183 ) 10,183 - Stock options exercised 49,761 (49,761 ) - Stock awards 4,322 (4,322 ) - Shares outstanding at end of year 14,537,597 154,617 14,692,214 2015 Shares outstanding at beginning of year 14,118,048 279,461 14,397,509 Restricted stock awards issued 59,834 (59,834 ) - Restricted stock awards forfeited (3,490 ) 3,490 - Stock options exercised 18,922 (18,922 ) - Treasury stock purchases (7,523 ) 7,523 - Stock awards 4,401 (4,401 ) - Shares outstanding at end of year 14,190,192 207,317 14,397,509 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Components Of Other Comprehensive Income (Loss) | Pre Net Amount Tax Effect Amount 2016 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (2,146 ) $ (828 ) $ (1,318 ) Reclassification adjustment for net gains included in net income (1) (2,793 ) (1,078 ) (1,715 ) Total securities available for sale and transferred securities (4,939 ) (1,906 ) (3,033 ) Pension and post-retirement obligations: Net actuarial gains (losses) arising during the year (241 ) (93 ) (148 ) Amortization of net actuarial loss and prior service cost included in income 907 350 557 Total pension and post-retirement obligations 666 257 409 Other comprehensive loss $ (4,273 ) $ (1,649 ) $ (2,624 ) 2015 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (1,529 ) $ (591 ) $ (938 ) Reclassification adjustment for net gains included in net income (1) (2,251 ) (868 ) (1,383 ) Total securities available for sale and transferred securities (3,780 ) (1,459 ) (2,321 ) Pension and post-retirement obligations: Net actuarial gains (losses) arising during the year (887 ) (342 ) (545 ) Amortization of net actuarial loss and prior service cost included in income 895 345 550 Total pension and post-retirement obligations 8 3 5 Other comprehensive loss $ (3,772 ) $ (1,456 ) $ (2,316 ) 2014 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 14,008 $ 5,549 $ 8,459 Reclassification adjustment for net gains included in net income (1) (2,478 ) (981 ) (1,497 ) Total securities available for sale and transferred securities 11,530 4,568 6,962 Pension and post-retirement obligations: Net actuarial gains (losses) arising during the year (9,709 ) (3,846 ) (5,863 ) Amortization of net actuarial loss and prior service cost included in income 128 51 77 Total pension and post-retirement obligations (9,581 ) (3,795 ) (5,786 ) Other comprehensive income $ 1,949 $ 773 $ 1,176 (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to 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 Income (Loss) Balance at January 1, 2016 $ (696 ) $ (10,631 ) $ (11,327 ) Other comprehensive income (loss) before reclassifications (1,318 ) (148 ) (1,466 ) Amounts reclassified from accumulated other comprehensive income (1,715 ) 557 (1,158 ) Net current period other comprehensive (loss) income (3,033 ) 409 (2,624 ) Balance at December 31, 2016 $ (3,729 ) $ (10,222 ) $ (13,951 ) Balance at January 1, 2015 $ 1,625 $ (10,636 ) $ (9,011 ) Other comprehensive income (loss) before reclassifications (938 ) (545 ) (1,483 ) Amounts reclassified from accumulated other comprehensive income (1,383 ) 550 (833 ) Net current period other comprehensive (loss) income (2,321 ) 5 (2,316 ) Balance at December 31, 2015 $ (696 ) $ (10,631 ) $ (11,327 ) Balance at January 1, 2014 $ (5,337 ) $ (4,850 ) $ (10,187 ) Other comprehensive income (loss) before reclassifications 8,459 (5,863 ) 2,596 Amounts reclassified from accumulated other comprehensive income (1,497 ) 77 (1,420 ) Net current period other comprehensive (loss) income 6,962 (5,786 ) 1,176 Balance at December 31, 2014 $ 1,625 $ (10,636 ) $ (9,011 ) |
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 Income Components Comprehensive Income Consolidated Statement of Income 2016 2015 Realized gain on sale of investment securities $ 2,695 $ 1,988 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 98 263 Interest income 2,793 2,251 Total before tax (1,078 ) (868 ) Income tax expense 1,715 1,383 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 48 48 Salaries and employee benefits Net actuarial losses (1) (955 ) (943 ) Salaries and employee benefits (907 ) (895 ) Total before tax 350 345 Income tax benefit (557 ) (550 ) Net of tax Total reclassified for the period $ 1,158 $ 833 (1) These items are included in the computation of net periodic pension expense. See Note 17 – Employee Benefit Plans for additional information. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
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 102,249 $ 19.21 Granted - - Exercised (49,761 ) 19.39 Forfeited - - Expired (3,389 ) 19.72 Outstanding and exercisable at end of period 49,099 $ 19.00 0.9 years $ 746 |
Summary Of Restricted Stock Award Activity | Weighted Average Market Number of Price at Shares Grant Date Outstanding at beginning of year 82,908 $ 17.23 Granted 58,384 25.11 Vested (10,770 ) 25.11 Forfeited (15,957 ) 21.59 Outstanding at end of period 114,565 $ 19.90 |
Share-Based Compensation Expense Included In Consolidated Statements Of Income | 2016 2015 2014 Salaries and employee benefits $ 601 $ 431 $ 270 Other noninterest expense 244 243 201 Total share-based compensation expense $ 845 $ 674 $ 471 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Expense (Benefit) | 2016 2015 2014 Current tax expense (benefit): Federal $ 13,846 $ 8,720 $ 7,546 State 82 21 (75 ) Total current tax expense 13,928 8,741 7,471 Deferred tax (benefit) expense: Federal (2,175 ) 1,440 2,538 State 457 358 (384 ) Total deferred tax (benefit) expense (1,718 ) 1,798 2,154 Total income tax expense $ 12,210 $ 10,539 $ 9,625 |
Income Tax Expense Differed From Statutory Federal Income Tax Rate | 2016 2015 2014 Statutory federal tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) resulting from: Tax exempt interest income (5.6 ) (6.1 ) (5.1 ) Tax credits and adjustments 0.3 (0.7 ) (3.5 ) Non-taxable earnings on company owned life insurance (2.2 ) (1.8 ) (1.6 ) State taxes, net of federal tax benefit 0.8 0.7 (0.8 ) Nondeductible expenses 0.2 0.3 0.5 Goodwill and contingent consideration adjustments (0.9 ) (0.3 ) - Other, net 0.1 - 0.2 Effective tax rate 27.7 % 27.1 % 24.7 % |
Income Tax Expense Allocation | 2016 2015 2014 Income tax expense $ 12,210 $ 10,539 $ 9,625 Shareholder's equity (1,649 ) (1,456 ) 925 |
Net Deferred Tax Assets | 2016 2015 Deferred tax assets: Allowance for loan losses $ 11,938 $ 10,452 Deferred compensation 1,357 972 Investment in limited partnerships 943 954 SERP agreements 682 767 Interest on nonaccrual loans 453 615 Benefit of tax credit carryforwards - 502 Share-based compensation 604 538 Net unrealized loss on securities available for sale 2,326 420 Other than temporary impairment of investment securities - - Other 120 328 Gross deferred tax assets 18,423 15,548 Deferred tax liabilities: Prepaid pension costs 4,727 5,065 Intangible assets 4,059 2,667 Depreciation and amortization 1,085 1,004 Net unrealized gain on securities available for sale - - Loan servicing assets 415 479 Other 234 - Gross deferred tax liabilities 10,520 9,215 Net deferred tax asset $ 7,903 $ 6,333 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS | 2016 2015 2014 Net income available to common shareholders $ 30,469 $ 26,875 $ 27,893 Weighted average common shares outstanding: Total shares issued 14,689 14,398 14,261 Unvested restricted stock awards (75 ) (93 ) (64 ) Treasury shares (178 ) (224 ) (304 ) Total basic weighted average common shares outstanding 14,436 14,081 13,893 Incremental shares from assumed: Exercise of stock options 20 24 26 Vesting of restricted stock awards 35 30 27 Total diluted weighted average common shares outstanding 14,491 14,135 13,946 Basic earnings per common share $ 2.11 $ 1.91 $ 2.01 Diluted earnings per common share $ 2.10 $ 1.90 $ 2.00 |
Shares Excluded From Computation Of Diluted EPS | Stock options - - 3 Restricted stock awards 2 1 1 Total 2 1 4 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status | 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of period $ 59,232 $ 61,732 Service cost 2,885 2,324 Interest cost 2,402 2,328 Actuarial (gain) loss 1,210 (4,406 ) Benefits paid and plan expenses (2,727 ) (2,746 ) Projected benefit obligation at end of period 63,002 59,232 Change in plan assets: Fair value of plan assets at beginning of period 72,358 75,584 Actual return on plan assets 5,621 (480 ) Employer contributions - - Benefits paid and plan expenses (2,727 ) (2,746 ) Fair value of plan assets at end of period 75,252 72,358 Funded status at end of period $ 12,250 $ 13,126 |
Estimated Benefit Payments Under The Pension Plan | 2017 $ 2,446 2018 2,492 2019 2,741 2020 3,076 2021 3,177 2022 - 2026 19,221 |
Components Of Net Periodic Benefit Expense | 2016 2015 2014 Service cost $ 2,885 $ 2,324 $ 1,918 Interest cost on projected benefit obligation 2,402 2,328 2,291 Expected return on plan assets (4,600 ) (4,820 ) (4,117 ) Amortization of unrecognized loss 938 926 159 Amortization of unrecognized prior service cost 20 20 20 Net periodic pension cost $ 1,645 $ 778 $ 271 |
Actuarial Assumptions Used | The actuarial assumptions used to determine the net periodic pension cost were as follows: 2016 2015 2014 Weighted average discount rate 4.21 % 3.86 % 4.80 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Expected long-term rate of return 6.50 % 6.50 % 6.50 % The actuarial assumptions used to determine the projected benefit obligation were as follows: 2016 2015 2014 Weighted average discount rate 4.00 % 4.21 % 3.86 % Rate of compensation increase 3.00 % 3.00 % 3.00 % |
Target Allocation, Percentage Of Plan Assets And Weighted Average Expected Rate Of Return | Weighted Average 2016 Percentage of Plan Assets Expected Target at December 31, Long-term Allocation 2016 2015 Rate of Return Asset category: Cash equivalents 0 20 6.1 % 5.2 % 0.18 % Equity securities 40 60 47.9 47.2 3.89 Fixed income securities 40 60 42.6 43.9 2.14 Other financial instruments 0 5 3.4 3.7 0.26 |
Changes In Fair Value Of Plan Assets | Level 3 assets, January 1, 2015 $ - Purchases 2,334 Unrealized gains 336 Level 3 assets, December 31, 2015 2,670 Realized Gain 52 Sales (381 ) Unrealized gains 296 Level 3 assets, December 31, 2016 $ 2,637 |
The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis | Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value 2016 Cash equivalents: Foreign currencies $ 99 $ - $ - $ 99 Short term investment funds - 4,454 - 4,454 Total cash equivalents 99 4,454 - 4,553 Equity securities: Common stock 13,326 - - 13,326 Depository receipts 391 - - 391 Commingled pension trust funds - 22,302 - 22,302 Total equity securities 13,717 22,302 - 36,019 Fixed income securities: Collateralized mortgage obligations - 633 - 633 Commingled pension trust funds - 18,151 - 18,151 Corporate bonds - 2,862 - 2,862 FNMA - 579 - 579 Government securities - 9,783 - 9,783 Mortgage backed securities - 35 - 35 Total fixed income securities - 32,043 - 32,043 Other investments: Commingled pension trust funds - Realty - - 2,637 2,637 Total Plan investments $ 13,816 $ 58,799 $ 2,637 $ 75,252 Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value 2015 Cash equivalents: Foreign currencies $ 35 $ - $ - $ 35 Short term investment funds - 3,745 - 3,745 Total cash equivalents 35 3,745 - 3,780 Equity securities: Common stock 13,083 - - 13,083 Depository receipts 336 - - 336 Commingled pension trust funds - 10,557 - 10,557 Exchange traded funds 10,190 - - 10,190 Total equity securities 23,609 10,557 - 34,166 Fixed income securities: Collateralized mortgage obligations - 608 - 608 Commingled pension trust funds - 17,889 - 17,889 Corporate bonds - 3,439 - 3,439 FHLMC - 276 - 276 FNMA - 1,966 - 1,966 GNMA II - 384 - 384 Government issues - 7,180 - 7,180 Total fixed income securities - 31,742 - 31,742 Other Investments: Commingled pension trust funds - Realty - - 2,670 2,670 Total Plan investments $ 23,644 $ 46,044 $ 2,670 $ 72,358 |
Components Of Accumulated Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan | 2016 2015 Defined benefit plan: Net actuarial loss $ (16,966 ) $ (17,715 ) Prior service cost (12 ) (32 ) (16,978 ) (17,747 ) Postretirement benefit plan: Net actuarial loss (198 ) (162 ) Prior service credit 237 304 39 142 Total (16,939 ) (17,605 ) Deferred tax benefit 6,717 6,974 Amounts included in accumulated other comprehensive loss $ (10,222 ) $ (10,631 ) |
Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | 2016 2015 Defined benefit plan: Net actuarial loss $ (189 ) $ (894 ) Amortization of net loss 938 926 Amortization of prior service cost 20 20 769 52 Postretirement benefit plan: Net actuarial (loss) gain (53 ) 7 Amortization of net loss 17 17 Amortization of prior service credit (67 ) (68 ) (103 ) (44 ) Total recognized in other comprehensive income $ 666 $ 8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 186,268 $ - $ 186,268 Mortgage-backed securities - 353,467 - 353,467 Asset-backed securities - 191 - 191 $ - $ 539,926 $ - $ 539,926 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 1,050 $ - $ 1,050 Collateral dependent impaired loans - - 901 901 Other assets: Loan servicing rights - - 1,075 1,075 Other real estate owned - - 107 107 $ - $ 1,050 $ 2,083 $ 3,133 2015 Measured on a recurring basis: Securities available for sale: U.S. Government agencies and government sponsored enterprises $ - $ 260,863 $ - $ 260,863 Mortgage-backed securities - 283,314 - 283,314 Asset-backed securities - 218 - 218 $ - $ 544,395 $ - $ 544,395 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 1,430 $ - $ 1,430 Collateral dependent impaired loans - - 1,485 1,485 Other assets: Loan servicing rights - - 1,241 1,241 Other real estate owned - - 163 163 $ - $ 1,430 $ 2,889 $ 4,319 |
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 $ 901 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 50% discount Loan servicing rights $ 1,075 Discounted cash flow Discount rate 5.3 % (3) Constant prepayment rate 10.2 % (3) Other real estate owned $ 107 Appraisal of collateral (1) Appraisal adjustments (2) 38% - 72% 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 2016 2015 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 71,277 $ 71,277 $ 60,121 $ 60,121 Securities available for sale Level 2 539,926 539,926 544,395 544,395 Securities held to maturity Level 2 543,338 539,991 485,717 490,064 Loans held for sale Level 2 1,050 1,050 1,430 1,430 Loans Level 2 2,308,326 2,285,146 2,055,192 2,046,235 Loans (1) Level 3 901 901 1,485 1,485 Accrued interest receivable Level 1 9,192 9,192 8,609 8,609 FHLB and FRB stock Level 2 21,780 21,780 19,991 19,991 Financial liabilities: Non-maturity deposits Level 1 2,292,706 2,292,706 2,093,513 2,093,513 Time deposits Level 2 702,516 701,097 637,018 636,159 Short-term borrowings Level 1 331,500 331,500 293,100 293,100 Long-term borrowings Level 2 39,061 40,701 38,990 40,313 Accrued interest payable Level 1 5,394 5,394 4,676 4,676 (1) Comprised of collateral dependent impaired loans. |
Parent Company Financial Info48
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Parent Company Financial Information [Abstract] | |
Condensed Statements Of Condition | Condensed Statements of Condition December 31, 2016 2015 Assets: Cash and due from subsidiary $ 16,516 $ 15,787 Investment in and receivables due from subsidiary 344,741 318,928 Other assets 4,020 4,451 Total assets $ 365,277 $ 339,166 Liabilities and shareholders' equity: Long-term borrowings, net of issuance costs of $ 939 1,010 $ 39,061 $ 38,990 Other liabilities 6,162 6,332 Shareholders' equity 320,054 293,844 Total liabilities and shareholders' equity $ 365,277 $ 339,166 |
Condensed Statements Of Income | Condensed Statements of Income Years ended December 31, 2016 2015 2014 Dividends from subsidiary and associated companies $ 16,000 $ 16,000 $ 20,920 Management and service fees from subsidiary 855 599 417 Other income 1,296 1,175 74 Total income 18,151 17,774 21,411 Interest expense 2,471 1,750 - Operating expenses 5,950 3,509 3,437 Total expense 8,421 5,259 3,437 Income before income tax benefit and equity in undistributed earnings of subsidiary 9,730 12,515 17,974 Income tax benefit 2,783 1,814 1,120 Income before equity in undistributed earnings of subsidiary 12,513 14,329 19,094 Equity in undistributed earnings of subsidiary 19,418 14,008 10,261 Net income $ 31,931 $ 28,337 $ 29,355 |
Condensed Statements Of Cash Flows | Condensed Statements of Cash Flows Years ended December 31, 2016 2015 2014 Cash flows from operating activities: Net income $ 31,931 $ 28,337 $ 29,355 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (19,418 ) (14,008 ) (10,261 ) Depreciation and amortization 148 97 48 Share-based compensation 845 674 471 (Increase) decrease in other assets 1,772 (1,069 ) 5,661 Decrease in other liabilities (389 ) (258 ) (5,717 ) Net cash provided by operating activities 14,889 13,773 19,557 Cash flows from investing activities: Capital investment in Five Star Bank - (34,000 ) - Purchase of premises and equipment (1,290 ) - - Net cash paid for acquisition (918 ) - (7,995 ) Net cash used in investing activities (2,208 ) (34,000 ) (7,995 ) Cash flows from financing activities: Issuance of long-term debt, net of issuance costs - 38,940 - Purchase of preferred and common shares - (202 ) (196 ) Proceeds from stock options exercised 964 359 667 Dividends paid (12,946 ) (12,721 ) (11,984 ) Other 30 79 - Net cash (used in) provided by financing activities (11,952 ) 26,455 (11,513 ) Net increase in cash and cash equivalents 729 6,228 49 Cash and cash equivalents as of beginning of year 15,787 9,559 9,510 Cash and cash equivalents as of end of the year $ 16,516 $ 15,787 $ 9,559 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Assets | Holding Company and Consolidated Banking Non-Banking Other Totals December 31, 2016 Goodwill $ 48,536 $ 17,881 $ - $ 66,417 Other intangible assets, net 579 8,644 - 9,223 Total assets 3,678,230 31,166 944 3,710,340 December 31, 2015 Goodwill $ 48,536 $ 11,866 $ - $ 60,402 Other intangible assets, net 829 5,715 - 6,544 Total assets 3,356,987 20,315 3,722 3,381,024 |
Business Segment Profit (Loss) | Holding Non Company and Consolidated Banking Banking (1) Other Totals Year ended December 31, 2016 Net interest income (expense) $ 105,161 $ - $ (2,471 ) $ 102,690 Provision for loan losses (9,638 ) - - (9,638 ) Noninterest income 26,457 8,567 736 35,760 Noninterest expense (73,056 ) (7,080 ) (4,535 ) (84,671 ) Income (loss) before income taxes 48,924 1,487 (6,270 ) 44,141 Income tax (expense) benefit (14,409 ) (584 ) 2,783 (12,210 ) Net income (loss) $ 34,515 $ 903 $ (3,487 ) $ 31,931 Year ended December 31, 2015 Net interest income (expense) $ 97,063 $ - $ (1,750 ) $ 95,313 Provision for loan losses (7,381 ) - - (7,381 ) Noninterest income 24,734 4,969 634 30,337 Noninterest expense (2) (71,599 ) (5,426 ) (2,368 ) (79,393 ) Income (loss) before income taxes 42,817 (457 ) (3,484 ) 38,876 Income tax (expense) benefit (12,230 ) (121 ) 1,812 (10,539 ) Net income (loss) $ 30,587 $ (578 ) $ (1,672 ) $ 28,337 (1) Reflects activity from Courier Capital since January 5, 2016, the date of acquisition. (2) Non-Banking segment includes SDN reporting unit goodwill impairment of $751 thousand. |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||
Days past due when loans are generally placed on nonaccrual status, in days | 90 days | 90 days |
Days past due when loans are generally charged-off in full, in days | 120 days | |
General period after loans become current, accrual status returned, in months | 6 months | |
Other real estate owned | $ 107 | $ 163 |
Number of consecutive years used for compensation calculation | 5 years | |
FHLB stock | $ 16,900 | 15,100 |
FRB stock | 4,900 | 4,900 |
Equity method investments, asset amount | $ 5,600 | $ 5,000 |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Standby letters of credit outstanding original term, in years | 1 year | |
Loss rate look-back period | 24 months | |
Loss emergence period | 12 months | |
Minimum [Member] | Building And Building Improvements [Member] | ||
Significant Accounting Policies [Line Items] | ||
Premise and equipment, estimated useful lives, in years | 15 years | |
Minimum [Member] | Software Furniture And Equipment [Member] | ||
Significant Accounting Policies [Line Items] | ||
Premise and equipment, estimated useful lives, in years | 3 years | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Standby letters of credit outstanding original term, in years | 5 years | |
Loss emergence period | 28 months | |
Maximum [Member] | Building And Building Improvements [Member] | ||
Significant Accounting Policies [Line Items] | ||
Premise and equipment, estimated useful lives, in years | 39 years | |
Maximum [Member] | Software Furniture And Equipment [Member] | ||
Significant Accounting Policies [Line Items] | ||
Premise and equipment, estimated useful lives, in years | 10 years | |
Other Intangible Assets [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated average life | 20 years | |
Core Deposits [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated average life | 9 years 6 months |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Summary Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Interest expense | $ 11,823 | $ 9,323 | $ 6,826 |
Income taxes | 10,555 | 7,494 | 13,665 |
Real estate and other assets acquired in settlement of loans | 496 | 374 | 394 |
Accrued and declared unpaid dividends | 3,403 | 3,185 | 3,177 |
(Decrease) increase in net unsettled security purchases | (170) | (478) | 568 |
Securities transferred from available for sale to held to maturity | $ 165,238 | 12,802 | |
Loans transferred from held for sale to held for investment | 853 | ||
Common stock issued for acquisition | 8,100 | 5,400 | |
Loans and other non-cash assets, excluding goodwill and core deposit intangible asset | 4,848 | 1,007 | |
Deposits and other liabilities | $ 1,845 | $ 1,112 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands | Jan. 05, 2016USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) |
Significant Acquisitions and Disposals [Line Items] | |||
Common stock issued for acquisition | $ 8,100 | $ 5,400 | |
Courier Capital [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Assets under management | $ 1,200,000 | ||
Consideration including both cash and stock | 9,000 | ||
Common stock issued for acquisition | 8,100 | ||
Cash | 918 | ||
Potential future stock payments | 2,800 | ||
Potential future cash payments | $ 2,200 | ||
Number of properties | property | 2 | ||
Payments to properties | $ 1,300 | ||
Identified intangible assets | 3,928 | ||
Goodwill | $ 6,015 |
Business Combinations (Schedule
Business Combinations (Schedule Of Assets Purchased And Liabilities Assumed) (Details) - Courier Capital [Member] $ in Thousands | Jan. 05, 2016USD ($) |
Significant Acquisitions and Disposals [Line Items] | |
Cash | $ 50 |
Identified intangible assets | 3,928 |
Premises and equipment, accounts receivable and other assets | 870 |
Deferred tax liability | (1,797) |
Other liabilities | (48) |
Net assets acquired | $ 3,003 |
Business Combinations (Goodwill
Business Combinations (Goodwill And Other Intangible Assets Acquired) (Details) - Courier Capital [Member] $ in Thousands | Jan. 05, 2016USD ($) |
Goodwill | $ 6,015 |
Goodwill and other intangible assets acquired | 9,943 |
Customer Relationships [Member] | |
Other intangible assets | $ 3,900 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
Other Intangible Assets [Member] | |
Other intangible assets | $ 28 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Investment Securities [Abstract] | |||
Securities pledged as collateral | $ 907,700 | $ 781,700 | |
Securities transferred from available for sale to held to maturity (at fair value) | 165,200 | ||
Unrealized holding losses included in accumulated other comprehensive income and in the carrying value of the held to maturity securities | $ 1,100 | ||
Number of security positions, unrealized loss position | security | 463 | 152 | |
Number of security positions, unrealized loss position for more than 12 months | security | 9 | 10 | |
Securities, 12 months or longer, Fair Value | $ 5,526 | $ 35,864 | |
Securities, 12 months or longer, Unrealized Losses | $ 19 | $ 513 | |
Number of security positions, unrealized loss position for less than 12 months | security | 454 | 142 | |
Securities, less than 12 months, Fair Value | $ 642,858 | $ 400,299 | |
Securities, less than 12 months, Unrealized Losses | 12,609 | 5,593 | |
OTTI charge recognized | $ 0 | $ 0 | $ 0 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | $ 543,992 | $ 543,621 |
Securities available for sale, Unrealized Gains | 2,928 | 4,599 |
Securities available for sale, Unrealized Losses | 6,994 | 3,825 |
Securities available for sale | 539,926 | 544,395 |
Securities held to maturity, Amortized Cost | 543,338 | 485,717 |
Securities held to maturity, Unrealized Gains | 2,287 | 6,628 |
Securities held to maturity, Unrealized Losses | 5,634 | 2,281 |
Securities held to maturity, fair value | 539,991 | 490,064 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 187,325 | 260,748 |
Securities available for sale, Unrealized Gains | 512 | 1,164 |
Securities available for sale, Unrealized Losses | 1,569 | 1,049 |
Securities available for sale | 186,268 | 260,863 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 305,248 | 294,423 |
Securities held to maturity, Unrealized Gains | 2,127 | 6,562 |
Securities held to maturity, Unrealized Losses | 1,616 | 4 |
Securities held to maturity, fair value | 305,759 | 300,981 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 16,921 | 16,998 |
Securities available for sale, Unrealized Gains | 74 | 90 |
Securities available for sale, Unrealized Losses | 125 | 154 |
Securities available for sale | 16,870 | 16,934 |
Securities held to maturity, Amortized Cost | 83,929 | 56,791 |
Securities held to maturity, Unrealized Gains | 21 | |
Securities held to maturity, Unrealized Losses | 1,573 | 818 |
Securities held to maturity, fair value | 82,377 | 55,973 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 5,142 | 5,175 |
Securities available for sale, Unrealized Gains | 1 | |
Securities available for sale, Unrealized Losses | 65 | 91 |
Securities available for sale | 5,077 | 5,085 |
Securities held to maturity, Amortized Cost | 101,025 | 80,570 |
Securities held to maturity, Unrealized Gains | 80 | |
Securities held to maturity, Unrealized Losses | 1,827 | 1,120 |
Securities held to maturity, fair value | 99,278 | 79,450 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 14,909 | 19,084 |
Securities held to maturity, Unrealized Gains | 40 | 19 |
Securities held to maturity, Unrealized Losses | 162 | 101 |
Securities held to maturity, fair value | 14,787 | 19,002 |
Collateralized Mortgage Obligations [Member] | Privately Issued [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 824 | 809 |
Securities available for sale | 824 | 809 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 356,667 | 282,873 |
Securities available for sale, Unrealized Gains | 2,225 | 3,217 |
Securities available for sale, Unrealized Losses | 5,425 | 2,776 |
Securities available for sale | 353,467 | 283,314 |
Securities held to maturity, Amortized Cost | 238,090 | 191,294 |
Securities held to maturity, Unrealized Gains | 160 | 66 |
Securities held to maturity, Unrealized Losses | 4,018 | 2,277 |
Securities held to maturity, fair value | 234,232 | 189,083 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 288,949 | 209,671 |
Securities available for sale, Unrealized Gains | 897 | 1,092 |
Securities available for sale, Unrealized Losses | 4,413 | 2,333 |
Securities available for sale | 285,433 | 208,430 |
Securities held to maturity, Amortized Cost | 10,362 | 9,242 |
Securities held to maturity, Unrealized Gains | 1 | 14 |
Securities held to maturity, Unrealized Losses | 124 | 79 |
Securities held to maturity, fair value | 10,239 | 9,177 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 30,182 | 24,564 |
Securities available for sale, Unrealized Gains | 114 | 282 |
Securities available for sale, Unrealized Losses | 807 | 194 |
Securities available for sale | 29,489 | 24,652 |
Securities held to maturity, Amortized Cost | 3,290 | |
Securities held to maturity, Unrealized Losses | 150 | |
Securities held to maturity, fair value | 3,140 | |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 15,473 | 26,465 |
Securities available for sale, Unrealized Gains | 316 | 943 |
Securities available for sale, Unrealized Losses | 15 | 4 |
Securities available for sale | 15,774 | 27,404 |
Securities held to maturity, Amortized Cost | 24,575 | 25,607 |
Securities held to maturity, Unrealized Gains | 18 | 33 |
Securities held to maturity, Unrealized Losses | 182 | 159 |
Securities held to maturity, fair value | 24,411 | 25,481 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 191 | 218 |
Securities available for sale | $ 191 | $ 218 |
Investment Securities (Interest
Investment Securities (Interest And Dividends On Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment Securities [Abstract] | |||
Taxable interest and dividends | $ 17,025 | $ 16,123 | $ 13,304 |
Tax-exempt interest and dividends | 5,892 | 5,752 | 5,298 |
Total interest and dividends on securities | $ 22,917 | $ 21,875 | $ 18,602 |
Investment Securities (Sales An
Investment Securities (Sales And Calls Of Securities Available For Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment Securities [Abstract] | |||
Proceeds from sales | $ 95,261 | $ 54,277 | $ 81,600 |
Gross realized gains | 2,695 | 2,000 | 2,043 |
Gross realized losses | $ 12 | $ 2 |
Investment Securities (Schedule
Investment Securities (Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Securities [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized Cost | $ 127 | |
Debt securities available for sale, Due from one to five years, Amortized Cost | 149,249 | |
Debt securities available for sale, Due after five years through ten years, Amortized Cost | 277,147 | |
Debt securities available for sale, Due after ten years, Amortized Cost | 117,469 | |
Debt securities available for sale, Amortized Cost | 543,992 | |
Debt securities available for sale, Due in one year or less, Fair Value | 127 | |
Debt securities available for sale, Due from one to five years, Fair Value | 149,428 | |
Debt securities available for sale, Due after five years through ten years, Fair Value | 274,529 | |
Debt securities available for sale, Due after ten years, Fair Value | 115,842 | |
Debt securities available for sale, Fair Value | 539,926 | |
Debt securities held to maturity, Due in one year or less, Amortized Cost | 48,132 | |
Debt securities held to maturity, Due from one to five years, Amortized Cost | 176,150 | |
Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 93,849 | |
Debt securities held to maturity, Due after ten years, Amortized Cost | 225,207 | |
Securities held to maturity, Amortized Cost | 543,338 | $ 485,717 |
Debt securities held to maturity, Due in one year or less, Fair Value | 48,188 | |
Debt securities held to maturity, Due from one to five years, Fair Value | 177,962 | |
Debt securities held to maturity, Due after five years through ten years, Fair Value | 92,396 | |
Debt securities held to maturity, Due after ten years, Fair Value | 221,445 | |
Securities held to maturity, Fair Value | $ 539,991 | $ 490,064 |
Investment Securities (Investme
Investment Securities (Investments' Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | $ 363,419 | $ 232,913 |
Securities available for sale, Less than 12 months, Unrealized Losses | 6,991 | 3,312 |
Securities available for sale, 12 months or longer, Fair Value | 1,458 | 35,864 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3 | 513 |
Securities available for sale, Fair Value, Total | 364,877 | 268,777 |
Securities available for sale, Unrealized Losses, Total | 6,994 | 3,825 |
Securities held to maturity, Less than 12 months, Fair Value | 279,439 | 167,386 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 5,618 | 2,281 |
Securities held to maturity, 12 months or longer, Fair Value | 4,068 | |
Securities held to maturity, 12 months or longer, Unrealized Losses | 16 | |
Securities held to maturity, Fair Value, Total | 283,507 | 167,386 |
Securities held to maturity, Unrealized Losses, Total | 5,634 | 2,281 |
Total Securities, Less than 12 months, Fair Value | 642,858 | 400,299 |
Total Securities, Less than 12 months, Unrealized Losses | 12,609 | 5,593 |
Total Securities, 12 months or longer, Fair Value | 5,526 | 35,864 |
Total Securities, 12 months or longer, Unrealized Losses | 19 | 513 |
Total Securities, Fair Value | 648,384 | 436,163 |
Total Securities, Unrealized Losses | 12,628 | 6,106 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 113,261 | 82,298 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1,566 | 735 |
Securities available for sale, 12 months or longer, Fair Value | 1,458 | 26,302 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3 | 314 |
Securities available for sale, Fair Value, Total | 114,719 | 108,600 |
Securities available for sale, Unrealized Losses, Total | 1,569 | 1,049 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 82,644 | 3,075 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 1,616 | 4 |
Securities held to maturity, Fair Value, Total | 82,644 | 3,075 |
Securities held to maturity, Unrealized Losses, Total | 1,616 | 4 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 8,119 | 7,778 |
Securities available for sale, Less than 12 months, Unrealized Losses | 125 | 154 |
Securities available for sale, Fair Value, Total | 8,119 | 7,778 |
Securities available for sale, Unrealized Losses, Total | 125 | 154 |
Securities held to maturity, Less than 12 months, Fair Value | 72,734 | 55,973 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 1,560 | 818 |
Securities held to maturity, 12 months or longer, Fair Value | 3,107 | |
Securities held to maturity, 12 months or longer, Unrealized Losses | 13 | |
Securities held to maturity, Fair Value, Total | 75,841 | 55,973 |
Securities held to maturity, Unrealized Losses, Total | 1,573 | 818 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 5,077 | 4,998 |
Securities available for sale, Less than 12 months, Unrealized Losses | 65 | 91 |
Securities available for sale, Fair Value, Total | 5,077 | 4,998 |
Securities available for sale, Unrealized Losses, Total | 65 | 91 |
Securities held to maturity, Less than 12 months, Fair Value | 92,256 | 79,323 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 1,825 | 1,120 |
Securities held to maturity, 12 months or longer, Fair Value | 430 | |
Securities held to maturity, 12 months or longer, Unrealized Losses | 2 | |
Securities held to maturity, Fair Value, Total | 92,686 | 79,323 |
Securities held to maturity, Unrealized Losses, Total | 1,827 | 1,120 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 8,675 | 14,559 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 161 | 101 |
Securities held to maturity, 12 months or longer, Fair Value | 531 | |
Securities held to maturity, 12 months or longer, Unrealized Losses | 1 | |
Securities held to maturity, Fair Value, Total | 9,206 | 14,559 |
Securities held to maturity, Unrealized Losses, Total | 162 | 101 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 250,158 | 150,615 |
Securities available for sale, Less than 12 months, Unrealized Losses | 5,425 | 2,577 |
Securities available for sale, 12 months or longer, Fair Value | 9,562 | |
Securities available for sale, 12 months or longer, Unrealized Losses | 199 | |
Securities available for sale, Fair Value, Total | 250,158 | 160,177 |
Securities available for sale, Unrealized Losses, Total | 5,425 | 2,776 |
Securities held to maturity, Less than 12 months, Fair Value | 196,795 | 164,311 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 4,002 | 2,277 |
Securities held to maturity, 12 months or longer, Fair Value | 4,068 | |
Securities held to maturity, 12 months or longer, Unrealized Losses | 16 | |
Securities held to maturity, Fair Value, Total | 200,863 | 164,311 |
Securities held to maturity, Unrealized Losses, Total | 4,018 | 2,277 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 211,491 | 123,774 |
Securities available for sale, Less than 12 months, Unrealized Losses | 4,413 | 2,134 |
Securities available for sale, 12 months or longer, Fair Value | 9,562 | |
Securities available for sale, 12 months or longer, Unrealized Losses | 199 | |
Securities available for sale, Fair Value, Total | 211,491 | 133,336 |
Securities available for sale, Unrealized Losses, Total | 4,413 | 2,333 |
Securities held to maturity, Less than 12 months, Fair Value | 9,253 | 5,666 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 124 | 79 |
Securities held to maturity, Fair Value, Total | 9,253 | 5,666 |
Securities held to maturity, Unrealized Losses, Total | 124 | 79 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 24,360 | 12,660 |
Securities available for sale, Less than 12 months, Unrealized Losses | 807 | 194 |
Securities available for sale, Fair Value, Total | 24,360 | 12,660 |
Securities available for sale, Unrealized Losses, Total | 807 | 194 |
Securities held to maturity, Less than 12 months, Fair Value | 3,141 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 150 | |
Securities held to maturity, Fair Value, Total | 3,141 | |
Securities held to maturity, Unrealized Losses, Total | 150 | |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 1,111 | 1,405 |
Securities available for sale, Less than 12 months, Unrealized Losses | 15 | 4 |
Securities available for sale, Fair Value, Total | 1,111 | 1,405 |
Securities available for sale, Unrealized Losses, Total | 15 | 4 |
Securities held to maturity, Less than 12 months, Fair Value | 10,736 | 8,790 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 182 | 159 |
Securities held to maturity, Fair Value, Total | 10,736 | 8,790 |
Securities held to maturity, Unrealized Losses, Total | $ 182 | $ 159 |
Loans Held For Sale And Loan 61
Loans Held For Sale And Loan Servicing Rights (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans Held For Sale And Loan Servicing Rights [Abstract] | ||
Loans held for sale | $ 1,050 | $ 1,430 |
Residential real estate mortgages serviced for others | 173,700 | 196,000 |
Escrow and other custodial funds | $ 4,000 | $ 4,400 |
Loans Held For Sale And Loan 62
Loans Held For Sale And Loan Servicing Rights (Activity In Capitalized Mortgage Serving Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Held For Sale And Loan Servicing Rights [Abstract] | |||
Mortgage servicing assets, beginning of year | $ 1,225 | $ 1,335 | $ 1,479 |
Originations | 150 | 166 | 172 |
Amortization | (298) | (276) | (316) |
Mortgage servicing assets, end of year | 1,077 | 1,225 | 1,335 |
Valuation allowance | (2) | (1) | (6) |
Mortgage servicing assets, net, end of year | $ 1,075 | $ 1,224 | $ 1,329 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)loancontract | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale | $ 1,050 | $ 1,430 | |
Loans, related parties | 3,500 | 3,500 | |
Loans, related parties, new borrowings | 1,700 | ||
Loans, related parties, repayments and other reductions | 1,700 | ||
Past due greater than 90 days and still accruing interest | 0 | 0 | |
Past Due Loans | 5,893 | 4,878 | |
Estimated interest income | $ 234 | $ 432 | $ 527 |
Number of Contracts | contract | 4 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 1,076 | $ 2,024 | |
Number of TDR loans in default | loan | 2 | ||
TDRs in default, amount | $ 1,300 | ||
Days past due when loans are generally placed on nonaccrual status, in days | 90 days | 90 days | |
Residential Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | $ 1,326 | $ 1,118 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | $ 1,337 | $ 933 | |
Number of Contracts | contract | 3 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 526 | $ 1,342 | |
Greater than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | 9 | 8 | |
Greater than 90 Days [Member] | Consumer Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | $ 9 | $ 8 |
Loans (Loan Portfolio) (Details
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | $ 2,305,071 | $ 2,052,600 |
Net Deferred Loan Costs (Fees) | 35,090 | 31,162 |
Loans, Net | 2,340,161 | 2,083,762 |
Allowance for loan losses | (30,934) | (27,085) |
Total loans, net | 2,309,227 | 2,056,677 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 349,079 | 313,475 |
Net Deferred Loan Costs (Fees) | 468 | 283 |
Loans, Net | 349,547 | 313,758 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 671,552 | 567,481 |
Net Deferred Loan Costs (Fees) | (1,494) | (1,380) |
Loans, Net | 670,058 | 566,101 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 421,476 | 376,023 |
Net Deferred Loan Costs (Fees) | 6,461 | 5,051 |
Loans, Net | 427,937 | 381,074 |
Residential Real Estate Lines [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 119,745 | 124,766 |
Net Deferred Loan Costs (Fees) | 2,810 | 2,581 |
Loans, Net | 122,555 | 127,347 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 725,754 | 652,494 |
Net Deferred Loan Costs (Fees) | 26,667 | 24,446 |
Loans, Net | 752,421 | 676,940 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 17,465 | 18,361 |
Net Deferred Loan Costs (Fees) | 178 | 181 |
Loans, Net | $ 17,643 | $ 18,542 |
Loans (Recorded Investment By L
Loans (Recorded Investment By Loan Class In Current And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 5,893 | $ 4,878 | |
Nonaccrual | 6,317 | 8,432 | |
Current | 2,292,861 | 2,039,290 | |
Total loans | 2,305,071 | 2,052,600 | $ 1,881,071 |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 5,128 | 3,384 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 756 | 1,486 | |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 9 | 8 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,337 | 933 | |
Nonaccrual | 2,151 | 3,922 | |
Current | 345,591 | 308,620 | |
Total loans | 349,079 | 313,475 | 267,377 |
Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,337 | 321 | |
Commercial Business [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 612 | ||
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 48 | 214 | |
Nonaccrual | 1,025 | 947 | |
Current | 670,479 | 566,320 | |
Total loans | 671,552 | 567,481 | 476,407 |
Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 48 | 68 | |
Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 146 | ||
Residential Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,326 | 1,118 | |
Nonaccrual | 1,236 | 1,848 | |
Current | 418,914 | 373,057 | |
Total loans | 421,476 | 376,023 | 352,782 |
Residential Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,073 | 723 | |
Residential Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 253 | 395 | |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 216 | 233 | |
Nonaccrual | 372 | 235 | |
Current | 119,157 | 124,298 | |
Total loans | 119,745 | 124,766 | 127,233 |
Residential Real Estate Lines [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 216 | 199 | |
Residential Real Estate Lines [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 34 | ||
Consumer Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 2,808 | 2,261 | |
Nonaccrual | 1,526 | 1,467 | |
Current | 721,420 | 648,766 | |
Total loans | 725,754 | 652,494 | 636,357 |
Consumer Indirect [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 2,320 | 1,975 | |
Consumer Indirect [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 488 | 286 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 158 | 119 | |
Nonaccrual | 7 | 13 | |
Current | 17,300 | 18,229 | |
Total loans | 17,465 | 18,361 | $ 20,915 |
Other Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 134 | 98 | |
Other Consumer [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 15 | 13 | |
Other Consumer [Member] | Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 9 | $ 8 |
Loans (Information Related To L
Loans (Information Related To Loans Modified In A TDR) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,076 | $ 2,024 |
Post-Modification Outstanding Recorded Investment | $ 1,076 | $ 1,672 |
Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 526 | $ 1,342 |
Post-Modification Outstanding Recorded Investment | $ 526 | $ 1,342 |
Commercial Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 550 | $ 682 |
Post-Modification Outstanding Recorded Investment | $ 550 | $ 330 |
Loans (Summary Of Impaired Loan
Loans (Summary Of Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 1,318 | $ 2,378 |
Recorded Investment, With an allowance recorded | [1] | 1,858 | 2,491 |
Recorded Investment | [1] | 3,176 | 4,869 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 1,926 | 3,095 |
Unpaid Principal Balance, With an allowance recorded | [1] | 1,858 | 2,491 |
Unpaid Principal Balance | [1] | 3,784 | 5,586 |
Related Allowance | 818 | 1,006 | |
Average Recorded Investment, With no related allowance recorded | 1,757 | 2,365 | |
Average Recorded Investment, With an allowance recorded | 1,627 | 2,395 | |
Average Recorded Investment | 3,384 | 4,760 | |
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] | 645 | 1,441 |
Recorded Investment, With an allowance recorded | [1] | 1,506 | 2,481 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 1,044 | 1,810 |
Unpaid Principal Balance, With an allowance recorded | [1] | 1,506 | 2,481 |
Related Allowance | 694 | 996 | |
Average Recorded Investment, With no related allowance recorded | 1,032 | 1,352 | |
Average Recorded Investment, With an allowance recorded | 1,141 | 1,946 | |
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] | 673 | 937 |
Recorded Investment, With an allowance recorded | [1] | 352 | 10 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 882 | 1,285 |
Unpaid Principal Balance, With an allowance recorded | [1] | 352 | 10 |
Related Allowance | 124 | 10 | |
Average Recorded Investment, With no related allowance recorded | 725 | 1,013 | |
Average Recorded Investment, With an allowance recorded | 486 | 449 | |
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2,305,071 | $ 2,052,600 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 349,079 | 313,475 |
Commercial Business [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 326,254 | 298,413 |
Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,377 | 4,916 |
Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,448 | 10,146 |
Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 671,552 | 567,481 |
Commercial Mortgage [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 652,550 | 551,603 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,690 | 9,015 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,312 | 6,863 |
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2,305,071 | $ 2,052,600 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 421,476 | 376,023 |
Residential Real Estate Loans [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 420,240 | 374,175 |
Residential Real Estate Loans [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,236 | 1,848 |
Residential Real Estate Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 119,745 | 124,766 |
Residential Real Estate Lines [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 119,373 | 124,531 |
Residential Real Estate Lines [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 372 | 235 |
Consumer Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 725,754 | 652,494 |
Consumer Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 724,228 | 651,027 |
Consumer Indirect [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,526 | 1,467 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,465 | 18,361 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,449 | 18,340 |
Other Consumer [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 16 | $ 21 |
Loans (Changes In The Allowance
Loans (Changes In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 27,085 | $ 27,637 | $ 26,736 |
Charge-offs | (11,076) | (12,958) | (12,014) |
Recoveries | 5,287 | 5,025 | 5,126 |
Provision | 9,638 | 7,381 | 7,789 |
Ending balance | 30,934 | 27,085 | 27,637 |
Allowance for loan losses, Individually Evaluated for impairment | 768 | 1,006 | 2,467 |
Allowance for loan losses, Collectively Evaluated for impairment | 30,166 | 26,079 | 25,170 |
Loans, Ending balance | 2,305,071 | 2,052,600 | 1,881,071 |
Loans, Individually Evaluated for impairment | 2,987 | 4,869 | 7,308 |
Loans, Collectively Evaluated for impairment | 2,302,084 | 2,047,731 | 1,873,763 |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 5,540 | 5,621 | 4,273 |
Charge-offs | (943) | (1,433) | (204) |
Recoveries | 447 | 212 | 201 |
Provision | 2,181 | 1,140 | 1,351 |
Ending balance | 7,225 | 5,540 | 5,621 |
Allowance for loan losses, Individually Evaluated for impairment | 663 | 996 | 1,556 |
Allowance for loan losses, Collectively Evaluated for impairment | 6,562 | 4,544 | 4,065 |
Loans, Ending balance | 349,079 | 313,475 | 267,377 |
Loans, Individually Evaluated for impairment | 2,052 | 3,922 | 4,288 |
Loans, Collectively Evaluated for impairment | 347,027 | 309,553 | 263,089 |
Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 9,027 | 8,122 | 7,743 |
Charge-offs | (385) | (895) | (304) |
Recoveries | 45 | 146 | 143 |
Provision | 1,628 | 1,654 | 540 |
Ending balance | 10,315 | 9,027 | 8,122 |
Allowance for loan losses, Individually Evaluated for impairment | 105 | 10 | 911 |
Allowance for loan losses, Collectively Evaluated for impairment | 10,210 | 9,017 | 7,211 |
Loans, Ending balance | 671,552 | 567,481 | 476,407 |
Loans, Individually Evaluated for impairment | 935 | 947 | 3,020 |
Loans, Collectively Evaluated for impairment | 670,617 | 566,534 | 473,387 |
Residential Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,347 | 1,620 | 1,607 |
Charge-offs | (289) | (397) | (382) |
Recoveries | 174 | 114 | 76 |
Provision | 246 | 10 | 319 |
Ending balance | 1,478 | 1,347 | 1,620 |
Allowance for loan losses, Collectively Evaluated for impairment | 1,478 | 1,347 | 1,620 |
Loans, Ending balance | 421,476 | 376,023 | 352,782 |
Loans, Collectively Evaluated for impairment | 421,476 | 376,023 | 352,782 |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 345 | 435 | 436 |
Charge-offs | (104) | (199) | (148) |
Recoveries | 15 | 31 | 19 |
Provision | 47 | 78 | 128 |
Ending balance | 303 | 345 | 435 |
Allowance for loan losses, Collectively Evaluated for impairment | 303 | 345 | 435 |
Loans, Ending balance | 119,745 | 124,766 | 127,233 |
Loans, Collectively Evaluated for impairment | 119,745 | 124,766 | 127,233 |
Consumer Indirect [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 10,458 | 11,383 | 12,230 |
Charge-offs | (8,748) | (9,156) | (10,004) |
Recoveries | 4,259 | 4,200 | 4,321 |
Provision | 5,342 | 4,031 | 4,836 |
Ending balance | 11,311 | 10,458 | 11,383 |
Allowance for loan losses, Collectively Evaluated for impairment | 11,311 | 10,458 | 11,383 |
Loans, Ending balance | 725,754 | 652,494 | 636,357 |
Loans, Collectively Evaluated for impairment | 725,754 | 652,494 | 636,357 |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 368 | 456 | 447 |
Charge-offs | (607) | (878) | (972) |
Recoveries | 347 | 322 | 366 |
Provision | 194 | 468 | 615 |
Ending balance | 302 | 368 | 456 |
Allowance for loan losses, Collectively Evaluated for impairment | 302 | 368 | 456 |
Loans, Ending balance | 17,465 | 18,361 | 20,915 |
Loans, Collectively Evaluated for impairment | $ 17,465 | $ 18,361 | $ 20,915 |
Premises And Equipment, Net (Ma
Premises And Equipment, Net (Major Classes Of Premises And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 90,980 | $ 84,187 | |
Accumulated depreciation and amortization | (48,582) | (44,742) | |
Premises and equipment, net | 42,398 | 39,445 | |
Depreciation and amortization | 5,958 | 5,429 | $ 4,583 |
Land And Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 6,003 | 5,917 | |
Buildings And Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 52,005 | 46,402 | |
Furniture Fixtures Equipment And Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 32,972 | 31,868 | |
Occupancy And Equipment Expense [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 4,600 | $ 4,400 | $ 4,000 |
Goodwill And Other Intangible72
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 66,417 | $ 60,402 | $ 61,153 |
Goodwill impairment | 751 | ||
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization during the year | $ 251 | $ 296 | $ 341 |
Goodwill And Other Intangible73
Goodwill And Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 60,402 | $ 61,153 |
Acquisition | 6,015 | |
Impairment | (751) | |
Goodwill, ending balance | 66,417 | 60,402 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 48,536 | 48,536 |
Acquisition | ||
Impairment | ||
Goodwill, ending balance | 48,536 | 48,536 |
Non-Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 11,866 | 12,617 |
Acquisition | 6,015 | |
Impairment | (751) | |
Goodwill, ending balance | $ 17,881 | $ 11,866 |
Goodwill And Other Intangible74
Goodwill And Other Intangible Assets (Changes In The Accumulated Amortization And Net Book Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Net carrying value at end of period | $ 9,223 | $ 6,544 | |
Core Deposits [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount | 2,042 | 2,042 | |
Accumulated amortization | (1,464) | (1,213) | |
Net carrying value at end of period | 578 | 829 | |
Amortization during the year | 251 | 296 | $ 341 |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount | 10,568 | 6,640 | |
Accumulated amortization | (1,923) | (925) | |
Net carrying value at end of period | 8,645 | 5,715 | |
Amortization during the year | $ 998 | $ 646 | $ 279 |
Goodwill And Other Intangible75
Goodwill And Other Intangible Assets (Estimated Core Deposit Intangible Amortization Expense) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2,017 | $ 1,144 |
2,018 | 1,035 |
2,019 | 937 |
2,020 | 840 |
2,021 | $ 738 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time deposits, $250,000 or more | $ 99.8 | $ 92 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 677,076 | $ 641,972 |
Interest-bearing demand | 581,436 | 523,366 |
Savings and money market | 1,034,194 | 928,175 |
Certificates of deposit, due: Within one year | 471,494 | 450,885 |
Certificates of deposit, due: One to two years | 158,399 | 97,059 |
Certificates of deposit, due: Two to three years | 23,548 | 46,545 |
Certificates of deposit, due: Three to five years | 49,075 | 42,482 |
Certificates of deposit, due: Thereafter | 47 | |
Total time deposits | 702,516 | 637,018 |
Total deposits | $ 2,995,222 | $ 2,730,531 |
Deposits (Interest Expense By D
Deposits (Interest Expense By Deposits Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits [Abstract] | |||
Interest-bearing demand | $ 833 | $ 754 | $ 607 |
Savings and money market | 1,339 | 1,166 | 913 |
Time deposits | 6,286 | 5,386 | 4,846 |
Total interest expense on deposits | $ 8,458 | $ 7,306 | $ 6,366 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | Apr. 15, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Short-term Debt [Line Items] | ||||
Short-term borrowings, weighted average rate | 0.76% | 0.53% | ||
Short-term borrowings | $ 331,500,000 | $ 293,100,000 | ||
Subordinated Notes Due April 15, 2030 [Member] | ||||
Short-term Debt [Line Items] | ||||
Cost related to issuance of debt | 1,100,000 | |||
Proceeds from issuance of debt, net | $ 38,900,000 | |||
Principal amount | $ 40,000,000 | $ 40,000,000 | ||
Interest rate | 6.00% | |||
Number of years at stated rate | 10 years | |||
Debt issuance cost amortization period | 15 years | |||
Federal Home Loan Bank Advances [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 331,500,000 | 293,100,000 | ||
Federal Home Loan Bank Overnight Borrowings [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 171,500,000 | 116,800,000 | ||
Federal Home Loan Borrowings Short Term Advances [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 160,000,000 | $ 176,300,000 | ||
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 331,500 | $ 293,100 |
Subordinated notes, net | 39,061 | 38,990 |
Total borrowings | 370,561 | 332,090 |
Federal Home Loan Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 331,500 | $ 293,100 |
Commitments And Contingencies81
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |||
Forward sales commitments | $ 0 | $ 1.3 | |
Rent expense | $ 2.1 | $ 2 | $ 1.8 |
Commitments And Contingencies82
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | ||
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | 555,713 | 514,818 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 12,689 | $ 11,746 |
Commitments And Contingencies83
Commitments And Contingencies (Leases Future Minimum Payments By Years And In The Aggregate) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 2,173 |
2,018 | 2,201 |
2,019 | 2,125 |
2,020 | 1,999 |
2,021 | 1,823 |
Thereafter | 30,885 |
Lease obligations, total | $ 41,206 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Preferred Equity [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tier 1 capital | $ 17,300 |
Federal Reserve Bank Of New York [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Reserve requirement | $ 629 |
Phase-in Schedule [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Capital Conservation Buffer | 0.625% |
Fully Phased-in [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Capital Conservation Buffer | 2.50% |
Subordinated Notes Due April 15, 2030 [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tier 2 capital | $ 39,100 |
Minimum [Member] | Fully Phased-in [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
CET1 capital, For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 6.00% |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 8.00% |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% |
Regulatory Matters (Actual And
Regulatory Matters (Actual And Required Capital Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, Actual Amount | $ 265,246 | $ 243,452 |
Tier 1 leverage, Actual Ratio | 7.36% | 7.41% |
Tier 1 leverage, Well Capitalized, Amount | $ 180,119 | $ 164,382 |
Tier 1 leverage, Well Capitalized, Ratio | 5.00% | 5.00% |
CET1 capital, Actual Amount | $ 247,906 | $ 226,413 |
CET1 capital, Actual Ratio | 9.59% | 9.77% |
CET1 capital, Well Capitalized, Amount | $ 167,970 | $ 150,705 |
CET1 capital, Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 capital, Actual Amount | $ 265,246 | $ 243,452 |
Tier 1 capital, Actual Ratio | 10.26% | 10.50% |
Tier 1 capital, Well Capitalized, Amount | $ 206,733 | $ 185,483 |
Tier 1 capital, Well Capitalized, Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Amount | $ 335,241 | $ 309,527 |
Total risk-based capital, Actual Ratio | 12.97% | 13.35% |
Total risk-based capital, Well Capitalized, Amount | $ 258,416 | $ 231,854 |
Total risk-based capital, Well Capitalized, Ratio | 10.00% | 10.00% |
Parent Company [Member] | Phase-in Schedule [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 144,095 | $ 131,506 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 132,438 | $ 104,334 |
CET1 capital, For Capital Adequacy Purposes, Ratio | 5.13% | 4.50% |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 171,201 | $ 139,112 |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 6.63% | 6.00% |
Total risk-based capital, For Capital Adequacy Purposes, Amount | $ 222,884 | $ 185,483 |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 8.63% | 8.00% |
Parent Company [Member] | Fully Phased-in [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 144,095 | $ 131,506 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 180,891 | $ 162,297 |
CET1 capital, For Capital Adequacy Purposes, Ratio | 7.00% | 7.00% |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 219,654 | $ 197,076 |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 8.50% | 8.50% |
Total risk-based capital, For Capital Adequacy Purposes, Amount | $ 271,337 | $ 243,446 |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 10.50% | 10.50% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, Actual Amount | $ 284,765 | $ 265,487 |
Tier 1 leverage, Actual Ratio | 7.92% | 8.09% |
Tier 1 leverage, Well Capitalized, Amount | $ 179,828 | $ 163,985 |
Tier 1 leverage, Well Capitalized, Ratio | 5.00% | 5.00% |
CET1 capital, Actual Amount | $ 284,765 | $ 265,487 |
CET1 capital, Actual Ratio | 11.06% | 11.49% |
CET1 capital, Well Capitalized, Amount | $ 167,432 | $ 150,180 |
CET1 capital, Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 capital, Actual Amount | $ 284,765 | $ 265,487 |
Tier 1 capital, Actual Ratio | 11.06% | 11.49% |
Tier 1 capital, Well Capitalized, Amount | $ 206,070 | $ 184,837 |
Tier 1 capital, Well Capitalized, Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Amount | $ 315,699 | $ 292,572 |
Total risk-based capital, Actual Ratio | 12.26% | 12.66% |
Total risk-based capital, Well Capitalized, Amount | $ 257,588 | $ 231,046 |
Total risk-based capital, Well Capitalized, Ratio | 10.00% | 10.00% |
Bank [Member] | Phase-in Schedule [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 143,862 | $ 131,188 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 132,014 | $ 103,971 |
CET1 capital, For Capital Adequacy Purposes, Ratio | 5.13% | 4.50% |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 170,652 | $ 138,628 |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 6.63% | 6.00% |
Total risk-based capital, For Capital Adequacy Purposes, Amount | $ 222,170 | $ 184,837 |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 8.63% | 8.00% |
Bank [Member] | Fully Phased-in [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 143,862 | $ 131,188 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 180,312 | $ 161,733 |
CET1 capital, For Capital Adequacy Purposes, Ratio | 7.00% | 7.00% |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 218,950 | $ 196,389 |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 8.50% | 8.50% |
Total risk-based capital, For Capital Adequacy Purposes, Amount | $ 270,467 | $ 242,599 |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 10.50% | 10.50% |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Shareholders Equity [Line Items] | ||
Capital shares authorized | 50,210,000 | |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 210,000 | |
Preferred stock, par value | $ 100 | |
Preferred stock, shares issued | 173,398 | 173,398 |
Preferred stock, shares outstanding | 173,398 | 173,398 |
Preferred Class A [Member] | ||
Shareholders Equity [Line Items] | ||
Preferred stock, shares authorized | 10,000 | |
Series A 3% Preferred Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Preferred stock, dividend percentage | 3.00% | 3.00% |
Preferred stock, shares issued | 1,492 | 1,492 |
Preferred stock, dividend per share | $ 3 | |
Preferred Class B [Member] | ||
Shareholders Equity [Line Items] | ||
Preferred stock, shares authorized | 200,000 | |
Series B-1 8.48% Preferred Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Preferred stock, shares issued | 171,906 | 171,906 |
Preferred stock, dividend per share | $ 8.48 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In Shares Of Common Stock) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 207,317 | |
Shares issued, beginning balance | 14,397,509 | |
Stock options exercised | 49,761 | |
Treasury stock, ending balance | 154,617 | 207,317 |
Shares issued, ending balance | 14,692,214 | 14,397,509 |
Common Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Shares outstanding, beginning balance | 14,190,192 | 14,118,048 |
Common stock issued for acquisition | 294,705 | |
Restricted stock awards issued | 8,800 | 59,834 |
Restricted stock awards forfeited | (10,183) | (3,490) |
Stock options exercised | 49,761 | 18,922 |
Treasury stock purchases | (7,523) | |
Stock awards | $ 4,322 | $ 4,401 |
Shares outstanding, ending balance | 14,537,597 | 14,190,192 |
Treasury Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 207,317 | 279,461 |
Restricted stock awards issued | (8,800) | (59,834) |
Restricted stock awards forfeited | 10,183 | 3,490 |
Stock options exercised | (49,761) | (18,922) |
Treasury stock purchases | 7,523 | |
Stock awards | $ (4,322) | $ (4,401) |
Treasury stock, ending balance | 154,617 | 207,317 |
Common Stock Issued [Member] | ||
Shareholders Equity [Line Items] | ||
Shares issued, beginning balance | 14,397,509 | 14,397,509 |
Common stock issued for acquisition | 294,705 | |
Shares issued, ending balance | 14,692,214 | 14,397,509 |
Accumulated Other Comprehensi88
Accumulated Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Other comprehensive income (loss), Pre-tax Amount | $ (4,273) | $ (3,772) | $ 1,949 | |
Other comprehensive income (loss), Tax Effect | (1,649) | (1,456) | 773 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (1,466) | (1,483) | 2,596 | |
Reclassification, Net-of-tax Amount | 1,158 | 833 | 1,420 | |
Total other comprehensive (loss) income, net of tax | (2,624) | (2,316) | 1,176 | |
Securities Available for Sale and Transferred Securities [Member] | ||||
Other comprehensive income (loss), before Reclassifications, Pre-tax Amount | (2,146) | (1,529) | 14,008 | |
Reclassification, Pre-tax Amount | [1] | 2,793 | 2,251 | 2,478 |
Other comprehensive income (loss), Pre-tax Amount | (4,939) | (3,780) | 11,530 | |
Other comprehensive income (loss), before Reclassifications, Tax Effect | (828) | (591) | 5,549 | |
Reclassification, Tax Effect | [1] | 1,078 | 868 | 981 |
Other comprehensive income (loss), Tax Effect | (1,906) | (1,459) | 4,568 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (1,318) | (938) | 8,459 | |
Reclassification, Net-of-tax Amount | [1] | 1,715 | 1,383 | 1,497 |
Total other comprehensive (loss) income, net of tax | (3,033) | (2,321) | 6,962 | |
Pension And Post-Retirement Obligations [Member] | ||||
Reclassification, Pre-tax Amount | (907) | (895) | ||
Reclassification, Tax Effect | (350) | (345) | ||
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (148) | (545) | (5,863) | |
Reclassification, Net-of-tax Amount | (557) | (550) | (77) | |
Total other comprehensive (loss) income, net of tax | 409 | 5 | (5,786) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other comprehensive income (loss), Pre-tax Amount | 241 | 887 | 9,709 | |
Other comprehensive income (loss), Tax Effect | 93 | 342 | 3,846 | |
Total other comprehensive (loss) income, net of tax | 148 | 545 | 5,863 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other comprehensive income (loss), Pre-tax Amount | 907 | 895 | 128 | |
Other comprehensive income (loss), Tax Effect | (350) | (345) | (51) | |
Total other comprehensive (loss) income, net of tax | 557 | 550 | 77 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other comprehensive income (loss), Pre-tax Amount | (666) | (8) | 9,581 | |
Other comprehensive income (loss), Tax Effect | (257) | (3) | 3,795 | |
Total other comprehensive (loss) income, net of tax | $ (409) | $ (5) | $ 5,786 | |
[1] | Includes amounts related to the amortization/accretion of unrealized net gains and losses related to 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 Comprehensi89
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 293,844 | $ 279,532 | $ 254,839 |
Other comprehensive income (loss) before reclassifications | (1,466) | (1,483) | 2,596 |
Amounts reclassified from accumulated other comprehensive income | (1,158) | (833) | (1,420) |
Net current period other comprehensive (loss) income | (2,624) | (2,316) | 1,176 |
Balance | 320,054 | 293,844 | 279,532 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (11,327) | (9,011) | (10,187) |
Net current period other comprehensive (loss) income | (2,624) | (2,316) | 1,176 |
Balance | (13,951) | (11,327) | (9,011) |
Securities Available-For-Sale and Transferred Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (696) | 1,625 | (5,337) |
Other comprehensive income (loss) before reclassifications | (1,318) | (938) | 8,459 |
Amounts reclassified from accumulated other comprehensive income | (1,715) | (1,383) | (1,497) |
Net current period other comprehensive (loss) income | (3,033) | (2,321) | 6,962 |
Balance | (3,729) | (696) | 1,625 |
Pension And Post-Retirement Obligations [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (10,631) | (10,636) | (4,850) |
Other comprehensive income (loss) before reclassifications | (148) | (545) | (5,863) |
Amounts reclassified from accumulated other comprehensive income | 557 | 550 | 77 |
Net current period other comprehensive (loss) income | 409 | 5 | (5,786) |
Balance | $ (10,222) | $ (10,631) | $ (10,636) |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on investment securities | $ 2,695 | $ 1,988 | $ 2,041 | |
Interest income | 102,690 | 95,313 | 93,774 | |
Income before income taxes | 44,141 | 38,876 | 38,980 | |
Income tax (expense) benefit | (12,210) | (10,539) | (9,625) | |
Net income | 31,931 | 28,337 | 29,355 | |
Total reclassified for the period | 1,158 | 833 | 1,420 | |
Securities Available for Sale and Transferred Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification before tax | [1] | 2,793 | 2,251 | 2,478 |
Reclassification tax | [1] | 1,078 | 868 | 981 |
Total reclassified for the period | [1] | 1,715 | 1,383 | 1,497 |
Prior Service Credit [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification before tax | [2] | 48 | 48 | |
Net Actuarial Losses [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification before tax | [2] | (955) | (943) | |
Pension And Post-Retirement Obligations [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification before tax | (907) | (895) | ||
Reclassification tax | (350) | (345) | ||
Total reclassified for the period | (557) | (550) | $ (77) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Available for Sale and Transferred Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on investment securities | 2,695 | 1,988 | ||
Interest income | 98 | 263 | ||
Income before income taxes | 2,793 | 2,251 | ||
Income tax (expense) benefit | (1,078) | (868) | ||
Net income | $ 1,715 | $ 1,383 | ||
[1] | Includes amounts related to the amortization/accretion of unrealized net gains and losses related to 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. | |||
[2] | These items are included in the computation of net periodic pension expense. See Note 17 - Employee Benefit Plans for additional information. |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)item$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options awarded | |||
Expiration period | 10 years | ||
Unrecognized compensation expense | $ | $ 0 | ||
Aggregate intrinsic value | $ | 450 | $ 106 | $ 161 |
Total cash received as a result of option exercises | $ | $ 964 | $ 359 | $ 667 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ / shares | $ 29.47 | ||
Shares issued in lieu of cash | 4,322 | ||
Number of non-employee directors | item | 3 | ||
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 | 0.88% | ||
Expected dividend yield | 2.99% | ||
Expected stock price volatility | 24.30% | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares of common stock awarded | 58,384 | ||
Grant date fair value | $ / shares | $ 25.11 | ||
Vesting percentage, date of grant | 50.00% | ||
Vesting percentage, one year from date of grant | 50.00% | ||
Unrecognized compensation expense | $ | $ 1,200 | ||
Expected recognition expense period, weighted average period in years | 2 years | ||
Restricted Stock Awards [Member] | TSR Performance Requirement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Management Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares of common stock awarded | 24,084 | ||
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 | 25,500 | ||
Grant date fair value | $ / shares | $ 24.68 | ||
Award vesting period | 3 years | ||
Director 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 | 8,800 | ||
Grant date fair value | $ / shares | $ 28.38 | ||
Required service period | 1 year | ||
Director Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | Vested Immediately [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares of common stock awarded | 4,400 | ||
Director Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | 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 | 4,400 | ||
2015 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 365,000 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Minimum [Member] | Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Maximum [Member] | Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Maximum [Member] | 2015 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of grants authorized | 438,076 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-Based Compensation [Abstract] | |
Outstanding at beginning of year, Number of Options | shares | 102,249 |
Granted, Number of Options | shares | |
Exercised, Number of Options | shares | (49,761) |
Forfeited, Number of Options | shares | |
Expired, Number of Options | shares | (3,389) |
Outstanding and exercisable at end of period, Number of Options | shares | 49,099 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ / shares | $ 19.21 |
Granted, Weighted Average Exercise Price | $ / shares | |
Exercised, Weighted Average Exercise Price | $ / shares | 19.39 |
Forfeited, Weighted Average Exercise Price | $ / shares | |
Expired, Weighted Average Exercise Price | $ / shares | 19.72 |
Outstanding and exercisable at end of period, Weighted Average Exercise Price | $ / shares | $ 19 |
Outstanding and exercisable at end of period, Weighted Average Remaining Contractual Term | 10 months 24 days |
Outstanding and exercisable at end of period, Aggregate Intrinsic Value | $ | $ 746 |
Share-Based Compensation (Sum93
Share-Based Compensation (Summary Of Restricted Stock Award Activity) (Details) - Restricted Stock Awards [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares | shares | 82,908 |
Granted, Number of Shares | shares | 58,384 |
Vested, Number of Shares | shares | (10,770) |
Forfeited, number of shares | shares | (15,957) |
Outstanding at end of period, Number of Shares | shares | 114,565 |
Outstanding at beginning of year, Weighted Average Market Price at Grant Date | $ / shares | $ 17.23 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | 25.11 |
Vested, Weighted Average Market Price at Grant Date | $ / shares | 25.11 |
Forfeited, Weighted Average Market Price at Grant Date | $ / shares | 21.59 |
Outstanding at end of period, Weighted Average Market Price at Grant Date | $ / shares | $ 19.90 |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Expense Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 845 | $ 674 | $ 471 |
Salaries and Employee Benefits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 601 | 431 | 270 |
Other Noninterest Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 244 | $ 243 | $ 201 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
State income tax rate | 0.80% | 0.70% | (0.80%) |
Interest or penalties recorded in income statement | $ 0 | $ 0 | $ 0 |
Amount accrued for interest or penalties | 0 | $ 0 | |
Domestic Country [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 0 | ||
State And Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $ 0 | ||
New York [Member] | |||
Income Tax Contingency [Line Items] | |||
State income tax rate | 6.50% | 7.10% | |
Minimum [Member] | Domestic Country [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal income tax years currently open for audtis | 2,014 | ||
Minimum [Member] | State And Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal income tax years currently open for audtis | 2,013 | ||
Maximum [Member] | Domestic Country [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal income tax years currently open for audtis | 2,016 | ||
Maximum [Member] | State And Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal income tax years currently open for audtis | 2,016 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Federal | $ 13,846 | $ 8,720 | $ 7,546 |
State | 82 | 21 | (75) |
Total current tax expense | 13,928 | 8,741 | 7,471 |
Federal | (2,175) | 1,440 | 2,538 |
State | 457 | 358 | (384) |
Total deferred tax (benefit) expense | (1,718) | 1,798 | 2,154 |
Total income tax expense | $ 12,210 | $ 10,539 | $ 9,625 |
Income Taxes (Income Tax Expe97
Income Taxes (Income Tax Expense Differed From Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
Tax exempt interest income | (5.60%) | (6.10%) | (5.10%) |
Tax credits and adjustments | 0.30% | (0.70%) | (3.50%) |
Non-taxable earnings on company owned life insurance | (2.20%) | (1.80%) | (1.60%) |
State taxes, net of federal tax benefit | 0.80% | 0.70% | (0.80%) |
Nondeductible expenses | 0.20% | 0.30% | 0.50% |
Goodwill and contingent consideration adjustments | (0.90%) | (0.30%) | |
Other, net | 0.10% | 0.20% | |
Effective tax rate | 27.70% | 27.10% | 24.70% |
Income Taxes (Income Tax Expe98
Income Taxes (Income Tax Expense Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Income tax expense | $ 12,210 | $ 10,539 | $ 9,625 |
Shareholder's equity | $ (1,649) | $ (1,456) | $ 925 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Allowance for loan losses | $ 11,938 | $ 10,452 |
Deferred compensation | 1,357 | 972 |
Investment in limited partnerships | 943 | 954 |
SERP agreements | 682 | 767 |
Interest on nonaccrual loans | 453 | 615 |
Benefit of tax credit carryforwards | 502 | |
Share-based compensation | 604 | 538 |
Net unrealized loss on securities available for sale | 2,326 | 420 |
Other | 120 | 328 |
Gross deferred tax assets | 18,423 | 15,548 |
Prepaid pension costs | 4,727 | 5,065 |
Intangible assets | 4,059 | 2,667 |
Depreciation and amortization | 1,085 | 1,004 |
Loan servicing assets | 415 | 479 |
Other | 234 | |
Gross deferred tax liabilities | 10,520 | 9,215 |
Net deferred tax asset | $ 7,903 | $ 6,333 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Common Share [Abstract] | |||
Net income available to common shareholders | $ 30,469 | $ 26,875 | $ 27,893 |
Total shares issued | 14,689 | 14,398 | 14,261 |
Unvested restricted stock awards | (75) | (93) | (64) |
Treasury shares | (178) | (224) | (304) |
Total basic weighted average common shares outstanding | 14,436 | 14,081 | 13,893 |
Exercise of stock options | 20 | 24 | 26 |
Vesting of restricted stock awards | 35 | 30 | 27 |
Total diluted weighted average common shares outstanding | 14,491 | 14,135 | 13,946 |
Basic earnings per common share | $ 2.11 | $ 1.91 | $ 2.01 |
Diluted earnings per common share | $ 2.10 | $ 1.90 | $ 2 |
Earnings Per Common Share (Shar
Earnings Per Common Share (Shares Excluded from Computation of Diluted EPS) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of diluted EPS | 2 | 1 | 4 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of diluted EPS | 3 | ||
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of diluted EPS | 2 | 1 | 1 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 58,000 | $ 53,500 | |
Number of consecutive years used for compensation calculation | 5 years | ||
Investment strategy, percentage in long-term growth | 97.00% | ||
Investment strategy, percentage in near-term benefit payments | 3.00% | ||
Maximum percentage of securities purchasing allowed of the portfolio at any time | 5.00% | ||
Maximum market value purchase percentage allowed of any one issuer | 8.00% | ||
Expense included in salaries and employee benefits | 1,300 | $ 1,100 | |
Postretirement Benefit Plan, Accrued liabilities | $ 149 | $ 107 | |
Estimated future net loss for the plan that will be amortized from accumulated other comprehensive income | 1,200 | ||
Estimated future prior service credit for the plan that will be amortized from accumulated other comprehensive income | $ 51 | ||
Maximum percent of participant's contribution match | 4.50% | ||
Securities Less Than Aquality [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage of securities purchasing allowed of the portfolio at any time | 13.00% | ||
Commercial Mortgage Back Securities And Assets Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage of securities purchasing allowed of the portfolio at any time | 10.00% | ||
Portfolio Concentration Commingled Trust Fund1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 14.00% | 11.00% | |
Portfolio Concentration Commingled Trust Fund2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 6.00% | 7.00% | |
Portfolio Concentration Exchange Traded Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 7.00% | ||
Portfolio Concentration Short Term Investment Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 6.00% | 5.00% | |
Investment Firm One [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio management, controlled percentage | 58.00% | 58.00% | |
Investment Firm Two [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio management, controlled percentage | 38.00% | 38.00% | |
Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio management, controlled percentage | 4.00% | 4.00% | |
First 3% Of Participant's Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | ||
Percentage for which the employer contributes a matching contribution | 3.00% | ||
Next 3% Of Participant's Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||
Percentage for which the employer contributes a matching contribution | 3.00% | ||
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unfunded pension liability | $ 2,100 | $ 2,300 | |
Pension expense | $ 88 | $ 408 | $ 295 |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Projected benefit obligation at beginning of period | $ 59,232 | $ 61,732 | |
Service cost | 2,885 | 2,324 | $ 1,918 |
Interest cost | 2,402 | 2,328 | 2,291 |
Actuarial (gain) loss | 1,210 | (4,406) | |
Benefits paid and plan expenses | (2,727) | (2,746) | |
Projected benefit obligation at end of period | 63,002 | 59,232 | 61,732 |
Fair value of plan assets at beginning of period | 72,358 | 75,584 | |
Actual return on plan assets | 5,621 | (480) | |
Benefits paid and plan expenses | (2,727) | (2,746) | |
Fair value of plan assets at end of period | 75,252 | 72,358 | $ 75,584 |
Funded status at end of period | $ 12,250 | $ 13,126 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Benefit Payments Under The Pension Plan) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Employee Benefit Plans [Abstract] | |
2,017 | $ 2,446 |
2,018 | 2,492 |
2,019 | 2,741 |
2,020 | 3,076 |
2,021 | 3,177 |
2022-2026 | $ 19,221 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Service cost | $ 2,885 | $ 2,324 | $ 1,918 |
Interest cost on projected benefit obligation | 2,402 | 2,328 | 2,291 |
Expected return on plan assets | (4,600) | (4,820) | (4,117) |
Amortization of prior service credit | 20 | 20 | 20 |
Amortization of net actuarial losses | 938 | 926 | 159 |
Net periodic pension expense | $ 1,645 | $ 778 | $ 271 |
Employee Benefit Plans (Actuari
Employee Benefit Plans (Actuarial Assumptions Used, Net Periodic Pension Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Weighted average discount rate | 4.21% | 3.86% | 4.80% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Expected long-term rate of return | 6.50% | 6.50% | 6.50% |
Employee Benefit Plans (Actu107
Employee Benefit Plans (Actuarial Assumptions Used, Projected Benefit Obligation) (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Employee Benefit Plans [Abstract] | |||
Weighted average discount rate | 4.00% | 4.21% | 3.86% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Employee Benefit Plans (Target
Employee Benefit Plans (Target Allocation, Percentage Of Plan Assets And Weighted Average Expected Rate Of Return) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation, Minimum | 0.00% | |
Target Allocation, Maximum | 20.00% | |
Percentage of Plan Assets | 6.10% | 5.20% |
Weighted Average Expected Long-term Rate of Return | 0.18% | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation, Minimum | 40.00% | |
Target Allocation, Maximum | 60.00% | |
Percentage of Plan Assets | 47.90% | 47.20% |
Weighted Average Expected Long-term Rate of Return | 3.89% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation, Minimum | 40.00% | |
Target Allocation, Maximum | 60.00% | |
Percentage of Plan Assets | 42.60% | 43.90% |
Weighted Average Expected Long-term Rate of Return | 2.14% | |
Other Financial Instruments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation, Minimum | 0.00% | |
Target Allocation, Maximum | 5.00% | |
Percentage of Plan Assets | 3.40% | 3.70% |
Weighted Average Expected Long-term Rate of Return | 0.26% |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of period | $ 72,358 | $ 75,584 |
Fair value of plan assets at end of period | 75,252 | 72,358 |
Level 3 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of period | 2,670 | |
Realized Gain | 52 | |
Purchases/Sales | (381) | 2,334 |
Unrealized Gain | 296 | 336 |
Fair value of plan assets at end of period | $ 2,637 | $ 2,670 |
Employee Benefit Plans (The Maj
Employee Benefit Plans (The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | $ 4,553 | $ 3,780 |
Equity securities | 36,019 | 34,166 |
Fixed income securities | 32,043 | 31,742 |
Total Plan investments | 75,252 | 72,358 |
Foreign Currencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 99 | 35 |
Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 9,783 | 7,180 |
Short Term Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 4,454 | 3,745 |
Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 13,326 | 13,083 |
Depository Receipts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 391 | 336 |
Commingled Pension Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 22,302 | 10,557 |
Fixed income securities | 18,151 | 17,889 |
Other investments | 2,637 | 2,670 |
Exchange Traded Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 10,190 | |
Collateralized Mortgage Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 633 | 608 |
All Other Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 2,862 | 3,439 |
Federal Home Loan Mortgage Corporation [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 276 | |
Federal National Mortgage Association [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 579 | 1,966 |
Government National Mortgage Association Certificates And Obligations Gnma Two [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 384 | |
Mortgage-Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 35 | |
Level 1 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 99 | 35 |
Equity securities | 13,717 | 23,609 |
Total Plan investments | 13,816 | 23,644 |
Level 1 Inputs [Member] | Foreign Currencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 99 | 35 |
Level 1 Inputs [Member] | Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 13,326 | 13,083 |
Level 1 Inputs [Member] | Depository Receipts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 391 | 336 |
Level 1 Inputs [Member] | Exchange Traded Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 10,190 | |
Level 2 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 4,454 | 3,745 |
Equity securities | 22,302 | 10,557 |
Fixed income securities | 32,043 | 31,742 |
Total Plan investments | 58,799 | 46,044 |
Level 2 Inputs [Member] | Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 9,783 | 7,180 |
Level 2 Inputs [Member] | Short Term Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | 4,454 | 3,745 |
Level 2 Inputs [Member] | Commingled Pension Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 22,302 | 10,557 |
Fixed income securities | 18,151 | 17,889 |
Level 2 Inputs [Member] | Collateralized Mortgage Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 633 | 608 |
Level 2 Inputs [Member] | All Other Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 2,862 | 3,439 |
Level 2 Inputs [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 276 | |
Level 2 Inputs [Member] | Federal National Mortgage Association [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 579 | 1,966 |
Level 2 Inputs [Member] | Government National Mortgage Association Certificates And Obligations Gnma Two [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 384 | |
Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | 35 | |
Level 3 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | ||
Equity securities | ||
Fixed income securities | ||
Total Plan investments | 2,637 | 2,670 |
Level 3 Inputs [Member] | Foreign Currencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | ||
Level 3 Inputs [Member] | Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | ||
Level 3 Inputs [Member] | Short Term Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash equivalents | ||
Level 3 Inputs [Member] | Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | ||
Level 3 Inputs [Member] | Depository Receipts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | ||
Level 3 Inputs [Member] | Commingled Pension Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | ||
Fixed income securities | ||
Other investments | 2,637 | 2,670 |
Level 3 Inputs [Member] | Exchange Traded Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | ||
Level 3 Inputs [Member] | Collateralized Mortgage Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | ||
Level 3 Inputs [Member] | All Other Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | ||
Level 3 Inputs [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | ||
Level 3 Inputs [Member] | Federal National Mortgage Association [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | ||
Level 3 Inputs [Member] | Government National Mortgage Association Certificates And Obligations Gnma Two [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities | ||
Level 3 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fixed income securities |
Employee Benefit Plans (Comp111
Employee Benefit Plans (Components Of Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total recognized in accumulated other comprehensive loss | $ (16,939) | $ (17,605) |
Deferred tax benefit | 6,717 | 6,974 |
Amounts included in accumulated other comprehensive loss | (10,222) | (10,631) |
Defined Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | (16,966) | (17,715) |
Prior service credit (cost) | (12) | (32) |
Total recognized in accumulated other comprehensive loss | (16,978) | (17,747) |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | (198) | (162) |
Prior service credit (cost) | 237 | 304 |
Total recognized in accumulated other comprehensive loss | $ 39 | $ 142 |
Employee Benefit Plans (Chan112
Employee Benefit Plans (Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net loss | $ (938) | $ (926) | $ (159) |
Total recognized in other comprehensive income | 666 | 8 | |
Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain (loss) | (189) | (894) | |
Amortization of net loss | 938 | 926 | |
Amortization of prior service credit | 20 | 20 | |
Total recognized in other comprehensive income | 769 | 52 | |
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain (loss) | (53) | 7 | |
Amortization of net loss | 17 | 17 | |
Amortization of prior service credit | (67) | (68) | |
Total recognized in other comprehensive income | $ (103) | $ (44) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Apr. 15, 2015 |
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 | ||
Subordinated Notes Due April 15, 2030 [Member] | ||||
Long-term borrowings | $ 40,000,000 | $ 40,000,000 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 539,926 | $ 544,395 | |
Collateral Dependent Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | [1] | 901 | |
Loan Servicing Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,075 | ||
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | [1] | 107 | |
Measured On A Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 539,926 | 544,395 | |
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] | |||
Assets at fair value | 186,268 | 260,863 | |
Measured On A Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 353,467 | 283,314 | |
Measured On A Recurring Basis [Member] | Asset-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 191 | 218 | |
Measured On A Recurring 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 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] | |||
Assets at fair value | |||
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] | |||
Assets at fair value | |||
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] | |||
Assets at fair value | |||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 539,926 | 544,395 | |
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] | |||
Assets at fair value | 186,268 | 260,863 | |
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] | |||
Assets at fair value | 353,467 | 283,314 | |
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] | |||
Assets at fair value | 191 | 218 | |
Measured On A Nonrecurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 3,133 | 4,319 | |
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 | 1,050 | 1,430 | |
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 | 901 | 1,485 | |
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 | 1,075 | 1,241 | |
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 | 107 | 163 | |
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 | 1,050 | 1,430 | |
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 | 1,050 | 1,430 | |
Measured On A Nonrecurring Basis [Member] | Level 2 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 2 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 2 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 3 Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 2,083 | 2,889 | |
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 | 901 | 1,485 | |
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 | 1,075 | 1,241 | |
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 | $ 107 | $ 163 | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Quantitative Information About Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Collateral Dependent Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 901 | [1] |
Loan Servicing Rights [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 1,075 | |
Discount rate | 5.30% | [2] |
Constant prepayment rate | 10.20% | [2] |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 107 | [1] |
Minimum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 0.00% | [3] |
Minimum [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 38.00% | [3] |
Maximum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 50.00% | [3] |
Maximum [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 72.00% | [3] |
[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] | Weighted averages. | |
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. |
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 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 539,926 | $ 544,395 | |
Securities held to maturity, fair value | 539,991 | 490,064 | |
Carrying Amount [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 71,277 | 60,121 | |
Accrued interest receivable | 9,192 | 8,609 | |
Non-maturity deposits | 2,292,706 | 2,093,513 | |
Short-term borrowings | 331,500 | 293,100 | |
Accrued interest payable | 5,394 | 4,676 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 539,926 | 544,395 | |
Securities held to maturity, fair value | 543,338 | 485,717 | |
Loans held for sale | 1,050 | 1,430 | |
Loans | 2,308,326 | 2,055,192 | |
FHLB and FRB stock | 21,780 | 19,991 | |
Time deposits | 702,516 | 637,018 | |
Long-term borrowings | 39,061 | 38,990 | |
Carrying Amount [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | [1] | 901 | 1,485 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 71,277 | 60,121 | |
Accrued interest receivable | 9,192 | 8,609 | |
Non-maturity deposits | 2,292,706 | 2,093,513 | |
Short-term borrowings | 331,500 | 293,100 | |
Accrued interest payable | 5,394 | 4,676 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 539,926 | 544,395 | |
Securities held to maturity, fair value | 539,991 | 490,064 | |
Loans held for sale | 1,050 | 1,430 | |
Loans | 2,285,146 | 2,046,235 | |
FHLB and FRB stock | 21,780 | 19,991 | |
Time deposits | 701,097 | 636,159 | |
Long-term borrowings | 40,701 | 40,313 | |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | [1] | $ 901 | $ 1,485 |
[1] | Comprised of collateral dependent impaired loans. |
Parent Company Financial Inf117
Parent Company Financial Information (Condensed Statements Of Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Other assets | $ 64,029 | $ 63,248 | ||
Total assets | 3,710,340 | 3,381,024 | ||
Long-term borrowings, net of issuance costs of $939 and $1,010, respectively | 39,061 | 38,990 | ||
Other liabilities | 24,503 | 24,559 | ||
Shareholders' equity | 320,054 | 293,844 | $ 279,532 | $ 254,839 |
Total liabilities and shareholders' equity | 3,710,340 | 3,381,024 | ||
Debt issuance costs | 939 | 1,010 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and due from subsidiary | 16,516 | 15,787 | ||
Investment in and receivables due from subsidiary | 344,741 | 318,928 | ||
Other assets | 4,020 | 4,451 | ||
Total assets | 365,277 | 339,166 | ||
Long-term borrowings, net of issuance costs of $939 and $1,010, respectively | 39,061 | 38,990 | ||
Other liabilities | 6,162 | 6,332 | ||
Shareholders' equity | 320,054 | 293,844 | ||
Total liabilities and shareholders' equity | 365,277 | 339,166 | ||
Debt issuance costs | $ 939 | $ 1,010 |
Parent Company Financial Inf118
Parent Company Financial Information (Condensed Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense | $ 12,541 | $ 10,137 | $ 7,281 |
Income before income tax benefit and equity in undistributed earnings of subsidiary | 44,141 | 38,876 | 38,980 |
Income tax (expense) benefit | (12,210) | (10,539) | (9,625) |
Net income | 31,931 | 28,337 | 29,355 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiary and associated companies | 16,000 | 16,000 | 20,920 |
Management and service fees from subsidiary | 855 | 599 | 417 |
Other income | 1,296 | 1,175 | 74 |
Total income | 18,151 | 17,774 | 21,411 |
Interest expense | 2,471 | 1,750 | |
Operating expenses | 5,950 | 3,509 | 3,437 |
Total expenses | 8,421 | 5,259 | 3,437 |
Income before income tax benefit and equity in undistributed earnings of subsidiary | 9,730 | 12,515 | 17,974 |
Income tax (expense) benefit | 2,783 | 1,814 | 1,120 |
Income before equity in undistributed earnings of subsidiary | 12,513 | 14,329 | 19,094 |
Equity in undistributed earnings of subsidiary | 19,418 | 14,008 | 10,261 |
Net income | $ 31,931 | $ 28,337 | $ 29,355 |
Parent Company Financial Inf119
Parent Company Financial Information (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $ 31,931 | $ 28,337 | $ 29,355 |
Depreciation and amortization | 5,958 | 5,429 | 4,583 |
Share-based compensation | 845 | 674 | 471 |
(Increase) decrease in other assets | 2,027 | (545) | (1,606) |
Decrease in other liabilities | 257 | 376 | (2,991) |
Net cash provided by operating activities | 46,694 | 43,089 | 35,229 |
Purchases of premises and equipment | (7,619) | (7,493) | (5,330) |
Net cash paid for acquisition | 868 | 7,995 | |
Net cash used in investing activities | (326,677) | (305,874) | (153,490) |
Issuance of long-term debt, net of issuance costs | 40,000 | ||
Proceeds from stock options exercised | 964 | 359 | 667 |
Net cash provided by financing activities | 291,139 | 264,755 | 116,720 |
Net increase (decrease) in cash and cash equivalents | 11,156 | 1,970 | (1,541) |
Cash and cash equivalents, beginning of period | 60,121 | 58,151 | 59,692 |
Cash and cash equivalents, end of period | 71,277 | 60,121 | 58,151 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 31,931 | 28,337 | 29,355 |
Equity in undistributed earnings of subsidiary | (19,418) | (14,008) | (10,261) |
Depreciation and amortization | 148 | 97 | 48 |
Share-based compensation | 845 | 674 | 471 |
(Increase) decrease in other assets | 1,772 | (1,069) | 5,661 |
Decrease in other liabilities | (389) | (258) | (5,717) |
Net cash provided by operating activities | 14,889 | 13,773 | 19,557 |
Capital investment in Five Star Bank | (34,000) | ||
Purchases of premises and equipment | (1,290) | ||
Net cash paid for acquisition | (918) | (7,995) | |
Net cash used in investing activities | (2,208) | (34,000) | (7,995) |
Issuance of long-term debt, net of issuance costs | 38,940 | ||
Purchase of preferred and common shares | (202) | (196) | |
Proceeds from stock options exercised | 964 | 359 | 667 |
Dividends paid | (12,946) | (12,721) | (11,984) |
Other | 30 | 79 | |
Net cash provided by financing activities | (11,952) | 26,455 | (11,513) |
Net increase (decrease) in cash and cash equivalents | 729 | 6,228 | 49 |
Cash and cash equivalents, beginning of period | 15,787 | 9,559 | 9,510 |
Cash and cash equivalents, end of period | $ 16,516 | $ 15,787 | $ 9,559 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting (Business Seg
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 66,417 | $ 60,402 | $ 61,153 |
Other intangible assets, net | 9,223 | 6,544 | |
Assets | 3,710,340 | 3,381,024 | |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 48,536 | 48,536 | 48,536 |
Other intangible assets, net | 579 | 829 | |
Assets | 3,678,230 | 3,356,987 | |
Non-Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 17,881 | 11,866 | $ 12,617 |
Other intangible assets, net | 8,644 | 5,715 | |
Assets | 31,166 | 20,315 | |
Holding Company and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 944 | $ 3,722 |
Segment Reporting (Business 122
Segment Reporting (Business Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | $ 102,690 | $ 95,313 | $ 93,774 | ||
Provision for loan losses | (9,638) | (7,381) | (7,789) | ||
Noninterest income | 35,760 | 30,337 | 25,350 | ||
Noninterest expense | (84,671) | (79,393) | [1] | (72,355) | |
Income before income taxes | 44,141 | 38,876 | 38,980 | ||
Income tax (expense) benefit | (12,210) | (10,539) | (9,625) | ||
Net income | 31,931 | 28,337 | $ 29,355 | ||
Goodwill impairment | 751 | ||||
Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 105,161 | 97,063 | |||
Provision for loan losses | (9,638) | (7,381) | |||
Noninterest income | 26,457 | 24,734 | |||
Noninterest expense | (73,056) | (71,599) | [1] | ||
Income before income taxes | 48,924 | 42,817 | |||
Income tax (expense) benefit | (14,409) | (12,230) | |||
Net income | 34,515 | 30,587 | |||
Goodwill impairment | |||||
Non-Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest income | [2] | 8,567 | 4,969 | ||
Noninterest expense | [2] | (7,080) | (5,426) | [1] | |
Income before income taxes | [2] | 1,487 | (457) | ||
Income tax (expense) benefit | [2] | (584) | (121) | ||
Net income | [2] | 903 | (578) | ||
Goodwill impairment | 751 | ||||
Holding Company and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | (2,471) | (1,750) | |||
Noninterest income | 736 | 634 | |||
Noninterest expense | (4,535) | (2,368) | [1] | ||
Income before income taxes | (6,270) | (3,484) | |||
Income tax (expense) benefit | 2,783 | 1,812 | |||
Net income | $ (3,487) | $ (1,672) | |||
[1] | Non-Banking segment includes SDN reporting unit goodwill impairment of $751 thousand. | ||||
[2] | Reflects activity from Courier Capital since January 5, 2016, the date of acquisition. |