Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
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 | 14,540,815 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 149,699 | $ 71,277 |
Securities available for sale, at fair value | 540,406 | 539,926 |
Securities held to maturity, at amortized cost (fair value of $544,438 and $539,991, respectively) | 545,381 | 543,338 |
Loans held for sale | 2,097 | 1,050 |
Loans (net of allowance for loan losses of $31,081 and $30,934, respectively) | 2,371,546 | 2,309,227 |
Company owned life insurance | 63,907 | 63,455 |
Premises and equipment, net | 46,525 | 42,398 |
Goodwill and other intangible assets, net | 75,343 | 75,640 |
Other assets | 64,961 | 64,029 |
Total assets | 3,859,865 | 3,710,340 |
Deposits: | ||
Noninterest-bearing demand | 666,332 | 677,076 |
Interest-bearing demand | 698,962 | 581,436 |
Savings and money market | 1,069,901 | 1,034,194 |
Time deposits | 734,464 | 702,516 |
Total deposits | 3,169,659 | 2,995,222 |
Short-term borrowings | 303,300 | 331,500 |
Long-term borrowings, net of issuance costs of $922 and $939, respectively | 39,078 | 39,061 |
Other liabilities | 22,140 | 24,503 |
Total liabilities | 3,534,177 | 3,390,286 |
Shareholders' equity: | ||
Total preferred equity | 17,340 | 17,340 |
Common stock, $0.01 par value; 50,000,000 shares authorized; 14,692,214 shares issued | 147 | 147 |
Additional paid-in capital | 81,901 | 81,755 |
Retained earnings | 242,501 | 237,687 |
Accumulated other comprehensive loss | (13,186) | (13,951) |
Treasury stock, at cost - 156,199 and 154,617 shares, respectively | (3,015) | (2,924) |
Total shareholders' equity | 325,688 | 320,054 |
Total liabilities and shareholders' equity | 3,859,865 | 3,710,340 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Securities held to maturity, fair value | $ 544,438 | $ 539,991 |
Loans, allowance for loan losses | 31,081 | 30,934 |
Debt issuance costs | $ 922 | $ 939 |
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 | 14,692,214 |
Treasury stock, shares | 156,199 | 154,617 |
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 | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income: | ||
Interest and fees on loans | $ 24,616 | $ 22,057 |
Interest and dividends on investment securities | 5,897 | 5,578 |
Other interest income | 25 | |
Total interest income | 30,538 | 27,635 |
Interest expense: | ||
Deposits | 2,231 | 1,959 |
Short-term borrowings | 694 | 339 |
Long-term borrowings | 618 | 618 |
Total interest expense | 3,543 | 2,916 |
Net interest income | 26,995 | 24,719 |
Provision for loan losses | 2,781 | 2,368 |
Net interest income after provision for loan losses | 24,214 | 22,351 |
Noninterest income: | ||
Service charges on deposits | 1,745 | 1,724 |
Insurance income | 1,431 | 1,672 |
ATM and debit card | 1,329 | 1,325 |
Investment advisory | 1,431 | 1,243 |
Company owned life insurance | 445 | 1,368 |
Investments in limited partnerships | (30) | 56 |
Loan servicing | 120 | 116 |
Net gain on sale of loans held for sale | 48 | 78 |
Net gain on investment securities | 206 | 613 |
Net (loss) gain on other assets | (2) | 4 |
Other | 1,113 | 1,018 |
Total noninterest income | 7,836 | 9,217 |
Noninterest expense: | ||
Salaries and employee benefits | 11,369 | 11,614 |
Occupancy and equipment | 3,964 | 3,625 |
Professional services | 1,199 | 1,447 |
Computer and data processing | 1,171 | 1,087 |
Supplies and postage | 537 | 594 |
FDIC assessments | 457 | 436 |
Advertising and promotions | 278 | 427 |
Amortization of intangibles | 297 | 322 |
Other | 1,670 | 1,666 |
Total noninterest expense | 20,942 | 21,218 |
Income before income taxes | 11,108 | 10,350 |
Income tax expense | 3,165 | 2,732 |
Net income | 7,943 | 7,618 |
Preferred stock dividends | 365 | 365 |
Net income available to common shareholders | $ 7,578 | $ 7,253 |
Earnings per common share (Note 3): | ||
Basic | $ 0.52 | $ 0.50 |
Diluted | 0.52 | 0.50 |
Cash dividends declared per common share | $ 0.21 | $ 0.20 |
Weighted average common shares outstanding: | ||
Basic | 14,479 | 14,395 |
Diluted | 14,528 | 14,465 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 7,943 | $ 7,618 |
Other comprehensive income, net of tax: | ||
Net unrealized gains on securities available for sale | 594 | 7,083 |
Pension and post-retirement obligations | 171 | 139 |
Total other comprehensive income, net of tax | 765 | 7,222 |
Comprehensive income | $ 8,708 | $ 14,840 |
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 Loss [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2015 | $ 17,340 | $ 144 | $ 72,690 | $ 218,920 | $ (11,327) | $ (3,923) | $ 293,844 | ||||
Comprehensive income: | |||||||||||
Net income | 7,618 | 7,618 | |||||||||
Other comprehensive income, net of tax | 7,222 | 7,222 | |||||||||
Common stock issued | 3 | 8,097 | 8,100 | ||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 129 | 129 | |||||||||
Stock options exercised | 2 | 286 | 288 | ||||||||
Restricted stock awards forfeited | 92 | (92) | |||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (1) | $ (1) | $ (364) | $ (364) | |||||||
Common stock dividends per share | (2,883) | (2,883) | |||||||||
Balance at Mar. 31, 2016 | 17,340 | 147 | 81,010 | 223,290 | (4,105) | (3,729) | 313,953 | ||||
Cumulative-effect adjustment | (279) | 279 | |||||||||
Balance at Dec. 31, 2016 | 17,340 | 147 | 81,755 | 237,687 | (13,951) | (2,924) | 320,054 | ||||
Adjusted Balance at Dec. 31, 2016 | 17,340 | 147 | 81,476 | 237,966 | (13,951) | (2,924) | 320,054 | ||||
Comprehensive income: | |||||||||||
Net income | 7,943 | 7,943 | |||||||||
Other comprehensive income, net of tax | 765 | 765 | |||||||||
Purchases of common stock for treasury | (148) | (148) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 239 | 239 | |||||||||
Stock options exercised | 4 | 239 | 243 | ||||||||
Restricted stock awards forfeited | 182 | (182) | |||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (1) | $ (1) | $ (364) | $ (364) | |||||||
Common stock dividends per share | (3,043) | (3,043) | |||||||||
Balance at Mar. 31, 2017 | $ 17,340 | $ 147 | $ 81,901 | $ 242,501 | $ (13,186) | $ (3,015) | $ 325,688 |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Common stock dividends per share, declared | $ 0.21 | $ 0.20 |
Series A 3% Preferred Stock [Member] | ||
Preferred stock dividends per share, declared | $ 0.75 | $ 0.75 |
Preferred stock, dividend percentage | 3.00% | 3.00% |
Series B-1 8.48% Preferred Stock [Member] | ||
Preferred stock dividends per share, declared | $ 2.12 | $ 2.12 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 7,943 | $ 7,618 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,477 | 1,487 |
Net amortization of premiums on securities | 824 | 714 |
Provision for loan losses | 2,781 | 2,368 |
Share-based compensation | 239 | 129 |
Deferred income tax expense | 679 | 131 |
Proceeds from sale of loans held for sale | 1,663 | 4,144 |
Originations of loans held for sale | (2,662) | (3,245) |
Income on company owned life insurance | (445) | (1,368) |
Net gain on sale of loans held for sale | (48) | (78) |
Net gain on investment securities | (206) | (613) |
Net loss (gain) on other assets | 2 | (4) |
(Increase) decrease in other assets | (2,013) | 5,804 |
Decrease in other liabilities | (2,937) | (127) |
Net cash provided by operating activities | 7,297 | 16,960 |
Cash flows from investing activities: | ||
Purchases of available for sale securities | (22,544) | (119,597) |
Purchases of held to maturity securities | (16,276) | (3,612) |
Proceeds from principal payments, maturities and calls on available for sale securities | 10,566 | 48,280 |
Proceeds from principal payments, maturities and calls on held to maturity securities | 14,470 | 12,381 |
Proceeds from sales of securities available for sale | 12,350 | 17,627 |
Net loan originations | (65,100) | (33,297) |
Proceeds from company owned life insurance, net of purchases | (7) | 2,451 |
Proceeds from sales of other assets | 27 | 109 |
Purchases of premises and equipment | (5,290) | (2,460) |
Cash consideration paid for acquisition, net of cash acquired | (868) | |
Net cash used in investing activities | (71,804) | (78,986) |
Cash flows from financing activities: | ||
Net increase in deposits | 174,437 | 229,646 |
Net decrease in short-term borrowings | (28,200) | (113,900) |
Purchases of common stock for treasury | (148) | |
Proceeds from stock options exercised | 243 | 288 |
Cash dividends paid to common and preferred shareholders | (3,403) | (3,185) |
Net cash provided by financing activities | 142,929 | 112,849 |
Net increase in cash and cash equivalents | 78,422 | 50,823 |
Cash and cash equivalents, beginning of period | 71,277 | 60,121 |
Cash and cash equivalents, end of period | 149,699 | 110,944 |
Supplemental information: | ||
Cash paid for interest | 2,597 | 2,096 |
Cash paid for income taxes | 4,500 | 500 |
Noncash investing and financing activities: | ||
Real estate and other assets acquired in settlement of loans | 140 | |
Accrued and declared unpaid dividends | 3,408 | 3,248 |
Increase (decrease) in net unsettled security purchases | $ 740 | (170) |
Common stock issued for acquisition | 8,100 | |
Assets acquired and liabilities assumed in business combinations: | ||
Fair value of assets acquired | 4,848 | |
Fair value of liabilities assumed | $ 1,845 |
Basis of Presentation And Summa
Basis of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation And Summary Of Significant Accounting Policies | (1.) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Financial Institutions, Inc. (the "Company") is a financial holding company organized in 1931 under the laws of New York State ("New York"). The Company provides diversified financial services through its subsidiaries, Five Star Bank, Scott Danahy Naylon, LLC ("SDN") and Courier Capital, LLC ("Courier Capital"). The Company offers a broad array of deposit, lending and other financial services to individuals, municipalities and businesses in Western and Central New York through its wholly-owned New York chartered banking subsidiary, Five Star Bank (the "Bank"). The Bank also has indirect lending network relationships with franchised automobile dealers in the Capital District of New York and Northern and Central Pennsylvania. SDN provides a broad range of insurance services to personal and business clients across 45 nine Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated statements of financial condition, income, comprehensive income, changes in shareholders' equity and cash flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company's 2016 Annual Report on Form 10-K for the year ended December 31, 2016. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year . Reclassifications Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Such reclassifications did not impact net income or shareholders' equity as previously reported. Subsequent Events 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. Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates relate to the determination of the allowance for loan losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. 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 recently deferred for one year to the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted as of the original effective date – interim and annual periods beginning on or after December 15, 2016. The Company is assessing the impact of ASU 2014-09 on its 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 public business 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 public business 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 a reporting organization 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 organization 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 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 for public business entities. 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 could previously for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The adoption of ASU 2016-09 did not 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. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 provides guidance on the following eight specific cash flow issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. As this guidance only affects the classification within the statement of cash flows, this ASU is not expected to have a significant impact on the Company's financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, an entity will recognize an impairment charge for the amount by which the carrying value exceeds the fair value. This standard is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is assessing the impact of ASU 2017-04 on its financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which provides additional guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The amendments in this ASU require that an employer report the service cost component of the net periodic benefit costs in the same income statement line item as other compensation costs arising from services rendered by employees during the period. The non-service-cost components of net periodic benefit costs are to be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The ASU also allows for the capitalization of the service cost components, when applicable (i.e., as a cost of internally manufactured inventory or a self-constructed asset). The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods; early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The amendments in this ASU are to be applied retrospectively. The company is assessing the impact of ASU 2017-07 on its financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities . These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is assessing the impact of ASU 2017-08 on its financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2017 | |
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 Consideration for the acquisition totaled $ 9.0 8.1 918 2.8 2.2 two 1.3 As a result of the acquisition, the Company recorded goodwill of $6.0 million and other intangible assets of $3.9 million. The goodwill is not expected to be deductible for income tax purposes . Pro forma results of operations for this acquisition have not been presented because the effect of this acquisition was not material to the Company's consolidated financial statements. This acquisition was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The following table 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 |
Earnings Per Common Share ("EPS
Earnings Per Common Share ("EPS) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Common Share ("EPS) [Abstract] | |
Earnings Per Common Share ("EPS) | (3.) EARNINGS PER COMMON SHARE ("EPS") The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts). Three months ended March 31, 2017 2016 Net income available to common shareholders $ 7,578 $ 7,253 Weighted average common shares outstanding: Total shares issued 14,692 14,679 Unvested restricted stock awards (56 ) (79 ) Treasury shares (157 ) (205 ) Total basic weighted average common shares outstanding 14,479 14,395 Incremental shares from assumed: Exercise of stock options 15 27 Vesting of restricted stock awards 34 43 Total diluted weighted average common shares outstanding 14,528 14,465 Basic earnings per common share $ 0.52 $ 0.50 Diluted earnings per common share $ 0.52 $ 0.50 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 - - Restricted stock awards 5 - Total 5 - |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investment Securities [Abstract] | |
Investment Securities | (4.) INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2017 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 190,793 $ 595 $ 1,173 $ 190,215 Mortgage-backed securities: Federal National Mortgage Association 303,388 842 4,008 300,222 Federal Home Loan Mortgage Corporation 34,362 106 808 33,660 Government National Mortgage Association 14,598 313 18 14,893 Collateralized mortgage obligations: Federal National Mortgage Association 308 - 2 306 Federal Home Loan Mortgage Corporation 59 - 1 58 Privately issued - 819 - 819 Total mortgage-backed securities 352,715 2,080 4,837 349,958 Asset-backed securities - 233 - 233 Total available for sale securities $ 543,508 $ 2,908 $ 6,010 $ 540,406 Securities held to maturity: State and political subdivisions 307,894 3,723 892 310,725 Mortgage-backed securities: Federal National Mortgage Association 10,290 - 121 10,169 Federal Home Loan Mortgage Corporation 3,270 - 154 3,116 Government National Mortgage Association 27,151 - 256 26,895 Collateralized mortgage obligations: Federal National Mortgage Association 85,474 21 1,433 84,062 Federal Home Loan Mortgage Corporation 98,029 75 1,791 96,313 Government National Mortgage Association 13,273 34 149 13,158 Total mortgage-backed securities 237,487 130 3,904 233,713 Total held to maturity securities $ 545,381 $ 3,853 $ 4,796 $ 544,438 December 31, 2016 Securities available for sale: U.S. Government agency 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 Investment securities with a total fair value of $ 937.3 Sales and calls of securities available for sale were as follows (in thousands): Three months ended March 31, 2017 2016 Proceeds from sales $ 12,350 $ 17,627 Gross realized gains 206 613 Gross realized losses - - The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2017 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 27 $ 27 Due from one to five years 145,749 145,749 Due after five years through ten years 302,203 300,102 Due after ten years 95,529 94,528 $ 543,508 $ 540,406 Debt securities held to maturity: Due in one year or less $ 51,256 $ 51,326 Due from one to five years 176,638 179,806 Due after five years through ten years 91,549 91,059 Due after ten years 225,938 222,247 $ 545,381 $ 544,438 Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands): Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2017 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 96,026 $ 1,171 $ 1,412 $ 2 $ 97,438 $ 1,173 Mortgage-backed securities: Federal National Mortgage Association 220,754 4,008 - - 220,754 4,008 Federal Home Loan Mortgage Corporation 28,799 808 - - 28,799 808 Government National Mortgage Association - - 1,053 18 1,053 18 Collateralized mortgage obligations: Federal National Mortgage Association 252 1 55 1 307 2 Federal Home Loan Mortgage Corporation 59 1 - - 59 1 Total mortgage-backed securities 249,864 4,818 1,108 19 250,972 4,837 Total available for sale securities 345,890 5,989 2,520 21 348,410 6,010 Securities held to maturity: State and political subdivisions 47,118 892 - - 47,118 892 Mortgage-backed securities: Federal National Mortgage Association 10,169 121 - - 10,169 121 Federal Home Loan Mortgage Corporation 3,116 154 - - 3,116 154 Government National Mortgage Association 24,982 256 - - 24,982 256 Collateralized mortgage obligations: Federal National Mortgage Association 67,013 1,420 2,700 13 69,713 1,433 Federal Home Loan Mortgage Corporation 87,601 1,789 672 2 88,273 1,791 Government National Mortgage Association 8,042 148 305 1 8,347 149 Total mortgage-backed securities 200,923 3,888 3,677 16 204,600 3,904 Total held to maturity securities 248,041 4,780 3,677 16 251,718 4,796 Total temporarily impaired securities $ 593,931 $ 10,769 $ 6,197 $ 37 $ 600,128 $ 10,806 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 The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2017 was 360 463 15 345 9 454 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 then available to management. There was no impairment recorded during the three months ended March 31, 2017 and 2016. Based on management's review and evaluation of the Company's debt securities as of March 31, 2017, the debt securities with unrealized losses were not considered to be OTTI. As of March 31, 2017, the Company did not intend to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of March 31, 2017, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company's consolidated statements of income. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2017 | |
Loans [Abstract] | |
Loans | (5.) LOANS The Company's loan portfolio consisted of the following as of the dates indicated (in thousands): Principal Net Deferred Amount Loan (Fees) Outstanding Costs Loans, Net March 31, 2017 Commercial business $ 374,992 $ 526 $ 375,518 Commercial mortgage 676,455 (1,448 ) 675,007 Residential real estate loans 421,614 6,557 428,171 Residential real estate lines 118,056 2,818 120,874 Consumer indirect 758,761 27,359 786,120 Other consumer 16,762 175 16,937 Total $ 2,366,640 $ 35,987 2,402,627 Allowance for loan losses (31,081 ) Total loans, net $ 2,371,546 December 31, 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 Loans held for sale (not included above) were comprised entirely of residential real estate mortgages and totaled $2.1 million and $1.1 million as of March 31, 2017 and December 31, 2016, respectively. Past Due Loans Aging The Company's recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of the dates indicated (in thousands): Greater 30-59 Days 60-89 Days Than 90 Total Past Past Due Past Due Days Due Nonaccrual Current Total Loans March 31, 2017 Commercial business $ 976 $ 97 $ - $ 1,073 $ 3,753 $ 370,166 $ 374,992 Commercial mortgage 99 - - 99 1,267 675,089 676,455 Residential real estate loans 1,052 198 - 1,250 1,601 418,763 421,614 Residential real estate lines 202 63 - 265 336 117,455 118,056 Consumer indirect 1,239 303 - 1,542 1,040 756,179 758,761 Other consumer 71 12 10 93 13 16,656 16,762 Total loans, gross $ 3,639 $ 673 $ 10 $ 4,322 $ 8,010 $ 2,354,308 $ 2,366,640 December 31, 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 There were no Troubled Debt Restructurings A modification of a loan constitutes a troubled debt restructuring ("TDR") when a borrower is experiencing financial difficulty and the modification constitutes a concession. Commercial loans modified in a TDR may involve temporary interest-only payments, term extensions, reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, collateral concessions, forgiveness of principal, forebearance agreements, or substituting or adding a new borrower or guarantor. The following table presents information related to loans modified in a TDR during the quarterly periods indicated (dollars in thousands). Pre Post Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment March 31, 2017 Commercial business - $ - $ - Commercial mortgage - - - Total - $ - $ - March 31, 2016 Commercial business 2 $ 312 $ 312 Commercial mortgage 1 550 550 Total 3 $ 862 $ 862 The loans identified as TDRs by the Company during the three month period ended March 31, 2016 were previously reported as impaired loans prior to restructuring. All loans restructured during the three months ended March 31, 2016 were on nonaccrual status at the end of those respective periods. The modifications related to collateral concessions. 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 within the previous 12 months that defaulted during the three months ended March 31, 2017 or 2016. For purposes of this disclosure, a loan modified as a TDR is considered to have defaulted when the borrower becomes 90 days past due. Impaired Loans Management has determined that specific commercial loans on nonaccrual status and all loans that have had their terms restructured in a troubled debt restructuring are impaired loans. The following table presents the recorded investment, unpaid principal balance and related allowance of impaired loans as of the dates indicated and average recorded investment and interest income recognized on impaired loans for the three month periods ended as of the dates indicated (in thousands): Unpaid Average Interest Recorded Principal Related Recorded Income Investment (1) Balance (1) Allowance Investment Recognized March 31, 2017 With no related allowance recorded: Commercial business $ 424 $ 625 $ - $ 686 $ - Commercial mortgage 589 589 - 620 - 1,013 1,214 - 1,306 - With an allowance recorded: Commercial business 3,329 3,329 1,897 2,296 - Commercial mortgage 678 678 126 432 - 4,007 4,007 2,023 2,728 - $ 5,020 $ 5,221 $ 2,023 $ 4,034 $ - December 31, 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 $ - (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 that do not meet the criteria above that are analyzed individually as part of the process described above are considered "uncriticized" or pass-rated loans and are included in groups of homogeneous loans with similar risk and loss characteristics. The following table sets forth the Company's commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands): Commercial Commercial Business Mortgage March 31, 2017 Uncriticized $ 351,108 $ 658,453 Special mention 10,636 11,660 Substandard 13,248 6,342 Doubtful - - Total $ 374,992 $ 676,455 December 31, 2016 Uncriticized $ 326,254 $ 652,550 Special mention 10,377 12,690 Substandard 12,448 6,312 Doubtful - - Total $ 349,079 $ 671,552 The Company utilizes payment status as a means of identifying and reporting problem and potential problem retail loans. The Company considers nonaccrual loans and loans past due greater than 90 days and still accruing interest to be non-performing. The following table sets forth the Company's retail loan portfolio, categorized by payment status, as of the dates indicated (in thousands): Residential Residential Real Estate Real Estate Consumer Other Loans Lines Indirect Consumer March 31, 2017 Performing $ 420,013 $ 117,720 $ 757,721 $ 16,739 Non-performing 1,601 336 1,040 23 Total $ 421,614 $ 118,056 $ 758,761 $ 16,762 December 31, 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 Allowance for Loan Losses The following tables set forth the changes in the allowance for loan losses for the three month periods ended as of the dates indicated (in thousands): Residential Residential Commercial Commercial Real Estate Real Estate Consumer Other Business Mortgage Loans Lines Indirect Consumer Total March 31, 2017 Allowance for loan losses: Beginning balance $ 7,225 $ 10,315 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,934 Charge-offs (1,122 ) (10 ) (14 ) (43 ) (2,809 ) (203 ) (4,201 ) Recoveries 158 214 40 10 1,051 94 1,567 Provision 7,742 (6,852 ) (64 ) (56 ) 1,909 102 2,781 Ending balance $ 14,003 $ 3,667 $ 1,440 $ 214 $ 11,462 $ 295 $ 31,081 Evaluated for impairment: Individually $ 1,842 $ 120 $ - $ - $ - $ - $ 1,962 Collectively $ 12,161 $ 3,547 $ 1,440 $ 214 $ 11,462 $ 295 $ 29,119 Loans: Ending balance $ 374,992 $ 676,455 $ 421,614 $ 118,056 $ 758,761 $ 16,762 $ 2,366,640 Evaluated for impairment: Individually $ 3,549 $ 1,195 $ - $ - $ - $ - $ 4,744 Collectively $ 371,443 $ 675,260 $ 421,614 $ 118,056 $ 758,761 $ 16,762 $ 2,361,896 March 31, 2016 Allowance for loan losses: Beginning balance $ 5,540 $ 9,027 $ 1,347 $ 345 $ 10,458 $ 368 $ 27,085 Charge-offs (602 ) (4 ) (46 ) (4 ) (2,498 ) (157 ) (3,311 ) Recoveries 100 5 25 4 1,170 122 1,426 Provision (credit) 398 687 58 - 1,167 58 2,368 Ending balance $ 5,436 $ 9,715 $ 1,384 $ 345 $ 10,297 $ 391 $ 27,568 Evaluated for impairment: Individually $ 791 $ 120 $ - $ - $ - $ - $ 911 Collectively $ 4,645 $ 9,595 $ 1,384 $ 345 $ 10,297 $ 391 $ 26,657 Loans: Ending balance $ 317,420 $ 591,800 $ 377,406 $ 123,894 $ 655,348 $ 17,889 $ 2,083,757 Evaluated for impairment: Individually $ 3,924 $ 1,730 $ - $ - $ - $ - $ 5,654 Collectively $ 313,496 $ 590,070 $ 377,406 $ 123,894 $ 655,348 $ 17,889 $ 2,078,103 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. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | (6.) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The carrying amount of goodwill totaled $66.4 million as of March 31, 2017 and December 31, 2016. The Company performs a goodwill impairment test on an annual basis as of September 30 th or more frequently if events and circumstances warrant. Banking Non-Banking Total Balance, December 31, 2016 $ 48,536 $ 17,881 $ 66,417 No activity during the period - - - Balance, March 31, 2017 $ 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 (primarily related to customer relationships). Changes in the gross carrying amount, accumulated amortization and net book value, were as follows (in thousands): March 31, December 31, 2017 2016 Other intangibles assets: Gross carrying amount $ 12,610 $ 12,610 Accumulated amortization (3,684 ) (3,387 ) Net book value $ 8,926 $ 9,223 Amortization expense for total other intangible assets was $ 297 322 2017 (remainder of year) $ 847 2018 1,035 2019 937 2020 840 2021 738 2022 663 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | (7.) SHAREHOLDERS' EQUITY Common Stock The changes in shares of common stock were as follows for the three month periods ended March 31, 2017 and 2016: Outstanding Treasury Issued March 31, 2017 Shares outstanding at December 31, 2016 14,537,597 154,617 14,692,214 Restricted stock awards forfeited (9,759 ) 9,759 - Stock options exercised 12,500 (12,500 ) - Treasury stock purchases (4,323 ) 4,323 - Shares outstanding at March 31, 2017 14,536,015 156,199 14,692,214 March 31, 2016 Shares outstanding at December 31, 2015 14,190,192 207,317 14,397,509 Common stock issued for acquisition 294,705 - 294,705 Restricted stock awards forfeited (4,914 ) 4,914 - Stock options exercised 15,100 (15,100 ) - Shares outstanding at March 31, 2016 14,495,083 197,131 14,692,214 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (8.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of other comprehensive income (loss) for the three month periods ended March 31, 2017 and 2016 (in thousands): Pre Net Amount Tax Effect Amount March 31, 2017 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 1,170 $ 451 $ 719 Reclassification adjustment for net gains included in net income (1) (203 ) (78 ) (125 ) Total securities available for sale and transferred securities 967 373 594 Pension and post-retirement obligations: Amortization of prior service credit included in income (13 ) (4 ) (9 ) Amortization of net actuarial loss included in income 292 112 180 Total pension and post-retirement obligations 279 108 171 Other comprehensive income $ 1,246 $ 481 $ 765 March 31, 2016 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 12,196 $ 4,706 $ 7,490 Reclassification adjustment for net gains included in net income (1) (662 ) (255 ) (407 ) Total securities available for sale and transferred securities 11,534 4,451 7,083 Pension and post-retirement obligations: Amortization of prior service credit included in income (12 ) (5 ) (7 ) Amortization of net actuarial loss included in income 239 93 146 Total pension and post-retirement obligations 227 88 139 Other comprehensive income $ 11,761 $ 4,539 $ 7,222 (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, for the three month periods ended March 31, 2017 and 2016 was as follows (in thousands): Securities Available for Pension and Accumulated Sale and Post Other Transferred retirement Comprehensive Securities Obligations Income (Loss) March 31, 2017 Balance at beginning of year $ (3,729 ) $ (10,222 ) $ (13,951 ) Other comprehensive income (loss) before reclassifications 719 - 719 Amounts reclassified from accumulated other comprehensive income (loss) (125 ) 171 46 Net current period other comprehensive income (loss) 594 171 765 Balance at end of period $ (3,135 ) $ (10,051 ) $ (13,186 ) March 31, 2016 Balance at beginning of year $ (696 ) $ (10,631 ) $ (11,327 ) Other comprehensive income (loss) before reclassifications 7,490 - 7,490 Amounts reclassified from accumulated other comprehensive income (loss) (407 ) 139 (268 ) Net current period other comprehensive income (loss) 7,083 139 7,222 Balance at end of period $ 6,387 $ (10,492 ) $ (4,105 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2017 and 2016 (in thousands): Amount Reclassified from Accumulated Other Details About Accumulated Other Comprehensive Affected Line Item in the Comprehensive Income (Loss) Components Income (Loss) Consolidated Statement of Income Three months ended March 31, 2017 2016 Realized gain on sale of investment securities $ 206 $ 613 Net gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (3 ) 49 Interest income 203 662 Total before tax (78 ) (255 ) Income tax expense 125 407 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 13 12 Salaries and employee benefits Net actuarial losses (1) (292 ) (239 ) Salaries and employee benefits (279 ) (227 ) Total before tax 108 88 Income tax benefit (171 ) (139 ) Net of tax Total reclassified for the period $ (46 ) $ 268 (1) These items are included in the computation of net periodic pension expense. See Note 10 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | (9.) SHARE-BASED COMPENSATION PLANS 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 "MD&C Committee") of the Board. The share-based compensation plans were established to allow for the grant of compensation awards to attract, motivate and retain employees, executive officers and non-employee directors who contribute to the 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 MD&C Committee approved the grant of restricted stock units ("RSUs") and performance share units ("PSUs") shown in the table below to certain members of management during the first quarter of 2017. Weighted Average Number of Per Share Underlying Grant Date Shares Fair Value RSUs 25,331 $ 32.22 PSUs 12,531 33.07 The grant-date fair value for the RSUs granted during the three month period ended March 31, 2017 is equal to the closing market price of our common stock on the date of grant reduced by the present value of the dividends expected to be paid on the underlying shares. The number of PSUs that ultimately vest is contingent on achieving specified total shareholder return ("TSR") targets relative to the SNL Small Cap Bank & Thrift Index, a market index the MD&C Committee has selected as a peer group for this purpose. The shares will be earned based on the Company's achievement of a relative TSR performance requirement, on a percentile basis, compared to the SNL Small Cap Bank & Thrift Index over a three The grant-date fair value of the PSUs granted during the three month period ended March 31, 2017 was determined using the Monte Carlo simulation model on the date of grant, assuming the following (i) expected term of 2.85 1.45 2.41 21.9 The Company previously granted restricted stock awards to certain members of management. There were no restricted stock awards granted during the quarter ended March 31, 2017. The following is a summary of restricted stock award and restricted stock units activity for the three month period ended March 31, 2017: Weighted Average Market Number of Price at Shares Grant Date Outstanding at beginning of year 114,565 $ 19.90 Granted 41,229 31.82 Vested (16,393 ) 21.19 Forfeited (10,159 ) 11.56 Outstanding at end of period 129,242 $ 24.20 At March 31, 2017, there was $ 2.2 2.4 The Company uses the Black-Scholes valuation method to estimate the fair value of its stock option awards. There were no Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at beginning of year 49,099 $ 19.00 Exercised (12,500 ) 19.44 Expired - - Outstanding and exercisable at end of period 36,599 $ 18.85 0.8 $ 516 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 three months ended March 31, 2017 and 2016 was $ 180 126 243 288 The Company amortizes the expense related to stock-based compensation awards over the vesting period. Share-based compensation expense is recorded as a component of salaries and employee benefits in the consolidated statements of income for awards granted to management and as a component of other noninterest expense for awards granted to directors. The share-based compensation expense included in the consolidated statements of income, is as follows (in thousands): Three months ended March 31, 2017 2016 Salaries and employee benefits $ 207 $ 98 Other noninterest expense 32 31 Total share-based compensation expense $ 239 $ 129 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (10.) EMPLOYEE BENEFIT PLANS The components of the Company's net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands): Three months ended March 31, 2017 2016 Service cost $ 785 $ 721 Interest cost on projected benefit obligation 613 601 Expected return on plan assets (1,194 ) (1,150 ) Amortization of unrecognized prior service credit (13 ) (12 ) Amortization of unrecognized net actuarial loss 292 239 Net periodic benefit expense $ 483 $ 399 The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company's funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2017 fiscal year. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (11.) COMMITMENTS AND CONTINGENCIES The Company has financial instruments with off-balance sheet risk established in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk extending beyond amounts recognized in the financial statements. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is essentially the same as that involved with extending loans to customers. The Company uses the same credit underwriting policies in making commitments and conditional obligations as for on-balance sheet instruments. Off-balance sheet commitments consist of the following (in thousands): March 31, December 31, 2017 2016 Commitments to extend credit $ 536,312 $ 555,713 Standby letters of credit 13,232 12,689 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 which 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. Forward sales commitments totaled $ 413 no |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (12.) FAIR VALUE MEASUREMENTS Determination of Fair Value – Assets Measured at Fair Value on a Recurring and Nonrecurring Basis Valuation Hierarchy The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820, "Fair Value Measurements and Disclosures," establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. There have been no changes in the valuation techniques used during the current period. The fair value hierarchy is as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Transfers between levels of the fair value hierarchy are recorded as of the end of the reporting period. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the 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 tables present for each of the fair-value hierarchy levels the Company's assets that are measured at fair value on a recurring and non-recurring basis as of the dates indicated (in thousands). Quoted Prices in Active Markets for Significant Identical Other Significant Assets or Observable Unobservable Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total March 31, 2017 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ - $ 190,215 $ - $ 190,215 Mortgage-backed securities - 349,958 - 349,958 Asset-backed securities - 233 - 233 $ - $ 540,406 $ - $ 540,406 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 2,097 $ - $ 2,097 Collateral dependent impaired loans - - 1,769 1,769 Other assets: Loan servicing rights - - 1,046 1,046 Other real estate owned - - 58 58 $ - $ 2,097 $ 2,873 $ 4,970 December 31, 2016 Measured on a recurring basis: Securities available for sale: U.S. Government agency 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 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2017 and 2016. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the three month periods ended March 31, 2017 and 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 $ 1,769 Appraisal of collateral (1) Appraisal adjustments (2) 0 75 Loan servicing rights 1,046 Discounted cash flow Discount rate 5.4 % (3) Constant prepayment rate 6.9 % (3) Other real estate owned 58 Appraisal of collateral (1) Appraisal adjustments (2) 14 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 assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the three months ended March 31, 2017. Disclosures about Fair Value of Financial Instruments The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. The estimated fair value approximates carrying value for cash and cash equivalents, Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stock, accrued interest receivable, non-maturity deposits, short-term borrowings and accrued interest payable. Fair value estimates for other financial instruments not included elsewhere in this disclosure are discussed below. Securities held to maturity: The fair value of the Company's investment securities held to maturity is primarily measured using information from a third-party pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. Loans: The fair value of the Company's loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made for the same remaining maturities. Loans were first segregated by type such as commercial, residential mortgage, and consumer, and were then further segmented into fixed and variable rate and loan quality categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. Time deposits: The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company's time deposit liabilities do not take into consideration the value of the Company's long-term relationships with depositors, which may have significant value. Long-term borrowings: Long-term borrowings consist of $ 40 The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company's financial instruments as of the dates indicated. Level in March 31, 2017 December 31, 2016 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 149,699 $ 149,699 $ 71,277 $ 71,277 Securities available for sale Level 2 540,406 540,406 539,926 539,926 Securities held to maturity Level 2 545,381 544,438 543,338 539,991 Loans held for sale Level 2 2,097 2,097 1,050 1,050 Loans Level 2 2,369,777 2,343,479 2,308,326 2,285,146 Loans (1) Level 3 1,769 1,769 901 901 Accrued interest receivable Level 1 10,329 10,329 9,192 9,192 FHLB and FRB stock Level 2 20,511 20,511 21,780 21,780 Financial liabilities: Non-maturity deposits Level 1 2,435,195 2,435,195 2,292,706 2,292,706 Time deposits Level 2 734,464 732,294 702,516 701,097 Short-term borrowings Level 1 303,300 303,300 331,500 331,500 Long-term borrowings Level 2 39,078 41,518 39,061 40,701 Accrued interest payable Level 1 6,340 6,340 5,394 5,394 (1) Comprised of collateral dependent impaired loans. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | (13.) 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. 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 our business segments as of and for the periods indicated (in thousands). Holding Company and Consolidated Banking Non-Banking Other Totals March 31, 2017 Goodwill $ 48,536 $ 17,881 $ - $ 66,417 Other intangible assets, net 523 8,403 - 8,926 Total assets 3,826,805 30,942 2,118 3,859,865 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 Holding Company and Consolidated Banking Non (1) Other Totals Three months ended March 31, 2017 Net interest income (expense) $ 27,613 $ - $ (618 ) $ 26,995 Provision for loan losses (2,781 ) - - (2,781 ) Noninterest income 5,578 2,405 (147 ) 7,836 Noninterest expense (18,484 ) (1,834 ) (624 ) (20,942 ) Income (loss) before income taxes 11,926 571 (1,389 ) 11,108 Income tax (expense) benefit (3,573 ) (222 ) 630 (3,165 ) Net income (loss) $ 8,353 $ 349 $ (759 ) $ 7,943 Three months ended March 31, 2016 Net interest income (expense) $ 25,337 $ - $ (618 ) $ 24,719 Provision for loan losses (2,368 ) - - (2,368 ) Noninterest income 6,863 2,484 (130 ) 9,217 Noninterest expense (18,345 ) (1,806 ) (1,067 ) (21,218 ) Income (loss) before income taxes 11,487 678 (1,815 ) 10,350 Income tax (expense) benefit (3,101 ) (264 ) 633 (2,732 ) Net income (loss) $ 8,386 $ 414 $ (1,182 ) $ 7,618 (1) Includes activity from Courier Capital since January 5, 2016, the date of acquisition. |
Basis Of Presentation And Sum22
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations Financial Institutions, Inc. (the "Company") is a financial holding company organized in 1931 under the laws of New York State ("New York"). The Company provides diversified financial services through its subsidiaries, Five Star Bank, Scott Danahy Naylon, LLC ("SDN") and Courier Capital, LLC ("Courier Capital"). The Company offers a broad array of deposit, lending and other financial services to individuals, municipalities and businesses in Western and Central New York through its wholly-owned New York chartered banking subsidiary, Five Star Bank (the "Bank"). The Bank also has indirect lending network relationships with franchised automobile dealers in the Capital District of New York and Northern and Central Pennsylvania. SDN provides a broad range of insurance services to personal and business clients across 45 nine |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated statements of financial condition, income, comprehensive income, changes in shareholders' equity and cash flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company's 2016 Annual Report on Form 10-K for the year ended December 31, 2016. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year . |
Reclassifications | Reclassifications Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Such reclassifications did not impact net income or shareholders' equity as previously reported. |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions for potential recognition or disclosure through the day the financial statements were issued and determined there were no material recognizable subsequent events. |
Use Of Estimates | Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates relate to the determination of the allowance for loan losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. |
Recent Accounting Pronouncements | 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 recently deferred for one year to the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted as of the original effective date – interim and annual periods beginning on or after December 15, 2016. The Company is assessing the impact of ASU 2014-09 on its 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 public business 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 public business 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 a reporting organization 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 organization 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 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 for public business entities. 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 could previously for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The adoption of ASU 2016-09 did not 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. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 provides guidance on the following eight specific cash flow issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. As this guidance only affects the classification within the statement of cash flows, this ASU is not expected to have a significant impact on the Company's financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, an entity will recognize an impairment charge for the amount by which the carrying value exceeds the fair value. This standard is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is assessing the impact of ASU 2017-04 on its financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which provides additional guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The amendments in this ASU require that an employer report the service cost component of the net periodic benefit costs in the same income statement line item as other compensation costs arising from services rendered by employees during the period. The non-service-cost components of net periodic benefit costs are to be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The ASU also allows for the capitalization of the service cost components, when applicable (i.e., as a cost of internally manufactured inventory or a self-constructed asset). The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods; early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The amendments in this ASU are to be applied retrospectively. The company is assessing the impact of ASU 2017-07 on its financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities . These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is assessing the impact of ASU 2017-08 on its financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 |
Earnings Per Common Share ("E24
Earnings Per Common Share ("EPS) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Common Share ("EPS) [Abstract] | |
Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS | Three months ended March 31, 2017 2016 Net income available to common shareholders $ 7,578 $ 7,253 Weighted average common shares outstanding: Total shares issued 14,692 14,679 Unvested restricted stock awards (56 ) (79 ) Treasury shares (157 ) (205 ) Total basic weighted average common shares outstanding 14,479 14,395 Incremental shares from assumed: Exercise of stock options 15 27 Vesting of restricted stock awards 34 43 Total diluted weighted average common shares outstanding 14,528 14,465 Basic earnings per common share $ 0.52 $ 0.50 Diluted earnings per common share $ 0.52 $ 0.50 |
Shares Excluded From Computation Of Diluted EPS | Stock options - - Restricted stock awards 5 - Total 5 - |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investment Securities [Abstract] | |
Amortized Cost And Fair Value Of Investment Securities | Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2017 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 190,793 $ 595 $ 1,173 $ 190,215 Mortgage-backed securities: Federal National Mortgage Association 303,388 842 4,008 300,222 Federal Home Loan Mortgage Corporation 34,362 106 808 33,660 Government National Mortgage Association 14,598 313 18 14,893 Collateralized mortgage obligations: Federal National Mortgage Association 308 - 2 306 Federal Home Loan Mortgage Corporation 59 - 1 58 Privately issued - 819 - 819 Total mortgage-backed securities 352,715 2,080 4,837 349,958 Asset-backed securities - 233 - 233 Total available for sale securities $ 543,508 $ 2,908 $ 6,010 $ 540,406 Securities held to maturity: State and political subdivisions 307,894 3,723 892 310,725 Mortgage-backed securities: Federal National Mortgage Association 10,290 - 121 10,169 Federal Home Loan Mortgage Corporation 3,270 - 154 3,116 Government National Mortgage Association 27,151 - 256 26,895 Collateralized mortgage obligations: Federal National Mortgage Association 85,474 21 1,433 84,062 Federal Home Loan Mortgage Corporation 98,029 75 1,791 96,313 Government National Mortgage Association 13,273 34 149 13,158 Total mortgage-backed securities 237,487 130 3,904 233,713 Total held to maturity securities $ 545,381 $ 3,853 $ 4,796 $ 544,438 December 31, 2016 Securities available for sale: U.S. Government agency 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 |
Sales And Calls Of Securities Available For Sale | Three months ended March 31, 2017 2016 Proceeds from sales $ 12,350 $ 17,627 Gross realized gains 206 613 Gross realized losses - - |
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 $ 27 $ 27 Due from one to five years 145,749 145,749 Due after five years through ten years 302,203 300,102 Due after ten years 95,529 94,528 $ 543,508 $ 540,406 Debt securities held to maturity: Due in one year or less $ 51,256 $ 51,326 Due from one to five years 176,638 179,806 Due after five years through ten years 91,549 91,059 Due after ten years 225,938 222,247 $ 545,381 $ 544,438 |
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 March 31, 2017 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 96,026 $ 1,171 $ 1,412 $ 2 $ 97,438 $ 1,173 Mortgage-backed securities: Federal National Mortgage Association 220,754 4,008 - - 220,754 4,008 Federal Home Loan Mortgage Corporation 28,799 808 - - 28,799 808 Government National Mortgage Association - - 1,053 18 1,053 18 Collateralized mortgage obligations: Federal National Mortgage Association 252 1 55 1 307 2 Federal Home Loan Mortgage Corporation 59 1 - - 59 1 Total mortgage-backed securities 249,864 4,818 1,108 19 250,972 4,837 Total available for sale securities 345,890 5,989 2,520 21 348,410 6,010 Securities held to maturity: State and political subdivisions 47,118 892 - - 47,118 892 Mortgage-backed securities: Federal National Mortgage Association 10,169 121 - - 10,169 121 Federal Home Loan Mortgage Corporation 3,116 154 - - 3,116 154 Government National Mortgage Association 24,982 256 - - 24,982 256 Collateralized mortgage obligations: Federal National Mortgage Association 67,013 1,420 2,700 13 69,713 1,433 Federal Home Loan Mortgage Corporation 87,601 1,789 672 2 88,273 1,791 Government National Mortgage Association 8,042 148 305 1 8,347 149 Total mortgage-backed securities 200,923 3,888 3,677 16 204,600 3,904 Total held to maturity securities 248,041 4,780 3,677 16 251,718 4,796 Total temporarily impaired securities $ 593,931 $ 10,769 $ 6,197 $ 37 $ 600,128 $ 10,806 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 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans [Abstract] | |
Loan Portfolio | Principal Net Deferred Amount Loan (Fees) Outstanding Costs Loans, Net March 31, 2017 Commercial business $ 374,992 $ 526 $ 375,518 Commercial mortgage 676,455 (1,448 ) 675,007 Residential real estate loans 421,614 6,557 428,171 Residential real estate lines 118,056 2,818 120,874 Consumer indirect 758,761 27,359 786,120 Other consumer 16,762 175 16,937 Total $ 2,366,640 $ 35,987 2,402,627 Allowance for loan losses (31,081 ) Total loans, net $ 2,371,546 December 31, 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 |
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 March 31, 2017 Commercial business $ 976 $ 97 $ - $ 1,073 $ 3,753 $ 370,166 $ 374,992 Commercial mortgage 99 - - 99 1,267 675,089 676,455 Residential real estate loans 1,052 198 - 1,250 1,601 418,763 421,614 Residential real estate lines 202 63 - 265 336 117,455 118,056 Consumer indirect 1,239 303 - 1,542 1,040 756,179 758,761 Other consumer 71 12 10 93 13 16,656 16,762 Total loans, gross $ 3,639 $ 673 $ 10 $ 4,322 $ 8,010 $ 2,354,308 $ 2,366,640 December 31, 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 |
Information Related To Loans Modified In A TDR | Pre Post Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment March 31, 2017 Commercial business - $ - $ - Commercial mortgage - - - Total - $ - $ - March 31, 2016 Commercial business 2 $ 312 $ 312 Commercial mortgage 1 550 550 Total 3 $ 862 $ 862 |
Summary Of Impaired Loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment (1) Balance (1) Allowance Investment Recognized March 31, 2017 With no related allowance recorded: Commercial business $ 424 $ 625 $ - $ 686 $ - Commercial mortgage 589 589 - 620 - 1,013 1,214 - 1,306 - With an allowance recorded: Commercial business 3,329 3,329 1,897 2,296 - Commercial mortgage 678 678 126 432 - 4,007 4,007 2,023 2,728 - $ 5,020 $ 5,221 $ 2,023 $ 4,034 $ - December 31, 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 $ - (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 March 31, 2017 Uncriticized $ 351,108 $ 658,453 Special mention 10,636 11,660 Substandard 13,248 6,342 Doubtful - - Total $ 374,992 $ 676,455 December 31, 2016 Uncriticized $ 326,254 $ 652,550 Special mention 10,377 12,690 Substandard 12,448 6,312 Doubtful - - Total $ 349,079 $ 671,552 |
Retail Loan Portfolio Categorized By Payment Status | Residential Residential Real Estate Real Estate Consumer Other Loans Lines Indirect Consumer March 31, 2017 Performing $ 420,013 $ 117,720 $ 757,721 $ 16,739 Non-performing 1,601 336 1,040 23 Total $ 421,614 $ 118,056 $ 758,761 $ 16,762 December 31, 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 |
Changes In The Allowance For Loan Losses | Residential Residential Commercial Commercial Real Estate Real Estate Consumer Other Business Mortgage Loans Lines Indirect Consumer Total March 31, 2017 Allowance for loan losses: Beginning balance $ 7,225 $ 10,315 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,934 Charge-offs (1,122 ) (10 ) (14 ) (43 ) (2,809 ) (203 ) (4,201 ) Recoveries 158 214 40 10 1,051 94 1,567 Provision 7,742 (6,852 ) (64 ) (56 ) 1,909 102 2,781 Ending balance $ 14,003 $ 3,667 $ 1,440 $ 214 $ 11,462 $ 295 $ 31,081 Evaluated for impairment: Individually $ 1,842 $ 120 $ - $ - $ - $ - $ 1,962 Collectively $ 12,161 $ 3,547 $ 1,440 $ 214 $ 11,462 $ 295 $ 29,119 Loans: Ending balance $ 374,992 $ 676,455 $ 421,614 $ 118,056 $ 758,761 $ 16,762 $ 2,366,640 Evaluated for impairment: Individually $ 3,549 $ 1,195 $ - $ - $ - $ - $ 4,744 Collectively $ 371,443 $ 675,260 $ 421,614 $ 118,056 $ 758,761 $ 16,762 $ 2,361,896 March 31, 2016 Allowance for loan losses: Beginning balance $ 5,540 $ 9,027 $ 1,347 $ 345 $ 10,458 $ 368 $ 27,085 Charge-offs (602 ) (4 ) (46 ) (4 ) (2,498 ) (157 ) (3,311 ) Recoveries 100 5 25 4 1,170 122 1,426 Provision (credit) 398 687 58 - 1,167 58 2,368 Ending balance $ 5,436 $ 9,715 $ 1,384 $ 345 $ 10,297 $ 391 $ 27,568 Evaluated for impairment: Individually $ 791 $ 120 $ - $ - $ - $ - $ 911 Collectively $ 4,645 $ 9,595 $ 1,384 $ 345 $ 10,297 $ 391 $ 26,657 Loans: Ending balance $ 317,420 $ 591,800 $ 377,406 $ 123,894 $ 655,348 $ 17,889 $ 2,083,757 Evaluated for impairment: Individually $ 3,924 $ 1,730 $ - $ - $ - $ - $ 5,654 Collectively $ 313,496 $ 590,070 $ 377,406 $ 123,894 $ 655,348 $ 17,889 $ 2,078,103 |
Goodwill And Other Intangible27
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Other Intangible Assets [Abstract] | |
Changes In Carrying Amount Of Goodwill | Banking Non-Banking Total Balance, December 31, 2016 $ 48,536 $ 17,881 $ 66,417 No activity during the period - - - Balance, March 31, 2017 $ 48,536 $ 17,881 $ 66,417 |
Changes In The Accumulated Amortization And Net Book Value | March 31, December 31, 2017 2016 Other intangibles assets: Gross carrying amount $ 12,610 $ 12,610 Accumulated amortization (3,684 ) (3,387 ) Net book value $ 8,926 $ 9,223 |
Estimated Core Deposit Intangible Amortization Expense | 2017 (remainder of year) $ 847 2018 1,035 2019 937 2020 840 2021 738 2022 663 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Changes In Shares Of Common Stock | Outstanding Treasury Issued March 31, 2017 Shares outstanding at December 31, 2016 14,537,597 154,617 14,692,214 Restricted stock awards forfeited (9,759 ) 9,759 - Stock options exercised 12,500 (12,500 ) - Treasury stock purchases (4,323 ) 4,323 - Shares outstanding at March 31, 2017 14,536,015 156,199 14,692,214 March 31, 2016 Shares outstanding at December 31, 2015 14,190,192 207,317 14,397,509 Common stock issued for acquisition 294,705 - 294,705 Restricted stock awards forfeited (4,914 ) 4,914 - Stock options exercised 15,100 (15,100 ) - Shares outstanding at March 31, 2016 14,495,083 197,131 14,692,214 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Components Of Other Comprehensive Income (Loss) | Pre Net Amount Tax Effect Amount March 31, 2017 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 1,170 $ 451 $ 719 Reclassification adjustment for net gains included in net income (1) (203 ) (78 ) (125 ) Total securities available for sale and transferred securities 967 373 594 Pension and post-retirement obligations: Amortization of prior service credit included in income (13 ) (4 ) (9 ) Amortization of net actuarial loss included in income 292 112 180 Total pension and post-retirement obligations 279 108 171 Other comprehensive income $ 1,246 $ 481 $ 765 March 31, 2016 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 12,196 $ 4,706 $ 7,490 Reclassification adjustment for net gains included in net income (1) (662 ) (255 ) (407 ) Total securities available for sale and transferred securities 11,534 4,451 7,083 Pension and post-retirement obligations: Amortization of prior service credit included in income (12 ) (5 ) (7 ) Amortization of net actuarial loss included in income 239 93 146 Total pension and post-retirement obligations 227 88 139 Other comprehensive income $ 11,761 $ 4,539 $ 7,222 (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) March 31, 2017 Balance at beginning of year $ (3,729 ) $ (10,222 ) $ (13,951 ) Other comprehensive income (loss) before reclassifications 719 - 719 Amounts reclassified from accumulated other comprehensive income (loss) (125 ) 171 46 Net current period other comprehensive income (loss) 594 171 765 Balance at end of period $ (3,135 ) $ (10,051 ) $ (13,186 ) March 31, 2016 Balance at beginning of year $ (696 ) $ (10,631 ) $ (11,327 ) Other comprehensive income (loss) before reclassifications 7,490 - 7,490 Amounts reclassified from accumulated other comprehensive income (loss) (407 ) 139 (268 ) Net current period other comprehensive income (loss) 7,083 139 7,222 Balance at end of period $ 6,387 $ (10,492 ) $ (4,105 ) |
Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from Accumulated Other Details About Accumulated Other Comprehensive Affected Line Item in the Comprehensive Income (Loss) Components Income (Loss) Consolidated Statement of Income Three months ended March 31, 2017 2016 Realized gain on sale of investment securities $ 206 $ 613 Net gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (3 ) 49 Interest income 203 662 Total before tax (78 ) (255 ) Income tax expense 125 407 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 13 12 Salaries and employee benefits Net actuarial losses (1) (292 ) (239 ) Salaries and employee benefits (279 ) (227 ) Total before tax 108 88 Income tax benefit (171 ) (139 ) Net of tax Total reclassified for the period $ (46 ) $ 268 (1) These items are included in the computation of net periodic pension expense. See Note 10 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Share-Based Compensation Plans [Abstract] | |
Summary Of Restricted Stock Units And Performance Share Units Activity | Weighted Average Number of Per Share Underlying Grant Date Shares Fair Value RSUs 25,331 $ 32.22 PSUs 12,531 33.07 |
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 49,099 $ 19.00 Exercised (12,500 ) 19.44 Expired - - Outstanding and exercisable at end of period 36,599 $ 18.85 0.8 $ 516 |
Summary Of Restricted Stock Award Activity | Weighted Average Market Number of Price at Shares Grant Date Outstanding at beginning of year 114,565 $ 19.90 Granted 41,229 31.82 Vested (16,393 ) 21.19 Forfeited (10,159 ) 11.56 Outstanding at end of period 129,242 $ 24.20 |
Share-Based Compensation Expense Included In Consolidated Statements Of Income | Three months ended March 31, 2017 2016 Salaries and employee benefits $ 207 $ 98 Other noninterest expense 32 31 Total share-based compensation expense $ 239 $ 129 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Expense | Three months ended March 31, 2017 2016 Service cost $ 785 $ 721 Interest cost on projected benefit obligation 613 601 Expected return on plan assets (1,194 ) (1,150 ) Amortization of unrecognized prior service credit (13 ) (12 ) Amortization of unrecognized net actuarial loss 292 239 Net periodic benefit expense $ 483 $ 399 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Off-Balance Sheet Commitments | March 31, December 31, 2017 2016 Commitments to extend credit $ 536,312 $ 555,713 Standby letters of credit 13,232 12,689 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ - $ 190,215 $ - $ 190,215 Mortgage-backed securities - 349,958 - 349,958 Asset-backed securities - 233 - 233 $ - $ 540,406 $ - $ 540,406 Measured on a nonrecurring basis: Loans: Loans held for sale $ - $ 2,097 $ - $ 2,097 Collateral dependent impaired loans - - 1,769 1,769 Other assets: Loan servicing rights - - 1,046 1,046 Other real estate owned - - 58 58 $ - $ 2,097 $ 2,873 $ 4,970 December 31, 2016 Measured on a recurring basis: Securities available for sale: U.S. Government agency 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 |
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 $ 1,769 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 75% discount Loan servicing rights 1,046 Discounted cash flow Discount rate 5.4 % (3) Constant prepayment rate 6.9 % (3) Other real estate owned 58 Appraisal of collateral (1) Appraisal adjustments (2) 14% - 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 March 31, 2017 December 31, 2016 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 149,699 $ 149,699 $ 71,277 $ 71,277 Securities available for sale Level 2 540,406 540,406 539,926 539,926 Securities held to maturity Level 2 545,381 544,438 543,338 539,991 Loans held for sale Level 2 2,097 2,097 1,050 1,050 Loans Level 2 2,369,777 2,343,479 2,308,326 2,285,146 Loans (1) Level 3 1,769 1,769 901 901 Accrued interest receivable Level 1 10,329 10,329 9,192 9,192 FHLB and FRB stock Level 2 20,511 20,511 21,780 21,780 Financial liabilities: Non-maturity deposits Level 1 2,435,195 2,435,195 2,292,706 2,292,706 Time deposits Level 2 734,464 732,294 702,516 701,097 Short-term borrowings Level 1 303,300 303,300 331,500 331,500 Long-term borrowings Level 2 39,078 41,518 39,061 40,701 Accrued interest payable Level 1 6,340 6,340 5,394 5,394 (1) Comprised of collateral dependent impaired loans. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Assets | Holding Company and Consolidated Banking Non-Banking Other Totals March 31, 2017 Goodwill $ 48,536 $ 17,881 $ - $ 66,417 Other intangible assets, net 523 8,403 - 8,926 Total assets 3,826,805 30,942 2,118 3,859,865 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 |
Business Segment Profit (Loss) | Holding Company and Consolidated Banking Non (1) Other Totals Three months ended March 31, 2017 Net interest income (expense) $ 27,613 $ - $ (618 ) $ 26,995 Provision for loan losses (2,781 ) - - (2,781 ) Noninterest income 5,578 2,405 (147 ) 7,836 Noninterest expense (18,484 ) (1,834 ) (624 ) (20,942 ) Income (loss) before income taxes 11,926 571 (1,389 ) 11,108 Income tax (expense) benefit (3,573 ) (222 ) 630 (3,165 ) Net income (loss) $ 8,353 $ 349 $ (759 ) $ 7,943 Three months ended March 31, 2016 Net interest income (expense) $ 25,337 $ - $ (618 ) $ 24,719 Provision for loan losses (2,368 ) - - (2,368 ) Noninterest income 6,863 2,484 (130 ) 9,217 Noninterest expense (18,345 ) (1,806 ) (1,067 ) (21,218 ) Income (loss) before income taxes 11,487 678 (1,815 ) 10,350 Income tax (expense) benefit (3,101 ) (264 ) 633 (2,732 ) Net income (loss) $ 8,386 $ 414 $ (1,182 ) $ 7,618 (1) Includes activity from Courier Capital since January 5, 2016, the date of acquisition. |
Basis of Presentation And Sum35
Basis of Presentation And Summary Of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2017state | |
Number of states in which services are provided | 45 |
Courier Capital [Member] | |
Number of states in which services are provided | 9 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - Courier Capital [Member] $ in Thousands | Jan. 05, 2016USD ($)property |
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) $ in Thousands | Jan. 05, 2016USD ($) |
Customer Relationships [Member] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
Other Intangible Assets [Member] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Courier Capital [Member] | |
Goodwill | $ 6,015 |
Goodwill and other intangible assets acquired | 9,943 |
Courier Capital [Member] | Customer Relationships [Member] | |
Other intangible assets | 3,900 |
Courier Capital [Member] | Other Intangible Assets [Member] | |
Other intangible assets | $ 28 |
Earnings Per Common Share ("E39
Earnings Per Common Share ("EPS) (Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Common Share ("EPS) [Abstract] | ||
Net income available to common shareholders | $ 7,578 | $ 7,253 |
Total shares issued | 14,692 | 14,679 |
Unvested restricted stock awards | (56) | (79) |
Treasury shares | (157) | (205) |
Total basic weighted average common shares outstanding | 14,479 | 14,395 |
Exercise of stock options | 15 | 27 |
Vesting of restricted stock awards | 34 | 43 |
Total diluted weighted average common shares outstanding | 14,528 | 14,465 |
Basic earnings per common share | $ 0.52 | $ 0.50 |
Diluted earnings per common share | $ 0.52 | $ 0.50 |
Earnings Per Common Share ("E40
Earnings Per Common Share ("EPS) (Shares Excluded from Computation of Diluted EPS) (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2017shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive shares excluded from computation of diluted EPS | 5 |
Restricted Stock Awards [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive shares excluded from computation of diluted EPS | 5 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | Mar. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security |
Investment Securities [Abstract] | ||
Securities pledged as collateral | $ 937,300 | |
Number of security positions, unrealized loss position | security | 360 | 463 |
Number of security positions, unrealized loss position for more than 12 months | security | 15 | 9 |
Securities, 12 months or longer, Fair Value | $ 6,197 | $ 5,526 |
Securities, 12 months or longer, Unrealized Losses | $ 37 | $ 19 |
Number of security positions, unrealized loss position for less than 12 months | security | 345 | 454 |
Securities, less than 12 months, Fair Value | $ 593,931 | $ 642,858 |
Securities, less than 12 months, Unrealized Losses | $ 10,769 | $ 12,609 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | $ 543,508 | $ 543,992 |
Securities available for sale, Unrealized Gains | 2,908 | 2,928 |
Securities available for sale, Unrealized Losses | 6,010 | 6,994 |
Securities available for sale | 540,406 | 539,926 |
Securities held to maturity, Amortized Cost | 545,381 | 543,338 |
Securities held to maturity, Unrealized Gains | 3,853 | 2,287 |
Securities held to maturity, Unrealized Losses | 4,796 | 5,634 |
Securities held to maturity, fair value | 544,438 | 539,991 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 190,793 | 187,325 |
Securities available for sale, Unrealized Gains | 595 | 512 |
Securities available for sale, Unrealized Losses | 1,173 | 1,569 |
Securities available for sale | 190,215 | 186,268 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 307,894 | 305,248 |
Securities held to maturity, Unrealized Gains | 3,723 | 2,127 |
Securities held to maturity, Unrealized Losses | 892 | 1,616 |
Securities held to maturity, fair value | 310,725 | 305,759 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 308 | 16,921 |
Securities available for sale, Unrealized Gains | 74 | |
Securities available for sale, Unrealized Losses | 2 | 125 |
Securities available for sale | 306 | 16,870 |
Securities held to maturity, Amortized Cost | 85,474 | 83,929 |
Securities held to maturity, Unrealized Gains | 21 | 21 |
Securities held to maturity, Unrealized Losses | 1,433 | 1,573 |
Securities held to maturity, fair value | 84,062 | 82,377 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 59 | 5,142 |
Securities available for sale, Unrealized Losses | 1 | 65 |
Securities available for sale | 58 | 5,077 |
Securities held to maturity, Amortized Cost | 98,029 | 101,025 |
Securities held to maturity, Unrealized Gains | 75 | 80 |
Securities held to maturity, Unrealized Losses | 1,791 | 1,827 |
Securities held to maturity, fair value | 96,313 | 99,278 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 13,273 | 14,909 |
Securities held to maturity, Unrealized Gains | 34 | 40 |
Securities held to maturity, Unrealized Losses | 149 | 162 |
Securities held to maturity, fair value | 13,158 | 14,787 |
Collateralized Mortgage Obligations [Member] | Privately Issued [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 819 | 824 |
Securities available for sale | 819 | 824 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 352,715 | 356,667 |
Securities available for sale, Unrealized Gains | 2,080 | 2,225 |
Securities available for sale, Unrealized Losses | 4,837 | 5,425 |
Securities available for sale | 349,958 | 353,467 |
Securities held to maturity, Amortized Cost | 237,487 | 238,090 |
Securities held to maturity, Unrealized Gains | 130 | 160 |
Securities held to maturity, Unrealized Losses | 3,904 | 4,018 |
Securities held to maturity, fair value | 233,713 | 234,232 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 303,388 | 288,949 |
Securities available for sale, Unrealized Gains | 842 | 897 |
Securities available for sale, Unrealized Losses | 4,008 | 4,413 |
Securities available for sale | 300,222 | 285,433 |
Securities held to maturity, Amortized Cost | 10,290 | 10,362 |
Securities held to maturity, Unrealized Gains | 1 | |
Securities held to maturity, Unrealized Losses | 121 | 124 |
Securities held to maturity, fair value | 10,169 | 10,239 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 34,362 | 30,182 |
Securities available for sale, Unrealized Gains | 106 | 114 |
Securities available for sale, Unrealized Losses | 808 | 807 |
Securities available for sale | 33,660 | 29,489 |
Securities held to maturity, Amortized Cost | 3,270 | 3,290 |
Securities held to maturity, Unrealized Losses | 154 | 150 |
Securities held to maturity, fair value | 3,116 | 3,140 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 14,598 | 15,473 |
Securities available for sale, Unrealized Gains | 313 | 316 |
Securities available for sale, Unrealized Losses | 18 | 15 |
Securities available for sale | 14,893 | 15,774 |
Securities held to maturity, Amortized Cost | 27,151 | 24,575 |
Securities held to maturity, Unrealized Gains | 18 | |
Securities held to maturity, Unrealized Losses | 256 | 182 |
Securities held to maturity, fair value | 26,895 | 24,411 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 233 | 191 |
Securities available for sale | $ 233 | $ 191 |
Investment Securities (Sales An
Investment Securities (Sales And Calls Of Securities Available For Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investment Securities [Abstract] | ||
Proceeds from sales | $ 12,350 | $ 17,627 |
Gross realized gains | $ 206 | $ 613 |
Investment Securities (Schedule
Investment Securities (Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment Securities [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized Cost | $ 27 | |
Debt securities available for sale, Due from one to five years, Amortized Cost | 145,749 | |
Debt securities available for sale, Due after five years through ten years, Amortized Cost | 302,203 | |
Debt securities available for sale, Due after ten years, Amortized Cost | 95,529 | |
Debt securities available for sale, Amortized Cost | 543,508 | |
Debt securities available for sale, Due in one year or less, Fair Value | 27 | |
Debt securities available for sale, Due from one to five years, Fair Value | 145,749 | |
Debt securities available for sale, Due after five years through ten years, Fair Value | 300,102 | |
Debt securities available for sale, Due after ten years, Fair Value | 94,528 | |
Debt securities available for sale, Fair Value | 540,406 | |
Debt securities held to maturity, Due in one year or less, Amortized Cost | 51,256 | |
Debt securities held to maturity, Due from one to five years, Amortized Cost | 176,638 | |
Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 91,549 | |
Debt securities held to maturity, Due after ten years, Amortized Cost | 225,938 | |
Securities held to maturity, Amortized Cost | 545,381 | $ 543,338 |
Debt securities held to maturity, Due in one year or less, Fair Value | 51,326 | |
Debt securities held to maturity, Due from one to five years, Fair Value | 179,806 | |
Debt securities held to maturity, Due after five years through ten years, Fair Value | 91,059 | |
Debt securities held to maturity, Due after ten years, Fair Value | 222,247 | |
Securities held to maturity, Fair Value | $ 544,438 | $ 539,991 |
Investment Securities (Investme
Investment Securities (Investments Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | $ 345,890 | $ 363,419 |
Securities available for sale, Less than 12 months, Unrealized Losses | 5,989 | 6,991 |
Securities available for sale, 12 months or longer, Fair Value | 2,520 | 1,458 |
Securities available for sale, 12 months or longer, Unrealized Losses | 21 | 3 |
Securities available for sale, Fair Value, Total | 348,410 | 364,877 |
Securities available for sale, Unrealized Losses, Total | 6,010 | 6,994 |
Securities held to maturity, Less than 12 months, Fair Value | 248,041 | 279,439 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 4,780 | 5,618 |
Securities held to maturity, 12 months or longer, Fair Value | 3,677 | 4,068 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 16 | 16 |
Securities held to maturity, Fair Value, Total | 251,718 | 283,507 |
Securities held to maturity, Unrealized Losses, Total | 4,796 | 5,634 |
Total Securities, Less than 12 months, Fair Value | 593,931 | 642,858 |
Total Securities, Less than 12 months, Unrealized Losses | 10,769 | 12,609 |
Total Securities, 12 months or longer, Fair Value | 6,197 | 5,526 |
Total Securities, 12 months or longer, Unrealized Losses | 37 | 19 |
Total Securities, Fair Value | 600,128 | 648,384 |
Total Securities, Unrealized Losses | 10,806 | 12,628 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 96,026 | 113,261 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1,171 | 1,566 |
Securities available for sale, 12 months or longer, Fair Value | 1,412 | 1,458 |
Securities available for sale, 12 months or longer, Unrealized Losses | 2 | 3 |
Securities available for sale, Fair Value, Total | 97,438 | 114,719 |
Securities available for sale, Unrealized Losses, Total | 1,173 | 1,569 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 47,118 | 82,644 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 892 | 1,616 |
Securities held to maturity, Fair Value, Total | 47,118 | 82,644 |
Securities held to maturity, Unrealized Losses, Total | 892 | 1,616 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 252 | 8,119 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | 125 |
Securities available for sale, 12 months or longer, Fair Value | 55 | |
Securities available for sale, 12 months or longer, Unrealized Losses | 1 | |
Securities available for sale, Fair Value, Total | 307 | 8,119 |
Securities available for sale, Unrealized Losses, Total | 2 | 125 |
Securities held to maturity, Less than 12 months, Fair Value | 67,013 | 72,734 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 1,420 | 1,560 |
Securities held to maturity, 12 months or longer, Fair Value | 2,700 | 3,107 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 13 | 13 |
Securities held to maturity, Fair Value, Total | 69,713 | 75,841 |
Securities held to maturity, Unrealized Losses, Total | 1,433 | 1,573 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 59 | 5,077 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | 65 |
Securities available for sale, Fair Value, Total | 59 | 5,077 |
Securities available for sale, Unrealized Losses, Total | 1 | 65 |
Securities held to maturity, Less than 12 months, Fair Value | 87,601 | 92,256 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 1,789 | 1,825 |
Securities held to maturity, 12 months or longer, Fair Value | 672 | 430 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 2 | 2 |
Securities held to maturity, Fair Value, Total | 88,273 | 92,686 |
Securities held to maturity, Unrealized Losses, Total | 1,791 | 1,827 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 8,042 | 8,675 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 148 | 161 |
Securities held to maturity, 12 months or longer, Fair Value | 305 | 531 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 1 | 1 |
Securities held to maturity, Fair Value, Total | 8,347 | 9,206 |
Securities held to maturity, Unrealized Losses, Total | 149 | 162 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 249,864 | 250,158 |
Securities available for sale, Less than 12 months, Unrealized Losses | 4,818 | 5,425 |
Securities available for sale, 12 months or longer, Fair Value | 1,108 | |
Securities available for sale, 12 months or longer, Unrealized Losses | 19 | |
Securities available for sale, Fair Value, Total | 250,972 | 250,158 |
Securities available for sale, Unrealized Losses, Total | 4,837 | 5,425 |
Securities held to maturity, Less than 12 months, Fair Value | 200,923 | 196,795 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 3,888 | 4,002 |
Securities held to maturity, 12 months or longer, Fair Value | 3,677 | 4,068 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 16 | 16 |
Securities held to maturity, Fair Value, Total | 204,600 | 200,863 |
Securities held to maturity, Unrealized Losses, Total | 3,904 | 4,018 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 220,754 | 211,491 |
Securities available for sale, Less than 12 months, Unrealized Losses | 4,008 | 4,413 |
Securities available for sale, Fair Value, Total | 220,754 | 211,491 |
Securities available for sale, Unrealized Losses, Total | 4,008 | 4,413 |
Securities held to maturity, Less than 12 months, Fair Value | 10,169 | 9,253 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 121 | 124 |
Securities held to maturity, Fair Value, Total | 10,169 | 9,253 |
Securities held to maturity, Unrealized Losses, Total | 121 | 124 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 28,799 | 24,360 |
Securities available for sale, Less than 12 months, Unrealized Losses | 808 | 807 |
Securities available for sale, Fair Value, Total | 28,799 | 24,360 |
Securities available for sale, Unrealized Losses, Total | 808 | 807 |
Securities held to maturity, Less than 12 months, Fair Value | 3,116 | 3,141 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 154 | 150 |
Securities held to maturity, Fair Value, Total | 3,116 | 3,141 |
Securities held to maturity, Unrealized Losses, Total | 154 | 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 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 15 | |
Securities available for sale, 12 months or longer, Fair Value | 1,053 | |
Securities available for sale, 12 months or longer, Unrealized Losses | 18 | |
Securities available for sale, Fair Value, Total | 1,053 | 1,111 |
Securities available for sale, Unrealized Losses, Total | 18 | 15 |
Securities held to maturity, Less than 12 months, Fair Value | 24,982 | 10,736 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 256 | 182 |
Securities held to maturity, Fair Value, Total | 24,982 | 10,736 |
Securities held to maturity, Unrealized Losses, Total | $ 256 | $ 182 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)contract | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale | $ 2,097 | $ 1,050 | |
Past due greater than 90 days and still accruing interest | 0 | 0 | |
Past Due Loans | 4,322 | 5,893 | |
Number of Contracts | contract | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 862 | ||
Residential Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | 1,250 | 1,326 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | 1,073 | 1,337 | |
Number of Contracts | contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 312 | ||
Greater than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | $ 10 | $ 9 |
Loans (Loan Portfolio) (Details
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | $ 2,366,640 | $ 2,305,071 |
Net Deferred Loan Costs (Fees) | 35,987 | 35,090 |
Loans, Net | 2,402,627 | 2,340,161 |
Allowance for loan losses | (31,081) | (30,934) |
Total loans, net | 2,371,546 | 2,309,227 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 374,992 | 349,079 |
Net Deferred Loan Costs (Fees) | 526 | 468 |
Loans, Net | 375,518 | 349,547 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 676,455 | 671,552 |
Net Deferred Loan Costs (Fees) | (1,448) | (1,494) |
Loans, Net | 675,007 | 670,058 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 421,614 | 421,476 |
Net Deferred Loan Costs (Fees) | 6,557 | 6,461 |
Loans, Net | 428,171 | 427,937 |
Residential Real Estate Lines [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 118,056 | 119,745 |
Net Deferred Loan Costs (Fees) | 2,818 | 2,810 |
Loans, Net | 120,874 | 122,555 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 758,761 | 725,754 |
Net Deferred Loan Costs (Fees) | 27,359 | 26,667 |
Loans, Net | 786,120 | 752,421 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Gross | 16,762 | 17,465 |
Net Deferred Loan Costs (Fees) | 175 | 178 |
Loans, Net | $ 16,937 | $ 17,643 |
Loans (Recorded Investment By L
Loans (Recorded Investment By Loan Class In Current And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 4,322 | $ 5,893 | |
Nonaccrual | 8,010 | 6,317 | |
Current | 2,354,308 | 2,292,861 | |
Total loans | 2,366,640 | 2,305,071 | $ 2,083,757 |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 3,639 | 5,128 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 673 | 756 | |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 10 | 9 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,073 | 1,337 | |
Nonaccrual | 3,753 | 2,151 | |
Current | 370,166 | 345,591 | |
Total loans | 374,992 | 349,079 | 317,420 |
Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 976 | 1,337 | |
Commercial Business [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 97 | ||
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 99 | 48 | |
Nonaccrual | 1,267 | 1,025 | |
Current | 675,089 | 670,479 | |
Total loans | 676,455 | 671,552 | 591,800 |
Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 99 | 48 | |
Residential Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,250 | 1,326 | |
Nonaccrual | 1,601 | 1,236 | |
Current | 418,763 | 418,914 | |
Total loans | 421,614 | 421,476 | 377,406 |
Residential Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,052 | 1,073 | |
Residential Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 198 | 253 | |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 265 | 216 | |
Nonaccrual | 336 | 372 | |
Current | 117,455 | 119,157 | |
Total loans | 118,056 | 119,745 | 123,894 |
Residential Real Estate Lines [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 202 | 216 | |
Residential Real Estate Lines [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 63 | ||
Consumer Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,542 | 2,808 | |
Nonaccrual | 1,040 | 1,526 | |
Current | 756,179 | 721,420 | |
Total loans | 758,761 | 725,754 | 655,348 |
Consumer Indirect [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,239 | 2,320 | |
Consumer Indirect [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 303 | 488 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 93 | 158 | |
Nonaccrual | 13 | 7 | |
Current | 16,656 | 17,300 | |
Total loans | 16,762 | 17,465 | $ 17,889 |
Other Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 71 | 134 | |
Other Consumer [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 12 | 15 | |
Other Consumer [Member] | Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 10 | $ 9 |
Loans (Information Related To L
Loans (Information Related To Loans Modified In A TDR) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | contract | 3 |
Pre-Modification Outstanding Recorded Investment | $ 862 |
Post-Modification Outstanding Recorded Investment | $ 862 |
Commercial Business [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | contract | 2 |
Pre-Modification Outstanding Recorded Investment | $ 312 |
Post-Modification Outstanding Recorded Investment | $ 312 |
Commercial Mortgage [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 550 |
Post-Modification Outstanding Recorded Investment | $ 550 |
Loans (Summary Of Impaired Loan
Loans (Summary Of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 1,013 | $ 1,318 |
Recorded Investment, With an allowance recorded | [1] | 4,007 | 1,858 |
Recorded Investment | [1] | 5,020 | 3,176 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 1,214 | 1,926 |
Unpaid Principal Balance, With an allowance recorded | [1] | 4,007 | 1,858 |
Unpaid Principal Balance | [1] | 5,221 | 3,784 |
Related Allowance | 2,023 | 818 | |
Average Recorded Investment, With no related allowance recorded | 1,306 | 1,757 | |
Average Recorded Investment, With an allowance recorded | 2,728 | 1,627 | |
Average Recorded Investment | 4,034 | 3,384 | |
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] | 424 | 645 |
Recorded Investment, With an allowance recorded | [1] | 3,329 | 1,506 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 625 | 1,044 |
Unpaid Principal Balance, With an allowance recorded | [1] | 3,329 | 1,506 |
Related Allowance | 1,897 | 694 | |
Average Recorded Investment, With no related allowance recorded | 686 | 1,032 | |
Average Recorded Investment, With an allowance recorded | 2,296 | 1,141 | |
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] | 589 | 673 |
Recorded Investment, With an allowance recorded | [1] | 678 | 352 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 589 | 882 |
Unpaid Principal Balance, With an allowance recorded | [1] | 678 | 352 |
Related Allowance | 126 | 124 | |
Average Recorded Investment, With no related allowance recorded | 620 | 725 | |
Average Recorded Investment, With an allowance recorded | 432 | 486 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2,366,640 | $ 2,305,071 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 374,992 | 349,079 |
Commercial Business [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 351,108 | 326,254 |
Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,636 | 10,377 |
Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,248 | 12,448 |
Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 676,455 | 671,552 |
Commercial Mortgage [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 658,453 | 652,550 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,660 | 12,690 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,342 | 6,312 |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2,366,640 | $ 2,305,071 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 421,614 | 421,476 |
Residential Real Estate Loans [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 420,013 | 420,240 |
Residential Real Estate Loans [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,601 | 1,236 |
Residential Real Estate Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 118,056 | 119,745 |
Residential Real Estate Lines [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 117,720 | 119,373 |
Residential Real Estate Lines [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 336 | 372 |
Consumer Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 758,761 | 725,754 |
Consumer Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 757,721 | 724,228 |
Consumer Indirect [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,040 | 1,526 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,762 | 17,465 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,739 | 17,449 |
Other Consumer [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 23 | $ 16 |
Loans (Changes In The Allowance
Loans (Changes In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 30,934 | $ 27,085 | |
Charge-offs | (4,201) | (3,311) | |
Recoveries | 1,567 | 1,426 | |
Provision | 2,781 | 2,368 | |
Ending balance | 31,081 | 27,568 | |
Allowance for loan losses, Individually Evaluated for impairment | 1,962 | 911 | |
Allowance for loan losses, Collectively Evaluated for impairment | 29,119 | 26,657 | |
Loans, Ending balance | 2,366,640 | 2,083,757 | $ 2,305,071 |
Loans, Individually Evaluated for impairment | 4,744 | 5,654 | |
Loans, Collectively Evaluated for impairment | 2,361,896 | 2,078,103 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 7,225 | 5,540 | |
Charge-offs | (1,122) | (602) | |
Recoveries | 158 | 100 | |
Provision | 7,742 | 398 | |
Ending balance | 14,003 | 5,436 | |
Allowance for loan losses, Individually Evaluated for impairment | 1,842 | 791 | |
Allowance for loan losses, Collectively Evaluated for impairment | 12,161 | 4,645 | |
Loans, Ending balance | 374,992 | 317,420 | 349,079 |
Loans, Individually Evaluated for impairment | 3,549 | 3,924 | |
Loans, Collectively Evaluated for impairment | 371,443 | 313,496 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 10,315 | 9,027 | |
Charge-offs | (10) | (4) | |
Recoveries | 214 | 5 | |
Provision | (6,852) | 687 | |
Ending balance | 3,667 | 9,715 | |
Allowance for loan losses, Individually Evaluated for impairment | 120 | 120 | |
Allowance for loan losses, Collectively Evaluated for impairment | 3,547 | 9,595 | |
Loans, Ending balance | 676,455 | 591,800 | 671,552 |
Loans, Individually Evaluated for impairment | 1,195 | 1,730 | |
Loans, Collectively Evaluated for impairment | 675,260 | 590,070 | |
Residential Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,478 | 1,347 | |
Charge-offs | (14) | (46) | |
Recoveries | 40 | 25 | |
Provision | (64) | 58 | |
Ending balance | 1,440 | 1,384 | |
Allowance for loan losses, Collectively Evaluated for impairment | 1,440 | 1,384 | |
Loans, Ending balance | 421,614 | 377,406 | 421,476 |
Loans, Collectively Evaluated for impairment | 421,614 | 377,406 | |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 303 | 345 | |
Charge-offs | (43) | (4) | |
Recoveries | 10 | 4 | |
Provision | (56) | ||
Ending balance | 214 | 345 | |
Allowance for loan losses, Collectively Evaluated for impairment | 214 | 345 | |
Loans, Ending balance | 118,056 | 123,894 | 119,745 |
Loans, Collectively Evaluated for impairment | 118,056 | 123,894 | |
Consumer Indirect [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 11,311 | 10,458 | |
Charge-offs | (2,809) | (2,498) | |
Recoveries | 1,051 | 1,170 | |
Provision | 1,909 | 1,167 | |
Ending balance | 11,462 | 10,297 | |
Allowance for loan losses, Collectively Evaluated for impairment | 11,462 | 10,297 | |
Loans, Ending balance | 758,761 | 655,348 | 725,754 |
Loans, Collectively Evaluated for impairment | 758,761 | 655,348 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 302 | 368 | |
Charge-offs | (203) | (157) | |
Recoveries | 94 | 122 | |
Provision | 102 | 58 | |
Ending balance | 295 | 391 | |
Allowance for loan losses, Collectively Evaluated for impairment | 295 | 391 | |
Loans, Ending balance | 16,762 | 17,889 | $ 17,465 |
Loans, Collectively Evaluated for impairment | $ 16,762 | $ 17,889 |
Goodwill And Other Intangible54
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |||
Goodwill | $ 66,417 | $ 66,417 | |
Amortization during the year | $ 297 | $ 322 |
Goodwill And Other Intangible55
Goodwill And Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 66,417 |
Goodwill, ending balance | 66,417 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 48,536 |
Goodwill, ending balance | 48,536 |
Non-Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 17,881 |
Goodwill, ending balance | $ 17,881 |
Goodwill And Other Intangible56
Goodwill And Other Intangible Assets (Changes In The Accumulated Amortization And Net Book Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |||
Gross carrying amount | $ 12,610 | $ 12,610 | |
Accumulated amortization | (3,684) | (3,387) | |
Net book value | 8,926 | $ 9,223 | |
Amortization during the year | $ 297 | $ 322 |
Goodwill And Other Intangible57
Goodwill And Other Intangible Assets (Estimated Core Deposit Intangible Amortization Expense) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2017 (remainder of year) | $ 847 |
2,018 | 1,035 |
2,019 | 937 |
2,020 | 840 |
2,021 | 738 |
2,022 | $ 663 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In Shares Of Common Stock) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 154,617 | |
Shares issued, beginning balance | 14,692,214 | 14,397,509 |
Common stock issued for acquisition | 294,705 | |
Restricted stock awards forfeited | ||
Stock options exercised | ||
Treasury stock purchases | ||
Treasury stock, ending balance | 156,199 | |
Shares issued, ending balance | 14,692,214 | 14,692,214 |
Common Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Shares outstanding, beginning balance | 14,537,597 | 14,190,192 |
Common stock issued for acquisition | 294,705 | |
Restricted stock awards forfeited | (9,759) | (4,914) |
Stock options exercised | 12,500 | 15,100 |
Treasury stock purchases | (4,323) | |
Shares outstanding, ending balance | 14,536,015 | 14,495,083 |
Treasury Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 154,617 | 207,317 |
Restricted stock awards forfeited | 9,759 | 4,914 |
Stock options exercised | (12,500) | (15,100) |
Treasury stock purchases | 4,323 | |
Treasury stock, ending balance | 156,199 | 197,131 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Other comprehensive income (loss), Pre-tax Amount | $ 1,246 | $ 11,761 | |
Other comprehensive income (loss), Tax Effect | 481 | 4,539 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 719 | 7,490 | |
Amounts reclassified from accumulated other comprehensive income | 46 | (268) | |
Total other comprehensive income, net of tax | 765 | 7,222 | |
Securities Available for Sale and Transferred Securities [Member] | |||
Other comprehensive income (loss), before Reclassifications, Pre-tax Amount | 1,170 | 12,196 | |
Reclassification, Pre-tax Amount | [1] | (203) | (662) |
Other comprehensive income (loss), Pre-tax Amount | 967 | 11,534 | |
Other comprehensive income (loss), before Reclassifications, Tax Effect | 451 | 4,706 | |
Reclassification, Tax Effect | [1] | (78) | (255) |
Other comprehensive income (loss), Tax Effect | 373 | 4,451 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 719 | 7,490 | |
Amounts reclassified from accumulated other comprehensive income | [1] | (125) | (407) |
Total other comprehensive income, net of tax | 594 | 7,083 | |
Pension And Post-Retirement Obligations [Member] | |||
Reclassification, Pre-tax Amount | 279 | 227 | |
Reclassification, Tax Effect | 108 | 88 | |
Amounts reclassified from accumulated other comprehensive income | 171 | 139 | |
Total other comprehensive income, net of tax | 171 | 139 | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | (13) | (12) | |
Other comprehensive income (loss), Tax Effect | 4 | 5 | |
Total other comprehensive income, net of tax | (9) | (7) | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 292 | 239 | |
Other comprehensive income (loss), Tax Effect | (112) | (93) | |
Total other comprehensive income, net of tax | 180 | 146 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 279 | 227 | |
Other comprehensive income (loss), Tax Effect | (108) | (88) | |
Total other comprehensive income, net of tax | $ 171 | $ 139 | |
[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 Comprehensi60
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 320,054 | $ 293,844 |
Other comprehensive income (loss) before reclassifications | 719 | 7,490 |
Amounts reclassified from accumulated other comprehensive income | 46 | (268) |
Net current period other comprehensive (loss) income | 765 | 7,222 |
Balance | 325,688 | 313,953 |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (13,951) | (11,327) |
Net current period other comprehensive (loss) income | 765 | 7,222 |
Balance | (13,186) | (4,105) |
Securities Available-For-Sale and Transferred Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (3,729) | (696) |
Other comprehensive income (loss) before reclassifications | 719 | 7,490 |
Amounts reclassified from accumulated other comprehensive income | (125) | (407) |
Net current period other comprehensive (loss) income | 594 | 7,083 |
Balance | (3,135) | 6,387 |
Pension And Post-Retirement Obligations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (10,222) | (10,631) |
Amounts reclassified from accumulated other comprehensive income | 171 | 139 |
Net current period other comprehensive (loss) income | 171 | 139 |
Balance | $ (10,051) | $ (10,492) |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on investment securities | $ 206 | $ 613 | |
Interest income | 26,995 | 24,719 | |
Income before income taxes | 11,108 | 10,350 | |
Income tax (expense) benefit | (3,165) | (2,732) | |
Net income | 7,943 | 7,618 | |
Total reclassified for the period | (46) | 268 | |
Securities Available for Sale and Transferred Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [1] | 203 | 662 |
Reclassification tax | [1] | 78 | 255 |
Total reclassified for the period | [1] | 125 | 407 |
Prior Service Credit [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [1] | 13 | 12 |
Net Actuarial Losses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [1] | (292) | (239) |
Pension And Post-Retirement Obligations [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | (279) | (227) | |
Reclassification tax | (108) | (88) | |
Total reclassified for the period | (171) | (139) | |
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 | 206 | 613 | |
Interest income | (3) | 49 | |
Income before income taxes | 203 | 662 | |
Income tax (expense) benefit | (78) | (255) | |
Net income | $ 125 | $ 407 | |
[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. |
Share-Based Compensation Plan62
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options awarded | 0 | 0 |
Unrecognized compensation expense | $ 2,200 | |
Expected recognition expense period, weighted average period in years | 2 years 4 months 24 days | |
Aggregate intrinsic value | $ 180 | $ 126 |
Total cash received as a result of option exercises | $ 243 | $ 288 |
TSR Performance Requirement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 2 years 10 months 6 days | |
Risk free interest rate | 1.45% | |
Expected dividend yield | 2.41% | |
Expected stock price volatility | 21.90% | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 41,229 | |
Grant date fair value | $ 31.82 | |
Management Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years |
Share-Based Compensation Plan63
Share-Based Compensation Plans (Summary Of Restricted Stock Units And Performance Share Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
RSUs [Member] | |
Granted, Number of Shares | shares | 25,331 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 32.22 |
PSUs [Member] | |
Granted, Number of Shares | shares | 12,531 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 33.07 |
Share-Based Compensation Plan64
Share-Based Compensation Plans (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of Options | 0 | 0 |
Exercised, Number of Options | ||
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year, Number of Options | 49,099 | |
Exercised, Number of Options | (12,500) | |
Outstanding and exercisable at end of period, Number of Options | 36,599 | |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 19 | |
Exercised, Weighted Average Exercise Price | 19.44 | |
Outstanding and exercisable at end of period, Weighted Average Exercise Price | $ 18.85 | |
Outstanding and exercisable at end of period, Weighted Average Remaining Contractual Term | 9 months 18 days | |
Outstanding and exercisable at end of period, Aggregate Intrinsic Value | $ 516 |
Share-Based Compensation Plan65
Share-Based Compensation Plans (Summary Of Restricted Stock Award Activity) (Details) - Restricted Stock Awards [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares | shares | 114,565 |
Granted, Number of Shares | shares | 41,229 |
Vested, Number of Shares | shares | (16,393) |
Forfeited, number of shares | shares | (10,159) |
Outstanding at end of period, Number of Shares | shares | 129,242 |
Outstanding at beginning of year, Weighted Average Market Price at Grant Date | $ / shares | $ 19.90 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | 31.82 |
Vested, Weighted Average Market Price at Grant Date | $ / shares | 21.19 |
Forfeited, Weighted Average Market Price at Grant Date | $ / shares | 11.56 |
Outstanding at end of period, Weighted Average Market Price at Grant Date | $ / shares | $ 24.20 |
Share-Based Compensation Plan66
Share-Based Compensation Plans (Share-Based Compensation Expense Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 239 | $ 129 |
Salaries and Employee Benefits [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | 207 | 98 |
Other Noninterest Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 32 | $ 31 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Benefit Plans [Abstract] | ||
Service cost | $ 785 | $ 721 |
Interest cost on projected benefit obligation | 613 | 601 |
Expected return on plan assets | (1,194) | (1,150) |
Amortization of unrecognized prior service credit | (13) | (12) |
Amortization of unrecognized net actuarial loss | 292 | 239 |
Net periodic benefit expense | $ 483 | $ 399 |
Commitments And Contingencies68
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies [Abstract] | ||
Forward sales commitments | $ 413 | $ 0 |
Commitments And Contingencies69
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 536,312 | $ 555,713 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 13,232 | $ 12,689 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 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 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 540,406 | $ 539,926 |
Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,769 | |
Loan Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 1,046 | |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 58 | |
Measured On A Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 540,406 | 539,926 |
Measured On A Recurring Basis [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 190,215 | 186,268 |
Measured On A Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 349,958 | 353,467 |
Measured On A Recurring Basis [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 233 | 191 |
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 540,406 | 539,926 |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 190,215 | 186,268 |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 349,958 | 353,467 |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 233 | 191 |
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured On A Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 4,970 | 3,133 |
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 | 2,097 | 1,050 |
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 | 1,769 | 901 |
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 | 1,046 | 1,075 |
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 | 58 | 107 |
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 | 2,097 | 1,050 |
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 | 2,097 | 1,050 |
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 | 2,873 | 2,083 |
Measured On A Nonrecurring Basis [Member] | Level 3 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 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 | 1,769 | 901 |
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 | 1,046 | 1,075 |
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 | $ 58 | $ 107 |
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 | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Collateral Dependent Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 1,769 |
Loan Servicing Rights [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 1,046 |
Discount rate | 5.40% |
Constant prepayment rate | 6.90% |
Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 58 |
Minimum [Member] | Collateral Dependent Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Appraisal adjustments | 0.00% |
Minimum [Member] | Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Appraisal adjustments | 14.00% |
Maximum [Member] | Collateral Dependent Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Appraisal adjustments | 75.00% |
Maximum [Member] | Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Appraisal adjustments | 72.00% |
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 | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 540,406 | $ 539,926 | |
Securities held to maturity, fair value | 544,438 | 539,991 | |
Carrying Amount [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 149,699 | 71,277 | |
Accrued interest receivable | 10,329 | 9,192 | |
Non-maturity deposits | 2,435,195 | 2,292,706 | |
Short-term borrowings | 303,300 | 331,500 | |
Accrued interest payable | 6,340 | 5,394 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 540,406 | 539,926 | |
Securities held to maturity, fair value | 545,381 | 543,338 | |
Loans held for sale | 2,097 | 1,050 | |
Loans | 2,369,777 | 2,308,326 | |
FHLB and FRB stock | 20,511 | 21,780 | |
Time deposits | 734,464 | 702,516 | |
Long-term borrowings | 39,078 | 39,061 | |
Carrying Amount [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | [1] | 1,769 | 901 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 149,699 | 71,277 | |
Accrued interest receivable | 10,329 | 9,192 | |
Non-maturity deposits | 2,435,195 | 2,292,706 | |
Short-term borrowings | 303,300 | 331,500 | |
Accrued interest payable | 6,340 | 5,394 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 540,406 | 539,926 | |
Securities held to maturity, fair value | 544,438 | 539,991 | |
Loans held for sale | 2,097 | 1,050 | |
Loans | 2,343,479 | 2,285,146 | |
FHLB and FRB stock | 20,511 | 21,780 | |
Time deposits | 732,294 | 701,097 | |
Long-term borrowings | 41,518 | 40,701 | |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | [1] | $ 1,769 | $ 901 |
[1] | Comprised of collateral dependent impaired loans. |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Business Seg
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 66,417 | $ 66,417 |
Other intangible assets, net | 8,926 | 9,223 |
Assets | 3,859,865 | 3,710,340 |
Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 48,536 | 48,536 |
Other intangible assets, net | 523 | 579 |
Assets | 3,826,805 | 3,678,230 |
Non-Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 17,881 | 17,881 |
Other intangible assets, net | 8,403 | 8,644 |
Assets | 30,942 | 31,166 |
Holding Company and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 2,118 | $ 944 |
Segment Reporting (Business S76
Segment Reporting (Business Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | $ 26,995 | $ 24,719 | |
Provision for loan losses | (2,781) | (2,368) | |
Noninterest income | 7,836 | 9,217 | |
Noninterest expense | (20,942) | (21,218) | |
Income before income taxes | 11,108 | 10,350 | |
Income tax (expense) benefit | (3,165) | (2,732) | |
Net income | 7,943 | 7,618 | |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 27,613 | 25,337 | |
Provision for loan losses | (2,781) | (2,368) | |
Noninterest income | 5,578 | 6,863 | |
Noninterest expense | (18,484) | (18,345) | |
Income before income taxes | 11,926 | 11,487 | |
Income tax (expense) benefit | (3,573) | (3,101) | |
Net income | 8,353 | 8,386 | |
Non-Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | [1] | 2,405 | 2,484 |
Noninterest expense | [1] | (1,834) | (1,806) |
Income before income taxes | [1] | 571 | 678 |
Income tax (expense) benefit | [1] | (222) | (264) |
Net income | [1] | 349 | 414 |
Holding Company and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | (618) | (618) | |
Noninterest income | (147) | (130) | |
Noninterest expense | (624) | (1,067) | |
Income before income taxes | (1,389) | (1,815) | |
Income tax (expense) benefit | 630 | 633 | |
Net income | $ (759) | $ (1,182) | |
[1] | Includes activity from Courier Capital since January 5, 2016, the date of acquisition. |