Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Trading Symbol | FISI | |
Entity Registrant Name | FINANCIAL INSTITUTIONS INC | |
Entity Central Index Key | 0000862831 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 15,984,188 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 79,786 | $ 102,755 |
Securities available for sale, at fair value | 427,545 | 445,677 |
Securities held to maturity, at amortized cost (fair value of $436,974 and $439,581, respectively) | 438,984 | 446,581 |
Loans held for sale | 2,069 | 2,868 |
Loans (net of allowance for loan losses of $33,327 and $33,914, respectively) | 3,075,852 | 3,052,684 |
Company owned life insurance | 67,550 | 67,116 |
Premises and equipment, net | 42,092 | 42,839 |
Goodwill and other intangible assets, net | 75,850 | 76,173 |
Other assets | 92,813 | 75,005 |
Total assets | 4,302,541 | 4,311,698 |
Deposits: | ||
Noninterest-bearing demand | 732,631 | 755,460 |
Interest-bearing demand | 707,430 | 622,482 |
Savings and money market | 1,016,666 | 968,897 |
Time deposits | 1,052,110 | 1,020,068 |
Total deposits | 3,508,837 | 3,366,907 |
Short-term borrowings | 287,300 | 469,500 |
Long-term borrowings, net of issuance costs of $780 and $798, respectively | 39,220 | 39,202 |
Other liabilities | 58,931 | 39,796 |
Total liabilities | 3,894,288 | 3,915,405 |
Shareholders’ equity: | ||
Total preferred equity | 17,328 | 17,328 |
Common stock, $0.01 par value; 50,000,000 shares authorized; 16,056,178 shares issued | 161 | 161 |
Additional paid-in capital | 122,524 | 122,704 |
Retained earnings | 289,111 | 279,867 |
Accumulated other comprehensive loss | (18,554) | (21,281) |
Treasury stock, at cost – 115,368 and 127,580 shares, respectively | (2,317) | (2,486) |
Total shareholders’ equity | 408,253 | 396,293 |
Total liabilities and shareholders’ equity | 4,302,541 | 4,311,698 |
Series A 3% Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Total preferred equity | 143 | 143 |
Series B-1 8.48% Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Total preferred equity | $ 17,185 | $ 17,185 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Securities held to maturity, fair value | $ 436,974 | $ 439,581 |
Loans, allowance for loan losses | 33,327 | 33,914 |
Debt issuance costs | $ 780 | $ 798 |
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 | 115,368 | 127,580 |
Series A 3% Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 1,533 | 1,533 |
Preferred stock, shares issued | 1,435 | 1,435 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income: | ||
Interest and fees on loans | $ 36,466 | $ 29,758 |
Interest and dividends on investment securities | 4,946 | 5,641 |
Other interest income | 102 | 78 |
Total interest income | 41,514 | 35,477 |
Interest expense: | ||
Deposits | 6,799 | 3,456 |
Short-term borrowings | 2,305 | 1,701 |
Long-term borrowings | 618 | 618 |
Total interest expense | 9,722 | 5,775 |
Net interest income | 31,792 | 29,702 |
Provision for loan losses | 1,193 | 2,949 |
Net interest income after provision for loan losses | 30,599 | 26,753 |
Noninterest income: | ||
Service charges on deposits | 1,680 | 1,738 |
Insurance income | 1,378 | 1,399 |
ATM and debit card | 1,443 | 1,421 |
Investment advisory | 2,216 | 1,778 |
Company owned life insurance | 410 | 450 |
Investments in limited partnerships | 232 | 568 |
Loan servicing | 110 | 115 |
Income from derivative instruments, net | 168 | 171 |
Net gain on sale of loans held for sale | 182 | 96 |
Net (loss) gain on investment securities | (53) | |
Net gain on other assets | 49 | 3 |
Other | 1,305 | 1,168 |
Total noninterest income | 9,120 | 8,907 |
Noninterest expense: | ||
Salaries and employee benefits | 14,001 | 13,429 |
Occupancy and equipment | 4,586 | 4,407 |
Professional services | 1,158 | 883 |
Computer and data processing | 1,223 | 1,235 |
Supplies and postage | 534 | 512 |
FDIC assessments | 512 | 508 |
Advertising and promotions | 520 | 977 |
Amortization of intangibles | 323 | 288 |
Other | 2,314 | 1,865 |
Total noninterest expense | 25,171 | 24,104 |
Income before income taxes | 14,548 | 11,556 |
Income tax expense | 3,027 | 2,268 |
Net income | 11,521 | 9,288 |
Preferred stock dividends | 365 | 365 |
Net income available to common shareholders | $ 11,156 | $ 8,923 |
Earnings per common share (Note 3): | ||
Basic | $ 0.70 | $ 0.56 |
Diluted | 0.70 | 0.56 |
Cash dividends declared per common share | $ 0.25 | $ 0.24 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 11,521 | $ 9,288 |
Other comprehensive income (loss), net of tax: | ||
Securities available for sale and transferred securities | 5,503 | (6,270) |
Hedging derivative instruments | (254) | (104) |
Pension and post-retirement obligations | 261 | 127 |
Total other comprehensive income (loss), net of tax | 5,510 | (6,247) |
Comprehensive income | $ 17,031 | $ 3,041 |
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] |
Balance at Dec. 31, 2017 | $ 381,177 | $ 17,329 | $ 161 | $ 121,058 | $ 257,078 | $ (11,916) | $ (2,533) | ||||
Comprehensive income: | |||||||||||
Net income | 9,288 | 9,288 | |||||||||
Other comprehensive income (loss), net of tax | (6,247) | (6,247) | |||||||||
Purchases of common stock for treasury | (113) | (113) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 302 | 302 | |||||||||
Stock options exercised | 76 | (1) | 77 | ||||||||
Restricted stock awards forfeited | 446 | (446) | |||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (1) | $ (364) | $ (1) | $ (364) | |||||||
Common stock dividends per share | (3,816) | (3,816) | |||||||||
Balance at Mar. 31, 2018 | 380,302 | 17,329 | 161 | 121,805 | 262,185 | (18,163) | (3,015) | ||||
Cumulative-effect adjustment | (710) | (710) | |||||||||
Balance at Dec. 31, 2018 | 396,293 | 17,328 | 161 | 122,704 | 279,867 | (21,281) | (2,486) | ||||
Adjusted Balance at Dec. 31, 2018 | 395,583 | 17,328 | 161 | 122,704 | 279,157 | (21,281) | (2,486) | ||||
Comprehensive income: | |||||||||||
Net income | 11,521 | 11,521 | |||||||||
Other comprehensive income (loss), net of tax | 5,510 | 5,510 | |||||||||
Reclassification of income tax effects | 2,783 | (2,783) | |||||||||
Purchases of common stock for treasury | (193) | (193) | |||||||||
Share-based compensation plans: | |||||||||||
Share-based compensation | 182 | 182 | |||||||||
Restricted stock units released | (362) | 362 | |||||||||
Cash dividends declared: | |||||||||||
Preferred stock dividends per share | $ (1) | $ (364) | $ (1) | $ (364) | |||||||
Common stock dividends per share | (3,985) | (3,985) | |||||||||
Balance at Mar. 31, 2019 | $ 408,253 | $ 17,328 | $ 161 | $ 122,524 | $ 289,111 | $ (18,554) | $ (2,317) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Common stock dividends per share, declared | $ 0.25 | $ 0.24 | |
Series A 3% Preferred Stock [Member] | |||
Preferred stock, dividend percentage | 3.00% | 3.00% | 3.00% |
Preferred stock dividends per share, declared | $ 0.75 | $ 0.75 | |
Series B-1 8.48% Preferred Stock [Member] | |||
Preferred stock, dividend percentage | 8.48% | 8.48% | 8.48% |
Preferred stock dividends per share, declared | $ 2.12 | $ 2.12 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 11,521 | $ 9,288 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,103 | 1,610 |
Net amortization of premiums on securities | 528 | 671 |
Provision for loan losses | 1,193 | 2,949 |
Share-based compensation | 182 | 302 |
Deferred income tax expense (benefit) | 951 | (2,691) |
Proceeds from sale of loans held for sale | 5,992 | 5,389 |
Originations of loans held for sale | (5,011) | (4,098) |
Income on company owned life insurance | (410) | (450) |
Net gain on sale of loans held for sale | (182) | (96) |
Net loss (gain) on investment securities | 53 | |
Net gain on other assets | (49) | (3) |
Decrease (increase) in other assets | 1,471 | 7,587 |
Increase (decrease) in other liabilities | (2,984) | (3,351) |
Net cash provided by operating activities | 15,358 | 17,107 |
Cash flows from investing activities: | ||
Purchases of available for sale securities | (7,681) | |
Purchases of held to maturity securities | (4,466) | (2,767) |
Proceeds from principal payments, maturities and calls on available for sale securities | 25,390 | 6,167 |
Proceeds from principal payments, maturities and calls on held to maturity securities | 12,842 | 16,883 |
Proceeds from sales of securities available for sale | 4,948 | |
Net loan originations | (24,361) | (60,644) |
Purchases of company owned life insurance, net of proceeds received | (24) | (7) |
Proceeds from sales of other assets | 250 | 24 |
Purchases of premises and equipment | (575) | (383) |
Net cash provided by (used in) investing activities | 6,323 | (40,727) |
Cash flows from financing activities: | ||
Net increase in deposits | 141,930 | 169,835 |
Net decrease in short-term borrowings | (182,200) | (118,600) |
Purchases of common stock for treasury | (193) | (113) |
Proceeds from stock options exercised | 76 | |
Cash dividends paid to common and preferred shareholders | (4,187) | (3,859) |
Net cash (used in) provided by financing activities | (44,650) | 47,339 |
Net (decrease) increase in cash and cash equivalents | (22,969) | 23,719 |
Cash and cash equivalents, beginning of period | 102,755 | 99,195 |
Cash and cash equivalents, end of period | $ 79,786 | $ 122,914 |
Basis of Presentation And Summa
Basis of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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, SDN Insurance Agency, 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. 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 2018 Annual Report on Form 10-K for the year ended December 31, 2018. 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. Cash Flow Reporting Supplemental cash flow information is summarized as follows for the three months ended March 31 (in thousands): 2019 2018 Supplemental information: Cash paid for interest $ 8,524 $ 6,492 Cash paid for income taxes 1,248 1,571 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans — 370 Accrued and declared unpaid dividends 4,350 4,181 Decrease in net unsettled security purchases 1,473 — (1.) Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments 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 (1.) 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 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | (2.) 2018 Activity – HNP Capital Acquisition On June 1, 2018, the Company completed the acquisition of HNP Capital, a Securities and Exchange Commission (“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. |
Earnings Per Common Share ("EPS
Earnings Per Common Share ("EPS") | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Net income available to common shareholders $ 11,156 $ 8,923 Weighted average common shares outstanding: Total shares issued 16,056 16,056 Unvested restricted stock awards (3 ) (19 ) Treasury shares (123 ) (147 ) Total basic weighted average common shares outstanding 15,930 15,890 Incremental shares from assumed: Exercise of stock options — 6 Vesting of restricted stock awards 48 45 Total diluted weighted average common shares outstanding 15,978 15,941 Basic earnings per common share $ 0.70 $ 0.56 Diluted earnings per common share $ 0.70 $ 0.56 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 10 4 Total 10 4 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 145,072 $ 113 $ 809 $ 144,376 Mortgage-backed securities: Federal National Mortgage Association 240,973 202 2,366 238,809 Federal Home Loan Mortgage Corporation 38,903 86 634 38,355 Government National Mortgage Association 5,103 22 5 5,120 Collateralized mortgage obligations: Federal National Mortgage Association 127 — 1 126 Federal Home Loan Mortgage Corporation 36 — — 36 Privately issued — 723 — 723 Total mortgage-backed securities 285,142 1,033 3,006 283,169 Total available for sale securities $ 430,214 $ 1,146 $ 3,815 $ 427,545 Securities held to maturity: State and political subdivisions $ 232,160 $ 2,236 $ 225 $ 234,171 Mortgage-backed securities: Federal National Mortgage Association 11,276 69 114 11,231 Federal Home Loan Mortgage Corporation 4,167 27 109 4,085 Government National Mortgage Association 39,844 50 520 39,374 Collateralized mortgage obligations: Federal National Mortgage Association 59,584 31 1,474 58,141 Federal Home Loan Mortgage Corporation 75,029 6 1,624 73,411 Government National Mortgage Association 16,924 — 363 16,561 Total mortgage-backed securities 206,824 183 4,204 202,803 Total held to maturity securities $ 438,984 $ 2,419 $ 4,429 $ 436,974 December 31, 2018 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 155,102 $ — $ 3,074 $ 152,028 Mortgage-backed securities: Federal National Mortgage Association 258,984 44 6,325 252,703 Federal Home Loan Mortgage Corporation 35,962 13 1,275 34,700 Government National Mortgage Association 5,364 21 76 5,309 Collateralized mortgage obligations: Federal National Mortgage Association 133 — — 133 Federal Home Loan Mortgage Corporation 37 — — 37 Privately issued — 767 — 767 Total mortgage-backed securities 300,480 845 7,676 293,649 Total available for sale securities $ 455,582 $ 845 $ 10,750 $ 445,677 (4.) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2018 (continued) Securities held to maturity: State and political subdivisions $ 234,845 $ 876 $ 1,211 $ 234,510 Mortgage-backed securities: Federal National Mortgage Association 11,602 8 261 11,349 Federal Home Loan Mortgage Corporation 4,583 — 193 4,390 Government National Mortgage Association 37,450 14 923 36,541 Collateralized mortgage obligations: Federal National Mortgage Association 62,103 1 2,179 59,925 Federal Home Loan Mortgage Corporation 78,200 — 2,597 75,603 Government National Mortgage Association 17,798 — 535 17,263 Total mortgage-backed securities 211,736 23 6,688 205,071 Total held to maturity securities $ 446,581 $ 899 $ 7,899 $ 439,581 Investment securities with a total fair value of $702.5 million and $751.0 million at March 31, 2019 and December 31, 2018, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Sales of securities available for sale were as follows (in thousands): Three months ended March 31, 2019 2018 Proceeds from sales $ 4,948 $ — Gross realized gains — — Gross realized losses 53 — The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2019 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 $ 28,200 $ 28,009 Due from one to five years 137,192 136,577 Due after five years through ten years 183,515 182,284 Due after ten years 81,307 80,675 Total available for sale securities $ 430,214 $ 427,545 Debt securities held to maturity: Due in one year or less $ 49,502 $ 49,598 Due from one to five years 147,735 149,579 Due after five years through ten years 74,536 73,735 Due after ten years 167,211 164,062 Total held to maturity securities $ 438,984 $ 436,974 (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 March 31, 2019 Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ — $ 112,425 $ 809 $ 112,425 $ 809 Mortgage-backed securities: Federal National Mortgage Association — — 224,846 2,366 224,846 2,366 Federal Home Loan Mortgage Corporation — — 31,365 634 31,365 634 Government National Mortgage Association — — 4,522 5 4,522 5 Collateralized mortgage obligations: Federal National Mortgage Association 70 1 19 — 89 1 Federal Home Loan Mortgage Corporation — — 6 — 6 — Total mortgage-backed securities 70 1 260,758 3,005 260,828 3,006 Total available for sale securities 70 1 373,183 3,814 373,253 3,815 Securities held to maturity: State and political subdivisions 2,717 1 24,312 224 27,029 225 Mortgage-backed securities: Federal National Mortgage Association — — 7,696 114 7,696 114 Federal Home Loan Mortgage Corporation — — 2,619 109 2,619 109 Government National Mortgage Association 6,518 16 21,908 504 28,426 520 Collateralized mortgage obligations: Federal National Mortgage Association — — 56,114 1,474 56,114 1,474 Federal Home Loan Mortgage Corporation — — 72,277 1,624 72,277 1,624 Government National Mortgage Association — — 16,561 363 16,561 363 Total mortgage-backed securities 6,518 16 177,175 4,188 183,693 4,204 Total held to maturity securities 9,235 17 201,487 4,412 210,722 4,429 Total temporarily impaired securities $ 9,305 $ 18 $ 574,670 $ 8,226 $ 583,975 $ 8,244 December 31, 2018 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ — $ — $ 152,028 $ 3,074 $ 152,028 $ 3,074 Mortgage-backed securities: Federal National Mortgage Association 251 1 247,615 6,324 247,866 6,325 Federal Home Loan Mortgage Corporation — — 33,918 1,275 33,918 1,275 Government National Mortgage Association — — 4,667 76 4,667 76 Collateralized mortgage obligations: Federal National Mortgage Association — — 56 — 56 — Federal Home Loan Mortgage Corporation — — 6 — 6 — Total mortgage-backed securities 251 1 286,262 7,675 286,513 7,676 Total available for sale securities 251 1 438,290 10,749 438,541 10,750 (4.) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2018 (continued) Securities held to maturity: State and political subdivisions 35,751 91 49,534 1,120 85,285 1,211 Mortgage-backed securities: Federal National Mortgage Association 1,518 3 8,695 258 10,213 261 Federal Home Loan Mortgage Corporation 1,467 5 2,923 188 4,390 193 Government National Mortgage Association 11,783 82 22,516 841 34,299 923 Collateralized mortgage obligations: Federal National Mortgage Association — — 57,973 2,179 57,973 2,179 Federal Home Loan Mortgage Corporation — — 75,603 2,597 75,603 2,597 Government National Mortgage Association — — 17,263 535 17,263 535 Total mortgage-backed securities 14,768 90 184,973 6,598 199,741 6,688 Total held to maturity securities 50,519 181 234,507 7,718 285,026 7,899 Total temporarily impaired securities $ 50,770 $ 182 $ 672,797 $ 18,467 $ 723,567 $ 18,649 The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2019 was 323 compared to 571 at December 31, 2018. At March 31, 2019, the Company had positions in 314 investment securities with a fair value of $574.7 million and a total unrealized loss of $8.2 million that have been in a continuous unrealized loss position for more than 12 months. At March 31, 2019, there were a total of nine securities positions in the Company’s investment portfolio with a fair value of $9.3 million and a total unrealized loss of $18 thousand that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2018, the Company had positions in 435 investment securities with a fair value of $672.8 million and a total unrealized loss of $18.5 million that had been in a continuous unrealized loss position for more than 12 months. At December 31, 2018, there were a total of 136 securities positions in the Company’s investment portfolio with a fair value of $50.8 million and a total unrealized loss of $182 thousand 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 three months ended March 31, 2019 and 2018. Based on management’s review and evaluation of the Company’s debt securities as of March 31, 2019, the debt securities with unrealized losses were not considered to be OTTI. As of March 31, 2019, the Company did not intend to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of March 31, 2019, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company’s consolidated statements of income. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Commercial business $ 552,834 $ 911 $ 553,745 Commercial mortgage 995,183 (1,924 ) 993,259 Residential real estate loans 525,036 9,655 534,691 Residential real estate lines 105,592 3,031 108,623 Consumer indirect 872,410 30,352 902,762 Other consumer 15,941 158 16,099 Total $ 3,066,996 $ 42,183 3,109,179 Allowance for loan losses (33,327 ) Total loans, net $ 3,075,852 December 31, 2018 Commercial business $ 557,040 $ 821 $ 557,861 Commercial mortgage 960,265 (2,071 ) 958,194 Residential real estate loans 514,981 9,174 524,155 Residential real estate lines 106,712 3,006 109,718 Consumer indirect 888,732 31,185 919,917 Other consumer 16,590 163 16,753 Total $ 3,044,320 $ 42,278 3,086,598 Allowance for loan losses (33,914 ) Total loans, net $ 3,052,684 Loans held for sale (not included above) were comprised entirely of residential real estate mortgages and totaled $2.1 million and $2.9 million as of March 31, 2019 and December 31, 2018, 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 March 31, 2019 Commercial business $ 328 $ 150 $ — $ 478 $ 594 $ 551,762 $ 552,834 Commercial mortgage 443 375 — 818 909 993,456 995,183 Residential real estate loans 924 367 — 1,291 2,225 521,520 525,036 Residential real estate lines 150 15 — 165 252 105,175 105,592 Consumer indirect 1,388 497 — 1,885 1,822 868,703 872,410 Other consumer 87 8 2 97 — 15,844 15,941 Total loans, gross $ 3,320 $ 1,412 $ 2 $ 4,734 $ 5,802 $ 3,056,460 $ 3,066,996 December 31, 2018 Commercial business $ 227 $ 1 $ — $ 228 $ 912 $ 555,900 $ 557,040 Commercial mortgage 574 — — 574 1,586 958,105 960,265 Residential real estate loans 1,295 242 — 1,537 2,391 511,053 514,981 Residential real estate lines 102 — — 102 255 106,355 106,712 Consumer indirect 2,424 698 — 3,122 1,989 883,621 888,732 Other consumer 139 3 8 150 — 16,440 16,590 Total loans, gross $ 4,761 $ 944 $ 8 $ 5,713 $ 7,133 $ 3,031,474 $ 3,044,320 (5.) There were no loans past due greater than 90 days and still accruing interest as of March 31, 2019 and December 31, 2018. There were $2 thousand and $8 thousand in consumer overdrafts which were past due greater than 90 days as of March 31, 2019 and December 31, 2018, 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 three months ended March 31, 2019 and 2018. There were no loans modified as a TDR within the previous 12 months that defaulted during the three months ended March 31, 2019 and 2018. For purposes of this disclosure, a loan modified as a TDR is considered to have defaulted when the borrower becomes 90 days past due. Impaired Loans Management has determined that specific commercial loans on nonaccrual status and all loans that have had their terms restructured in a troubled debt restructuring are impaired loans. The following table presents the recorded investment, unpaid principal balance and related allowance of impaired loans as of the dates indicated and average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2019 and twelve-month period ended December 31, 2018 (in thousands): Recorded Investment (1) Unpaid Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2019 With no related allowance recorded: Commercial business $ 221 $ 292 $ — $ 356 $ — Commercial mortgage 1,333 2,109 — 1,730 — 1,554 2,401 — 2,086 — With an allowance recorded: Commercial business 504 504 181 660 — Commercial mortgage 19 19 2 20 — 523 523 183 680 — $ 2,077 $ 2,924 $ 183 $ 2,766 $ — December 31, 2018 With no related allowance recorded: Commercial business $ 319 $ 487 $ — $ 1,156 $ — Commercial mortgage 2,013 2,789 — 692 — 2,332 3,276 — 1,848 — With an allowance recorded: Commercial business 725 725 205 2,458 — Commercial mortgage 21 21 1 1,936 — 746 746 206 4,394 — $ 3,078 $ 4,022 $ 206 $ 6,242 $ — (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 March 31, 2019 Uncriticized $ 524,977 $ 979,254 Special mention 18,266 4,186 Substandard 9,591 11,743 Doubtful — — Total $ 552,834 $ 995,183 December 31, 2018 Uncriticized $ 531,756 $ 943,991 Special mention 16,499 10,633 Substandard 8,785 5,641 Doubtful — — Total $ 557,040 $ 960,265 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 March 31, 2019 Performing $ 522,811 $ 105,340 $ 870,588 $ 15,939 Non-performing 2,225 252 1,822 2 Total $ 525,036 $ 105,592 $ 872,410 $ 15,941 December 31, 2018 Performing $ 512,590 $ 106,457 $ 886,743 $ 16,582 Non-performing 2,391 255 1,989 8 Total $ 514,981 $ 106,712 $ 888,732 $ 16,590 (5.) Allowance for Loan Losses The following table sets forth the changes in the allowance for loan losses for the three-month periods ended as of the dates indicated (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total March 31, 2019 Allowance for loan losses: Beginning balance $ 14,312 $ 5,219 $ 1,112 $ 210 $ 12,572 $ 489 $ 33,914 Charge-offs (130 ) — (31 ) — (2,982 ) (309 ) (3,452 ) Recoveries 103 17 6 2 1,424 120 1,672 Provision (credit) (2,118 ) 1,080 178 (39 ) 2,011 81 1,193 Ending balance $ 12,167 $ 6,316 $ 1,265 $ 173 $ 13,025 $ 381 $ 33,327 Evaluated for impairment: Individually $ 181 $ 2 $ — $ — $ — $ — $ 183 Collectively $ 11,986 $ 6,314 $ 1,265 $ 173 $ 13,025 $ 381 $ 33,144 Loans: Ending balance $ 552,834 $ 995,183 $ 525,036 $ 105,592 $ 872,410 $ 15,941 $ 3,066,996 Evaluated for impairment: Individually $ 725 $ 1,352 $ — $ — $ — $ — $ 2,077 Collectively $ 552,109 $ 993,831 $ 525,036 $ 105,592 $ 872,410 $ 15,941 $ 3,064,919 March 31, 2018 Allowance for loan losses: Beginning balance $ 15,668 $ 3,696 $ 1,322 $ 180 $ 13,415 $ 391 $ 34,672 Charge-offs (105 ) (4 ) (19 ) (94 ) (2,994 ) (433 ) (3,649 ) Recoveries 120 7 69 3 1,330 93 1,622 Provision (credit) (741 ) 1,774 28 129 1,481 278 2,949 Ending balance $ 14,942 $ 5,473 $ 1,400 $ 218 $ 13,232 $ 329 $ 35,594 Evaluated for impairment: Individually $ 1,699 $ 719 $ — $ — $ — $ — $ 2,418 Collectively $ 13,243 $ 4,754 $ 1,400 $ 218 $ 13,232 $ 329 $ 33,176 Loans: Ending balance $ 463,526 $ 823,305 $ 470,111 $ 112,428 $ 866,598 $ 16,482 $ 2,752,450 Evaluated for impairment: Individually $ 4,453 $ 2,791 $ — $ — $ — $ — $ 7,244 Collectively $ 459,073 $ 820,514 $ 470,111 $ 112,428 $ 866,598 $ 16,482 $ 2,745,206 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. (5.) 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. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | (6.) Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with terms longer than 12 months. The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2047. One building lease is subleased for terms extending through 2021. The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities: March 31, December 31, Balance Sheet Location 2019 2018 Operating Lease Right of Use Assets: Gross carrying amount Other assets $ 22,980 $ — Accumulated amortization Other assets (478 ) — Net book value $ 22,502 $ — Operating Lease Liabilities: Right of use lease obligations Other liabilities $ 23,852 $ — For the three months ended March 31, 2019, the weighted average remaining lease term for operating leases was 21.6 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.74%. The Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term for the discount rate. The following table represents lease costs and other lease information: Three months ended March 31, 2019 2018 Lease costs: Operating lease costs $ 693 $ — Variable lease costs (1) 96 — Sublease income (12 ) — Net lease costs $ 777 $ — Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 688 $ — Right of use assets obtained in exchange for new operating lease liabilities $ 325 $ — (1) Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. (6.) Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more, are as follows at March 31, 2019 (in thousands): Twelve months ended March 31, 2020 $ 2,677 2021 2,479 2022 2,159 2023 1,784 2024 1,381 Thereafter 26,799 Total future minimum operating lease payments 37,279 Amounts representing interest (13,427 ) Present value of net future minimum operating lease payments 23,852 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | (7.) Goodwill The carrying amount of goodwill totaled $66.1 million as of both March 31, 2019 and December 31, 2018. 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, 2018 $ 48,536 $ 17,526 $ 66,062 No activity during the period — — — Balance, March 31, 2019 $ 48,536 $ 17,526 $ 66,062 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): March 31, December 31, 2019 2018 Other intangibles assets: Gross carrying amount $ 15,925 $ 15,925 Accumulated amortization (6,137 ) (5,814 ) Net book value $ 9,788 $ 10,111 Amortization expense for total other intangible assets was $323 thousand and $288 thousand for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the estimated amortization expense of other intangible assets for the remainder of 2019 and each of the next five years is as follows (in thousands): 2019 (remainder of year) $ 927 2020 1,134 2021 1,014 2022 923 2023 852 2024 783 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | (8.) 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 the first quarter of 2019 and in 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 months ended March 31, 2019 and 2018. During the next twelve months, the Company estimates that $337 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. Mortgage Banking Derivatives The Company 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. (8.) 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 March 31, 2019 and December 31, 2018 (in thousands): Asset derivatives Liability derivatives Gross notional amount Balance Fair value Balance Fair value Mar. 31, 2019 Dec. 31, 2018 sheet line item Mar. 31, 2019 Dec. 31, 2018 sheet line item Mar. 31, 2019 Dec. 31, 2018 Derivatives designated as hedging instruments Cash flow hedges $ 100,000 $ 100,000 Other $ 243 $ 631 Other liabilities $ — $ — Total derivatives $ 100,000 $ 100,000 $ 243 $ 631 $ — $ — Derivatives not designated as hedging instruments Interest rate swaps (1) $ 121,454 $ 71,977 Other assets $ 3,261 $ 1,803 Other liabilities $ 3,587 $ 2,006 Credit contracts 46,754 36,670 Other assets 20 — Other liabilities 30 24 Mortgage banking 11,898 7,519 Other assets 132 83 Other liabilities 23 27 Total derivatives $ 180,106 $ 116,166 $ 3,413 $ 1,886 $ 3,640 $ 2,057 (1) The Company secured its obligations under these contracts with $3.4 million and $1.3 million in cash at March 31, 2019 and December 31, 2018, respectively. 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 months ended March 31, 2019 and 2018 (in thousands): Gain (loss) recognized in income Line item of gain (loss) Three months ended March 31, Undesignated derivatives recognized in income 2019 2018 Interest rate swaps Income from derivative instruments, net $ 101 $ — Credit contracts Income from derivative instruments, net 14 174 Mortgage banking Income from derivative instruments, net 53 (3 ) Total undesignated $ 168 $ 171 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | (9.) Common Stock The changes in shares of common stock were as follows for the three months ended March 31, 2019 and 2018: Outstanding Treasury Issued March 31, 2019 Shares at December 31, 2018 15,928,598 127,580 16,056,178 Restricted stock units released 18,580 (18,580 ) — Treasury stock purchases (6,368 ) 6,368 — Shares at March 31, 2019 15,940,810 115,368 16,056,178 March 31, 2018 Shares at December 31, 2017 15,924,938 131,240 16,056,178 Restricted stock awards forfeited (23,901 ) 23,901 — Stock options exercised 4,000 (4,000 ) — Treasury stock purchases (3,622 ) 3,622 — Shares at March 31, 2018 15,901,415 154,763 16,056,178 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (10.) The following table presents the components of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 (in thousands): Pre-tax Amount Tax Effect Net-of-tax Amount March 31, 2019 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 7,184 $ 1,811 $ 5,373 Reclassification adjustment for net gains included in net income (1) 174 44 130 Total securities available for sale and transferred securities 7,358 1,855 5,503 Hedging derivative instruments: Change in unrealized gain/loss during the period (340 ) (86 ) (254 ) Pension and post-retirement obligations: Amortization of prior service credit included in income (16 ) (4 ) (12 ) Amortization of net actuarial loss included in income 366 93 273 Total pension and post-retirement obligations 350 89 261 Other comprehensive income $ 7,368 $ 1,858 $ 5,510 March 31, 2018 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (8,465 ) $ (2,134 ) $ (6,331 ) Reclassification adjustment for net gains included in net income (1) 82 21 61 Total securities available for sale and transferred securities (8,383 ) (2,113 ) (6,270 ) Hedging derivative instruments: Change in unrealized gain/loss during the period (139 ) (35 ) (104 ) Pension and post-retirement obligations: Amortization of prior service credit included in income (18 ) (5 ) (13 ) Amortization of net actuarial loss included in income 187 47 140 Total pension and post-retirement obligations 169 42 127 Other comprehensive loss $ (8,353 ) $ (2,106 ) $ (6,247 ) (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. (10.) Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2019 and 2018 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) March 31, 2019 Balance at beginning of period $ (276 ) $ (7,769 ) $ (13,236 ) $ (21,281 ) Reclassification of income tax effects to retained earnings — (681 ) (2,102 ) (2,783 ) Other comprehensive income (loss) before reclassifications (254 ) 5,373 — 5,119 Amounts reclassified from accumulated other comprehensive income (loss) — 130 261 391 Net current period other comprehensive income (loss) (254 ) 5,503 261 5,510 Balance at end of period $ (530 ) $ (2,947 ) $ (15,077 ) $ (18,554 ) March 31, 2018 Balance at beginning of period $ — $ (3,275 ) $ (8,641 ) $ (11,916 ) Other comprehensive income (loss) before reclassifications (104 ) (6,331 ) — (6,435 ) Amounts reclassified from accumulated other comprehensive income (loss) — 61 127 188 Net current period other comprehensive income (loss) (104 ) (6,270 ) 127 (6,247 ) Balance at end of period $ (104 ) $ (9,545 ) $ (8,514 ) $ (18,163 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 (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 March 31, 2019 2018 Realized (loss) gain on sale of investment securities $ (53 ) $ — Net (loss) gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (121 ) (82 ) Interest income (174 ) (82 ) Total before tax 44 21 Income tax expense (130 ) (61 ) Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 16 18 Salaries and employee benefits Net actuarial losses (1) (366 ) (187 ) Salaries and employee benefits (350 ) (169 ) Total before tax 89 42 Income tax expense (261 ) (127 ) Net of tax Total reclassified for the period $ (391 ) $ (188 ) (1) These items are included in the computation of net periodic pension expense. See Note 12 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation Plans | (11.) The Company maintains certain share-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 three months ended March 31, 2019. Number of Underlying Shares Weighted Average Per Share Grant Date Fair Value RSUs 17,658 $ 26.96 PSUs 17,658 27.79 The grant-date fair value for the RSUs granted during the three months ended March 31, 2019 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. Fifty percent of the 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. These 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, 2021. The shares earned based on the achievement of the TSR performance requirement, if any, will vest on February 26, 2022 assuming the recipient’s continuous service to the Company. The remaining fifty percent of the PSUs that ultimately vest is contingent upon achievement of an EPS performance requirement for the Company’s fiscal year ended December 31, 2021. The shares earned based on the achievement of the EPS performance requirement, if any, will vest on February 26, 2022 assuming the recipient’s continuous service to the Company. The grant-date fair value of the TSR portion of PSUs granted during the three months ended March 31, 2019 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 2.43%, (iii) expected dividend yield of 3.20% and (iv) expected stock price volatility over the expected term of the TSR award of 21.3%. The Monte Carlo simulation model is a risk analysis method that selects a random value from a range of estimates. The grant-date fair value of the EPS portion of PSUs granted during the three months ended March 31, 2019 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 Company previously granted restricted stock awards to certain members of management and non-employee directors. There were no restricted stock awards granted during the quarter ended March 31, 2019. The following is a summary of restricted stock awards and restricted stock units activity for the three months ended March 31, 2019: Number of Shares Weighted Average Market Price at Grant Date Outstanding at beginning of year 130,571 $ 28.04 Granted 35,316 27.38 Vested (18,580 ) 24.21 Forfeited (21,865 ) 26.12 Outstanding at end of period 125,442 $ 28.76 At March 31, 2019, there was $2.1 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 2.2 years. (11.) 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 three months of 2019 or 2018. There was no unrecognized compensation expense related to unvested stock options as of March 31, 2019. There was no stock option activity for the three months ended March 31, 2019. The aggregate intrinsic value (the amount by which the market price of the stock on the date of exercise exceeded the market price of the stock on the date of grant) of option exercises for the three months ended March 31, 2018 was $52 thousand. The total cash received as a result of option exercises under stock compensation plans for the three months ended March 31, 2018 was $76 thousand. The Company amortizes the expense related to share-based compensation awards over the vesting period. Share-based compensation expense is recorded as a component of salaries and employee benefits in the consolidated statements of income for awards granted to management and as a component of other noninterest expense for awards granted to directors. The share-based compensation expense included in the consolidated statements of income, is as follows (in thousands): Three months ended March 31, 2019 2018 Salaries and employee benefits $ 151 $ 268 Other noninterest expense 31 34 Total share-based compensation expense $ 182 $ 302 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | (12.) The components of the Company’s net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands): Three months ended March 31, 2019 2018 Service cost $ 802 $ 836 Interest cost on projected benefit obligation 695 598 Expected return on plan assets (1,184 ) (1,321 ) Amortization of unrecognized prior service credit (16 ) (18 ) Amortization of unrecognized net actuarial loss 366 187 Net periodic benefit expense $ 663 $ 282 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 2019 fiscal year. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | (13.) The Company has financial instruments with off-balance sheet risk established in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk extending beyond amounts recognized in the financial statements. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is essentially the same as that involved with extending loans to customers. The Company uses the same credit underwriting policies in making commitments and conditional obligations as for on-balance sheet instruments. Off-balance sheet commitments consist of the following (in thousands): March 31, 2019 December 31, 2018 Commitments to extend credit $ 685,014 $ 687,875 Standby letters of credit 12,152 11,977 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (14.) 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. (14.) 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. (14.) 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 March 31, 2019 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 144,376 $ — $ 144,376 Mortgage-backed securities — 283,169 — 283,169 Other assets: Hedging derivative instruments — 243 — 243 Fair value adjusted through comprehensive income $ — $ 427,788 $ — $ 427,788 Other assets: Derivative instruments - interest rate products $ — $ 3,261 $ — $ 3,261 Derivative instruments - credit contracts — 20 — 20 Derivative instruments - mortgage banking — 132 — 132 Other liabilities: Derivative instruments - interest rate products — (3,587 ) — (3,587 ) Derivative instruments - credit contracts — (30 ) — (30 ) Derivative instruments - mortgage banking — (23 ) — (23 ) Fair value adjusted through net income $ — $ (227 ) $ — $ (227 ) Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,069 $ — $ 2,069 Collateral dependent impaired loans — — 1,894 1,894 Other assets: Loan servicing rights — — 1,030 1,030 Other real estate owned — — 41 41 Total $ — $ 2,069 $ 2,965 $ 5,034 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2019. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2019. (14.) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 152,028 $ — $ 152,028 Mortgage-backed securities — 293,649 — 293,649 Other assets: Hedging derivative instruments — 631 — 631 Fair value adjusted through comprehensive income $ — $ 446,308 $ — $ 446,308 Other assets: Derivative instruments - interest rate products $ — $ 1,803 $ — $ 1,803 Derivative instruments - mortgage banking — 83 — 83 Other liabilities: Derivative instruments - interest rate products — (2,006 ) — (2,006 ) Derivative instruments - credit contracts — (24 ) — (24 ) Derivative instruments - mortgage banking — (27 ) — (27 ) Fair value adjusted through net income $ — $ (171 ) $ — $ (171 ) Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,868 $ — $ 2,868 Collateral dependent impaired loans — — 2,872 2,872 Other assets: Loan servicing rights — — 1,022 1,022 Other real estate owned — — 230 230 Total $ — $ 2,868 $ 4,124 $ 6,992 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2018. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2018. 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 $ 1,894 Appraisal of collateral (1) Appraisal adjustments (2) 25% (3) Loan servicing rights 1,030 Discounted cash flow Discount rate 10.2% (3) Constant prepayment rate 13.4% (3) Other real estate owned 41 Appraisal of collateral (1) Appraisal adjustments (2) 11% (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. Changes in Level 3 Fair Value Measurements There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the three months ended March 31, 2019. (14.) 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. The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated. Level in March 31, 2019 December 31, 2018 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 79,786 $ 79,786 $ 102,755 $ 102,755 Securities available for sale Level 2 427,545 427,545 445,677 445,677 Securities held to maturity Level 2 438,984 436,974 446,581 439,581 Loans held for sale Level 2 2,069 2,069 2,868 2,868 Loans Level 2 3,073,958 3,061,505 3,049,812 3,006,161 Loans (1) Level 3 1,894 1,894 2,872 2,872 Accrued interest receivable Level 1 13,429 13,429 11,990 11,990 FHLB and FRB stock Level 2 21,056 21,056 26,375 26,375 Derivative instruments – cash flow hedge Level 2 243 243 631 631 Derivative instruments – interest rate products Level 2 3,261 3,261 1,803 1,803 Derivative instruments – credit contracts Level 2 20 20 — — Derivative instruments – mortgage banking Level 2 132 132 83 83 Financial liabilities: Non-maturity deposits Level 1 2,456,727 2,456,727 2,346,839 2,346,839 Time deposits Level 2 1,052,110 1,048,583 1,020,068 1,014,532 Short-term borrowings Level 1 287,300 287,300 469,500 469,500 Long-term borrowings Level 2 39,220 39,641 39,202 38,415 Accrued interest payable Level 1 10,478 10,478 9,280 9,280 Derivative instruments – interest rate products Level 2 3,587 3,587 2,006 2,006 Derivative instruments – credit contracts Level 2 30 30 24 24 Derivative instruments – mortgage banking Level 2 23 23 27 27 (1) Comprised of collateral dependent impaired loans. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | (15.) 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 March 31, 2019 Goodwill $ 48,536 $ 17,526 $ — $ 66,062 Other intangible assets, net 180 9,608 — 9,788 Total assets 4,267,432 35,448 (339 ) 4,302,541 December 31, 2018 Goodwill $ 48,536 $ 17,526 $ — $ 66,062 Other intangible assets, net 213 9,898 — 10,111 Total assets 4,272,439 35,975 3,284 4,311,698 Banking Non-Banking Holding Company and Other Consolidated Totals Three months ended March 31, 2019 Net interest income (expense) $ 32,409 $ — $ (617 ) $ 31,792 Provision for loan losses (1,193 ) — — (1,193 ) Noninterest income 6,266 3,026 (172 ) 9,120 Noninterest expense (21,453 ) (3,041 ) (677 ) (25,171 ) Income (loss) before income taxes 16,029 (15 ) (1,466 ) 14,548 Income tax (expense) benefit (3,344 ) — 317 (3,027 ) Net income (loss) $ 12,685 $ (15 ) $ (1,149 ) $ 11,521 Banking Non-Banking Holding Company and Other Consolidated Totals Three months ended March 31, 2018 Net interest income (expense) $ 30,317 $ — $ (615 ) $ 29,702 Provision for loan losses (2,949 ) — — (2,949 ) Noninterest income 6,430 2,624 (147 ) 8,907 Noninterest expense (20,480 ) (2,665 ) (959 ) (24,104 ) Income (loss) before income taxes 13,318 (41 ) (1,721 ) 11,556 Income tax (expense) benefit (2,632 ) 8 356 (2,268 ) Net income (loss) $ 10,686 $ (33 ) $ (1,365 ) $ 9,288 |
Basis Of Presentation And Sum_2
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, SDN Insurance Agency, 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. 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 2018 Annual Report on Form 10-K for the year ended December 31, 2018. 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. |
Cash Flow Reporting | Cash Flow Reporting Supplemental cash flow information is summarized as follows for the three months ended March 31 (in thousands): 2019 2018 Supplemental information: Cash paid for interest $ 8,524 $ 6,492 Cash paid for income taxes 1,248 1,571 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans — 370 Accrued and declared unpaid dividends 4,350 4,181 Decrease in net unsettled security purchases 1,473 — |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments 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 (1.) 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 |
Basis Of Presentation And Sum_3
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Supplemental Cash Flow Information | 2019 2018 Supplemental information: Cash paid for interest $ 8,524 $ 6,492 Cash paid for income taxes 1,248 1,571 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans — 370 Accrued and declared unpaid dividends 4,350 4,181 Decrease in net unsettled security purchases 1,473 — |
Earnings Per Common Share ("E_2
Earnings Per Common Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Net income available to common shareholders $ 11,156 $ 8,923 Weighted average common shares outstanding: Total shares issued 16,056 16,056 Unvested restricted stock awards (3 ) (19 ) Treasury shares (123 ) (147 ) Total basic weighted average common shares outstanding 15,930 15,890 Incremental shares from assumed: Exercise of stock options — 6 Vesting of restricted stock awards 48 45 Total diluted weighted average common shares outstanding 15,978 15,941 Basic earnings per common share $ 0.70 $ 0.56 Diluted earnings per common share $ 0.70 $ 0.56 |
Shares Excluded From Computation Of Diluted EPS | EPS because the effect would be antidilutive: Stock options — — Restricted stock awards 10 4 Total 10 4 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Amortized Cost And Fair Value Of Investment Securities | The amortized cost and fair value of investment securities are summarized below (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2019 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 145,072 $ 113 $ 809 $ 144,376 Mortgage-backed securities: Federal National Mortgage Association 240,973 202 2,366 238,809 Federal Home Loan Mortgage Corporation 38,903 86 634 38,355 Government National Mortgage Association 5,103 22 5 5,120 Collateralized mortgage obligations: Federal National Mortgage Association 127 — 1 126 Federal Home Loan Mortgage Corporation 36 — — 36 Privately issued — 723 — 723 Total mortgage-backed securities 285,142 1,033 3,006 283,169 Total available for sale securities $ 430,214 $ 1,146 $ 3,815 $ 427,545 Securities held to maturity: State and political subdivisions $ 232,160 $ 2,236 $ 225 $ 234,171 Mortgage-backed securities: Federal National Mortgage Association 11,276 69 114 11,231 Federal Home Loan Mortgage Corporation 4,167 27 109 4,085 Government National Mortgage Association 39,844 50 520 39,374 Collateralized mortgage obligations: Federal National Mortgage Association 59,584 31 1,474 58,141 Federal Home Loan Mortgage Corporation 75,029 6 1,624 73,411 Government National Mortgage Association 16,924 — 363 16,561 Total mortgage-backed securities 206,824 183 4,204 202,803 Total held to maturity securities $ 438,984 $ 2,419 $ 4,429 $ 436,974 December 31, 2018 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 155,102 $ — $ 3,074 $ 152,028 Mortgage-backed securities: Federal National Mortgage Association 258,984 44 6,325 252,703 Federal Home Loan Mortgage Corporation 35,962 13 1,275 34,700 Government National Mortgage Association 5,364 21 76 5,309 Collateralized mortgage obligations: Federal National Mortgage Association 133 — — 133 Federal Home Loan Mortgage Corporation 37 — — 37 Privately issued — 767 — 767 Total mortgage-backed securities 300,480 845 7,676 293,649 Total available for sale securities $ 455,582 $ 845 $ 10,750 $ 445,677 (4.) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2018 (continued) Securities held to maturity: State and political subdivisions $ 234,845 $ 876 $ 1,211 $ 234,510 Mortgage-backed securities: Federal National Mortgage Association 11,602 8 261 11,349 Federal Home Loan Mortgage Corporation 4,583 — 193 4,390 Government National Mortgage Association 37,450 14 923 36,541 Collateralized mortgage obligations: Federal National Mortgage Association 62,103 1 2,179 59,925 Federal Home Loan Mortgage Corporation 78,200 — 2,597 75,603 Government National Mortgage Association 17,798 — 535 17,263 Total mortgage-backed securities 211,736 23 6,688 205,071 Total held to maturity securities $ 446,581 $ 899 $ 7,899 $ 439,581 |
Sales Of Securities Available For Sale | Sales of securities available for sale were as follows (in thousands): Three months ended March 31, 2019 2018 Proceeds from sales $ 4,948 $ — Gross realized gains — — Gross realized losses 53 — |
Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity | The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2019 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 $ 28,200 $ 28,009 Due from one to five years 137,192 136,577 Due after five years through ten years 183,515 182,284 Due after ten years 81,307 80,675 Total available for sale securities $ 430,214 $ 427,545 Debt securities held to maturity: Due in one year or less $ 49,502 $ 49,598 Due from one to five years 147,735 149,579 Due after five years through ten years 74,536 73,735 Due after ten years 167,211 164,062 Total held to maturity securities $ 438,984 $ 436,974 |
Investments Gross Unrealized Losses And Fair Value | Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands): Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2019 Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ — $ 112,425 $ 809 $ 112,425 $ 809 Mortgage-backed securities: Federal National Mortgage Association — — 224,846 2,366 224,846 2,366 Federal Home Loan Mortgage Corporation — — 31,365 634 31,365 634 Government National Mortgage Association — — 4,522 5 4,522 5 Collateralized mortgage obligations: Federal National Mortgage Association 70 1 19 — 89 1 Federal Home Loan Mortgage Corporation — — 6 — 6 — Total mortgage-backed securities 70 1 260,758 3,005 260,828 3,006 Total available for sale securities 70 1 373,183 3,814 373,253 3,815 Securities held to maturity: State and political subdivisions 2,717 1 24,312 224 27,029 225 Mortgage-backed securities: Federal National Mortgage Association — — 7,696 114 7,696 114 Federal Home Loan Mortgage Corporation — — 2,619 109 2,619 109 Government National Mortgage Association 6,518 16 21,908 504 28,426 520 Collateralized mortgage obligations: Federal National Mortgage Association — — 56,114 1,474 56,114 1,474 Federal Home Loan Mortgage Corporation — — 72,277 1,624 72,277 1,624 Government National Mortgage Association — — 16,561 363 16,561 363 Total mortgage-backed securities 6,518 16 177,175 4,188 183,693 4,204 Total held to maturity securities 9,235 17 201,487 4,412 210,722 4,429 Total temporarily impaired securities $ 9,305 $ 18 $ 574,670 $ 8,226 $ 583,975 $ 8,244 December 31, 2018 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ — $ — $ 152,028 $ 3,074 $ 152,028 $ 3,074 Mortgage-backed securities: Federal National Mortgage Association 251 1 247,615 6,324 247,866 6,325 Federal Home Loan Mortgage Corporation — — 33,918 1,275 33,918 1,275 Government National Mortgage Association — — 4,667 76 4,667 76 Collateralized mortgage obligations: Federal National Mortgage Association — — 56 — 56 — Federal Home Loan Mortgage Corporation — — 6 — 6 — Total mortgage-backed securities 251 1 286,262 7,675 286,513 7,676 Total available for sale securities 251 1 438,290 10,749 438,541 10,750 (4.) Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2018 (continued) Securities held to maturity: State and political subdivisions 35,751 91 49,534 1,120 85,285 1,211 Mortgage-backed securities: Federal National Mortgage Association 1,518 3 8,695 258 10,213 261 Federal Home Loan Mortgage Corporation 1,467 5 2,923 188 4,390 193 Government National Mortgage Association 11,783 82 22,516 841 34,299 923 Collateralized mortgage obligations: Federal National Mortgage Association — — 57,973 2,179 57,973 2,179 Federal Home Loan Mortgage Corporation — — 75,603 2,597 75,603 2,597 Government National Mortgage Association — — 17,263 535 17,263 535 Total mortgage-backed securities 14,768 90 184,973 6,598 199,741 6,688 Total held to maturity securities 50,519 181 234,507 7,718 285,026 7,899 Total temporarily impaired securities $ 50,770 $ 182 $ 672,797 $ 18,467 $ 723,567 $ 18,649 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loan Portfolio | 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 March 31, 2019 Commercial business $ 552,834 $ 911 $ 553,745 Commercial mortgage 995,183 (1,924 ) 993,259 Residential real estate loans 525,036 9,655 534,691 Residential real estate lines 105,592 3,031 108,623 Consumer indirect 872,410 30,352 902,762 Other consumer 15,941 158 16,099 Total $ 3,066,996 $ 42,183 3,109,179 Allowance for loan losses (33,327 ) Total loans, net $ 3,075,852 December 31, 2018 Commercial business $ 557,040 $ 821 $ 557,861 Commercial mortgage 960,265 (2,071 ) 958,194 Residential real estate loans 514,981 9,174 524,155 Residential real estate lines 106,712 3,006 109,718 Consumer indirect 888,732 31,185 919,917 Other consumer 16,590 163 16,753 Total $ 3,044,320 $ 42,278 3,086,598 Allowance for loan losses (33,914 ) Total loans, net $ 3,052,684 |
Recorded Investment By Loan Class In Current And Nonaccrual Loans | 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 March 31, 2019 Commercial business $ 328 $ 150 $ — $ 478 $ 594 $ 551,762 $ 552,834 Commercial mortgage 443 375 — 818 909 993,456 995,183 Residential real estate loans 924 367 — 1,291 2,225 521,520 525,036 Residential real estate lines 150 15 — 165 252 105,175 105,592 Consumer indirect 1,388 497 — 1,885 1,822 868,703 872,410 Other consumer 87 8 2 97 — 15,844 15,941 Total loans, gross $ 3,320 $ 1,412 $ 2 $ 4,734 $ 5,802 $ 3,056,460 $ 3,066,996 December 31, 2018 Commercial business $ 227 $ 1 $ — $ 228 $ 912 $ 555,900 $ 557,040 Commercial mortgage 574 — — 574 1,586 958,105 960,265 Residential real estate loans 1,295 242 — 1,537 2,391 511,053 514,981 Residential real estate lines 102 — — 102 255 106,355 106,712 Consumer indirect 2,424 698 — 3,122 1,989 883,621 888,732 Other consumer 139 3 8 150 — 16,440 16,590 Total loans, gross $ 4,761 $ 944 $ 8 $ 5,713 $ 7,133 $ 3,031,474 $ 3,044,320 |
Summary Of Impaired Loans | The following table presents the recorded investment, unpaid principal balance and related allowance of impaired loans as of the dates indicated and average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2019 and twelve-month period ended December 31, 2018 (in thousands) Recorded Investment (1) Unpaid Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2019 With no related allowance recorded: Commercial business $ 221 $ 292 $ — $ 356 $ — Commercial mortgage 1,333 2,109 — 1,730 — 1,554 2,401 — 2,086 — With an allowance recorded: Commercial business 504 504 181 660 — Commercial mortgage 19 19 2 20 — 523 523 183 680 — $ 2,077 $ 2,924 $ 183 $ 2,766 $ — December 31, 2018 With no related allowance recorded: Commercial business $ 319 $ 487 $ — $ 1,156 $ — Commercial mortgage 2,013 2,789 — 692 — 2,332 3,276 — 1,848 — With an allowance recorded: Commercial business 725 725 205 2,458 — Commercial mortgage 21 21 1 1,936 — 746 746 206 4,394 — $ 3,078 $ 4,022 $ 206 $ 6,242 $ — (1) Difference between recorded investment and unpaid principal balance represents partial charge-offs. |
Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification | 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 March 31, 2019 Uncriticized $ 524,977 $ 979,254 Special mention 18,266 4,186 Substandard 9,591 11,743 Doubtful — — Total $ 552,834 $ 995,183 December 31, 2018 Uncriticized $ 531,756 $ 943,991 Special mention 16,499 10,633 Substandard 8,785 5,641 Doubtful — — Total $ 557,040 $ 960,265 |
Retail Loan Portfolio Categorized By Payment Status | 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 March 31, 2019 Performing $ 522,811 $ 105,340 $ 870,588 $ 15,939 Non-performing 2,225 252 1,822 2 Total $ 525,036 $ 105,592 $ 872,410 $ 15,941 December 31, 2018 Performing $ 512,590 $ 106,457 $ 886,743 $ 16,582 Non-performing 2,391 255 1,989 8 Total $ 514,981 $ 106,712 $ 888,732 $ 16,590 |
Changes In The Allowance For Loan Losses | The following table sets forth the changes in the allowance for loan losses for the three-month periods ended as of the dates indicated (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total March 31, 2019 Allowance for loan losses: Beginning balance $ 14,312 $ 5,219 $ 1,112 $ 210 $ 12,572 $ 489 $ 33,914 Charge-offs (130 ) — (31 ) — (2,982 ) (309 ) (3,452 ) Recoveries 103 17 6 2 1,424 120 1,672 Provision (credit) (2,118 ) 1,080 178 (39 ) 2,011 81 1,193 Ending balance $ 12,167 $ 6,316 $ 1,265 $ 173 $ 13,025 $ 381 $ 33,327 Evaluated for impairment: Individually $ 181 $ 2 $ — $ — $ — $ — $ 183 Collectively $ 11,986 $ 6,314 $ 1,265 $ 173 $ 13,025 $ 381 $ 33,144 Loans: Ending balance $ 552,834 $ 995,183 $ 525,036 $ 105,592 $ 872,410 $ 15,941 $ 3,066,996 Evaluated for impairment: Individually $ 725 $ 1,352 $ — $ — $ — $ — $ 2,077 Collectively $ 552,109 $ 993,831 $ 525,036 $ 105,592 $ 872,410 $ 15,941 $ 3,064,919 March 31, 2018 Allowance for loan losses: Beginning balance $ 15,668 $ 3,696 $ 1,322 $ 180 $ 13,415 $ 391 $ 34,672 Charge-offs (105 ) (4 ) (19 ) (94 ) (2,994 ) (433 ) (3,649 ) Recoveries 120 7 69 3 1,330 93 1,622 Provision (credit) (741 ) 1,774 28 129 1,481 278 2,949 Ending balance $ 14,942 $ 5,473 $ 1,400 $ 218 $ 13,232 $ 329 $ 35,594 Evaluated for impairment: Individually $ 1,699 $ 719 $ — $ — $ — $ — $ 2,418 Collectively $ 13,243 $ 4,754 $ 1,400 $ 218 $ 13,232 $ 329 $ 33,176 Loans: Ending balance $ 463,526 $ 823,305 $ 470,111 $ 112,428 $ 866,598 $ 16,482 $ 2,752,450 Evaluated for impairment: Individually $ 4,453 $ 2,791 $ — $ — $ — $ — $ 7,244 Collectively $ 459,073 $ 820,514 $ 470,111 $ 112,428 $ 866,598 $ 16,482 $ 2,745,206 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Classification of Right of Use Assets and Lease Liabilities | The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities: March 31, December 31, Balance Sheet Location 2019 2018 Operating Lease Right of Use Assets: Gross carrying amount Other assets $ 22,980 $ — Accumulated amortization Other assets (478 ) — Net book value $ 22,502 $ — Operating Lease Liabilities: Right of use lease obligations Other liabilities $ 23,852 $ — |
Summary of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information: Three months ended March 31, 2019 2018 Lease costs: Operating lease costs $ 693 $ — Variable lease costs (1) 96 — Sublease income (12 ) — Net lease costs $ 777 $ — Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 688 $ — Right of use assets obtained in exchange for new operating lease liabilities $ 325 $ — (1) Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. |
Summary of Future Minimum Payments Under Non-cancellable Operating Leases | Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more, are as follows at March 31, 2019 (in thousands): Twelve months ended March 31, 2020 $ 2,677 2021 2,479 2022 2,159 2023 1,784 2024 1,381 Thereafter 26,799 Total future minimum operating lease payments 37,279 Amounts representing interest (13,427 ) Present value of net future minimum operating lease payments 23,852 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes In Carrying Amount Of Goodwill | Banking Non-Banking Total Balance, December 31, 2018 $ 48,536 $ 17,526 $ 66,062 No activity during the period — — — Balance, March 31, 2019 $ 48,536 $ 17,526 $ 66,062 |
Gross Carrying Amount Accumulated Amortization and Net Book Value | March 31, December 31, 2019 2018 Other intangibles assets: Gross carrying amount $ 15,925 $ 15,925 Accumulated amortization (6,137 ) (5,814 ) Net book value $ 9,788 $ 10,111 |
Estimated Core Deposit Intangible Amortization Expense | Amortization expense for total other intangible assets was $323 thousand and $288 thousand for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the estimated amortization expense of other intangible assets for the remainder of 2019 and each of the next five years is as follows (in thousands): 2019 (remainder of year) $ 927 2020 1,134 2021 1,014 2022 923 2023 852 2024 783 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Mar. 31, 2019 Dec. 31, 2018 sheet line item Mar. 31, 2019 Dec. 31, 2018 sheet line item Mar. 31, 2019 Dec. 31, 2018 Derivatives designated as hedging instruments Cash flow hedges $ 100,000 $ 100,000 Other $ 243 $ 631 Other liabilities $ — $ — Total derivatives $ 100,000 $ 100,000 $ 243 $ 631 $ — $ — Derivatives not designated as hedging instruments Interest rate swaps (1) $ 121,454 $ 71,977 Other assets $ 3,261 $ 1,803 Other liabilities $ 3,587 $ 2,006 Credit contracts 46,754 36,670 Other assets 20 — Other liabilities 30 24 Mortgage banking 11,898 7,519 Other assets 132 83 Other liabilities 23 27 Total derivatives $ 180,106 $ 116,166 $ 3,413 $ 1,886 $ 3,640 $ 2,057 (1) The Company secured its obligations under these contracts with $3.4 million and $1.3 million in cash at March 31, 2019 and December 31, 2018, respectively. |
Effect of Derivative Instruments on the Income Statement | Gain (loss) recognized in income Line item of gain (loss) Three months ended March 31, Undesignated derivatives recognized in income 2019 2018 Interest rate swaps Income from derivative instruments, net $ 101 $ — Credit contracts Income from derivative instruments, net 14 174 Mortgage banking Income from derivative instruments, net 53 (3 ) Total undesignated $ 168 $ 171 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Changes In Shares Of Common Stock | Outstanding Treasury Issued March 31, 2019 Shares at December 31, 2018 15,928,598 127,580 16,056,178 Restricted stock units released 18,580 (18,580 ) — Treasury stock purchases (6,368 ) 6,368 — Shares at March 31, 2019 15,940,810 115,368 16,056,178 March 31, 2018 Shares at December 31, 2017 15,924,938 131,240 16,056,178 Restricted stock awards forfeited (23,901 ) 23,901 — Stock options exercised 4,000 (4,000 ) — Treasury stock purchases (3,622 ) 3,622 — Shares at March 31, 2018 15,901,415 154,763 16,056,178 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components Of Other Comprehensive Income (Loss) | Pre-tax Amount Tax Effect Net-of-tax Amount March 31, 2019 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 7,184 $ 1,811 $ 5,373 Reclassification adjustment for net gains included in net income (1) 174 44 130 Total securities available for sale and transferred securities 7,358 1,855 5,503 Hedging derivative instruments: Change in unrealized gain/loss during the period (340 ) (86 ) (254 ) Pension and post-retirement obligations: Amortization of prior service credit included in income (16 ) (4 ) (12 ) Amortization of net actuarial loss included in income 366 93 273 Total pension and post-retirement obligations 350 89 261 Other comprehensive income $ 7,368 $ 1,858 $ 5,510 March 31, 2018 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (8,465 ) $ (2,134 ) $ (6,331 ) Reclassification adjustment for net gains included in net income (1) 82 21 61 Total securities available for sale and transferred securities (8,383 ) (2,113 ) (6,270 ) Hedging derivative instruments: Change in unrealized gain/loss during the period (139 ) (35 ) (104 ) Pension and post-retirement obligations: Amortization of prior service credit included in income (18 ) (5 ) (13 ) Amortization of net actuarial loss included in income 187 47 140 Total pension and post-retirement obligations 169 42 127 Other comprehensive loss $ (8,353 ) $ (2,106 ) $ (6,247 ) (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) March 31, 2019 Balance at beginning of period $ (276 ) $ (7,769 ) $ (13,236 ) $ (21,281 ) Reclassification of income tax effects to retained earnings — (681 ) (2,102 ) (2,783 ) Other comprehensive income (loss) before reclassifications (254 ) 5,373 — 5,119 Amounts reclassified from accumulated other comprehensive income (loss) — 130 261 391 Net current period other comprehensive income (loss) (254 ) 5,503 261 5,510 Balance at end of period $ (530 ) $ (2,947 ) $ (15,077 ) $ (18,554 ) March 31, 2018 Balance at beginning of period $ — $ (3,275 ) $ (8,641 ) $ (11,916 ) Other comprehensive income (loss) before reclassifications (104 ) (6,331 ) — (6,435 ) Amounts reclassified from accumulated other comprehensive income (loss) — 61 127 188 Net current period other comprehensive income (loss) (104 ) (6,270 ) 127 (6,247 ) Balance at end of period $ (104 ) $ (9,545 ) $ (8,514 ) $ (18,163 ) |
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 March 31, 2019 2018 Realized (loss) gain on sale of investment securities $ (53 ) $ — Net (loss) gain on investment securities Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity (121 ) (82 ) Interest income (174 ) (82 ) Total before tax 44 21 Income tax expense (130 ) (61 ) Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 16 18 Salaries and employee benefits Net actuarial losses (1) (366 ) (187 ) Salaries and employee benefits (350 ) (169 ) Total before tax 89 42 Income tax expense (261 ) (127 ) Net of tax Total reclassified for the period $ (391 ) $ (188 ) (1) These items are included in the computation of net periodic pension expense. See Note 12 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 17,658 $ 26.96 PSUs 17,658 27.79 |
Summary of Restricted Stock Awards and Restricted Stock Units Activity | Number of Shares Weighted Average Market Price at Grant Date Outstanding at beginning of year 130,571 $ 28.04 Granted 35,316 27.38 Vested (18,580 ) 24.21 Forfeited (21,865 ) 26.12 Outstanding at end of period 125,442 $ 28.76 |
Share-Based Compensation Expense Included In Consolidated Statements Of Income | Three months ended March 31, 2019 2018 Salaries and employee benefits $ 151 $ 268 Other noninterest expense 31 34 Total share-based compensation expense $ 182 $ 302 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components Of Net Periodic Benefit Expense | Three months ended March 31, 2019 2018 Service cost $ 802 $ 836 Interest cost on projected benefit obligation 695 598 Expected return on plan assets (1,184 ) (1,321 ) Amortization of unrecognized prior service credit (16 ) (18 ) Amortization of unrecognized net actuarial loss 366 187 Net periodic benefit expense $ 663 $ 282 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments | March 31, 2019 December 31, 2018 Commitments to extend credit $ 685,014 $ 687,875 Standby letters of credit 12,152 11,977 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 144,376 $ — $ 144,376 Mortgage-backed securities — 283,169 — 283,169 Other assets: Hedging derivative instruments — 243 — 243 Fair value adjusted through comprehensive income $ — $ 427,788 $ — $ 427,788 Other assets: Derivative instruments - interest rate products $ — $ 3,261 $ — $ 3,261 Derivative instruments - credit contracts — 20 — 20 Derivative instruments - mortgage banking — 132 — 132 Other liabilities: Derivative instruments - interest rate products — (3,587 ) — (3,587 ) Derivative instruments - credit contracts — (30 ) — (30 ) Derivative instruments - mortgage banking — (23 ) — (23 ) Fair value adjusted through net income $ — $ (227 ) $ — $ (227 ) Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,069 $ — $ 2,069 Collateral dependent impaired loans — — 1,894 1,894 Other assets: Loan servicing rights — — 1,030 1,030 Other real estate owned — — 41 41 Total $ — $ 2,069 $ 2,965 $ 5,034 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2019. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2019. Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 152,028 $ — $ 152,028 Mortgage-backed securities — 293,649 — 293,649 Other assets: Hedging derivative instruments — 631 — 631 Fair value adjusted through comprehensive income $ — $ 446,308 $ — $ 446,308 Other assets: Derivative instruments - interest rate products $ — $ 1,803 $ — $ 1,803 Derivative instruments - mortgage banking — 83 — 83 Other liabilities: Derivative instruments - interest rate products — (2,006 ) — (2,006 ) Derivative instruments - credit contracts — (24 ) — (24 ) Derivative instruments - mortgage banking — (27 ) — (27 ) Fair value adjusted through net income $ — $ (171 ) $ — $ (171 ) Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 2,868 $ — $ 2,868 Collateral dependent impaired loans — — 2,872 2,872 Other assets: Loan servicing rights — — 1,022 1,022 Other real estate owned — — 230 230 Total $ — $ 2,868 $ 4,124 $ 6,992 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2018. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2018. |
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 $ 1,894 Appraisal of collateral (1) Appraisal adjustments (2) 25% (3) Loan servicing rights 1,030 Discounted cash flow Discount rate 10.2% (3) Constant prepayment rate 13.4% (3) Other real estate owned 41 Appraisal of collateral (1) Appraisal adjustments (2) 11% (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. Changes in Level 3 Fair Value Measurements There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the three months ended March 31, 2019. |
Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments | Level in March 31, 2019 December 31, 2018 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 79,786 $ 79,786 $ 102,755 $ 102,755 Securities available for sale Level 2 427,545 427,545 445,677 445,677 Securities held to maturity Level 2 438,984 436,974 446,581 439,581 Loans held for sale Level 2 2,069 2,069 2,868 2,868 Loans Level 2 3,073,958 3,061,505 3,049,812 3,006,161 Loans (1) Level 3 1,894 1,894 2,872 2,872 Accrued interest receivable Level 1 13,429 13,429 11,990 11,990 FHLB and FRB stock Level 2 21,056 21,056 26,375 26,375 Derivative instruments – cash flow hedge Level 2 243 243 631 631 Derivative instruments – interest rate products Level 2 3,261 3,261 1,803 1,803 Derivative instruments – credit contracts Level 2 20 20 — — Derivative instruments – mortgage banking Level 2 132 132 83 83 Financial liabilities: Non-maturity deposits Level 1 2,456,727 2,456,727 2,346,839 2,346,839 Time deposits Level 2 1,052,110 1,048,583 1,020,068 1,014,532 Short-term borrowings Level 1 287,300 287,300 469,500 469,500 Long-term borrowings Level 2 39,220 39,641 39,202 38,415 Accrued interest payable Level 1 10,478 10,478 9,280 9,280 Derivative instruments – interest rate products Level 2 3,587 3,587 2,006 2,006 Derivative instruments – credit contracts Level 2 30 30 24 24 Derivative instruments – mortgage banking Level 2 23 23 27 27 (1) Comprised of collateral dependent impaired loans. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Assets | Banking Non-Banking Holding Company and Other Consolidated Totals March 31, 2019 Goodwill $ 48,536 $ 17,526 $ — $ 66,062 Other intangible assets, net 180 9,608 — 9,788 Total assets 4,267,432 35,448 (339 ) 4,302,541 December 31, 2018 Goodwill $ 48,536 $ 17,526 $ — $ 66,062 Other intangible assets, net 213 9,898 — 10,111 Total assets 4,272,439 35,975 3,284 4,311,698 |
Business Segment Profit (Loss) | Banking Non-Banking Holding Company and Other Consolidated Totals Three months ended March 31, 2019 Net interest income (expense) $ 32,409 $ — $ (617 ) $ 31,792 Provision for loan losses (1,193 ) — — (1,193 ) Noninterest income 6,266 3,026 (172 ) 9,120 Noninterest expense (21,453 ) (3,041 ) (677 ) (25,171 ) Income (loss) before income taxes 16,029 (15 ) (1,466 ) 14,548 Income tax (expense) benefit (3,344 ) — 317 (3,027 ) Net income (loss) $ 12,685 $ (15 ) $ (1,149 ) $ 11,521 Banking Non-Banking Holding Company and Other Consolidated Totals Three months ended March 31, 2018 Net interest income (expense) $ 30,317 $ — $ (615 ) $ 29,702 Provision for loan losses (2,949 ) — — (2,949 ) Noninterest income 6,430 2,624 (147 ) 8,907 Noninterest expense (20,480 ) (2,665 ) (959 ) (24,104 ) Income (loss) before income taxes 13,318 (41 ) (1,721 ) 11,556 Income tax (expense) benefit (2,632 ) 8 356 (2,268 ) Net income (loss) $ 10,686 $ (33 ) $ (1,365 ) $ 9,288 |
Basis of Presentation And Sum_4
Basis of Presentation And Summary Of Significant Accounting Policies (Summary Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental information: | ||
Cash paid for interest | $ 8,524 | $ 6,492 |
Cash paid for income taxes | 1,248 | 1,571 |
Noncash investing and financing activities: | ||
Real estate and other assets acquired in settlement of loans | 370 | |
Accrued and declared unpaid dividends | 4,350 | $ 4,181 |
Decrease in net unsettled security purchases | $ 1,473 |
Basis of Presentation And Sum_5
Basis of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | Jan. 01, 2019USD ($) |
Significant Accounting Policies [Line Items] | |
Reclassification from AOCI to retained earnings | $ 2.8 |
ASU 2016-02 [Member] | |
Significant Accounting Policies [Line Items] | |
Cumulative-effect adjustment on assets | 22.7 |
Cumulative-effect adjustment on liabilities | $ 23.4 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - HNP Capital [Member] - USD ($) $ in Millions | Jun. 01, 2018 | Jun. 30, 2018 |
Business Acquisition [Line Items] | ||
Assets under management | $ 344 | |
Consideration for acquisition in cash | $ 5.1 | |
Goodwill | 2.6 | |
Identified intangible assets | $ 2.5 |
Earnings Per Common Share ("E_3
Earnings Per Common Share ("EPS") (Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 11,156 | $ 8,923 |
Total shares issued | 16,056 | 16,056 |
Unvested restricted stock awards | (3) | (19) |
Treasury shares | (123) | (147) |
Total basic weighted average common shares outstanding | 15,930 | 15,890 |
Exercise of stock options | 6 | |
Vesting of restricted stock awards | 48 | 45 |
Total diluted weighted average common shares outstanding | 15,978 | 15,941 |
Basic earnings per common share | $ 0.70 | $ 0.56 |
Diluted earnings per common share | $ 0.70 | $ 0.56 |
Earnings Per Common Share ("E_4
Earnings Per Common Share ("EPS") (Shares Excluded from Computation of Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted EPS | 10 | 4 |
Restricted Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted EPS | 10 | 4 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | $ 430,214 | $ 455,582 |
Securities available for sale, Unrealized Gains | 1,146 | 845 |
Securities available for sale, Unrealized Losses | 3,815 | 10,750 |
Securities available for sale | 427,545 | 445,677 |
Securities held to maturity, Amortized Cost | 438,984 | 446,581 |
Securities held to maturity, Unrealized Gains | 2,419 | 899 |
Securities held to maturity, Unrealized Losses | 4,429 | 7,899 |
Securities held to maturity, fair value | 436,974 | 439,581 |
U.S. Government Agency And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 145,072 | 155,102 |
Securities available for sale, Unrealized Gains | 113 | |
Securities available for sale, Unrealized Losses | 809 | 3,074 |
Securities available for sale | 144,376 | 152,028 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 232,160 | 234,845 |
Securities held to maturity, Unrealized Gains | 2,236 | 876 |
Securities held to maturity, Unrealized Losses | 225 | 1,211 |
Securities held to maturity, fair value | 234,171 | 234,510 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 127 | 133 |
Securities available for sale, Unrealized Losses | 1 | |
Securities available for sale | 126 | 133 |
Securities held to maturity, Amortized Cost | 59,584 | 62,103 |
Securities held to maturity, Unrealized Gains | 31 | 1 |
Securities held to maturity, Unrealized Losses | 1,474 | 2,179 |
Securities held to maturity, fair value | 58,141 | 59,925 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 36 | 37 |
Securities available for sale | 36 | 37 |
Securities held to maturity, Amortized Cost | 75,029 | 78,200 |
Securities held to maturity, Unrealized Gains | 6 | |
Securities held to maturity, Unrealized Losses | 1,624 | 2,597 |
Securities held to maturity, fair value | 73,411 | 75,603 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Amortized Cost | 16,924 | 17,798 |
Securities held to maturity, Unrealized Losses | 363 | 535 |
Securities held to maturity, fair value | 16,561 | 17,263 |
Collateralized Mortgage Obligations [Member] | Privately Issued [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Unrealized Gains | 723 | 767 |
Securities available for sale | 723 | 767 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 285,142 | 300,480 |
Securities available for sale, Unrealized Gains | 1,033 | 845 |
Securities available for sale, Unrealized Losses | 3,006 | 7,676 |
Securities available for sale | 283,169 | 293,649 |
Securities held to maturity, Amortized Cost | 206,824 | 211,736 |
Securities held to maturity, Unrealized Gains | 183 | 23 |
Securities held to maturity, Unrealized Losses | 4,204 | 6,688 |
Securities held to maturity, fair value | 202,803 | 205,071 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 240,973 | 258,984 |
Securities available for sale, Unrealized Gains | 202 | 44 |
Securities available for sale, Unrealized Losses | 2,366 | 6,325 |
Securities available for sale | 238,809 | 252,703 |
Securities held to maturity, Amortized Cost | 11,276 | 11,602 |
Securities held to maturity, Unrealized Gains | 69 | 8 |
Securities held to maturity, Unrealized Losses | 114 | 261 |
Securities held to maturity, fair value | 11,231 | 11,349 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 38,903 | 35,962 |
Securities available for sale, Unrealized Gains | 86 | 13 |
Securities available for sale, Unrealized Losses | 634 | 1,275 |
Securities available for sale | 38,355 | 34,700 |
Securities held to maturity, Amortized Cost | 4,167 | 4,583 |
Securities held to maturity, Unrealized Gains | 27 | |
Securities held to maturity, Unrealized Losses | 109 | 193 |
Securities held to maturity, fair value | 4,085 | 4,390 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Amortized Cost | 5,103 | 5,364 |
Securities available for sale, Unrealized Gains | 22 | 21 |
Securities available for sale, Unrealized Losses | 5 | 76 |
Securities available for sale | 5,120 | 5,309 |
Securities held to maturity, Amortized Cost | 39,844 | 37,450 |
Securities held to maturity, Unrealized Gains | 50 | 14 |
Securities held to maturity, Unrealized Losses | 520 | 923 |
Securities held to maturity, fair value | $ 39,374 | $ 36,541 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)Security | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)Security | |
Investments [Abstract] | |||
Securities pledged as collateral | $ 702,500,000 | $ 751,000,000 | |
Number of security positions, unrealized loss position | Security | 323 | 571 | |
Number of security positions, unrealized loss position for more than 12 months | Security | 314 | 435 | |
Securities, 12 months or longer, Fair Value | $ 574,670,000 | $ 672,797,000 | |
Securities, 12 months or longer, Unrealized Losses | $ 8,226,000 | $ 18,467,000 | |
Number of security positions, unrealized loss position for less than 12 months | Security | 9 | 136 | |
Securities, less than 12 months, Fair Value | $ 9,305,000 | $ 50,770,000 | |
Securities, less than 12 months, Unrealized Losses | 18,000 | $ 182,000 | |
Impairment recorded | $ 0 | $ 0 |
Investment Securities (Sales Of
Investment Securities (Sales Of Securities Available For Sale) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Investments [Abstract] | |
Proceeds from sales | $ 4,948 |
Gross realized losses | $ 53 |
Investment Securities (Schedule
Investment Securities (Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized Cost | $ 28,200 | |
Debt securities available for sale, Due from one to five years, Amortized Cost | 137,192 | |
Debt securities available for sale, Due after five years through ten years, Amortized Cost | 183,515 | |
Debt securities available for sale, Due after ten years, Amortized Cost | 81,307 | |
Securities available for sale, Amortized Cost | 430,214 | $ 455,582 |
Debt securities available for sale, Due in one year or less, Fair Value | 28,009 | |
Debt securities available for sale, Due from one to five years, Fair Value | 136,577 | |
Debt securities available for sale, Due after five years through ten years, Fair Value | 182,284 | |
Debt securities available for sale, Due after ten years, Fair Value | 80,675 | |
Debt securities available for sale, Fair Value | 427,545 | 445,677 |
Debt securities held to maturity, Due in one year or less, Amortized Cost | 49,502 | |
Debt securities held to maturity, Due from one to five years, Amortized Cost | 147,735 | |
Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 74,536 | |
Debt securities held to maturity, Due after ten years, Amortized Cost | 167,211 | |
Securities held to maturity, Amortized Cost | 438,984 | 446,581 |
Debt securities held to maturity, Due in one year or less, Fair Value | 49,598 | |
Debt securities held to maturity, Due from one to five years, Fair Value | 149,579 | |
Debt securities held to maturity, Due after five years through ten years, Fair Value | 73,735 | |
Debt securities held to maturity, Due after ten years, Fair Value | 164,062 | |
Securities held to maturity, Fair Value | $ 436,974 | $ 439,581 |
Investment Securities (Investme
Investment Securities (Investments Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | $ 70 | $ 251 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | 1 |
Securities available for sale, 12 months or longer, Fair Value | 373,183 | 438,290 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3,814 | 10,749 |
Securities available for sale, Fair Value, Total | 373,253 | 438,541 |
Securities available for sale, Unrealized Losses, Total | 3,815 | 10,750 |
Securities held to maturity, Less than 12 months, Fair Value | 9,235 | 50,519 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 17 | 181 |
Securities held to maturity, 12 months or longer, Fair Value | 201,487 | 234,507 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 4,412 | 7,718 |
Securities held to maturity, Fair Value, Total | 210,722 | 285,026 |
Securities held to maturity, Unrealized Losses, Total | 4,429 | 7,899 |
Total Securities, Less than 12 months, Fair Value | 9,305 | 50,770 |
Total Securities, Less than 12 months, Unrealized Losses | 18 | 182 |
Total Securities, 12 months or longer, Fair Value | 574,670 | 672,797 |
Total Securities, 12 months or longer, Unrealized Losses | 8,226 | 18,467 |
Total Securities, Fair Value | 583,975 | 723,567 |
Total Securities, Unrealized Losses | 8,244 | 18,649 |
U.S. Government Agency And Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 112,425 | 152,028 |
Securities available for sale, 12 months or longer, Unrealized Losses | 809 | 3,074 |
Securities available for sale, Fair Value, Total | 112,425 | 152,028 |
Securities available for sale, Unrealized Losses, Total | 809 | 3,074 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, Less than 12 months, Fair Value | 2,717 | 35,751 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 1 | 91 |
Securities held to maturity, 12 months or longer, Fair Value | 24,312 | 49,534 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 224 | 1,120 |
Securities held to maturity, Fair Value, Total | 27,029 | 85,285 |
Securities held to maturity, Unrealized Losses, Total | 225 | 1,211 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 70 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | |
Securities available for sale, 12 months or longer, Fair Value | 19 | 56 |
Securities available for sale, Fair Value, Total | 89 | 56 |
Securities available for sale, Unrealized Losses, Total | 1 | |
Securities held to maturity, 12 months or longer, Fair Value | 56,114 | 57,973 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 1,474 | 2,179 |
Securities held to maturity, Fair Value, Total | 56,114 | 57,973 |
Securities held to maturity, Unrealized Losses, Total | 1,474 | 2,179 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 6 | 6 |
Securities available for sale, Fair Value, Total | 6 | 6 |
Securities held to maturity, 12 months or longer, Fair Value | 72,277 | 75,603 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 1,624 | 2,597 |
Securities held to maturity, Fair Value, Total | 72,277 | 75,603 |
Securities held to maturity, Unrealized Losses, Total | 1,624 | 2,597 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities held to maturity, 12 months or longer, Fair Value | 16,561 | 17,263 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 363 | 535 |
Securities held to maturity, Fair Value, Total | 16,561 | 17,263 |
Securities held to maturity, Unrealized Losses, Total | 363 | 535 |
Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 70 | 251 |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | 1 |
Securities available for sale, 12 months or longer, Fair Value | 260,758 | 286,262 |
Securities available for sale, 12 months or longer, Unrealized Losses | 3,005 | 7,675 |
Securities available for sale, Fair Value, Total | 260,828 | 286,513 |
Securities available for sale, Unrealized Losses, Total | 3,006 | 7,676 |
Securities held to maturity, Less than 12 months, Fair Value | 6,518 | 14,768 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 16 | 90 |
Securities held to maturity, 12 months or longer, Fair Value | 177,175 | 184,973 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 4,188 | 6,598 |
Securities held to maturity, Fair Value, Total | 183,693 | 199,741 |
Securities held to maturity, Unrealized Losses, Total | 4,204 | 6,688 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, Less than 12 months, Fair Value | 251 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 1 | |
Securities available for sale, 12 months or longer, Fair Value | 224,846 | 247,615 |
Securities available for sale, 12 months or longer, Unrealized Losses | 2,366 | 6,324 |
Securities available for sale, Fair Value, Total | 224,846 | 247,866 |
Securities available for sale, Unrealized Losses, Total | 2,366 | 6,325 |
Securities held to maturity, Less than 12 months, Fair Value | 1,518 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 3 | |
Securities held to maturity, 12 months or longer, Fair Value | 7,696 | 8,695 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 114 | 258 |
Securities held to maturity, Fair Value, Total | 7,696 | 10,213 |
Securities held to maturity, Unrealized Losses, Total | 114 | 261 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 31,365 | 33,918 |
Securities available for sale, 12 months or longer, Unrealized Losses | 634 | 1,275 |
Securities available for sale, Fair Value, Total | 31,365 | 33,918 |
Securities available for sale, Unrealized Losses, Total | 634 | 1,275 |
Securities held to maturity, Less than 12 months, Fair Value | 1,467 | |
Securities held to maturity, Less than 12 months, Unrealized Losses | 5 | |
Securities held to maturity, 12 months or longer, Fair Value | 2,619 | 2,923 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 109 | 188 |
Securities held to maturity, Fair Value, Total | 2,619 | 4,390 |
Securities held to maturity, Unrealized Losses, Total | 109 | 193 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Investment [Line Items] | ||
Securities available for sale, 12 months or longer, Fair Value | 4,522 | 4,667 |
Securities available for sale, 12 months or longer, Unrealized Losses | 5 | 76 |
Securities available for sale, Fair Value, Total | 4,522 | 4,667 |
Securities available for sale, Unrealized Losses, Total | 5 | 76 |
Securities held to maturity, Less than 12 months, Fair Value | 6,518 | 11,783 |
Securities held to maturity, Less than 12 months, Unrealized Losses | 16 | 82 |
Securities held to maturity, 12 months or longer, Fair Value | 21,908 | 22,516 |
Securities held to maturity, 12 months or longer, Unrealized Losses | 504 | 841 |
Securities held to maturity, Fair Value, Total | 28,426 | 34,299 |
Securities held to maturity, Unrealized Losses, Total | $ 520 | $ 923 |
Loans (Loan Portfolio) (Details
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | $ 3,066,996 | $ 3,044,320 |
Net Deferred Loan (Fees) Costs | 42,183 | 42,278 |
Loans, Net | 3,109,179 | 3,086,598 |
Allowance for loan losses | (33,327) | (33,914) |
Total loans, net | 3,075,852 | 3,052,684 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 552,834 | 557,040 |
Net Deferred Loan (Fees) Costs | 911 | 821 |
Loans, Net | 553,745 | 557,861 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 995,183 | 960,265 |
Net Deferred Loan (Fees) Costs | (1,924) | (2,071) |
Loans, Net | 993,259 | 958,194 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 525,036 | 514,981 |
Net Deferred Loan (Fees) Costs | 9,655 | 9,174 |
Loans, Net | 534,691 | 524,155 |
Residential Real Estate Lines [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 105,592 | 106,712 |
Net Deferred Loan (Fees) Costs | 3,031 | 3,006 |
Loans, Net | 108,623 | 109,718 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 872,410 | 888,732 |
Net Deferred Loan (Fees) Costs | 30,352 | 31,185 |
Loans, Net | 902,762 | 919,917 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 15,941 | 16,590 |
Net Deferred Loan (Fees) Costs | 158 | 163 |
Loans, Net | $ 16,099 | $ 16,753 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)contract | Mar. 31, 2018contract | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale | $ 2,069 | $ 2,868 | |
Past due greater than 90 days and still accruing interest | $ 0 | 0 | |
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 | |
Days past due when loans are generally placed on nonaccrual status, in days | 90 days | 90 days | |
Residential Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale | $ 2,100 | 2,900 | |
Consumer Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due greater than 90 days and still accruing interest | $ 2 | $ 8 |
Loans (Recorded Investment By L
Loans (Recorded Investment By Loan Class In Current And Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 4,734 | $ 5,713 | |
Nonaccrual | 5,802 | 7,133 | |
Current | 3,056,460 | 3,031,474 | |
Total Loans | 3,066,996 | 3,044,320 | $ 2,752,450 |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 3,320 | 4,761 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,412 | 944 | |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 2 | 8 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 478 | 228 | |
Nonaccrual | 594 | 912 | |
Current | 551,762 | 555,900 | |
Total Loans | 552,834 | 557,040 | 463,526 |
Commercial Business [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 328 | 227 | |
Commercial Business [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 150 | 1 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 818 | 574 | |
Nonaccrual | 909 | 1,586 | |
Current | 993,456 | 958,105 | |
Total Loans | 995,183 | 960,265 | 823,305 |
Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 443 | 574 | |
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 | 1,291 | 1,537 | |
Nonaccrual | 2,225 | 2,391 | |
Current | 521,520 | 511,053 | |
Total Loans | 525,036 | 514,981 | 470,111 |
Residential Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 924 | 1,295 | |
Residential Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 367 | 242 | |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 165 | 102 | |
Nonaccrual | 252 | 255 | |
Current | 105,175 | 106,355 | |
Total Loans | 105,592 | 106,712 | 112,428 |
Residential Real Estate Lines [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 150 | 102 | |
Residential Real Estate Lines [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 15 | ||
Consumer Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,885 | 3,122 | |
Nonaccrual | 1,822 | 1,989 | |
Current | 868,703 | 883,621 | |
Total Loans | 872,410 | 888,732 | 866,598 |
Consumer Indirect [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 1,388 | 2,424 | |
Consumer Indirect [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 497 | 698 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 97 | 150 | |
Current | 15,844 | 16,440 | |
Total Loans | 15,941 | 16,590 | $ 16,482 |
Other Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 87 | 139 | |
Other Consumer [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | 8 | 3 | |
Other Consumer [Member] | Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due Loans | $ 2 | $ 8 |
Loans (Summary Of Impaired Loan
Loans (Summary Of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | $ 1,554 | $ 2,332 |
Recorded Investment, With an allowance recorded | [1] | 523 | 746 |
Recorded Investment | [1] | 2,077 | 3,078 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 2,401 | 3,276 |
Unpaid Principal Balance, With an allowance recorded | [1] | 523 | 746 |
Unpaid Principal Balance | [1] | 2,924 | 4,022 |
Related Allowance | 183 | 206 | |
Average Recorded Investment, With no related allowance recorded | 2,086 | 1,848 | |
Average Recorded Investment, With an allowance recorded | 680 | 4,394 | |
Average Recorded Investment | 2,766 | 6,242 | |
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] | 221 | 319 |
Recorded Investment, With an allowance recorded | [1] | 504 | 725 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 292 | 487 |
Unpaid Principal Balance, With an allowance recorded | [1] | 504 | 725 |
Related Allowance | 181 | 205 | |
Average Recorded Investment, With no related allowance recorded | 356 | 1,156 | |
Average Recorded Investment, With an allowance recorded | 660 | 2,458 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | [1] | 1,333 | 2,013 |
Recorded Investment, With an allowance recorded | [1] | 19 | 21 |
Unpaid Principal Balance, With no related allowance recorded | [1] | 2,109 | 2,789 |
Unpaid Principal Balance, With an allowance recorded | [1] | 19 | 21 |
Related Allowance | 2 | 1 | |
Average Recorded Investment, With no related allowance recorded | 1,730 | 692 | |
Average Recorded Investment, With an allowance recorded | 20 | 1,936 | |
Interest Income Recognized, With no related allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
[1] | Difference between recorded investment and unpaid principal balance represents partial charge-offs. |
Loans (Commercial Loan Portfoli
Loans (Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 3,066,996 | $ 3,044,320 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 552,834 | 557,040 |
Commercial Business [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 524,977 | 531,756 |
Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 18,266 | 16,499 |
Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,591 | 8,785 |
Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 995,183 | 960,265 |
Commercial Mortgage [Member] | Uncriticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 979,254 | 943,991 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,186 | 10,633 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,743 | 5,641 |
Commercial Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans |
Loans (Retail Loan Portfolio Ca
Loans (Retail Loan Portfolio Categorized By Payment Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 3,066,996 | $ 3,044,320 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 525,036 | 514,981 |
Residential Real Estate Loans [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 522,811 | 512,590 |
Residential Real Estate Loans [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,225 | 2,391 |
Residential Real Estate Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 105,592 | 106,712 |
Residential Real Estate Lines [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 105,340 | 106,457 |
Residential Real Estate Lines [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 252 | 255 |
Consumer Indirect [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 872,410 | 888,732 |
Consumer Indirect [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 870,588 | 886,743 |
Consumer Indirect [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,822 | 1,989 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,941 | 16,590 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,939 | 16,582 |
Other Consumer [Member] | Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 2 | $ 8 |
Loans (Changes In The Allowance
Loans (Changes In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 33,914 | $ 34,672 | |
Charge-offs | (3,452) | (3,649) | |
Recoveries | 1,672 | 1,622 | |
Provision (credit) | 1,193 | 2,949 | |
Ending balance | 33,327 | 35,594 | |
Allowance for loan losses, Individually Evaluated for impairment | 183 | 2,418 | |
Allowance for loan losses, Collectively Evaluated for impairment | 33,144 | 33,176 | |
Loans, Ending balance | 3,066,996 | 2,752,450 | $ 3,044,320 |
Loans, Individually Evaluated for impairment | 2,077 | 7,244 | |
Loans, Collectively Evaluated for impairment | 3,064,919 | 2,745,206 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 14,312 | 15,668 | |
Charge-offs | (130) | (105) | |
Recoveries | 103 | 120 | |
Provision (credit) | (2,118) | (741) | |
Ending balance | 12,167 | 14,942 | |
Allowance for loan losses, Individually Evaluated for impairment | 181 | 1,699 | |
Allowance for loan losses, Collectively Evaluated for impairment | 11,986 | 13,243 | |
Loans, Ending balance | 552,834 | 463,526 | 557,040 |
Loans, Individually Evaluated for impairment | 725 | 4,453 | |
Loans, Collectively Evaluated for impairment | 552,109 | 459,073 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 5,219 | 3,696 | |
Charge-offs | (4) | ||
Recoveries | 17 | 7 | |
Provision (credit) | 1,080 | 1,774 | |
Ending balance | 6,316 | 5,473 | |
Allowance for loan losses, Individually Evaluated for impairment | 2 | 719 | |
Allowance for loan losses, Collectively Evaluated for impairment | 6,314 | 4,754 | |
Loans, Ending balance | 995,183 | 823,305 | 960,265 |
Loans, Individually Evaluated for impairment | 1,352 | 2,791 | |
Loans, Collectively Evaluated for impairment | 993,831 | 820,514 | |
Residential Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,112 | 1,322 | |
Charge-offs | (31) | (19) | |
Recoveries | 6 | 69 | |
Provision (credit) | 178 | 28 | |
Ending balance | 1,265 | 1,400 | |
Allowance for loan losses, Collectively Evaluated for impairment | 1,265 | 1,400 | |
Loans, Ending balance | 525,036 | 470,111 | 514,981 |
Loans, Collectively Evaluated for impairment | 525,036 | 470,111 | |
Residential Real Estate Lines [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 210 | 180 | |
Charge-offs | (94) | ||
Recoveries | 2 | 3 | |
Provision (credit) | (39) | 129 | |
Ending balance | 173 | 218 | |
Allowance for loan losses, Collectively Evaluated for impairment | 173 | 218 | |
Loans, Ending balance | 105,592 | 112,428 | 106,712 |
Loans, Collectively Evaluated for impairment | 105,592 | 112,428 | |
Consumer Indirect [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 12,572 | 13,415 | |
Charge-offs | (2,982) | (2,994) | |
Recoveries | 1,424 | 1,330 | |
Provision (credit) | 2,011 | 1,481 | |
Ending balance | 13,025 | 13,232 | |
Allowance for loan losses, Collectively Evaluated for impairment | 13,025 | 13,232 | |
Loans, Ending balance | 872,410 | 866,598 | 888,732 |
Loans, Collectively Evaluated for impairment | 872,410 | 866,598 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 489 | 391 | |
Charge-offs | (309) | (433) | |
Recoveries | 120 | 93 | |
Provision (credit) | 81 | 278 | |
Ending balance | 381 | 329 | |
Allowance for loan losses, Collectively Evaluated for impairment | 381 | 329 | |
Loans, Ending balance | 15,941 | 16,482 | $ 16,590 |
Loans, Collectively Evaluated for impairment | $ 15,941 | $ 16,482 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019BuildingLease | |
Leases [Abstract] | |
Operating leases term description | The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2047 |
Sublease extension terms | One building lease is subleased for terms extending through 2021 |
Number of buildings subleased | 1 |
Operating leases, weighted average remaining lease term | 21 years 7 months 6 days |
Operating leases, weighted-average discount rate | 3.74% |
Leases (Summary of Classificati
Leases (Summary of Classification of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease Right of Use Assets: | ||
Gross carrying amount | $ 22,980 | |
Accumulated amortization | (478) | |
Net book value | $ 22,502 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Operating Lease Liabilities: | ||
Right of use lease obligations | $ 23,852 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Leases (Summary of Lease Costs
Leases (Summary of Lease Costs and Other Lease Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Lease costs: | ||
Operating lease costs | $ 693 | |
Variable lease costs | 96 | [1] |
Sublease income | (12) | |
Net lease costs | 777 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 688 | |
Right of use assets obtained in exchange for new operating lease liabilities | $ 325 | |
[1] | Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. |
Leases (Summary of Future Minim
Leases (Summary of Future Minimum Payments Under Non-cancellable Operating Leases (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 2,677 |
2021 | 2,479 |
2022 | 2,159 |
2023 | 1,784 |
2024 | 1,381 |
Thereafter | 26,799 |
Total future minimum operating lease payments | 37,279 |
Amounts representing interest | (13,427) |
Present value of net future minimum operating lease payments | $ 23,852 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Carrying amount of goodwill | $ 66,062 | $ 66,062 | |
Amortization during the year | $ 323 | $ 288 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 66,062 |
Goodwill, ending balance | 66,062 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 48,536 |
Goodwill, ending balance | 48,536 |
Non-Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 17,526 |
Goodwill, ending balance | $ 17,526 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Gross Carrying Amount Accumulated Amortization and Net Book Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 15,925 | $ 15,925 |
Accumulated amortization | (6,137) | (5,814) |
Net book value | $ 9,788 | $ 10,111 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Estimated Core Deposit Intangible Amortization Expense) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2019 (remainder of year) | $ 927 |
2020 | 1,134 |
2021 | 1,014 |
2022 | 923 |
2023 | 852 |
2024 | $ 783 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Estimated to be reclassified as an increase to interest expense | $ 337 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross notional amount | $ 100,000 | $ 100,000 | |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 243 | 631 | |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross notional amount | 180,106 | 116,166 | |
Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 3,413 | 1,886 | |
Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability derivatives | 3,640 | 2,057 | |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross notional amount | 100,000 | 100,000 | |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 243 | 631 | |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross notional amount | [1] | 121,454 | 71,977 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | [1] | 3,261 | 1,803 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability derivatives | [1] | 3,587 | 2,006 |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross notional amount | 46,754 | 36,670 | |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 20 | ||
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability derivatives | 30 | 24 | |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gross notional amount | 11,898 | 7,519 | |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 132 | 83 | |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability derivatives | $ 23 | $ 27 | |
[1] | The Company secured its obligations under these contracts with $3.4 million and $1.3 million in cash at March 31, 2019 and December 31, 2018, respectively. |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Paranthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Obligations secured with cash | $ 3.4 | $ 1.3 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Effect of Derivative Instruments on the Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 168 | $ 171 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 168 | 171 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Income from Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 101 | |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Income from Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 14 | 174 |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Income from Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 53 | $ (3) |
Shareholders' Equity (Changes I
Shareholders' Equity (Changes In Shares Of Common Stock) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 127,580 | |
Shares issued, beginning balance | 16,056,178 | 16,056,178 |
Restricted stock units released | ||
Restricted stock awards forfeited | ||
Stock options exercised | ||
Treasury stock purchases | ||
Treasury stock, ending balance | 115,368 | |
Shares issued, ending balance | 16,056,178 | 16,056,178 |
Common Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Shares, beginning balance | 15,928,598 | 15,924,938 |
Restricted stock units released | 18,580 | |
Restricted stock awards forfeited | (23,901) | |
Stock options exercised | 4,000 | |
Treasury stock purchases | (6,368) | (3,622) |
Shares, ending balance | 15,940,810 | 15,901,415 |
Treasury Stock [Member] | ||
Shareholders Equity [Line Items] | ||
Treasury stock, beginning balance | 127,580 | 131,240 |
Restricted stock units released | (18,580) | |
Restricted stock awards forfeited | 23,901 | |
Stock options exercised | (4,000) | |
Treasury stock purchases | 6,368 | 3,622 |
Treasury stock, ending balance | 115,368 | 154,763 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Other comprehensive income (loss), Pre-tax Amount | $ 7,368 | $ (8,353) | |
Other comprehensive income (loss), Tax Effect | 1,858 | (2,106) | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 5,119 | (6,435) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 391 | 188 | |
Total other comprehensive income (loss), net of tax | 5,510 | (6,247) | |
Securities Available for Sale and Transferred Securities [Member] | |||
Other comprehensive income (loss), before Reclassifications, Pre-tax Amount | 7,184 | (8,465) | |
Reclassification, Pre-tax Amount | [1] | 174 | 82 |
Other comprehensive income (loss), Pre-tax Amount | 7,358 | (8,383) | |
Other comprehensive income (loss), before Reclassifications, Tax Effect | 1,811 | (2,134) | |
Reclassification, Tax Effect | [1] | 44 | 21 |
Other comprehensive income (loss), Tax Effect | 1,855 | (2,113) | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 5,373 | (6,331) | |
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | 130 | 61 |
Total other comprehensive income (loss), net of tax | 5,503 | (6,270) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | (340) | (139) | |
Other comprehensive income (loss), Tax Effect | (86) | (35) | |
Total other comprehensive income (loss), net of tax | (254) | (104) | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | (16) | (18) | |
Other comprehensive income (loss), Tax Effect | (4) | (5) | |
Total other comprehensive income (loss), net of tax | (12) | (13) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 366 | 187 | |
Other comprehensive income (loss), Tax Effect | 93 | 47 | |
Total other comprehensive income (loss), net of tax | 273 | 140 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 350 | 169 | |
Other comprehensive income (loss), Tax Effect | 89 | 42 | |
Total other comprehensive income (loss), net of tax | $ 261 | $ 127 | |
[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 Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 396,293 | $ 396,293 | $ 381,177 |
Reclassification from AOCI to retained earnings | 2,800 | ||
Other comprehensive income (loss) before reclassifications | 5,119 | (6,435) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 391 | 188 | |
Total other comprehensive income (loss), net of tax | 5,510 | (6,247) | |
Balance | 408,253 | 380,302 | |
Hedging Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (276) | (276) | |
Other comprehensive income (loss) before reclassifications | (254) | (104) | |
Total other comprehensive income (loss), net of tax | (254) | (104) | |
Balance | (530) | (104) | |
Securities Available-For-Sale and Transferred Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (7,769) | (7,769) | (3,275) |
Reclassification from AOCI to retained earnings | (681) | ||
Other comprehensive income (loss) before reclassifications | 5,373 | (6,331) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 130 | 61 | |
Total other comprehensive income (loss), net of tax | 5,503 | (6,270) | |
Balance | (2,947) | (9,545) | |
Pension And Post-Retirement Obligations [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (13,236) | (13,236) | (8,641) |
Reclassification from AOCI to retained earnings | (2,102) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 261 | 127 | |
Total other comprehensive income (loss), net of tax | 261 | 127 | |
Balance | (15,077) | (8,514) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (21,281) | (21,281) | (11,916) |
Reclassification from AOCI to retained earnings | (2,783) | ||
Total other comprehensive income (loss), net of tax | 5,510 | (6,247) | |
Balance | $ (18,554) | $ (18,163) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net (loss) gain on investment securities | $ (53) | ||
Interest income | 31,792 | $ 29,702 | |
Income before income taxes | 14,548 | 11,556 | |
Income tax expense | (3,027) | (2,268) | |
Net income | 11,521 | 9,288 | |
Total reclassified for the period | (391) | (188) | |
Securities Available for Sale and Transferred Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [1] | (174) | (82) |
Reclassification tax | [1] | 44 | 21 |
Total reclassified for the period | [1] | (130) | (61) |
Prior Service Credit [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [2] | 16 | 18 |
Net Actuarial Losses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [2] | (366) | (187) |
Pension And Post-Retirement Obligations [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | (350) | (169) | |
Reclassification tax | 89 | 42 | |
Total reclassified for the period | (261) | (127) | |
Reclassification out of Accumulated Other Comprehensive Income | Securities Available for Sale and Transferred Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net (loss) gain on investment securities | (53) | ||
Interest income | (121) | (82) | |
Income before income taxes | (174) | (82) | |
Income tax expense | 44 | 21 | |
Net income | $ (130) | $ (61) | |
[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 12 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Summary Of Restricted Stock Units And Performance Share Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
RSUs [Member] | |
Granted, Number of Shares | shares | 17,658 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 26.96 |
PSUs [Member] | |
Granted, Number of Shares | shares | 17,658 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 27.79 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 0 | |
Stock options awarded | 0 | 0 |
Stock options activity | $ 0 | |
Aggregate intrinsic value | $ 52,000 | |
Proceeds from stock options exercised | $ 76,000 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options awarded | 0 | |
Unrecognized compensation expense | $ 2,100,000 | |
Expected recognition expense period, weighted average period in years | 2 years 2 months 12 days | |
PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options awarded | 17,658 | |
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 | 2.43% | |
Expected dividend yield | 3.20% | |
Expected stock price volatility | 21.30% | |
Management Stock Incentive Plan [Member] | TSR Performance Requirement [Member] | PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage upon achievement of targets | 50.00% | |
Required service period | 3 years | |
Share-based vesting date | Feb. 26, 2022 | |
Management Stock Incentive Plan [Member] | EPS Performance Requirement [Member] | PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage upon achievement of targets | 50.00% | |
Share-based vesting date | Feb. 26, 2022 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Summary of Restricted Stock Awards and Restricted Stock Units Activity) (Details) - Restricted Stock Awards and Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares | shares | 130,571 |
Granted, Number of Shares | shares | 35,316 |
Vested, Number of Shares | shares | (18,580) |
Forfeited, number of shares | shares | (21,865) |
Outstanding at end of period, Number of Shares | shares | 125,442 |
Outstanding at beginning of year, Weighted Average Market Price at Grant Date | $ / shares | $ 28.04 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | 27.38 |
Vested, Weighted Average Market Price at Grant Date | $ / shares | 24.21 |
Forfeited, Weighted Average Market Price at Grant Date | $ / shares | 26.12 |
Outstanding at end of period, Weighted Average Market Price at Grant Date | $ / shares | $ 28.76 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Share-Based Compensation Expense Included In Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 182 | $ 302 |
Salaries and Employee Benefits [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | 151 | 268 |
Other Noninterest Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 31 | $ 34 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Service cost | $ 802 | $ 836 |
Interest cost on projected benefit obligation | 695 | 598 |
Expected return on plan assets | (1,184) | (1,321) |
Amortization of unrecognized prior service credit | (16) | (18) |
Amortization of unrecognized net actuarial loss | 366 | 187 |
Net periodic benefit expense | $ 663 | $ 282 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Minimum [Member] | Scenario Forecast [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer contribution | $ 0 |
Commitments And Contingencies_2
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 685,014 | $ 687,875 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 12,152 | $ 11,977 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 427,545 | $ 445,677 | |
Collateral Dependent Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,894 | ||
Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,030 | ||
Other Real Estate Owned [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 41 | ||
Measured On A Recurring Basis [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 427,788 | 446,308 | |
Liabilities at fair value | (227) | (171) | |
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 | 3,587 | 2,006 | |
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 | 30 | 24 | |
Measured On A Recurring Basis [Member] | Derivative Instruments [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | 23 | 27 | |
Measured On A Recurring Basis [Member] | U.S. Government Agency And Government Sponsored Enterprises [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 144,376 | 152,028 | |
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 | 283,169 | 293,649 | |
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] | |||
Assets at fair value | 243 | 631 | |
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] | |||
Assets at fair value | 3,261 | 1,803 | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 20 | ||
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 132 | 83 | |
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
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] | Derivative Instruments [Member] | Mortgage Banking [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 Agency 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] | |||
Assets at fair value | |||
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] | |||
Assets at fair value | |||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Derivative Instruments, Assets [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Recurring Basis [Member] | Level 1 Inputs [Member] | Derivative Instruments, Assets [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 427,788 | 446,308 | |
Liabilities at fair value | (227) | (171) | |
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 | 3,587 | 2,006 | |
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 | 30 | 24 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | 23 | 27 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | U.S. Government Agency And Government Sponsored Enterprises [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 144,376 | 152,028 | |
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 | 283,169 | 293,649 | |
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] | |||
Assets at fair value | 243 | 631 | |
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] | |||
Assets at fair value | 3,261 | 1,803 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 20 | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 132 | 83 | |
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
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] | Derivative Instruments [Member] | Mortgage Banking [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 Agency 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] | |||
Assets at fair value | |||
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] | |||
Assets at fair value | |||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | Derivative Instruments, Assets [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Recurring Basis [Member] | Level 3 Inputs [Member] | Derivative Instruments, Assets [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Nonrecurring Basis [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 5,034 | 6,992 | |
Liabilities at fair value | 0 | $ 0 | |
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 | 2,069 | 2,868 | |
Measured On A Nonrecurring Basis [Member] | Collateral Dependent Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,894 | 2,872 | |
Measured On A Nonrecurring Basis [Member] | Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,030 | 1,022 | |
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 | 41 | 230 | |
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 | 2,069 | 2,868 | |
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 | 2,069 | 2,868 | |
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Collateral Dependent Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Other Real Estate Owned [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 2,965 | 4,124 | |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Loans Held For Sale [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | |||
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Collateral Dependent Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,894 | 2,872 | |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,030 | 1,022 | |
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 | $ 41 | $ 230 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
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 | |
Measured On A 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 | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Collateral Dependent Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 1,894 |
Collateral Dependent Impaired Loans [Member] | Appraisal Adjustments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 25.00% |
Loan Servicing Rights [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 1,030 |
Loan Servicing Rights [Member] | Discount Rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 10.20% |
Loan Servicing Rights [Member] | Constant Prepayment Rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 13.40% |
Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets at fair value | $ 41 |
Other Real Estate Owned [Member] | Appraisal Adjustments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Unobservable Input Value or Range | 11.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 427,545 | $ 445,677 |
Securities held to maturity, fair value | 436,974 | 439,581 |
Carrying Amount [Member] | Level 1 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 79,786 | 102,755 |
Accrued interest receivable | 13,429 | 11,990 |
Non-maturity deposits | 2,456,727 | 2,346,839 |
Short-term borrowings | 287,300 | 469,500 |
Accrued interest payable | 10,478 | 9,280 |
Carrying Amount [Member] | Level 2 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available for sale | 427,545 | 445,677 |
Securities held to maturity, fair value | 438,984 | 446,581 |
Loans held for sale | 2,069 | 2,868 |
Loans | 3,073,958 | 3,049,812 |
FHLB and FRB stock | 21,056 | 26,375 |
Time deposits | 1,052,110 | 1,020,068 |
Long-term borrowings | 39,220 | 39,202 |
Carrying Amount [Member] | Level 2 Inputs [Member] | Cash Flow Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 243 | 631 |
Carrying Amount [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 3,261 | 1,803 |
Derivative instruments, liabilities | 3,587 | 2,006 |
Carrying Amount [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 20 | |
Derivative instruments, liabilities | 30 | 24 |
Carrying Amount [Member] | Level 2 Inputs [Member] | Mortgage Banking [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 132 | 83 |
Derivative instruments, liabilities | 23 | 27 |
Carrying Amount [Member] | Level 3 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans | 1,894 | 2,872 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 79,786 | 102,755 |
Accrued interest receivable | 13,429 | 11,990 |
Non-maturity deposits | 2,456,727 | 2,346,839 |
Short-term borrowings | 287,300 | 469,500 |
Accrued interest payable | 10,478 | 9,280 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available for sale | 427,545 | 445,677 |
Securities held to maturity, fair value | 436,974 | 439,581 |
Loans held for sale | 2,069 | 2,868 |
Loans | 3,061,505 | 3,006,161 |
FHLB and FRB stock | 21,056 | 26,375 |
Time deposits | 1,048,583 | 1,014,532 |
Long-term borrowings | 39,641 | 38,415 |
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 | 243 | 631 |
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 | 3,261 | 1,803 |
Derivative instruments, liabilities | 3,587 | 2,006 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 20 | |
Derivative instruments, liabilities | 30 | 24 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Mortgage Banking [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instruments, assets | 132 | 83 |
Derivative instruments, liabilities | 23 | 27 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans | $ 1,894 | $ 2,872 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Business Seg
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 66,062 | $ 66,062 |
Other intangible assets, net | 9,788 | 10,111 |
Total assets | 4,302,541 | 4,311,698 |
Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 48,536 | 48,536 |
Other intangible assets, net | 180 | 213 |
Total assets | 4,267,432 | 4,272,439 |
Non-Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 17,526 | 17,526 |
Other intangible assets, net | 9,608 | 9,898 |
Total assets | 35,448 | 35,975 |
Holding Company and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (339) | $ 3,284 |
Segment Reporting (Business S_2
Segment Reporting (Business Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | $ 31,792 | $ 29,702 |
Provision for loan losses | (1,193) | (2,949) |
Noninterest income | 9,120 | 8,907 |
Noninterest expense | (25,171) | (24,104) |
Income before income taxes | 14,548 | 11,556 |
Income tax (expense) benefit | (3,027) | (2,268) |
Net income | 11,521 | 9,288 |
Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | 32,409 | 30,317 |
Provision for loan losses | (1,193) | (2,949) |
Noninterest income | 6,266 | 6,430 |
Noninterest expense | (21,453) | (20,480) |
Income before income taxes | 16,029 | 13,318 |
Income tax (expense) benefit | (3,344) | (2,632) |
Net income | 12,685 | 10,686 |
Non-Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 3,026 | 2,624 |
Noninterest expense | (3,041) | (2,665) |
Income before income taxes | (15) | (41) |
Income tax (expense) benefit | 8 | |
Net income | (15) | (33) |
Holding Company and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | (617) | (615) |
Noninterest income | (172) | (147) |
Noninterest expense | (677) | (959) |
Income before income taxes | (1,466) | (1,721) |
Income tax (expense) benefit | 317 | 356 |
Net income | $ (1,149) | $ (1,365) |