x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2017. |
¨ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . |
Pennsylvania | 23-1886144 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Large accelerated filer | ¨ | Accelerated filer | x |
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Emerging growth company | ¨ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Common Stock, $5 par value | 26,661,431 | |
(Title of Class) | (Number of shares outstanding at April 28, 2017) |
Page Number | |||
Part I. | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Part II. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
Item 1. | Financial Statements |
(UNAUDITED) | |||||||
(Dollars in thousands, except share data) | At March 31, 2017 | At December 31, 2016 | |||||
ASSETS | |||||||
Cash and due from banks | $ | 44,745 | $ | 48,757 | |||
Interest-earning deposits with other banks | 13,055 | 9,068 | |||||
Investment securities held-to-maturity (fair value $33,022 and $24,871 at March 31, 2017 and December 31, 2016, respectively) | 33,027 | 24,881 | |||||
Investment securities available-for-sale | 431,612 | 443,637 | |||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 25,322 | 24,869 | |||||
Loans held for sale | 1,110 | 5,890 | |||||
Loans and leases held for investment | 3,341,916 | 3,285,886 | |||||
Less: Reserve for loan and lease losses | (19,528 | ) | (17,499 | ) | |||
Net loans and leases held for investment | 3,322,388 | 3,268,387 | |||||
Premises and equipment, net | 64,811 | 63,638 | |||||
Goodwill | 172,559 | 172,559 | |||||
Other intangibles, net of accumulated amortization and fair value adjustments of $18,668 and $17,597 at March 31, 2017 and December 31, 2016, respectively | 15,923 | 16,651 | |||||
Bank owned life insurance | 100,520 | 99,948 | |||||
Accrued interest receivable and other assets | 48,859 | 52,243 | |||||
Total assets | $ | 4,273,931 | $ | 4,230,528 | |||
LIABILITIES | |||||||
Noninterest-bearing deposits | $ | 947,495 | $ | 918,337 | |||
Interest-bearing deposits: | |||||||
Demand deposits | 1,034,363 | 909,963 | |||||
Savings deposits | 830,917 | 803,078 | |||||
Time deposits | 553,176 | 626,189 | |||||
Total deposits | 3,365,951 | 3,257,567 | |||||
Short-term borrowings | 79,366 | 196,171 | |||||
Long-term debt | 182,066 | 127,522 | |||||
Subordinated notes | 94,148 | 94,087 | |||||
Accrued interest payable and other liabilities | 40,520 | 49,972 | |||||
Total liabilities | 3,762,051 | 3,725,319 | |||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2017 and December 31, 2016; 28,911,799 shares issued at March 31, 2017 and December 31, 2016; 26,645,520 and 26,589,353 shares outstanding at March 31, 2017 and December 31, 2016, respectively | 144,559 | 144,559 | |||||
Additional paid-in capital | 230,391 | 230,494 | |||||
Retained earnings | 200,050 | 194,516 | |||||
Accumulated other comprehensive loss, net of tax benefit | (18,992 | ) | (19,454 | ) | |||
Treasury stock, at cost; 2,266,279 and 2,322,446 shares at March 31, 2017 and December 31, 2016, respectively | (44,128 | ) | (44,906 | ) | |||
Total shareholders’ equity | 511,880 | 505,209 | |||||
Total liabilities and shareholders’ equity | $ | 4,273,931 | $ | 4,230,528 |
Three Months Ended March 31, | |||||||
(Dollars in thousands, except per share data) | 2017 | 2016 | |||||
Interest income | |||||||
Interest and fees on loans and leases: | |||||||
Taxable | $ | 33,700 | $ | 21,850 | |||
Exempt from federal income taxes | 2,035 | 1,716 | |||||
Total interest and fees on loans and leases | 35,735 | 23,566 | |||||
Interest and dividends on investment securities: | |||||||
Taxable | 1,688 | 1,274 | |||||
Exempt from federal income taxes | 599 | 734 | |||||
Interest on deposits with other banks | 17 | 28 | |||||
Interest and dividends on other earning assets | 357 | 132 | |||||
Total interest income | 38,396 | 25,734 | |||||
Interest expense | |||||||
Interest on deposits | 2,191 | 1,533 | |||||
Interest on short-term borrowings | 262 | 3 | |||||
Interest on long-term debt and subordinated notes | 1,660 | 675 | |||||
Total interest expense | 4,113 | 2,211 | |||||
Net interest income | 34,283 | 23,523 | |||||
Provision for loan and lease losses | 2,445 | 326 | |||||
Net interest income after provision for loan and lease losses | 31,838 | 23,197 | |||||
Noninterest income | |||||||
Trust fee income | 1,907 | 1,865 | |||||
Service charges on deposit accounts | 1,243 | 998 | |||||
Investment advisory commission and fee income | 3,181 | 2,671 | |||||
Insurance commission and fee income | 4,410 | 4,558 | |||||
Other service fee income | 1,987 | 1,831 | |||||
Bank owned life insurance income | 783 | 470 | |||||
Net gain on sales of investment securities | 15 | 44 | |||||
Net gain on mortgage banking activities | 1,113 | 1,218 | |||||
Other income | 331 | 176 | |||||
Total noninterest income | 14,970 | 13,831 | |||||
Noninterest expense | |||||||
Salaries and benefits | 16,657 | 14,182 | |||||
Commissions | 2,050 | 1,895 | |||||
Net occupancy | 2,665 | 2,100 | |||||
Equipment | 993 | 776 | |||||
Data processing | 2,058 | 1,281 | |||||
Professional fees | 1,239 | 1,020 | |||||
Marketing and advertising | 379 | 538 | |||||
Deposit insurance premiums | 402 | 447 | |||||
Intangible expenses | 759 | 766 | |||||
Acquisition-related costs | — | 214 | |||||
Integration costs | — | 6 | |||||
Other expense | 4,828 | 3,714 | |||||
Total noninterest expense | 32,030 | 26,939 | |||||
Income before income taxes | 14,778 | 10,089 | |||||
Income taxes | 3,922 | 2,800 | |||||
Net income | $ | 10,856 | $ | 7,289 | |||
Net income per share: | |||||||
Basic | $ | 0.41 | $ | 0.37 | |||
Diluted | 0.41 | 0.37 | |||||
Dividends declared | 0.20 | 0.20 |
Three Months Ended March 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||||||||||||||||
Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | ||||||||||||||||||
Income | $ | 14,778 | $ | 3,922 | $ | 10,856 | $ | 10,089 | $ | 2,800 | $ | 7,289 | |||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Net unrealized gains on available-for-sale investment securities: | |||||||||||||||||||||||
Net unrealized holding gains arising during the period | 420 | 147 | 273 | 2,218 | 776 | 1,442 | |||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income (1) | (15 | ) | (5 | ) | (10 | ) | (44 | ) | (15 | ) | (29 | ) | |||||||||||
Total net unrealized gains on available-for-sale investment securities | 405 | 142 | 263 | 2,174 | 761 | 1,413 | |||||||||||||||||
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | |||||||||||||||||||||||
Net unrealized holding gains (losses) arising during the period | 7 | 2 | 5 | (626 | ) | (219 | ) | (407 | ) | ||||||||||||||
Less: reclassification adjustment for net losses realized in net income (2) | 71 | 25 | 46 | 81 | 28 | 53 | |||||||||||||||||
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 78 | 27 | 51 | (545 | ) | (191 | ) | (354 | ) | ||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of net actuarial loss included in net periodic pension costs (3) | 299 | 105 | 194 | 329 | 115 | 214 | |||||||||||||||||
Accretion of prior service cost included in net periodic pension costs (3) | (70 | ) | (24 | ) | (46 | ) | (71 | ) | (25 | ) | (46 | ) | |||||||||||
Total defined benefit pension plans | 229 | 81 | 148 | 258 | 90 | 168 | |||||||||||||||||
Other comprehensive income | 712 | 250 | 462 | 1,887 | 660 | 1,227 | |||||||||||||||||
Total comprehensive income | $ | 15,490 | $ | 4,172 | $ | 11,318 | $ | 11,976 | $ | 3,460 | $ | 8,516 |
(Dollars in thousands, except share and per share data) | Common Shares Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||||||||||
Balance at December 31, 2016 | 26,589,353 | $ | 144,559 | $ | 230,494 | $ | 194,516 | $ | (19,454 | ) | $ | (44,906 | ) | $ | 505,209 | |||||||||||
Net income | — | — | — | 10,856 | — | — | 10,856 | |||||||||||||||||||
Other comprehensive income, net of income tax | — | — | — | — | 462 | — | 462 | |||||||||||||||||||
Cash dividends declared ($0.20 per share) | — | — | — | (5,322 | ) | — | — | (5,322 | ) | |||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 20,944 | — | 16 | — | — | 601 | 617 | |||||||||||||||||||
Exercise of stock options | 47,704 | — | (62 | ) | — | — | 923 | 861 | ||||||||||||||||||
Repurchase of cancelled restricted stock awards | (13,125 | ) | — | 246 | — | — | (246 | ) | — | |||||||||||||||||
Stock-based compensation | — | — | 831 | — | — | — | 831 | |||||||||||||||||||
Purchases of treasury stock | (57,804 | ) | — | — | — | — | (1,634 | ) | (1,634 | ) | ||||||||||||||||
Restricted stock awards granted | 58,448 | — | (1,134 | ) | — | — | 1,134 | — | ||||||||||||||||||
Balance at March 31, 2017 | 26,645,520 | $ | 144,559 | $ | 230,391 | $ | 200,050 | $ | (18,992 | ) | $ | (44,128 | ) | $ | 511,880 |
(Dollars in thousands, except share and per share data) | Common Shares Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||
Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||
Balance at December 31, 2015 | 19,530,930 | $ | 110,271 | $ | 121,280 | $ | 193,446 | $ | (16,708 | ) | $ | (46,715 | ) | $ | 361,574 | |||||||||||
Net income | — | — | — | 7,289 | — | — | 7,289 | |||||||||||||||||||
Other comprehensive income, net of income tax | — | — | — | — | 1,227 | — | 1,227 | |||||||||||||||||||
Cash dividends declared ($0.20 per share) | — | — | — | (3,908 | ) | — | — | (3,908 | ) | |||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 30,121 | — | 8 | — | — | 609 | 617 | |||||||||||||||||||
Exercise of stock options | 14,167 | — | 9 | — | — | 265 | 274 | |||||||||||||||||||
Repurchase of cancelled restricted stock awards | (14,250 | ) | — | 241 | — | — | (241 | ) | — | |||||||||||||||||
Stock-based compensation | — | — | 451 | — | — | — | 451 | |||||||||||||||||||
Purchases of treasury stock | (26,750 | ) | — | — | — | — | (521 | ) | (521 | ) | ||||||||||||||||
Restricted stock awards granted | 58,580 | — | (1,083 | ) | — | — | 1,083 | — | ||||||||||||||||||
Balance at March 31, 2016 | 19,592,798 | $ | 110,271 | $ | 120,906 | $ | 196,827 | $ | (15,481 | ) | $ | (45,520 | ) | $ | 367,003 |
Three Months Ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 10,856 | $ | 7,289 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan and lease losses | 2,445 | 326 | |||||
Depreciation of premises and equipment | 1,192 | 946 | |||||
Net amortization of investment securities premiums and discounts | 515 | 320 | |||||
Net gain on sales of investment securities | (15 | ) | (44 | ) | |||
Net gain on mortgage banking activities | (1,113 | ) | (1,218 | ) | |||
Bank owned life insurance income | (783 | ) | (470 | ) | |||
Net accretion of acquisition accounting fair value adjustments | (764 | ) | (100 | ) | |||
Stock-based compensation | 831 | 451 | |||||
Intangible expenses | 759 | 766 | |||||
Other adjustments to reconcile net income to cash provided by operating activities | (130 | ) | 5 | ||||
Deferred tax expense | 1,087 | 905 | |||||
Originations of loans held for sale | (24,828 | ) | (44,414 | ) | |||
Proceeds from the sale of loans held for sale | 30,568 | 46,003 | |||||
Contributions to pension and other postretirement benefit plans | (69 | ) | (60 | ) | |||
Decrease (increase) in accrued interest receivable and other assets | 851 | (2,503 | ) | ||||
Increase in accrued interest payable and other liabilities | (3,715 | ) | (1,469 | ) | |||
Net cash provided by operating activities | 17,687 | 6,733 | |||||
Cash flows from investing activities: | |||||||
Net capital expenditures | (2,299 | ) | (2,177 | ) | |||
Proceeds from maturities and calls of securities held-to-maturity | 10,026 | 4,000 | |||||
Proceeds from maturities and calls of securities available-for-sale | 18,782 | 18,693 | |||||
Proceeds from sales of securities available-for-sale | 1,762 | 53,181 | |||||
Purchases of investment securities held-to-maturity | (18,209 | ) | — | ||||
Purchases of investment securities available-for-sale | (9,009 | ) | (32,573 | ) | |||
Net (increase) decrease in other investments | (453 | ) | 118 | ||||
Net increase in loans and leases | (56,550 | ) | (7,507 | ) | |||
Net (increase) decrease in interest-earning deposits | (3,987 | ) | 21,156 | ||||
Proceeds from sales of other real estate owned | 2,039 | — | |||||
Proceeds from bank owned life insurance | 211 | — | |||||
Net cash (used in) provided by investing activities | (57,687 | ) | 54,891 | ||||
Cash flows from financing activities: | |||||||
Net increase (decrease) in deposits | 108,543 | (59,934 | ) | ||||
Net (decrease) increase in short-term borrowings | (116,805 | ) | 1,640 | ||||
Proceeds from issuance of long-term debt | 55,000 | — | |||||
Payment of contingent consideration on acquisitions | (5,284 | ) | (900 | ) | |||
Purchases of treasury stock | (1,634 | ) | (521 | ) | |||
Stock issued under dividend reinvestment and employee stock purchase plans | 617 | 617 | |||||
Proceeds from exercise of stock options | 861 | 274 | |||||
Cash dividends paid | (5,310 | ) | (3,896 | ) | |||
Net cash provided by (used in) financing activities | 35,988 | (62,720 | ) | ||||
Net decrease in cash and due from banks | (4,012 | ) | (1,096 | ) | |||
Cash and due from banks at beginning of year | 48,757 | 32,356 | |||||
Cash and due from banks at end of period | $ | 44,745 | $ | 31,260 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 4,729 | $ | 3,113 | |||
Cash paid for income taxes, net of refunds | 157 | 685 | |||||
Non cash transactions: | |||||||
Transfer of loans to other real estate owned | $ | 653 | $ | 1,797 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||
U.S. government corporations and agencies: | |||||||||||||||||||||||||||||||
After 1 year to 5 years | $ | 5,000 | $ | — | $ | (8 | ) | $ | 4,992 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
5,000 | — | (8 | ) | 4,992 | — | — | — | — | |||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
After 5 years to 10 years | 4,959 | 2 | — | 4,961 | — | — | — | — | |||||||||||||||||||||||
Over 10 years | 13,066 | 16 | (9 | ) | 13,073 | 5,071 | — | (3 | ) | 5,068 | |||||||||||||||||||||
18,025 | 18 | (9 | ) | 18,034 | 5,071 | — | (3 | ) | 5,068 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||
Within 1 year | 10,002 | — | (6 | ) | 9,996 | 19,810 | 2 | (9 | ) | 19,803 | |||||||||||||||||||||
10,002 | — | (6 | ) | 9,996 | 19,810 | 2 | (9 | ) | 19,803 | ||||||||||||||||||||||
Total | $ | 33,027 | $ | 18 | $ | (23 | ) | $ | 33,022 | $ | 24,881 | $ | 2 | $ | (12 | ) | $ | 24,871 | |||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||
U.S. government corporations and agencies: | |||||||||||||||||||||||||||||||
Within 1 year | $ | 15,000 | $ | 6 | $ | — | $ | 15,006 | $ | 15,000 | $ | 20 | $ | — | $ | 15,020 | |||||||||||||||
After 1 year to 5 years | 17,220 | 2 | (24 | ) | 17,198 | 17,265 | — | (19 | ) | 17,246 | |||||||||||||||||||||
32,220 | 8 | (24 | ) | 32,204 | 32,265 | 20 | (19 | ) | 32,266 | ||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||
Within 1 year | 2,105 | — | — | 2,105 | 964 | — | (1 | ) | 963 | ||||||||||||||||||||||
After 1 year to 5 years | 18,122 | 67 | (24 | ) | 18,165 | 18,705 | 38 | (75 | ) | 18,668 | |||||||||||||||||||||
After 5 years to 10 years | 54,737 | 955 | (250 | ) | 55,442 | 55,541 | 829 | (426 | ) | 55,944 | |||||||||||||||||||||
Over 10 years | 8,855 | 138 | (79 | ) | 8,914 | 12,663 | 226 | (114 | ) | 12,775 | |||||||||||||||||||||
83,819 | 1,160 | (353 | ) | 84,626 | 87,873 | 1,093 | (616 | ) | 88,350 | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
After 1 year to 5 years | 5,628 | 6 | (46 | ) | 5,588 | 6,086 | — | (66 | ) | 6,020 | |||||||||||||||||||||
After 5 years to 10 years | 31,927 | 1 | (771 | ) | 31,157 | 23,479 | — | (622 | ) | 22,857 | |||||||||||||||||||||
Over 10 years | 157,202 | 95 | (3,663 | ) | 153,634 | 174,388 | 99 | (4,794 | ) | 169,693 | |||||||||||||||||||||
194,757 | 102 | (4,480 | ) | 190,379 | 203,953 | 99 | (5,482 | ) | 198,570 | ||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||
Over 10 years | 4,390 | — | (89 | ) | 4,301 | 4,659 | — | (105 | ) | 4,554 | |||||||||||||||||||||
4,390 | — | (89 | ) | 4,301 | 4,659 | — | (105 | ) | 4,554 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||
Within 1 year | 7,032 | — | (24 | ) | 7,008 | 250 | — | — | 250 | ||||||||||||||||||||||
After 1 year to 5 years | 29,773 | 61 | (154 | ) | 29,680 | 35,923 | 34 | (241 | ) | 35,716 | |||||||||||||||||||||
After 5 years to 10 years | 15,187 | — | (396 | ) | 14,791 | 15,193 | — | (516 | ) | 14,677 | |||||||||||||||||||||
Over 10 years | 60,000 | — | (3,612 | ) | 56,388 | 60,000 | 27 | (2,472 | ) | 57,555 | |||||||||||||||||||||
111,992 | 61 | (4,186 | ) | 107,867 | 111,366 | 61 | (3,229 | ) | 108,198 | ||||||||||||||||||||||
Money market mutual funds: | |||||||||||||||||||||||||||||||
No stated maturity | 11,294 | — | — | 11,294 | 10,784 | — | — | 10,784 | |||||||||||||||||||||||
11,294 | — | — | 11,294 | 10,784 | — | — | 10,784 | ||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
No stated maturity | 409 | 533 | (1 | ) | 941 | 411 | 504 | — | 915 | ||||||||||||||||||||||
409 | 533 | (1 | ) | 941 | 411 | 504 | — | 915 | |||||||||||||||||||||||
Total | $ | 438,881 | $ | 1,864 | $ | (9,133 | ) | $ | 431,612 | $ | 451,311 | $ | 1,777 | $ | (9,451 | ) | $ | 443,637 |
Three Months Ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Securities available-for-sale: | |||||||
Proceeds from sales | $ | 1,762 | $ | 53,181 | |||
Gross realized gains on sales | 15 | 106 | |||||
Gross realized losses on sales | — | 62 | |||||
Tax expense related to net realized gains on sales | 5 | 15 |
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
At March 31, 2017 | |||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | 4,992 | $ | (8 | ) | $ | — | $ | — | $ | 4,992 | $ | (8 | ) | |||||||||
Residential mortgage-backed securities | 5,000 | (9 | ) | — | — | 5,000 | (9 | ) | |||||||||||||||
Corporate bonds | 4,995 | (6 | ) | — | — | 4,995 | (6 | ) | |||||||||||||||
Total | $ | 14,987 | $ | (23 | ) | $ | — | $ | — | $ | 14,987 | $ | (23 | ) | |||||||||
Securities Available-for-Sale | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | 11,837 | $ | (24 | ) | $ | — | $ | — | $ | 11,837 | $ | (24 | ) | |||||||||
State and political subdivisions | 22,082 | (344 | ) | 1,706 | (9 | ) | 23,788 | (353 | ) | ||||||||||||||
Residential mortgage-backed securities | 180,647 | (4,480 | ) | — | — | 180,647 | (4,480 | ) | |||||||||||||||
Collateralized mortgage obligations | 1,885 | (14 | ) | 2,416 | (75 | ) | 4,301 | (89 | ) | ||||||||||||||
Corporate bonds | 66,728 | (2,025 | ) | 32,839 | (2,161 | ) | 99,567 | (4,186 | ) | ||||||||||||||
Equity securities | 3 | (1 | ) | — | — | 3 | (1 | ) | |||||||||||||||
Total | $ | 283,182 | $ | (6,888 | ) | $ | 36,961 | $ | (2,245 | ) | $ | 320,143 | $ | (9,133 | ) | ||||||||
At December 31, 2016 | |||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 5,068 | $ | (3 | ) | $ | — | $ | — | $ | 5,068 | $ | (3 | ) | |||||||||
Corporate bonds | 9,779 | (9 | ) | — | — | 9,779 | (9 | ) | |||||||||||||||
Total | $ | 14,847 | $ | (12 | ) | $ | — | $ | — | $ | 14,847 | $ | (12 | ) | |||||||||
Securities Available-for-Sale | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | 11,850 | $ | (19 | ) | $ | — | $ | — | $ | 11,850 | $ | (19 | ) | |||||||||
State and political subdivisions | 40,771 | (610 | ) | 423 | (6 | ) | 41,194 | (616 | ) | ||||||||||||||
Residential mortgage-backed securities | 192,782 | (5,482 | ) | — | — | 192,782 | (5,482 | ) | |||||||||||||||
Collateralized mortgage obligations | 2,012 | (26 | ) | 2,542 | (79 | ) | 4,554 | (105 | ) | ||||||||||||||
Corporate bonds | 58,535 | (1,333 | ) | 33,104 | (1,896 | ) | 91,639 | (3,229 | ) | ||||||||||||||
Total | $ | 305,950 | $ | (7,470 | ) | $ | 36,069 | $ | (1,981 | ) | $ | 342,019 | $ | (9,451 | ) |
At March 31, 2017 | |||||||||||
(Dollars in thousands) | Originated | Acquired | Total | ||||||||
Commercial, financial and agricultural | $ | 750,342 | $ | 90,629 | $ | 840,971 | |||||
Real estate-commercial | 1,013,978 | 389,690 | 1,403,668 | ||||||||
Real estate-construction | 170,178 | 11,409 | 181,587 | ||||||||
Real estate-residential secured for business purpose | 180,830 | 111,402 | 292,232 | ||||||||
Real estate-residential secured for personal purpose | 220,543 | 74,889 | 295,432 | ||||||||
Real estate-home equity secured for personal purpose | 154,363 | 12,736 | 167,099 | ||||||||
Loans to individuals | 27,915 | 148 | 28,063 | ||||||||
Lease financings | 132,864 | — | 132,864 | ||||||||
Total loans and leases held for investment, net of deferred income | $ | 2,651,013 | $ | 690,903 | $ | 3,341,916 | |||||
Unearned lease income, included in the above table | $ | (15,524 | ) | $ | — | $ | (15,524 | ) | |||
Net deferred costs, included in the above table | 4,418 | — | 4,418 | ||||||||
Overdraft deposits included in the above table | 73 | — | 73 |
At December 31, 2016 | |||||||||||
(Dollars in thousands) | Originated | Acquired | Total | ||||||||
Commercial, financial and agricultural | $ | 663,221 | $ | 160,045 | $ | 823,266 | |||||
Real estate-commercial | 909,581 | 465,368 | 1,374,949 | ||||||||
Real estate-construction | 142,891 | 31,953 | 174,844 | ||||||||
Real estate-residential secured for business purpose | 151,931 | 142,137 | 294,068 | ||||||||
Real estate-residential secured for personal purpose | 210,377 | 80,431 | 290,808 | ||||||||
Real estate-home equity secured for personal purpose | 147,982 | 14,857 | 162,839 | ||||||||
Loans to individuals | 30,110 | 263 | 30,373 | ||||||||
Lease financings | 134,739 | — | 134,739 | ||||||||
Total loans and leases held for investment, net of deferred income | $ | 2,390,832 | $ | 895,054 | $ | 3,285,886 | |||||
Unearned lease income, included in the above table | $ | (15,970 | ) | $ | — | $ | (15,970 | ) | |||
Net deferred costs, included in the above table | 4,503 | — | 4,503 | ||||||||
Overdraft deposits included in the above table | 84 | — | 84 |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Outstanding principal balance | $ | 8,007 | $ | 8,993 | |||
Carrying amount | 6,616 | 7,352 | |||||
Allowance for loan losses | — | — |
Three Months Ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Beginning of period | $ | 50 | $ | 144 | |||
Reclassification from nonaccretable discount | 107 | 46 | |||||
Accretable discount amortized to interest income | (116 | ) | (74 | ) | |||
Disposals | (4 | ) | — | ||||
End of period | $ | 37 | $ | 116 |
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or more Past Due | Total Past Due | Current | Acquired Credit Impaired | Total Loans and Leases Held for Investment | Recorded Investment 90 Days or more Past Due and Accruing Interest | |||||||||||||||||||||||
At March 31, 2017 | |||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,466 | $ | — | $ | 1,548 | $ | 3,014 | $ | 837,397 | $ | 560 | $ | 840,971 | $ | — | |||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||
Commercial real estate | 4,606 | 47 | 1,466 | 6,119 | 1,392,288 | 5,261 | 1,403,668 | — | |||||||||||||||||||||||
Construction | — | 365 | — | 365 | 181,222 | — | 181,587 | — | |||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||
Residential secured for business purpose | 1,700 | 1,227 | 1,328 | 4,255 | 287,395 | 582 | 292,232 | — | |||||||||||||||||||||||
Residential secured for personal purpose | 2,125 | — | 767 | 2,892 | 292,327 | 213 | 295,432 | 508 | |||||||||||||||||||||||
Home equity secured for personal purpose | 471 | 343 | 459 | 1,273 | 165,826 | — | 167,099 | 109 | |||||||||||||||||||||||
Loans to individuals | 266 | 38 | 142 | 446 | 27,617 | — | 28,063 | 142 | |||||||||||||||||||||||
Lease financings | 5,948 | 822 | 5,721 | 12,491 | 120,373 | — | 132,864 | 160 | |||||||||||||||||||||||
Total | $ | 16,582 | $ | 2,842 | $ | 11,431 | $ | 30,855 | $ | 3,304,445 | $ | 6,616 | $ | 3,341,916 | $ | 919 | |||||||||||||||
At December 31, 2016 | |||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,536 | $ | 256 | $ | 1,335 | $ | 3,127 | $ | 819,550 | $ | 589 | $ | 823,266 | $ | — | |||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||
Commercial real estate | 1,482 | 1,560 | 2,591 | 5,633 | 1,363,606 | 5,710 | 1,374,949 | — | |||||||||||||||||||||||
Construction | 202 | — | — | 202 | 174,642 | — | 174,844 | — | |||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||
Residential secured for business purpose | 1,390 | 428 | 1,539 | 3,357 | 289,927 | 784 | 294,068 | — | |||||||||||||||||||||||
Residential secured for personal purpose | 3,243 | 905 | 879 | 5,027 | 285,512 | 269 | 290,808 | 481 | |||||||||||||||||||||||
Home equity secured for personal purpose | 717 | 142 | 521 | 1,380 | 161,459 | — | 162,839 | 171 | |||||||||||||||||||||||
Loans to individuals | 324 | 95 | 142 | 561 | 29,812 | — | 30,373 | 142 | |||||||||||||||||||||||
Lease financings | 1,731 | 1,418 | 729 | 3,878 | 130,861 | — | 134,739 | 193 | |||||||||||||||||||||||
Total | $ | 10,625 | $ | 4,804 | $ | 7,736 | $ | 23,165 | $ | 3,255,369 | $ | 7,352 | $ | 3,285,886 | $ | 987 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual Loans and Leases* | Accruing Troubled Debt Restructured Loans and Lease Modifications | Loans and Leases 90 Days or more Past Due and Accruing Interest | Total Non- Performing Loans and Leases | Nonaccrual Loans and Leases* | Accruing Troubled Debt Restructured Loans and Lease Modifications | Loans and Leases 90 Days or more Past Due and Accruing Interest | Total Non- Performing Loans and Leases | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 5,305 | $ | 954 | $ | — | $ | 6,259 | $ | 5,746 | $ | 967 | $ | — | $ | 6,713 | |||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||
Commercial real estate | 4,133 | 1,506 | — | 5,639 | 5,651 | 1,519 | — | 7,170 | |||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||
Residential secured for business purpose | 3,845 | 316 | — | 4,161 | 4,898 | 766 | — | 5,664 | |||||||||||||||||||||||
Residential secured for personal purpose | 514 | 42 | 508 | 1,064 | 560 | — | 481 | 1,041 | |||||||||||||||||||||||
Home equity secured for personal purpose | 498 | — | 109 | 607 | 525 | — | 171 | 696 | |||||||||||||||||||||||
Loans to individuals | — | — | 142 | 142 | — | — | 142 | 142 | |||||||||||||||||||||||
Lease financings | 5,561 | — | 160 | 5,721 | 536 | — | 193 | 729 | |||||||||||||||||||||||
Total | $ | 19,856 | $ | 2,818 | $ | 919 | $ | 23,593 | $ | 17,916 | $ | 3,252 | $ | 987 | $ | 22,155 |
1. | Cash Secured—No credit risk |
2. | Fully Secured—Negligible credit risk |
3. | Strong—Minimal credit risk |
4. | Satisfactory—Nominal credit risk |
5. | Acceptable—Moderate credit risk |
6. | Pre-Watch—Marginal, but stable credit risk |
7. | Special Mention—Potential weakness |
8. | Substandard—Well-defined weakness |
9. | Doubtful—Collection in-full improbable |
10. | Loss—Considered uncollectible |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial | Real Estate— Construction | Real Estate— Residential Secured for Business Purpose | Total | ||||||||||||||
At March 31, 2017 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | 1,579 | $ | — | $ | 16,754 | $ | — | $ | 18,333 | |||||||||
3. Strong | 11,641 | 2,001 | — | — | 13,642 | ||||||||||||||
4. Satisfactory | 16,479 | 39,513 | — | 361 | 56,353 | ||||||||||||||
5. Acceptable | 552,555 | 767,428 | 116,973 | 156,111 | 1,593,067 | ||||||||||||||
6. Pre-watch | 135,055 | 145,103 | 35,726 | 15,955 | 331,839 | ||||||||||||||
7. Special Mention | 6,454 | 22,757 | 360 | 2,172 | 31,743 | ||||||||||||||
8. Substandard | 26,579 | 37,176 | 365 | 6,231 | 70,351 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10.Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 750,342 | $ | 1,013,978 | $ | 170,178 | $ | 180,830 | $ | 2,115,328 | |||||||||
At December 31, 2016 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | 272 | $ | — | $ | 13,714 | $ | 162 | $ | 14,148 | |||||||||
3. Strong | 14,980 | 2,045 | — | — | 17,025 | ||||||||||||||
4. Satisfactory | 35,529 | 38,861 | — | 367 | 74,757 | ||||||||||||||
5. Acceptable | 465,675 | 676,212 | 110,650 | 133,716 | 1,386,253 | ||||||||||||||
6. Pre-watch | 113,499 | 128,646 | 18,213 | 12,025 | 272,383 | ||||||||||||||
7. Special Mention | 8,820 | 22,439 | 314 | 1,199 | 32,772 | ||||||||||||||
8. Substandard | 24,446 | 41,378 | — | 4,462 | 70,286 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10.Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 663,221 | $ | 909,581 | $ | 142,891 | $ | 151,931 | $ | 1,867,624 |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial | Real Estate— Construction | Real Estate— Residential Secured for Business Purpose | Total | ||||||||||||||
At March 31, 2017 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
3. Strong | — | — | — | — | — | ||||||||||||||
4. Satisfactory | 4,385 | 825 | — | — | 5,210 | ||||||||||||||
5. Acceptable | 66,009 | 242,512 | 3,616 | 90,179 | 402,316 | ||||||||||||||
6. Pre-watch | 13,129 | 128,832 | 7,793 | 15,701 | 165,455 | ||||||||||||||
7. Special Mention | 1,774 | 6,715 | — | 2,229 | 10,718 | ||||||||||||||
8. Substandard | 5,332 | 10,806 | — | 3,293 | 19,431 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10.Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 90,629 | $ | 389,690 | $ | 11,409 | $ | 111,402 | $ | 603,130 | |||||||||
December 31, 2016 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | 583 | $ | — | $ | — | $ | — | $ | 583 | |||||||||
3. Strong | — | — | — | — | — | ||||||||||||||
4. Satisfactory | 4,399 | 1,018 | — | — | 5,417 | ||||||||||||||
5. Acceptable | 113,512 | 282,199 | 20,565 | 117,322 | 533,598 | ||||||||||||||
6. Pre-watch | 31,697 | 163,623 | 11,388 | 14,405 | 221,113 | ||||||||||||||
7. Special Mention | 73 | 7,705 | — | 6,245 | 14,023 | ||||||||||||||
8. Substandard | 9,781 | 10,823 | — | 4,165 | 24,769 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10.Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 160,045 | $ | 465,368 | $ | 31,953 | $ | 142,137 | $ | 799,503 |
(Dollars in thousands) | Real Estate— Residential Secured for Personal Purpose | Real Estate— Home Equity Secured for Personal Purpose | Loans to Individuals | Lease Financing | Total | ||||||||||||||
At March 31, 2017 | |||||||||||||||||||
Performing | $ | 220,036 | $ | 153,756 | $ | 27,773 | $ | 127,143 | $ | 528,708 | |||||||||
Nonperforming | 507 | 607 | 142 | 5,721 | 6,977 | ||||||||||||||
Total | $ | 220,543 | $ | 154,363 | $ | 27,915 | $ | 132,864 | $ | 535,685 | |||||||||
At December 31, 2016 | |||||||||||||||||||
Performing | $ | 210,208 | $ | 147,286 | $ | 29,968 | $ | 134,010 | $ | 521,472 | |||||||||
Nonperforming | 169 | 696 | 142 | 729 | 1,736 | ||||||||||||||
Total | $ | 210,377 | $ | 147,982 | $ | 30,110 | $ | 134,739 | $ | 523,208 |
(Dollars in thousands) | Real Estate— Residential Secured for Personal Purpose | Real Estate— Home Equity Secured for Personal Purpose | Loans to Individuals | Lease Financing | Total | ||||||||||||||
At March 31, 2017 | |||||||||||||||||||
Performing | $ | 74,332 | $ | 12,736 | $ | 148 | $ | — | $ | 87,216 | |||||||||
Nonperforming | 557 | — | — | — | 557 | ||||||||||||||
Total | $ | 74,889 | $ | 12,736 | $ | 148 | $ | — | $ | 87,773 | |||||||||
At December 31, 2016 | |||||||||||||||||||
Performing | $ | 79,559 | $ | 14,857 | $ | 263 | $ | — | $ | 94,679 | |||||||||
Nonperforming | 872 | — | — | — | 872 | ||||||||||||||
Total | $ | 80,431 | $ | 14,857 | $ | 263 | $ | — | $ | 95,551 |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial and Construction | Real Estate— Residential Secured for Business Purpose | Real Estate— Residential and Home Equity Secured for Personal Purpose | Loans to Individuals | Lease Financings | Unallocated | Total | |||||||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 7,037 | $ | 7,505 | $ | 774 | $ | 993 | $ | 364 | $ | 788 | $ | 38 | $ | 17,499 | |||||||||||||||
Charge-offs | (178 | ) | — | (42 | ) | (94 | ) | (126 | ) | (257 | ) | N/A | (697 | ) | |||||||||||||||||
Recoveries | 187 | 3 | 10 | 17 | 35 | 29 | N/A | 281 | |||||||||||||||||||||||
Provision (recovery of provision) | 844 | 116 | 603 | 82 | 62 | 769 | (34 | ) | 2,442 | ||||||||||||||||||||||
Provision for acquired credit impaired loans | — | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||
Ending balance | $ | 7,890 | $ | 7,624 | $ | 1,345 | $ | 1,001 | $ | 335 | $ | 1,329 | $ | 4 | $ | 19,528 | |||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 6,418 | $ | 6,572 | $ | 763 | $ | 1,575 | $ | 346 | $ | 1,042 | $ | 912 | $ | 17,628 | |||||||||||||||
Charge-offs | (1,481 | ) | (26 | ) | (238 | ) | (46 | ) | (76 | ) | (205 | ) | N/A | (2,072 | ) | ||||||||||||||||
Recoveries | 450 | 7 | 19 | 17 | 33 | 44 | N/A | 570 | |||||||||||||||||||||||
Provision (recovery of provision) | 243 | (82 | ) | 203 | (233 | ) | 53 | 41 | 102 | 327 | |||||||||||||||||||||
Recovery of provision for acquired credit impaired loans | — | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||||
Ending balance | $ | 5,630 | $ | 6,471 | $ | 747 | $ | 1,312 | $ | 356 | $ | 922 | $ | 1,014 | $ | 16,452 |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial and Construction | Real Estate— Residential Secured for Business Purpose | Real Estate— Residential and Home Equity Secured for Personal Purpose | Loans to Individuals | Lease Financings | Unallocated | Total | |||||||||||||||||||||||
At March 31, 2017 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 8 | $ | 26 | $ | 364 | $ | 1 | $ | — | $ | 580 | N/A | $ | 979 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | 7,882 | 7,598 | 981 | 1,000 | 335 | 749 | 4 | 18,549 | |||||||||||||||||||||||
Total ending balance | $ | 7,890 | $ | 7,624 | $ | 1,345 | $ | 1,001 | $ | 335 | $ | 1,329 | $ | 4 | $ | 19,528 | |||||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,524 | $ | 21,658 | $ | 5,178 | $ | 1,054 | $ | — | $ | 5,021 | $ | 42,435 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | 740,818 | 1,160,406 | 175,652 | 373,852 | 27,915 | 127,843 | 2,606,486 | ||||||||||||||||||||||||
Loans measured at fair value | — | 2,092 | — | — | — | — | 2,092 | ||||||||||||||||||||||||
Acquired non-credit impaired loans | 90,069 | 395,838 | 110,820 | 87,412 | 148 | — | 684,287 | ||||||||||||||||||||||||
Acquired credit impaired loans | 560 | 5,261 | 582 | 213 | — | — | 6,616 | ||||||||||||||||||||||||
Total ending balance | $ | 840,971 | $ | 1,585,255 | $ | 292,232 | $ | 462,531 | $ | 28,063 | $ | 132,864 | $ | 3,341,916 | |||||||||||||||||
At March 31, 2016 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 151 | $ | 140 | $ | 20 | $ | 30 | $ | — | $ | — | N/A | $ | 341 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | 5,479 | 6,323 | 727 | 1,282 | 356 | 922 | 1,014 | 16,103 | |||||||||||||||||||||||
Ending balance: acquired credit impaired loans evaluated for impairment | — | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||||
Total ending balance | $ | 5,630 | $ | 6,471 | $ | 747 | $ | 1,312 | $ | 356 | $ | 922 | $ | 1,014 | $ | 16,452 | |||||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 12,977 | $ | 29,375 | $ | 3,618 | $ | 504 | $ | — | $ | — | $ | 46,474 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | 473,135 | 821,684 | 99,973 | 314,885 | 28,140 | 125,814 | 1,863,631 | ||||||||||||||||||||||||
Acquired non-credit impaired loans | 21,207 | 122,415 | 113,923 | 14,058 | 281 | — | 271,884 | ||||||||||||||||||||||||
Acquired credit impaired loans | — | 517 | 750 | — | — | — | 1,267 | ||||||||||||||||||||||||
Total ending balance | $ | 507,319 | $ | 973,991 | $ | 218,264 | $ | 329,447 | $ | 28,421 | $ | 125,814 | $ | 2,183,256 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Reserve | Recorded Investment | Unpaid Principal Balance | Related Reserve | |||||||||||||||||
Impaired loans with no related reserve recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 9,437 | $ | 10,960 | $ | 10,911 | $ | 12,561 | |||||||||||||||
Real estate—commercial real estate | 21,062 | 21,906 | 24,469 | 25,342 | |||||||||||||||||||
Real estate—residential secured for business purpose | 3,937 | 4,338 | 5,704 | 6,253 | |||||||||||||||||||
Real estate—residential secured for personal purpose | 556 | 596 | 560 | 594 | |||||||||||||||||||
Real estate—home equity secured for personal purpose | 441 | 445 | 525 | 528 | |||||||||||||||||||
Total impaired loans with no related reserve recorded | $ | 35,433 | $ | 38,245 | $ | 42,169 | $ | 45,278 | |||||||||||||||
Impaired loans with a reserve recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 87 | $ | 211 | $ | 8 | $ | 166 | $ | 166 | $ | 19 | |||||||||||
Real estate—commercial real estate | 596 | 596 | 26 | 597 | 597 | 25 | |||||||||||||||||
Real estate—residential secured for business purpose | 1,241 | 1,519 | 364 | 983 | 1,105 | 191 | |||||||||||||||||
Real estate—home equity secured for personal purpose | 57 | 57 | 1 | — | — | — | |||||||||||||||||
Total impaired loans with a reserve recorded | $ | 1,981 | $ | 2,383 | $ | 399 | $ | 1,746 | $ | 1,868 | $ | 235 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Reserve | Recorded Investment | Unpaid Principal Balance | Related Reserve | |||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 9,524 | $ | 11,171 | $ | 8 | $ | 11,077 | $ | 12,727 | $ | 19 | |||||||||||
Real estate—commercial real estate | 21,658 | 22,502 | 26 | 25,066 | 25,939 | 25 | |||||||||||||||||
Real estate—residential secured for business purpose | 5,178 | 5,857 | 364 | 6,687 | 7,358 | 191 | |||||||||||||||||
Real estate—residential secured for personal purpose | 556 | 596 | — | 560 | 594 | — | |||||||||||||||||
Real estate—home equity secured for personal purpose | 498 | 502 | 1 | 525 | 528 | — | |||||||||||||||||
Total impaired loans | $ | 37,414 | $ | 40,628 | $ | 399 | $ | 43,915 | $ | 47,146 | $ | 235 |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Average Recorded Investment | Interest Income Recognized* | Additional Interest Income That Would Have Been Recognized Under Original Terms | Average Recorded Investment | Interest Income Recognized* | Additional Interest Income That Would Have Been Recognized Under Original Terms | |||||||||||||||||
Commercial, financial and agricultural | $ | 11,418 | $ | 43 | $ | 85 | $ | 13,569 | $ | 68 | $ | 95 | |||||||||||
Real estate—commercial real estate | 23,949 | 233 | 73 | 29,212 | 305 | 70 | |||||||||||||||||
Real estate—residential secured for business purpose | 4,268 | 16 | 44 | 4,273 | 27 | 47 | |||||||||||||||||
Real estate—residential secured for personal purpose | 552 | — | 8 | 568 | 2 | 4 | |||||||||||||||||
Real estate—home equity secured for personal purpose | 525 | — | 5 | 177 | — | 2 | |||||||||||||||||
Total | $ | 40,712 | $ | 292 | $ | 215 | $ | 47,799 | $ | 402 | $ | 218 |
* | Includes interest income recognized on a cash basis for nonaccrual loans of $1 thousand and $7 thousand for the three months ended March 31, 2017 and 2016, respectively and interest income recognized on the accrual method for accruing impaired loans of $291 thousand and $395 thousand for the three months ended March 31, 2017 and 2016, respectively. |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Pre- Restructuring Outstanding Recorded Investment | Post- Restructuring Outstanding Recorded Investment | Related Reserve | Number of Loans | Pre- Restructuring Outstanding Recorded Investment | Post- Restructuring Outstanding Recorded Investment | Related Reserve | |||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | $ | — | $ | — | 1 | $ | 1,545 | $ | 1,545 | $ | — | |||||||||||||||
Total | — | $ | — | $ | — | $ | — | 1 | $ | 1,545 | $ | 1,545 | $ | — | |||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||
Total | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — |
Amortization Period Extension | Total Concessions Granted | ||||||||||||
(Dollars in thousands) | No. of Loans | Amount | No. of Loans | Amount | |||||||||
Three Months Ended March 31, 2017 | |||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||
Total | — | $ | — | — | $ | — | |||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||
Total | — | $ | — | — | $ | — | |||||||
Three Months Ended March 31, 2016 | |||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||
Commercial, financial and agricultural | 1 | $ | 1,545 | 1 | $ | 1,545 | |||||||
Total | 1 | $ | 1,545 | 1 | $ | 1,545 | |||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||
Total | — | $ | — | — | $ | — |
Three Months Ended March 31, | |||||||||||||
2017 | 2016 | ||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||
Commercial, financial and agricultural | — | $ | — | 1 | $ | 50 | |||||||
Total | — | $ | — | 1 | $ | 50 | |||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||
Total | — | $ | — | — | $ | — |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Real estate-home equity secured for personal purpose | $ | 180 | $ | 180 | |||
Total | $ | 180 | $ | 180 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Consolidated | |||||||||||
Balance at December 31, 2016 | $ | 138,476 | $ | 15,434 | $ | 18,649 | $ | 172,559 | |||||||
Addition to goodwill from acquisitions | — | — | — | — | |||||||||||
Balance at March 31, 2017 | $ | 138,476 | $ | 15,434 | $ | 18,649 | $ | 172,559 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization and Fair Value Adjustments | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization and Fair Value Adjustments | Net Carrying Amount | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||
Covenants not to compete | $ | 710 | $ | 307 | $ | 403 | $ | 710 | $ | 205 | $ | 505 | |||||||||||
Core deposit intangibles | 6,788 | 1,299 | 5,489 | 6,788 | 1,004 | 5,784 | |||||||||||||||||
Customer related intangibles | 12,381 | 8,852 | 3,529 | 12,381 | 8,504 | 3,877 | |||||||||||||||||
Servicing rights | 14,712 | 8,210 | 6,502 | 14,369 | 7,884 | 6,485 | |||||||||||||||||
Total amortized intangible assets | $ | 34,591 | $ | 18,668 | $ | 15,923 | $ | 34,248 | $ | 17,597 | $ | 16,651 |
Year | (Dollars in thousands) | Amount | ||
Remainder of 2017 | $ | 2,085 | ||
2018 | 2,114 | |||
2019 | 1,565 | |||
2020 | 1,200 | |||
2021 | 923 | |||
Thereafter | 1,534 |
Three Months Ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Beginning of period | $ | 6,485 | $ | 5,877 | |||
Servicing rights capitalized | 343 | 311 | |||||
Amortization of servicing rights | (326 | ) | (349 | ) | |||
Changes in valuation allowance | — | — | |||||
End of period | $ | 6,502 | $ | 5,839 | |||
Residential mortgage and SBA loans serviced for others | $ | 972,617 | $ | 872,958 |
Year | (Dollars in thousands) | Amount | ||
Remainder of 2017 | $ | 931 | ||
2018 | 818 | |||
2019 | 711 | |||
2020 | 616 | |||
2021 | 533 | |||
Thereafter | 2,893 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||
(Dollars in thousands) | Balance at End of Period | Weighted Average Interest Rate at End of Period | Balance at End of Period | Weighted Average Interest Rate at End of Period | |||||||||
Short-term borrowings: | |||||||||||||
FHLB borrowings | $ | 9,715 | 0.99 | % | $ | 91,300 | 0.74 | % | |||||
Federal funds purchased | 45,000 | 1.05 | 80,000 | 0.81 | |||||||||
Customer repurchase agreements | 24,651 | 0.05 | 24,871 | 0.05 | |||||||||
Long-term debt: | |||||||||||||
FHLB advances | $ | 150,912 | 1.28 | % | $ | 96,248 | 0.94 | % | |||||
Security repurchase agreements | 31,154 | 1.02 | 31,274 | 0.91 | |||||||||
Subordinated notes | $ | 94,148 | 5.36 | % | $ | 94,087 | 5.36 | % |
(Dollars in thousands) | As of March 31, 2017 | Weighted Average Rate | ||||
Remainder of 2017 | $ | 65,829 | 0.83 | % | ||
2018 | 10,083 | 0.69 | ||||
2019 | 10,000 | 1.35 | ||||
2020 | 40,000 | 1.70 | ||||
2021 | 25,000 | 1.97 | ||||
Thereafter | — | — | ||||
Total | $ | 150,912 | 1.28 | % |
(Dollars in thousands) | As of March 31, 2017 | Weighted Average Rate | ||||
Remainder of 2017 | $ | — | — | % | ||
2018 | 10,351 | 0.83 | ||||
2019 | 10,380 | 1.11 | ||||
2020 | 10,423 | 1.12 | ||||
2021 | — | — | ||||
Thereafter | — | — | ||||
Total | $ | 31,154 | 1.02 | % |
Three Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Dollars in thousands) | Retirement Plans | Other Post Retirement Benefits | |||||||||||||
Service cost | $ | 151 | $ | 171 | $ | 12 | $ | 12 | |||||||
Interest cost | 465 | 518 | 29 | 33 | |||||||||||
Expected return on plan assets | (753 | ) | (754 | ) | — | — | |||||||||
Amortization of net actuarial loss | 288 | 323 | 11 | 6 | |||||||||||
Accretion of prior service cost | (70 | ) | (71 | ) | — | — | |||||||||
Net periodic benefit cost | $ | 81 | $ | 187 | $ | 52 | $ | 51 |
(Dollars in thousands, except per share data) | Shares Under Option | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value at March 31, 2017 | ||||||||
Outstanding at December 31, 2016 | 504,908 | $ | 19.06 | |||||||||
Granted | 191,297 | 28.15 | ||||||||||
Expired | (65,500 | ) | 22.98 | |||||||||
Forfeited | — | — | ||||||||||
Exercised | (47,704 | ) | 18.04 | |||||||||
Outstanding at March 31, 2017 | 583,001 | 21.66 | 7.9 | $ | 2,898 | |||||||
Exercisable at March 31, 2017 | 210,691 | 17.96 | 6.0 | 1,672 |
(Dollars in thousands, except per share data) | Nonvested Stock Options | Weighted Average Grant Date Fair Value | ||||
Nonvested stock options at December 31, 2016 | 308,940 | $ | 6.15 | |||
Granted | 191,297 | 6.72 | ||||
Vested | (127,927 | ) | 6.08 | |||
Forfeited | — | — | ||||
Nonvested stock options at March 31, 2017 | 372,310 | 6.46 |
Three months ended March 31, | |||||||||||
2017 | 2016 | ||||||||||
Actual | Range | Weighted Average | |||||||||
Expected option life in years | 6.9 | 7.9 | - | 8.2 | 7.9 | ||||||
Risk free interest rate | 2.30 | % | 1.81% | - | 1.89% | 1.89 | % | ||||
Expected dividend yield | 2.84 | % | 4.07% | - | 4.19% | 4.07 | % | ||||
Expected volatility | 29.75 | % | 46.13% | - | 46.22% | 46.13 | % | ||||
Fair value of options | $ | 6.72 | $5.98 | - | $6.27 | $ | 6.26 |
(Dollars in thousands, except per share data) | Nonvested Share Awards | Weighted Average Grant Date Fair Value | ||||
Nonvested share awards at December 31, 2016 | 285,158 | $ | 19.74 | |||
Granted | 58,448 | 28.15 | ||||
Vested | (47,164 | ) | 18.32 | |||
Forfeited | (13,125 | ) | 18.78 | |||
Nonvested share awards at March 31, 2017 | 283,317 | 21.76 |
Three months ended March 31, | |||||||
(Dollars in thousands, except per share data) | 2017 | 2016 | |||||
Shares granted | 58,448 | 58,580 | |||||
Weighted average grant date fair value | $ | 28.15 | $ | 19.68 | |||
Intrinsic value of awards vested | $ | 1,333 | $ | 971 |
(Dollars in thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | |||
Stock options | $ | 2,082 | 2.4 | ||
Restricted stock awards | 4,189 | 1.9 | |||
$ | 6,271 | 2.1 |
Three months ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Stock-based compensation expense: | |||||||
Stock options | $ | 221 | $ | 151 | |||
Restricted stock awards | 610 | 300 | |||||
Employee stock purchase plan | 15 | 16 | |||||
Total | $ | 846 | $ | 467 | |||
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | $ | 507 | $ | 151 |
Three Months Ended March 31, | |||||||
(Dollars and shares in thousands, except per share data) | 2017 | 2016 | |||||
Numerator: | |||||||
Net income | $ | 10,856 | $ | 7,289 | |||
Net income allocated to unvested restricted stock | (113 | ) | (59 | ) | |||
Net income allocated to common shares | $ | 10,743 | $ | 7,230 | |||
Denominator: | |||||||
Denominator for basic earnings per share—weighted-average shares outstanding | 26,345 | 19,402 | |||||
Effect of dilutive securities—employee stock options | 103 | 31 | |||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 26,448 | 19,433 | |||||
Basic earnings per share | $ | 0.41 | $ | 0.37 | |||
Diluted earnings per share | $ | 0.41 | $ | 0.37 | |||
Average anti-dilutive options and awards excluded from computation of diluted earnings per share | 242 | 588 |
(Dollars in thousands) | Net Unrealized (Losses) Gains on Available-for-Sale Investment Securities | Net Change Related to Derivatives Used for Cash Flow Hedges | Net Change Related to Defined Benefit Pension Plans | Accumulated Other Comprehensive (Loss) Income | |||||||||||
Balance, December 31, 2016 | $ | (4,988 | ) | $ | (141 | ) | $ | (14,325 | ) | $ | (19,454 | ) | |||
Net Change | 263 | 51 | 148 | 462 | |||||||||||
Balance, March 31, 2017 | $ | (4,725 | ) | $ | (90 | ) | $ | (14,177 | ) | $ | (18,992 | ) | |||
Balance, December 31, 2015 | $ | (592 | ) | $ | (285 | ) | $ | (15,831 | ) | $ | (16,708 | ) | |||
Net Change | 1,413 | (354 | ) | 168 | 1,227 | ||||||||||
Balance, March 31, 2016 | $ | 821 | $ | (639 | ) | $ | (15,663 | ) | $ | (15,481 | ) |
Derivative Assets | Derivative Liabilities | ||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | ||||||||||
At March 31, 2017 | |||||||||||||||
Interest rate swap - cash flow hedge | $ | 18,386 | $ | — | Other liabilities | $ | 138 | ||||||||
Interest rate swap - fair value hedge | 1,417 | — | Other liabilities | 29 | |||||||||||
Total | $ | 19,803 | $ | — | $ | 167 | |||||||||
At December 31, 2016 | |||||||||||||||
Interest rate swap - cash flow hedge | $ | 18,566 | $ | — | Other liabilities | $ | 217 | ||||||||
Interest rate swap - fair value hedge | 1,427 | — | Other liabilities | 37 | |||||||||||
Total | $ | 19,993 | $ | — | $ | 254 |
Derivative Assets | Derivative Liabilities | ||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | ||||||||||
At March 31, 2017 | |||||||||||||||
Interest rate swap | $ | 598 | $ | — | Other liabilities | $ | 57 | ||||||||
Credit derivatives | 47,501 | — | Other liabilities | 57 | |||||||||||
Interest rate locks with customers | 35,255 | Other assets | 1,208 | — | |||||||||||
Forward loan sale commitments | 36,390 | Other assets | 3 | — | |||||||||||
Total | $ | 119,744 | $ | 1,211 | $ | 114 | |||||||||
At December 31, 2016 | |||||||||||||||
Interest rate swap | $ | 622 | $ | — | Other liabilities | $ | 65 | ||||||||
Credit derivatives | 27,919 | — | Other liabilities | 9 | |||||||||||
Interest rate locks with customers | 36,541 | Other assets | 801 | — | |||||||||||
Forward loan sale commitments | 42,366 | Other assets | 257 | — | |||||||||||
Total | $ | 107,448 | $ | 1,058 | $ | 74 |
Statement of Income Classification | Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||
Interest rate swap—cash flow hedge—net interest payments | Interest expense | $ | 71 | $ | 81 | ||||
Interest rate swap—fair value hedge—ineffectiveness | Other noninterest income | 3 | — | ||||||
Net loss | $ | (68 | ) | $ | (81 | ) |
Statement of Income Classification | Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||
Credit derivatives | Other noninterest income | $ | 71 | $ | — | ||||
Interest rate locks with customers | Net gain on mortgage banking activities | 407 | 632 | ||||||
Forward loan sale commitments | Net loss on mortgage banking activities | (254 | ) | (141 | ) | ||||
Total | $ | 224 | $ | 491 |
(Dollars in thousands) | Accumulated Other Comprehensive (Loss) Income | At March 31, 2017 | At December 31, 2016 | ||||||
Interest rate swap—cash flow hedge | Fair value, net of taxes | $ | (90 | ) | $ | (141 | ) | ||
Total | $ | (90 | ) | $ | (141 | ) |
At March 31, 2017 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/ Liabilities at Fair Value | |||||||||||
Assets: | |||||||||||||||
Available-for-sale securities: | |||||||||||||||
U.S. government corporations and agencies | $ | — | $ | 32,204 | $ | — | $ | 32,204 | |||||||
State and political subdivisions | — | 84,626 | — | 84,626 | |||||||||||
Residential mortgage-backed securities | — | 190,379 | — | 190,379 | |||||||||||
Collateralized mortgage obligations | — | 4,301 | — | 4,301 | |||||||||||
Corporate bonds | — | 79,673 | 28,194 | 107,867 | |||||||||||
Money market mutual funds | 11,294 | — | — | 11,294 | |||||||||||
Equity securities | 941 | — | — | 941 | |||||||||||
Total available-for-sale securities | 12,235 | 391,183 | 28,194 | 431,612 | |||||||||||
Loans* | — | — | 2,092 | 2,092 | |||||||||||
Interest rate locks with customers* | — | 1,208 | — | 1,208 | |||||||||||
Forward loan sale commitments* | — | 3 | — | 3 | |||||||||||
Total assets | $ | 12,235 | $ | 392,394 | $ | 30,286 | $ | 434,915 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 729 | $ | 729 | |||||||
Interest rate swaps* | — | 224 | — | 224 | |||||||||||
Credit derivatives* | — | — | 57 | 57 | |||||||||||
Total liabilities | $ | — | $ | 224 | $ | 786 | $ | 1,010 |
At December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/ Liabilities at Fair Value | |||||||||||
Assets: | |||||||||||||||
Available-for-sale securities: | |||||||||||||||
U.S. government corporations and agencies | $ | — | $ | 32,266 | $ | — | $ | 32,266 | |||||||
State and political subdivisions | — | 88,350 | — | 88,350 | |||||||||||
Residential mortgage-backed securities | — | 198,570 | — | 198,570 | |||||||||||
Collateralized mortgage obligations | — | 4,554 | — | 4,554 | |||||||||||
Corporate bonds | — | 79,420 | 28,778 | 108,198 | |||||||||||
Money market mutual funds | 10,784 | — | — | 10,784 | |||||||||||
Equity securities | 915 | — | — | 915 | |||||||||||
Total available-for-sale securities | 11,699 | 403,160 | 28,778 | 443,637 | |||||||||||
Loans* | — | — | 2,138 | 2,138 | |||||||||||
Interest rate locks with customers* | — | 801 | — | 801 | |||||||||||
Forward loan sale commitments* | — | 257 | — | 257 | |||||||||||
Total assets | $ | 11,699 | $ | 404,218 | $ | 30,916 | $ | 446,833 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 5,999 | $ | 5,999 | |||||||
Interest rate swaps* | — | 319 | — | 319 | |||||||||||
Credit derivatives* | — | — | 9 | 9 | |||||||||||
Total liabilities | $ | — | $ | 319 | $ | 6,008 | $ | 6,327 |
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2016 | Purchases/additions | Sales | Payments received | Premium amortization, net | (Decrease) increase in value | Balance at March 31, 2017 | ||||||||||||||||||||
Corporate bonds | $ | 28,778 | $ | — | $ | — | $ | — | $ | — | $ | (584 | ) | $ | 28,194 | ||||||||||||
Loans | 2,138 | — | — | (33 | ) | — | (13 | ) | 2,092 | ||||||||||||||||||
Credit derivatives | (9 | ) | (120 | ) | — | — | — | 72 | (57 | ) | |||||||||||||||||
Net total | $ | 30,907 | $ | (120 | ) | $ | — | $ | (33 | ) | $ | — | $ | (525 | ) | $ | 30,229 |
Three Months Ended March 31, 2017 | |||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2016 | Contingent Consideration from New Acquisition | Payment of Contingent Consideration | Adjustment of Contingent Consideration | Balance at March 31, 2017 | ||||||||||||||
Sterner Insurance Associates | $ | 331 | $ | — | $ | — | $ | — | $ | 331 | |||||||||
Girard Partners | 5,668 | — | 5,284 | 14 | 398 | ||||||||||||||
Total contingent consideration liability | $ | 5,999 | $ | — | $ | 5,284 | $ | 14 | $ | 729 |
Three Months Ended March 31, 2016 | |||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2015 | Contingent Consideration from New Acquisition* | Payment of Contingent Consideration | Adjustment of Contingent Consideration | Balance at March 31, 2016 | ||||||||||||||
Sterner Insurance Associates | $ | 1,144 | $ | — | $ | — | $ | 154 | $ | 1,298 | |||||||||
Girard Partners | 4,241 | $ | — | $ | 900 | $ | 119 | 3,460 | |||||||||||
John T. Fretz Insurance Agency | 192 | — | — | 7 | 199 | ||||||||||||||
Total contingent consideration liability | $ | 5,577 | $ | — | $ | 900 | $ | 280 | $ | 4,957 |
At March 31, 2017 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets at Fair Value | |||||||||||
Impaired loans held for investment | $ | — | $ | — | $ | 37,015 | $ | 37,015 | |||||||
Impaired leases held for investment | — | — | 4,441 | 4,441 | |||||||||||
Other real estate owned | — | — | 3,712 | 3,712 | |||||||||||
Total | $ | — | $ | — | $ | 45,168 | $ | 45,168 |
At December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets at Fair Value | |||||||||||
Impaired loans held for investment | $ | — | $ | — | $ | 43,680 | $ | 43,680 | |||||||
Other real estate owned | — | — | 4,969 | 4,969 | |||||||||||
Total | $ | — | $ | — | $ | 48,649 | $ | 48,649 |
At March 31, 2017 | |||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Carrying Amount | ||||||||||||||
Assets: | |||||||||||||||||||
Cash and short-term interest-earning assets | $ | 57,800 | $ | — | $ | — | $ | 57,800 | $ | 57,800 | |||||||||
Held-to-maturity securities | — | 33,022 | — | 33,022 | 33,027 | ||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | NA | NA | NA | NA | 25,322 | ||||||||||||||
Loans held for sale | — | 1,121 | — | 1,121 | 1,110 | ||||||||||||||
Net loans and leases held for investment | — | — | 3,271,524 | 3,271,524 | 3,278,840 | ||||||||||||||
Servicing rights | — | — | 9,799 | 9,799 | 6,502 | ||||||||||||||
Total assets | $ | 57,800 | $ | 34,143 | $ | 3,281,323 | $ | 3,373,266 | $ | 3,402,601 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand and savings deposits, non-maturity | $ | 2,812,775 | $ | — | $ | — | $ | 2,812,775 | $ | 2,812,775 | |||||||||
Time deposits | — | 555,841 | — | 555,841 | 553,176 | ||||||||||||||
Total deposits | 2,812,775 | 555,841 | — | 3,368,616 | 3,365,951 | ||||||||||||||
Short-term borrowings | — | 79,366 | — | 79,366 | 79,366 | ||||||||||||||
Long-term debt | — | 183,962 | — | 183,962 | 182,066 | ||||||||||||||
Subordinated notes | — | 95,000 | — | 95,000 | 94,148 | ||||||||||||||
Total liabilities | $ | 2,812,775 | $ | 914,169 | $ | — | $ | 3,726,944 | $ | 3,721,531 | |||||||||
Off-Balance-Sheet: | |||||||||||||||||||
Commitments to extend credit | $ | — | $ | (2,279 | ) | $ | — | $ | (2,279 | ) | $ | — |
At December 31, 2016 | |||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Carrying Amount | ||||||||||||||
Assets: | |||||||||||||||||||
Cash and short-term interest-earning assets | $ | 57,825 | $ | — | $ | — | $ | 57,825 | $ | 57,825 | |||||||||
Held-to-maturity securities | — | 24,871 | — | 24,871 | 24,881 | ||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | NA | NA | NA | NA | 24,869 | ||||||||||||||
Loans held for sale | — | 5,943 | — | 5,943 | 5,890 | ||||||||||||||
Net loans and leases held for investment | — | — | 3,193,886 | 3,193,886 | 3,222,569 | ||||||||||||||
Servicing rights | — | — | 9,548 | 9,548 | 6,485 | ||||||||||||||
Total assets | $ | 57,825 | $ | 30,814 | $ | 3,203,434 | $ | 3,292,073 | $ | 3,342,519 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand and savings deposits, non-maturity | $ | 2,631,378 | $ | — | $ | — | $ | 2,631,378 | $ | 2,631,378 | |||||||||
Time deposits | — | 628,096 | — | 628,096 | 626,189 | ||||||||||||||
Total deposits | 2,631,378 | 628,096 | — | 3,259,474 | 3,257,567 | ||||||||||||||
Short-term borrowings | — | 195,572 | — | 195,572 | 196,171 | ||||||||||||||
Long-term debt | — | 130,157 | — | 130,157 | 127,522 | ||||||||||||||
Subordinated notes | — | 95,188 | — | 95,188 | 94,087 | ||||||||||||||
Total liabilities | $ | 2,631,378 | $ | 1,049,013 | $ | — | $ | 3,680,391 | $ | 3,675,347 | |||||||||
Off-Balance-Sheet: | |||||||||||||||||||
Commitments to extend credit | $ | — | $ | (2,218 | ) | $ | — | $ | (2,218 | ) | $ | — |
| The Banking segment provides financial services to consumers, businesses and governmental units. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing. |
| The Wealth Management segment offers trust and investment advisory services, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisory managing private investment accounts for both individuals and institutions. |
| The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions, personal insurance lines and human resources consulting. |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | At March 31, 2016 | ||||||||
Banking | $ | 4,187,607 | $ | 4,137,873 | $ | 2,746,433 | |||||
Wealth Management | 31,178 | 35,061 | 30,134 | ||||||||
Insurance | 24,412 | 24,472 | 24,715 | ||||||||
Other | 30,734 | 33,122 | 23,495 | ||||||||
Consolidated assets | $ | 4,273,931 | $ | 4,230,528 | $ | 2,824,777 |
Three Months Ended | |||||||||||||||||||
March 31, 2017 | |||||||||||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||
Interest income | $ | 38,392 | $ | 1 | $ | — | $ | 3 | $ | 38,396 | |||||||||
Interest expense | 4,113 | — | — | — | 4,113 | ||||||||||||||
Net interest income | 34,279 | 1 | — | 3 | 34,283 | ||||||||||||||
Provision for loan and lease losses | 2,445 | — | — | — | 2,445 | ||||||||||||||
Noninterest income | 5,162 | 5,138 | 4,547 | 123 | 14,970 | ||||||||||||||
Intangible expenses | 396 | 170 | 193 | — | 759 | ||||||||||||||
Other noninterest expense | 23,744 | 3,471 | 3,069 | 987 | 31,271 | ||||||||||||||
Intersegment (revenue) expense* | (567 | ) | 237 | 330 | — | — | |||||||||||||
Income (expense) before income taxes | 13,423 | 1,261 | 955 | (861 | ) | 14,778 | |||||||||||||
Income tax expense (benefit) | 3,641 | 500 | 404 | (623 | ) | 3,922 | |||||||||||||
Net income (loss) | $ | 9,782 | $ | 761 | $ | 551 | $ | (238 | ) | $ | 10,856 | ||||||||
Capital expenditures | $ | 4,320 | $ | 11 | $ | 7 | $ | 50 | $ | 4,388 |
Three Months Ended | |||||||||||||||||||
March 31, 2016 | |||||||||||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||
Interest income | $ | 25,725 | $ | 2 | $ | — | $ | 7 | $ | 25,734 | |||||||||
Interest expense | 2,211 | — | — | — | 2,211 | ||||||||||||||
Net interest income | 23,514 | 2 | — | 7 | 23,523 | ||||||||||||||
Provision for loan and lease losses | 326 | — | — | — | 326 | ||||||||||||||
Noninterest income | 4,548 | 4,572 | 4,720 | (9 | ) | 13,831 | |||||||||||||
Intangible expenses | 63 | 303 | 400 | — | 766 | ||||||||||||||
Acquisition-related and integration costs | 10 | — | — | 210 | 220 | ||||||||||||||
Other noninterest expense | 18,736 | 3,058 | 3,119 | 1,040 | 25,953 | ||||||||||||||
Intersegment (revenue) expense* | (511 | ) | 219 | 292 | — | — | |||||||||||||
Income (expense) before income taxes | 9,438 | 994 | 909 | (1,252 | ) | 10,089 | |||||||||||||
Income tax expense (benefit) | 2,357 | 383 | 377 | (317 | ) | 2,800 | |||||||||||||
Net income (loss) | $ | 7,081 | $ | 611 | $ | 532 | $ | (935 | ) | $ | 7,289 | ||||||||
Capital expenditures | $ | 1,839 | $ | 15 | $ | 10 | $ | 314 | $ | 2,178 |
(Dollars in thousands) | Severance expenses | Write-downs and retirements of fixed assets | Lease cancellations | Total | |||||||||||
Accrued at January 1, 2017 | $ | 901 | $ | 228 | $ | 81 | $ | 1,210 | |||||||
Payments | (445 | ) | — | (25 | ) | (470 | ) | ||||||||
Accrued at March 31, 2017 | $ | 456 | $ | 228 | $ | 56 | $ | 740 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | Operating, legal and regulatory risks |
• | Economic, political and competitive forces impacting various lines of business |
• | The risk that our analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful |
• | Volatility in interest rates |
• | Other risks and uncertainties, including those occurring in the U.S. and world financial systems |
Three Months Ended March 31, | Change | |||||||||||||
(Dollars in thousands, except per share data) | 2017 | 2016 | Amount | Percent | ||||||||||
Net income | $ | 10,856 | $ | 7,289 | $ | 3,567 | 48.9 | % | ||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.41 | $ | 0.37 | $ | 0.04 | 10.8 | |||||||
Diluted | 0.41 | 0.37 | 0.04 | 10.8 | ||||||||||
Return on average assets | 1.04 | % | 1.03 | % | 1 BP | 1.0 | ||||||||
Return on average equity | 8.65 | 8.05 | 60 BP | 7.5 |
Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | |||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning deposits with other banks | $ | 8,592 | $ | 16 | 0.76 | % | $ | 19,619 | $ | 28 | 0.57 | % | |||||||||
U.S. government obligations | 34,038 | 106 | 1.25 | 82,488 | 250 | 1.22 | |||||||||||||||
Obligations of states and political subdivisions | 85,854 | 922 | 4.36 | 101,061 | 1,129 | 4.49 | |||||||||||||||
Other debt and equity securities | 350,408 | 1,582 | 1.83 | 158,669 | 1,024 | 2.60 | |||||||||||||||
Federal funds sold and other earning assets | 25,909 | 358 | 5.60 | 14,821 | 132 | 3.58 | |||||||||||||||
Total interest-earning deposits, investments, federal funds sold and other earning assets | 504,801 | 2,984 | 2.40 | 376,658 | 2,563 | 2.74 | |||||||||||||||
Commercial, financial and agricultural loans | 721,050 | 7,841 | 4.41 | 411,999 | 4,014 | 3.92 | |||||||||||||||
Real estate—commercial and construction loans | 1,460,029 | 15,740 | 4.37 | 887,118 | 9,919 | 4.50 | |||||||||||||||
Real estate—residential loans | 738,211 | 8,236 | 4.52 | 541,976 | 5,976 | 4.43 | |||||||||||||||
Loans to individuals | 29,575 | 400 | 5.49 | 29,478 | 399 | 5.44 | |||||||||||||||
Municipal loans and leases | 279,379 | 3,120 | 4.53 | 231,498 | 2,625 | 4.56 | |||||||||||||||
Lease financings | 78,633 | 1,483 | 7.65 | 75,022 | 1,542 | 8.27 | |||||||||||||||
Gross loans and leases | 3,306,877 | 36,820 | 4.52 | 2,177,091 | 24,475 | 4.52 | |||||||||||||||
Total interest-earning assets | 3,811,678 | 39,804 | 4.24 | 2,553,749 | 27,038 | 4.26 | |||||||||||||||
Cash and due from banks | 41,942 | 31,665 | |||||||||||||||||||
Reserve for loan and lease losses | (18,200 | ) | (17,771 | ) | |||||||||||||||||
Premises and equipment, net | 64,507 | 42,873 | |||||||||||||||||||
Other assets | 330,501 | 224,041 | |||||||||||||||||||
Total assets | $ | 4,230,428 | $ | 2,834,557 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing checking deposits | $ | 426,373 | 105 | 0.10 | $ | 402,160 | 84 | 0.08 | |||||||||||||
Money market savings | 531,658 | 563 | 0.43 | 361,788 | 340 | 0.38 | |||||||||||||||
Regular savings | 807,802 | 349 | 0.18 | 626,894 | 174 | 0.11 | |||||||||||||||
Time deposits | 591,813 | 1,174 | 0.80 | 418,547 | 935 | 0.90 | |||||||||||||||
Total time and interest-bearing deposits | 2,357,646 | 2,191 | 0.38 | 1,809,389 | 1,533 | 0.34 | |||||||||||||||
Short-term borrowings | 150,155 | 262 | 0.71 | 27,388 | 3 | 0.04 | |||||||||||||||
Long-term debt | 148,031 | 399 | 1.09 | — | — | — | |||||||||||||||
Subordinated notes (1) | 94,116 | 1,261 | 5.43 | 49,394 | 675 | 5.50 | |||||||||||||||
Total borrowings | 392,302 | 1,922 | 1.99 | 76,782 | 678 | 3.55 | |||||||||||||||
Total interest-bearing liabilities | 2,749,948 | 4,113 | 0.61 | 1,886,171 | 2,211 | 0.47 | |||||||||||||||
Noninterest-bearing deposits | 932,639 | 542,427 | |||||||||||||||||||
Accrued expenses and other liabilities | 38,786 | 41,867 | |||||||||||||||||||
Total liabilities | 3,721,373 | 2,470,465 | |||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||
Common stock | 144,559 | 110,271 | |||||||||||||||||||
Additional paid-in capital | 230,104 | 120,824 | |||||||||||||||||||
Retained earnings and other equity | 134,392 | 132,997 | |||||||||||||||||||
Total shareholders’ equity | 509,055 | 364,092 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,230,428 | $ | 2,834,557 | |||||||||||||||||
Net interest income | $ | 35,691 | $ | 24,827 | |||||||||||||||||
Net interest spread | 3.63 | 3.79 | |||||||||||||||||||
Effect of net interest-free funding sources | 0.17 | 0.12 | |||||||||||||||||||
Net interest margin | 3.80 | % | 3.91 | % | |||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 138.61 | % | 135.39 | % | |||||||||||||||||
(1) The interest rate on gross subordinated notes is calculated on a 30/360 day basis with a weighted average note rate of 5.05% and 5.10% for the three months ended March 31, 2017 and 2016, respectively. The balance is net of debt issuance costs which are amortized to interest expense. |
Three Months Ended | |||||||||||
March 31, 2017 Versus 2016 | |||||||||||
(Dollars in thousands) | Volume Change | Rate Change | Total | ||||||||
Interest income: | |||||||||||
Interest-earning deposits with other banks | $ | (19 | ) | $ | 7 | $ | (12 | ) | |||
U.S. government obligations | (152 | ) | 8 | (144 | ) | ||||||
Obligations of states and political subdivisions | (173 | ) | (34 | ) | (207 | ) | |||||
Other debt and equity securities | 935 | (377 | ) | 558 | |||||||
Federal funds sold and other earning assets | 129 | 97 | 226 | ||||||||
Interest on deposits, investments, federal funds sold and other earning assets | 720 | (299 | ) | 421 | |||||||
Commercial, financial and agricultural loans | 3,276 | 551 | 3,827 | ||||||||
Real estate—commercial and construction loans | 6,119 | (298 | ) | 5,821 | |||||||
Real estate—residential loans | 2,139 | 121 | 2,260 | ||||||||
Loans to individuals | — | 1 | 1 | ||||||||
Municipal loans and leases | 513 | (18 | ) | 495 | |||||||
Lease financings | 67 | (126 | ) | (59 | ) | ||||||
Interest and fees on loans and leases | 12,114 | 231 | 12,345 | ||||||||
Total interest income | 12,834 | (68 | ) | 12,766 | |||||||
Interest expense: | |||||||||||
Interest-bearing checking deposits | 4 | 17 | 21 | ||||||||
Money market savings | 174 | 49 | 223 | ||||||||
Regular savings | 54 | 121 | 175 | ||||||||
Time deposits | 352 | (113 | ) | 239 | |||||||
Interest on time and interest-bearing deposits | 584 | 74 | 658 | ||||||||
Short-term borrowings | 54 | 205 | 259 | ||||||||
Long-term debt | 399 | — | 399 | ||||||||
Subordinated notes | 595 | (9 | ) | 586 | |||||||
Interest on borrowings | 1,048 | 196 | 1,244 | ||||||||
Total interest expense | 1,632 | 270 | 1,902 | ||||||||
Net interest income | $ | 11,202 | $ | (338 | ) | $ | 10,864 |
Three Months Ended March 31, | Change | |||||||||||||
(Dollars in thousands) | 2017 | 2016 | Amount | Percent | ||||||||||
Trust fee income | $ | 1,907 | $ | 1,865 | $ | 42 | 2.3 | % | ||||||
Service charges on deposit accounts | 1,243 | 998 | 245 | 24.5 | ||||||||||
Investment advisory commission and fee income | 3,181 | 2,671 | 510 | 19.1 | ||||||||||
Insurance commission and fee income | 4,410 | 4,558 | (148 | ) | (3.2 | ) | ||||||||
Other service fee income | 1,987 | 1,831 | 156 | 8.5 | ||||||||||
Bank owned life insurance income | 783 | 470 | 313 | 66.6 | ||||||||||
Net gain on sales of investment securities | 15 | 44 | (29 | ) | (65.9 | ) | ||||||||
Net gain on mortgage banking activities | 1,113 | 1,218 | (105 | ) | (8.6 | ) | ||||||||
Other income | 331 | 176 | 155 | 88.1 | ||||||||||
Total noninterest income | $ | 14,970 | $ | 13,831 | $ | 1,139 | 8.2 | % |
Three Months Ended March 31, | Change | |||||||||||||
(Dollars in thousands) | 2017 | 2016 | Amount | Percent | ||||||||||
Salaries and benefits | $ | 16,657 | $ | 14,182 | $ | 2,475 | 17.5 | % | ||||||
Commissions | 2,050 | 1,895 | 155 | 8.2 | ||||||||||
Net occupancy | 2,665 | 2,100 | 565 | 26.9 | ||||||||||
Equipment | 993 | 776 | 217 | 28.0 | ||||||||||
Data processing | 2,058 | 1,281 | 777 | 60.7 | ||||||||||
Professional fees | 1,239 | 1,020 | 219 | 21.5 | ||||||||||
Marketing and advertising | 379 | 538 | (159 | ) | (29.6 | ) | ||||||||
Deposit insurance premiums | 402 | 447 | (45 | ) | (10.1 | ) | ||||||||
Intangible expenses | 759 | 766 | (7 | ) | (0.9 | ) | ||||||||
Acquisition-related costs | — | 214 | (214 | ) | N/M | |||||||||
Integration costs | — | 6 | (6 | ) | N/M | |||||||||
Other expense | 4,828 | 3,714 | 1,114 | 30.0 | ||||||||||
Total noninterest expense | $ | 32,030 | $ | 26,939 | $ | 5,091 | 18.9 | % |
At March 31, 2017 | At December 31, 2016 | Change | ||||||||||||
(Dollars in thousands) | Amount | Percent | ||||||||||||
Cash and interest-earning deposits | $ | 57,800 | $ | 57,825 | $ | (25 | ) | N/M | ||||||
Investment securities | 464,639 | 468,518 | (3,879 | ) | (0.8 | ) | ||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 25,322 | 24,869 | 453 | 1.8 | ||||||||||
Loans held for sale | 1,110 | 5,890 | (4,780 | ) | (81.2 | ) | ||||||||
Loans and leases held for investment | 3,341,916 | 3,285,886 | 56,030 | 1.7 | ||||||||||
Reserve for loan and lease losses | (19,528 | ) | (17,499 | ) | (2,029 | ) | (11.6 | ) | ||||||
Premises and equipment, net | 64,811 | 63,638 | 1,173 | 1.8 | ||||||||||
Goodwill and other intangibles, net | 188,482 | 189,210 | (728 | ) | (0.4 | ) | ||||||||
Bank owned life insurance | 100,520 | 99,948 | 572 | 0.6 | ||||||||||
Accrued interest receivable and other assets | 48,859 | 52,243 | (3,384 | ) | (6.5 | ) | ||||||||
Total assets | $ | 4,273,931 | $ | 4,230,528 | $ | 43,403 | 1.0 | % |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications*: | |||||||
Loans held for investment: | |||||||
Commercial, financial and agricultural | $ | 5,305 | $ | 5,746 | |||
Real estate—commercial | 4,133 | 5,651 | |||||
Real estate—residential | 4,857 | 5,983 | |||||
Lease financings | 5,561 | 536 | |||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications* | 19,856 | 17,916 | |||||
Accruing troubled debt restructured loans and lease modifications not included in the above | 2,818 | 3,252 | |||||
Accruing loans and leases 90 days or more past due: | |||||||
Real estate—residential | 617 | 652 | |||||
Loans to individuals | 142 | 142 | |||||
Lease financings | 160 | 193 | |||||
Total accruing loans and leases, 90 days or more past due | 919 | 987 | |||||
Total non-performing loans and leases | 23,593 | 22,155 | |||||
Other real estate owned | 3,712 | 4,969 | |||||
Total nonperforming assets | $ | 27,305 | $ | 27,124 | |||
Nonaccrual loans and leases (including nonaccrual troubled debt restructured loans and lease modifications) / loans and leases held for investment | 0.59 | % | 0.55 | % | |||
Nonperforming loans and leases / loans and leases held for investment | 0.71 | 0.67 | |||||
Nonperforming assets / total assets | 0.64 | 0.64 | |||||
Allowance for loan and lease losses / loans and leases held for investment | 0.58 | 0.53 | |||||
Allowance for loan and lease losses / loans and leases held for investment (excluding acquired loans at period-end) | 0.74 | 0.73 | |||||
Allowance for loan and lease losses / nonaccrual loans and leases held for investment | 98.35 | 97.67 | |||||
Allowance for loan and lease losses / nonperforming loans and leases held for investment | 82.77 | 78.98 | |||||
Allowance for loan and lease losses | $ | 19,528 | $ | 17,499 | |||
Acquired credit impaired loans | 6,616 | 7,352 | |||||
Nonperforming loans and leases and acquired credit impaired loans/loans and leases held for investment | 0.90 | % | 0.90 | % | |||
Nonperforming assets and acquired credit impaired loans/ total assets | 0.79 | 0.81 | |||||
* Nonaccrual troubled debt restructured loans and lease modifications included in nonaccrual loans and leases in the above table | $ | 1,674 | $ | 1,753 |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications | $ | 19,856 | $ | 17,916 | |||
Nonaccrual loans and leases with partial charge-offs | 4,895 | 5,000 | |||||
Life-to-date partial charge-offs on nonaccrual loans and leases | 2,851 | 2,857 | |||||
Charge-off rate of nonaccrual loans and leases with partial charge-offs | 36.8 | % | 36.4 | % | |||
Specific reserves on impaired loans | $ | 399 | $ | 235 |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | Change | |||||||||||
Amount | Percent | |||||||||||||
Deposits | $ | 3,365,951 | $ | 3,257,567 | $ | 108,384 | 3.3 | % | ||||||
Short-term borrowings | 79,366 | 196,171 | (116,805 | ) | (59.5 | ) | ||||||||
Long-term debt | 182,066 | 127,522 | 54,544 | 42.8 | ||||||||||
Subordinated notes | 94,148 | 94,087 | 61 | 0.1 | ||||||||||
Accrued interest payable and other liabilities | 40,520 | 49,972 | (9,452 | ) | (18.9 | ) | ||||||||
Total liabilities | $ | 3,762,051 | $ | 3,725,319 | $ | 36,732 | 1.0 | % |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | Change | |||||||||||
Amount | Percent | |||||||||||||
Common stock | $ | 144,559 | $ | 144,559 | $ | — | — | % | ||||||
Additional paid-in capital | 230,391 | 230,494 | (103 | ) | N/M | |||||||||
Retained earnings | 200,050 | 194,516 | 5,534 | 2.8 | ||||||||||
Accumulated other comprehensive loss | (18,992 | ) | (19,454 | ) | 462 | 2.4 | ||||||||
Treasury stock | (44,128 | ) | (44,906 | ) | 778 | 1.7 | ||||||||
Total shareholders’ equity | $ | 511,880 | $ | 505,209 | $ | 6,671 | 1.3 | % |
Actual | For Capital Adequacy Purposes | To Be Well-Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
At March 31, 2017 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 469,296 | 12.44 | % | $ | 301,688 | 8.00 | % | $ | 377,111 | 10.00 | % | ||||||||
Bank | 440,359 | 11.77 | 299,276 | 8.00 | 374,095 | 10.00 | ||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 354,940 | 9.41 | 226,266 | 6.00 | 301,688 | 8.00 | ||||||||||||||
Bank | 420,151 | 11.23 | 224,457 | 6.00 | 299,276 | 8.00 | ||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 354,940 | 9.41 | 169,700 | 4.50 | 245,122 | 6.50 | ||||||||||||||
Bank | 420,151 | 11.23 | 168,343 | 4.50 | 243,161 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||
Corporation | 354,940 | 8.75 | 162,180 | 4.00 | 202,725 | 5.00 | ||||||||||||||
Bank | 420,151 | 10.44 | 160,985 | 4.00 | 201,232 | 5.00 | ||||||||||||||
At December 31, 2016 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 462,198 | 12.44 | % | $ | 297,284 | 8.00 | % | $ | 371,604 | 10.00 | % | ||||||||
Bank | 436,435 | 11.85 | 294,679 | 8.00 | 368,349 | 10.00 | ||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 349,942 | 9.42 | 222,963 | 6.00 | 297,284 | 8.00 | ||||||||||||||
Bank | 418,266 | 11.36 | 221,010 | 6.00 | 294,679 | 8.00 | ||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 349,942 | 9.42 | 167,222 | 4.50 | 241,543 | 6.50 | ||||||||||||||
Bank | 418,266 | 11.36 | 165,757 | 4.50 | 239,427 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||
Corporation | 349,942 | 8.84 | 158,410 | 4.00 | 198,013 | 5.00 | ||||||||||||||
Bank | 418,266 | 10.64 | 157,254 | 4.00 | 196,567 | 5.00 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
January 1 – 31, 2017 | — | $ | — | — | 1,080,246 | |||||||
February 1 – 28, 2017 | — | — | — | 1,080,246 | ||||||||
March 1 – 31, 2017 | — | — | — | 1,080,246 | ||||||||
Total | — | $ | — | — |
1. | Transactions are reported as of trade dates. |
2. | On October 23, 2013, the Corporation’s Board of Directors approved a new stock repurchase plan for the repurchase of up to 800,000 shares, or approximately 5% of the shares outstanding. On May 27, 2015, the Corporation's Board of Directors approved an increase of 1,000,000 shares available for repurchase under the Corporation's share repurchase program, or approximately 5% of the Corporation's common stock outstanding as of May 27, 2015. The repurchased shares limit is net of normal treasury activity such as purchases to fund the dividend reinvestment, employee stock purchase and equity compensation plans. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
a. | Exhibits | ||
Exhibit 3.1 | |||
Exhibit 3.2 | |||
Exhibit 10.1 | |||
Exhibit 31.1 | Certification of Jeffrey M. Schweitzer, President and Chief Executive Officer of the Corporation, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Exhibit 31.2 | Certification of Roger S. Deacon, Senior Executive Vice President and Chief Financial Officer of the Corporation, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Exhibit 32.1 | Certification of Jeffrey M. Schweitzer, President and Chief Executive Officer of the Corporation, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. | ||
Exhibit 32.2 | Certification of Roger S. Deacon, Senior Executive Vice President and Chief Financial Officer of the Corporation, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002. | ||
Exhibit 101.INS | XBRL Instance Document | ||
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document | ||
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Univest Corporation of Pennsylvania | |
(Registrant) | |
Date: May 3, 2017 | /s/ Jeffrey M. Schweitzer |
Jeffrey M. Schweitzer President and Chief Executive Officer (Principal Executive Officer) | |
Date: May 3, 2017 | /s/ Roger S. Deacon |
Roger S. Deacon Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Univest Corporation of Pennsylvania; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
/s/ Jeffrey M. Schweitzer | |
Jeffrey M. Schweitzer | |
President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Univest Corporation of Pennsylvania; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
/s/ Roger S. Deacon | |
Roger S. Deacon | |
Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
/s/ Jeffrey M. Schweitzer | |
Jeffrey M. Schweitzer | |
President and Chief Executive Officer (Principal Executive Officer) | |
May 3, 2017 |
/s/ Roger S. Deacon | |
Roger S. Deacon | |
Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |
May 3, 2017 |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 28, 2017 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | UNIVEST CORP OF PENNSYLVANIA | |
Entity Central Index Key | 0000102212 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UVSP | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 26,661,431 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 33,022 | $ 24,871 |
Accumulated amortization and fair value adjustments on other intangibles | $ 18,668 | $ 17,597 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 28,911,799 | 28,911,799 |
Common stock, shares outstanding | 26,645,520 | 26,589,353 |
Treasury stock, shares | 2,266,279 | 2,322,446 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive (Loss) Income [Member] |
Treasury Stock [Member] |
---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | $ 361,574 | $ 110,271 | $ 121,280 | $ 193,446 | $ (16,708) | $ (46,715) |
Beginning balance, shares at Dec. 31, 2015 | 19,530,930 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,289 | $ 0 | 0 | 7,289 | 0 | 0 |
Other comprehensive income, net of income tax | 1,227 | 0 | 0 | 0 | 1,227 | 0 |
Cash dividends declared ($0.20 per share) | (3,908) | 0 | 0 | (3,908) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 617 | $ 0 | 8 | 0 | 0 | 609 |
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 30,121 | |||||
Exercise of stock options | 274 | $ 0 | 9 | 0 | 0 | 265 |
Exercise of stock options, shares | 14,167 | |||||
Repurchase of cancelled restricted stock awards | 0 | $ 0 | 241 | 0 | 0 | (241) |
Repurchase of cancelled restricted stock awards, shares | (14,250) | |||||
Stock-based compensation | 451 | $ 0 | 451 | 0 | 0 | 0 |
Purchases of treasury stock | (521) | $ 0 | 0 | 0 | 0 | (521) |
Purchases of treasury stock, shares | (26,750) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,083) | 0 | 0 | 1,083 |
Restricted stock awards granted, shares | 58,580 | |||||
Ending balance at Mar. 31, 2016 | 367,003 | $ 110,271 | 120,906 | 196,827 | (15,481) | (45,520) |
Ending balance, shares at Mar. 31, 2016 | 19,592,798 | |||||
Beginning balance at Dec. 31, 2016 | 505,209 | $ 144,559 | 230,494 | 194,516 | (19,454) | (44,906) |
Beginning balance, shares at Dec. 31, 2016 | 26,589,353 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,856 | $ 0 | 0 | 10,856 | 0 | 0 |
Other comprehensive income, net of income tax | 462 | 0 | 0 | 0 | 462 | 0 |
Cash dividends declared ($0.20 per share) | (5,322) | 0 | 0 | (5,322) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 617 | $ 0 | 16 | 0 | 0 | 601 |
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 20,944 | |||||
Exercise of stock options | $ 861 | $ 0 | (62) | 0 | 0 | 923 |
Exercise of stock options, shares | 47,704 | 47,704 | ||||
Repurchase of cancelled restricted stock awards | $ 0 | $ 0 | 246 | 0 | 0 | (246) |
Repurchase of cancelled restricted stock awards, shares | (13,125) | |||||
Stock-based compensation | 831 | $ 0 | 831 | 0 | 0 | 0 |
Purchases of treasury stock | (1,634) | $ 0 | 0 | 0 | 0 | (1,634) |
Purchases of treasury stock, shares | (57,804) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,134) | 0 | 0 | 1,134 |
Restricted stock awards granted, shares | 58,448 | |||||
Ending balance at Mar. 31, 2017 | $ 511,880 | $ 144,559 | $ 230,391 | $ 200,050 | $ (18,992) | $ (44,128) |
Ending balance, shares at Mar. 31, 2017 | 26,645,520 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared, per share | $ 0.20 | $ 0.20 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Cash flows from operating activities: | ||
Net income | $ 10,856 | $ 7,289 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan and lease losses | 2,445 | 326 |
Depreciation of premises and equipment | 1,192 | 946 |
Net amortization of investment securities premiums and discounts | 515 | 320 |
Net gain on sales of investment securities | (15) | (44) |
Net gain on mortgage banking activities | (1,113) | (1,218) |
Bank owned life insurance income | (783) | (470) |
Net accretion of acquisition accounting fair value adjustments | (764) | (100) |
Stock-based compensation | 831 | 451 |
Intangible expenses | 759 | 766 |
Other adjustments to reconcile net income to cash provided by operating activities | (130) | 5 |
Deferred tax expense | 1,087 | 905 |
Originations of loans held for sale | (24,828) | (44,414) |
Proceeds from the sale of loans held for sale | 30,568 | 46,003 |
Contributions to pension and other postretirement benefit plans | (69) | (60) |
Decrease (increase) in accrued interest receivable and other assets | 851 | (2,503) |
Increase in accrued interest payable and other liabilities | (3,715) | (1,469) |
Net cash provided by operating activities | 17,687 | 6,733 |
Cash flows from investing activities: | ||
Net capital expenditures | (2,299) | (2,177) |
Proceeds from maturities and calls of securities held-to-maturity | 10,026 | 4,000 |
Proceeds from maturities and calls of securities available-for-sale | 18,782 | 18,693 |
Proceeds from sales of securities available-for-sale | 1,762 | 53,181 |
Purchases of investment securities held-to-maturity | (18,209) | 0 |
Purchases of investment securities available-for-sale | (9,009) | (32,573) |
Net (increase) decrease in other investments | (453) | 118 |
Net increase in loans and leases | (56,550) | (7,507) |
Net (increase) decrease in interest-earning deposits | (3,987) | 21,156 |
Proceeds from sales of other real estate owned | 2,039 | 0 |
Proceeds from bank owned life insurance | 211 | 0 |
Net cash (used in) provided by investing activities | (57,687) | 54,891 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 108,543 | (59,934) |
Net (decrease) increase in short-term borrowings | (116,805) | 1,640 |
Proceeds from issuance of long-term debt | 55,000 | 0 |
Payment of contingent consideration on acquisitions | (5,284) | (900) |
Purchases of treasury stock | (1,634) | (521) |
Stock issued under dividend reinvestment and employee stock purchase plans | 617 | 617 |
Proceeds from exercise of stock options | 861 | 274 |
Cash dividends paid | (5,310) | (3,896) |
Net cash provided by (used in) financing activities | 35,988 | (62,720) |
Net decrease in cash and due from banks | (4,012) | (1,096) |
Cash and due from banks at beginning of year | 48,757 | 32,356 |
Cash and due from banks at end of period | 44,745 | 31,260 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 4,729 | 3,113 |
Cash paid for income taxes, net of refunds | 157 | 685 |
Non cash transactions: | ||
Transfer of loans to other real estate owned | $ 653 | $ 1,797 |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Univest Corporation of Pennsylvania (the Corporation or Univest) and its wholly owned subsidiaries; the Corporation’s primary subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three-month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the SEC on March 4, 2016. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. 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 that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and assessment for impairment of certain investment securities, reserve for loan and lease losses, valuation of goodwill and other intangible assets, servicing rights, deferred tax assets and liabilities, benefit plans and stock-based compensation expense. Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this ASU require that an employer that sponsors defined benefit pension plans and other postretirement plans, present the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments also allow only the service cost component to be eligible for capitalization, when applicable. This ASU is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. This ASU should be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. Disclosure that the practical expedient was used is required. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This ASU eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are SEC filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, or for the Corporation's goodwill impairment test in 2020. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business – inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs. The amendments in this ASU provide a screen to determine when a set is not a business. If the screen is not met, the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output, and (2) remove the evaluation of whether a market participant could replace missing elements. The ASU provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. The amendments in this ASU should be applied prospectively on or after the effective date. The Corporation does not anticipate the adoption of this ASU will have a material impact on the Corporation's financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets, such as loans, net investments in leases, certain debt securities, bond insurance and other receivables. The amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. Current GAAP requires an incurred loss methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonableness and supportable information to inform credit loss estimates. An entity should apply the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (modified-retrospective approach). Acquired credit impaired loans for which the guidance in Accounting Standards Codification (ASC) Topic 310-30 has been previously applied should prospectively apply the guidance in this ASU. A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 for the Corporation. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, it is anticipated that the allowance will increase upon adoption of CECL and that the increased allowance level will decrease regulatory capital and ratios. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" to revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The ASU is effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019, with early adoption permitted. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, the adoption of this ASU will impact the balance sheet for the recording of assets and liabilities for operating leases; any initial or continued impact of the recording of assets will have an impact on risk-based capital ratios under current regulatory guidance and possibly equity ratios. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The ASU will require equity investments to be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, minus impairment, plus or minus any change in the investment’s observable price. The ASU will simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. A valuation allowance on a deferred tax asset related to available-for-sale securities will need to be included. For financial liabilities that are measured at fair value, the ASU requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument-specific credit risk. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The amendments in this ASU are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017 or January 1, 2018 for the Corporation. At March 31, 2017, the Corporation's equity portfolio had a carrying value of $941 thousand which included an unrealized net gain of $532 thousand. This unrealized net gain, net of income taxes, amounted to $345 thousand and was recorded in accumulated other comprehensive income. Upon implementation using the prospective approach, the balance in accumulated other comprehensive income will be reclassed to retained earnings. The carrying value of the equity securities, upon implementation, will not change; however, any future increases or decreases in fair value will be recorded as an increase or decrease to the carrying value and recognized in non-interest income. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU clarifies the principles for recognizing revenue and develops a common standard for U.S. GAAP and International Financial Reporting Standards. The ASU establishes a core principle that would require an entity to identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. The ASU provides for improved disclosure requirements that require entities to disclose sufficient information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross Versus Net),” which instructs the participants in the sale to determine whether they control the good or service and are entitled to the gross amount of the transaction or are acting as an agent and should collect only a fee or commission for arranging the sale. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing" to provide clarification on these areas. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients” providing some limited improvements and practical expedients. The original effective date of the guidance relating to revenue from contracts with customers was deferred by one year as a result of the issuance of ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which was issued by the FASB in August 2015. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, or January 1, 2018 for the Corporation. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, it is anticipated the impact will be only related to timing. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at March 31, 2017 and December 31, 2016, by contractual maturity within each type:
Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties and mortgage-backed securities typically prepay at a rate faster than contractually due. Unrealized losses in investment securities at March 31, 2017 and December 31, 2016 do not represent other-than-temporary impairments in management's judgment. Securities with a carrying value of $355.3 million and $356.7 million at March 31, 2017 and December 31, 2016, respectively, were pledged to secure public deposits and other contractual obligations. In addition, securities of $1.4 million were pledged to secure credit derivatives and interest rate swaps at March 31, 2017 and December 31, 2016. See Note 10, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the three months ended March 31, 2017 and 2016:
Management evaluates debt securities, which are comprised of U.S. government, government sponsored agencies, municipalities, corporate bonds and other issuers, for other-than-temporary impairment by considering the current economic conditions, the length of time and the extent to which the fair value has been less than cost, market interest rates and the credit rating of each security. The Corporation does not have the intent to sell the debt securities and believes it is more likely than not, that it will not have to sell the securities before recovery of their cost basis. The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the three months ended March 31, 2017 and 2016. At March 31, 2017 and December 31, 2016, there were no investments in any single non-federal issuer representing more than 10% of shareholders’ equity. The following table shows the fair value of securities that were in an unrealized loss position at March 31, 2017 and December 31, 2016 by the length of time those securities were in a continuous loss position. For the investment securities in an unrealized loss position, the Corporation has concluded, based on its analysis, that the unrealized losses are primarily caused by the movement of interest rates and current market conditions. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. It is more likely than not that the Corporation will not be required to sell the investment before a recovery of carrying value.
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories
Overdraft deposits are re-classified as loans and are included in the total loans and leases on the balance sheet. The carrying amount of acquired loans at March 31, 2017 totaled $690.9 million, including $535.7 million of loans from the Fox Chase acquisition and $155.2 million from the Valley Green Bank acquisition. At March 31, 2017, loans acquired with deteriorated credit quality, or acquired credit impaired loans, were $5.8 million from the Fox Chase acquisition and $788 thousand from the Valley Green Bank acquisition. Acquired credit impaired loans are accounted for in accordance with Accounting Standards Codification (ASC) Topic 310-30. The outstanding principal balance and carrying amount for acquired credit impaired loans at March 31, 2017 and December 31, 2016 were as follows:
The following table presents the changes in accretable yield on acquired credit impaired loans:
Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and the recorded investment in loans and leases 90 days or more past due which are accruing interest at March 31, 2017 and December 31, 2016:
Non-Performing Loans and Leases The following presents, by class of loans and leases, non-performing loans and leases at March 31, 2017 and December 31, 2016:
* Includes nonaccrual troubled debt restructured loans and lease modifications of $1.7 million and $1.8 million at March 31, 2017 and December 31, 2016, respectively. The increase in nonaccrual lease financings represents software leases totaling $5.0 million under a vendor referral program. These leases are personally guaranteed by high net worth individuals. During the first quarter of 2017, the lessees stopped making payments due to disputes with the vendor, and Univest Capital, Inc., a subsidiary of the Corporation, filed legal complaints to pursue collection of all amounts owed. A complaint was subsequently filed against Univest Capital Inc. and certain other defendants on March 28, 2017 by one of the lessees in federal court in Texas seeking, among other things, class action certification and a declaration that the contracts and related guarantees are null and void. Univest Capital, Inc. has not been served with the complaint, and the plaintiff has been directed to file an amended complaint on or before May 5, 2017. As of the filing date, the outcome of the matter is neither probable nor estimable. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at March 31, 2017 and December 31, 2016. The Corporation employs a ten (10) grade risk rating system related to the credit quality of commercial loans and residential real estate loans secured for a business purpose of which the first six categories are pass categories (credits not adversely rated). The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating.
Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans:
The following table presents classifications for acquired loans:
Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financing Credit Risk Profile by Payment Activity The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: residential real estate loans secured for a personal purpose, home equity loans secured for a personal purpose, loans to individuals and lease financings. Nonperforming loans and leases are loans and leases past due 90 days or more, loans and leases on nonaccrual of interest and troubled debt restructured loans and lease modifications. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. The following table presents classifications for originated loans:
The following table presents classifications for acquired loans:
Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method for the three months ended March 31, 2017 and 2016:
N/A – Not applicable
N/A – Not applicable The Corporation records a provision for loan loss for the acquired non-impaired loans only when additional deterioration of the portfolio is identified over the projections utilized in the initial fair value analysis. After the acquisition measurement period, the present value of any decreases in expected cash flows of acquired credit impaired loans will generally result in an impairment charge recorded as a provision for loan loss, resulting in an increase to the allowance. Impaired Loans The following presents, by class of loans, the recorded investment and unpaid principal balance of impaired loans, the amounts of the impaired loans for which there is not a reserve for credit losses and the amounts for which there is a reserve for credit losses at March 31, 2017 and December 31, 2016. The impaired loans exclude acquired credit impaired loans.
Impaired loans include nonaccrual loans, accruing troubled debt restructured loans and other accruing impaired loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the contractual terms. These loans are individually measured to determine the amount of potential impairment. The loans are reviewed for impairment based on the fair value of the collateral for collateral dependent loans and for certain loans based on discounted cash flows using the loans’ initial effective interest rates. Impaired loans include other accruing impaired loans of $20.3 million and $23.3 million at March 31, 2017 and December 31, 2016, respectively. Specific reserves on other accruing impaired loans were $650 thousand and $84 thousand at March 31, 2017 and December 31, 2016, respectively. The following presents by class of loans, the average recorded investment in impaired loans and an analysis of interest on impaired loans. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Therefore, interest income on accruing impaired loans is recognized using the accrual method.
The Corporation had impaired leases of $5.0 million with related reserves of $580 thousand at March 31, 2017. The Corporation had no impaired leases at December 31, 2016. See discussion in Non-Performing Loans and Leases. Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured:
The Corporation grants concessions primarily related to extensions of interest-only payment periods and an occasional payment modification. These modifications typically are for a short-term basis up to one year. The goal when restructuring a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing troubled debt restructured loans are primarily comprised of loans on which interest is being accrued under the restructured terms, and the loans are current or less than ninety days past due. The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three months ended March 31, 2017 and 2016.
The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date:
The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at March 31, 2017 and December 31, 2016:
The Corporation held no foreclosed consumer residential real estate property at March 31, 2017 and December 31, 2016. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has covenants not to compete, core deposit and customer-related intangibles and servicing rights, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the three months ended March 31, 2017 were as follows:
The following table reflects the components of intangible assets at the dates indicated:
The estimated aggregate amortization expense for covenants not to compete and core deposit and customer related intangibles for the remainder of 2017 and the succeeding fiscal years is as follows:
The Corporation has originated mortgage servicing rights which are included in other intangible assets on the consolidated balance sheets. Mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Mortgage servicing rights are subject to impairment testing on a quarterly basis. The aggregate fair value of these rights was $9.8 million and $9.5 million at March 31, 2017 and December 31, 2016, respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at March 31, 2017, and December 31, 2016. The Corporation also records servicing rights on small business administration (SBA) loans. The value of these servicing rights was $15 thousand at March 31, 2017. Changes in the servicing rights balance are summarized as follows:
There was no activity in the valuation allowance for the three months ended March 31, 2017 and March 31, 2016. The estimated amortization expense of servicing rights for the remainder of 2017 and the succeeding fiscal years is as follows:
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization from the Fox Chase acquisition.
The Corporation, through the Bank, has a credit facility with the FHLB with a maximum borrowing capacity of approximately $1.3 billion. Advances from the FHLB are collateralized by a blanket floating lien on all first mortgage loans of the Bank, FHLB capital stock owned by the Bank and any funds on deposit with the FHLB. At March 31, 2017 and December 31, 2016, the Bank had outstanding short-term letters of credit with the FHLB totaling $178.8 million and $148.5 million, respectively, which were utilized to collateralize public funds deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The Corporation, through the Bank, maintains uncommitted federal fund credit lines with several correspondent banks totaling $327.0 million and $302.0 million at March 31, 2017 and December 31, 2016, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. The Corporation, through the Bank, has an available line of credit at the Federal Reserve Bank of Philadelphia, the amount of which is dependent upon the balance of loans and securities pledged as collateral. At March 31, 2017 and December 31, 2016, the Corporation had no outstanding borrowings from this line. The Corporation has a $10.0 million line of credit with a correspondent bank. At March 31, 2017, the Corporation had no outstanding borrowings under this line. Long-term advances with the FHLB of Pittsburgh mature as follows:
FHLB borrowings totaling $50.8 million that mature in 2017 have a "Call Date"; if the borrowing is called, the Corporation has the option to either pay off the borrowing without penalty or the fixed rate borrowing resets to a variable three-month LIBOR based rate. Subsequent to the call date, the borrowings are callable by the FHLB quarterly. Accordingly, the contractual maturities may differ from actual maturities. Long-term debt under security repurchase agreements with large commercial banks mature as follows:
Long-term debt under security repurchase agreements totaling $26.0 million are variable based on the one-month LIBOR rate plus a spread; one borrowing for $5.2 million has a fixed interest rate and may be called by the lender based on the underlying agreement. On April 25, 2017, Kroll Bond Rating Agency ("KBRA") reaffirmed its credit rating for the Corporation and the Bank with a stable outlook. Specifically, KBRA reaffirmed the Corporation's senior unsecured debt rating of BBB+, subordinated debt rating of BBB and short-term rating of K2. With regard to the Bank, KBRA reaffirmed the Bank's deposit rating of A-, short-term debt rating of K2 and short-term deposit rating of K2 while also assigning the Bank a senior unsecured debt rating of A-. Additionally, on April 25, 2017, KBRA initiated the Bank's subordinated debt rating of BBB+. |
Retirement Plans and Other Postretirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits to certain former executives, a portion of which is in excess of limits imposed on qualified plans by federal tax law; these plans are non-qualified benefit plans. These non-qualified benefit plans are not offered to new participants; all current participants are now retired. Information on these plans are aggregated and reported under “Retirement Plans” within this footnote. The Corporation also provides certain postretirement healthcare and life insurance benefits for retired employees. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote. The Corporation sponsors a Supplemental Non-Qualified Pension Plan which was established in 1981 prior to the existence of a 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants; all current participants are now retired. Components of net periodic benefit cost (income) were as follows:
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Stock-Based Incentive Plan |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Incentive Plan | Stock-Based Incentive Plan The Corporation has a shareholder approved 2013 Long-Term Incentive Plan which replaced the expired 2003 Long-Term Incentive Plan. Under the 2013 Long-Term Incentive Plan, the Corporation may grant options and share awards to employees and non-employee directors up to 3,355,786 shares of common stock, which includes 857,191 shares as a result of the completion of the acquisition of Fox Chase on July 1, 2016 and 473,483 shares as a result of the completion of the acquisition of Valley Green Bank on January 1, 2015. The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2017:
The following is a summary of nonvested stock options at March 31, 2017 including changes during the three months then ended:
The following aggregated assumptions were used to estimate the fair value of options granted during the three months ended March 31, 2017 and 2016:
The following is a summary of nonvested restricted stock awards at March 31, 2017 including changes during the three months then ended:
The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated:
The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards at March 31, 2017 is presented below:
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
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Earnings per Share |
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Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock issued under the Corporation's equity incentive plans are participating shares with nonforfeitable rights to dividends. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the number of weighted average shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share:
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Accumulated Other Comprehensive (Loss) Income |
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Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. The Corporation’s credit exposure on interest rate swaps includes fair value and any collateral that is held by a third party. Changes in the fair value of derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in earnings. For a qualifying fair value hedge, the gain or loss on the hedging instrument is recognized in earnings, and the change in fair value of the hedge item, to the extent attributable to the hedged risk, adjusts the carrying amount of the hedge item and is recognized in earnings. On October 24, 2014, the Corporation entered into an amortizing interest rate swap classified as a cash flow hedge with a notional amount of $20.0 million to hedge a portion of the debt financing of a pool of 10-year maturity fixed rate loans with balances totaling $29.1 million, at time of the hedge, that were originated in 2013. A brokered money market demand account with a balance exceeding the amortizing interest rate swap balance is being used for the cash flow hedge. Under the terms of the swap agreement, the Corporation pays a fixed rate of 2.10% and receives a floating rate based on the one-month LIBOR. The swap matures in November 2022. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and on a recurring basis to determine that the derivative has been and is expected to continue to be highly effective in offsetting changes in cash flows of the hedged item. The Corporation expects that there will be no ineffectiveness over the life of the interest rate swap. At March 31, 2017, approximately $151 thousand in net deferred losses, net of tax, recorded in accumulated other comprehensive loss are expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2017. At March 31, 2017, the notional amount of the interest rate swap was $18.4 million, with a negative fair value of $138 thousand. The Corporation has an interest rate swap classified as a fair value hedge with a current notional amount of $1.4 million to hedge a 10-year fixed rate loan that is earning interest at 5.83%. The Corporation pays a fixed rate of 5.83% and receives a floating rate based on the one-month LIBOR plus 350 basis points. The swap matures in October 2021. The difference between changes in the fair values of the interest rate swap agreement and the hedged loan represents hedge ineffectiveness and is recorded in other noninterest income in the consolidated statements of operations. The Corporation has an interest rate swap with a current notional amount of $598 thousand, for a 15-year fixed rate loan that is earning interest at 7.43%. The Corporation pays a fixed rate of 7.43% and receives a floating rate based on the one-month LIBOR plus 224 basis points. The swap matures in April 2022. The interest rate swap is carried at fair value in accordance with FASB ASC 815 "Derivatives and Hedging." The loan is carried at fair value under the fair value option as permitted by FASB ASC 825 "Financial Instruments." Credit Derivatives The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative contracts and foreign currency swap contracts with loan customers referred to them by the Corporation. By the terms of the agreements, the third-party financial institution has recourse to the Corporation for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. These transactions represent credit derivatives and are a customary arrangement that allows the Corporation to provide access to interest rate and foreign currency swap transactions for customers without creating the swap. The Corporation records the fair value of credit derivatives in other liabilities on the consolidated balance sheets. The Corporation recognizes changes in the fair value of credit derivatives, net of any fees received, in other noninterest income in the consolidated statements of income. At March 31, 2017, the Corporation has twelve variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $47.5 million, and remaining maturities ranging from two to 10 years. At March 31, 2017, the fair value of the swaps to the customers was a liability of $57 thousand and all swaps were in paying positions to the third-party financial institution. At March 31, 2017, there were no material foreign currency swap transactions between the third-party institution and loan customers. The maximum potential payments by the Corporation to the third-party financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and exchange rates, and the agreement does not provide for a limitation of the maximum potential payment amount. Mortgage Banking Derivatives Derivative loan commitments represent agreements for delayed delivery of financial instruments in which the buyer agrees to purchase and the seller agrees to deliver, at a specified future date, a specified instrument at a specified price or yield. The Corporation’s derivative loan commitments are commitments to sell loans secured by 1-to 4-family residential properties whose predominant risk characteristic is interest rate risk. The fair values of these derivative loan commitments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Derivatives Tables The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2017 and December 31, 2016. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.
The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2017 and December 31, 2016:
The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:
The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:
The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2017 and December 31, 2016:
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Transfers between levels are recognized at the end of the reporting period. Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models, discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Investment Securities Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include U.S. Treasury securities, most equity securities and money market mutual funds. Mutual funds are registered investment companies which are valued at net asset value of shares on a market exchange at the end of each trading day. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Examples of instruments, which would generally be classified within Level 2 of the valuation hierarchy, include securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. Certain corporate securities owned by the Corporation are classified as Level 3 as they are not traded in active markets. The fair value of each security is estimated by benchmarking similar transactions of structure, yield and credit which are owned by the Corporation and are actively traded in the market. On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. If, upon the Corporation’s review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to the current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service’s evaluation, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at March 31, 2017. Derivative Financial Instruments The fair values of derivative financial instruments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate swaps and mortgage banking derivative financial instruments are classified within Level 2 of the valuation hierarchy. Credit derivatives are valued based on credit worthiness of the underlying borrower which is a significant unobservable input and therefore classified in Level 3 of the valuation hierarchy. Two commercial loans, associated with interest rate swaps are classified in Level 3 of the valuation hierarchy since lending credit risk is not an observable input for these loans. The unrealized gain on the two loans was $85 thousand at March 31, 2017. Contingent Consideration Liability The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Changes in the original assumptions utilized at the time the acquisition closes and identified during the measurement period are recorded in accordance with ASC Topic 805 as an adjustment to goodwill. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability. For the Sterner Insurance Associates acquisition, the potential remaining cash payment that could result from the contingent consideration arrangement ranges from $0 to a maximum of $2.6 million based on the results for the twelve-month period ending June 30 2017. The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016, classified using the fair value hierarchy:
* Such financial instruments are recorded at fair value as further described in Note 10 - Derivative Instruments. The following table includes a rollfoward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2017.
The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2017 and 2016:
*Includes adjustments during the measurement period in accordance with ASC Topic 805. The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or impairment charges of individual assets. The following table represents assets measured at fair value on a non-recurring basis at March 31, 2017 and December 31, 2016:
The following table presents assets and liabilities and off-balance sheet items not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2017 and December 31, 2016. The disclosed fair values are classified using the fair value hierarchy.
The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed: Cash and short-term interest-earning assets: The carrying amounts reported in the balance sheet for cash and due from banks, interest-earning deposits with other banks, federal funds sold and other short-term investments is their stated value. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy. Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy. Federal Home Loan Bank, Federal Reserve Bank and other stock: It is not practical to determine the fair values of Federal Home Loan Bank, Federal Reserve Bank and other stock, due to restrictions placed on their transferability. Loans held for sale: The fair value of the Corporation’s mortgage loans held for sale are generally determined using a pricing model based on current market information obtained from external sources, including interest rates, bids or indications provided by market participants on specific loans that are actively marketed for sale. These loans are primarily residential mortgage loans and are generally classified in Level 2 due to the observable pricing data. Loans held for sale are carried at the lower of cost or estimated fair value. There were no valuation adjustments for loans held for sale at March 31, 2017 and December 31, 2016. Loans and leases held for investment: The fair values for loans and leases held for investment are estimated using discounted cash flow analyses, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers and include components for credit risk, operating expense and embedded prepayment options. An overall valuation adjustment is made for specific credit risks in addition to general portfolio risk and is significant to the valuation. As permitted, the fair value of the loans and leases are not based on the exit price concept as discussed in the first paragraph of this note. Loans and leases are classified within Level 3 in the fair value hierarchy. Impaired loans and leases held for investment: For impaired loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At March 31, 2017, impaired loans held for investment had a carrying amount of $37.4 million with a valuation allowance of $399 thousand. At December 31, 2016, impaired loans held for investment had a carrying amount of $43.9 million with a valuation allowance of $235 thousand. The Corporation had impaired leases of $5.0 million with related reserves of $580 thousand at March 31, 2017. The Corporation had no impaired leases at December 31, 2016. Servicing rights: The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Mortgage servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the mortgage servicing rights portfolio on a quarterly basis for impairment and the mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. The Corporation also records servicing rights on small business administration (SBA) loans. At March 31, 2017 and December 31, 2016, servicing rights had a carrying amount of $6.5 million with no valuation allowance. Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the three months ended March 31, 2017, there were no triggering events that required valuation of goodwill and other identifiable intangible assets. Other real estate owned: The fair value of other real estate owned (OREO) is originally estimated based upon the appraised value less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. Subsequently, OREO is reported as the lower of the original cost and the current the fair value less cost to sell. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset; however, the capitalized expenses may not increase the OREO asset's recorded value to an amount greater than the asset's fair value after improvements and less cost to sell. New appraisals are generally obtained on an annual basis. Other real estate owned is classified within Level 3 of the valuation hierarchy due to the unique characteristics of the collateral for each loan. Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy. Short-term borrowings: The fair value of short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy. Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy. Subordinated notes: The fair value of the subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy. Off-balance-sheet instruments: Fair values for the Corporation’s off-balance-sheet instruments are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing and are classified within Level 2 in the fair value hierarchy. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting At March 31, 2017, the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines the segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. The parent holding company and intercompany eliminations are included in the "Other" segment. The Corporation's Banking segment consists of commercial and consumer banking. The Wealth Management segment consists of investment advisory services, retirement plan services, trust, municipal pension services and broker/dealer services. The Insurance segment consists of commercial lines, personal lines, benefits and human resources consulting. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated below.
The accounting policies, used in the disclosure of the business segments, are the same as those described in Note 1, “Summary of Significant Accounting Policies". The following table provides total assets by reportable business segment as of the dates indicated.
The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2017 and 2016.
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Restructuring Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Restructuring Charges During 2015 and 2016, the Corporation exited five financial centers, a lease for a new financial center and two administrative offices, and reduced staff due to rationalization; resulting in accrued expenses totaling $3.4 million, primarily related to the Banking business segment. A roll-forward of the remaining accrued restructuring expense for the three months ended March 31, 2017 is as follows:
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Contingencies Contingencies |
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Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure | Contingencies The Corporation is periodically subject to various pending and threatened legal actions, which involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows. As discussed in Note 3, during the first quarter of 2017, certain lessees stopped making payments and Univest Capital, Inc., a subsidiary of the Corporation, filed legal complaints to pursue collection of all amounts owed. A complaint was subsequently filed against Univest Capital, Inc. and certain other defendants on March 28, 2017 by one of the lessees in federal court in Texas seeking, among other things, class action certification and a declaration that the contracts and related guarantees are null and void. Univest Capital, Inc. has not been served with the complaint, and the plaintiff has been directed to file an amended complaint on or before May 5, 2017. As of the filing date, the outcome of the matter is neither probable nor estimable. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Univest Corporation of Pennsylvania (the Corporation or Univest) and its wholly owned subsidiaries; the Corporation’s primary subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three-month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the SEC on March 4, 2016. |
Use of Estimates | Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. 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 that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and assessment for impairment of certain investment securities, reserve for loan and lease losses, valuation of goodwill and other intangible assets, servicing rights, deferred tax assets and liabilities, benefit plans and stock-based compensation expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this ASU require that an employer that sponsors defined benefit pension plans and other postretirement plans, present the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments also allow only the service cost component to be eligible for capitalization, when applicable. This ASU is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. This ASU should be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. Disclosure that the practical expedient was used is required. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This ASU eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are SEC filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, or for the Corporation's goodwill impairment test in 2020. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business – inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs. The amendments in this ASU provide a screen to determine when a set is not a business. If the screen is not met, the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output, and (2) remove the evaluation of whether a market participant could replace missing elements. The ASU provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. The amendments in this ASU should be applied prospectively on or after the effective date. The Corporation does not anticipate the adoption of this ASU will have a material impact on the Corporation's financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets, such as loans, net investments in leases, certain debt securities, bond insurance and other receivables. The amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. Current GAAP requires an incurred loss methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonableness and supportable information to inform credit loss estimates. An entity should apply the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (modified-retrospective approach). Acquired credit impaired loans for which the guidance in Accounting Standards Codification (ASC) Topic 310-30 has been previously applied should prospectively apply the guidance in this ASU. A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 for the Corporation. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, it is anticipated that the allowance will increase upon adoption of CECL and that the increased allowance level will decrease regulatory capital and ratios. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" to revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The ASU is effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019, with early adoption permitted. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, the adoption of this ASU will impact the balance sheet for the recording of assets and liabilities for operating leases; any initial or continued impact of the recording of assets will have an impact on risk-based capital ratios under current regulatory guidance and possibly equity ratios. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The ASU will require equity investments to be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, minus impairment, plus or minus any change in the investment’s observable price. The ASU will simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. A valuation allowance on a deferred tax asset related to available-for-sale securities will need to be included. For financial liabilities that are measured at fair value, the ASU requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument-specific credit risk. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The amendments in this ASU are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017 or January 1, 2018 for the Corporation. At March 31, 2017, the Corporation's equity portfolio had a carrying value of $941 thousand which included an unrealized net gain of $532 thousand. This unrealized net gain, net of income taxes, amounted to $345 thousand and was recorded in accumulated other comprehensive income. Upon implementation using the prospective approach, the balance in accumulated other comprehensive income will be reclassed to retained earnings. The carrying value of the equity securities, upon implementation, will not change; however, any future increases or decreases in fair value will be recorded as an increase or decrease to the carrying value and recognized in non-interest income. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU clarifies the principles for recognizing revenue and develops a common standard for U.S. GAAP and International Financial Reporting Standards. The ASU establishes a core principle that would require an entity to identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. The ASU provides for improved disclosure requirements that require entities to disclose sufficient information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross Versus Net),” which instructs the participants in the sale to determine whether they control the good or service and are entitled to the gross amount of the transaction or are acting as an agent and should collect only a fee or commission for arranging the sale. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing" to provide clarification on these areas. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients” providing some limited improvements and practical expedients. The original effective date of the guidance relating to revenue from contracts with customers was deferred by one year as a result of the issuance of ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which was issued by the FASB in August 2015. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, or January 1, 2018 for the Corporation. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, it is anticipated the impact will be only related to timing. |
Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and estimated fair value of held to maturity securities and available for sale securities by contractual maturity | The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at March 31, 2017 and December 31, 2016, by contractual maturity within each type:
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Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the three months ended March 31, 2017 and 2016:
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Amount of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position at March 31, 2017 and December 31, 2016 by the length of time those securities were in a continuous loss position. For the investment securities in an unrealized loss position, the Corporation has concluded, based on its analysis, that the unrealized losses are primarily caused by the movement of interest rates and current market conditions. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. It is more likely than not that the Corporation will not be required to sell the investment before a recovery of carrying value.
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Loans and Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Major Loan and Lease Categories |
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Schedule of Impaired Loans | The outstanding principal balance and carrying amount for acquired credit impaired loans at March 31, 2017 and December 31, 2016 were as follows:
The following table presents the changes in accretable yield on acquired credit impaired loans:
The following presents, by class of loans, the recorded investment and unpaid principal balance of impaired loans, the amounts of the impaired loans for which there is not a reserve for credit losses and the amounts for which there is a reserve for credit losses at March 31, 2017 and December 31, 2016. The impaired loans exclude acquired credit impaired loans.
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Schedule of Age Analysis of Past Due Loans and Leases | The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and the recorded investment in loans and leases 90 days or more past due which are accruing interest at March 31, 2017 and December 31, 2016:
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Schedule of Nonperforming Loans and Leases | The following presents, by class of loans and leases, non-performing loans and leases at March 31, 2017 and December 31, 2016:
* Includes nonaccrual troubled debt restructured loans and lease modifications of $1.7 million and $1.8 million at March 31, 2017 and December 31, 2016, respectively. |
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Summary of Credit Quality Indicators | The following table presents classifications for originated loans:
The following table presents classifications for acquired loans:
The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at March 31, 2017 and December 31, 2016. The Corporation employs a ten (10) grade risk rating system related to the credit quality of commercial loans and residential real estate loans secured for a business purpose of which the first six categories are pass categories (credits not adversely rated). The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating.
Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans:
The following table presents classifications for acquired loans:
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Summary of Activity in the Reserve for Loan and Lease Losses | eserve for Loan and Lease Losses and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method for the three months ended March 31, 2017 and 2016:
N/A – Not applicable |
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Summary of Average Recorded Investment in Impaired Loans and Leases and Analysis of Interest on Impaired Loans | The following presents by class of loans, the average recorded investment in impaired loans and an analysis of interest on impaired loans. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Therefore, interest income on accruing impaired loans is recognized using the accrual method.
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Schedule of Troubled Debt Restructured Loans | The Corporation held no foreclosed consumer residential real estate property at March 31, 2017 and December 31, 2016. The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at March 31, 2017 and December 31, 2016:
The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured:
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Summary of Concessions Granted on Restructured Loans | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three months ended March 31, 2017 and 2016.
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Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans | The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date:
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of the Corporation's goodwill by business segment for the three months ended March 31, 2017 were as follows:
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Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated:
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Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for covenants not to compete and core deposit and customer related intangibles for the remainder of 2017 and the succeeding fiscal years is as follows:
The estimated amortization expense of servicing rights for the remainder of 2017 and the succeeding fiscal years is as follows:
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Changes in Mortgage Servicing Rights | Changes in the servicing rights balance are summarized as follows:
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Borrowings by Type | The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization from the Fox Chase acquisition.
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Schedule of Maturities of Long-term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows:
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Schedule of Maturities of Other Long-term Borrowings | Long-term debt under security repurchase agreements with large commercial banks mature as follows:
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Retirement Plans and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost (income) were as follows:
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Stock-Based Incentive Plan (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Status of Options Granted Under Long-Term Incentive Plan | The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2017:
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Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at March 31, 2017 including changes during the three months then ended:
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Aggregated Assumptions Used to Estimate Fair Value of Options Granted | The following aggregated assumptions were used to estimate the fair value of options granted during the three months ended March 31, 2017 and 2016:
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Summary of Nonvested Restricted Stock Awards | The following is a summary of nonvested restricted stock awards at March 31, 2017 including changes during the three months then ended:
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Certain Information Regarding Restricted Stock | The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated:
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Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards at March 31, 2017 is presented below:
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Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
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Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Computation for Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share:
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Accumulated Other Comprehensive (Loss) Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented:
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amounts and Fair Value of Derivatives Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2017 and December 31, 2016. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.
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Notional Amounts and Fair Values of Derivatives Not Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2017 and December 31, 2016:
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Income for Derivatives Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:
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Income for Derivatives Not Designated as Hedging Instruments |
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2017 and December 31, 2016:
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Fair Value Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016, classified using the fair value hierarchy:
* Such financial instruments are recorded at fair value as further described in Note 10 - Derivative Instruments. |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollfoward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2017.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollfoward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2017.
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Contingent Consideration Liability Change in Amount | The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2017 and 2016:
*Includes adjustments during the measurement period in accordance with ASC Topic 805. |
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Assets Measured at Fair Value on Non-Recurring Basis | The following table represents assets measured at fair value on a non-recurring basis at March 31, 2017 and December 31, 2016:
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Assets, Liabilities and Off-Balance Sheet Items Not Measured at Fair Value | The following table presents assets and liabilities and off-balance sheet items not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2017 and December 31, 2016. The disclosed fair values are classified using the fair value hierarchy.
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting | The following table provides total assets by reportable business segment as of the dates indicated.
The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2017 and 2016.
|
Restructuring Charges Restructuring Charges (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roll-Forward of Accrued Restructuring Expense | A roll-forward of the remaining accrued restructuring expense for the three months ended March 31, 2017 is as follows:
|
Summary of Significant Accounting Policies - Additional Information (Details) - Equity Securities [Member] - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Equity Securities Available-for-Sale, Fair Value | $ 941 | $ 915 |
Equity Securities Available-for-Sale, Unrealized net gain | 532 | |
Available-for-sale Securities, Accumulated Net Gain Net of Income Taxes | $ 345 |
Investment Securities - Narrative (Detail) $ in Millions |
Mar. 31, 2017
USD ($)
Investment
|
Dec. 31, 2016
USD ($)
Investment
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure public deposits and for other purposes as required by law | $ 355.3 | $ 356.7 |
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 1.4 | $ 1.4 |
Number of investments in non-federal issuer representing more than 10% of shareholders' equity | Investment | 0 | 0 |
Maximum investment in any single non-federal issuer representing shareholders' equity | 10.00% | 10.00% |
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | $ 33,027 | $ 24,881 |
Securities Held-to-Maturity, Gross Unrealized Gains | 18 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses | (23) | (12) |
Securities Held-to-Maturity, Fair Value | 33,022 | 24,871 |
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 438,881 | 451,311 |
Securities Available-for-Sale, Gross Unrealized Gain | 1,864 | 1,777 |
Securities Available-for-Sale, Gross Unrealized Loss | (9,133) | (9,451) |
Securities Available-for-Sale, Fair Value | 431,612 | 443,637 |
U.S. Government Corporations and Agencies [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 15,000 | 15,000 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 6 | 20 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 15,006 | 15,020 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 17,220 | 17,265 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 2 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (24) | (19) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 17,198 | 17,246 |
Securities Available-for-Sale, Amortized Cost | 32,220 | 32,265 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 8 | 20 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (24) | (19) |
Securities Available-for-Sale, Debt Securities, Fair Value | 32,204 | 32,266 |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 2,105 | 964 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | (1) |
Securities Available-for-Sale, Fair Value, Within 1 year | 2,105 | 963 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 18,122 | 18,705 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 67 | 38 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (24) | (75) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 18,165 | 18,668 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 54,737 | 55,541 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 955 | 829 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (250) | (426) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 55,442 | 55,944 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 8,855 | 12,663 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 138 | 226 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (79) | (114) |
Securities Available-for-Sale, Fair Value, Over 10 years | 8,914 | 12,775 |
Securities Available-for-Sale, Amortized Cost | 83,819 | 87,873 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 1,160 | 1,093 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (353) | (616) |
Securities Available-for-Sale, Debt Securities, Fair Value | 84,626 | 88,350 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 5,628 | 6,086 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 6 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (46) | (66) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 5,588 | 6,020 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 31,927 | 23,479 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 1 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (771) | (622) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 31,157 | 22,857 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 157,202 | 174,388 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 95 | 99 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (3,663) | (4,794) |
Securities Available-for-Sale, Fair Value, Over 10 years | 153,634 | 169,693 |
Securities Available-for-Sale, Amortized Cost | 194,757 | 203,953 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 102 | 99 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (4,480) | (5,482) |
Securities Available-for-Sale, Debt Securities, Fair Value | 190,379 | 198,570 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Over 10 years | 4,390 | 4,659 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (89) | (105) |
Securities Available-for-Sale, Fair Value, Over 10 years | 4,301 | 4,554 |
Securities Available-for-Sale, Amortized Cost | 4,390 | 4,659 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (89) | (105) |
Securities Available-for-Sale, Debt Securities, Fair Value | 4,301 | 4,554 |
Corporate Bonds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 7,032 | 250 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (24) | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 7,008 | 250 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 29,773 | 35,923 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 61 | 34 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (154) | (241) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 29,680 | 35,716 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 15,187 | 15,193 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (396) | (516) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 14,791 | 14,677 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 60,000 | 60,000 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 27 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (3,612) | (2,472) |
Securities Available-for-Sale, Fair Value, Over 10 years | 56,388 | 57,555 |
Securities Available-for-Sale, Amortized Cost | 111,992 | 111,366 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 61 | 61 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (4,186) | (3,229) |
Securities Available-for-Sale, Debt Securities, Fair Value | 107,867 | 108,198 |
Money Market Mutual Funds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 11,294 | 10,784 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Fair Value | 11,294 | 10,784 |
Equity Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Equity Securities Available-for-Sale, Amortized Cost | 409 | 411 |
Equity Securities Available-for-Sale, Gross Unrealized Gains | 533 | 504 |
Equity Securities Available-for-Sale, Gross Unrealized Loss | (1) | 0 |
Equity Securities Available-for-Sale, Fair Value | 941 | 915 |
U.S. Government Corporations and Agencies [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, After 1 year to 5 years | 5,000 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | (8) | 0 |
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 4,992 | 0 |
Securities Held-to-Maturity, Amortized Cost | 5,000 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (8) | 0 |
Securities Held-to-Maturity, Fair Value | 4,992 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, After 5 years to 10 years | 4,959 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 5 years to 10 years | 2 | 0 |
Securities Held-to-Maturity, Gross Unrecognized Losses, After 5 years to 10 years | 0 | 0 |
Securities Held-to-Maturity, Fair Value, After 5 years to 10 years | 4,961 | 0 |
Securities Held-to-Maturity, Amortized Cost, Over 10 years | 13,066 | 5,071 |
Securities Held-to-Maturity, Gross Unrealized Gain, Over 10 years | 16 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | (9) | (3) |
Securities Held-to-Maturity, Fair Value, After 10 Years | 13,073 | 5,068 |
Securities Held-to-Maturity, Amortized Cost | 18,025 | 5,071 |
Securities Held-to-Maturity, Gross Unrealized Gains | 18 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (9) | (3) |
Securities Held-to-Maturity, Fair Value | 18,034 | 5,068 |
Corporate Bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, Within 1 year | 10,002 | 19,810 |
Securities Held-to-Maturity, Gross Unrealized Gains, Within 1 year | 0 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses, Within 1 year | (6) | (9) |
Securities Held-to-Maturity, Fair Value, Within 1 year | 9,996 | 19,803 |
Securities Held-to-Maturity, Amortized Cost | 10,002 | 19,810 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses | (6) | (9) |
Securities Held-to-Maturity, Fair Value | $ 9,996 | $ 19,803 |
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Securities available-for-sale: | ||
Proceeds from sales | $ 1,762 | $ 53,181 |
Gross realized gains on sales | 15 | 106 |
Gross realized losses on sales | 0 | 62 |
Tax expense related to net realized gains on sales | $ 5 | $ 15 |
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | $ 14,987 | $ 14,847 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (23) | (12) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 14,987 | 14,847 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (23) | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 283,182 | 305,950 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6,888) | (7,470) |
Twelve Months or Longer, Fair Value | 36,961 | 36,069 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,245) | (1,981) |
Total, Fair Value | 320,143 | 342,019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9,133) | (9,451) |
U.S. Government Corporations and Agencies [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 4,992 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (8) | |
Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 4,992 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (8) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 11,837 | 11,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (24) | (19) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 11,837 | 11,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (24) | (19) |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 22,082 | 40,771 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (344) | (610) |
Twelve Months or Longer, Fair Value | 1,706 | 423 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9) | (6) |
Total, Fair Value | 23,788 | 41,194 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (353) | (616) |
Residential Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 5,000 | 5,068 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (3) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 5,000 | 5,068 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9) | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 180,647 | 192,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,480) | (5,482) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 180,647 | 192,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,480) | (5,482) |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 1,885 | 2,012 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (14) | (26) |
Twelve Months or Longer, Fair Value | 2,416 | 2,542 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (75) | (79) |
Total, Fair Value | 4,301 | 4,554 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (89) | (105) |
Corporate Bonds [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 4,995 | 9,779 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | (9) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 4,995 | 9,779 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6) | (9) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 66,728 | 58,535 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,025) | (1,333) |
Twelve Months or Longer, Fair Value | 32,839 | 33,104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,161) | (1,896) |
Total, Fair Value | 99,567 | 91,639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,186) | $ (3,229) |
Equity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) |
Loans and Leases - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | $ 690,903,000 | $ 895,054,000 |
Carrying amount | 6,616,000 | 7,352,000 |
Nonaccrual Loans and Leases | 19,856,000 | 17,916,000 |
Other accruing impaired loans | 20,300,000 | 23,300,000 |
Specific reserves for other accruing impaired loans | 650,000 | 84,000 |
Impaired Financing Receivable, Recorded Investment | 37,414,000 | |
Impaired Financing Receivable, Related Allowance | $ 399,000 | 235,000 |
Maximum modification period on short-term basis | up to one year | |
Restructured loan past due period | less than ninety days past due | |
Software Lease [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual Loans and Leases | $ 5,000,000 | |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | 0 | 0 |
Nonaccrual Loans and Leases | 5,561,000 | 536,000 |
Impaired Financing Receivable, Recorded Investment | 5,000,000 | $ 0 |
Impaired Financing Receivable, Related Allowance | 580,000 | |
Fox Chase Bank [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | 535,700,000 | |
Carrying amount | 5,800,000 | |
Valley Green Bank [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | 155,200,000 | |
Carrying amount | $ 788,000 |
Loans and Leases - Summary of Major Loan and Lease Categories (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | $ 2,651,013 | $ 2,390,832 | |
Total Loans and Leases Held for Investment, Acquired | 690,903 | 895,054 | |
Total Loans and Leases Held for Investment | 3,341,916 | 3,285,886 | $ 2,183,256 |
Unearned Lease Income, Originated | (15,524) | (15,970) | |
Unearned Lease Income, Acquired | 0 | 0 | |
Unearned lease income, included in the above table | (15,524) | (15,970) | |
Net deferred costs, Originated | 4,418 | 4,503 | |
Net deferred costs, Acquired | 0 | 0 | |
Net deferred costs, included in the above table | 4,418 | 4,503 | |
Overdraft Deposits, Originated | 73 | 84 | |
Overdraft Deposits, Acquired | 0 | 0 | |
Overdraft deposits included in the above table | 73 | 84 | |
Commercial, Financial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 750,342 | 663,221 | |
Total Loans and Leases Held for Investment, Acquired | 90,629 | 160,045 | |
Total Loans and Leases Held for Investment | 840,971 | 823,266 | 507,319 |
Real Estate-Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 1,013,978 | 909,581 | |
Total Loans and Leases Held for Investment, Acquired | 389,690 | 465,368 | |
Total Loans and Leases Held for Investment | 1,403,668 | 1,374,949 | |
Real Estate-Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 170,178 | 142,891 | |
Total Loans and Leases Held for Investment, Acquired | 11,409 | 31,953 | |
Total Loans and Leases Held for Investment | 181,587 | 174,844 | |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 180,830 | 151,931 | |
Total Loans and Leases Held for Investment, Acquired | 111,402 | 142,137 | |
Total Loans and Leases Held for Investment | 292,232 | 294,068 | 218,264 |
Real Estate Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 220,543 | 210,377 | |
Total Loans and Leases Held for Investment, Acquired | 74,889 | 80,431 | |
Total Loans and Leases Held for Investment | 295,432 | 290,808 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 154,363 | 147,982 | |
Total Loans and Leases Held for Investment, Acquired | 12,736 | 14,857 | |
Total Loans and Leases Held for Investment | 167,099 | 162,839 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 27,915 | 30,110 | |
Total Loans and Leases Held for Investment, Acquired | 148 | 263 | |
Total Loans and Leases Held for Investment | 28,063 | 30,373 | 28,421 |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 132,864 | 134,739 | |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 | |
Total Loans and Leases Held for Investment | $ 132,864 | $ 134,739 | $ 125,814 |
Loans and Leases - Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Receivables [Abstract] | |||
Outstanding principal balance | $ 8,007 | $ 8,993 | |
Carrying amount | 6,616 | 7,352 | |
Allowance for loan losses | 0 | $ 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning of period | 50 | $ 144 | |
Reclassification from nonaccretable discount | 107 | 46 | |
Accretable discount amortized to interest income | (116) | (74) | |
Disposals | (4) | 0 | |
End of period | $ 37 | $ 116 |
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 30,855 | $ 23,165 | |
Current | 3,304,445 | 3,255,369 | |
Acquired Credit Impaired | 6,616 | 7,352 | |
Loans and leases held for investment | 3,341,916 | 3,285,886 | $ 2,183,256 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 919 | 987 | |
Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 6,616 | 7,352 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 16,582 | 10,625 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,842 | 4,804 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 11,431 | 7,736 | |
Commercial, Financial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,014 | 3,127 | |
Current | 837,397 | 819,550 | |
Loans and leases held for investment | 840,971 | 823,266 | 507,319 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Commercial, Financial and Agricultural [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 560 | 589 | |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,466 | 1,536 | |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 256 | |
Commercial, Financial and Agricultural [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,548 | 1,335 | |
Real Estate-Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6,119 | 5,633 | |
Current | 1,392,288 | 1,363,606 | |
Loans and leases held for investment | 1,403,668 | 1,374,949 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Real Estate-Commercial [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 5,261 | 5,710 | |
Real Estate-Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,606 | 1,482 | |
Real Estate-Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 47 | 1,560 | |
Real Estate-Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,466 | 2,591 | |
Real Estate-Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 365 | 202 | |
Current | 181,222 | 174,642 | |
Loans and leases held for investment | 181,587 | 174,844 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Real Estate-Construction [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 0 | |
Real Estate-Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 202 | |
Real Estate-Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 365 | 0 | |
Real Estate-Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,255 | 3,357 | |
Current | 287,395 | 289,927 | |
Loans and leases held for investment | 292,232 | 294,068 | 218,264 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 582 | 784 | |
Real Estate-Residential Secured for Business Purpose [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,700 | 1,390 | |
Real Estate-Residential Secured for Business Purpose [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,227 | 428 | |
Real Estate-Residential Secured for Business Purpose [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,328 | 1,539 | |
Real Estate Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,892 | 5,027 | |
Current | 292,327 | 285,512 | |
Loans and leases held for investment | 295,432 | 290,808 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 508 | 481 | |
Real Estate Residential Secured For Personal Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 213 | 269 | |
Real Estate Residential Secured For Personal Purpose [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,125 | 3,243 | |
Real Estate Residential Secured For Personal Purpose [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 905 | |
Real Estate Residential Secured For Personal Purpose [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 767 | 879 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,273 | 1,380 | |
Current | 165,826 | 161,459 | |
Loans and leases held for investment | 167,099 | 162,839 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 109 | 171 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 0 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 471 | 717 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 343 | 142 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 459 | 521 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 446 | 561 | |
Current | 27,617 | 29,812 | |
Loans and leases held for investment | 28,063 | 30,373 | 28,421 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 142 | 142 | |
Loans to Individuals [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 0 | |
Loans to Individuals [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 266 | 324 | |
Loans to Individuals [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 38 | 95 | |
Loans to Individuals [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 142 | 142 | |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12,491 | 3,878 | |
Current | 120,373 | 130,861 | |
Loans and leases held for investment | 132,864 | 134,739 | $ 125,814 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 160 | 193 | |
Lease Financings [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 0 | |
Lease Financings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,948 | 1,731 | |
Lease Financings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 822 | 1,418 | |
Lease Financings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 5,721 | $ 729 |
Loans and Leases - Non-Performing Loans and Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | $ 19,856 | $ 17,916 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 2,818 | 3,252 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 919 | 987 |
Total Non-Performing Loans and Leases | 23,593 | 22,155 |
Nonaccrual Troubled Debt Restructured Loans And Lease Modifications | 1,700 | 1,800 |
Commercial, Financial and Agricultural [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 5,305 | 5,746 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 954 | 967 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 6,259 | 6,713 |
Real Estate-Commercial [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 4,133 | 5,651 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 1,506 | 1,519 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 5,639 | 7,170 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 3,845 | 4,898 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 316 | 766 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 4,161 | 5,664 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 514 | 560 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 42 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 508 | 481 |
Total Non-Performing Loans and Leases | 1,064 | 1,041 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 498 | 525 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 0 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 109 | 171 |
Total Non-Performing Loans and Leases | 607 | 696 |
Loans to Individuals [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 0 | 0 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 0 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 142 | 142 |
Total Non-Performing Loans and Leases | 142 | 142 |
Lease Financings [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 5,561 | 536 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 0 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 160 | 193 |
Total Non-Performing Loans and Leases | $ 5,721 | $ 729 |
Loans and Leases - Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 2,651,013 | $ 2,390,832 |
Total Loans and Leases Held for Investment, Acquired | 690,903 | 895,054 |
Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 18,333 | 14,148 |
Total Loans and Leases Held for Investment, Acquired | 0 | 583 |
Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 13,642 | 17,025 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 56,353 | 74,757 |
Total Loans and Leases Held for Investment, Acquired | 5,210 | 5,417 |
Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,593,067 | 1,386,253 |
Total Loans and Leases Held for Investment, Acquired | 402,316 | 533,598 |
Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 331,839 | 272,383 |
Total Loans and Leases Held for Investment, Acquired | 165,455 | 221,113 |
Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 31,743 | 32,772 |
Total Loans and Leases Held for Investment, Acquired | 10,718 | 14,023 |
Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 70,351 | 70,286 |
Total Loans and Leases Held for Investment, Acquired | 19,431 | 24,769 |
Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,115,328 | 1,867,624 |
Total Loans and Leases Held for Investment, Acquired | 603,130 | 799,503 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 528,708 | 521,472 |
Total Loans and Leases Held for Investment, Acquired | 87,216 | 94,679 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,977 | 1,736 |
Total Loans and Leases Held for Investment, Acquired | 557 | 872 |
Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 535,685 | 523,208 |
Total Loans and Leases Held for Investment, Acquired | 87,773 | 95,551 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 750,342 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 90,629 | 160,045 |
Commercial, Financial and Agricultural [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,579 | 272 |
Total Loans and Leases Held for Investment, Acquired | 0 | 583 |
Commercial, Financial and Agricultural [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 11,641 | 14,980 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 16,479 | 35,529 |
Total Loans and Leases Held for Investment, Acquired | 4,385 | 4,399 |
Commercial, Financial and Agricultural [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 552,555 | 465,675 |
Total Loans and Leases Held for Investment, Acquired | 66,009 | 113,512 |
Commercial, Financial and Agricultural [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 135,055 | 113,499 |
Total Loans and Leases Held for Investment, Acquired | 13,129 | 31,697 |
Commercial, Financial and Agricultural [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,454 | 8,820 |
Total Loans and Leases Held for Investment, Acquired | 1,774 | 73 |
Commercial, Financial and Agricultural [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 26,579 | 24,446 |
Total Loans and Leases Held for Investment, Acquired | 5,332 | 9,781 |
Commercial, Financial and Agricultural [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 750,342 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 90,629 | 160,045 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,013,978 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 389,690 | 465,368 |
Real Estate-Commercial [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Commercial [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,001 | 2,045 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Commercial [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 39,513 | 38,861 |
Total Loans and Leases Held for Investment, Acquired | 825 | 1,018 |
Real Estate-Commercial [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 767,428 | 676,212 |
Total Loans and Leases Held for Investment, Acquired | 242,512 | 282,199 |
Real Estate-Commercial [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 145,103 | 128,646 |
Total Loans and Leases Held for Investment, Acquired | 128,832 | 163,623 |
Real Estate-Commercial [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 22,757 | 22,439 |
Total Loans and Leases Held for Investment, Acquired | 6,715 | 7,705 |
Real Estate-Commercial [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 37,176 | 41,378 |
Total Loans and Leases Held for Investment, Acquired | 10,806 | 10,823 |
Real Estate-Commercial [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Commercial [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Commercial [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,013,978 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 389,690 | 465,368 |
Real Estate-Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 170,178 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 11,409 | 31,953 |
Real Estate-Construction [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 16,754 | 13,714 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 116,973 | 110,650 |
Total Loans and Leases Held for Investment, Acquired | 3,616 | 20,565 |
Real Estate-Construction [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 35,726 | 18,213 |
Total Loans and Leases Held for Investment, Acquired | 7,793 | 11,388 |
Real Estate-Construction [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 360 | 314 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 365 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 170,178 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 11,409 | 31,953 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 180,830 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 111,402 | 142,137 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 162 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 361 | 367 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 156,111 | 133,716 |
Total Loans and Leases Held for Investment, Acquired | 90,179 | 117,322 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 15,955 | 12,025 |
Total Loans and Leases Held for Investment, Acquired | 15,701 | 14,405 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,172 | 1,199 |
Total Loans and Leases Held for Investment, Acquired | 2,229 | 6,245 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,231 | 4,462 |
Total Loans and Leases Held for Investment, Acquired | 3,293 | 4,165 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 180,830 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 111,402 | 142,137 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 220,543 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 74,889 | 80,431 |
Real Estate Residential Secured For Personal Purpose [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 220,036 | 210,208 |
Total Loans and Leases Held for Investment, Acquired | 74,332 | 79,559 |
Real Estate Residential Secured For Personal Purpose [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 507 | 169 |
Total Loans and Leases Held for Investment, Acquired | 557 | 872 |
Real Estate Residential Secured For Personal Purpose [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 220,543 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 74,889 | 80,431 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 154,363 | 147,982 |
Total Loans and Leases Held for Investment, Acquired | 12,736 | 14,857 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 153,756 | 147,286 |
Total Loans and Leases Held for Investment, Acquired | 12,736 | 14,857 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 607 | 696 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 154,363 | 147,982 |
Total Loans and Leases Held for Investment, Acquired | 12,736 | 14,857 |
Loans to Individuals [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,915 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 148 | 263 |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,773 | 29,968 |
Total Loans and Leases Held for Investment, Acquired | 148 | 263 |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 142 | 142 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Loans to Individuals [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,915 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 148 | 263 |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 132,864 | 134,739 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Lease Financings [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 127,143 | 134,010 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Lease Financings [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 5,721 | 729 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Lease Financings [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 132,864 | 134,739 |
Total Loans and Leases Held for Investment, Acquired | $ 0 | $ 0 |
Loans and Leases - Reserve for Loan and Lease Losses Roll Forward (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 17,499 | $ 17,628 |
Charge-offs | (697) | (2,072) |
Recoveries | 281 | 570 |
Provision (recovery of provision) | 2,442 | 327 |
Provision for acquired credit impaired loans | 3 | (1) |
Ending balance | 19,528 | 16,452 |
Commercial, Financial and Agricultural [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 7,037 | 6,418 |
Charge-offs | (178) | (1,481) |
Recoveries | 187 | 450 |
Provision (recovery of provision) | 844 | 243 |
Provision for acquired credit impaired loans | 0 | 0 |
Ending balance | 7,890 | 5,630 |
Real Estate-Commercial and Construction [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 7,505 | 6,572 |
Charge-offs | 0 | (26) |
Recoveries | 3 | 7 |
Provision (recovery of provision) | 116 | (82) |
Provision for acquired credit impaired loans | 0 | 0 |
Ending balance | 7,624 | 6,471 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 774 | 763 |
Charge-offs | (42) | (238) |
Recoveries | 10 | 19 |
Provision (recovery of provision) | 603 | 203 |
Provision for acquired credit impaired loans | 0 | 0 |
Ending balance | 1,345 | 747 |
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 993 | 1,575 |
Charge-offs | (94) | (46) |
Recoveries | 17 | 17 |
Provision (recovery of provision) | 82 | (233) |
Provision for acquired credit impaired loans | 3 | (1) |
Ending balance | 1,001 | 1,312 |
Loans to Individuals [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 364 | 346 |
Charge-offs | (126) | (76) |
Recoveries | 35 | 33 |
Provision (recovery of provision) | 62 | 53 |
Provision for acquired credit impaired loans | 0 | 0 |
Ending balance | 335 | 356 |
Lease Financings [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 788 | 1,042 |
Charge-offs | (257) | (205) |
Recoveries | 29 | 44 |
Provision (recovery of provision) | 769 | 41 |
Provision for acquired credit impaired loans | 0 | 0 |
Ending balance | 1,329 | 922 |
Unallocated Financing Receivables [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 38 | 912 |
Provision (recovery of provision) | (34) | 102 |
Provision for acquired credit impaired loans | 0 | 0 |
Ending balance | $ 4 | $ 1,014 |
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | $ 979 | $ 341 | ||
Ending balance: collectively evaluated for impairment | 18,549 | 16,103 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 8 | |||
Total ending balance | 19,528 | $ 17,499 | 16,452 | $ 17,628 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 42,435 | 46,474 | ||
Ending balance: collectively evaluated for impairment | 2,606,486 | 1,863,631 | ||
Loans measured at fair value | 2,092 | |||
Acquired non-credit impaired loans | 684,287 | 271,884 | ||
Acquired credit impaired loans | 6,616 | 1,267 | ||
Total Loans and Leases Held for Investment | 3,341,916 | 3,285,886 | 2,183,256 | |
Commercial, Financial and Agricultural [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 8 | 151 | ||
Ending balance: collectively evaluated for impairment | 7,882 | 5,479 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 7,890 | 7,037 | 5,630 | 6,418 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 9,524 | 12,977 | ||
Ending balance: collectively evaluated for impairment | 740,818 | 473,135 | ||
Loans measured at fair value | 0 | |||
Acquired non-credit impaired loans | 90,069 | 21,207 | ||
Acquired credit impaired loans | 560 | 0 | ||
Total Loans and Leases Held for Investment | 840,971 | 823,266 | 507,319 | |
Real Estate-Commercial and Construction [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 26 | 140 | ||
Ending balance: collectively evaluated for impairment | 7,598 | 6,323 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 8 | |||
Total ending balance | 7,624 | 7,505 | 6,471 | 6,572 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 21,658 | 29,375 | ||
Ending balance: collectively evaluated for impairment | 1,160,406 | 821,684 | ||
Loans measured at fair value | 2,092 | |||
Acquired non-credit impaired loans | 395,838 | 122,415 | ||
Acquired credit impaired loans | 5,261 | 517 | ||
Total Loans and Leases Held for Investment | 1,585,255 | 973,991 | ||
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 364 | 20 | ||
Ending balance: collectively evaluated for impairment | 981 | 727 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 1,345 | 774 | 747 | 763 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 5,178 | 3,618 | ||
Ending balance: collectively evaluated for impairment | 175,652 | 99,973 | ||
Loans measured at fair value | 0 | |||
Acquired non-credit impaired loans | 110,820 | 113,923 | ||
Acquired credit impaired loans | 582 | 750 | ||
Total Loans and Leases Held for Investment | 292,232 | 294,068 | 218,264 | |
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 1 | 30 | ||
Ending balance: collectively evaluated for impairment | 1,000 | 1,282 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 1,001 | 993 | 1,312 | 1,575 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 1,054 | 504 | ||
Ending balance: collectively evaluated for impairment | 373,852 | 314,885 | ||
Loans measured at fair value | 0 | |||
Acquired non-credit impaired loans | 87,412 | 14,058 | ||
Acquired credit impaired loans | 213 | 0 | ||
Total Loans and Leases Held for Investment | 462,531 | 329,447 | ||
Loans to Individuals [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 335 | 356 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 335 | 364 | 356 | 346 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 27,915 | 28,140 | ||
Loans measured at fair value | 0 | |||
Acquired non-credit impaired loans | 148 | 281 | ||
Acquired credit impaired loans | 0 | 0 | ||
Total Loans and Leases Held for Investment | 28,063 | 30,373 | 28,421 | |
Lease Financings [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 580 | 0 | ||
Ending balance: collectively evaluated for impairment | 749 | 922 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 1,329 | 788 | 922 | 1,042 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 5,021 | 0 | ||
Ending balance: collectively evaluated for impairment | 127,843 | 125,814 | ||
Loans measured at fair value | 0 | |||
Acquired non-credit impaired loans | 0 | 0 | ||
Acquired credit impaired loans | 0 | 0 | ||
Total Loans and Leases Held for Investment | 132,864 | 134,739 | 125,814 | |
Unallocated Financing Receivables [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: collectively evaluated for impairment | 4 | 1,014 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | $ 4 | $ 38 | $ 1,014 | $ 912 |
Loans and Leases - Impaired Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 35,433 | $ 42,169 |
Impaired loans with an allowance recorded, Recorded Investment | 1,981 | 1,746 |
Impaired loans with no related allowance, Unpaid Principal Balance | 38,245 | 45,278 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 2,383 | 1,868 |
Total impaired loans, Recorded Investment | 37,414 | |
Total impaired loans, Unpaid Principal Balance | 40,628 | 47,146 |
Impaired Financing Receivable, Related Allowance | 399 | 235 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 9,437 | 10,911 |
Impaired loans with an allowance recorded, Recorded Investment | 87 | 166 |
Impaired loans with no related allowance, Unpaid Principal Balance | 10,960 | 12,561 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 211 | 166 |
Total impaired loans, Recorded Investment | 9,524 | 11,077 |
Total impaired loans, Unpaid Principal Balance | 11,171 | 12,727 |
Impaired Financing Receivable, Related Allowance | 8 | 19 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 21,062 | 24,469 |
Impaired loans with an allowance recorded, Recorded Investment | 596 | 597 |
Impaired loans with no related allowance, Unpaid Principal Balance | 21,906 | 25,342 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 596 | 597 |
Total impaired loans, Recorded Investment | 21,658 | 25,066 |
Total impaired loans, Unpaid Principal Balance | 22,502 | 25,939 |
Impaired Financing Receivable, Related Allowance | 26 | 25 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 3,937 | 5,704 |
Impaired loans with an allowance recorded, Recorded Investment | 1,241 | 983 |
Impaired loans with no related allowance, Unpaid Principal Balance | 4,338 | 6,253 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 1,519 | 1,105 |
Total impaired loans, Recorded Investment | 5,178 | 6,687 |
Total impaired loans, Unpaid Principal Balance | 5,857 | 7,358 |
Impaired Financing Receivable, Related Allowance | 364 | 191 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 556 | 560 |
Impaired loans with no related allowance, Unpaid Principal Balance | 596 | 594 |
Total impaired loans, Recorded Investment | 556 | 560 |
Total impaired loans, Unpaid Principal Balance | 596 | 594 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 441 | 525 |
Impaired loans with an allowance recorded, Recorded Investment | 57 | 0 |
Impaired loans with no related allowance, Unpaid Principal Balance | 445 | 528 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 57 | 0 |
Total impaired loans, Recorded Investment | 498 | 525 |
Total impaired loans, Unpaid Principal Balance | 502 | 528 |
Impaired Financing Receivable, Related Allowance | $ 1 | $ 0 |
Loans and Leases - Average Recorded Investment in Impaired Loans and Leases and Analysis of Interest on Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 40,712 | $ 47,799 |
Interest Income Recognized | 292 | 402 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 215 | 218 |
Interest income, cash basis for nonaccrual loans | 1 | 7 |
Interest income, accrual method | 291 | 395 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 11,418 | 13,569 |
Interest Income Recognized | 43 | 68 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 85 | 95 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 23,949 | 29,212 |
Interest Income Recognized | 233 | 305 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 73 | 70 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 4,268 | 4,273 |
Interest Income Recognized | 16 | 27 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 44 | 47 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 552 | 568 |
Interest Income Recognized | 0 | 2 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 8 | 4 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 525 | 177 |
Interest Income Recognized | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | $ 5 | $ 2 |
Loans and Leases - Troubled Debt Restructured Loans (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 1,545 |
Post- Restructuring Outstanding Recorded Investment | 0 | 1,545 |
Related Reserve | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 0 | 0 |
Related Reserve | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 1,545 |
Post- Restructuring Outstanding Recorded Investment | 0 | 1,545 |
Related Reserve | $ 0 | $ 0 |
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 1,545 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 1,545 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 1,545 | |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 1,545 |
Loans and Leases - Accruing and Nonaccruing Troubled Debt Restructured Loans with Payment Defaults (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 50 |
Accrual Troubled Debt Restructuring Loans [Member] | Commercial, Financial and Agricultural [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 50 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Loans and Leases - Mortgages in Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 180 | $ 180 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 180 | $ 180 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% |
Mortgage Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 9,800 | $ 9,500 |
SBA Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 15 |
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 172,559 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 172,559 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 138,476 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 138,476 |
Wealth Management [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 15,434 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 15,434 |
Insurance [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 18,649 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | $ 18,649 |
Goodwill and Other Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 34,591 | $ 34,248 |
Accumulated Amortization and Fair Value Adjustments | 18,668 | 17,597 |
Net Carrying Amount | 15,923 | 16,651 |
Covenants Not To Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 710 | 710 |
Accumulated Amortization and Fair Value Adjustments | 307 | 205 |
Net Carrying Amount | 403 | 505 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,788 | 6,788 |
Accumulated Amortization and Fair Value Adjustments | 1,299 | 1,004 |
Net Carrying Amount | 5,489 | 5,784 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,381 | 12,381 |
Accumulated Amortization and Fair Value Adjustments | 8,852 | 8,504 |
Net Carrying Amount | 3,529 | 3,877 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,712 | 14,369 |
Accumulated Amortization and Fair Value Adjustments | 8,210 | 7,884 |
Net Carrying Amount | $ 6,502 | $ 6,485 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Covenants Not To Compete and Core Deposit and Customer Related Intangibles (Details) $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 2,085 |
2018 | 2,114 |
2019 | 1,565 |
2020 | 1,200 |
2021 | 923 |
Thereafter | $ 1,534 |
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning of period | $ 6,485 | $ 5,877 |
Servicing rights capitalized | 343 | 311 |
Amortization of servicing rights | (326) | (349) |
Changes in valuation allowance | 0 | 0 |
End of period | 6,502 | 5,839 |
Residential and SBA loans serviced for others | $ 972,617 | $ 872,958 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Details) $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | $ 2,085 |
2018 | 2,114 |
2019 | 1,565 |
2020 | 1,200 |
2021 | 923 |
Thereafter | 1,534 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | 931 |
2018 | 818 |
2019 | 711 |
2020 | 616 |
2021 | 533 |
Thereafter | $ 2,893 |
Borrowings - Additional Information (Detail) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,300,000,000 | |
Outstanding short term letters of credit | 178,800,000 | $ 148,500,000 |
Amount of maintained federal fund lines of credit with correspondent banks | 327,000,000 | 302,000,000 |
Outstanding amount of federal fund line of credit with Federal Reserve Bank of Philadelphia | 0 | $ 0 |
Amount of maintained line of credit with correspondent bank - parent company | 10,000,000 | |
Outstanding amount of line of credit with correspondent bank - parent company | 0 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with call option | 50,800,000 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with fixed interest rate | 5,200,000 | |
Securities Sold under Agreements to Repurchase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with variable interest rate | $ 26,000,000 |
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 79,366 | $ 196,171 |
Balance at End of Period | 182,066 | 127,522 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 150,912 | $ 96,248 |
Weighted Average Interest Rate | 1.28% | 0.94% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 31,154 | $ 31,274 |
Weighted Average Interest Rate | 1.02% | 0.91% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 94,148 | $ 94,087 |
Weighted Average Interest Rate | 5.36% | 5.36% |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 9,715 | $ 91,300 |
Weighted Average Interest Rate | 0.99% | 0.74% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 45,000 | $ 80,000 |
Weighted Average Interest Rate | 1.05% | 0.81% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 24,651 | $ 24,871 |
Weighted Average Interest Rate | 0.05% | 0.05% |
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
Remainder of 2017 | $ 65,829 |
2018 | 10,083 |
2019 | 10,000 |
2020 | 40,000 |
2021 | 25,000 |
Thereafter | 0 |
Total Advances | $ 150,912 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
Remainder of 2017 Weighted average interest rate | 0.83% |
2018 Weighted average interest rate | 0.69% |
2019 Weighted average interest rate | 1.35% |
2020 Weighted average interest rate | 1.70% |
2021 Weighted average interest rate | 1.97% |
Thereafter Weighted average interest rate | 0.00% |
Weighted average interest rate | 1.28% |
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Balance at End of Period | $ 182,066 | $ 127,522 |
Securities Sold under Agreements to Repurchase [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2017 | 0 | |
2018 | 10,351 | |
2019 | 10,380 | |
2020 | 10,423 | |
2021 | 0 | |
Thereafter | 0 | |
Balance at End of Period | $ 31,154 | $ 31,274 |
Long-term Debt, Other Disclosures [Abstract] | ||
Remainder of 2017 Weighted average interest rate | 0.00% | |
2018 Weighted average interest rate | 0.83% | |
2019 Weighted average interest rate | 1.11% | |
2020 Weighted average interest rate | 1.12% | |
2021 Weighted average interest rate | 0.00% | |
Thereafter Weighted average interest rate | 0.00% | |
Weighted average interest rate | 1.02% | 0.91% |
Retirement Plans and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Employee hire date no longer eligible for noncontributory retirement plan | Dec. 08, 2009 | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, non-qualified plans, estimated employer contributions for next fiscal year | $ 160 | |
Defined benefit plan, contributions by employer | $ 40 | |
Defined benefit plan, benefits paid | 672 | |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 121 | |
Defined benefit plan, contributions by employer | 29 | |
Defined benefit plan, benefits paid | $ 29 |
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 151 | $ 171 |
Interest cost | 465 | 518 |
Expected return on plan assets | (753) | (754) |
Amortization of net actuarial loss | 288 | 323 |
Accretion of prior service cost | (70) | (71) |
Net periodic benefit cost | 81 | 187 |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 12 | 12 |
Interest cost | 29 | 33 |
Expected return on plan assets | 0 | 0 |
Amortization of net actuarial loss | 11 | 6 |
Accretion of prior service cost | 0 | 0 |
Net periodic benefit cost | $ 52 | $ 51 |
Stock-Based Incentive Plan - Additional Information (Detail) - shares |
Jul. 01, 2016 |
Jan. 01, 2015 |
Mar. 31, 2017 |
---|---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards authorized for issuance | 3,355,786 | ||
Fox Chase Bank [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 857,191 | ||
Valley Green Bank [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 473,483 |
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
$ / shares
shares
| |
Shares Under Option | |
Shares Under Option, Outstanding, Beginning balance | shares | 504,908 |
Shares Under Option, Granted | shares | 191,297 |
Shares Under Option, Expired | shares | (65,500) |
Shares Under Option, Forfeited | shares | 0 |
Shares Under Option, Exercised | shares | (47,704) |
Share Under Option, Outstanding, Ending balance | shares | 583,001 |
Shares Under Options, Exercisable at March 31, 2017 | shares | 210,691 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 19.06 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 28.15 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 22.98 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 0.00 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 18.04 |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 21.66 |
Weighted Average Exercise Price Per Share, Exercisable at March 31, 2017 | $ / shares | $ 17.96 |
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2017 | 7 years 10 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2017 | 6 years |
Aggregate Intrinsic Value, Outstanding at March 31, 2017 | $ | $ 2,898 |
Aggregate Intrinsic Value, Exercisable at March 31, 2017 | $ | $ 1,672 |
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested Stock Options, Beginning balance | 308,940 | |
Nonvested Stock Options, Granted | 191,297 | |
Nonvested Stock Options, Vested | (127,927) | |
Nonvested Stock Options, Forfeited | 0 | |
Nonvested Stock Options, Ending balance | 372,310 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Beginning balance | $ 6.15 | |
Weighted Average Grant Date Fair Value, Granted | 6.72 | $ 6.26 |
Weighted Average Grant Date Fair Value, Vested | 6.08 | |
Weighted Average Grant Date Fair Value, Forfeited | 0.00 | |
Weighted Average Grant Date Fair Value, Ending balance | $ 6.46 |
Stock-Based Incentive Plan - Aggregated Assumptions Used to Estimate Fair Value of Options Granted (Detail) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life in years | 6 years 10 months 24 days | |
Expected option life in years - weighted average | 7 years 10 months 24 days | |
Risk free interest rate | 2.30% | |
Risk free interest rate - weighted average | 1.89% | |
Expected dividend yield | 2.84% | |
Expected dividend yield - weighted average | 4.07% | |
Expected volatility | 29.75% | |
Expected volatility - weighted average | 46.13% | |
Fair value of options | $ 6.72 | $ 6.26 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life in years | 7 years 10 months 24 days | |
Risk free interest rate | 1.81% | |
Expected dividend yield | 4.07% | |
Expected volatility | 46.13% | |
Fair value of options | $ 5.98 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life in years | 8 years 2 months 12 days | |
Risk free interest rate | 1.89% | |
Expected dividend yield | 4.19% | |
Expected volatility | 46.22% | |
Fair value of options | $ 6.27 |
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2017
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested Share Awards, Beginning balance | shares | 285,158 |
Nonvested Share Awards, Granted | shares | 58,448 |
Nonvested Share Awards, Vested | shares | (47,164) |
Nonvested Share Awards, Forfeited | shares | (13,125) |
Nonvested Share awards, Ending balance | shares | 283,317 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 19.74 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 28.15 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 18.32 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 18.78 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 21.76 |
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 58,448 | |
Weighted average grant date fair value | $ 28.15 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 58,448 | 58,580 |
Weighted average grant date fair value | $ 28.15 | $ 19.68 |
Intrinsic value of awards vested | $ 1,333 | $ 971 |
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 6,271 |
Weighted-Average Period Remaining (Years) | 2 years 1 month 6 days |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 2,082 |
Weighted-Average Period Remaining (Years) | 2 years 4 months 24 days |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 4,189 |
Weighted-Average Period Remaining (Years) | 1 year 10 months 24 days |
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Stock-based compensation expense: | ||
Total Expense | $ 846 | $ 467 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 507 | 151 |
Stock Options [Member] | ||
Stock-based compensation expense: | ||
Total Expense | 221 | 151 |
Restricted Stock Awards [Member] | ||
Stock-based compensation expense: | ||
Total Expense | 610 | 300 |
Employee Stock Purchase Plan [Member] | ||
Stock-based compensation expense: | ||
Total Expense | $ 15 | $ 16 |
Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net income | $ 10,856 | $ 7,289 |
Net income allocated to unvested restricted stock | (113) | (59) |
Net income allocated to common shares | $ 10,743 | $ 7,230 |
Denominator for basic earnings per share—weighted-average shares outstanding | 26,345 | 19,402 |
Effect of dilutive securities—employee stock options | 103 | 31 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 26,448 | 19,433 |
Basic earnings per share | $ 0.41 | $ 0.37 |
Diluted earnings per share | $ 0.41 | $ 0.37 |
Average anti-dilutive options and awards excluded from computation of diluted earnings per share | 242 | 588 |
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | $ (19,454) | $ (16,708) |
Net Change | 462 | 1,227 |
Ending balance | (18,992) | (15,481) |
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | (4,988) | (592) |
Net Change | 263 | 1,413 |
Ending balance | (4,725) | 821 |
Net Change Related to Derivative Used for Cash Flow Hedge [Member] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | (141) | (285) |
Net Change | 51 | (354) |
Ending balance | (90) | (639) |
Net Change Related to Defined Benefit Pension Plan [Member] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | (14,325) | (15,831) |
Net Change | 148 | 168 |
Ending balance | $ (14,177) | $ (15,663) |
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Oct. 24, 2014
USD ($)
|
Mar. 31, 2017
USD ($)
instrument
|
Dec. 31, 2016
USD ($)
|
|
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Loans receivable with fixed rates | $ 29,100 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 19,803 | $ 19,993 | |
Derivative Liabilities | 167 | 254 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 119,744 | 107,448 | |
Derivative Liabilities | $ 114 | 74 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 15 years | ||
Derivative fixed interest rate | 7.43% | ||
Notional Amount | $ 598 | 622 | |
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | $ 57 | 65 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 47,501 | 27,919 | |
Derivative number of instruments held | instrument | 12 | ||
Underlying derivative at fair value | $ 57 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | 57 | 9 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative asset notional amount | $ 20,000 | ||
Derivative fixed interest rate | 2.10% | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 151 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 18,386 | 18,566 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | $ 138 | 217 | |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Derivative fixed interest rate | 5.83% | ||
Notional Amount | $ 1,417 | 1,427 | |
Loans receivable fixed interest rate (percentage) | 5.83% | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | $ 29 | $ 37 | |
Minimum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 2 years | ||
Maximum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
One-Month LIBOR [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 2.24% | ||
One-Month LIBOR [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 3.50% |
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | $ 19,803 | $ 19,993 | |
Derivative Assets | 0 | 0 | |
Derivative Liabilities | 167 | 254 | |
Net loss | (68) | $ (81) | |
Gain (loss) recognized in other comprehensive income (loss) | (90) | (141) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 18,386 | 18,566 | |
Gain (loss) recognized in other comprehensive income (loss) | (90) | (141) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 71 | 81 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets | 0 | 0 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 138 | 217 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 1,417 | 1,427 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 3 | $ 0 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets | 0 | 0 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | $ 29 | $ 37 |
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | $ 119,744 | $ 107,448 | |
Derivative Assets | 1,211 | 1,058 | |
Derivative Liabilities | 114 | 74 | |
Derivative instruments not designated as hedging instruments gain (loss), net | 224 | $ 491 | |
Interest Rate Swap [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 598 | 622 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Assets | 0 | 0 | |
Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Liabilities | 57 | 65 | |
Credit Risk Contract [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 47,501 | 27,919 | |
Credit Risk Contract [Member] | Other Noninterest Income [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative instruments not designated as hedging instruments gain (loss), net | 71 | 0 | |
Credit Risk Contract [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Assets | 0 | 0 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Liabilities | 57 | 9 | |
Interest Rate Locks with Customers [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 35,255 | 36,541 | |
Interest Rate Locks with Customers [Member] | Mortgage Banking Activities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative instruments not designated as hedging instruments gain (loss), net | 407 | 632 | |
Interest Rate Locks with Customers [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Assets | 1,208 | 801 | |
Interest Rate Locks with Customers [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Forward Loan Sale Commitments [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 36,390 | 42,366 | |
Forward Loan Sale Commitments [Member] | Mortgage Banking Activities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative instruments not designated as hedging instruments gain (loss), net | (254) | $ (141) | |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Assets | 3 | 257 | |
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative Liabilities | $ 0 | $ 0 |
Fair Value Disclosures - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2014
USD ($)
|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Goodwill, period increase | $ 0 | $ 0 | ||
Adjustment of Contingent Consideration | 14,000 | 280,000 | ||
Valuation adjustments for loans held for sale | 0 | $ 0 | ||
Carrying value of impaired loans and leases held for investment | 37,414,000 | |||
Valuation allowance of impaired loans held for investment | 399,000 | 235,000 | ||
Servicing rights carrying amount before valuation allowance | 6,500,000 | 6,500,000 | ||
Servicing rights valuation allowance | 0 | 0 | ||
Sterner Insurance Associates Inc [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Potential cash payments from contingent consideration, minimum | $ 0 | |||
Potential cash payments from contingent consideration, maximum | $ 2,600,000.0 | |||
Potential cash payments from contingent consideration based on results, period of measurement (in months) | 12 months | |||
Potential cash payments from contingent consideration, end date | 2017 | |||
Goodwill, period increase | 0 | 0 | ||
Adjustment of Contingent Consideration | 0 | 154,000 | ||
Girard Partners [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Goodwill, period increase | 0 | 0 | ||
Adjustment of Contingent Consideration | 14,000 | 119,000 | ||
John T. Fretz Insurance Agency [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Goodwill, period increase | 0 | |||
Adjustment of Contingent Consideration | $ 7,000 | |||
Held for Investment [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of impaired loans and leases held for investment | 37,400,000 | 43,915,000 | ||
Valuation allowance of impaired loans held for investment | 399,000 | 235,000 | ||
Lease Financings [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of impaired loans and leases held for investment | 5,000,000 | $ 0 | ||
Valuation allowance of impaired loans held for investment | $ 580,000 | |||
Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of loans with unrealized gain | loan | 2 | |||
Unrealized gain on loans | $ 85,000 |
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets: | ||
Total available-for-sale securities | $ 431,612 | $ 443,637 |
Total assets | 2,092 | |
Fair Value Measured on Recurring Basis [Member] | ||
Assets: | ||
Total available-for-sale securities | 431,612 | 443,637 |
Loans | 2,092 | 2,138 |
Total assets | 434,915 | 446,833 |
Liabilities: | ||
Total liabilities | 1,010 | 6,327 |
Fair Value Measured on Recurring Basis [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 729 | 5,999 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 224 | 319 |
Fair Value Measured on Recurring Basis [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 57 | 9 |
Fair Value Measured on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 32,204 | 32,266 |
Fair Value Measured on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 84,626 | 88,350 |
Fair Value Measured on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 190,379 | 198,570 |
Fair Value Measured on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 4,301 | 4,554 |
Fair Value Measured on Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 107,867 | 108,198 |
Fair Value Measured on Recurring Basis [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 11,294 | 10,784 |
Fair Value Measured on Recurring Basis [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 941 | 915 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 1,208 | 801 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 3 | 257 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Total available-for-sale securities | 12,235 | 11,699 |
Loans | 0 | 0 |
Total assets | 12,235 | 11,699 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 11,294 | 10,784 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 941 | 915 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | ||
Assets: | ||
Total available-for-sale securities | 391,183 | 403,160 |
Loans | 0 | 0 |
Total assets | 392,394 | 404,218 |
Liabilities: | ||
Total liabilities | 224 | 319 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 224 | 319 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 32,204 | 32,266 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 84,626 | 88,350 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 190,379 | 198,570 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 4,301 | 4,554 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 79,673 | 79,420 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 1,208 | 801 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 3 | 257 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | ||
Assets: | ||
Total available-for-sale securities | 28,194 | 28,778 |
Loans | 2,092 | 2,138 |
Total assets | 30,286 | 30,916 |
Liabilities: | ||
Total liabilities | 786 | 6,008 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 729 | 5,999 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 57 | 9 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 28,194 | 28,778 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Disclosures - Level 3 Roll Forward (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | |
Balance at December 31, 2016 | $ 30,907 |
Purchases/additions | (120) |
Sales | 0 |
Payments received | (33) |
Premium amortization, net | 0 |
(Decrease) increase in value | (525) |
Balance at March 31, 2017 | 30,229 |
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | (9) |
Purchases/additions | (120) |
Sales | 0 |
Payments received | 0 |
Premium amortization, net | 0 |
(Decrease) increase in value | 72 |
Balance at March 31, 2017 | (57) |
Corporate Debt Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | 28,778 |
Purchases/additions | 0 |
Sales | 0 |
Payments received | 0 |
Premium amortization, net | 0 |
(Decrease) increase in value | (584) |
Balance at March 31, 2017 | 28,194 |
Loans [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | 2,138 |
Purchases/additions | 0 |
Sales | 0 |
Payments received | (33) |
Premium amortization, net | 0 |
(Decrease) increase in value | (13) |
Balance at March 31, 2017 | $ 2,092 |
Fair Value Disclosures - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | $ 5,999 | $ 5,577 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 5,284 | 900 |
Adjustment of Contingent Consideration | 14 | 280 |
Ending Balance | 729 | 4,957 |
Sterner Insurance Associates Inc [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 331 | 1,144 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 0 | 0 |
Adjustment of Contingent Consideration | 0 | 154 |
Ending Balance | 331 | 1,298 |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 5,668 | 4,241 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 5,284 | 900 |
Adjustment of Contingent Consideration | 14 | 119 |
Ending Balance | $ 398 | 3,460 |
John T. Fretz Insurance Agency [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 192 | |
Contingent Consideration from New Acquisition | 0 | |
Payment of Contingent Consideration | 0 | |
Adjustment of Contingent Consideration | 7 | |
Ending Balance | $ 199 |
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 2,092 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 37,015 | $ 43,680 |
Impaired leases held for investment | 4,441 | |
Other real estate owned | 3,712 | 4,969 |
Total assets | 45,168 | 48,649 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 0 | 0 |
Impaired leases held for investment | 0 | |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 0 | 0 |
Impaired leases held for investment | 0 | |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 37,015 | 43,680 |
Impaired leases held for investment | 4,441 | |
Other real estate owned | 3,712 | 4,969 |
Total assets | $ 45,168 | $ 48,649 |
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets: | ||
Held-to-maturity securities | $ 33,022 | $ 24,871 |
Total assets | 2,092 | |
Deposits: | ||
Time deposits | 553,176 | 626,189 |
Subordinated notes | 94,148 | 94,087 |
Fair Value [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 57,800 | 57,825 |
Held-to-maturity securities | 33,022 | 24,871 |
Loans held for sale | 1,121 | 5,943 |
Net loans and leases held for investment | 3,271,524 | 3,193,886 |
Servicing rights | 9,799 | 9,548 |
Total assets | 3,373,266 | 3,292,073 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,812,775 | 2,631,378 |
Time deposits | 555,841 | 628,096 |
Total deposits | 3,368,616 | 3,259,474 |
Short-term borrowings | 79,366 | 195,572 |
Long-term debt | 183,962 | 130,157 |
Subordinated notes | 95,000 | 95,188 |
Total liabilities | 3,726,944 | 3,680,391 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,279) | (2,218) |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 57,800 | 57,825 |
Held-to-maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 57,800 | 57,825 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,812,775 | 2,631,378 |
Time deposits | 0 | 0 |
Total deposits | 2,812,775 | 2,631,378 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 0 |
Total liabilities | 2,812,775 | 2,631,378 |
Off-Balance-Sheet: | ||
Commitments to extend credit | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 0 | 0 |
Held-to-maturity securities | 33,022 | 24,871 |
Loans held for sale | 1,121 | 5,943 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 34,143 | 30,814 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 555,841 | 628,096 |
Total deposits | 555,841 | 628,096 |
Short-term borrowings | 79,366 | 195,572 |
Long-term debt | 183,962 | 130,157 |
Subordinated notes | 95,000 | 95,188 |
Total liabilities | 914,169 | 1,049,013 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,279) | (2,218) |
Fair Value [Member] | Level 3 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans and leases held for investment | 3,271,524 | 3,193,886 |
Servicing rights | 9,799 | 9,548 |
Total assets | 3,281,323 | 3,203,434 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 0 |
Total liabilities | 0 | 0 |
Off-Balance-Sheet: | ||
Commitments to extend credit | 0 | 0 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 57,800 | 57,825 |
Held-to-maturity securities | 33,027 | 24,881 |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 25,322 | 24,869 |
Loans held for sale | 1,110 | 5,890 |
Net loans and leases held for investment | 3,278,840 | 3,222,569 |
Servicing rights | 6,502 | 6,485 |
Total assets | 3,402,601 | 3,342,519 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,812,775 | 2,631,378 |
Time deposits | 553,176 | 626,189 |
Total deposits | 3,365,951 | 3,257,567 |
Short-term borrowings | 79,366 | 196,171 |
Long-term debt | 182,066 | 127,522 |
Subordinated notes | 94,148 | 94,087 |
Total liabilities | 3,721,531 | 3,675,347 |
Off-Balance-Sheet: | ||
Commitments to extend credit | $ 0 | $ 0 |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||
Total assets | $ 4,273,931 | $ 2,824,777 | $ 4,230,528 |
Interest income | 38,396 | 25,734 | |
Interest expense | 4,113 | 2,211 | |
Net interest income | 34,283 | 23,523 | |
Provision for loan and lease losses | 2,445 | 326 | |
Noninterest income | 14,970 | 13,831 | |
Intangible expenses | 759 | 766 | |
Acquisition-related and integration costs and restructuring charges | 220 | ||
Other noninterest expense | 31,271 | 25,953 | |
Intersegment (revenue) expense | 0 | 0 | |
Income before income taxes | 14,778 | 10,089 | |
Income taxes | 3,922 | 2,800 | |
Net income | 10,856 | 7,289 | |
Capital expenditures | 4,388 | 2,178 | |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 4,187,607 | 2,746,433 | 4,137,873 |
Interest income | 38,392 | 25,725 | |
Interest expense | 4,113 | 2,211 | |
Net interest income | 34,279 | 23,514 | |
Provision for loan and lease losses | 2,445 | 326 | |
Noninterest income | 5,162 | 4,548 | |
Intangible expenses | 396 | 63 | |
Acquisition-related and integration costs and restructuring charges | 10 | ||
Other noninterest expense | 23,744 | 18,736 | |
Intersegment (revenue) expense | (567) | (511) | |
Income before income taxes | 13,423 | 9,438 | |
Income taxes | 3,641 | 2,357 | |
Net income | 9,782 | 7,081 | |
Capital expenditures | 4,320 | 1,839 | |
Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 31,178 | 30,134 | 35,061 |
Interest income | 1 | 2 | |
Interest expense | 0 | 0 | |
Net interest income | 1 | 2 | |
Provision for loan and lease losses | 0 | 0 | |
Noninterest income | 5,138 | 4,572 | |
Intangible expenses | 170 | 303 | |
Acquisition-related and integration costs and restructuring charges | 0 | ||
Other noninterest expense | 3,471 | 3,058 | |
Intersegment (revenue) expense | 237 | 219 | |
Income before income taxes | 1,261 | 994 | |
Income taxes | 500 | 383 | |
Net income | 761 | 611 | |
Capital expenditures | 11 | 15 | |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 24,412 | 24,715 | 24,472 |
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net interest income | 0 | 0 | |
Provision for loan and lease losses | 0 | 0 | |
Noninterest income | 4,547 | 4,720 | |
Intangible expenses | 193 | 400 | |
Acquisition-related and integration costs and restructuring charges | 0 | ||
Other noninterest expense | 3,069 | 3,119 | |
Intersegment (revenue) expense | 330 | 292 | |
Income before income taxes | 955 | 909 | |
Income taxes | 404 | 377 | |
Net income | 551 | 532 | |
Capital expenditures | 7 | 10 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 30,734 | 23,495 | $ 33,122 |
Interest income | 3 | 7 | |
Interest expense | 0 | 0 | |
Net interest income | 3 | 7 | |
Provision for loan and lease losses | 0 | 0 | |
Noninterest income | 123 | (9) | |
Intangible expenses | 0 | 0 | |
Acquisition-related and integration costs and restructuring charges | 210 | ||
Other noninterest expense | 987 | 1,040 | |
Intersegment (revenue) expense | 0 | 0 | |
Income before income taxes | (861) | (1,252) | |
Income taxes | (623) | (317) | |
Net income | (238) | (935) | |
Capital expenditures | $ 50 | $ 314 |
Restructuring Charges - Narrative (Details) $ in Millions |
24 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
center
| |
Facility closing [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of financial centers closed | center | 5 |
Banking [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ | $ 3.4 |
Restructuring Charges - Roll-Forward of Accrued Restructuring Expense (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | $ 1,210 |
Payments | (470) |
Accrued at March 31, 2017 | 740 |
Severance expenses [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | 901 |
Payments | (445) |
Accrued at March 31, 2017 | 456 |
Write-downs and retirements of fixed assets [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | 228 |
Payments | 0 |
Accrued at March 31, 2017 | 228 |
Lease cancellations [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | 81 |
Payments | (25) |
Accrued at March 31, 2017 | $ 56 |
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