Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 | |
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 | 15,924,959 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 89,094 | $ 99,195 |
Securities available for sale, at fair value | 492,228 | 524,973 |
Securities held to maturity, at amortized cost (fair value of $465,542 and $512,983, respectively) | 474,803 | 516,466 |
Loans held for sale | 2,014 | 2,718 |
Loans (net of allowance for loan losses of $33,955 and $34,672, respectively) | 2,866,257 | 2,700,345 |
Company owned life insurance | 66,188 | 65,288 |
Premises and equipment, net | 43,681 | 45,189 |
Goodwill and other intangible assets, net | 79,188 | 74,703 |
Other assets | 77,862 | 76,333 |
Total assets | 4,191,315 | 4,105,210 |
Deposits: | ||
Noninterest-bearing demand | 719,084 | 718,498 |
Interest-bearing demand | 658,107 | 634,203 |
Savings and money market | 1,012,972 | 1,005,317 |
Time deposits | 872,004 | 852,156 |
Total deposits | 3,262,167 | 3,210,174 |
Short-term borrowings | 472,800 | 446,200 |
Long-term borrowings, net of issuance costs of $833 and $869, respectively | 39,167 | 39,131 |
Other liabilities | 30,244 | 28,528 |
Total liabilities | 3,804,378 | 3,724,033 |
Shareholders’ equity: | ||
Total preferred equity | 17,329 | 17,329 |
Common stock, $0.01 par value; 50,000,000 shares authorized; 16,056,178 shares issued | 161 | 161 |
Additional paid-in capital | 122,144 | 121,058 |
Retained earnings | 270,171 | 257,078 |
Accumulated other comprehensive loss | (20,296) | (11,916) |
Treasury stock, at cost – 132,019 and 131,240 shares, respectively | (2,572) | (2,533) |
Total shareholders’ equity | 386,937 | 381,177 |
Total liabilities and shareholders’ equity | 4,191,315 | 4,105,210 |
Series A 3% Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Total preferred equity | 144 | 144 |
Series B-1 8.48% Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Total preferred equity | $ 17,185 | $ 17,185 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Securities held to maturity, fair value | $ 465,542 | $ 512,983 |
Loans, allowance for loan losses | 33,955 | 34,672 |
Debt issuance costs | $ 833 | $ 869 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 16,056,178 | 16,056,178 |
Treasury stock, shares | 132,019 | 131,240 |
Series A 3% Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 1,533 | 1,533 |
Preferred stock, shares issued | 1,439 | 1,439 |
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 | 171,847 | 171,847 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income: | ||||
Interest and fees on loans | $ 31,343 | $ 25,469 | $ 61,101 | $ 50,085 |
Interest and dividends on investment securities | 5,525 | 5,898 | 11,166 | 11,795 |
Other interest income | 42 | 4 | 67 | |
Total interest income | 36,868 | 31,409 | 72,271 | 61,947 |
Interest expense: | ||||
Deposits | 4,253 | 2,500 | 7,709 | 4,731 |
Short-term borrowings | 1,912 | 870 | 3,613 | 1,564 |
Long-term borrowings | 618 | 617 | 1,236 | 1,235 |
Total interest expense | 6,783 | 3,987 | 12,558 | 7,530 |
Net interest income | 30,085 | 27,422 | 59,713 | 54,417 |
Provision for loan losses | 40 | 3,832 | 2,989 | 6,613 |
Net interest income after provision for loan losses | 30,045 | 23,590 | 56,724 | 47,804 |
Noninterest income: | ||||
Service charges on deposits | 1,703 | 1,840 | 3,441 | 3,585 |
Insurance income | 1,018 | 1,133 | 2,417 | 2,564 |
ATM and debit card | 1,531 | 1,456 | 2,952 | 2,785 |
Investment advisory | 1,911 | 1,429 | 3,689 | 2,860 |
Company owned life insurance | 443 | 473 | 893 | 918 |
Investments in limited partnerships | 123 | 135 | 691 | 105 |
Loan servicing | 203 | 123 | 318 | 243 |
Net gain on sale of loans held for sale | 131 | 72 | 227 | 120 |
Net gain on investment securities | 7 | 210 | 7 | 416 |
Net gain on derivative instruments | 78 | 252 | ||
Net gain on other assets | 9 | 6 | 12 | 4 |
Contingent consideration liability adjustment | 1,200 | 1,200 | ||
Other | 1,392 | 1,256 | 2,634 | 2,369 |
Total noninterest income | 8,549 | 9,333 | 17,533 | 17,169 |
Noninterest expense: | ||||
Salaries and employee benefits | 12,871 | 11,986 | 26,300 | 23,355 |
Occupancy and equipment | 4,167 | 4,184 | 8,574 | 8,148 |
Professional services | 896 | 1,057 | 1,779 | 2,072 |
Computer and data processing | 1,358 | 1,312 | 2,593 | 2,483 |
Supplies and postage | 548 | 467 | 1,060 | 1,004 |
FDIC assessments | 480 | 469 | 988 | 926 |
Advertising and promotions | 721 | 645 | 1,698 | 1,107 |
Amortization of intangibles | 305 | 291 | 593 | 588 |
Goodwill impairment | 1,575 | 1,575 | ||
Other | 2,099 | 1,955 | 3,967 | 3,625 |
Total noninterest expense | 23,445 | 23,941 | 47,552 | 44,883 |
Income before income taxes | 15,149 | 8,982 | 26,705 | 20,090 |
Income tax expense | 2,979 | 2,736 | 5,247 | 5,901 |
Net income | 12,170 | 6,246 | 21,458 | 14,189 |
Preferred stock dividends | 366 | 366 | 731 | 731 |
Net income available to common shareholders | $ 11,804 | $ 5,880 | $ 20,727 | $ 13,458 |
Earnings per common share (Note 3): | ||||
Basic | $ 0.74 | $ 0.40 | $ 1.30 | $ 0.92 |
Diluted | 0.74 | 0.40 | 1.30 | 0.92 |
Cash dividends declared per common share | $ 0.24 | $ 0.21 | $ 0.48 | $ 0.42 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 12,170 | $ 6,246 | $ 21,458 | $ 14,189 |
Other comprehensive (loss) income, net of tax: | ||||
Securities available for sale and transferred securities | (2,487) | 1,722 | (8,757) | 2,316 |
Hedging derivative instruments | 227 | 123 | ||
Pension and post-retirement obligations | 127 | 171 | 254 | 342 |
Total other comprehensive (loss) income, net of tax | (2,133) | 1,893 | (8,380) | 2,658 |
Comprehensive income | $ 10,037 | $ 8,139 | $ 13,078 | $ 16,847 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Series A 3% Preferred Stock [Member] | Series B-1 8.48% Preferred Stock [Member] | Preferred Equity [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series A 3% Preferred Stock [Member] | Retained Earnings [Member]Series B-1 8.48% Preferred Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Cumulative-effect adjustment | $ (279) | $ 279 | |||||||||
Balance at Dec. 31, 2016 | $ 320,054 | $ 17,340 | $ 147 | 81,755 | 237,687 | $ (13,951) | $ (2,924) | ||||
Adjusted Balance at Dec. 31, 2016 | 320,054 | 17,340 | 147 | 81,476 | 237,966 | (13,951) | (2,924) | ||||
Comprehensive income: | |||||||||||
Net income | 14,189 | 14,189 | |||||||||
Other comprehensive income, net of tax | 2,658 | 2,658 | |||||||||
Purchases of common stock for treasury | (148) | (148) | |||||||||
Common stock issued | 16,708 | 6 | 16,702 | ||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 605 | 605 | |||||||||
Stock options exercised | 379 | 5 | 374 | ||||||||
Restricted stock awards issued, net | 29 | (29) | |||||||||
Stock awards | 115 | 39 | 76 | ||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (2) | $ (729) | $ (2) | $ (729) | |||||||
Common stock dividends per share | (6,188) | (6,188) | |||||||||
Balance at Jun. 30, 2017 | 347,641 | 17,340 | 153 | 98,856 | 245,236 | (11,293) | (2,651) | ||||
Balance at Mar. 31, 2017 | (13,186) | ||||||||||
Comprehensive income: | |||||||||||
Net income | 6,246 | ||||||||||
Other comprehensive income, net of tax | 1,893 | 1,893 | |||||||||
Balance at Jun. 30, 2017 | 347,641 | 17,340 | 153 | 98,856 | 245,236 | (11,293) | (2,651) | ||||
Balance at Dec. 31, 2017 | 381,177 | 17,329 | 161 | 121,058 | 257,078 | (11,916) | (2,533) | ||||
Comprehensive income: | |||||||||||
Net income | 21,458 | 21,458 | |||||||||
Other comprehensive income, net of tax | (8,380) | (8,380) | |||||||||
Purchases of common stock for treasury | (113) | (113) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 759 | 759 | |||||||||
Stock options exercised | 309 | (15) | 324 | ||||||||
Restricted stock awards issued, net | 303 | (303) | |||||||||
Stock awards | 92 | 39 | 53 | ||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (2) | $ (729) | $ (2) | $ (729) | |||||||
Common stock dividends per share | (7,634) | (7,634) | |||||||||
Balance at Jun. 30, 2018 | 386,937 | 17,329 | 161 | 122,144 | 270,171 | (20,296) | (2,572) | ||||
Balance at Mar. 31, 2018 | (18,163) | ||||||||||
Comprehensive income: | |||||||||||
Net income | 12,170 | ||||||||||
Other comprehensive income, net of tax | (2,133) | (2,133) | |||||||||
Balance at Jun. 30, 2018 | $ 386,937 | $ 17,329 | $ 161 | $ 122,144 | $ 270,171 | $ (20,296) | $ (2,572) |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Common stock dividends per share, declared | $ 0.48 | $ 0.42 | |
Series A 3% Preferred Stock [Member] | |||
Preferred stock, dividend percentage | 3.00% | 3.00% | 3.00% |
Preferred stock dividends per share, declared | $ 1.50 | $ 1.50 | |
Series B-1 8.48% Preferred Stock [Member] | |||
Preferred stock, dividend percentage | 8.48% | 8.48% | 8.48% |
Preferred stock dividends per share, declared | $ 4.24 | $ 4.24 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||||
Net income | $ 12,170 | $ 6,246 | $ 21,458 | $ 14,189 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,235 | 3,053 | ||
Net amortization of premiums on securities | 1,350 | 1,654 | ||
Provision for loan losses | 40 | 3,832 | 2,989 | 6,613 |
Share-based compensation | 457 | 366 | 759 | 605 |
Deferred income tax (benefit) expense | (4,978) | 652 | ||
Proceeds from sale of loans held for sale | 9,766 | 3,779 | ||
Originations of loans held for sale | (8,835) | (4,473) | ||
Income on company owned life insurance | (443) | (473) | (893) | (918) |
Net gain on sale of loans held for sale | (131) | (72) | (227) | (120) |
Net gain on investment securities | (7) | (210) | (7) | (416) |
Net gain on other assets | (9) | (6) | (12) | (4) |
Goodwill impairment | 1,575 | 1,575 | ||
Decrease (increase) in other assets | 6,785 | (1,085) | ||
Decrease in other liabilities | (1,122) | (2,535) | ||
Net cash provided by operating activities | 30,268 | 22,569 | ||
Cash flows from investing activities: | ||||
Purchases of available for sale securities | (40,858) | |||
Purchases of held to maturity securities | (16,535) | (41,522) | ||
Proceeds from principal payments, maturities and calls on available for sale securities | 14,813 | 18,424 | ||
Proceeds from principal payments, maturities and calls on held to maturity securities | 59,448 | 53,481 | ||
Proceeds from sales of securities available for sale | 5,768 | 12,957 | 5,768 | 25,307 |
Net loan originations | (169,315) | (181,253) | ||
Purchases of company owned life insurance, net of proceeds received | (7) | (8) | ||
Proceeds from sales of other assets | 259 | 102 | ||
Purchases of premises and equipment | (1,102) | (6,374) | ||
Cash consideration paid for acquisition, net of cash acquired | (4,447) | |||
Net cash used in investing activities | (111,118) | (172,701) | ||
Cash flows from financing activities: | ||||
Net increase in deposits | 51,993 | 137,264 | ||
Net increase in short-term borrowings | 26,600 | 16,000 | ||
Proceeds from issuance of common stock | 16,708 | |||
Purchases of common stock for treasury | (113) | (148) | ||
Proceeds from stock options exercised | 309 | 379 | ||
Cash dividends paid to common and preferred shareholders | (8,040) | (6,811) | ||
Net cash provided by financing activities | 70,749 | 163,392 | ||
Net (decrease) increase in cash and cash equivalents | (10,101) | 13,260 | ||
Cash and cash equivalents, beginning of period | 99,195 | 71,277 | ||
Cash and cash equivalents, end of period | 89,094 | 84,537 | 89,094 | 84,537 |
Supplemental information: | ||||
Cash paid for interest | 13,187 | 6,501 | ||
Cash paid for income taxes | 1,916 | 5,849 | ||
Noncash investing and financing activities: | ||||
Real estate and other assets acquired in settlement of loans | 414 | 154 | ||
Accrued and declared unpaid dividends | $ 4,184 | $ 3,511 | 4,184 | 3,511 |
Increase in net unsettled security purchases | 2,136 | $ 3,081 | ||
Assets acquired and liabilities assumed in business combinations: | ||||
Fair value of assets acquired | 2,561 | |||
Fair value of liabilities assumed | $ 128 |
Basis of Presentation And Summa
Basis of Presentation And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation And Summary Of Significant Accounting Policies | (1.) 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”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP 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 states. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. 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 2017 Annual Report on Form 10-K for the year ended December 31, 2017. 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). (1.) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 is intended to improve the recognition and measurement of financial instruments by requiring equity investments to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement for entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured and amortized at cost on the balance sheet; and requiring an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2017. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The adoption of ASU 2016-01, as of January 1, 2018, did not have a significant impact on the Company’s financial statements, except for the fair value disclosures as presented in Note 13 – Fair Value Measurements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments 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 (1.) 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 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, derivatives and investment securities, as well as revenue related to our loan servicing activities, as these activities are subject to other GAAP. Descriptions of our primary revenue-generating activities that are within the scope of ASC 606, which are presented in our income statements as components of noninterest income are as follows: • Transactions and service-based revenues - these include service charges on deposits, investment advisory, and ATM and debit card fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. • Insurance income - Insurance commissions are received on the sale of insurance products, and revenue is recognized upon the placement date of the insurance policies. Payment is normally received within the policy period. In addition to placement, SDN also provides insurance policy related risk management services. Revenue is recognized as these services are provided. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | (2.) 2018 Activity – HNP Capital Acquisition On June 1, 2018, the Company completed the acquisition of HNP Capital, an SEC-registered investment advisor with approximately $344 million in assets under management as of June 30, 2018. Consideration for the acquisition totaled $5.1 million in cash. As a result of the acquisition, the Company recorded goodwill of $2.6 million and other intangible assets of $2.5 million. The goodwill and other intangible assets are expected to be deductible for income tax purposes. The allocation of acquisition cost to the assets acquired and liabilities assumed and 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. 2017 Activity - Robshaw & Julian Acquisition On August 31, 2017, Courier Capital completed the acquisition of the assets of Robshaw & Julian Associates, Inc. (“Robshaw & Julian”), a registered investment advisor with approximately $175 million in assets under management, which increased Courier Capital’s total assets under management to a total of approximately $1.6 billion as of August 31, 2017. Consideration for the acquisition included cash and potential future cash bonuses contingent upon achievement of certain revenue performance targets through August 2020. As a result of the acquisition, Courier Capital recorded goodwill of $1.0 million and other intangible assets of $810 thousand. The goodwill and other intangible assets are expected to be deductible for income tax purposes. The allocation of acquisition cost to the assets acquired and liabilities assumed and 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. |
Earnings Per Common Share ("EPS
Earnings Per Common Share ("EPS") | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share ("EPS") | (3.) 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Net income available to common shareholders $ 11,804 $ 5,880 $ 20,727 $ 13,458 Weighted average common shares outstanding: Total shares issued 16,056 14,858 16,056 14,776 Unvested restricted stock awards (4 ) (44 ) (12 ) (50 ) Treasury shares (146 ) (150 ) (146 ) (154 ) Total basic weighted average common shares outstanding 15,906 14,664 15,898 14,572 Incremental shares from assumed: Exercise of stock options 3 10 5 12 Vesting of restricted stock awards 39 28 42 31 Total diluted weighted average common shares outstanding 15,948 14,702 15,945 14,615 Basic earnings per common share $ 0.74 $ 0.40 $ 1.30 $ 0.92 Diluted earnings per common share $ 0.74 $ 0.40 $ 1.30 $ 0.92 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 7 — 6 3 Total 7 — 6 3 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Investment Securities | (4.) The amortized cost and fair value of investment securities are summarized below (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2018 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 162,330 $ 11 $ 4,815 $ 157,526 Mortgage-backed securities: Federal National Mortgage Association 296,084 52 9,954 286,182 Federal Home Loan Mortgage Corporation 38,387 15 1,655 36,747 Government National Mortgage Association 10,595 140 102 10,633 Collateralized mortgage obligations: Federal National Mortgage Association 163 — — 163 Federal Home Loan Mortgage Corporation 40 — — 40 Privately issued — 937 — 937 Total mortgage-backed securities 345,269 1,144 11,711 334,702 Total available for sale securities $ 507,599 $ 1,155 $ 16,526 $ 492,228 Securities held to maturity: State and political subdivisions 250,791 1,287 1,559 250,519 Mortgage-backed securities: Federal National Mortgage Association 10,574 — 340 10,234 Federal Home Loan Mortgage Corporation 4,662 — 226 4,436 Government National Mortgage Association 33,934 13 954 32,993 Collateralized mortgage obligations: Federal National Mortgage Association 68,906 — 2,966 65,940 Federal Home Loan Mortgage Corporation 85,824 — 3,705 82,119 Government National Mortgage Association 20,112 — 811 19,301 Total mortgage-backed securities 224,012 13 9,002 215,023 Total held to maturity securities $ 474,803 $ 1,300 $ 10,561 $ 465,542 December 31, 2017 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 163,025 $ 122 $ 1,258 $ 161,889 Mortgage-backed securities: Federal National Mortgage Association 311,830 313 3,220 308,923 Federal Home Loan Mortgage Corporation 41,290 76 675 40,691 Government National Mortgage Association 12,051 193 12 12,232 Collateralized mortgage obligations: Federal National Mortgage Association 217 1 1 217 Federal Home Loan Mortgage Corporation 45 — — 45 Privately issued — 976 — 976 Total mortgage-backed securities 365,433 1,559 3,908 363,084 Total available for sale securities $ 528,458 $ 1,681 $ 5,166 $ 524,973 (4.) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2017 (continued) Securities held to maturity: State and political subdivisions 283,557 2,317 662 285,212 Mortgage-backed securities: Federal National Mortgage Association 9,732 16 88 9,660 Federal Home Loan Mortgage Corporation 3,213 — 119 3,094 Government National Mortgage Association 26,841 — 330 26,511 Collateralized mortgage obligations: Federal National Mortgage Association 76,432 — 1,958 74,474 Federal Home Loan Mortgage Corporation 93,810 3 2,165 91,648 Government National Mortgage Association 22,881 5 502 22,384 Total mortgage-backed securities 232,909 24 5,162 227,771 Total held to maturity securities $ 516,466 $ 2,341 $ 5,824 $ 512,983 Investment securities with a total fair value of $813.5 million and $838.4 million at June 30, 2018 and December 31, 2017, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Sales and calls of securities available for sale were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Proceeds from sales $ 5,768 $ 12,957 $ 5,768 $ 25,307 Gross realized gains 9 210 9 416 Gross realized losses 2 — 2 — The scheduled maturities of securities available for sale and securities held to maturity at June 30, 2018 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 $ 26,364 $ 26,197 Due from one to five years 144,174 140,856 Due after five years through ten years 238,443 229,545 Due after ten years 98,618 95,630 $ 507,599 $ 492,228 Debt securities held to maturity: Due in one year or less $ 55,989 $ 56,177 Due from one to five years 151,052 151,799 Due after five years through ten years 88,698 85,681 Due after ten years 179,064 171,885 $ 474,803 $ 465,542 (4.) Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands): Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2018 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 123,345 $ 3,328 $ 30,701 $ 1,487 $ 154,046 $ 4,815 Mortgage-backed securities: Federal National Mortgage Association 219,797 7,637 63,598 2,317 283,395 9,954 Federal Home Loan Mortgage Corporation 21,415 751 14,438 904 35,853 1,655 Government National Mortgage Association 4,410 97 789 5 5,199 102 Collateralized mortgage obligations: Federal National Mortgage Association — — 77 — 77 — Federal Home Loan Mortgage Corporation — — 7 — 7 — Total mortgage-backed securities 245,622 8,485 78,909 3,226 324,531 11,711 Total available for sale securities 368,967 11,813 109,610 4,713 478,577 16,526 Securities held to maturity: State and political subdivisions 65,548 883 15,698 676 81,246 1,559 Mortgage-backed securities: Federal National Mortgage Association 7,662 202 2,572 138 10,234 340 Federal Home Loan Mortgage Corporation 1,474 13 2,962 213 4,436 226 Government National Mortgage Association 11,967 399 13,627 555 25,594 954 Collateralized mortgage obligations: Federal National Mortgage Association 16,268 500 49,672 2,466 65,940 2,966 Federal Home Loan Mortgage Corporation 20,606 799 61,513 2,906 82,119 3,705 Government National Mortgage Association 6,940 282 12,361 529 19,301 811 Total mortgage-backed securities 64,917 2,195 142,707 6,807 207,624 9,002 Total held to maturity securities 130,465 3,078 158,405 7,483 288,870 10,561 Total temporarily impaired securities $ 499,432 $ 14,891 $ 268,015 $ 12,196 $ 767,447 $ 27,087 December 31, 2017 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 95,046 $ 571 $ 31,561 $ 687 $ 126,607 $ 1,258 Mortgage-backed securities: Federal National Mortgage Association 201,754 1,855 67,383 1,365 269,137 3,220 Federal Home Loan Mortgage Corporation 20,446 192 15,601 483 36,047 675 Government National Mortgage Association 2,432 — 880 12 3,312 12 Collateralized mortgage obligations: Federal National Mortgage Association — — 119 1 119 1 Federal Home Loan Mortgage Corporation — — 8 — 8 — Total mortgage-backed securities 224,632 2,047 83,991 1,861 308,623 3,908 Total available for sale securities 319,678 2,618 115,552 2,548 435,230 5,166 (4.) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2017 (continued) Securities held to maturity: State and political subdivisions 36,368 295 14,492 367 50,860 662 Mortgage-backed securities: Federal National Mortgage Association 3,766 29 2,694 59 6,460 88 Federal Home Loan Mortgage Corporation — — 3,094 119 3,094 119 Government National Mortgage Association 17,327 136 9,184 194 26,511 330 Collateralized mortgage obligations: Federal National Mortgage Association 16,830 202 57,645 1,756 74,475 1,958 Federal Home Loan Mortgage Corporation 23,727 337 66,467 1,828 90,194 2,165 Government National Mortgage Association 15,401 340 5,635 162 21,036 502 Total mortgage-backed securities 77,051 1,044 144,719 4,118 221,770 5,162 Total held to maturity securities 113,419 1,339 159,211 4,485 272,630 5,824 Total temporarily impaired securities $ 433,097 $ 3,957 $ 274,763 $ 7,033 $ 707,860 $ 10,990 The total number of security positions in the investment portfolio in an unrealized loss position at June 30, 2018 was 563 compared to 411 at December 31, 2017. At June 30, 2018, the Company had positions in 187 investment securities with a fair value of $268.0 million and a total unrealized loss of $12.2 million that have been in a continuous unrealized loss position for more than 12 months. At June 30, 2018, there were a total of 376 securities positions in the Company’s investment portfolio with a fair value of $499.4 million and a total unrealized loss of $14.9 million that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2017, the Company had positions in 172 investment securities with a fair value of $274.8 million and a total unrealized loss of $7.0 million that had been in a continuous unrealized loss position for more than 12 months. At December 31, 2017, there were a total of 239 securities positions in the Company’s investment portfolio with a fair value of $433.1 million and a total unrealized loss of $4.0 million that had been in a continuous unrealized loss position for less than 12 months. The unrealized loss on investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company’s portfolio fluctuates as market interest rates change. 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 six months ended June 30, 2018 and 2017. Based on management’s review and evaluation of the Company’s debt securities as of June 30, 2018, the debt securities with unrealized losses were not considered to be OTTI. As of June 30, 2018, the Company did not intend to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of June 30, 2018, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company’s consolidated statements of income. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loans | (5.) The Company’s loan portfolio consisted of the following as of the dates indicated (in thousands): Principal Amount Outstanding Net Deferred Loan (Fees) Costs Loans, Net June 30, 2018 Commercial business $ 506,265 $ 756 $ 507,021 Commercial mortgage 869,192 (2,143 ) 867,049 Residential real estate loans 481,841 8,099 489,940 Residential real estate lines 110,319 2,968 113,287 Consumer indirect 874,718 31,519 906,237 Other consumer 16,508 170 16,678 Total $ 2,858,843 $ 41,369 2,900,212 Allowance for loan losses (33,955 ) Total loans, net $ 2,866,257 December 31, 2017 Commercial business $ 449,763 $ 563 $ 450,326 Commercial mortgage 810,851 (1,943 ) 808,908 Residential real estate loans 457,761 7,522 465,283 Residential real estate lines 113,422 2,887 116,309 Consumer indirect 845,682 30,888 876,570 Other consumer 17,443 178 17,621 Total $ 2,694,922 $ 40,095 2,735,017 Allowance for loan losses (34,672 ) Total loans, net $ 2,700,345 Loans held for sale (not included above) were comprised entirely of residential real estate mortgages and totaled $2.0 million and $2.7 million as of June 30, 2018 and December 31, 2017, 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): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Nonaccrual Current Total Loans June 30, 2018 Commercial business $ 51 $ — $ — $ 51 $ 4,026 $ 502,188 $ 506,265 Commercial mortgage 387 — — 387 2,151 866,654 869,192 Residential real estate loans 605 64 — 669 2,138 479,034 481,841 Residential real estate lines 79 107 — 186 288 109,845 110,319 Consumer indirect 1,869 492 — 2,361 1,124 871,233 874,718 Other consumer 58 18 4 80 — 16,428 16,508 Total loans, gross $ 3,049 $ 681 $ 4 $ 3,734 $ 9,727 $ 2,845,382 $ 2,858,843 December 31, 2017 Commercial business $ 64 $ 36 $ — $ 100 $ 5,344 $ 444,319 $ 449,763 Commercial mortgage 56 375 — 431 2,623 807,797 810,851 Residential real estate loans 1,908 56 — 1,964 2,252 453,545 457,761 Residential real estate lines 349 — — 349 404 112,669 113,422 Consumer indirect 2,806 672 — 3,478 1,895 840,309 845,682 Other consumer 174 15 11 200 2 17,241 17,443 Total loans, gross $ 5,357 $ 1,154 $ 11 $ 6,522 $ 12,520 $ 2,675,880 $ 2,694,922 (5.) There were no loans past due greater than 90 days and still accruing interest as of June 30, 2018 and December 31, 2017. There were $4 thousand and $11 thousand in consumer overdrafts which were past due greater than 90 days as of June 30, 2018 and December 31, 2017, respectively. Consumer overdrafts are overdrawn deposit accounts which have been reclassified as loans but by their terms do not accrue interest. Troubled Debt Restructurings A modification of a loan constitutes a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification constitutes a concession. Commercial loans modified in a TDR may involve temporary interest-only payments, term extensions, reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, collateral concessions, forgiveness of principal, forbearance agreements, or substituting or adding a new borrower or guarantor. There were no loans modified as a TDR during the six months ended June 30, 2018 and 2017. There were no loans modified as a TDR within the previous 12 months that defaulted during the six months ended June 30, 2018 and 2017. For purposes of this disclosure, a loan modified as a TDR is considered to have defaulted when the borrower becomes 90 days past due. Impaired Loans Management has determined that specific commercial loans on nonaccrual status and all loans that have had their terms restructured in a troubled debt restructuring are impaired loans. The following table presents the recorded investment, unpaid principal balance and related allowance of impaired loans as of the dates indicated and average recorded investment and interest income recognized on impaired loans for the six months ended June 30, 2018 and twelve-month period ended December 31, 2017 (in thousands): Recorded Investment (1) Unpaid Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized June 30, 2018 With no related allowance recorded: Commercial business $ 1,174 $ 1,639 $ — $ 1,347 $ — Commercial mortgage 557 557 — 579 — 1,731 2,196 — 1,926 — With an allowance recorded: Commercial business 2,990 2,990 1,226 3,397 — Commercial mortgage 2,071 2,071 517 2,255 — 5,061 5,061 1,743 5,652 — $ 6,792 $ 7,257 $ 1,743 $ 7,578 $ — December 31, 2017 With no related allowance recorded: Commercial business $ 1,635 $ 2,370 $ — $ 853 $ — Commercial mortgage 584 584 — 621 — 2,219 2,954 — 1,474 — With an allowance recorded: Commercial business 3,853 3,853 2,056 4,468 — Commercial mortgage 2,528 2,528 115 1,516 — 6,381 6,381 2,171 5,984 — $ 8,600 $ 9,335 $ 2,171 $ 7,458 $ — (1) Difference between recorded investment and unpaid principal balance represents partial charge-offs. (5.) 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 Business Commercial Mortgage June 30, 2018 Uncriticized $ 473,370 $ 850,919 Special mention 21,413 10,457 Substandard 11,482 7,816 Doubtful — — Total $ 506,265 $ 869,192 December 31, 2017 Uncriticized $ 429,692 $ 791,127 Special mention 7,120 12,185 Substandard 12,951 7,539 Doubtful — — Total $ 449,763 $ 810,851 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 Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer June 30, 2018 Performing $ 479,703 $ 110,031 $ 873,594 $ 16,504 Non-performing 2,138 288 1,124 4 Total $ 481,841 $ 110,319 $ 874,718 $ 16,508 December 31, 2017 Performing $ 455,509 $ 113,018 $ 843,787 $ 17,430 Non-performing 2,252 404 1,895 13 Total $ 457,761 $ 113,422 $ 845,682 $ 17,443 (5.) Allowance for Loan Losses Loans and the related allowance for loan losses are presented below as of the dates indicated (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total June 30, 2018 Loans: Ending balance $ 506,265 $ 869,192 $ 481,841 $ 110,319 $ 874,718 $ 16,508 $ 2,858,843 Evaluated for impairment: Individually $ 4,164 $ 2,628 $ — $ — $ — $ — $ 6,792 Collectively $ 502,101 $ 866,564 $ 481,841 $ 110,319 $ 874,718 $ 16,508 $ 2,852,051 Allowance for loan losses: Ending balance $ 14,242 $ 5,371 $ 1,255 $ 248 $ 12,520 $ 319 $ 33,955 Evaluated for impairment: Individually $ 1,226 $ 517 $ — $ — $ — $ — $ 1,743 Collectively $ 13,016 $ 4,854 $ 1,255 $ 248 $ 12,520 $ 319 $ 32,212 June 30, 2017 Loans: Ending balance $ 397,802 $ 725,793 $ 425,285 $ 115,768 $ 797,469 $ 16,917 $ 2,479,034 Evaluated for impairment: Individually $ 7,258 $ 2,164 $ — $ — $ — $ — $ 9,422 Collectively $ 390,544 $ 723,629 $ 425,285 $ 115,768 $ 797,469 $ 16,917 $ 2,469,612 Allowance for loan losses: Ending balance $ 14,622 $ 3,906 $ 1,247 $ 232 $ 12,833 $ 319 $ 33,159 Evaluated for impairment: Individually $ 2,683 $ 120 $ — $ — $ — $ — $ 2,803 Collectively $ 11,939 $ 3,786 $ 1,247 $ 232 $ 12,833 $ 319 $ 30,356 The following table sets forth the changes in the allowance for loan losses for the three and six-month periods ended June 30, 2018 (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total Three months ended June 30, 2018 Beginning balance $ 14,942 $ 5,473 $ 1,400 $ 218 $ 13,232 $ 329 $ 35,594 Charge-offs (336 ) - (10 ) (7 ) (2,621 ) (235 ) (3,209 ) Recoveries 77 1 63 12 1,304 73 1,530 Provision (credit) (441 ) (103 ) (198 ) 25 605 152 40 Ending balance $ 14,242 $ 5,371 $ 1,255 $ 248 $ 12,520 $ 319 $ 33,955 Six months ended June 30, 2018 Beginning balance $ 15,668 $ 3,696 $ 1,322 $ 180 $ 13,415 $ 391 $ 34,672 Charge-offs (441 ) (4 ) (29 ) (101 ) (5,615 ) (668 ) (6,858 ) Recoveries 197 8 132 15 2,634 166 3,152 Provision (credit) (1,182 ) 1,671 (170 ) 154 2,086 430 2,989 Ending balance $ 14,242 $ 5,371 $ 1,255 $ 248 $ 12,520 $ 319 $ 33,955 (5.) The following table sets forth the changes in the allowance for loan losses for the three and six-month periods ended June 30, 2017 (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total Three months ended June 30, 2017 Beginning balance $ 14,003 $ 3,667 $ 1,440 $ 214 $ 11,462 $ 295 $ 31,081 Charge-offs (656 ) - (86 ) - (2,204 ) (187 ) (3,133 ) Recoveries 88 38 8 46 1,122 77 1,379 Provision (credit) 1,187 201 (115 ) (28 ) 2,453 134 3,832 Ending balance $ 14,622 $ 3,906 $ 1,247 $ 232 $ 12,833 $ 319 $ 33,159 Six months ended June 30, 2017 Beginning balance $ 7,225 $ 10,315 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,934 Charge-offs (1,778 ) (10 ) (100 ) (43 ) (5,013 ) (390 ) (7,334 ) Recoveries 246 252 48 56 2,173 171 2,946 Provision (credit) 8,929 (6,651 ) (179 ) (84 ) 4,362 236 6,613 Ending balance $ 14,622 $ 3,906 $ 1,247 $ 232 $ 12,833 $ 319 $ 33,159 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 based on the borrower’s ability to make repayment from his or her employment and other income, but are secured by real property whose value tends to be more easily ascertainable. Credit risk for these types of loans is generally influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Consumer indirect and other consumer loans may entail greater credit risk than residential mortgage loans and home equities, particularly in the case of other consumer loans which are unsecured or, in the case of indirect consumer loans, secured by depreciable assets, such as automobiles or boats. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances such as job loss, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | (6.) Goodwill The carrying amount of goodwill totaled $68.4 million and $65.8 million as of June 30, 2018 and December 31, 2017. The Company performs a goodwill impairment test on an annual basis as of October 1st or more frequently if events and circumstances warrant. Banking Non-Banking Total Balance, December 31, 2017 $ 48,536 $ 17,304 $ 65,840 Acquisition — 2,572 2,572 Balance, June 30, 2018 $ 48,536 $ 19,876 $ 68,412 Goodwill and other intangible assets added during the period relates to the acquisition of HNP Capital, which was completed on June 1, 2018. See Note 2 – Business Combinations for additional information. 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). Gross carrying amount, accumulated amortization and net book value, were as follows (in thousands): June 30, December 31, 2018 2017 Other intangibles assets: Gross carrying amount $ 15,926 $ 13,420 Accumulated amortization (5,150 ) (4,557 ) Net book value $ 10,776 $ 8,863 Amortization expense for total other intangible assets was $305 thousand and $593 thousand for the three and six months ended June 30, 2018, and $291 thousand and $588 thousand for the three and six months ended June 30, 2017, respectively. As of June 30, 2018, the estimated amortization expense of other intangible assets for the remainder of 2018 and each of the next five years is as follows (in thousands): 2018 (remainder of year) $ 664 2019 1,250 2020 1,134 2021 1,014 2022 923 2023 852 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | (7.) Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities, and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. During 2018, such derivatives were used to hedge the variable cash flows associated with short-term borrowings. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company’s cash flow hedge derivatives did not have any hedge ineffectiveness recognized in earnings during the three and six months ended June 30, 2018 and 2017. During the next twelve months, the Company estimates that an additional $54 thousand will be reclassified as an increase to interest expense. Interest Rate Swaps The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain one or more of the following provisions: (a) if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, the Company could also be declared in default on its derivative obligations, and (b) if the Company fails to maintain its status as a well-capitalized institution, the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. (7.) Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of June 30, 2018 and December 31, 2017 (in thousands): Asset derivatives Liability derivatives Gross notional amount Balance Fair value Balance Fair value June 30, 2018 Dec. 31, 2017 sheet line item June 30, 2018 Dec. 31, 2017 sheet line item June 30, 2018 Dec. 31, 2017 Derivatives designated as hedging instruments Cash flow hedges $ 100,000 $ — Other $ 1,201 $ — Other liabilities $ — $ — Total derivatives $ 100,000 $ — $ 1,201 $ — $ — $ — Derivatives not designated as hedging instruments Interest rate swaps $ 6,440 $ — Other assets $ 105 $ — Other liabilities $ 139 $ — Credit contracts 34,811 12,282 Other assets — — Other liabilities 13 4 Total derivatives $ 41,251 $ 12,282 $ 105 $ — $ 152 $ 4 Effect of Derivative Instruments on the Income Statement The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three and six months ended June 30, 2018 and 2017 (in thousands): Gain (loss) recognized in income Gain (loss) recognized in income Line item of gain (loss) Three months ended June 30, Six months ended June 30, Undesignated derivatives recognized in income 2018 2017 2018 2017 Interest rate swaps Net gain on derivative instruments $ 70 $ — $ 70 $ — Credit contracts Net gain on derivative instruments 8 — 182 — Total undesignated $ 78 $ — $ 252 $ — |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | (8.) Common Stock The changes in shares of common stock were as follows for the six months ended June 30, 2018 and 2017: Outstanding Treasury Issued June 30, 2018 Shares at December 31, 2017 15,924,938 131,240 16,056,178 Restricted stock awards issued 7,370 (7,370 ) — Restricted stock awards forfeited (23,901 ) 23,901 — Stock options exercised 16,650 (16,650 ) — Stock awards 2,724 (2,724 ) — Treasury stock purchases (3,622 ) 3,622 — Shares at June 30, 2018 15,924,159 132,019 16,056,178 June 30, 2017 Shares at December 31, 2016 14,537,597 154,617 14,692,214 Common stock issued for "at-the-market" equity offering 571,597 — 571,597 Restricted stock awards issued 8,510 (8,510 ) — Restricted stock awards forfeited (10,359 ) 10,359 — Stock options exercised 19,520 (19,520 ) — Stock awards 3,914 (3,914 ) — Treasury stock purchases (4,323 ) 4,323 — Shares at June 30, 2017 15,126,456 137,355 15,263,811 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (9.) The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017 (in thousands): Pre-tax Amount Tax Effect Net-of-tax Amount Three months ended June 30, 2018 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (3,414 ) $ (860 ) $ (2,554 ) Reclassification adjustment for net gains included in net income (1) 90 23 67 Total securities available for sale and transferred securities (3,324 ) (837 ) (2,487 ) Hedging derivative instruments: Change in unrealized gain/loss during the period 303 76 227 Pension and post-retirement obligations: Amortization of prior service credit included in income (18 ) (5 ) (13 ) Amortization of net actuarial loss included in income 188 48 140 Total pension and post-retirement obligations 170 43 127 Other comprehensive loss $ (2,851 ) $ (718 ) $ (2,133 ) Six months ended June 30, 2018 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (11,879 ) $ (2,994 ) $ (8,885 ) Reclassification adjustment for net gains included in net income (1) 172 44 128 Total securities available for sale and transferred securities (11,707 ) (2,950 ) (8,757 ) Hedging derivative instruments: Change in unrealized gain/loss during the period 164 41 123 Pension and post-retirement obligations: Amortization of prior service credit included in income (36 ) (10 ) (26 ) Amortization of net actuarial loss included in income 375 95 280 Total pension and post-retirement obligations 339 85 254 Other comprehensive loss $ (11,204 ) $ (2,824 ) $ (8,380 ) (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. (9.) Pre-tax Amount Tax Effect Net-of-tax Amount Three months ended June 30, 2017 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 2,988 $ 1,154 $ 1,834 Reclassification adjustment for net gains included in net income (1) (184 ) (72 ) (112 ) Total securities available for sale and transferred securities 2,804 1,082 1,722 Hedging derivative instruments: Change in unrealized gain/loss during the period — — — Pension and post-retirement obligations: Amortization of prior service credit included in income (13 ) (6 ) (7 ) Amortization of net actuarial loss included in income 291 113 178 Total pension and post-retirement obligations 278 107 171 Other comprehensive income $ 3,082 $ 1,189 $ 1,893 Six months ended June 30, 2017 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 4,158 $ 1,605 $ 2,553 Reclassification adjustment for net gains included in net income (1) (387 ) (150 ) (237 ) Total securities available for sale and transferred securities 3,771 1,455 2,316 Hedging derivative instruments: Change in unrealized gain/loss during the period — — — Pension and post-retirement obligations: Amortization of prior service credit included in income (26 ) (10 ) (16 ) Amortization of net actuarial loss included in income 583 225 358 Total pension and post-retirement obligations 557 215 342 Other comprehensive income $ 4,328 $ 1,670 $ 2,658 (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. (9.) Activity in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2018 and 2017 was as follows (in thousands): Hedging Derivative Instruments Securities Available for Sale and Transferred Securities Pension and Post- retirement Obligations Accumulated Other Comprehensive Income (Loss) Three months ended June 30, 2018 Balance at beginning of period $ (104 ) $ (9,545 ) $ (8,514 ) $ (18,163 ) Other comprehensive income (loss) before reclassifications 227 (2,554 ) — (2,327 ) Amounts reclassified from accumulated other comprehensive income (loss) — 67 127 194 Net current period other comprehensive income (loss) 227 (2,487 ) 127 (2,133 ) Balance at end of period $ 123 $ (12,032 ) $ (8,387 ) $ (20,296 ) Six months ended June 30, 2018 Balance at beginning of period $ — $ (3,275 ) $ (8,641 ) $ (11,916 ) Other comprehensive income (loss) before reclassifications 123 (8,885 ) — (8,762 ) Amounts reclassified from accumulated other comprehensive income (loss) — 128 254 382 Net current period other comprehensive income (loss) 123 (8,757 ) 254 (8,380 ) Balance at end of period $ 123 $ (12,032 ) $ (8,387 ) $ (20,296 ) Three months ended June 30, 2017 Balance at beginning of period $ — $ (3,135 ) $ (10,051 ) $ (13,186 ) Other comprehensive income (loss) before reclassifications — 1,834 — 1,834 Amounts reclassified from accumulated other comprehensive income (loss) — (112 ) 171 59 Net current period other comprehensive income (loss) — 1,722 171 1,893 Balance at end of period $ — $ (1,413 ) $ (9,880 ) $ (11,293 ) Six months ended June 30, 2017 Balance at beginning of period $ — $ (3,729 ) $ (10,222 ) $ (13,951 ) Other comprehensive income (loss) before reclassifications — 2,553 — 2,553 Amounts reclassified from accumulated other comprehensive income (loss) — (237 ) 342 105 Net current period other comprehensive income (loss) — 2,316 342 2,658 Balance at end of period $ — $ (1,413 ) $ (9,880 ) $ (11,293 ) (9.) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017 (in thousands): Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Income Three months ended June 30, 2018 2017 Realized gain on sale of investment securities $ 7 $ 210 Net gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (97 ) (26 ) Interest income (90 ) 184 Total before tax 23 (72 ) Income tax benefit (expense) (67 ) 112 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 18 13 Salaries and employee benefits Net actuarial losses (1) (188 ) (291 ) Salaries and employee benefits (170 ) (278 ) Total before tax 43 107 Income tax benefit (127 ) (171 ) Net of tax Total reclassified for the period $ (194 ) $ (59 ) Six months ended June 30, 2018 2017 Realized gain on sale of investment securities $ 7 $ 416 Net gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (179 ) (29 ) Interest income (172 ) 387 Total before tax 44 (150 ) Income tax benefit (expense) (128 ) 237 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 36 26 Salaries and employee benefits Net actuarial losses (1) (375 ) (583 ) Salaries and employee benefits (339 ) (557 ) Total before tax 85 215 Income tax benefit (254 ) (342 ) Net of tax Total reclassified for the period $ (382 ) $ (105 ) (1) These items are included in the computation of net periodic pension expense. See Note 11 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2018 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation Plans | (10.) 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 six months ended June 30, 2018. Number of Underlying Shares Weighted Average Per Share Grant Date Fair Value RSUs 29,905 $ 28.38 PSUs 14,855 27.25 The grant-date fair value for the RSUs granted during the six months ended June 30, 2018 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-year performance period ended December 31, 2020. The shares earned based on the achievement of the TSR performance requirement, if any, will vest on February 27, 2021 assuming the recipient’s continuous service to the Company. The grant-date fair value of the PSUs granted during the six months ended June 30, 2018 was determined using the Monte Carlo simulation model on the date of grant, assuming the following (i) expected term of 2.84 years, (ii) risk free interest rate of 2.39%, (iii) expected dividend yield of 2.83% and (iv) expected stock price volatility over the expected term of the TSR award of 21.2%. The Monte Carlo simulation model is a risk analysis method that selects a random value from a range of estimates. During the six months ended June 30, 2018, the company issued a total of 2,724 shares of common stock in-lieu of cash for the annual retainer of five non-employee directors and granted a total of 7,370 restricted shares of common stock to non-employee directors, of which 3,690 shares vested immediately and 3,680 shares will vest after completion of a one-year service requirement. The market price of the stock and restricted stock on the date of grant was $33.90. The following is a summary of restricted stock awards and restricted stock units activity for the six months ended June 30, 2018: Number of Shares Weighted Average Market Price at Grant Date Outstanding at beginning of year 130,586 $ 24.32 Granted 52,130 28.84 Vested (23,836 ) 25.74 Forfeited (24,701 ) 11.22 Outstanding at end of period 134,179 $ 28.24 At June 30, 2018, there was $2.3 million of unrecognized compensation expense related to unvested restricted stock awards and restricted stock units that is expected to be recognized over a weighted average period of 2.0 years. (10.) The Company uses the Black-Scholes valuation method to estimate the fair value of its stock option awards. There were no stock options awarded during the first six months of 2018 or 2017. There was no unrecognized compensation expense related to unvested stock options as of June 30, 2018. The following is a summary of stock option activity for the six months ended June 30, 2018 (dollars in thousands, except per share amounts): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of year 22,199 $ 18.40 Exercised (16,650 ) 18.50 Expired (3,999 ) 19.00 Outstanding and exercisable at end of period 1,550 $ 15.85 0.0 $ 26 The aggregate intrinsic value (the amount by which the market price of the stock on the date of exercise exceeded the market price of the stock on the date of grant) of option exercises for the six months ended June 30, 2018 and 2017 was $222 thousand and $277 thousand, respectively. The total cash received as a result of option exercises under stock compensation plans for the six months ended June 30, 2018 and 2017 was $309 thousand and $379 thousand, respectively. 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Salaries and employee benefits $ 298 $ 221 $ 566 $ 428 Other noninterest expense 159 145 193 177 Total share-based compensation expense $ 457 $ 366 $ 759 $ 605 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | (11.) 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Service cost $ 837 $ 785 $ 1,673 $ 1,570 Interest cost on projected benefit obligation 597 614 1,195 1,227 Expected return on plan assets (1,321 ) (1,194 ) (2,642 ) (2,388 ) Amortization of unrecognized prior service credit (18 ) (13 ) (36 ) (26 ) Amortization of unrecognized net actuarial loss 188 291 375 583 Net periodic benefit expense $ 283 $ 483 $ 565 $ 966 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 2018 fiscal year. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | (12.) 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): June 30, 2018 December 31, 2017 Commitments to extend credit $ 732,999 $ 661,021 Standby letters of credit 13,171 12,181 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 $8.7 million and $566 thousand at June 30, 2018 and December 31, 2017, respectively. The net change in the fair values of these derivatives was recognized as other noninterest income or other noninterest expense in the consolidated statements of income. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (13.) 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. (13.) 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. Derivative instruments: The fair value of derivative instruments is determined using quoted secondary market prices for similar financial instruments and are classified as Level 2 in the fair value hierarchy. 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. (13.) 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 Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 30, 2018 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 157,526 $ — $ 157,526 Mortgage-backed securities — 334,702 — 334,702 Other assets: Hedging derivative instruments — 1,201 — 1,201 Fair value adjusted through comprehensive income $ — $ 493,429 $ — $ 493,429 Other assets: Derivative instruments - interest rate products $ — $ 105 $ — $ 105 Other liabilities: Derivative instruments - credit contracts — (13 ) — (13 ) Derivative instruments - interest rate products — (139 ) — (139 ) Fair value adjusted through net income $ — $ (47 ) $ — $ (47 ) Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,014 $ — $ 2,014 Collateral dependent impaired loans — — 5,049 5,049 Other assets: Loan servicing rights — — 968 968 Other real estate owned — — 299 299 $ — $ 2,014 $ 6,316 $ 8,330 December 31, 2017 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 161,889 $ — $ 161,889 Mortgage-backed securities — 363,084 — 363,084 Fair value adjusted through comprehensive income $ — $ 524,973 $ — $ 524,973 Other liabilities: Derivative instruments - credit contracts $ — $ 4 $ — $ 4 Fair value adjusted through net income $ — $ 4 $ — $ 4 Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,718 $ — $ 2,718 Collateral dependent impaired loans — — 3,847 3,847 Other assets: Loan servicing rights — — 990 990 Other real estate owned — — 148 148 $ — $ 2,718 $ 4,985 $ 7,703 (13.) There were no transfers between Levels 1 and 2 during the six months ended June 30, 2018 and 2017. There were no liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2018 and 2017. 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). Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Value or Range Collateral dependent impaired loans $ 5,049 Appraisal of collateral (1) Appraisal adjustments (2) 25% - 50% discount Loan servicing rights 968 Discounted cash flow Discount rate 10.3% (3) Constant prepayment rate 13.1% (3) Other real estate owned 299 Appraisal of collateral (1) Appraisal adjustments (2) 22% - 43% 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. Changes in Level 3 Fair Value Measurements There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended June 30, 2018. 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. (13.) The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated. Level in June 30, 2018 December 31, 2017 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 89,094 $ 89,094 $ 99,195 $ 99,195 Securities available for sale Level 2 492,228 492,228 524,973 524,973 Securities held to maturity Level 2 474,803 465,542 516,466 512,983 Loans held for sale Level 2 2,014 2,014 2,718 2,718 Loans Level 2 2,861,208 2,807,693 2,696,498 2,660,936 Loans (1) Level 3 5,049 5,049 3,847 3,847 Accrued interest receivable Level 1 10,783 10,783 10,776 10,776 FHLB and FRB stock Level 2 28,346 28,346 27,730 27,730 Derivative instruments – cash flow hedge Level 2 1,201 1,201 — — Derivative instruments – interest rate products Level 2 105 105 — — Financial liabilities: Non-maturity deposits Level 1 2,390,163 2,390,163 2,358,018 2,358,018 Time deposits Level 2 872,004 865,363 852,156 848,055 Short-term borrowings Level 1 472,800 472,800 446,200 446,200 Long-term borrowings Level 2 39,167 39,787 39,131 41,485 Accrued interest payable Level 1 7,409 7,409 8,038 8,038 Derivative instruments – credit contracts Level 2 13 13 4 4 Derivative instruments – interest rate products Level 2 139 139 — — (1) Comprised of collateral dependent impaired loans. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | (14.) The Company has two reportable segments: Banking and Non-Banking. These reportable segments have been identified and organized based on the nature of the underlying products and services applicable to each segment, the type of customers to whom those products and services are offered and the distribution channel through which those products and services are made available. 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 and HNP Capital, our investment advisor and wealth management firms that provide 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). Banking Non-Banking Holding Company and Other Consolidated Totals June 30, 2018 Goodwill $ 48,536 $ 19,876 $ — $ 68,412 Other intangible assets, net 288 10,488 — 10,776 Total assets 4,150,789 35,907 4,619 4,191,315 December 31, 2017 Goodwill $ 48,536 $ 17,304 $ — $ 65,840 Other intangible assets, net 373 8,490 — 8,863 Total assets 4,069,086 31,466 4,658 4,105,210 Banking Non-Banking (1) Holding Company and Other Consolidated Totals Three months ended June 30, 2018 Net interest income (expense) $ 30,703 $ — $ (618 ) $ 30,085 Provision for loan losses (40 ) — — (40 ) Noninterest income 6,301 2,385 (137 ) 8,549 Noninterest expense (20,177 ) (2,150 ) (1,118 ) (23,445 ) Income (loss) before income taxes 16,787 235 (1,873 ) 15,149 Income tax (expense) benefit (3,504 ) (59 ) 584 (2,979 ) Net income (loss) $ 13,283 $ 176 $ (1,289 ) $ 12,170 Six months ended June 30, 2018 Net interest income (expense) $ 60,949 $ — $ (1,236 ) $ 59,713 Provision for loan losses (2,989 ) — — (2,989 ) Noninterest income 12,805 5,009 (281 ) 17,533 Noninterest expense (40,660 ) (4,815 ) (2,077 ) (47,552 ) Income (loss) before income taxes 30,105 194 (3,594 ) 26,705 Income tax (expense) benefit (6,136 ) (51 ) 940 (5,247 ) Net income (loss) $ 23,969 $ 143 $ (2,654 ) $ 21,458 (1) Reflects activity from the acquisition of HNP Capital since June 1, 2018 (the date of acquisition) and the assets of Robshaw & Julian since August 31, 2017 (the date of acquisition). (14.) Banking Non-Banking Holding Company and Other Consolidated Totals Three months ended June 30, 2017 Net interest income (expense) $ 28,039 $ — $ (617 ) $ 27,422 Provision for loan losses (3,832 ) — — (3,832 ) Noninterest income 6,215 2,040 1,078 9,333 Noninterest expense (19,840 ) (3,428 ) (673 ) (23,941 ) Income (loss) before income taxes 10,582 (1,388 ) (212 ) 8,982 Income tax (expense) benefit (3,048 ) (74 ) 386 (2,736 ) Net income (loss) $ 7,534 $ (1,462 ) $ 174 $ 6,246 Six months ended June 30, 2017 Net interest income (expense) $ 55,652 $ — $ (1,235 ) $ 54,417 Provision for loan losses (6,613 ) — — (6,613 ) Noninterest income 11,793 4,445 931 17,169 Noninterest expense (38,324 ) (5,262 ) (1,297 ) (44,883 ) Income (loss) before income taxes 22,508 (817 ) (1,601 ) 20,090 Income tax (expense) benefit (6,621 ) (296 ) 1,016 (5,901 ) Net income (loss) $ 15,887 $ (1,113 ) $ (585 ) $ 14,189 |
Basis Of Presentation And Sum23
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP 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 states. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. |
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 2017 Annual Report on Form 10-K for the year ended December 31, 2017. 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). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 is intended to improve the recognition and measurement of financial instruments by requiring equity investments to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement for entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured and amortized at cost on the balance sheet; and requiring an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2017. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The adoption of ASU 2016-01, as of January 1, 2018, did not have a significant impact on the Company’s financial statements, except for the fair value disclosures as presented in Note 13 – Fair Value Measurements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments 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 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 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, derivatives and investment securities, as well as revenue related to our loan servicing activities, as these activities are subject to other GAAP. Descriptions of our primary revenue-generating activities that are within the scope of ASC 606, which are presented in our income statements as components of noninterest income are as follows: • Transactions and service-based revenues - these include service charges on deposits, investment advisory, and ATM and debit card fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. • Insurance income - Insurance commissions are received on the sale of insurance products, and revenue is recognized upon the placement date of the insurance policies. Payment is normally received within the policy period. In addition to placement, SDN also provides insurance policy related risk management services. Revenue is recognized as these services are provided. |
Earnings Per Common Share ("E24
Earnings Per Common Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted 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 June 30, Six months ended June 30, 2018 2017 2018 2017 Net income available to common shareholders $ 11,804 $ 5,880 $ 20,727 $ 13,458 Weighted average common shares outstanding: Total shares issued 16,056 14,858 16,056 14,776 Unvested restricted stock awards (4 ) (44 ) (12 ) (50 ) Treasury shares (146 ) (150 ) (146 ) (154 ) Total basic weighted average common shares outstanding 15,906 14,664 15,898 14,572 Incremental shares from assumed: Exercise of stock options 3 10 5 12 Vesting of restricted stock awards 39 28 42 31 Total diluted weighted average common shares outstanding 15,948 14,702 15,945 14,615 Basic earnings per common share $ 0.74 $ 0.40 $ 1.30 $ 0.92 Diluted earnings per common share $ 0.74 $ 0.40 $ 1.30 $ 0.92 |
Shares Excluded From Computation Of Diluted EPS | EPS because the effect would be antidilutive: Stock options — — — — Restricted stock awards 7 — 6 3 Total 7 — 6 3 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Amortized Cost And Fair Value Of Investment Securities | Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2018 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 162,330 $ 11 $ 4,815 $ 157,526 Mortgage-backed securities: Federal National Mortgage Association 296,084 52 9,954 286,182 Federal Home Loan Mortgage Corporation 38,387 15 1,655 36,747 Government National Mortgage Association 10,595 140 102 10,633 Collateralized mortgage obligations: Federal National Mortgage Association 163 — — 163 Federal Home Loan Mortgage Corporation 40 — — 40 Privately issued — 937 — 937 Total mortgage-backed securities 345,269 1,144 11,711 334,702 Total available for sale securities $ 507,599 $ 1,155 $ 16,526 $ 492,228 Securities held to maturity: State and political subdivisions 250,791 1,287 1,559 250,519 Mortgage-backed securities: Federal National Mortgage Association 10,574 — 340 10,234 Federal Home Loan Mortgage Corporation 4,662 — 226 4,436 Government National Mortgage Association 33,934 13 954 32,993 Collateralized mortgage obligations: Federal National Mortgage Association 68,906 — 2,966 65,940 Federal Home Loan Mortgage Corporation 85,824 — 3,705 82,119 Government National Mortgage Association 20,112 — 811 19,301 Total mortgage-backed securities 224,012 13 9,002 215,023 Total held to maturity securities $ 474,803 $ 1,300 $ 10,561 $ 465,542 December 31, 2017 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 163,025 $ 122 $ 1,258 $ 161,889 Mortgage-backed securities: Federal National Mortgage Association 311,830 313 3,220 308,923 Federal Home Loan Mortgage Corporation 41,290 76 675 40,691 Government National Mortgage Association 12,051 193 12 12,232 Collateralized mortgage obligations: Federal National Mortgage Association 217 1 1 217 Federal Home Loan Mortgage Corporation 45 — — 45 Privately issued — 976 — 976 Total mortgage-backed securities 365,433 1,559 3,908 363,084 Total available for sale securities $ 528,458 $ 1,681 $ 5,166 $ 524,973 (4.) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2017 (continued) Securities held to maturity: State and political subdivisions 283,557 2,317 662 285,212 Mortgage-backed securities: Federal National Mortgage Association 9,732 16 88 9,660 Federal Home Loan Mortgage Corporation 3,213 — 119 3,094 Government National Mortgage Association 26,841 — 330 26,511 Collateralized mortgage obligations: Federal National Mortgage Association 76,432 — 1,958 74,474 Federal Home Loan Mortgage Corporation 93,810 3 2,165 91,648 Government National Mortgage Association 22,881 5 502 22,384 Total mortgage-backed securities 232,909 24 5,162 227,771 Total held to maturity securities $ 516,466 $ 2,341 $ 5,824 $ 512,983 |
Sales And Calls Of Securities Available For Sale | Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Proceeds from sales $ 5,768 $ 12,957 $ 5,768 $ 25,307 Gross realized gains 9 210 9 416 Gross realized losses 2 — 2 — |
Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity | Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 26,364 $ 26,197 Due from one to five years 144,174 140,856 Due after five years through ten years 238,443 229,545 Due after ten years 98,618 95,630 $ 507,599 $ 492,228 Debt securities held to maturity: Due in one year or less $ 55,989 $ 56,177 Due from one to five years 151,052 151,799 Due after five years through ten years 88,698 85,681 Due after ten years 179,064 171,885 $ 474,803 $ 465,542 |
Investments Gross Unrealized Losses And Fair Value | Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2018 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 123,345 $ 3,328 $ 30,701 $ 1,487 $ 154,046 $ 4,815 Mortgage-backed securities: Federal National Mortgage Association 219,797 7,637 63,598 2,317 283,395 9,954 Federal Home Loan Mortgage Corporation 21,415 751 14,438 904 35,853 1,655 Government National Mortgage Association 4,410 97 789 5 5,199 102 Collateralized mortgage obligations: Federal National Mortgage Association — — 77 — 77 — Federal Home Loan Mortgage Corporation — — 7 — 7 — Total mortgage-backed securities 245,622 8,485 78,909 3,226 324,531 11,711 Total available for sale securities 368,967 11,813 109,610 4,713 478,577 16,526 Securities held to maturity: State and political subdivisions 65,548 883 15,698 676 81,246 1,559 Mortgage-backed securities: Federal National Mortgage Association 7,662 202 2,572 138 10,234 340 Federal Home Loan Mortgage Corporation 1,474 13 2,962 213 4,436 226 Government National Mortgage Association 11,967 399 13,627 555 25,594 954 Collateralized mortgage obligations: Federal National Mortgage Association 16,268 500 49,672 2,466 65,940 2,966 Federal Home Loan Mortgage Corporation 20,606 799 61,513 2,906 82,119 3,705 Government National Mortgage Association 6,940 282 12,361 529 19,301 811 Total mortgage-backed securities 64,917 2,195 142,707 6,807 207,624 9,002 Total held to maturity securities 130,465 3,078 158,405 7,483 288,870 10,561 Total temporarily impaired securities $ 499,432 $ 14,891 $ 268,015 $ 12,196 $ 767,447 $ 27,087 December 31, 2017 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ 95,046 $ 571 $ 31,561 $ 687 $ 126,607 $ 1,258 Mortgage-backed securities: Federal National Mortgage Association 201,754 1,855 67,383 1,365 269,137 3,220 Federal Home Loan Mortgage Corporation 20,446 192 15,601 483 36,047 675 Government National Mortgage Association 2,432 — 880 12 3,312 12 Collateralized mortgage obligations: Federal National Mortgage Association — — 119 1 119 1 Federal Home Loan Mortgage Corporation — — 8 — 8 — Total mortgage-backed securities 224,632 2,047 83,991 1,861 308,623 3,908 Total available for sale securities 319,678 2,618 115,552 2,548 435,230 5,166 (4.) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2017 (continued) Securities held to maturity: State and political subdivisions 36,368 295 14,492 367 50,860 662 Mortgage-backed securities: Federal National Mortgage Association 3,766 29 2,694 59 6,460 88 Federal Home Loan Mortgage Corporation — — 3,094 119 3,094 119 Government National Mortgage Association 17,327 136 9,184 194 26,511 330 Collateralized mortgage obligations: Federal National Mortgage Association 16,830 202 57,645 1,756 74,475 1,958 Federal Home Loan Mortgage Corporation 23,727 337 66,467 1,828 90,194 2,165 Government National Mortgage Association 15,401 340 5,635 162 21,036 502 Total mortgage-backed securities 77,051 1,044 144,719 4,118 221,770 5,162 Total held to maturity securities 113,419 1,339 159,211 4,485 272,630 5,824 Total temporarily impaired securities $ 433,097 $ 3,957 $ 274,763 $ 7,033 $ 707,860 $ 10,990 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loan Portfolio | Principal Amount Outstanding Net Deferred Loan (Fees) Costs Loans, Net June 30, 2018 Commercial business $ 506,265 $ 756 $ 507,021 Commercial mortgage 869,192 (2,143 ) 867,049 Residential real estate loans 481,841 8,099 489,940 Residential real estate lines 110,319 2,968 113,287 Consumer indirect 874,718 31,519 906,237 Other consumer 16,508 170 16,678 Total $ 2,858,843 $ 41,369 2,900,212 Allowance for loan losses (33,955 ) Total loans, net $ 2,866,257 December 31, 2017 Commercial business $ 449,763 $ 563 $ 450,326 Commercial mortgage 810,851 (1,943 ) 808,908 Residential real estate loans 457,761 7,522 465,283 Residential real estate lines 113,422 2,887 116,309 Consumer indirect 845,682 30,888 876,570 Other consumer 17,443 178 17,621 Total $ 2,694,922 $ 40,095 2,735,017 Allowance for loan losses (34,672 ) Total loans, net $ 2,700,345 |
Recorded Investment By Loan Class In Current And Nonaccrual Loans | 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Nonaccrual Current Total Loans June 30, 2018 Commercial business $ 51 $ — $ — $ 51 $ 4,026 $ 502,188 $ 506,265 Commercial mortgage 387 — — 387 2,151 866,654 869,192 Residential real estate loans 605 64 — 669 2,138 479,034 481,841 Residential real estate lines 79 107 — 186 288 109,845 110,319 Consumer indirect 1,869 492 — 2,361 1,124 871,233 874,718 Other consumer 58 18 4 80 — 16,428 16,508 Total loans, gross $ 3,049 $ 681 $ 4 $ 3,734 $ 9,727 $ 2,845,382 $ 2,858,843 December 31, 2017 Commercial business $ 64 $ 36 $ — $ 100 $ 5,344 $ 444,319 $ 449,763 Commercial mortgage 56 375 — 431 2,623 807,797 810,851 Residential real estate loans 1,908 56 — 1,964 2,252 453,545 457,761 Residential real estate lines 349 — — 349 404 112,669 113,422 Consumer indirect 2,806 672 — 3,478 1,895 840,309 845,682 Other consumer 174 15 11 200 2 17,241 17,443 Total loans, gross $ 5,357 $ 1,154 $ 11 $ 6,522 $ 12,520 $ 2,675,880 $ 2,694,922 |
Summary Of Impaired Loans | Recorded Investment (1) Unpaid Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized June 30, 2018 With no related allowance recorded: Commercial business $ 1,174 $ 1,639 $ — $ 1,347 $ — Commercial mortgage 557 557 — 579 — 1,731 2,196 — 1,926 — With an allowance recorded: Commercial business 2,990 2,990 1,226 3,397 — Commercial mortgage 2,071 2,071 517 2,255 — 5,061 5,061 1,743 5,652 — $ 6,792 $ 7,257 $ 1,743 $ 7,578 $ — December 31, 2017 With no related allowance recorded: Commercial business $ 1,635 $ 2,370 $ — $ 853 $ — Commercial mortgage 584 584 — 621 — 2,219 2,954 — 1,474 — With an allowance recorded: Commercial business 3,853 3,853 2,056 4,468 — Commercial mortgage 2,528 2,528 115 1,516 — 6,381 6,381 2,171 5,984 — $ 8,600 $ 9,335 $ 2,171 $ 7,458 $ — (1) Difference between recorded investment and unpaid principal balance represents partial charge-offs. |
Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification | Commercial Business Commercial Mortgage June 30, 2018 Uncriticized $ 473,370 $ 850,919 Special mention 21,413 10,457 Substandard 11,482 7,816 Doubtful — — Total $ 506,265 $ 869,192 December 31, 2017 Uncriticized $ 429,692 $ 791,127 Special mention 7,120 12,185 Substandard 12,951 7,539 Doubtful — — Total $ 449,763 $ 810,851 |
Retail Loan Portfolio Categorized By Payment Status | Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer June 30, 2018 Performing $ 479,703 $ 110,031 $ 873,594 $ 16,504 Non-performing 2,138 288 1,124 4 Total $ 481,841 $ 110,319 $ 874,718 $ 16,508 December 31, 2017 Performing $ 455,509 $ 113,018 $ 843,787 $ 17,430 Non-performing 2,252 404 1,895 13 Total $ 457,761 $ 113,422 $ 845,682 $ 17,443 |
Changes In The Allowance For Loan Losses | Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total June 30, 2018 Loans: Ending balance $ 506,265 $ 869,192 $ 481,841 $ 110,319 $ 874,718 $ 16,508 $ 2,858,843 Evaluated for impairment: Individually $ 4,164 $ 2,628 $ — $ — $ — $ — $ 6,792 Collectively $ 502,101 $ 866,564 $ 481,841 $ 110,319 $ 874,718 $ 16,508 $ 2,852,051 Allowance for loan losses: Ending balance $ 14,242 $ 5,371 $ 1,255 $ 248 $ 12,520 $ 319 $ 33,955 Evaluated for impairment: Individually $ 1,226 $ 517 $ — $ — $ — $ — $ 1,743 Collectively $ 13,016 $ 4,854 $ 1,255 $ 248 $ 12,520 $ 319 $ 32,212 June 30, 2017 Loans: Ending balance $ 397,802 $ 725,793 $ 425,285 $ 115,768 $ 797,469 $ 16,917 $ 2,479,034 Evaluated for impairment: Individually $ 7,258 $ 2,164 $ — $ — $ — $ — $ 9,422 Collectively $ 390,544 $ 723,629 $ 425,285 $ 115,768 $ 797,469 $ 16,917 $ 2,469,612 Allowance for loan losses: Ending balance $ 14,622 $ 3,906 $ 1,247 $ 232 $ 12,833 $ 319 $ 33,159 Evaluated for impairment: Individually $ 2,683 $ 120 $ — $ — $ — $ — $ 2,803 Collectively $ 11,939 $ 3,786 $ 1,247 $ 232 $ 12,833 $ 319 $ 30,356 Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total Three months ended June 30, 2018 Beginning balance $ 14,942 $ 5,473 $ 1,400 $ 218 $ 13,232 $ 329 $ 35,594 Charge-offs (336 ) - (10 ) (7 ) (2,621 ) (235 ) (3,209 ) Recoveries 77 1 63 12 1,304 73 1,530 Provision (credit) (441 ) (103 ) (198 ) 25 605 152 40 Ending balance $ 14,242 $ 5,371 $ 1,255 $ 248 $ 12,520 $ 319 $ 33,955 Six months ended June 30, 2018 Beginning balance $ 15,668 $ 3,696 $ 1,322 $ 180 $ 13,415 $ 391 $ 34,672 Charge-offs (441 ) (4 ) (29 ) (101 ) (5,615 ) (668 ) (6,858 ) Recoveries 197 8 132 15 2,634 166 3,152 Provision (credit) (1,182 ) 1,671 (170 ) 154 2,086 430 2,989 Ending balance $ 14,242 $ 5,371 $ 1,255 $ 248 $ 12,520 $ 319 $ 33,955 Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total Three months ended June 30, 2017 Beginning balance $ 14,003 $ 3,667 $ 1,440 $ 214 $ 11,462 $ 295 $ 31,081 Charge-offs (656 ) - (86 ) - (2,204 ) (187 ) (3,133 ) Recoveries 88 38 8 46 1,122 77 1,379 Provision (credit) 1,187 201 (115 ) (28 ) 2,453 134 3,832 Ending balance $ 14,622 $ 3,906 $ 1,247 $ 232 $ 12,833 $ 319 $ 33,159 Six months ended June 30, 2017 Beginning balance $ 7,225 $ 10,315 $ 1,478 $ 303 $ 11,311 $ 302 $ 30,934 Charge-offs (1,778 ) (10 ) (100 ) (43 ) (5,013 ) (390 ) (7,334 ) Recoveries 246 252 48 56 2,173 171 2,946 Provision (credit) 8,929 (6,651 ) (179 ) (84 ) 4,362 236 6,613 Ending balance $ 14,622 $ 3,906 $ 1,247 $ 232 $ 12,833 $ 319 $ 33,159 |
Goodwill And Other Intangible27
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes In Carrying Amount Of Goodwill | Banking Non-Banking Total Balance, December 31, 2017 $ 48,536 $ 17,304 $ 65,840 Acquisition — 2,572 2,572 Balance, June 30, 2018 $ 48,536 $ 19,876 $ 68,412 |
Gross Carrying Amount Accumulated Amortization and Net Book Value | June 30, December 31, 2018 2017 Other intangibles assets: Gross carrying amount $ 15,926 $ 13,420 Accumulated amortization (5,150 ) (4,557 ) Net book value $ 10,776 $ 8,863 |
Estimated Core Deposit Intangible Amortization Expense | 2018 (remainder of year) $ 664 2019 1,250 2020 1,134 2021 1,014 2022 923 2023 852 |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments on the Balance Sheet | Asset derivatives Liability derivatives Gross notional amount Balance Fair value Balance Fair value June 30, 2018 Dec. 31, 2017 sheet line item June 30, 2018 Dec. 31, 2017 sheet line item June 30, 2018 Dec. 31, 2017 Derivatives designated as hedging instruments Cash flow hedges $ 100,000 $ — Other $ 1,201 $ — Other liabilities $ — $ — Total derivatives $ 100,000 $ — $ 1,201 $ — $ — $ — Derivatives not designated as hedging instruments Interest rate swaps $ 6,440 $ — Other assets $ 105 $ — Other liabilities $ 139 $ — Credit contracts 34,811 12,282 Other assets — — Other liabilities 13 4 Total derivatives $ 41,251 $ 12,282 $ 105 $ — $ 152 $ 4 |
Effect of Derivative Instruments on the Income Statement | Gain (loss) recognized in income Gain (loss) recognized in income Line item of gain (loss) Three months ended June 30, Six months ended June 30, Undesignated derivatives recognized in income 2018 2017 2018 2017 Interest rate swaps Net gain on derivative instruments $ 70 $ — $ 70 $ — Credit contracts Net gain on derivative instruments 8 — 182 — Total undesignated $ 78 $ — $ 252 $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Changes In Shares Of Common Stock | Outstanding Treasury Issued June 30, 2018 Shares at December 31, 2017 15,924,938 131,240 16,056,178 Restricted stock awards issued 7,370 (7,370 ) — Restricted stock awards forfeited (23,901 ) 23,901 — Stock options exercised 16,650 (16,650 ) — Stock awards 2,724 (2,724 ) — Treasury stock purchases (3,622 ) 3,622 — Shares at June 30, 2018 15,924,159 132,019 16,056,178 June 30, 2017 Shares at December 31, 2016 14,537,597 154,617 14,692,214 Common stock issued for "at-the-market" equity offering 571,597 — 571,597 Restricted stock awards issued 8,510 (8,510 ) — Restricted stock awards forfeited (10,359 ) 10,359 — Stock options exercised 19,520 (19,520 ) — Stock awards 3,914 (3,914 ) — Treasury stock purchases (4,323 ) 4,323 — Shares at June 30, 2017 15,126,456 137,355 15,263,811 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components Of Other Comprehensive Income (Loss) | Pre-tax Amount Tax Effect Net-of-tax Amount Three months ended June 30, 2018 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (3,414 ) $ (860 ) $ (2,554 ) Reclassification adjustment for net gains included in net income (1) 90 23 67 Total securities available for sale and transferred securities (3,324 ) (837 ) (2,487 ) Hedging derivative instruments: Change in unrealized gain/loss during the period 303 76 227 Pension and post-retirement obligations: Amortization of prior service credit included in income (18 ) (5 ) (13 ) Amortization of net actuarial loss included in income 188 48 140 Total pension and post-retirement obligations 170 43 127 Other comprehensive loss $ (2,851 ) $ (718 ) $ (2,133 ) Six months ended June 30, 2018 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (11,879 ) $ (2,994 ) $ (8,885 ) Reclassification adjustment for net gains included in net income (1) 172 44 128 Total securities available for sale and transferred securities (11,707 ) (2,950 ) (8,757 ) Hedging derivative instruments: Change in unrealized gain/loss during the period 164 41 123 Pension and post-retirement obligations: Amortization of prior service credit included in income (36 ) (10 ) (26 ) Amortization of net actuarial loss included in income 375 95 280 Total pension and post-retirement obligations 339 85 254 Other comprehensive loss $ (11,204 ) $ (2,824 ) $ (8,380 ) (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. Pre-tax Amount Tax Effect Net-of-tax Amount Three months ended June 30, 2017 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 2,988 $ 1,154 $ 1,834 Reclassification adjustment for net gains included in net income (1) (184 ) (72 ) (112 ) Total securities available for sale and transferred securities 2,804 1,082 1,722 Hedging derivative instruments: Change in unrealized gain/loss during the period — — — Pension and post-retirement obligations: Amortization of prior service credit included in income (13 ) (6 ) (7 ) Amortization of net actuarial loss included in income 291 113 178 Total pension and post-retirement obligations 278 107 171 Other comprehensive income $ 3,082 $ 1,189 $ 1,893 Six months ended June 30, 2017 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 4,158 $ 1,605 $ 2,553 Reclassification adjustment for net gains included in net income (1) (387 ) (150 ) (237 ) Total securities available for sale and transferred securities 3,771 1,455 2,316 Hedging derivative instruments: Change in unrealized gain/loss during the period — — — Pension and post-retirement obligations: Amortization of prior service credit included in income (26 ) (10 ) (16 ) Amortization of net actuarial loss included in income 583 225 358 Total pension and post-retirement obligations 557 215 342 Other comprehensive income $ 4,328 $ 1,670 $ 2,658 (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) | Hedging Derivative Instruments Securities Available for Sale and Transferred Securities Pension and Post- retirement Obligations Accumulated Other Comprehensive Income (Loss) Three months ended June 30, 2018 Balance at beginning of period $ (104 ) $ (9,545 ) $ (8,514 ) $ (18,163 ) Other comprehensive income (loss) before reclassifications 227 (2,554 ) — (2,327 ) Amounts reclassified from accumulated other comprehensive income (loss) — 67 127 194 Net current period other comprehensive income (loss) 227 (2,487 ) 127 (2,133 ) Balance at end of period $ 123 $ (12,032 ) $ (8,387 ) $ (20,296 ) Six months ended June 30, 2018 Balance at beginning of period $ — $ (3,275 ) $ (8,641 ) $ (11,916 ) Other comprehensive income (loss) before reclassifications 123 (8,885 ) — (8,762 ) Amounts reclassified from accumulated other comprehensive income (loss) — 128 254 382 Net current period other comprehensive income (loss) 123 (8,757 ) 254 (8,380 ) Balance at end of period $ 123 $ (12,032 ) $ (8,387 ) $ (20,296 ) Three months ended June 30, 2017 Balance at beginning of period $ — $ (3,135 ) $ (10,051 ) $ (13,186 ) Other comprehensive income (loss) before reclassifications — 1,834 — 1,834 Amounts reclassified from accumulated other comprehensive income (loss) — (112 ) 171 59 Net current period other comprehensive income (loss) — 1,722 171 1,893 Balance at end of period $ — $ (1,413 ) $ (9,880 ) $ (11,293 ) Six months ended June 30, 2017 Balance at beginning of period $ — $ (3,729 ) $ (10,222 ) $ (13,951 ) Other comprehensive income (loss) before reclassifications — 2,553 — 2,553 Amounts reclassified from accumulated other comprehensive income (loss) — (237 ) 342 105 Net current period other comprehensive income (loss) — 2,316 342 2,658 Balance at end of period $ — $ (1,413 ) $ (9,880 ) $ (11,293 ) |
Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss) | Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Income Three months ended June 30, 2018 2017 Realized gain on sale of investment securities $ 7 $ 210 Net gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (97 ) (26 ) Interest income (90 ) 184 Total before tax 23 (72 ) Income tax benefit (expense) (67 ) 112 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 18 13 Salaries and employee benefits Net actuarial losses (1) (188 ) (291 ) Salaries and employee benefits (170 ) (278 ) Total before tax 43 107 Income tax benefit (127 ) (171 ) Net of tax Total reclassified for the period $ (194 ) $ (59 ) Six months ended June 30, 2018 2017 Realized gain on sale of investment securities $ 7 $ 416 Net gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (179 ) (29 ) Interest income (172 ) 387 Total before tax 44 (150 ) Income tax benefit (expense) (128 ) 237 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 36 26 Salaries and employee benefits Net actuarial losses (1) (375 ) (583 ) Salaries and employee benefits (339 ) (557 ) Total before tax 85 215 Income tax benefit (254 ) (342 ) Net of tax Total reclassified for the period $ (382 ) $ (105 ) (1) These items are included in the computation of net periodic pension expense. See Note 11 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Share Based Compensation [Abstract] | |
Summary Of Restricted Stock Units And Performance Share Units Activity | Number of Underlying Shares Weighted Average Per Share Grant Date Fair Value RSUs 29,905 $ 28.38 PSUs 14,855 27.25 |
Summary Of Restricted Stock Awards Activity | Number of Shares Weighted Average Market Price at Grant Date Outstanding at beginning of year 130,586 $ 24.32 Granted 52,130 28.84 Vested (23,836 ) 25.74 Forfeited (24,701 ) 11.22 Outstanding at end of period 134,179 $ 28.24 |
Summary Of Stock Option Activity | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of year 22,199 $ 18.40 Exercised (16,650 ) 18.50 Expired (3,999 ) 19.00 Outstanding and exercisable at end of period 1,550 $ 15.85 0.0 $ 26 |
Share-Based Compensation Expense Included In Consolidated Statements Of Income | Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Salaries and employee benefits $ 298 $ 221 $ 566 $ 428 Other noninterest expense 159 145 193 177 Total share-based compensation expense $ 457 $ 366 $ 759 $ 605 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components Of Net Periodic Benefit Expense | Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Service cost $ 837 $ 785 $ 1,673 $ 1,570 Interest cost on projected benefit obligation 597 614 1,195 1,227 Expected return on plan assets (1,321 ) (1,194 ) (2,642 ) (2,388 ) Amortization of unrecognized prior service credit (18 ) (13 ) (36 ) (26 ) Amortization of unrecognized net actuarial loss 188 291 375 583 Net periodic benefit expense $ 283 $ 483 $ 565 $ 966 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments | June 30, 2018 December 31, 2017 Commitments to extend credit $ 732,999 $ 661,021 Standby letters of credit 13,171 12,181 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets Measured At Fair Value On A Recurring And Non-Recurring Basis | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 30, 2018 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 157,526 $ — $ 157,526 Mortgage-backed securities — 334,702 — 334,702 Other assets: Hedging derivative instruments — 1,201 — 1,201 Fair value adjusted through comprehensive income $ — $ 493,429 $ — $ 493,429 Other assets: Derivative instruments - interest rate products $ — $ 105 $ — $ 105 Other liabilities: Derivative instruments - credit contracts — (13 ) — (13 ) Derivative instruments - interest rate products — (139 ) — (139 ) Fair value adjusted through net income $ — $ (47 ) $ — $ (47 ) Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,014 $ — $ 2,014 Collateral dependent impaired loans — — 5,049 5,049 Other assets: Loan servicing rights — — 968 968 Other real estate owned — — 299 299 $ — $ 2,014 $ 6,316 $ 8,330 December 31, 2017 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 161,889 $ — $ 161,889 Mortgage-backed securities — 363,084 — 363,084 Fair value adjusted through comprehensive income $ — $ 524,973 $ — $ 524,973 Other liabilities: Derivative instruments - credit contracts $ — $ 4 $ — $ 4 Fair value adjusted through net income $ — $ 4 $ — $ 4 Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,718 $ — $ 2,718 Collateral dependent impaired loans — — 3,847 3,847 Other assets: Loan servicing rights — — 990 990 Other real estate owned — — 148 148 $ — $ 2,718 $ 4,985 $ 7,703 |
Additional Quantitative Information About Assets Measured At Fair Value On A Recurring And Non-Recurring Basis | Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Value or Range Collateral dependent impaired loans $ 5,049 Appraisal of collateral (1) Appraisal adjustments (2) 25% - 50% discount Loan servicing rights 968 Discounted cash flow Discount rate 10.3% (3) Constant prepayment rate 13.1% (3) Other real estate owned 299 Appraisal of collateral (1) Appraisal adjustments (2) 22% - 43% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. |
Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments | Level in June 30, 2018 December 31, 2017 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 89,094 $ 89,094 $ 99,195 $ 99,195 Securities available for sale Level 2 492,228 492,228 524,973 524,973 Securities held to maturity Level 2 474,803 465,542 516,466 512,983 Loans held for sale Level 2 2,014 2,014 2,718 2,718 Loans Level 2 2,861,208 2,807,693 2,696,498 2,660,936 Loans (1) Level 3 5,049 5,049 3,847 3,847 Accrued interest receivable Level 1 10,783 10,783 10,776 10,776 FHLB and FRB stock Level 2 28,346 28,346 27,730 27,730 Derivative instruments – cash flow hedge Level 2 1,201 1,201 — — Derivative instruments – interest rate products Level 2 105 105 — — Financial liabilities: Non-maturity deposits Level 1 2,390,163 2,390,163 2,358,018 2,358,018 Time deposits Level 2 872,004 865,363 852,156 848,055 Short-term borrowings Level 1 472,800 472,800 446,200 446,200 Long-term borrowings Level 2 39,167 39,787 39,131 41,485 Accrued interest payable Level 1 7,409 7,409 8,038 8,038 Derivative instruments – credit contracts Level 2 13 13 4 4 Derivative instruments – interest rate products Level 2 139 139 — — (1) Comprised of collateral dependent impaired loans. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Assets | Banking Non-Banking Holding Company and Other Consolidated Totals June 30, 2018 Goodwill $ 48,536 $ 19,876 $ — $ 68,412 Other intangible assets, net 288 10,488 — 10,776 Total assets 4,150,789 35,907 4,619 4,191,315 December 31, 2017 Goodwill $ 48,536 $ 17,304 $ — $ 65,840 Other intangible assets, net 373 8,490 — 8,863 Total assets 4,069,086 31,466 4,658 4,105,210 |
Business Segment Profit (Loss) | Banking Non-Banking (1) Holding Company and Other Consolidated Totals Three months ended June 30, 2018 Net interest income (expense) $ 30,703 $ — $ (618 ) $ 30,085 Provision for loan losses (40 ) — — (40 ) Noninterest income 6,301 2,385 (137 ) 8,549 Noninterest expense (20,177 ) (2,150 ) (1,118 ) (23,445 ) Income (loss) before income taxes 16,787 235 (1,873 ) 15,149 Income tax (expense) benefit (3,504 ) (59 ) 584 (2,979 ) Net income (loss) $ 13,283 $ 176 $ (1,289 ) $ 12,170 Six months ended June 30, 2018 Net interest income (expense) $ 60,949 $ — $ (1,236 ) $ 59,713 Provision for loan losses (2,989 ) — — (2,989 ) Noninterest income 12,805 5,009 (281 ) 17,533 Noninterest expense (40,660 ) (4,815 ) (2,077 ) (47,552 ) Income (loss) before income taxes 30,105 194 (3,594 ) 26,705 Income tax (expense) benefit (6,136 ) (51 ) 940 (5,247 ) Net income (loss) $ 23,969 $ 143 $ (2,654 ) $ 21,458 (1) Reflects activity from the acquisition of HNP Capital since June 1, 2018 (the date of acquisition) and the assets of Robshaw & Julian since August 31, 2017 (the date of acquisition). (14.) Banking Non-Banking Holding Company and Other Consolidated Totals Three months ended June 30, 2017 Net interest income (expense) $ 28,039 $ — $ (617 ) $ 27,422 Provision for loan losses (3,832 ) — — (3,832 ) Noninterest income 6,215 2,040 1,078 9,333 Noninterest expense (19,840 ) (3,428 ) (673 ) (23,941 ) Income (loss) before income taxes 10,582 (1,388 ) (212 ) 8,982 Income tax (expense) benefit (3,048 ) (74 ) 386 (2,736 ) Net income (loss) $ 7,534 $ (1,462 ) $ 174 $ 6,246 Six months ended June 30, 2017 Net interest income (expense) $ 55,652 $ — $ (1,235 ) $ 54,417 Provision for loan losses (6,613 ) — — (6,613 ) Noninterest income 11,793 4,445 931 17,169 Noninterest expense (38,324 ) (5,262 ) (1,297 ) (44,883 ) Income (loss) before income taxes 22,508 (817 ) (1,601 ) 20,090 Income tax (expense) benefit (6,621 ) (296 ) 1,016 (5,901 ) Net income (loss) $ 15,887 $ (1,113 ) $ (585 ) $ 14,189 |
Basis of Presentation And Sum36
Basis of Presentation And Summary Of Significant Accounting Policies (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)State | |
Accounting Policies [Abstract] | |
Number of states in which services are provided | State | 45 |
Reclassification from AOCI to retained earnings | $ | $ 2.8 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | Jun. 01, 2018 | Aug. 31, 2017 | Jun. 30, 2018 |
HNP Capital [Member] | |||
Business Acquisition [Line Items] | |||
Assets under management | $ 344,000 | ||
Consideration for acquisition in cash | $ 5,100 | ||
Goodwill | 2,600 | ||
Identified intangible assets | $ 2,500 | ||
Robshaw & Julian [Member] | |||
Business Acquisition [Line Items] | |||
Assets under management | $ 175,000 | ||
Goodwill | 1,000 | ||
Identified intangible assets | 810 | ||
Courier Capital [Member] | |||
Business Acquisition [Line Items] | |||
Assets under management | $ 1,600,000 |
Earnings Per Common Share ("E38
Earnings Per Common Share ("EPS") (Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 11,804 | $ 5,880 | $ 20,727 | $ 13,458 |
Total shares issued | 16,056 | 14,858 | 16,056 | 14,776 |
Unvested restricted stock awards | (4) | (44) | (12) | (50) |
Treasury shares | (146) | (150) | (146) | (154) |
Total basic weighted average common shares outstanding | 15,906 | 14,664 | 15,898 | 14,572 |
Exercise of stock options | 3 | 10 | 5 | 12 |
Vesting of restricted stock awards | 39 | 28 | 42 | 31 |
Total diluted weighted average common shares outstanding | 15,948 | 14,702 | 15,945 | 14,615 |
Basic earnings per common share | $ 0.74 | $ 0.40 | $ 1.30 | $ 0.92 |
Diluted earnings per common share | $ 0.74 | $ 0.40 | $ 1.30 | $ 0.92 |
Earnings Per Common Share ("E39
Earnings Per Common Share ("EPS") (Shares Excluded from Computation of Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of diluted EPS | 7 | 6 | 3 |
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of diluted EPS | 7 | 6 | 3 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | $ 507,599 | $ 528,458 |
Securities available for sale, Unrealized Gains | 1,155 | 1,681 |
Securities available for sale, Unrealized Losses | 16,526 | 5,166 |
Securities available for sale | 492,228 | 524,973 |
Securities held to maturity, Amortized Cost | 474,803 | 516,466 |
Securities held to maturity, Unrealized Gains | 1,300 | 2,341 |
Securities held to maturity, Unrealized Losses | 10,561 | 5,824 |
Securities held to maturity, fair value | 465,542 | 512,983 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 162,330 | 163,025 |
Securities available for sale, Unrealized Gains | 11 | 122 |
Securities available for sale, Unrealized Losses | 4,815 | 1,258 |
Securities available for sale | 157,526 | 161,889 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 250,791 | 283,557 |
Securities held to maturity, Unrealized Gains | 1,287 | 2,317 |
Securities held to maturity, Unrealized Losses | 1,559 | 662 |
Securities held to maturity, fair value | 250,519 | 285,212 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 163 | 217 |
Securities available for sale, Unrealized Gains | 1 | |
Securities available for sale, Unrealized Losses | 1 | |
Securities available for sale | 163 | 217 |
Securities held to maturity, Amortized Cost | 68,906 | 76,432 |
Securities held to maturity, Unrealized Losses | 2,966 | 1,958 |
Securities held to maturity, fair value | 65,940 | 74,474 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 40 | 45 |
Securities available for sale | 40 | 45 |
Securities held to maturity, Amortized Cost | 85,824 | 93,810 |
Securities held to maturity, Unrealized Gains | 3 | |
Securities held to maturity, Unrealized Losses | 3,705 | 2,165 |
Securities held to maturity, fair value | 82,119 | 91,648 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 20,112 | 22,881 |
Securities held to maturity, Unrealized Gains | 5 | |
Securities held to maturity, Unrealized Losses | 811 | 502 |
Securities held to maturity, fair value | 19,301 | 22,384 |
Collateralized Mortgage Obligations [Member] | Privately Issued [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 937 | 976 |
Securities available for sale | 937 | 976 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 345,269 | 365,433 |
Securities available for sale, Unrealized Gains | 1,144 | 1,559 |
Securities available for sale, Unrealized Losses | 11,711 | 3,908 |
Securities available for sale | 334,702 | 363,084 |
Securities held to maturity, Amortized Cost | 224,012 | 232,909 |
Securities held to maturity, Unrealized Gains | 13 | 24 |
Securities held to maturity, Unrealized Losses | 9,002 | 5,162 |
Securities held to maturity, fair value | 215,023 | 227,771 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 296,084 | 311,830 |
Securities available for sale, Unrealized Gains | 52 | 313 |
Securities available for sale, Unrealized Losses | 9,954 | 3,220 |
Securities available for sale | 286,182 | 308,923 |
Securities held to maturity, Amortized Cost | 10,574 | 9,732 |
Securities held to maturity, Unrealized Gains | 16 | |
Securities held to maturity, Unrealized Losses | 340 | 88 |
Securities held to maturity, fair value | 10,234 | 9,660 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 38,387 | 41,290 |
Securities available for sale, Unrealized Gains | 15 | 76 |
Securities available for sale, Unrealized Losses | 1,655 | 675 |
Securities available for sale | 36,747 | 40,691 |
Securities held to maturity, Amortized Cost | 4,662 | 3,213 |
Securities held to maturity, Unrealized Losses | 226 | 119 |
Securities held to maturity, fair value | 4,436 | 3,094 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 10,595 | 12,051 |
Securities available for sale, Unrealized Gains | 140 | 193 |
Securities available for sale, Unrealized Losses | 102 | 12 |
Securities available for sale | 10,633 | 12,232 |
Securities held to maturity, Amortized Cost | 33,934 | 26,841 |
Securities held to maturity, Unrealized Gains | 13 | |
Securities held to maturity, Unrealized Losses | 954 | 330 |
Securities held to maturity, fair value | $ 32,993 | $ 26,511 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)Security | |
Investments [Abstract] | |||
Securities pledged as collateral | $ 813,500,000 | $ 838,400,000 | |
Number of security positions, unrealized loss position | Security | 563 | 411 | |
Number of security positions, unrealized loss position for more than 12 months | Security | 187 | 172 | |
Securities, 12 months or longer, Fair Value | $ 268,015,000 | $ 274,763,000 | |
Securities, 12 months or longer, Unrealized Losses | $ 12,196,000 | $ 7,033,000 | |
Number of security positions, unrealized loss position for less than 12 months | Security | 376 | 239 | |
Securities, less than 12 months, Fair Value | $ 499,432,000 | $ 433,097,000 | |
Securities, less than 12 months, Unrealized Losses | 14,891,000 | $ 3,957,000 | |
Impairment recorded | $ 0 | $ 0 |
Investment Securities (Sales An
Investment Securities (Sales And Calls Of Securities Available For Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments [Abstract] | ||||
Proceeds from sales | $ 5,768 | $ 12,957 | $ 5,768 | $ 25,307 |
Gross realized gains | 9 | $ 210 | 9 | $ 416 |
Gross realized losses | $ 2 | $ 2 |
Investment Securities (Schedule
Investment Securities (Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized Cost | $ 26,364 | |
Debt securities available for sale, Due from one to five years, Amortized Cost | 144,174 | |
Debt securities available for sale, Due after five years through ten years, Amortized Cost | 238,443 | |
Debt securities available for sale, Due after ten years, Amortized Cost | 98,618 | |
Debt securities available for sale, Amortized Cost | 507,599 | |
Debt securities available for sale, Due in one year or less, Fair Value | 26,197 | |
Debt securities available for sale, Due from one to five years, Fair Value | 140,856 | |
Debt securities available for sale, Due after five years through ten years, Fair Value | 229,545 | |
Debt securities available for sale, Due after ten years, Fair Value | 95,630 | |
Debt securities available for sale, Fair Value | 492,228 | |
Debt securities held to maturity, Due in one year or less, Amortized Cost | 55,989 | |
Debt securities held to maturity, Due from one to five years, Amortized Cost | 151,052 | |
Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 88,698 | |
Debt securities held to maturity, Due after ten years, Amortized Cost | 179,064 | |
Securities held to maturity, Amortized Cost | 474,803 | $ 516,466 |
Debt securities held to maturity, Due in one year or less, Fair Value | 56,177 | |
Debt securities held to maturity, Due from one to five years, Fair Value | 151,799 | |
Debt securities held to maturity, Due after five years through ten years, Fair Value | 85,681 | |
Debt securities held to maturity, Due after ten years, Fair Value | 171,885 | |
Securities held to maturity, Fair Value | $ 465,542 | $ 512,983 |
Investment Securities (Investme
Investment Securities (Investments Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | $ 368,967 | $ 319,678 |
Securities available for sale, Less than 12 months, Unrealized Losses | 11,813 | 2,618 |
Securities available for sale, 12 months or longer, Fair Value | 109,610 | 115,552 |
Securities available for sale, 12 months or longer, Unrealized Losses | 4,713 | 2,548 |
Securities available for sale, Fair Value, Total | 478,577 | 435,230 |
Securities available for sale, Unrealized Losses, Total | 16,526 | 5,166 |
Securities held to maturity, Less than 12 months, Fair Value | 130,465 | 113,419 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 3,078 | 1,339 |
Securities held to maturity, 12 months or longer, Fair Value | 158,405 | 159,211 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 7,483 | 4,485 |
Securities held to maturity, Fair Value, Total | 288,870 | 272,630 |
Securities held to maturity, Unrealized Losses, Total | 10,561 | 5,824 |
Total Securities, Less than 12 months, Fair Value | 499,432 | 433,097 |
Total Securities, Less than 12 months, Unrealized Losses | 14,891 | 3,957 |
Total Securities, 12 months or longer, Fair Value | 268,015 | 274,763 |
Total Securities, 12 months or longer, Unrealized Losses | 12,196 | 7,033 |
Total Securities, Fair Value | 767,447 | 707,860 |
Total Securities, Unrealized Losses | 27,087 | 10,990 |
U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 123,345 | 95,046 |
Securities available for sale, Less than 12 months, Unrealized Losses | 3,328 | 571 |
Securities available for sale, 12 months or longer, Fair Value | 30,701 | 31,561 |
Securities available for sale, 12 months or longer, Unrealized Losses | 1,487 | 687 |
Securities available for sale, Fair Value, Total | 154,046 | 126,607 |
Securities available for sale, Unrealized Losses, Total | 4,815 | 1,258 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 65,548 | 36,368 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 883 | 295 |
Securities held to maturity, 12 months or longer, Fair Value | 15,698 | 14,492 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 676 | 367 |
Securities held to maturity, Fair Value, Total | 81,246 | 50,860 |
Securities held to maturity, Unrealized Losses, Total | 1,559 | 662 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 77 | 119 |
Securities available for sale, 12 months or longer, Unrealized Losses | 1 | |
Securities available for sale, Fair Value, Total | 77 | 119 |
Securities available for sale, Unrealized Losses, Total | 1 | |
Securities held to maturity, Less than 12 months, Fair Value | 16,268 | 16,830 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 500 | 202 |
Securities held to maturity, 12 months or longer, Fair Value | 49,672 | 57,645 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 2,466 | 1,756 |
Securities held to maturity, Fair Value, Total | 65,940 | 74,475 |
Securities held to maturity, Unrealized Losses, Total | 2,966 | 1,958 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 7 | 8 |
Securities available for sale, Fair Value, Total | 7 | 8 |
Securities held to maturity, Less than 12 months, Fair Value | 20,606 | 23,727 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 799 | 337 |
Securities held to maturity, 12 months or longer, Fair Value | 61,513 | 66,467 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 2,906 | 1,828 |
Securities held to maturity, Fair Value, Total | 82,119 | 90,194 |
Securities held to maturity, Unrealized Losses, Total | 3,705 | 2,165 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 6,940 | 15,401 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 282 | 340 |
Securities held to maturity, 12 months or longer, Fair Value | 12,361 | 5,635 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 529 | 162 |
Securities held to maturity, Fair Value, Total | 19,301 | 21,036 |
Securities held to maturity, Unrealized Losses, Total | 811 | 502 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 245,622 | 224,632 |
Securities available for sale, Less than 12 months, Unrealized Losses | 8,485 | 2,047 |
Securities available for sale, 12 months or longer, Fair Value | 78,909 | 83,991 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3,226 | 1,861 |
Securities available for sale, Fair Value, Total | 324,531 | 308,623 |
Securities available for sale, Unrealized Losses, Total | 11,711 | 3,908 |
Securities held to maturity, Less than 12 months, Fair Value | 64,917 | 77,051 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 2,195 | 1,044 |
Securities held to maturity, 12 months or longer, Fair Value | 142,707 | 144,719 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 6,807 | 4,118 |
Securities held to maturity, Fair Value, Total | 207,624 | 221,770 |
Securities held to maturity, Unrealized Losses, Total | 9,002 | 5,162 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 219,797 | 201,754 |
Securities available for sale, Less than 12 months, Unrealized Losses | 7,637 | 1,855 |
Securities available for sale, 12 months or longer, Fair Value | 63,598 | 67,383 |
Securities available for sale, 12 months or longer, Unrealized Losses | 2,317 | 1,365 |
Securities available for sale, Fair Value, Total | 283,395 | 269,137 |
Securities available for sale, Unrealized Losses, Total | 9,954 | 3,220 |
Securities held to maturity, Less than 12 months, Fair Value | 7,662 | 3,766 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 202 | 29 |
Securities held to maturity, 12 months or longer, Fair Value | 2,572 | 2,694 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 138 | 59 |
Securities held to maturity, Fair Value, Total | 10,234 | 6,460 |
Securities held to maturity, Unrealized Losses, Total | 340 | 88 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 21,415 | 20,446 |
Securities available for sale, Less than 12 months, Unrealized Losses | 751 | 192 |
Securities available for sale, 12 months or longer, Fair Value | 14,438 | 15,601 |
Securities available for sale, 12 months or longer, Unrealized Losses | 904 | 483 |
Securities available for sale, Fair Value, Total | 35,853 | 36,047 |
Securities available for sale, Unrealized Losses, Total | 1,655 | 675 |
Securities held to maturity, Less than 12 months, Fair Value | 1,474 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 13 | |
Securities held to maturity, 12 months or longer, Fair Value | 2,962 | 3,094 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 213 | 119 |
Securities held to maturity, Fair Value, Total | 4,436 | 3,094 |
Securities held to maturity, Unrealized Losses, Total | 226 | 119 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 4,410 | 2,432 |
Securities available for sale, Less than 12 months, Unrealized Losses | 97 | |
Securities available for sale, 12 months or longer, Fair Value | 789 | 880 |
Securities available for sale, 12 months or longer, Unrealized Losses | 5 | 12 |
Securities available for sale, Fair Value, Total | 5,199 | 3,312 |
Securities available for sale, Unrealized Losses, Total | 102 | 12 |
Securities held to maturity, Less than 12 months, Fair Value | 11,967 | 17,327 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 399 | 136 |
Securities held to maturity, 12 months or longer, Fair Value | 13,627 | 9,184 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 555 | 194 |
Securities held to maturity, Fair Value, Total | 25,594 | 26,511 |
Securities held to maturity, Unrealized Losses, Total | $ 954 | $ 330 |
Loans (Loan Portfolio) (Details
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | $ 2,858,843 | $ 2,694,922 |
Net Deferred Loan (Fees) Costs | 41,369 | 40,095 |
Loans, Net | 2,900,212 | 2,735,017 |
Allowance for loan losses | (33,955) | (34,672) |
Total loans, net | 2,866,257 | 2,700,345 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 506,265 | 449,763 |
Net Deferred Loan (Fees) Costs | 756 | 563 |
Loans, Net | 507,021 | 450,326 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 869,192 | 810,851 |
Net Deferred Loan (Fees) Costs | (2,143) | (1,943) |
Loans, Net | 867,049 | 808,908 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 481,841 | 457,761 |
Net Deferred Loan (Fees) Costs | 8,099 | 7,522 |
Loans, Net | 489,940 | 465,283 |
Residential Real Estate Lines [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 110,319 | 113,422 |
Net Deferred Loan (Fees) Costs | 2,968 | 2,887 |
Loans, Net | 113,287 | 116,309 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 874,718 | 845,682 |
Net Deferred Loan (Fees) Costs | 31,519 | 30,888 |
Loans, Net | 906,237 | 876,570 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 16,508 | 17,443 |
Net Deferred Loan (Fees) Costs | 170 | 178 |
Loans, Net | $ 16,678 | $ 17,621 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018USD ($)contract | Jun. 30, 2017contract | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due greater than 90 days and still accruing interest | $ 0 | $ 0 | |
Loans held for sale | 2,014 | 2,718 | |
Past Due Loans | $ 3,734 | 6,522 | |
Number of loans modified as TDR | contract | 0 | 0 | |
Number of loans modified as TDR that defaulted within the previous 12 months | contract | 0 | 0 | |
Greater than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | $ 4 | 11 | |
Consumer Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due greater than 90 days and still accruing interest | 4 | 11 | |
Residential Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale | 2,000 | 2,700 | |
Past Due Loans | 669 | 1,964 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due Loans | $ 51 | $ 100 |
Loans (Recorded Investment By L
Loans (Recorded Investment By Loan Class In Current And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 3,734 | $ 6,522 | |
Nonaccrual | 9,727 | 12,520 | |
Current | 2,845,382 | 2,675,880 | |
Total loans | 2,858,843 | 2,694,922 | $ 2,479,034 |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 3,049 | 5,357 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 681 | 1,154 | |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 4 | 11 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 51 | 100 | |
Nonaccrual | 4,026 | 5,344 | |
Current | 502,188 | 444,319 | |
Total loans | 506,265 | 449,763 | 397,802 |
Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 51 | 64 | |
Commercial Business [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 36 | ||
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 387 | 431 | |
Nonaccrual | 2,151 | 2,623 | |
Current | 866,654 | 807,797 | |
Total loans | 869,192 | 810,851 | 725,793 |
Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 387 | 56 | |
Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 375 | ||
Residential Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 669 | 1,964 | |
Nonaccrual | 2,138 | 2,252 | |
Current | 479,034 | 453,545 | |
Total loans | 481,841 | 457,761 | 425,285 |
Residential Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 605 | 1,908 | |
Residential Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 64 | 56 | |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 186 | 349 | |
Nonaccrual | 288 | 404 | |
Current | 109,845 | 112,669 | |
Total loans | 110,319 | 113,422 | 115,768 |
Residential Real Estate Lines [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 79 | 349 | |
Residential Real Estate Lines [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 107 | ||
Consumer Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 2,361 | 3,478 | |
Nonaccrual | 1,124 | 1,895 | |
Current | 871,233 | 840,309 | |
Total loans | 874,718 | 845,682 | 797,469 |
Consumer Indirect [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,869 | 2,806 | |
Consumer Indirect [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 492 | 672 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 80 | 200 | |
Nonaccrual | 2 | ||
Current | 16,428 | 17,241 | |
Total loans | 16,508 | 17,443 | $ 16,917 |
Other Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 58 | 174 | |
Other Consumer [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 18 | 15 | |
Other Consumer [Member] | Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 4 | $ 11 |
Loans (Summary Of Impaired Loan
Loans (Summary Of Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 1,731 | $ 2,219 |
Recorded Investment, With an allowance recorded | [1] | 5,061 | 6,381 |
Recorded Investment | [1] | 6,792 | 8,600 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 2,196 | 2,954 |
Unpaid Principal Balance, With an allowance recorded | [1] | 5,061 | 6,381 |
Unpaid Principal Balance | [1] | 7,257 | 9,335 |
Related Allowance | 1,743 | 2,171 | |
Average Recorded Investment, With no related allowance recorded | 1,926 | 1,474 | |
Average Recorded Investment, With an allowance recorded | 5,652 | 5,984 | |
Average Recorded Investment | 7,578 | 7,458 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
Interest Income Recognized | |||
Commercial Business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | 1,174 | 1,635 |
Recorded Investment, With an allowance recorded | [1] | 2,990 | 3,853 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 1,639 | 2,370 |
Unpaid Principal Balance, With an allowance recorded | [1] | 2,990 | 3,853 |
Related Allowance | 1,226 | 2,056 | |
Average Recorded Investment, With no related allowance recorded | 1,347 | 853 | |
Average Recorded Investment, With an allowance recorded | 3,397 | 4,468 | |
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] | 557 | 584 |
Recorded Investment, With an allowance recorded | [1] | 2,071 | 2,528 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 557 | 584 |
Unpaid Principal Balance, With an allowance recorded | [1] | 2,071 | 2,528 |
Related Allowance | 517 | 115 | |
Average Recorded Investment, With no related allowance recorded | 579 | 621 | |
Average Recorded Investment, With an allowance recorded | 2,255 | 1,516 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
[1] | Difference between recorded investment and unpaid principal balance represents partial charge-offs. |
Loans (Commercial Loan Portfoli
Loans (Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2,858,843 | $ 2,694,922 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 506,265 | 449,763 |
Commercial Business [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 473,370 | 429,692 |
Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,413 | 7,120 |
Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,482 | 12,951 |
Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 869,192 | 810,851 |
Commercial Mortgage [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 850,919 | 791,127 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,457 | 12,185 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,816 | 7,539 |
Commercial Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans |
Loans (Retail Loan Portfolio Ca
Loans (Retail Loan Portfolio Categorized By Payment Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2,858,843 | $ 2,694,922 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 481,841 | 457,761 |
Residential Real Estate Loans [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 479,703 | 455,509 |
Residential Real Estate Loans [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,138 | 2,252 |
Residential Real Estate Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 110,319 | 113,422 |
Residential Real Estate Lines [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 110,031 | 113,018 |
Residential Real Estate Lines [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 288 | 404 |
Consumer Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 874,718 | 845,682 |
Consumer Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 873,594 | 843,787 |
Consumer Indirect [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,124 | 1,895 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,508 | 17,443 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,504 | 17,430 |
Other Consumer [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 4 | $ 13 |
Loans (Changes In The Allowance
Loans (Changes In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | $ 2,858,843 | $ 2,479,034 | $ 2,858,843 | $ 2,479,034 | $ 2,694,922 |
Loans, Individually Evaluated for impairment | 6,792 | 9,422 | 6,792 | 9,422 | |
Loans, Collectively Evaluated for impairment | 2,852,051 | 2,469,612 | 2,852,051 | 2,469,612 | |
Ending balance | 33,955 | 33,159 | 33,955 | 33,159 | |
Allowance for loan losses, Individually Evaluated for impairment | 1,743 | 2,803 | 1,743 | 2,803 | |
Allowance for loan losses, Collectively Evaluated for impairment | 32,212 | 30,356 | 32,212 | 30,356 | |
Beginning balance | 35,594 | 31,081 | 34,672 | 30,934 | |
Charge-offs | (3,209) | (3,133) | (6,858) | (7,334) | |
Recoveries | 1,530 | 1,379 | 3,152 | 2,946 | |
Provision (credit) | 40 | 3,832 | 2,989 | 6,613 | |
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | 506,265 | 397,802 | 506,265 | 397,802 | 449,763 |
Loans, Individually Evaluated for impairment | 4,164 | 7,258 | 4,164 | 7,258 | |
Loans, Collectively Evaluated for impairment | 502,101 | 390,544 | 502,101 | 390,544 | |
Ending balance | 14,242 | 14,622 | 14,242 | 14,622 | |
Allowance for loan losses, Individually Evaluated for impairment | 1,226 | 2,683 | 1,226 | 2,683 | |
Allowance for loan losses, Collectively Evaluated for impairment | 13,016 | 11,939 | 13,016 | 11,939 | |
Beginning balance | 14,942 | 14,003 | 15,668 | 7,225 | |
Charge-offs | (336) | (656) | (441) | (1,778) | |
Recoveries | 77 | 88 | 197 | 246 | |
Provision (credit) | (441) | 1,187 | (1,182) | 8,929 | |
Commercial Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | 869,192 | 725,793 | 869,192 | 725,793 | 810,851 |
Loans, Individually Evaluated for impairment | 2,628 | 2,164 | 2,628 | 2,164 | |
Loans, Collectively Evaluated for impairment | 866,564 | 723,629 | 866,564 | 723,629 | |
Ending balance | 5,371 | 3,906 | 5,371 | 3,906 | |
Allowance for loan losses, Individually Evaluated for impairment | 517 | 120 | 517 | 120 | |
Allowance for loan losses, Collectively Evaluated for impairment | 4,854 | 3,786 | 4,854 | 3,786 | |
Beginning balance | 5,473 | 3,667 | 3,696 | 10,315 | |
Charge-offs | (4) | (10) | |||
Recoveries | 1 | 38 | 8 | 252 | |
Provision (credit) | (103) | 201 | 1,671 | (6,651) | |
Residential Real Estate Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | 481,841 | 425,285 | 481,841 | 425,285 | 457,761 |
Loans, Collectively Evaluated for impairment | 481,841 | 425,285 | 481,841 | 425,285 | |
Ending balance | 1,255 | 1,247 | 1,255 | 1,247 | |
Allowance for loan losses, Collectively Evaluated for impairment | 1,255 | 1,247 | 1,255 | 1,247 | |
Beginning balance | 1,400 | 1,440 | 1,322 | 1,478 | |
Charge-offs | (10) | (86) | (29) | (100) | |
Recoveries | 63 | 8 | 132 | 48 | |
Provision (credit) | (198) | (115) | (170) | (179) | |
Residential Real Estate Lines [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | 110,319 | 115,768 | 110,319 | 115,768 | 113,422 |
Loans, Collectively Evaluated for impairment | 110,319 | 115,768 | 110,319 | 115,768 | |
Ending balance | 248 | 232 | 248 | 232 | |
Allowance for loan losses, Collectively Evaluated for impairment | 248 | 232 | 248 | 232 | |
Beginning balance | 218 | 214 | 180 | 303 | |
Charge-offs | (7) | (101) | (43) | ||
Recoveries | 12 | 46 | 15 | 56 | |
Provision (credit) | 25 | (28) | 154 | (84) | |
Consumer Indirect [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | 874,718 | 797,469 | 874,718 | 797,469 | 845,682 |
Loans, Collectively Evaluated for impairment | 874,718 | 797,469 | 874,718 | 797,469 | |
Ending balance | 12,520 | 12,833 | 12,520 | 12,833 | |
Allowance for loan losses, Collectively Evaluated for impairment | 12,520 | 12,833 | 12,520 | 12,833 | |
Beginning balance | 13,232 | 11,462 | 13,415 | 11,311 | |
Charge-offs | (2,621) | (2,204) | (5,615) | (5,013) | |
Recoveries | 1,304 | 1,122 | 2,634 | 2,173 | |
Provision (credit) | 605 | 2,453 | 2,086 | 4,362 | |
Other Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans, Ending balance | 16,508 | 16,917 | 16,508 | 16,917 | $ 17,443 |
Loans, Collectively Evaluated for impairment | 16,508 | 16,917 | 16,508 | 16,917 | |
Ending balance | 319 | 319 | 319 | 319 | |
Allowance for loan losses, Collectively Evaluated for impairment | 319 | 319 | 319 | 319 | |
Beginning balance | 329 | 295 | 391 | 302 | |
Charge-offs | (235) | (187) | (668) | (390) | |
Recoveries | 73 | 77 | 166 | 171 | |
Provision (credit) | $ 152 | $ 134 | $ 430 | $ 236 |
Goodwill And Other Intangible52
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Carrying amount of goodwill | $ 68,412 | $ 68,412 | $ 65,840 | ||
Amortization during the year | $ 305 | $ 291 | $ 593 | $ 588 |
Goodwill And Other Intangible53
Goodwill And Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 65,840 |
Acquisition | 2,572 |
Goodwill, ending balance | 68,412 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 48,536 |
Goodwill, ending balance | 48,536 |
Non-Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 17,304 |
Acquisition | 2,572 |
Goodwill, ending balance | $ 19,876 |
Goodwill And Other Intangible54
Goodwill And Other Intangible Assets (Gross Carrying Amount Accumulated Amortization and Net Book Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 15,926 | $ 13,420 |
Accumulated amortization | (5,150) | (4,557) |
Net book value | $ 10,776 | $ 8,863 |
Goodwill And Other Intangible55
Goodwill And Other Intangible Assets (Estimated Core Deposit Intangible Amortization Expense) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2018 (remainder of year) | $ 664 |
2,019 | 1,250 |
2,020 | 1,134 |
2,021 | 1,014 |
2,022 | 923 |
2,023 | $ 852 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Estimated to be reclassified as an increase to interest expense | $ 54 |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | $ 100,000 | |
Asset derivatives | 1,201 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 41,251 | $ 12,282 |
Asset derivatives | 105 | |
Liability derivatives | 152 | 4 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 100,000 | |
Asset derivatives | 1,201 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 6,440 | |
Asset derivatives | 105 | |
Liability derivatives | 139 | |
Credit Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 34,811 | 12,282 |
Liability derivatives | $ 13 | $ 4 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities (Effect of Derivative Instruments on the Income Statement) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 78 | $ 252 |
Interest Rate Swap [Member] | Net Gain on Derivative Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 70 | 70 |
Credit Contract [Member] | Net Gain on Derivative Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 8 | $ 182 |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In Shares Of Common Stock) (Details) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 131,240 | |
Shares issued, beginning balance | 16,056,178 | 14,692,214 |
Common stock issued for "at-the-market" equity offering | 571,597 | |
Restricted stock awards issued | ||
Restricted stock awards forfeited | ||
Stock options exercised | ||
Stock awards | ||
Treasury stock purchases | ||
Treasury stock, ending balance | 132,019 | |
Shares issued, ending balance | 16,056,178 | 15,263,811 |
Common Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Shares, beginning balance | 15,924,938 | 14,537,597 |
Common stock issued for "at-the-market" equity offering | 571,597 | |
Restricted stock awards issued | 7,370 | 8,510 |
Restricted stock awards forfeited | (23,901) | (10,359) |
Stock options exercised | 16,650 | 19,520 |
Stock awards | 2,724 | 3,914 |
Treasury stock purchases | (3,622) | (4,323) |
Shares, ending balance | 15,924,159 | 15,126,456 |
Treasury Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 131,240 | 154,617 |
Common stock issued for "at-the-market" equity offering | ||
Restricted stock awards issued | (7,370) | (8,510) |
Restricted stock awards forfeited | 23,901 | 10,359 |
Stock options exercised | (16,650) | (19,520) |
Stock awards | (2,724) | (3,914) |
Treasury stock purchases | 3,622 | 4,323 |
Treasury stock, ending balance | 132,019 | 137,355 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Other comprehensive income (loss), Pre-tax Amount | $ (2,851) | $ 3,082 | $ (11,204) | $ 4,328 | |
Other comprehensive income (loss), Tax Effect | (718) | 1,189 | (2,824) | 1,670 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (2,327) | 1,834 | (8,762) | 2,553 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 194 | 59 | 382 | 105 | |
Total other comprehensive (loss) income, net of tax | (2,133) | 1,893 | (8,380) | 2,658 | |
Securities Available for Sale and Transferred Securities [Member] | |||||
Other comprehensive income (loss), before Reclassifications, Pre-tax Amount | (3,414) | 2,988 | (11,879) | 4,158 | |
Reclassification, Pre-tax Amount | [1] | 90 | (184) | 172 | (387) |
Other comprehensive income (loss), Pre-tax Amount | (3,324) | 2,804 | (11,707) | 3,771 | |
Other comprehensive income (loss), before Reclassifications, Tax Effect | (860) | 1,154 | (2,994) | 1,605 | |
Reclassification, Tax Effect | [1] | 23 | (72) | 44 | (150) |
Other comprehensive income (loss), Tax Effect | (837) | 1,082 | (2,950) | 1,455 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (2,554) | 1,834 | (8,885) | 2,553 | |
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | 67 | (112) | 128 | (237) |
Total other comprehensive (loss) income, net of tax | (2,487) | 1,722 | (8,757) | 2,316 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Other comprehensive income (loss), Pre-tax Amount | 303 | 164 | |||
Other comprehensive income (loss), Tax Effect | 76 | 41 | |||
Total other comprehensive (loss) income, net of tax | 227 | 123 | |||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Other comprehensive income (loss), Pre-tax Amount | (18) | (13) | (36) | (26) | |
Other comprehensive income (loss), Tax Effect | (5) | (6) | (10) | (10) | |
Total other comprehensive (loss) income, net of tax | (13) | (7) | (26) | (16) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Other comprehensive income (loss), Pre-tax Amount | 188 | 291 | 375 | 583 | |
Other comprehensive income (loss), Tax Effect | 48 | 113 | 95 | 225 | |
Total other comprehensive (loss) income, net of tax | 140 | 178 | 280 | 358 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Other comprehensive income (loss), Pre-tax Amount | 170 | 278 | 339 | 557 | |
Other comprehensive income (loss), Tax Effect | 43 | 107 | 85 | 215 | |
Total other comprehensive (loss) income, net of tax | $ 127 | $ 171 | $ 254 | $ 342 | |
[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 Comprehensi61
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 381,177 | $ 320,054 | ||
Other comprehensive income (loss) before reclassifications | $ (2,327) | $ 1,834 | (8,762) | 2,553 |
Amounts reclassified from accumulated other comprehensive income (loss) | 194 | 59 | 382 | 105 |
Total other comprehensive (loss) income, net of tax | (2,133) | 1,893 | (8,380) | 2,658 |
Balance | 386,937 | 347,641 | 386,937 | 347,641 |
Hedging Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (104) | |||
Other comprehensive income (loss) before reclassifications | 227 | 123 | ||
Total other comprehensive (loss) income, net of tax | 227 | 123 | ||
Balance | 123 | 123 | ||
Securities Available-For-Sale and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (9,545) | (3,135) | (3,275) | (3,729) |
Other comprehensive income (loss) before reclassifications | (2,554) | 1,834 | (8,885) | 2,553 |
Amounts reclassified from accumulated other comprehensive income (loss) | 67 | (112) | 128 | (237) |
Total other comprehensive (loss) income, net of tax | (2,487) | 1,722 | (8,757) | 2,316 |
Balance | (12,032) | (1,413) | (12,032) | (1,413) |
Pension And Post-Retirement Obligations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (8,514) | (10,051) | (8,641) | (10,222) |
Amounts reclassified from accumulated other comprehensive income (loss) | 127 | 171 | 254 | 342 |
Total other comprehensive (loss) income, net of tax | 127 | 171 | 254 | 342 |
Balance | (8,387) | (9,880) | (8,387) | (9,880) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (18,163) | (13,186) | (11,916) | (13,951) |
Total other comprehensive (loss) income, net of tax | (2,133) | 1,893 | (8,380) | 2,658 |
Balance | $ (20,296) | $ (11,293) | $ (20,296) | $ (11,293) |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain on investment securities | $ 7 | $ 210 | $ 7 | $ 416 | |
Interest income | 30,085 | 27,422 | 59,713 | 54,417 | |
Income before income taxes | 15,149 | 8,982 | 26,705 | 20,090 | |
Income tax (expense) benefit | (2,979) | (2,736) | (5,247) | (5,901) | |
Net income | 12,170 | 6,246 | 21,458 | 14,189 | |
Total reclassified for the period | (194) | (59) | (382) | (105) | |
Securities Available for Sale and Transferred Securities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification before tax | [1] | (90) | 184 | (172) | 387 |
Reclassification tax | [1] | 23 | (72) | 44 | (150) |
Total reclassified for the period | [1] | (67) | 112 | (128) | 237 |
Prior Service Credit [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification before tax | [2] | 18 | 13 | 36 | 26 |
Net Actuarial Losses [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification before tax | [2] | (188) | (291) | (375) | (583) |
Pension And Post-Retirement Obligations [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification before tax | (170) | (278) | (339) | (557) | |
Reclassification tax | 43 | 107 | 85 | 215 | |
Total reclassified for the period | (127) | (171) | (254) | (342) | |
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 | 7 | 210 | 7 | 416 | |
Interest income | (97) | (26) | (179) | (29) | |
Income before income taxes | (90) | 184 | (172) | 387 | |
Income tax (expense) benefit | 23 | (72) | 44 | (150) | |
Net income | $ (67) | $ 112 | $ (128) | $ 237 | |
[1] | Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. | ||||
[2] | These items are included in the computation of net periodic pension expense. See Note 11 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plan63
Share-Based Compensation Plans (Summary Of Restricted Stock Units And Performance Share Units Activity) (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
RSUs [Member] | |
Granted, Number of Shares | shares | 29,905 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 28.38 |
PSUs [Member] | |
Granted, Number of Shares | shares | 14,855 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 27.25 |
Share-Based Compensation Plan64
Share-Based Compensation Plans (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2018USD ($)Director$ / sharesshares | Jun. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ | $ 0 | |
Stock options awarded | 0 | 0 |
Aggregate intrinsic value | $ | $ 222,000 | $ 277,000 |
Proceeds from stock options exercised | $ | $ 309,000 | $ 379,000 |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in lieu of cash | 2,724 | |
Number of non-employee directors | Director | 5 | |
Grant date fair value | $ / shares | $ 33.90 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 52,130 | |
Grant date fair value | $ / shares | $ 28.84 | |
Unrecognized compensation expense | $ | $ 2,300,000 | |
Expected recognition expense period, weighted average period in years | 2 years | |
TSR Performance Requirement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 2 years 10 months 2 days | |
Risk free interest rate | 2.39% | |
Expected dividend yield | 2.83% | |
Expected stock price volatility | 21.20% | |
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 | |
Director Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 7,370 | |
Grant date fair value | $ / shares | $ 33.90 | |
Required service period | 1 year | |
Director Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | Vested Immediately [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 3,690 | |
Director Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | Vested After Completion of One-Year Service Requirement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares of common stock awarded | 3,680 |
Share-Based Compensation Plan65
Share-Based Compensation Plans (Summary Of Restricted Stock Awards Activity) (Details) - Restricted Stock Awards [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares | shares | 130,586 |
Granted, Number of Shares | shares | 52,130 |
Vested, Number of Shares | shares | (23,836) |
Forfeited, number of shares | shares | (24,701) |
Outstanding at end of period, Number of Shares | shares | 134,179 |
Outstanding at beginning of year, Weighted Average Market Price at Grant Date | $ / shares | $ 24.32 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | 28.84 |
Vested, Weighted Average Market Price at Grant Date | $ / shares | 25.74 |
Forfeited, Weighted Average Market Price at Grant Date | $ / shares | 11.22 |
Outstanding at end of period, Weighted Average Market Price at Grant Date | $ / shares | $ 28.24 |
Share-Based Compensation Plan66
Share-Based Compensation Plans (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercised, Number of Options | ||
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year, Number of Options | 22,199 | |
Exercised, Number of Options | (16,650) | |
Expired, Number of Options | (3,999) | |
Outstanding and exercisable at end of period, Number of Options | 1,550 | |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 18.40 | |
Exercised, Weighted Average Exercise Price | 18.50 | |
Expired, Weighted Average Exercise Price | 19 | |
Outstanding and exercisable at end of period, Weighted Average Exercise Price | $ 15.85 | |
Outstanding and exercisable at end of period, Weighted Average Remaining Contractual Term | 0 months | |
Outstanding and exercisable at end of period, Aggregate Intrinsic Value | $ 26 |
Share-Based Compensation Plan67
Share-Based Compensation Plans (Share-Based Compensation Expense Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 457 | $ 366 | $ 759 | $ 605 |
Salaries and Employee Benefits [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | 298 | 221 | 566 | 428 |
Other Noninterest Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 159 | $ 145 | $ 193 | $ 177 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||
Service cost | $ 837 | $ 785 | $ 1,673 | $ 1,570 |
Interest cost on projected benefit obligation | 597 | 614 | 1,195 | 1,227 |
Expected return on plan assets | (1,321) | (1,194) | (2,642) | (2,388) |
Amortization of unrecognized prior service credit | (18) | (13) | (36) | (26) |
Amortization of unrecognized net actuarial loss | 188 | 291 | 375 | 583 |
Net periodic benefit expense | $ 283 | $ 483 | $ 565 | $ 966 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Minimum [Member] | Scenario Forecast [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer contribution | $ 0 |
Commitments And Contingencies70
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 732,999 | $ 661,021 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 13,171 | $ 12,181 |
Commitments And Contingencies71
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Forward sales commitments | $ 8,700 | $ 566 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 492,228 | $ 524,973 | |
Collateral Dependent Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 5,049 | ||
Loan Servicing Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 968 | ||
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 299 | ||
Measured On A Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 493,429 | 524,973 | |
Liabilities at fair value | 47 | 4 | |
Measured On A Recurring Basis [Member] | Derivative Instruments [Member] | Interest Rate Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | 139 | ||
Measured On A Recurring Basis [Member] | Derivative Instruments [Member] | Credit Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | 13 | 4 | |
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 | 157,526 | 161,889 | |
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 | 334,702 | 363,084 | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Cash Flow Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,201 | ||
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Interest Rate Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 105 | ||
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 | |||
Liabilities at fair value | |||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Derivative Instruments [Member] | Interest Rate Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | |||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Derivative Instruments [Member] | Credit Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | |||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | U.S. Government Agencies And Government Sponsored Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
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] | Derivative Instruments, Assets [Member] | Cash Flow Hedging [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] | Derivative Instruments, Assets [Member] | Interest Rate Products [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 | 493,429 | 524,973 | |
Liabilities at fair value | 47 | 4 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments [Member] | Interest Rate Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | 139 | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments [Member] | Credit Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | 13 | 4 | |
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 | 157,526 | 161,889 | |
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 | 334,702 | 363,084 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Cash Flow Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,201 | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Interest Rate Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 105 | ||
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 | |||
Liabilities at fair value | |||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | Derivative Instruments [Member] | Interest Rate Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | |||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | Derivative Instruments [Member] | Credit Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | |||
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] | Derivative Instruments, Assets [Member] | Cash Flow Hedging [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] | Derivative Instruments, Assets [Member] | Interest Rate Products [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] | |||
Liabilities at fair value | 0 | $ 0 | |
Assets at fair value | 8,330 | 7,703 | |
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 | 2,014 | 2,718 | |
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 | 5,049 | 3,847 | |
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 | 968 | 990 | |
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 | 299 | 148 | |
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 | 2,014 | 2,718 | |
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 | 2,014 | 2,718 | |
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 | 6,316 | 4,985 | |
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 | 5,049 | 3,847 | |
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 | 968 | 990 | |
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 | $ 299 | $ 148 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Level 1 to Level 2 transfers, assets amount | $ 0 | $ 0 |
Level 2 to Level 1 transfers, assets amount | 0 | 0 |
Level 2 to Level 1 transfers, liabilities amount | 0 | 0 |
Assets measured at fair value on recurring basis using significant unobservable inputs | 0 | |
Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on nonrecurring basis | $ 0 | $ 0 |
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 | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Collateral Dependent Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 5,049 |
Collateral Dependent Impaired Loans [Member] | Minimum [Member] | Appraisal Adjustments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 25.00% |
Collateral Dependent Impaired Loans [Member] | Maximum [Member] | Appraisal Adjustments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 50.00% |
Loan Servicing Rights [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 968 |
Loan Servicing Rights [Member] | Discount Rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 10.30% |
Loan Servicing Rights [Member] | Constant Prepayment Rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 13.10% |
Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 299 |
Other Real Estate Owned [Member] | Minimum [Member] | Appraisal Adjustments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 22.00% |
Other Real Estate Owned [Member] | Maximum [Member] | Appraisal Adjustments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 43.00% |
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 492,228 | $ 524,973 |
Securities held to maturity, fair value | 465,542 | 512,983 |
Carrying Amount [Member] | Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 89,094 | 99,195 |
Accrued interest receivable | 10,783 | 10,776 |
Non-maturity deposits | 2,390,163 | 2,358,018 |
Short-term borrowings | 472,800 | 446,200 |
Accrued interest payable | 7,409 | 8,038 |
Carrying Amount [Member] | Level 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 492,228 | 524,973 |
Securities held to maturity, fair value | 474,803 | 516,466 |
Loans held for sale | 2,014 | 2,718 |
Loans | 2,861,208 | 2,696,498 |
FHLB and FRB stock | 28,346 | 27,730 |
Time deposits | 872,004 | 852,156 |
Long-term borrowings | 39,167 | 39,131 |
Carrying Amount [Member] | Level 2 Inputs [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 1,201 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 105 | |
Derivative instruments, liabilities | 139 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments, liabilities | 13 | 4 |
Carrying Amount [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 5,049 | 3,847 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 89,094 | 99,195 |
Accrued interest receivable | 10,783 | 10,776 |
Non-maturity deposits | 2,390,163 | 2,358,018 |
Short-term borrowings | 472,800 | 446,200 |
Accrued interest payable | 7,409 | 8,038 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 492,228 | 524,973 |
Securities held to maturity, fair value | 465,542 | 512,983 |
Loans held for sale | 2,014 | 2,718 |
Loans | 2,807,693 | 2,660,936 |
FHLB and FRB stock | 28,346 | 27,730 |
Time deposits | 865,363 | 848,055 |
Long-term borrowings | 39,787 | 41,485 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 1,201 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 105 | |
Derivative instruments, liabilities | 139 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments, liabilities | 13 | 4 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 5,049 | $ 3,847 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Business Seg
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 68,412 | $ 65,840 |
Other intangible assets, net | 10,776 | 8,863 |
Total assets | 4,191,315 | 4,105,210 |
Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 48,536 | 48,536 |
Other intangible assets, net | 288 | 373 |
Total assets | 4,150,789 | 4,069,086 |
Non-Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 19,876 | 17,304 |
Other intangible assets, net | 10,488 | 8,490 |
Total assets | 35,907 | 31,466 |
Holding Company and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,619 | $ 4,658 |
Segment Reporting (Business S78
Segment Reporting (Business Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | $ 30,085 | $ 27,422 | $ 59,713 | $ 54,417 |
Provision for loan losses | (40) | (3,832) | (2,989) | (6,613) |
Noninterest income | 8,549 | 9,333 | 17,533 | 17,169 |
Noninterest expense | (23,445) | (23,941) | (47,552) | (44,883) |
Income before income taxes | 15,149 | 8,982 | 26,705 | 20,090 |
Income tax (expense) benefit | (2,979) | (2,736) | (5,247) | (5,901) |
Net income | 12,170 | 6,246 | 21,458 | 14,189 |
Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 30,703 | 28,039 | 60,949 | 55,652 |
Provision for loan losses | (40) | (3,832) | (2,989) | (6,613) |
Noninterest income | 6,301 | 6,215 | 12,805 | 11,793 |
Noninterest expense | (20,177) | (19,840) | (40,660) | (38,324) |
Income before income taxes | 16,787 | 10,582 | 30,105 | 22,508 |
Income tax (expense) benefit | (3,504) | (3,048) | (6,136) | (6,621) |
Net income | 13,283 | 7,534 | 23,969 | 15,887 |
Non-Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 2,385 | 2,040 | 5,009 | 4,445 |
Noninterest expense | (2,150) | (3,428) | (4,815) | (5,262) |
Income before income taxes | 235 | (1,388) | 194 | (817) |
Income tax (expense) benefit | (59) | (74) | (51) | (296) |
Net income | 176 | (1,462) | 143 | (1,113) |
Holding Company and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | (618) | (617) | (1,236) | (1,235) |
Noninterest income | (137) | 1,078 | (281) | 931 |
Noninterest expense | (1,118) | (673) | (2,077) | (1,297) |
Income before income taxes | (1,873) | (212) | (3,594) | (1,601) |
Income tax (expense) benefit | 584 | 386 | 940 | 1,016 |
Net income | $ (1,289) | $ 174 | $ (2,654) | $ (585) |