Pennsylvania | 23-1886144 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
14 North Main Street, Souderton, Pennsylvania | 18964 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code | ||
(215) 721-2400 | ||
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of class | Name of each exchange on which registered | |
Common Stock, $5 par value | The NASDAQ Stock Market |
Large accelerated filer x | Accelerated filer | ¨ |
Non-accelerated filer ¨ | 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 | 29,289,730 | |
(Title of Class) | (Number of shares outstanding at February 14, 2019) |
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
Item 16. | ||
1 |
• | Operating, legal and regulatory risks; |
• | Economic, political and competitive forces impacting various lines of business; |
• | Legislative, regulatory and accounting changes; |
• | Demand for our financial products and services in our market area; |
• | Volatility in interest rates; |
• | The composition and credit quality of our loan and investment portfolios; |
• | Our ability to access cost-effective funding; |
• | Our ability to continue to implement our business strategies; |
• | Our ability to manage market risk, credit risk and operational risk; |
• | Timing of revenue and expenditures; |
• | Returns on investment decisions; |
• | System failures or cyber-security breaches of our information technology infrastructure and those of our third-party service providers; |
• | Our ability to retain key employees; |
• | Other risks and uncertainties, including those occurring in the U.S. and world financial systems; and |
• | 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. |
Item 1. | Business |
2 |
3 |
• | Centralized responsibility for consumer financial protection by the creation of a new agency, the Consumer Financial Protection Bureau, that has rulemaking authority for a wide range of consumer protection laws that apply to all banks and has broad powers to supervise and enforce consumer protection laws; |
• | Increased the FDIC assessment for depository institutions with assets of $10 billion or more, changed the basis for determining FDIC premiums from insured deposits to consolidated assets less tangible capital and increased the minimum reserve ratio for the deposit insurance fund to 1.35% by September 30, 2020. On September 30, 2018, the deposit insurance fund reserve ratio reached 1.36%, exceeding the statutorily required minimum reserve ratio of 1.35%, ahead of the target date of September 30, 2020. The FDIC will not be lowering rates until a target ratio of 2.0% is reached. The FDIC will be giving small banks credits for their portion of assessments that contributed to the growth in the reserve ratio between 1.15% and 1.35%. |
• | Permanently increased the federal deposit insurance coverage to $250 thousand and increased the Securities Investor Protection Corporation protection from $100 thousand to $250 thousand; |
• | Provided for new disclosures and other requirements relating to executive compensation, proxy access by shareholders and corporate governance; |
• | Provided for mortgage reform provisions regarding a customer’s ability to repay, restricting variable-rate lending by requiring the ability to repay be determined for variable-rate loans by using the maximum rate that will apply during the first five years of a variable-rate loan term, and making more loans subject to provisions for higher cost loans, new disclosures, and certain other revisions; and |
4 |
• | Created a financial stability oversight council responsible for recommending to the Federal Reserve increasingly strict rules for capital, leverage, liquidity, risk management and other requirements as companies grow in size and complexity. |
5 |
• | Fox Chase Bancorp on July 1, 2016; |
• | Valley Green Bank on January 1, 2015; |
• | Sterner Insurance Associates on July 1, 2014; and |
• | Girard Partners on January 1, 2014. |
6 |
• | In a declining interest rate environment, more interest-earning assets than interest-bearing liabilities re-price or mature, or |
• | In a rising interest rate environment, more interest-bearing liabilities than interest-earning assets re-price or mature. |
7 |
8 |
9 |
10 |
• | Incurring time and expense associated with identifying and evaluating potential acquisitions and negotiating potential transactions; |
• | Using inaccurate estimates and judgments to evaluate credit, operations, management, and market risks with respect to the target institution or its assets; |
• | The time and expense required to integrate the operations and personnel of the combined businesses; |
• | Creating an adverse short-term effect on our results of operations; and |
• | Losing key employees and customers or a reduction in our stock price as a result of an acquisition that is poorly received. |
11 |
12 |
13 |
• | Our past and future dividend practice; |
• | Our financial condition, performance, creditworthiness and prospects; |
• | Variations in our operating results or the quality of our assets; |
• | Operating results that vary from the expectations of management, securities analysts and investors; |
• | Changes in expectations as to our future financial performance; |
• | Changes in financial markets related to market valuations of financial industry companies; |
• | The operating and securities price performance of other companies that investors believe are comparable to us; |
• | Future sales of our equity or equity-related securities; |
• | The credit, mortgage and housing markets, the markets for securities relating to mortgages or housing, and developments with respect to financial institutions generally; and |
• | Changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity or real estate valuations or volatility and other geopolitical, regulatory or judicial events. |
14 |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Property Address | Owned/Leased | |
Full Service Branches (Banking Segment): | ||
195 East Butler Ave., Chalfont, PA 18914 | Owned | |
4390 Davisville Rd., Hatboro, PA 19040 | (3) | Owned |
5871 Lower York Rd., Lahaska, PA 18931 | Owned | |
Route 309 & Line Lexington Rd., Line Lexington, PA 18932 | Owned | |
1950 John Fries Highway, Milford Square, PA 18935 | Owned | |
Route 309 & Stump Rd., Montgomeryville, PA 18936 | Owned | |
15 Swamp Rd., Newtown, PA 18940 | Owned | |
921 West Ave., Ocean City, NJ 08226 | Owned | |
401 Rhawn St., Philadelphia, PA 19111 | Owned | |
415 Main St., Schwenksville, PA 19473 | Owned | |
Township Line Rd. and Route 113, Schwenksville, PA 19473 | Owned | |
10 W. Broad St., Souderton, PA 18964 | Owned | |
500 Harleysville Pk., Souderton, PA 18964 | Owned | |
Routes 113 and Bethlehem Pk., Souderton, PA 18964 | Owned | |
1041 York Rd., Warminster, PA 18974 | Owned | |
1 Fitzwatertown Rd., Willow Grove, PA 19090 | Owned | |
574 Main St., Bethlehem, PA 18018 | Leased | |
694 DeKalb Pk., Blue Bell, PA 19422 | Leased | |
4250 Oregon Pk., Brownstown, PA 17508 | Leased | |
1135 Georgetown Rd., Christiana, PA 17509 | Leased | |
191 W. State St., Doylestown, PA 18901 | Leased | |
321 Main St., East Greenville, PA 18041 | Leased | |
23 W. Highland Ave., Philadelphia, PA 19118 | Leased | |
1536 S. Broad St., Philadelphia, PA 19146 | Leased | |
1642 Fairmount Ave., Philadelphia, PA 19130 | Leased | |
3601 Market St., Philadelphia, PA 19104 | Leased | |
7226 Germantown Ave., Philadelphia, PA 19119 | Leased | |
216 Hartman Bridge Rd., Ronks, PA 17572 | Leased | |
200 North High St., West Chester, PA 19380 | (3) | Leased |
90 Willow Valley Lakes Dr., Willow Street, PA 17584 | Leased | |
5089 Hamilton Blvd., Allentown, PA 18106 | Land Lease | |
2645 Street Rd., Bensalem, PA 19020 | Land Lease | |
380 Water Loop Dr., Collegeville, PA 19426 | Land Lease | |
5829 Easton Rd., Doylestown, PA 18901 | Land Lease |
15 |
1 Heritage Drive, Gordonville, PA 17529 | Land Lease | |
2870 Shelly Rd., Harleysville, PA 19438 | Land Lease | |
120 Forty Foot Rd., Hatfield, PA 19440 | Land Lease | |
545 Constitution Ave., Perkasie, PA 18944 | Land Lease | |
940 2nd Street Pk., Richboro, PA 18954 | Land Lease | |
Corporate Headquarters: | ||
14 North Main St., Souderton, PA 18964 | (1) (2) | Owned |
15 Washington Ave., Souderton, PA 18964 | Owned | |
16 Harbor Pl., Souderton, PA 18964 | Owned | |
Subsidiary Offices (Wealth Management Segment) | ||
4600 Broadway, Allentown, PA 18104 | (1) (3) | Leased |
5237 Summerlin Commons Blvd., Fort Meyers, FL 33907 | Leased | |
555 Croton Rd., King of Prussia, PA 19406 | Leased | |
5000 Ritter Rd., Mechanicsburg, PA 17055 | Leased | |
Subsidiary Offices (Insurance Segment) | ||
6339 Beverly Hills Rd., Coopersburg, PA 18036 | Owned | |
521 Main St., Lansdale, PA 19446 | Owned | |
9120 Chesapeake Ave., Suite 300, North Beach, MD 20714 | Leased | |
Glenloch Corporate Campus, 1473 Dunwoody Dr., West Chester, PA 19380 | (1) | Owned |
Other Offices: | ||
3220 Tillman Dr., Suite 503, Bensalem, PA 19020 | (1) | Leased |
1317 2nd Ave., Cumberland, WI 54829 | (1) | Leased |
1980 S. Easton Rd., Doylestown, PA 18901 | (1) (2) (3) | Leased |
Greenfield Corporate Center, 1869 Charter Ln., Suite 301, Lancaster, PA 17601 | (3) | Leased |
2000 Market St., Suite 700, Philadelphia, PA 19103 | (3) | Leased |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
16 |
Item 5. | Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||
Univest Financial Corporation | 100.00 | 101.84 | 109.22 | 167.48 | 156.30 | 124.00 | ||||||
NASDAQ Stock Market (US) | 100.00 | 114.80 | 122.98 | 133.96 | 173.74 | 168.89 | ||||||
NASDAQ Banks | 100.00 | 104.88 | 114.13 | 157.32 | 165.85 | 139.16 |
17 |
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 | ||||||||
October 1 - 31, 2018 | 100,000 | $ | 25.39 | 100,000 | 914,246 | |||||||
November 1 - 30, 2018 | — | — | — | 914,246 | ||||||||
December 1 – 31, 2018 | 50,000 | 21.22 | 50,000 | 864,246 | ||||||||
Total | 150,000 | $ | 24.00 | 150,000 |
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 does not include 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. |
18 |
Item 6. | Selected Financial Data |
For the Years Ended December 31, | |||||||||||||||||||
(Dollars in thousands, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Earnings | |||||||||||||||||||
Interest income | $ | 190,488 | $ | 163,015 | $ | 126,607 | $ | 101,983 | $ | 76,192 | |||||||||
Interest expense | 32,426 | 19,839 | 12,382 | 8,065 | 3,996 | ||||||||||||||
Net interest income | 158,062 | 143,176 | 114,225 | 93,918 | 72,196 | ||||||||||||||
Provision for loan and lease losses | 20,310 | 9,892 | 4,821 | 3,802 | 3,607 | ||||||||||||||
Net interest income after provision for loan and lease losses | 137,752 | 133,284 | 109,404 | 90,116 | 68,589 | ||||||||||||||
Noninterest income | 60,173 | 59,240 | 55,963 | 52,425 | 48,344 | ||||||||||||||
Noninterest expense | 137,239 | 130,713 | 141,981 | 105,515 | 87,254 | ||||||||||||||
Net income before income taxes | 60,686 | 61,811 | 23,386 | 37,026 | 29,679 | ||||||||||||||
Income taxes | 10,143 | 17,717 | 3,881 | 9,758 | 7,448 | ||||||||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 | $ | 27,268 | $ | 22,231 | |||||||||
Financial Condition at Year End | |||||||||||||||||||
Cash and interest-earning deposits | $ | 109,420 | $ | 75,409 | $ | 57,825 | $ | 60,799 | $ | 38,565 | |||||||||
Investment securities | 473,306 | 454,082 | 468,518 | 370,760 | 368,630 | ||||||||||||||
Net loans and leases held for investment | 3,977,210 | 3,598,512 | 3,268,387 | 2,161,385 | 1,605,963 | ||||||||||||||
Assets | 4,984,347 | 4,554,862 | 4,230,528 | 2,879,451 | 2,235,321 | ||||||||||||||
Deposits | 3,885,933 | 3,554,919 | 3,257,567 | 2,394,360 | 1,861,341 | ||||||||||||||
Borrowings | 429,672 | 355,590 | 417,780 | 73,588 | 41,974 | ||||||||||||||
Shareholders' equity | 624,133 | 603,374 | 505,209 | 361,574 | 284,554 | ||||||||||||||
Per Common Share Data | |||||||||||||||||||
Average shares outstanding (in thousands) | 29,370 | 26,862 | 23,098 | 19,663 | 16,235 | ||||||||||||||
Earnings per share – basic | $ | 1.72 | $ | 1.64 | $ | 0.85 | $ | 1.39 | $ | 1.37 | |||||||||
Earnings per share – diluted | 1.72 | 1.64 | 0.84 | 1.39 | 1.37 | ||||||||||||||
Dividends declared per share | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | ||||||||||||||
Book value (at year-end) | 21.32 | 20.57 | 19.00 | 18.51 | 17.54 | ||||||||||||||
Dividends declared to net income | 46.5 | % | 49.6 | % | 94.5 | % | 57.4 | % | 58.4 | % | |||||||||
Profitability Ratios | |||||||||||||||||||
Return on average assets | 1.07 | % | 1.01 | % | 0.56 | % | 0.98 | % | 1.01 | % | |||||||||
Return on average equity | 8.26 | 8.37 | 4.46 | 7.58 | 7.74 | ||||||||||||||
Average equity to average assets | 12.92 | 12.10 | 12.50 | 12.96 | 13.03 | ||||||||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonaccrual loans and leases (including nonaccrual, troubled debt restructured loans and lease modifications) to loans and leases held for investment | 0.65 | % | 0.40 | % | 0.55 | % | 0.65 | % | 1.07 | % | |||||||||
Nonperforming loans and leases to loans and leases held for investment | 0.67 | 0.74 | 0.67 | 0.91 | 1.43 | ||||||||||||||
Net charge-offs to average loans and leases outstanding | 0.33 | 0.17 | 0.18 | 0.33 | 0.47 | ||||||||||||||
Allowance for loan and lease losses to total loans and leases held for investment | 0.73 | 0.60 | 0.53 | 0.81 | 1.27 | ||||||||||||||
Allowance for loan and lease losses to total loans and leases held for investment (excluding acquired loans at period-end) | 0.81 | 0.70 | 0.73 | 0.94 | 1.27 | ||||||||||||||
Allowance for loan and lease losses to nonaccrual loans and leases | 112.04 | 148.48 | 97.67 | 124.29 | 119.18 | ||||||||||||||
Allowance for loan and leases losses to nonperforming loans and leases | 108.99 | 80.69 | 78.98 | 89.00 | 88.84 |
19 |
20 |
21 |
For the Years Ended December 31, | Amount of Change | Percent Change | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2018 | 2017 | 2016 | 2018 to 2017 | 2017 to 2016 | 2018 to 2017 | 2017 to 2016 | ||||||||||||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 | $ | 6,449 | $ | 24,589 | 14.6 | % | 126.1 | % | |||||||||||
Net income per share: | |||||||||||||||||||||||||
Basic | $ | 1.72 | $ | 1.64 | $ | 0.85 | $ | 0.08 | $ | 0.79 | 4.9 | 92.9 | |||||||||||||
Diluted | 1.72 | 1.64 | 0.84 | 0.08 | 0.80 | 4.9 | 95.2 | ||||||||||||||||||
Return on average assets | 1.07 | % | 1.01 | % | 0.56 | % | 6 BP | 45 BP | 5.9 | 80.4 | |||||||||||||||
Return on average equity | 8.26 | 8.37 | 4.46 | (11 BP) | 391 BP | (1.3 | ) | 87.7 |
22 |
23 |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 56,984 | $ | 1,101 | 1.93 | % | $ | 26,128 | $ | 280 | 1.07 | % | $ | 13,438 | $ | 61 | 0.45 | % | ||||||||||||||
U.S. government obligations | 22,930 | 364 | 1.59 | 30,638 | 423 | 1.38 | 54,220 | 649 | 1.20 | |||||||||||||||||||||||
Obligations of states and political subdivisions (1) | 69,842 | 2,330 | 3.34 | 82,487 | 3,498 | 4.24 | 97,325 | 4,172 | 4.29 | |||||||||||||||||||||||
Other debt and equity securities | 363,840 | 9,024 | 2.48 | 350,527 | 6,920 | 1.97 | 254,508 | 4,731 | 1.86 | |||||||||||||||||||||||
Federal funds sold and other earning assets | 30,786 | 1,965 | 6.38 | 27,893 | 1,500 | 5.38 | 16,370 | 790 | 4.83 | |||||||||||||||||||||||
Total interest-earning deposits, investments, federal funds sold and other earning assets | 544,382 | 14,784 | 2.72 | 517,673 | 12,621 | 2.44 | 435,861 | 10,403 | 2.39 | |||||||||||||||||||||||
Commercial, financial and agricultural loans | 793,028 | 39,156 | 4.94 | 749,563 | 33,278 | 4.44 | 552,322 | 21,964 | 3.98 | |||||||||||||||||||||||
Real estate—commercial and construction loans | 1,689,983 | 78,498 | 4.64 | 1,519,883 | 68,166 | 4.48 | 1,146,293 | 52,232 | 4.56 | |||||||||||||||||||||||
Real estate—residential loans | 870,846 | 41,270 | 4.74 | 765,493 | 34,563 | 4.52 | 633,886 | 28,101 | 4.43 | |||||||||||||||||||||||
Loans to individuals | 30,242 | 1,866 | 6.17 | 28,050 | 1,636 | 5.83 | 30,501 | 1,654 | 5.42 | |||||||||||||||||||||||
Municipal loans and leases (1) | 316,280 | 12,049 | 3.81 | 282,475 | 12,856 | 4.55 | 261,057 | 11,556 | 4.43 | |||||||||||||||||||||||
Lease financings | 76,561 | 5,514 | 7.20 | 75,383 | 5,533 | 7.34 | 75,914 | 6,168 | 8.12 | |||||||||||||||||||||||
Gross loans and leases | 3,776,940 | 178,353 | 4.72 | 3,420,847 | 156,032 | 4.56 | 2,699,973 | 121,675 | 4.51 | |||||||||||||||||||||||
Total interest-earning assets | 4,321,322 | 193,137 | 4.47 | 3,938,520 | 168,653 | 4.28 | 3,135,834 | 132,078 | 4.21 | |||||||||||||||||||||||
Cash and due from banks | 45,979 | 44,424 | 37,050 | |||||||||||||||||||||||||||||
Reserve for loan and lease losses | (25,154 | ) | (20,219 | ) | (17,147 | ) | ||||||||||||||||||||||||||
Premises and equipment, net | 61,006 | 64,583 | 53,036 | |||||||||||||||||||||||||||||
Other assets | 334,619 | 329,232 | 287,239 | |||||||||||||||||||||||||||||
Total assets | $ | 4,737,772 | $ | 4,356,540 | $ | 3,496,012 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing checking deposits | $ | 461,676 | 1,924 | 0.42 | $ | 437,678 | 527 | 0.12 | $ | 386,176 | 362 | 0.09 | ||||||||||||||||||||
Money market savings | 764,777 | 9,137 | 1.19 | 582,703 | 3,390 | 0.58 | 414,121 | 1,540 | 0.37 | |||||||||||||||||||||||
Regular savings | 798,332 | 2,357 | 0.30 | 847,510 | 2,089 | 0.25 | 714,809 | 1,052 | 0.15 | |||||||||||||||||||||||
Time deposits | 601,674 | 8,768 | 1.46 | 566,079 | 5,271 | 0.93 | 512,557 | 4,261 | 0.83 | |||||||||||||||||||||||
Total time and interest-bearing deposits | 2,626,459 | 22,186 | 0.84 | 2,433,970 | 11,277 | 0.46 | 2,027,663 | 7,215 | 0.36 | |||||||||||||||||||||||
Short-term borrowings | 144,312 | 2,420 | 1.68 | 105,552 | 904 | 0.86 | 103,238 | 748 | 0.72 | |||||||||||||||||||||||
Long-term debt | 150,032 | 2,777 | 1.85 | 186,109 | 2,621 | 1.41 | 60,965 | 549 | 0.90 | |||||||||||||||||||||||
Subordinated notes | 94,451 | 5,043 | 5.34 | 94,208 | 5,037 | 5.35 | 71,851 | 3,870 | 5.39 | |||||||||||||||||||||||
Total borrowings | 388,795 | 10,240 | 2.63 | 385,869 | 8,562 | 2.22 | 236,054 | 5,167 | 2.19 | |||||||||||||||||||||||
Total interest-bearing liabilities | 3,015,254 | 32,426 | 1.08 | 2,819,839 | 19,839 | 0.70 | 2,263,717 | 12,382 | 0.55 | |||||||||||||||||||||||
Noninterest-bearing deposits | 1,069,805 | 973,253 | 751,592 | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 40,516 | 36,361 | 43,605 | |||||||||||||||||||||||||||||
Total liabilities | 4,125,575 | 3,829,453 | 3,058,914 | |||||||||||||||||||||||||||||
Shareholders’ Equity: | ||||||||||||||||||||||||||||||||
Common stock | 157,784 | 145,564 | 127,509 | |||||||||||||||||||||||||||||
Additional paid-in capital | 291,148 | 235,578 | 175,609 | |||||||||||||||||||||||||||||
Retained earnings and other equity | 163,265 | 145,945 | 133,980 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 612,197 | 527,087 | 437,098 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,737,772 | $ | 4,356,540 | $ | 3,496,012 | ||||||||||||||||||||||||||
Net interest income | $ | 160,711 | $ | 148,814 | $ | 119,696 | ||||||||||||||||||||||||||
Net interest spread | 3.39 | 3.58 | 3.66 | |||||||||||||||||||||||||||||
Effect of net interest-free funding sources | 0.33 | 0.20 | 0.16 | |||||||||||||||||||||||||||||
Net interest margin | 3.72 | % | 3.78 | % | 3.82 | % | ||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 143.32 | % | 139.67 | % | 138.53 | % |
24 |
For the Years Ended December 31, 2018 Versus 2017 | For the Years Ended December 31, 2017 Versus 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Volume Change | Rate Change | Total | Volume Change | Rate Change | Total | |||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 488 | $ | 333 | $ | 821 | $ | 89 | $ | 130 | $ | 219 | |||||||||||
U.S. government obligations | (117 | ) | 58 | (59 | ) | (313 | ) | 87 | (226 | ) | |||||||||||||
Obligations of states and political subdivisions | (490 | ) | (678 | ) | (1,168 | ) | (626 | ) | (48 | ) | (674 | ) | |||||||||||
Other debt and equity securities | 269 | 1,835 | 2,104 | 1,892 | 297 | 2,189 | |||||||||||||||||
Federal funds sold and other earning assets | 167 | 298 | 465 | 611 | 99 | 710 | |||||||||||||||||
Interest on deposits, investments, federal funds sold and other earning assets | 317 | 1,846 | 2,163 | 1,653 | 565 | 2,218 | |||||||||||||||||
Commercial, financial and agricultural loans | 1,998 | 3,880 | 5,878 | 8,547 | 2,767 | 11,314 | |||||||||||||||||
Real estate—commercial and construction loans | 7,832 | 2,500 | 10,332 | 16,860 | (926 | ) | 15,934 | ||||||||||||||||
Real estate—residential loans | 4,955 | 1,752 | 6,707 | 5,886 | 576 | 6,462 | |||||||||||||||||
Loans to individuals | 132 | 98 | 230 | (138 | ) | 120 | (18 | ) | |||||||||||||||
Municipal loans and leases | 1,430 | (2,237 | ) | (807 | ) | 978 | 322 | 1,300 | |||||||||||||||
Lease financings | 86 | (105 | ) | (19 | ) | (43 | ) | (592 | ) | (635 | ) | ||||||||||||
Interest and fees on loans and leases | 16,433 | 5,888 | 22,321 | 32,090 | 2,267 | 34,357 | |||||||||||||||||
Total interest income | 16,750 | 7,734 | 24,484 | 33,743 | 2,832 | 36,575 | |||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest-bearing checking deposits | 30 | 1,367 | 1,397 | 47 | 118 | 165 | |||||||||||||||||
Money market savings | 1,316 | 4,431 | 5,747 | 773 | 1,077 | 1,850 | |||||||||||||||||
Regular savings | (130 | ) | 398 | 268 | 226 | 811 | 1,037 | ||||||||||||||||
Time deposits | 347 | 3,150 | 3,497 | 469 | 541 | 1,010 | |||||||||||||||||
Interest on time and interest-bearing deposits | 1,563 | 9,346 | 10,909 | 1,515 | 2,547 | 4,062 | |||||||||||||||||
Short-term borrowings | 421 | 1,095 | 1,516 | 16 | 140 | 156 | |||||||||||||||||
Long-term debt | (568 | ) | 724 | 156 | 1,624 | 448 | 2,072 | ||||||||||||||||
Subordinated notes | 14 | (8 | ) | 6 | 1,196 | (29 | ) | 1,167 | |||||||||||||||
Interest on borrowings | (133 | ) | 1,811 | 1,678 | 2,836 | 559 | 3,395 | ||||||||||||||||
Total interest expense | 1,430 | 11,157 | 12,587 | 4,351 | 3,106 | 7,457 | |||||||||||||||||
Net interest income | $ | 15,320 | $ | (3,423 | ) | $ | 11,897 | $ | 29,392 | $ | (274 | ) | $ | 29,118 |
25 |
26 |
For the Years Ended December 31, | $ Change | % Change | |||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2018 to 2017 | 2017 to 2016 | 2018 to 2017 | 2017 to 2016 | ||||||||||||||||||
Trust fee income | $ | 7,882 | $ | 8,055 | $ | 7,741 | $ | (173 | ) | $ | 314 | (2.1 | )% | 4.1 | % | ||||||||||
Service charges on deposit accounts | 5,632 | 5,482 | 4,691 | 150 | 791 | 2.7 | 16.9 | ||||||||||||||||||
Investment advisory commission and fee income | 15,098 | 13,454 | 11,424 | 1,644 | 2,030 | 12.2 | 17.8 | ||||||||||||||||||
Insurance commission and fee income | 15,658 | 14,788 | 14,603 | 870 | 185 | 5.9 | 1.3 | ||||||||||||||||||
Other service fee income | 9,332 | 8,656 | 7,836 | 676 | 820 | 7.8 | 10.5 | ||||||||||||||||||
Bank owned life insurance income | 3,174 | 3,988 | 2,931 | (814 | ) | 1,057 | (20.4 | ) | 36.1 | ||||||||||||||||
Net gain on sales of investment securities | 10 | 48 | 518 | (38 | ) | (470 | ) | (79.2 | ) | (90.7 | ) | ||||||||||||||
Net gain on mortgage banking activities | 3,125 | 4,023 | 6,027 | (898 | ) | (2,004 | ) | (22.3 | ) | (33.3 | ) | ||||||||||||||
Other income | 262 | 746 | 192 | (484 | ) | 554 | (64.9 | ) | N/M | ||||||||||||||||
Total noninterest income | $ | 60,173 | $ | 59,240 | $ | 55,963 | $ | 933 | $ | 3,277 | 1.6 | % | 5.9 | % |
27 |
For the Years Ended December 31, | $ Change | % Change | |||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2018 to 2017 | 2017 to 2016 | 2018 to 2017 | 2017 to 2016 | ||||||||||||||||||
Salaries, benefits and commissions | $ | 80,609 | $ | 75,992 | $ | 69,244 | $ | 4,617 | $ | 6,748 | 6.1 | % | 9.7 | % | |||||||||||
Net occupancy | 10,260 | 10,433 | 9,638 | (173 | ) | 795 | (1.7 | ) | 8.2 | ||||||||||||||||
Equipment | 4,146 | 4,118 | 3,489 | 28 | 629 | 0.7 | 18.0 | ||||||||||||||||||
Data processing | 9,014 | 8,500 | 6,981 | 514 | 1,519 | 6.0 | 21.8 | ||||||||||||||||||
Professional fees | 5,391 | 5,325 | 4,547 | 66 | 778 | 1.2 | 17.1 | ||||||||||||||||||
Marketing and advertising | 1,800 | 1,485 | 2,015 | 315 | (530 | ) | 21.2 | (26.3 | ) | ||||||||||||||||
Deposit insurance premiums | 1,836 | 1,636 | 1,713 | 200 | (77 | ) | 12.2 | (4.5 | ) | ||||||||||||||||
Intangible expenses | 2,166 | 2,582 | 5,528 | (416 | ) | (2,946 | ) | (16.1 | ) | (53.3 | ) | ||||||||||||||
Acquisition-related costs | — | — | 10,257 | — | (10,257 | ) | — | N/M | |||||||||||||||||
Integration costs | — | — | 5,667 | — | (5,667 | ) | — | N/M | |||||||||||||||||
Restructuring charges | 571 | — | 1,731 | 571 | (1,731 | ) | N/M | N/M | |||||||||||||||||
Other expense | 21,446 | 20,642 | 21,171 | 804 | (529 | ) | 3.9 | (2.5 | ) | ||||||||||||||||
Total noninterest expense | $ | 137,239 | $ | 130,713 | $ | 141,981 | $ | 6,526 | $ | (11,268 | ) | 5.0 | % | (7.9 | )% |
28 |
At December 31, | ||||||||||||||
(Dollars in thousands) | 2018 | 2017 | $ Change | % Change | ||||||||||
Cash and interest-earning deposits | $ | 109,420 | $ | 75,409 | $ | 34,011 | 45.1 | % | ||||||
Investment securities | 473,306 | 454,082 | 19,224 | 4.2 | ||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 28,337 | 27,204 | 1,133 | 4.2 | ||||||||||
Loans held for sale | 1,754 | 1,642 | 112 | 6.8 | ||||||||||
Loans and leases held for investment | 4,006,574 | 3,620,067 | 386,507 | 10.7 | ||||||||||
Reserve for loan and lease losses | (29,364 | ) | (21,555 | ) | (7,809 | ) | (36.2 | ) | ||||||
Premises and equipment, net | 59,559 | 61,797 | (2,238 | ) | (3.6 | ) | ||||||||
Goodwill and other intangibles, net | 184,549 | 186,468 | (1,919 | ) | (1.0 | ) | ||||||||
Bank owned life insurance | 111,599 | 108,246 | 3,353 | 3.1 | ||||||||||
Accrued interest receivable and other assets | 38,613 | 41,502 | (2,889 | ) | (7.0 | ) | ||||||||
Total assets | $ | 4,984,347 | $ | 4,554,862 | $ | 429,485 | 9.4 | % |
29 |
At December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
U.S. government corporations and agencies | $ | 22,311 | $ | 23,956 | $ | 32,266 | |||||
State and political subdivisions | 65,415 | 78,297 | 88,350 | ||||||||
Residential mortgage-backed securities | 287,400 | 233,990 | 203,641 | ||||||||
Collateralized mortgage obligations | 2,888 | 3,602 | 4,554 | ||||||||
Corporate bonds | 93,127 | 107,176 | 128,008 | ||||||||
Equity securities | 2,165 | 7,061 | 11,699 | ||||||||
Total investment securities | $ | 473,306 | $ | 454,082 | $ | 468,518 |
At December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2018 Amount | 2018 Yield | 2017 Amount | 2017 Yield | 2016 Amount | 2016 Yield | ||||||||||||||
1 Year or less | $ | 28,654 | 1.58 | % | $ | 14,213 | 1.44 | % | $ | 36,044 | 1.08 | % | ||||||||
After 1 Year to 5 Years | 46,641 | 2.18 | 67,893 | 1.80 | 77,649 | 1.54 | ||||||||||||||
After 5 Years to 10 Years | 121,533 | 2.53 | 133,660 | 2.50 | 93,477 | 2.66 | ||||||||||||||
After 10 Years | 274,313 | 2.77 | 231,255 | 2.37 | 249,649 | 2.33 | ||||||||||||||
No stated maturity | 2,165 | 2.63 | 7,061 | 1.37 | 11,699 | 0.23 | ||||||||||||||
Total | $ | 473,306 | 2.58 | % | $ | 454,082 | 2.28 | % | $ | 468,518 | 2.12 | % |
30 |
At December 31, | |||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Commercial, financial and agricultural | $ | 937,685 | $ | 896,211 | $ | 823,266 | $ | 504,515 | $ | 457,827 | |||||||||
Real estate-commercial | 1,741,204 | 1,542,141 | 1,374,949 | 885,892 | 628,478 | ||||||||||||||
Real estate-construction | 215,513 | 175,836 | 174,844 | 96,541 | 79,887 | ||||||||||||||
Real estate-residential | 937,457 | 847,811 | 747,715 | 536,893 | 312,032 | ||||||||||||||
Loans to individuals | 32,759 | 28,300 | 30,373 | 29,732 | 29,941 | ||||||||||||||
Lease financings | 141,956 | 129,768 | 134,739 | 125,440 | 118,460 | ||||||||||||||
Total loans and leases held for investment, net of deferred income | $ | 4,006,574 | $ | 3,620,067 | $ | 3,285,886 | $ | 2,179,013 | $ | 1,626,625 |
(Dollars in thousands) | Total | Due in One Year or Less | Due after One Year to Five Years | Due After Five Years | |||||||||||
Commercial, financial and agricultural | $ | 937,685 | $ | 616,856 | $ | 206,884 | $ | 113,945 | |||||||
Real estate-commercial | 1,741,204 | 471,118 | 1,073,646 | 196,440 | |||||||||||
Real estate-construction | 215,513 | 140,192 | 23,607 | 51,714 | |||||||||||
Real estate-residential | 937,457 | 284,882 | 346,677 | 305,898 | |||||||||||
Loans to individuals | 32,759 | 23,029 | 6,995 | 2,735 | |||||||||||
Lease financings | 141,956 | 49,179 | 91,535 | 1,242 | |||||||||||
Total gross loans and leases held for investment | $ | 4,006,574 | $ | 1,585,256 | $ | 1,749,344 | $ | 671,974 | |||||||
Loans and leases with fixed predetermined interest rates | $ | 1,933,763 | $ | 216,269 | $ | 1,388,718 | $ | 328,776 | |||||||
Loans and leases with variable or floating interest rates | 2,072,811 | 1,368,987 | 360,626 | 343,198 | |||||||||||
Total gross loans and leases held for investment | $ | 4,006,574 | $ | 1,585,256 | $ | 1,749,344 | $ | 671,974 |
31 |
32 |
At December 31, | |||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications*: | |||||||||||||||||||
Loans held for investment: | |||||||||||||||||||
Commercial, financial and agricultural | $ | 3,365 | $ | 4,448 | $ | 5,746 | $ | 6,915 | $ | 5,002 | |||||||||
Real estate—commercial | 18,214 | 4,285 | 5,651 | 4,314 | 4,413 | ||||||||||||||
Real estate—construction | 106 | 365 | — | — | 5,931 | ||||||||||||||
Real estate—residential | 4,353 | 3,820 | 5,983 | 2,514 | 1,611 | ||||||||||||||
Lease financings | 170 | 1,599 | 536 | 440 | 380 | ||||||||||||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications* | 26,208 | 14,517 | 17,916 | 14,183 | 17,337 | ||||||||||||||
Accruing troubled debt restructured loans and lease modifications not included in the above | 542 | 11,435 | 3,252 | 5,245 | 5,469 | ||||||||||||||
Accruing loans and leases 90 days or more past due: | |||||||||||||||||||
Real estate—residential | — | 310 | 652 | — | 31 | ||||||||||||||
Loans to individuals | 55 | 195 | 142 | 173 | 365 | ||||||||||||||
Lease financings | 137 | 256 | 193 | 206 | 55 | ||||||||||||||
Total accruing loans and leases, 90 days or more past due | 192 | 761 | 987 | 379 | 451 | ||||||||||||||
Total nonperforming loans and leases | 26,942 | 26,713 | 22,155 | 19,807 | 23,257 | ||||||||||||||
Other real estate owned | 1,187 | 1,843 | 4,969 | 1,276 | 955 | ||||||||||||||
Total nonperforming assets | $ | 28,129 | $ | 28,556 | $ | 27,124 | $ | 21,083 | $ | 24,212 | |||||||||
Nonaccrual loans and leases (including nonaccrual troubled debt restructured loans and lease modifications) / loans and leases held for investment | 0.65 | % | 0.40 | % | 0.55 | % | 0.65 | % | 1.07 | % | |||||||||
Nonperforming loans and leases / loans and leases held for investment | 0.67 | 0.74 | 0.67 | 0.91 | 1.43 | ||||||||||||||
Nonperforming assets / total assets | 0.56 | 0.63 | 0.64 | 0.73 | 1.09 | ||||||||||||||
Allowance for loan and lease losses | $ | 29,364 | $ | 21,555 | $ | 17,499 | $ | 17,628 | $ | 20,662 | |||||||||
Allowance for loan and lease losses / loans and leases held for investment | 0.73 | % | 0.60 | % | 0.53 | % | 0.81 | % | 1.27 | % | |||||||||
Allowance for loan and lease losses / loans and leases held for investment (excluding acquired loans at period-end) | 0.81 | 0.70 | 0.73 | 0.94 | 1.27 | ||||||||||||||
Allowance for loan and lease losses / nonaccrual loans and leases | 112.04 | 148.48 | 97.67 | 124.29 | 119.18 | ||||||||||||||
Allowance for loan and lease losses / nonperforming loans and leases | 108.99 | 80.69 | 78.98 | 89.00 | 88.84 | ||||||||||||||
Acquired credit impaired loans | $ | 695 | $ | 1,583 | $ | 7,352 | $ | 1,253 | $ | — | |||||||||
Nonperforming loans and leases and acquired credit impaired loans / loans and leases held for investment | 0.69 | % | 0.78 | % | 0.90 | % | 0.97 | % | 1.43 | % | |||||||||
Nonperforming assets and acquired credit impaired loans / total assets | 0.58 | 0.66 | 0.81 | 0.78 | 1.09 | ||||||||||||||
* Nonaccrual troubled debt restructured loans and lease modifications included in nonaccrual loans and leases in the above table | $ | 1,284 | $ | 2,513 | $ | 1,753 | $ | 93 | $ | 3,104 |
At December 31, | |||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | |||||||||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications | $ | 26,208 | $ | 14,517 | $ | 17,916 | $ | 14,183 | |||||||
Nonaccrual loans and leases with partial charge-offs | 2,210 | 5,397 | 5,000 | 6,451 | |||||||||||
Life-to-date partial charge-offs on nonaccrual loans and leases | 1,320 | 4,107 | 2,857 | 3,853 | |||||||||||
Charge-off rate of nonaccrual loans and leases with partial charge-offs | 37.4 | % | 43.2 | % | 36.4 | % | 37.4 | % | |||||||
Specific reserves on impaired loans | $ | 1,415 | $ | 131 | $ | 235 | $ | 322 |
33 |
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; |
• | Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; |
• | Changes in the size and composition of the portfolio and in the terms of loans; |
• | Changes in the experience, ability, and depth of lending management and other relevant staff; |
• | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; |
34 |
• | Changes in the quality of the institution’s loan review system; |
• | Changes in the value of underlying collateral for collateral-dependent loans; |
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and |
• | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. |
For the Years Ended December 31, | |||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Average amount of loans and leases outstanding | $ | 3,776,940 | $ | 3,420,847 | $ | 2,699,973 | $ | 2,080,817 | $ | 1,580,835 | |||||||||
Loan and lease loss reserve at beginning of period | 21,555 | $ | 17,499 | $ | 17,628 | $ | 20,662 | $ | 24,494 | ||||||||||
Charge-offs: | |||||||||||||||||||
Commercial, financial and agricultural loans | 14,655 | 1,030 | 4,827 | 4,793 | 2,834 | ||||||||||||||
Real estate loans | 71 | 1,798 | 1,007 | 2,353 | 4,644 | ||||||||||||||
Loans to individuals | 353 | 317 | 395 | 549 | 796 | ||||||||||||||
Lease financings | 572 | 3,992 | 759 | 801 | 576 | ||||||||||||||
Total charge-offs | 15,651 | 7,137 | 6,988 | 8,496 | 8,850 | ||||||||||||||
Recoveries: | |||||||||||||||||||
Commercial, financial and agricultural loans | 2,140 | 801 | 1,454 | 1,032 | 247 | ||||||||||||||
Real estate loans | 691 | 158 | 260 | 238 | 618 | ||||||||||||||
Loans to individuals | 88 | 136 | 133 | 176 | 265 | ||||||||||||||
Lease financings | 231 | 206 | 191 | 214 | 281 | ||||||||||||||
Total recoveries | 3,150 | 1,301 | 2,038 | 1,660 | 1,411 | ||||||||||||||
Net charge-offs | 12,501 | 5,836 | 4,950 | 6,836 | 7,439 | ||||||||||||||
Provision to loan and lease loss reserve | 20,299 | 9,892 | 4,646 | 3,623 | 3,607 | ||||||||||||||
Provision for acquired credit impaired loans | 11 | — | 175 | 179 | — | ||||||||||||||
Loan and lease loss reserve at end of period | $ | 29,364 | $ | 21,555 | $ | 17,499 | $ | 17,628 | $ | 20,662 | |||||||||
Ratio of net charge-offs to average loans and leases | 0.33 | % | 0.17 | % | 0.18 | % | 0.33 | % | 0.47 | % |
At December 31, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | $ | 7,983 | 23.4 | % | $ | 6,742 | 24.8 | % | $ | 7,037 | 25.1 | % | $ | 6,418 | 23.2 | % | $ | 6,920 | 28.1 | % | ||||||||||||||
Real estate loans | 19,338 | 72.3 | 13,254 | 70.8 | 9,272 | 69.9 | 8,910 | 69.6 | 10,830 | 62.8 | ||||||||||||||||||||||||
Loans to individuals | 484 | 0.8 | 373 | 0.8 | 364 | 0.9 | 346 | 1.4 | 360 | 1.8 | ||||||||||||||||||||||||
Lease financings | 1,288 | 3.5 | 1,132 | 3.6 | 788 | 4.1 | 1,042 | 5.8 | 985 | 7.3 | ||||||||||||||||||||||||
Unallocated | 271 | N/A | 54 | N/A | 38 | N/A | 912 | N/A | 1,567 | N/A | ||||||||||||||||||||||||
Total | $ | 29,364 | 100.0 | % | $ | 21,555 | 100.0 | % | $ | 17,499 | 100.0 | % | $ | 17,628 | 100.0 | % | $ | 20,662 | 100.0 | % |
35 |
At December 31, | ||||||||||||||
(Dollars in thousands) | 2018 | 2017 | $ Change | % Change | ||||||||||
Deposits | $ | 3,885,933 | $ | 3,554,919 | $ | 331,014 | 9.3 | % | ||||||
Short-term borrowings | 189,768 | 105,431 | 84,337 | 80.0 | ||||||||||
Long-term debt | 145,330 | 155,828 | (10,498 | ) | (6.7 | ) | ||||||||
Subordinated notes | 94,574 | 94,331 | 243 | 0.3 | ||||||||||
Accrued interest payable and other liabilities | 44,609 | 40,979 | 3,630 | 8.9 | ||||||||||
Total liabilities | $ | 4,360,214 | $ | 3,951,488 | $ | 408,726 | 10.3 | % |
36 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Noninterest-bearing deposits | $ | 1,069,805 | $ | 973,253 | $ | 751,592 | |||||
Interest-bearing checking deposits | 461,676 | 437,678 | 386,176 | ||||||||
Money market savings | 764,777 | 582,703 | 414,121 | ||||||||
Regular savings | 798,332 | 847,510 | 714,809 | ||||||||
Time deposits | 601,674 | 566,079 | 512,557 | ||||||||
Total average deposits | $ | 3,696,264 | $ | 3,407,223 | $ | 2,779,255 |
(Dollars in thousands) | At December 31, 2018 | ||
Due Three Months or Less | $ | 79,145 | |
Due Over Three Months to Six Months | 38,399 | ||
Due Over Six Months to Twelve Months | 52,970 | ||
Due Over Twelve Months | 112,854 | ||
Total | $ | 283,368 |
(Dollars in thousands) | Balance at End of Year | Weighted Average Interest Rate | Maximum Amount Outstanding at Month End During the Year | Average Amount Outstanding During the Year | Weighted Average Interest Rate During the Year | ||||||||||||
2018 | |||||||||||||||||
Short-term borrowings | $ | 189,768 | 2.32 | % | $ | 290,309 | $ | 144,312 | 1.68 | % | |||||||
Long-term debt | 145,330 | 2.03 | 155,782 | 150,032 | 1.85 | ||||||||||||
Subordinated notes | 94,574 | 5.33 | 94,574 | 94,451 | 5.34 | ||||||||||||
2017 | |||||||||||||||||
Short-term borrowings | $ | 105,431 | 1.26 | % | $ | 231,726 | $ | 105,552 | 0.86 | % | |||||||
Long-term debt | 155,828 | 1.69 | 221,762 | 186,109 | 1.41 | ||||||||||||
Subordinated notes | 94,331 | 5.35 | 94,331 | 94,208 | 5.35 | ||||||||||||
2016 | |||||||||||||||||
Short-term borrowings | $ | 196,171 | 0.68 | % | $ | 282,333 | $ | 103,238 | 0.72 | % | |||||||
Long-term debt | 127,522 | 0.93 | 127,826 | 60,965 | 0.90 | ||||||||||||
Subordinated notes | 94,087 | 5.27 | 94,087 | 71,851 | 5.39 |
37 |
(Dollars in thousands) | At December 31, | |||||||||||||
2018 | 2017 | $ Change | % Change | |||||||||||
Common stock | $ | 157,784 | $ | 157,784 | $ | — | — | % | ||||||
Additional paid-in capital | 292,401 | 290,133 | 2,268 | 0.8 | ||||||||||
Retained earnings | 248,167 | 216,761 | 31,406 | 14.5 | ||||||||||
Accumulated other comprehensive loss | (28,416 | ) | (17,771 | ) | (10,645 | ) | (59.9 | ) | ||||||
Treasury stock | (45,803 | ) | (43,533 | ) | (2,270 | ) | (5.2 | ) | ||||||
Total shareholders’ equity | $ | 624,133 | $ | 603,374 | $ | 20,759 | 3.4 | % |
38 |
39 |
40 |
Payments Due by Period | |||||||||||||||||||
(Dollars in thousands) | Total | Due in One Year or Less | Due after One Year to Three Years | Due after Three Years to Five Years | Due in Over Five Years | ||||||||||||||
Short-term borrowings | $ | 189,768 | $ | 189,768 | $ | — | $ | — | $ | — | |||||||||
Long-term debt and interest | 151,719 | 23,110 | 107,935 | 20,674 | — | ||||||||||||||
Subordinated notes (a) | 133,815 | 4,800 | 8,523 | 11,634 | 108,858 | ||||||||||||||
Time deposits (b) | 691,507 | 401,432 | 177,775 | 108,414 | 3,886 | ||||||||||||||
Operating leases | 55,515 | 3,536 | 7,320 | 7,270 | 37,389 | ||||||||||||||
Standby, performance and other letters of credit | 61,192 | 53,192 | 7,727 | 149 | 124 | ||||||||||||||
Commitments to extend credit (c) | 1,276,745 | 376,770 | 209,307 | 96,117 | 594,551 | ||||||||||||||
Net asset/liability derivative loan commitments (d) | 437 | 437 | — | — | — | ||||||||||||||
Other long-term obligations (e) | 14,922 | 5,421 | 7,766 | 1,656 | 79 | ||||||||||||||
Total contractual obligations | $ | 2,575,620 | $ | 1,058,466 | $ | 526,353 | $ | 245,914 | $ | 744,887 |
(b) | Includes interest on both fixed and variable rate obligations. The interest expense is based upon the fourth quarter average interest rate. |
(c) | Includes both revolving and straight lines of credit. Revolving lines are reported in the “Due in One Year or Less” category. |
(d) | Includes the fair value of these contractual arrangements at December 31, 2018. |
41 |
(Dollars in thousands) | Within Three Months | After Three Months to Twelve Months | After One Year to Five Years | Over Five Years | Non-Rate Sensitive | Total | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and due from banks | $ | — | $ | — | $ | — | $ | — | $ | 61,573 | $ | 61,573 | |||||||||||
Interest-earning deposits with other banks | 47,847 | — | — | — | — | 47,847 | |||||||||||||||||
Investment securities | 30,350 | 65,517 | 257,214 | 128,637 | (8,412 | ) | 473,306 | ||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | — | — | — | — | 28,337 | 28,337 | |||||||||||||||||
Loans held for sale | 1,754 | — | — | — | — | 1,754 | |||||||||||||||||
Loans and leases, net of reserve for loan and lease losses | 2,181,551 | 353,963 | 1,358,146 | 109,428 | (25,878 | ) | 3,977,210 | ||||||||||||||||
Other assets | — | — | — | — | 394,320 | 394,320 | |||||||||||||||||
Total assets | $ | 2,261,502 | $ | 419,480 | $1,615,360 | $238,065 | $ | 449,940 | $ | 4,984,347 | |||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||
Noninterest-bearing deposits | $ | — | $ | — | $ | — | $ | — | $ | 1,055,919 | $ | 1,055,919 | |||||||||||
Interest-bearing demand deposits | 1,377,171 | — | — | — | — | 1,377,171 | |||||||||||||||||
Savings deposits | 784,720 | — | — | — | (1,954 | ) | 782,766 | ||||||||||||||||
Time deposits | 148,837 | 245,493 | 272,402 | 3,519 | (174 | ) | 670,077 | ||||||||||||||||
Borrowings | 209,768 | 10,000 | 210,000 | — | (96 | ) | 429,672 | ||||||||||||||||
Other liabilities | — | — | — | — | 44,609 | 44,609 | |||||||||||||||||
Shareholders' equity | — | — | — | — | 624,133 | 624,133 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,520,496 | $ | 255,493 | $ | 482,402 | $ | 3,519 | $ | 1,722,437 | $ | 4,984,347 | |||||||||||
Interest rate swaps | $ | 18,839 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Incremental gap | $ | (240,155 | ) | $ | 163,987 | $ | 1,132,958 | $ | 234,546 | $ | (1,272,497 | ) | |||||||||||
Cumulative gap | $ | (240,155 | ) | $ | (76,168 | ) | $ | 1,056,790 | $ | 1,291,336 | |||||||||||||
Cumulative gap as a percentage of interest-earning assets | (5.3 | )% | (1.7 | )% | 23.2 | % | 28.4 | % |
42 |
Estimated Change in Net Interest Income Over Next 12 Months | ||||||
(Dollars in thousands) | Amount | Percent | ||||
Rate shock - Change in interest rates | ||||||
+300 basis points | $ | 13,517 | 7.96 | % | ||
+200 basis points | 8,687 | 5.11 | ||||
+100 basis points | 3,862 | 2.27 | ||||
-100 basis points | (7,178 | ) | (4.23 | ) | ||
-200 basis points | (15,829 | ) | (9.32 | ) |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
43 |
Item 8. | Financial Statements and Supplementary Data |
Page | |
44 |
45 |
At December 31, | |||||||
(Dollars in thousands, except share data) | 2018 | 2017 | |||||
ASSETS | |||||||
Cash and due from banks | $ | 61,573 | $ | 46,721 | |||
Interest-earning deposits with other banks | 47,847 | 28,688 | |||||
Cash and cash equivalents | 109,420 | 75,409 | |||||
Investment securities held-to-maturity (fair value $141,575 and $55,320 at December 31, 2018 and 2017, respectively) | 142,634 | 55,564 | |||||
Investment securities available-for-sale | 328,507 | 391,457 | |||||
Investments in equity securities | 2,165 | 7,061 | |||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 28,337 | 27,204 | |||||
Loans held for sale | 1,754 | 1,642 | |||||
Loans and leases held for investment | 4,006,574 | 3,620,067 | |||||
Less: Reserve for loan and lease losses | (29,364 | ) | (21,555 | ) | |||
Net loans and leases held for investment | 3,977,210 | 3,598,512 | |||||
Premises and equipment, net | 59,559 | 61,797 | |||||
Goodwill | 172,559 | 172,559 | |||||
Other intangibles, net of accumulated amortization and fair value adjustments of $25,203 and $21,825 at December 31, 2018 and 2017, respectively | 11,990 | 13,909 | |||||
Bank owned life insurance | 111,599 | 108,246 | |||||
Accrued interest receivable and other assets | 38,613 | 41,502 | |||||
Total assets | $ | 4,984,347 | $ | 4,554,862 | |||
LIABILITIES | |||||||
Noninterest-bearing deposits | $ | 1,055,919 | $ | 1,040,026 | |||
Interest-bearing deposits: | |||||||
Demand deposits | 1,377,171 | 1,109,438 | |||||
Savings deposits | 782,766 | 830,706 | |||||
Time deposits | 670,077 | 574,749 | |||||
Total deposits | 3,885,933 | 3,554,919 | |||||
Short-term borrowings | 189,768 | 105,431 | |||||
Long-term debt | 145,330 | 155,828 | |||||
Subordinated notes | 94,574 | 94,331 | |||||
Accrued interest payable and other liabilities | 44,609 | 40,979 | |||||
Total liabilities | 4,360,214 | 3,951,488 | |||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, $5 par value: 48,000,000 shares authorized at December 31, 2018 and 2017; 31,556,799 shares issued at December 31, 2018 and 2017; 29,270,852 and 29,334,859 shares outstanding at December 31, 2018 and 2017, respectively | 157,784 | 157,784 | |||||
Additional paid-in capital | 292,401 | 290,133 | |||||
Retained earnings | 248,167 | 216,761 | |||||
Accumulated other comprehensive loss, net of tax benefit | (28,416 | ) | (17,771 | ) | |||
Treasury stock, at cost; 2,285,947 and 2,221,940 shares at December 31, 2018 and 2017, respectively | (45,803 | ) | (43,533 | ) | |||
Total shareholders’ equity | 624,133 | 603,374 | |||||
Total liabilities and shareholders’ equity | $ | 4,984,347 | $ | 4,554,862 |
46 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands, except per share data) | 2018 | 2017 | 2016 | ||||||||
Interest income | |||||||||||
Interest and fees on loans and leases: | |||||||||||
Taxable | $ | 166,304 | $ | 143,176 | $ | 110,119 | |||||
Exempt from federal income taxes | 9,889 | 8,442 | 7,545 | ||||||||
Total interest and fees on loans and leases | 176,193 | 151,618 | 117,664 | ||||||||
Interest and dividends on investment securities: | |||||||||||
Taxable | 9,388 | 7,343 | 5,380 | ||||||||
Exempt from federal income taxes | 1,841 | 2,274 | 2,712 | ||||||||
Interest on deposits with other banks | 1,101 | 280 | 61 | ||||||||
Interest and dividends on other earning assets | 1,965 | 1,500 | 790 | ||||||||
Total interest income | 190,488 | 163,015 | 126,607 | ||||||||
Interest expense | |||||||||||
Interest on demand deposits | 11,061 | 3,917 | 1,902 | ||||||||
Interest on savings deposits | 2,357 | 2,089 | 1,052 | ||||||||
Interest on time deposits | 8,768 | 5,271 | 4,261 | ||||||||
Interest on short-term borrowings | 2,420 | 904 | 748 | ||||||||
Interest on long-term debt and subordinated notes | 7,820 | 7,658 | 4,419 | ||||||||
Total interest expense | 32,426 | 19,839 | 12,382 | ||||||||
Net interest income | 158,062 | 143,176 | 114,225 | ||||||||
Provision for loan and lease losses | 20,310 | 9,892 | 4,821 | ||||||||
Net interest income after provision for loan and lease losses | 137,752 | 133,284 | 109,404 | ||||||||
Noninterest income | |||||||||||
Trust fee income | 7,882 | 8,055 | 7,741 | ||||||||
Service charges on deposit accounts | 5,632 | 5,482 | 4,691 | ||||||||
Investment advisory commission and fee income | 15,098 | 13,454 | 11,424 | ||||||||
Insurance commission and fee income | 15,658 | 14,788 | 14,603 | ||||||||
Other service fee income | 9,332 | 8,656 | 7,836 | ||||||||
Bank owned life insurance income | 3,174 | 3,988 | 2,931 | ||||||||
Net gain on sales of investment securities | 10 | 48 | 518 | ||||||||
Net gain on mortgage banking activities | 3,125 | 4,023 | 6,027 | ||||||||
Other income | 262 | 746 | 192 | ||||||||
Total noninterest income | 60,173 | 59,240 | 55,963 | ||||||||
Noninterest expense | |||||||||||
Salaries, benefits and commissions | 80,609 | 75,992 | 69,244 | ||||||||
Net occupancy | 10,260 | 10,433 | 9,638 | ||||||||
Equipment | 4,146 | 4,118 | 3,489 | ||||||||
Data processing | 9,014 | 8,500 | 6,981 | ||||||||
Professional fees | 5,391 | 5,325 | 4,547 | ||||||||
Marketing and advertising | 1,800 | 1,485 | 2,015 | ||||||||
Deposit insurance premiums | 1,836 | 1,636 | 1,713 | ||||||||
Intangible expenses | 2,166 | 2,582 | 5,528 | ||||||||
Acquisition-related costs | — | — | 10,257 | ||||||||
Integration costs | — | — | 5,667 | ||||||||
Restructuring charges | 571 | — | 1,731 | ||||||||
Other expense | 21,446 | 20,642 | 21,171 | ||||||||
Total noninterest expense | 137,239 | 130,713 | 141,981 | ||||||||
Income before income taxes | 60,686 | 61,811 | 23,386 | ||||||||
Income taxes | 10,143 | 17,717 | 3,881 | ||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 | |||||
Net income per share: | |||||||||||
Basic | $ | 1.72 | $ | 1.64 | $ | 0.85 | |||||
Diluted | 1.72 | 1.64 | 0.84 | ||||||||
Dividends declared | 0.80 | 0.80 | 0.80 |
47 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||||||||||||||||||||||
Income | $ | 60,686 | $ | 10,143 | $ | 50,543 | $ | 61,811 | $ | 17,717 | $ | 44,094 | $ | 23,386 | $ | 3,881 | $ | 19,505 | |||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Net unrealized (losses) gains on available-for-sale investment securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding (losses) gains arising during the period | (7,280 | ) | (1,529 | ) | (5,751 | ) | 1,474 | 516 | 958 | (6,245 | ) | (2,186 | ) | (4,059 | ) | ||||||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income (1) | (10 | ) | (2 | ) | (8 | ) | (48 | ) | (17 | ) | (31 | ) | (518 | ) | (181 | ) | (337 | ) | |||||||||||||||||
Total net unrealized (losses) gains on available-for-sale investment securities | (7,290 | ) | (1,531 | ) | (5,759 | ) | 1,426 | 499 | 927 | (6,763 | ) | (2,367 | ) | (4,396 | ) | ||||||||||||||||||||
Net unrealized gains on interest rate swaps used in cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during the period | 74 | 16 | 58 | 49 | 17 | 32 | (86 | ) | (30 | ) | (56 | ) | |||||||||||||||||||||||
Less: reclassification adjustment for net losses realized in net income (2) | 15 | 3 | 12 | 182 | 64 | 118 | 308 | 108 | 200 | ||||||||||||||||||||||||||
Total net unrealized gains on interest rate swaps used in cash flow hedges | 89 | 19 | 70 | 231 | 81 | 150 | 222 | 78 | 144 | ||||||||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||
Net unrealized losses arising during the period | (1,603 | ) | (337 | ) | (1,266 | ) | (14 | ) | (5 | ) | (9 | ) | (155 | ) | (54 | ) | (101 | ) | |||||||||||||||||
Less: amortization of net actuarial loss included in net periodic pension costs (3) | 1,124 | 236 | 888 | 1,227 | 429 | 798 | 1,321 | 462 | 859 | ||||||||||||||||||||||||||
Less: accretion of prior service cost included in net periodic pension costs (3) | (283 | ) | (59 | ) | (224 | ) | (282 | ) | (99 | ) | (183 | ) | (283 | ) | (99 | ) | (184 | ) | |||||||||||||||||
Less: reclassification adjustment for net losses realized in net income (4) | — | — | — | — | — | — | 1,434 | 502 | 932 | ||||||||||||||||||||||||||
Total defined benefit pension plans | (762 | ) | (160 | ) | (602 | ) | 931 | 325 | 606 | 2,317 | 811 | 1,506 | |||||||||||||||||||||||
Other comprehensive (loss) income | (7,963 | ) | (1,672 | ) | (6,291 | ) | 2,588 | 905 | 1,683 | (4,224 | ) | (1,478 | ) | (2,746 | ) | ||||||||||||||||||||
Total comprehensive income | $ | 52,723 | $ | 8,471 | $ | 44,252 | $ | 64,399 | $ | 18,622 | $ | 45,777 | $ | 19,162 | $ | 2,403 | $ | 16,759 |
48 |
(Dollars in thousands, except per share data) | Common Shares Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||
Balance at December 31, 2015 | 19,530,930 | $ | 110,271 | $ | 121,280 | $ | 193,446 | $ | (16,708 | ) | $ | (46,715 | ) | $ | 361,574 | |||||||||||
Net income | — | — | — | 19,505 | — | — | 19,505 | |||||||||||||||||||
Other comprehensive loss, net of income tax benefit | — | — | — | — | (2,746 | ) | — | (2,746 | ) | |||||||||||||||||
Cash dividends declared ($0.80 per share) | — | — | — | (18,435 | ) | — | — | (18,435 | ) | |||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 115,269 | — | 59 | — | — | 2,413 | 2,472 | |||||||||||||||||||
Issuance of common stock, acquisition | 6,857,529 | 34,288 | 109,858 | — | — | — | 144,146 | |||||||||||||||||||
Exercise of stock options | 261,050 | — | 59 | — | — | 4,909 | 4,968 | |||||||||||||||||||
Stock-based compensation | — | — | 2,084 | — | — | — | 2,084 | |||||||||||||||||||
Purchases of treasury stock | (328,271 | ) | — | — | — | — | (8,359 | ) | (8,359 | ) | ||||||||||||||||
Restricted stock awards granted, net of cancellations | 152,846 | — | (2,846 | ) | — | — | 2,846 | — | ||||||||||||||||||
Balance at December 31, 2016 | 26,589,353 | $ | 144,559 | $ | 230,494 | $ | 194,516 | $ | (19,454 | ) | $ | (44,906 | ) | $ | 505,209 | |||||||||||
Net income | — | — | — | 44,094 | — | — | 44,094 | |||||||||||||||||||
Other comprehensive income, net of income tax | — | — | — | — | 1,683 | — | 1,683 | |||||||||||||||||||
Cash dividends declared ($0.80 per share) | — | — | — | (21,849 | ) | — | — | (21,849 | ) | |||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 82,694 | — | 181 | — | — | 2,232 | 2,413 | |||||||||||||||||||
Issuance of common stock, public offering | 2,645,000 | 13,225 | 57,276 | — | — | — | 70,501 | |||||||||||||||||||
Exercise of stock options | 92,370 | — | (119 | ) | — | — | 1,795 | 1,676 | ||||||||||||||||||
Stock-based compensation | — | — | 3,166 | — | — | — | 3,166 | |||||||||||||||||||
Purchases of treasury stock | (119,798 | ) | — | — | — | — | (3,519 | ) | (3,519 | ) | ||||||||||||||||
Restricted stock awards granted, net of cancellations | 45,240 | — | (865 | ) | — | — | 865 | — | ||||||||||||||||||
Balance at December 31, 2017 | 29,334,859 | $ | 157,784 | $ | 290,133 | $ | 216,761 | $ | (17,771 | ) | $ | (43,533 | ) | $ | 603,374 | |||||||||||
Adjustment to initially apply ASU No. 2016-01 for equity securities measured at fair value (1) | — | — | — | 433 | (433 | ) | — | — | ||||||||||||||||||
Adjustment to initially apply ASU No. 2018-02 for reclassification of stranded net tax charges (1) | — | — | — | 3,921 | (3,921 | ) | — | — | ||||||||||||||||||
Net income | — | — | — | 50,543 | — | — | 50,543 | |||||||||||||||||||
Other comprehensive loss, net of income tax benefit | — | — | — | — | (6,291 | ) | — | (6,291 | ) | |||||||||||||||||
Cash dividends declared ($0.80 per share) | — | — | — | (23,492 | ) | — | — | (23,492 | ) | |||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 84,466 | — | 152 | 1 | — | 2,142 | 2,295 | |||||||||||||||||||
Exercise of stock options | 59,750 | — | (43 | ) | — | — | 1,174 | 1,131 | ||||||||||||||||||
Stock-based compensation | — | — | 2,557 | — | — | — | 2,557 | |||||||||||||||||||
Purchases of treasury stock | (233,977 | ) | — | — | — | — | (5,984 | ) | (5,984 | ) | ||||||||||||||||
Restricted stock awards granted, net of cancellations | 25,754 | — | (398 | ) | — | — | 398 | — | ||||||||||||||||||
Balance at December 31, 2018 | 29,270,852 | $ | 157,784 | $ | 292,401 | $ | 248,167 | $ | (28,416 | ) | $ | (45,803 | ) | $ | 624,133 |
49 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for loan and lease losses | 20,310 | 9,892 | 4,821 | ||||||||
Depreciation of premises and equipment | 5,581 | 5,561 | 4,089 | ||||||||
Net gain on sales of investment securities | (10 | ) | (48 | ) | (518 | ) | |||||
Net gain on mortgage banking activities | (3,125 | ) | (4,023 | ) | (6,027 | ) | |||||
Bank owned life insurance income | (3,174 | ) | (3,988 | ) | (2,931 | ) | |||||
Net amortization of investment securities premiums and discounts | 1,602 | 1,838 | 1,853 | ||||||||
Amortization, fair market value adjustments and capitalization of mortgage servicing rights | (196 | ) | (87 | ) | (521 | ) | |||||
Net accretion of acquisition accounting fair value adjustments | (1,037 | ) | (3,022 | ) | (2,779 | ) | |||||
Stock-based compensation | 2,557 | 3,166 | 2,084 | ||||||||
Intangible expenses | 2,166 | 2,582 | 5,528 | ||||||||
Other adjustments to reconcile net income to cash provided by operating activities | 305 | (80 | ) | 659 | |||||||
Deferred tax (benefit) expense | (599 | ) | 7,483 | 942 | |||||||
Originations of loans held for sale | (158,097 | ) | (188,072 | ) | (258,202 | ) | |||||
Proceeds from the sale of loans held for sale | 161,357 | 196,813 | 262,948 | ||||||||
Contributions to pension and other postretirement benefit plans | (3,264 | ) | (2,295 | ) | (2,261 | ) | |||||
Decrease (increase) in accrued interest receivable and other assets | 4,547 | (1,369 | ) | 1,956 | |||||||
Increase in accrued interest payable and other liabilities | 6,540 | 215 | 2,160 | ||||||||
Net cash provided by operating activities | 86,006 | 68,660 | 33,306 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash paid due to acquisitions | — | — | (79,206 | ) | |||||||
Net capital expenditures | (3,119 | ) | (3,961 | ) | (12,644 | ) | |||||
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 11,526 | 23,265 | 21,000 | ||||||||
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 54,702 | 64,954 | 72,541 | ||||||||
Proceeds from sales of securities available-for-sale | 1,010 | 7,069 | 77,290 | ||||||||
Purchases of investment securities held-to-maturity | (99,132 | ) | (54,149 | ) | (5,071 | ) | |||||
Purchases of investment securities available-for-sale | (1,986 | ) | (33,334 | ) | (48,032 | ) | |||||
Proceeds from sales of money market mutual funds | 11,225 | 29,948 | 38,386 | ||||||||
Purchases of money market mutual funds | (6,482 | ) | (25,149 | ) | (32,444 | ) | |||||
Net increase in other investments | (1,133 | ) | (2,335 | ) | (11,773 | ) | |||||
Proceeds from sale of portfolio loans | — | — | 2,435 | ||||||||
Net increase in loans and leases | (398,240 | ) | (338,481 | ) | (337,961 | ) | |||||
Proceeds from sales of other real estate owned | 490 | 3,996 | 885 | ||||||||
Purchases of bank owned life insurance | (1,563 | ) | (7,271 | ) | — | ||||||
Proceeds from bank owned life insurance | 1,384 | 2,961 | 662 | ||||||||
Net cash used in investing activities | (431,318 | ) | (332,487 | ) | (313,932 | ) | |||||
Cash flows from financing activities: | |||||||||||
Net increase in deposits | 331,170 | 297,792 | 125,425 | ||||||||
Net increase (decrease) in short-term borrowings | 84,337 | (90,740 | ) | 123,207 | |||||||
Proceeds from issuance of long-term debt | 10,000 | 95,000 | 20,000 | ||||||||
Repayment of long-term debt | (20,000 | ) | (65,000 | ) | (15,000 | ) | |||||
Proceeds from issuance of subordinated notes | — | — | 44,515 | ||||||||
Payment of contingent consideration on acquisitions | (131 | ) | (5,413 | ) | (2,552 | ) | |||||
Proceeds from public offering of common stock | — | 70,501 | — | ||||||||
Purchases of treasury stock | (5,984 | ) | (3,519 | ) | (8,359 | ) | |||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,295 | 2,413 | 2,472 | ||||||||
Proceeds from exercise of stock options | 1,131 | 1,676 | 4,968 | ||||||||
Cash dividends paid | (23,495 | ) | (21,299 | ) | (17,024 | ) | |||||
Net cash provided by financing activities | 379,323 | 281,411 | 277,652 | ||||||||
Net decrease (increase) in cash and cash equivalents | 34,011 | 17,584 | (2,974 | ) | |||||||
Cash and cash equivalents at beginning of year | 75,409 | 57,825 | 60,799 | ||||||||
Cash and cash equivalents at end of year | $ | 109,420 | $ | 75,409 | $ | 57,825 | |||||
50 |
For the Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | 30,875 | $ | 21,493 | $ | 13,982 | |||||
Cash paid for income taxes, net of refunds | 2,022 | 12,599 | 8,053 | ||||||||
Non cash transactions: | |||||||||||
Transfer of loans to other real estate owned | $ | 477 | $ | 729 | $ | 2,347 | |||||
Assets acquired through acquisitions | — | — | 1,090,395 | ||||||||
Liabilities assumed through acquisitions | — | — | 911,316 |
51 |
52 |
53 |
54 |
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; |
• | Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; |
• | Changes in the size and composition of the portfolio and in the terms of loans; |
• | Changes in the experience, ability, and depth of lending management and other relevant staff; |
• | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; |
• | Changes in the quality of the institution’s loan review system; |
• | Changes in the value of underlying collateral for collateral-dependent loans; |
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and |
• | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. |
55 |
56 |
57 |
58 |
59 |
60 |
61 |
For the Three Months Ended, | For the Six Months Ended, | For the Nine Months Ended, | |||||||
March 31, 2018 | June 30, 2018 | September 30, 2018 | |||||||
(Dollars in thousands) | As Reported | ||||||||
Originations of loans held for sale | (28,468 | ) | (61,508 | ) | (95,665 | ) | |||
Proceeds from sales of loans held for sale | 30,320 | 63,076 | 99,842 | ||||||
Net cash provided by operating activities | 1,852 | 1,568 | 4,177 | ||||||
Adjustments | |||||||||
Originations of loans held for sale | (6,683 | ) | (13,187 | ) | (22,441 | ) | |||
Proceeds from sales of loans held for sale | 6,683 | 13,187 | 22,441 | ||||||
Net cash provided by operating activities | — | — | — | ||||||
As Adjusted | |||||||||
Originations of loans held for sale | (35,151 | ) | (74,695 | ) | (118,106 | ) | |||
Proceeds from sales of loans held for sale | 37,003 | 76,263 | 122,283 | ||||||
Net cash provided by operating activities | 1,852 | 1,568 | 4,177 |
For the Three Months Ended, | For the Six Months Ended, | For the Nine Months Ended, | For the Year Ended, | ||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | ||||||||
(Dollars in thousands) | As Reported | ||||||||||
Originations of loans held for sale | (24,828 | ) | (64,035 | ) | (105,557 | ) | (143,993 | ) | |||
Proceeds from sales of loans held for sale | 30,568 | 69,847 | 112,602 | 152,734 | |||||||
Net cash provided by operating activities | 5,740 | 5,812 | 7,045 | 8,741 | |||||||
Adjustments | |||||||||||
Originations of loans held for sale | (12,642 | ) | (24,422 | ) | (35,424 | ) | (44,079 | ) | |||
Proceeds from sales of loans held for sale | 12,642 | 24,422 | 35,424 | 44,079 | |||||||
Net cash provided by operating activities | — | — | — | — | |||||||
As Adjusted | |||||||||||
Originations of loans held for sale | (37,470 | ) | (88,457 | ) | (140,981 | ) | (188,072 | ) | |||
Proceeds from sales of loans held for sale | 43,210 | 94,269 | 148,026 | 196,813 | |||||||
Net cash provided by operating activities | 5,740 | 5,812 | 7,045 | 8,741 |
62 |
For the Years Ended December 31, | |||||||||||
(Dollars and shares in thousands) | 2018 | 2017 | 2016 | ||||||||
Numerator: | |||||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 | |||||
Net income allocated to unvested restricted stock | (333 | ) | (409 | ) | (167 | ) | |||||
Net income allocated to common shares | $ | 50,210 | $ | 43,685 | $ | 19,338 | |||||
Denominator: | |||||||||||
Weighted average shares outstanding | 29,370 | 26,862 | 23,098 | ||||||||
Average unvested restricted stock | (193 | ) | (256 | ) | (227 | ) | |||||
Denominator for basic earnings per share—weighted-average shares outstanding | 29,177 | 26,606 | 22,871 | ||||||||
Effect of dilutive securities—employee stock options | 82 | 102 | 60 | ||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,259 | 26,708 | 22,931 | ||||||||
Basic earnings per share | $ | 1.72 | $ | 1.64 | $ | 0.85 | |||||
Diluted earnings per share | $ | 1.72 | $ | 1.64 | $ | 0.84 | |||||
Average anti-dilutive options excluded from computation of diluted earnings per share | 319 | 169 | 280 |
63 |
At December 31, 2018 | At December 31, 2017 | ||||||||||||||||||||||||||||||
(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 | $ | 6,996 | $ | — | $ | (104 | ) | $ | 6,892 | $ | 6,995 | $ | — | $ | (77 | ) | $ | 6,918 | |||||||||||||
6,996 | — | (104 | ) | 6,892 | 6,995 | — | (77 | ) | 6,918 | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
After 5 years to 10 years | 11,573 | — | (135 | ) | 11,438 | 8,944 | — | (51 | ) | 8,893 | |||||||||||||||||||||
Over 10 years | 124,065 | 287 | (1,107 | ) | 123,245 | 39,625 | 44 | (160 | ) | 39,509 | |||||||||||||||||||||
135,638 | 287 | (1,242 | ) | 134,683 | 48,569 | 44 | (211 | ) | 48,402 | ||||||||||||||||||||||
Total | $ | 142,634 | $ | 287 | $ | (1,346 | ) | $ | 141,575 | $ | 55,564 | $ | 44 | $ | (288 | ) | $ | 55,320 | |||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||
U.S. government corporations and agencies: | |||||||||||||||||||||||||||||||
Within 1 year | $ | 15,108 | $ | — | $ | (90 | ) | $ | 15,018 | $ | 1,499 | $ | — | $ | (3 | ) | $ | 1,496 | |||||||||||||
After 1 year to 5 years | 303 | — | (6 | ) | 297 | 15,590 | — | (125 | ) | 15,465 | |||||||||||||||||||||
15,411 | — | (96 | ) | 15,315 | 17,089 | — | (128 | ) | 16,961 | ||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||
Within 1 year | 5,900 | 4 | (6 | ) | 5,898 | 2,721 | 1 | (6 | ) | 2,716 | |||||||||||||||||||||
After 1 year to 5 years | 15,459 | 36 | (56 | ) | 15,439 | 16,787 | 33 | (44 | ) | 16,776 | |||||||||||||||||||||
After 5 years to 10 years | 43,923 | 318 | (163 | ) | 44,078 | 54,846 | 897 | (73 | ) | 55,670 | |||||||||||||||||||||
Over 10 years | — | — | — | — | 3,120 | 15 | — | 3,135 | |||||||||||||||||||||||
65,282 | 358 | (225 | ) | 65,415 | 77,474 | 946 | (123 | ) | 78,297 | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
After 1 year to 5 years | 5,799 | 3 | (70 | ) | 5,732 | 3,913 | 12 | (26 | ) | 3,899 | |||||||||||||||||||||
After 5 years to 10 years | 49,904 | 6 | (1,381 | ) | 48,529 | 51,428 | 5 | (852 | ) | 50,581 | |||||||||||||||||||||
Over 10 years | 100,873 | 26 | (3,398 | ) | 97,501 | 133,237 | 87 | (2,383 | ) | 130,941 | |||||||||||||||||||||
156,576 | 35 | (4,849 | ) | 151,762 | 188,578 | 104 | (3,261 | ) | 185,421 | ||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||
After 5 years to 10 years | 1,677 | — | (78 | ) | 1,599 | 2,103 | — | (82 | ) | 2,021 | |||||||||||||||||||||
Over 10 years | 1,305 | — | (16 | ) | 1,289 | 1,567 | 14 | — | 1,581 | ||||||||||||||||||||||
2,982 | — | (94 | ) | 2,888 | 3,670 | 14 | (82 | ) | 3,602 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||
Within 1 year | 7,806 | — | (68 | ) | 7,738 | 10,006 | — | (5 | ) | 10,001 | |||||||||||||||||||||
After 1 year to 5 years | 18,508 | 1 | (332 | ) | 18,177 | 24,885 | 20 | (147 | ) | 24,758 | |||||||||||||||||||||
After 5 years to 10 years | 16,146 | — | (392 | ) | 15,754 | 16,669 | 71 | (296 | ) | 16,444 | |||||||||||||||||||||
Over 10 years | 60,000 | — | (8,542 | ) | 51,458 | 60,000 | — | (4,027 | ) | 55,973 | |||||||||||||||||||||
102,460 | 1 | (9,334 | ) | 93,127 | 111,560 | 91 | (4,475 | ) | 107,176 | ||||||||||||||||||||||
Equity securities* | |||||||||||||||||||||||||||||||
No stated maturity | N/A | N/A | N/A | N/A | 6,395 | 667 | (1 | ) | 7,061 | ||||||||||||||||||||||
N/A | N/A | N/A | N/A | 6,395 | 667 | (1 | ) | 7,061 | |||||||||||||||||||||||
Total | $ | 342,711 | $ | 394 | $ | (14,598 | ) | $ | 328,507 | $ | 404,766 | $ | 1,822 | $ | (8,070 | ) | $ | 398,518 |
64 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
Securities available-for-sale: | |||||||||||
Proceeds from sales | $ | 1,010 | $ | 7,069 | $ | 77,290 | |||||
Gross realized gains on sales | 10 | 74 | 600 | ||||||||
Gross realized losses on sales | — | 26 | 82 | ||||||||
Tax expense related to net realized gains on sales | 2 | 17 | 181 |
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 December 31, 2018 | |||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | — | $ | — | $ | 6,892 | $ | (104 | ) | $ | 6,892 | $ | (104 | ) | |||||||||
Residential mortgage-backed securities | 48,192 | (472 | ) | 34,501 | (770 | ) | 82,693 | (1,242 | ) | ||||||||||||||
Total | $ | 48,192 | $ | (472 | ) | $ | 41,393 | $ | (874 | ) | $ | 89,585 | $ | (1,346 | ) | ||||||||
Securities Available-for-Sale | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | — | $ | — | $ | 15,315 | $ | (96 | ) | $ | 15,315 | $ | (96 | ) | |||||||||
State and political subdivisions | 9,311 | (61 | ) | 15,302 | (164 | ) | 24,613 | (225 | ) | ||||||||||||||
Residential mortgage-backed securities | 7,099 | (106 | ) | 141,924 | (4,743 | ) | 149,023 | (4,849 | ) | ||||||||||||||
Collateralized mortgage obligations | 1,289 | (16 | ) | 1,599 | (78 | ) | 2,888 | (94 | ) | ||||||||||||||
Corporate bonds | 16,896 | (235 | ) | 75,730 | (9,099 | ) | 92,626 | (9,334 | ) | ||||||||||||||
Total | $ | 34,595 | $ | (418 | ) | $ | 249,870 | $ | (14,180 | ) | $ | 284,465 | $ | (14,598 | ) | ||||||||
At December 31, 2017 | |||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | 6,919 | $ | (77 | ) | $ | — | $ | — | $ | 6,919 | $ | (77 | ) | |||||||||
Residential mortgage-backed securities | 40,881 | (211 | ) | — | — | 40,881 | (211 | ) | |||||||||||||||
Total | $ | 47,800 | $ | (288 | ) | $ | — | $ | — | $ | 47,800 | $ | (288 | ) | |||||||||
Securities Available-for-Sale | |||||||||||||||||||||||
U.S. government corporations and agencies | $ | 5,213 | $ | (38 | ) | $ | 11,749 | $ | (90 | ) | $ | 16,962 | $ | (128 | ) | ||||||||
State and political subdivisions | 18,457 | (91 | ) | 6,332 | (32 | ) | 24,789 | (123 | ) | ||||||||||||||
Residential mortgage-backed securities | 32,217 | (210 | ) | 141,371 | (3,051 | ) | 173,588 | (3,261 | ) | ||||||||||||||
Collateralized mortgage obligations | — | — | 2,021 | (82 | ) | 2,021 | (82 | ) | |||||||||||||||
Corporate bonds | 18,464 | (1,016 | ) | 71,957 | (3,459 | ) | 90,421 | (4,475 | ) | ||||||||||||||
Equity securities | — | (1 | ) | 4 | — | 4 | (1 | ) | |||||||||||||||
Total | $ | 74,351 | $ | (1,356 | ) | $ | 233,434 | $ | (6,714 | ) | $ | 307,785 | $ | (8,070 | ) |
65 |
At December 31, 2018 | |||||||||||
(Dollars in thousands) | Originated | Acquired | Total | ||||||||
Commercial, financial and agricultural | $ | 913,166 | $ | 24,519 | $ | 937,685 | |||||
Real estate-commercial | 1,507,579 | 233,625 | 1,741,204 | ||||||||
Real estate-construction | 215,513 | — | 215,513 | ||||||||
Real estate-residential secured for business purpose | 302,393 | 60,403 | 362,796 | ||||||||
Real estate-residential secured for personal purpose | 338,451 | 49,959 | 388,410 | ||||||||
Real estate-home equity secured for personal purpose | 177,523 | 8,728 | 186,251 | ||||||||
Loans to individuals | 32,617 | 142 | 32,759 | ||||||||
Lease financings | 141,956 | — | 141,956 | ||||||||
Total loans and leases held for investment, net of deferred income | $ | 3,629,198 | $ | 377,376 | $ | 4,006,574 | |||||
Unearned lease income, included in the above table | $ | (15,118 | ) | $ | — | $ | (15,118 | ) | |||
Net deferred costs, included in the above table | 3,930 | — | 3,930 | ||||||||
Overdraft deposits included in the above table | 139 | — | 139 |
At December 31, 2017 | |||||||||||
(Dollars in thousands) | Originated | Acquired | Total | ||||||||
Commercial, financial and agricultural | $ | 833,100 | $ | 63,111 | $ | 896,211 | |||||
Real estate-commercial | 1,235,681 | 306,460 | 1,542,141 | ||||||||
Real estate-construction | 171,244 | 4,592 | 175,836 | ||||||||
Real estate-residential secured for business purpose | 250,800 | 91,167 | 341,967 | ||||||||
Real estate-residential secured for personal purpose | 260,654 | 60,920 | 321,574 | ||||||||
Real estate-home equity secured for personal purpose | 171,884 | 12,386 | 184,270 | ||||||||
Loans to individuals | 28,156 | 144 | 28,300 | ||||||||
Lease financings | 129,768 | — | 129,768 | ||||||||
Total loans and leases held for investment, net of deferred income | $ | 3,081,287 | $ | 538,780 | $ | 3,620,067 | |||||
Unearned lease income, included in the above table | $ | (14,243 | ) | $ | — | $ | (14,243 | ) | |||
Net deferred costs, included in the above table | 4,669 | — | 4,669 | ||||||||
Overdraft deposits included in the above table | 222 | — | 222 |
66 |
(Dollars in thousands) | At December 31, 2018 | At December 31, 2017 | |||||
Outstanding principal balance | $ | 893 | $ | 2,325 | |||
Carrying amount | 695 | 1,583 | |||||
Reserve for loan losses | — | — |
For the Years Ended December 31, | |||||||
(Dollars in thousands) | 2018 | 2017 | |||||
Beginning of period | $ | 11 | $ | 50 | |||
Reclassification from nonaccretable discount | 582 | 891 | |||||
Accretable yield amortized to interest income | (593 | ) | (926 | ) | |||
Disposals | — | (4 | ) | ||||
End of period | $ | — | $ | 11 |
At December 31, | |||||||
(Dollars in thousands) | 2018 | 2017 | |||||
Within 1 year | $ | 56,386 | $ | 53,625 | |||
After 1 year through 2 years | 44,027 | 41,351 | |||||
After 2 years through 3 years | 30,150 | 27,411 | |||||
After 3 years through 4 years | 18,123 | 15,557 | |||||
After 4 years through 5 years | 7,085 | 5,375 | |||||
Thereafter | 1,303 | 692 | |||||
Total future minimum lease payments receivable | 157,074 | 144,011 | |||||
Less: Unearned income | (15,118 | ) | (14,243 | ) | |||
Total lease financing receivables, net of unearned income | $ | 141,956 | $ | 129,768 |
67 |
(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 December 31, 2018 | |||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,043 | $ | 270 | $ | 2,228 | $ | 3,541 | $ | 934,144 | $ | — | $ | 937,685 | $ | — | |||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||
Commercial real estate | 5,425 | 1,538 | 1,599 | 8,562 | 1,732,436 | 206 | 1,741,204 | — | |||||||||||||||||||||||
Construction | 2,163 | 106 | — | 2,269 | 213,244 | — | 215,513 | — | |||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||
Residential secured for business purpose | 2,497 | 777 | 1,164 | 4,438 | 357,932 | 426 | 362,796 | — | |||||||||||||||||||||||
Residential secured for personal purpose | 2,334 | — | 1,586 | 3,920 | 384,427 | 63 | 388,410 | — | |||||||||||||||||||||||
Home equity secured for personal purpose | 305 | 96 | 1,341 | 1,742 | 184,509 | — | 186,251 | — | |||||||||||||||||||||||
Loans to individuals | 207 | 29 | 55 | 291 | 32,468 | — | 32,759 | 55 | |||||||||||||||||||||||
Lease financings | 2,460 | 411 | 307 | 3,178 | 138,778 | — | 141,956 | 137 | |||||||||||||||||||||||
Total | $ | 16,434 | $ | 3,227 | $ | 8,280 | $ | 27,941 | $ | 3,977,938 | $ | 695 | $ | 4,006,574 | $ | 192 | |||||||||||||||
At December 31, 2017 | |||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,182 | $ | 1,440 | $ | 1,509 | $ | 5,131 | $ | 890,658 | $ | 422 | $ | 896,211 | $ | — | |||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||
Commercial real estate | 733 | 548 | 1,410 | 2,691 | 1,539,094 | 356 | 1,542,141 | — | |||||||||||||||||||||||
Construction | 1,970 | — | 365 | 2,335 | 173,501 | — | 175,836 | — | |||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||
Residential secured for business purpose | 1,651 | 315 | 1,355 | 3,321 | 338,061 | 585 | 341,967 | 162 | |||||||||||||||||||||||
Residential secured for personal purpose | 4,368 | 1,118 | 23 | 5,509 | 315,845 | 220 | 321,574 | — | |||||||||||||||||||||||
Home equity secured for personal purpose | 1,414 | 333 | 464 | 2,211 | 182,059 | — | 184,270 | 148 | |||||||||||||||||||||||
Loans to individuals | 221 | 139 | 195 | 555 | 27,745 | — | 28,300 | 195 | |||||||||||||||||||||||
Lease financings | 1,143 | 392 | 1,855 | 3,390 | 126,378 | — | 129,768 | 256 | |||||||||||||||||||||||
Total | $ | 13,682 | $ | 4,285 | $ | 7,176 | $ | 25,143 | $ | 3,593,341 | $ | 1,583 | $ | 3,620,067 | $ | 761 |
68 |
At December 31, | |||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||
(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 Nonperforming 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 Nonperforming Loans and Leases | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,365 | $ | 382 | $ | — | $ | 3,747 | $ | 4,448 | $ | 921 | $ | — | $ | 5,369 | |||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||
Commercial real estate | 18,214 | — | — | 18,214 | 4,285 | 10,266 | — | 14,551 | |||||||||||||||||||||||
Construction | 106 | — | — | 106 | 365 | — | — | 365 | |||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||
Residential secured for business purpose | 1,318 | 160 | — | 1,478 | 2,843 | 206 | 162 | 3,211 | |||||||||||||||||||||||
Residential secured for personal purpose | 1,587 | — | — | 1,587 | 466 | 42 | — | 508 | |||||||||||||||||||||||
Home equity secured for personal purpose | 1,448 | — | — | 1,448 | 511 | — | 148 | 659 | |||||||||||||||||||||||
Loans to individuals | — | — | 55 | 55 | — | — | 195 | 195 | |||||||||||||||||||||||
Lease financings | 170 | — | 137 | 307 | 1,599 | — | 256 | 1,855 | |||||||||||||||||||||||
Total | $ | 26,208 | $ | 542 | $ | 192 | $ | 26,942 | $ | 14,517 | $ | 11,435 | $ | 761 | $ | 26,713 |
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 |
69 |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial | Real Estate— Construction | Real Estate— Residential Secured for Business Purpose | Total | ||||||||||||||
At December 31, 2018 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | 2,783 | $ | — | $ | 27,783 | $ | — | $ | 30,566 | |||||||||
3. Strong | 14,762 | 698 | — | — | 15,460 | ||||||||||||||
4. Satisfactory | 20,133 | 21,790 | — | — | 41,923 | ||||||||||||||
5. Acceptable | 627,585 | 1,118,288 | 78,855 | 251,099 | 2,075,827 | ||||||||||||||
6. Pre-watch | 217,473 | 314,458 | 108,769 | 47,257 | 687,957 | ||||||||||||||
7. Special Mention | 23,287 | 31,791 | — | 721 | 55,799 | ||||||||||||||
8. Substandard | 7,143 | 20,554 | 106 | 3,316 | 31,119 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10. Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 913,166 | $ | 1,507,579 | $ | 215,513 | $ | 302,393 | $ | 2,938,651 | |||||||||
At December 31, 2017 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | 2,521 | $ | — | $ | 20,420 | $ | — | $ | 22,941 | |||||||||
3. Strong | 9,206 | 1,821 | — | — | 11,027 | ||||||||||||||
4. Satisfactory | 30,283 | 26,950 | — | 274 | 57,507 | ||||||||||||||
5. Acceptable | 593,205 | 960,258 | 76,899 | 215,750 | 1,846,112 | ||||||||||||||
6. Pre-watch | 179,990 | 209,844 | 72,168 | 29,738 | 491,740 | ||||||||||||||
7. Special Mention | 4,027 | 12,974 | 1,392 | 296 | 18,689 | ||||||||||||||
8. Substandard | 13,868 | 23,834 | 365 | 4,742 | 42,809 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10. Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 833,100 | $ | 1,235,681 | $ | 171,244 | $ | 250,800 | $ | 2,490,825 |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial | Real Estate— Construction | Real Estate— Residential Secured for Business Purpose | Total | ||||||||||||||
At December 31, 2018 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
3. Strong | — | — | — | — | — | ||||||||||||||
4. Satisfactory | — | — | — | — | — | ||||||||||||||
5. Acceptable | 21,468 | 145,722 | — | 51,066 | 218,256 | ||||||||||||||
6. Pre-watch | 2,982 | 75,189 | — | 8,501 | 86,672 | ||||||||||||||
7. Special Mention | — | — | — | — | — | ||||||||||||||
8. Substandard | 69 | 12,714 | — | 836 | 13,619 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10. Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 24,519 | $ | 233,625 | $ | — | $ | 60,403 | $ | 318,547 | |||||||||
At December 31, 2017 | |||||||||||||||||||
Grade: | |||||||||||||||||||
1. Cash secured/ 2. Fully secured | $ | 1,120 | $ | — | $ | — | $ | — | $ | 1,120 | |||||||||
3. Strong | — | — | — | — | — | ||||||||||||||
4. Satisfactory | 125 | 482 | — | — | 607 | ||||||||||||||
5. Acceptable | 49,949 | 183,490 | — | 73,402 | 306,841 | ||||||||||||||
6. Pre-watch | 6,183 | 98,977 | 4,592 | 15,861 | 125,613 | ||||||||||||||
7. Special Mention | 1,007 | 17,028 | — | — | 18,035 | ||||||||||||||
8. Substandard | 4,727 | 6,483 | — | 1,904 | 13,114 | ||||||||||||||
9. Doubtful | — | — | — | — | — | ||||||||||||||
10. Loss | — | — | — | — | — | ||||||||||||||
Total | $ | 63,111 | $ | 306,460 | $ | 4,592 | $ | 91,167 | $ | 465,330 |
70 |
(Dollars in thousands) | Real Estate— Residential Secured for Personal Purpose | Real Estate— Home Equity Secured for Personal Purpose | Loans to Individuals | Lease Financings | Total | ||||||||||||||
At December 31, 2018 | |||||||||||||||||||
Performing | $ | 337,762 | $ | 177,139 | $ | 32,562 | $ | 141,649 | $ | 689,112 | |||||||||
Nonperforming | 689 | 384 | 55 | 307 | 1,435 | ||||||||||||||
Total | $ | 338,451 | $ | 177,523 | $ | 32,617 | $ | 141,956 | $ | 690,547 | |||||||||
At December 31, 2017 | |||||||||||||||||||
Performing | $ | 260,589 | $ | 171,527 | $ | 27,961 | $ | 127,913 | $ | 587,990 | |||||||||
Nonperforming | 65 | 357 | 195 | 1,855 | 2,472 | ||||||||||||||
Total | $ | 260,654 | $ | 171,884 | $ | 28,156 | $ | 129,768 | $ | 590,462 |
(Dollars in thousands) | Real Estate— Residential Secured for Personal Purpose | Real Estate— Home Equity Secured for Personal Purpose | Loans to Individuals | Lease Financings | Total | ||||||||||||||
At December 31, 2018 | |||||||||||||||||||
Performing | $ | 49,061 | $ | 7,664 | $ | 142 | $ | — | $ | 56,867 | |||||||||
Nonperforming | 898 | 1,064 | — | — | 1,962 | ||||||||||||||
Total | $ | 49,959 | $ | 8,728 | $ | 142 | $ | — | $ | 58,829 | |||||||||
At December 31, 2017 | |||||||||||||||||||
Performing | $ | 60,477 | $ | 12,084 | $ | 144 | $ | — | $ | 72,705 | |||||||||
Nonperforming | 443 | 302 | — | — | 745 | ||||||||||||||
Total | $ | 60,920 | $ | 12,386 | $ | 144 | $ | — | $ | 73,450 |
71 |
72 |
(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 | |||||||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 6,742 | $ | 9,839 | $ | 1,661 | $ | 1,754 | $ | 373 | $ | 1,132 | $ | 54 | $ | 21,555 | |||||||||||||||
Charge-offs | (14,655 | ) | (40 | ) | (31 | ) | — | (353 | ) | (572 | ) | N/A | (15,651 | ) | |||||||||||||||||
Recoveries | 2,140 | 333 | 280 | 78 | 88 | 231 | N/A | 3,150 | |||||||||||||||||||||||
Provision | 13,756 | 3,771 | 318 | 1,364 | 376 | 497 | 217 | 20,299 | |||||||||||||||||||||||
Provision for acquired credit impaired loans | — | — | 8 | 3 | — | — | — | 11 | |||||||||||||||||||||||
Ending balance | $ | 7,983 | $ | 13,903 | $ | 2,236 | $ | 3,199 | $ | 484 | $ | 1,288 | $ | 271 | $ | 29,364 | |||||||||||||||
For the Year Ended December 31, 2017 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 7,037 | $ | 7,505 | $ | 774 | $ | 993 | $ | 364 | $ | 788 | $ | 38 | $ | 17,499 | |||||||||||||||
Charge-offs | (1,030 | ) | (232 | ) | (1,370 | ) | (196 | ) | (317 | ) | (3,992 | ) | N/A | (7,137 | ) | ||||||||||||||||
Recoveries | 801 | 5 | 54 | 99 | 136 | 206 | N/A | 1,301 | |||||||||||||||||||||||
(Recovery of provision) provision | (66 | ) | 2,561 | 2,204 | 857 | 190 | 4,130 | 16 | 9,892 | ||||||||||||||||||||||
(Recovery of provision) provision for acquired credit impaired loans | — | — | (1 | ) | 1 | — | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 6,742 | $ | 9,839 | $ | 1,661 | $ | 1,754 | $ | 373 | $ | 1,132 | $ | 54 | $ | 21,555 | |||||||||||||||
For the Year Ended December 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 | (4,827 | ) | (307 | ) | (522 | ) | (178 | ) | (395 | ) | (759 | ) | N/A | (6,988 | ) | ||||||||||||||||
Recoveries | 1,454 | 101 | 71 | 88 | 133 | 191 | N/A | 2,038 | |||||||||||||||||||||||
Provision (recovery of provision) | 3,992 | 961 | 462 | (489 | ) | 280 | 314 | (874 | ) | 4,646 | |||||||||||||||||||||
Provision (recovery of provision) for acquired credit impaired loans | — | 178 | — | (3 | ) | — | — | — | 175 | ||||||||||||||||||||||
Ending balance | $ | 7,037 | $ | 7,505 | $ | 774 | $ | 993 | $ | 364 | $ | 788 | $ | 38 | $ | 17,499 |
73 |
(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 December 31, 2018 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 413 | $ | 675 | $ | — | $ | 327 | $ | — | $ | — | N/A | $ | 1,415 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | 7,570 | 13,183 | 2,233 | 2,872 | 484 | 1,288 | 271 | 27,901 | |||||||||||||||||||||||
Ending balance: acquired non-credit impaired loans evaluated for impairment | — | 45 | 3 | — | — | — | — | 48 | |||||||||||||||||||||||
Total ending balance | $ | 7,983 | $ | 13,903 | $ | 2,236 | $ | 3,199 | $ | 484 | $ | 1,288 | $ | 271 | $ | 29,364 | |||||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 3,747 | $ | 18,321 | $ | 1,478 | $ | 3,035 | $ | — | $ | — | $ | 26,581 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | 909,419 | 1,702,992 | 300,915 | 512,939 | 32,617 | 141,956 | 3,600,838 | ||||||||||||||||||||||||
Loans measured at fair value | — | 1,779 | — | — | — | — | 1,779 | ||||||||||||||||||||||||
Acquired non-credit impaired loans | 24,519 | 233,419 | 59,977 | 58,624 | 142 | — | 376,681 | ||||||||||||||||||||||||
Acquired credit impaired loans | — | 206 | 426 | 63 | — | — | 695 | ||||||||||||||||||||||||
Total ending balance | $ | 937,685 | $ | 1,956,717 | $ | 362,796 | $ | 574,661 | $ | 32,759 | $ | 141,956 | $ | 4,006,574 | |||||||||||||||||
At December 31, 2017 | |||||||||||||||||||||||||||||||
Reserve for loan and lease losses: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 31 | $ | 99 | $ | 1 | $ | — | $ | — | $ | — | N/A | $ | 131 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | 6,711 | 9,740 | 1,660 | 1,754 | 373 | 1,132 | 54 | 21,424 | |||||||||||||||||||||||
Total ending balance | $ | 6,742 | $ | 9,839 | $ | 1,661 | $ | 1,754 | $ | 373 | $ | 1,132 | $ | 54 | $ | 21,555 | |||||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 7,079 | $ | 16,919 | $ | 3,465 | $ | 1,019 | $ | — | $ | 1,250 | $ | 29,732 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | 826,021 | 1,388,048 | 247,335 | 431,519 | 28,156 | 128,518 | 3,049,597 | ||||||||||||||||||||||||
Loans measured at fair value | — | 1,958 | — | — | — | — | 1,958 | ||||||||||||||||||||||||
Acquired non-credit impaired loans | 62,689 | 310,696 | 90,582 | 73,086 | 144 | — | 537,197 | ||||||||||||||||||||||||
Acquired credit impaired loans | 422 | 356 | 585 | 220 | — | — | 1,583 | ||||||||||||||||||||||||
Total ending balance | $ | 896,211 | $ | 1,717,977 | $ | 341,967 | $ | 505,844 | $ | 28,300 | $ | 129,768 | $ | 3,620,067 |
74 |
At December 31, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
(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 | $ | 2,776 | $ | 3,361 | $ | 7,019 | $ | 8,301 | |||||||||||||||
Real estate—commercial real estate | 6,578 | 7,516 | 15,621 | 16,507 | |||||||||||||||||||
Real estate—construction | 106 | 111 | 365 | 365 | |||||||||||||||||||
Real estate—residential secured for business purpose | 1,478 | 1,660 | 3,430 | 4,620 | |||||||||||||||||||
Real estate—residential secured for personal purpose | 863 | 911 | 508 | 566 | |||||||||||||||||||
Real estate—home equity secured for personal purpose | 1,373 | 1,404 | 511 | 523 | |||||||||||||||||||
Total impaired loans with no related reserve recorded | $ | 13,174 | $ | 14,963 | $ | 27,454 | $ | 30,882 | |||||||||||||||
Impaired loans with a reserve recorded: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 971 | $ | 1,024 | $ | 413 | $ | 60 | $ | 60 | $ | 31 | |||||||||||
Real estate—commercial real estate | 11,637 | 12,162 | 675 | 933 | 933 | 99 | |||||||||||||||||
Real estate—residential secured for business purpose | — | — | — | 35 | 37 | 1 | |||||||||||||||||
Real estate—residential secured for personal purpose | 724 | 724 | 252 | — | — | — | |||||||||||||||||
Real estate—home equity secured for personal purpose | 75 | 75 | 75 | — | — | — | |||||||||||||||||
Total impaired loans with a reserve recorded | $ | 13,407 | $ | 13,985 | $ | 1,415 | $ | 1,028 | $ | 1,030 | $ | 131 | |||||||||||
Total impaired loans: | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 3,747 | $ | 4,385 | $ | 413 | $ | 7,079 | $ | 8,361 | $ | 31 | |||||||||||
Real estate—commercial real estate | 18,215 | 19,678 | 675 | 16,554 | 17,440 | 99 | |||||||||||||||||
Real estate—construction | 106 | 111 | — | 365 | 365 | — | |||||||||||||||||
Real estate—residential secured for business purpose | 1,478 | 1,660 | — | 3,465 | 4,657 | 1 | |||||||||||||||||
Real estate—residential secured for personal purpose | 1,587 | 1,635 | 252 | 508 | 566 | — | |||||||||||||||||
Real estate—home equity secured for personal purpose | 1,448 | 1,479 | 75 | 511 | 523 | — | |||||||||||||||||
Total impaired loans | $ | 26,581 | $ | 28,948 | $ | 1,415 | $ | 28,482 | $ | 31,912 | $ | 131 |
75 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | 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 | Average Recorded Investment | Interest Income Recognized* | Additional Interest Income That Would Have Been Recognized Under Original Terms | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,242 | $ | 134 | $ | 335 | $ | 10,456 | $ | 200 | $ | 347 | $ | 13,126 | $ | 258 | $ | 381 | |||||||||||||||||
Real estate—commercial real estate | 19,665 | 222 | 1,073 | 20,054 | 792 | 289 | 26,698 | 1,106 | 272 | ||||||||||||||||||||||||||
Real estate—construction | 123 | — | 8 | 253 | — | 19 | — | — | — | ||||||||||||||||||||||||||
Real estate—residential secured for business purpose | 1,844 | 22 | 108 | 3,801 | 65 | 169 | 4,084 | 67 | 207 | ||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | 1,229 | 3 | 94 | 614 | 3 | 39 | 498 | 2 | 24 | ||||||||||||||||||||||||||
Real estate—home equity secured for personal purpose | 1,112 | 1 | 85 | 406 | — | 26 | 440 | — | 25 | ||||||||||||||||||||||||||
Total | $ | 30,215 | $ | 382 | $ | 1,703 | $ | 35,584 | $ | 1,060 | $ | 889 | $ | 44,846 | $ | 1,433 | $ | 909 |
* | Includes interest income recognized on a cash basis for nonaccrual loans of $27 thousand, $4 thousand and $8 thousand for the years ended December 31, 2018, 2017 and 2016, respectively and interest income recognized on the accrual method for accruing impaired loans of $355 thousand, $1.1 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
76 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||
(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: | |||||||||||||||||||||||||||||
Real estate—commercial real estate | — | $ | — | $ | — | $ | — | 3 | $ | 9,206 | $ | 9,206 | $ | — | |||||||||||||||
Total | — | $ | — | $ | — | $ | — | 3 | $ | 9,206 | $ | 9,206 | $ | — | |||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | $ | — | $ | — | 2 | $ | 1,127 | $ | 1,127 | $ | — | |||||||||||||||
Real estate—commercial real estate | — | — | — | — | 1 | 328 | 328 | — | |||||||||||||||||||||
Real estate—residential secured for personal purpose | 1 | 66 | 66 | — | — | — | — | — | |||||||||||||||||||||
Total | 1 | $ | 66 | $ | 66 | $ | — | 3 | $ | 1,455 | $ | 1,455 | $ | — |
77 |
Maturity Date Extension | Amortization Period Extension | Total Concessions Granted | ||||||||||||||||||
(Dollars in thousands) | No. of Loans | Amount | No. of Loans | Amount | No. of Loans | Amount | ||||||||||||||
For the Year Ended December 31, 2018 | ||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | ||||||||||||||||||||
Total | — | $ | — | — | $ | — | — | $ | — | |||||||||||
Nonaccrual Troubled Debt Restructured Loans: | ||||||||||||||||||||
Real estate—residential secured for personal purpose | — | $ | — | 1 | $ | 66 | 1 | $ | 66 | |||||||||||
Total | — | $ | — | 1 | $ | 66 | 1 | $ | 66 | |||||||||||
For the Year Ended December 31, 2017 | ||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | ||||||||||||||||||||
Real estate—commercial real estate | — | $ | — | 3 | $ | 9,206 | 3 | $ | 9,206 | |||||||||||
Total | — | $ | — | 3 | $ | 9,206 | 3 | $ | 9,206 | |||||||||||
Nonaccrual Troubled Debt Restructured Loans: | ||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 2 | $ | 1,127 | 2 | $ | 1,127 | |||||||||||
Real estate—commercial real estate | 1 | 328 | — | — | 1 | 328 | ||||||||||||||
Total | 1 | $ | 328 | 2 | $ | 1,127 | 3 | $ | 1,455 |
(Dollars in thousands) | At December 31, 2018 | At December 31, 2017 | |||||
Real estate-residential secured for personal purpose | $ | 563 | $ | 31 | |||
Real estate-home equity secured for personal purpose | 1,134 | — | |||||
Total | $ | 1,697 | $ | 31 |
(Dollars in thousands) | At December 31, 2018 | At December 31, 2017 | |||||
Foreclosed residential real estate | $ | — | $ | 80 |
At December 31, | |||||||
(Dollars in thousands) | 2018 | 2017 | |||||
Land and land improvements | $ | 15,683 | $ | 15,402 | |||
Premises and improvements | 53,707 | 54,643 | |||||
Furniture and equipment | 32,068 | 33,675 | |||||
Total cost | 101,458 | 103,720 | |||||
Less: accumulated depreciation | (41,899 | ) | (41,923 | ) | |||
Net book value | $ | 59,559 | $ | 61,797 |
78 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
Rental expense | $ | 3,866 | $ | 3,938 | $ | 3,791 | |||||
Rental income | (207 | ) | (227 | ) | (138 | ) | |||||
Net rental expense | $ | 3,659 | $ | 3,711 | $ | 3,653 |
(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 December 31, 2017 | 138,476 | 15,434 | 18,649 | 172,559 | |||||||||||
Addition to goodwill from acquisitions | — | — | — | — | |||||||||||
Balance at December 31, 2018 | $ | 138,476 | $ | 15,434 | $ | 18,649 | $ | 172,559 |
At December 31, 2018 | At December 31, 2017 | ||||||||||||||||||||||
(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 | $ | 710 | $ | — | $ | 710 | $ | 580 | $ | 130 | |||||||||||
Core deposit intangibles | 6,788 | 3,143 | 3,645 | 6,788 | 2,135 | 4,653 | |||||||||||||||||
Customer related intangibles | 12,381 | 10,804 | 1,577 | 12,381 | 9,828 | 2,553 | |||||||||||||||||
Servicing rights | 17,314 | 10,546 | 6,768 | 15,855 | 9,282 | 6,573 | |||||||||||||||||
Total amortized intangible assets | $ | 37,193 | $ | 25,203 | $ | 11,990 | $ | 35,734 | $ | 21,825 | $ | 13,909 |
Year | (Dollars in thousands) | Amount | ||
2019 | $ | 1,565 | ||
2020 | 1,200 | |||
2021 | 923 | |||
2022 | 666 | |||
2023 | 409 | |||
Thereafter | 459 |
79 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
Beginning of period | $ | 6,573 | $ | 6,485 | $ | 5,877 | |||||
Servicing rights capitalized | 1,458 | 1,487 | 2,049 | ||||||||
Acquired servicing rights | — | — | 87 | ||||||||
Amortization of servicing rights | (1,263 | ) | (1,399 | ) | (1,528 | ) | |||||
Changes in valuation allowance | — | — | — | ||||||||
End of period | $ | 6,768 | $ | 6,573 | $ | 6,485 | |||||
Residential mortgage and SBA loans serviced for others | $ | 1,031,506 | $ | 1,008,123 | $ | 965,729 |
Year | (Dollars in thousands) | Amount | ||
2019 | $ | 908 | ||
2020 | 801 | |||
2021 | 705 | |||
2022 | 619 | |||
2023 | 541 | |||
Thereafter | 3,194 |
At December 31, | |||||||
(Dollars in thousands) | 2018 | 2017 | |||||
Other real estate owned | $ | 1,187 | $ | 1,843 | |||
Accrued interest receivable | 14,255 | 12,362 | |||||
Accrued income and other receivables | 3,933 | 3,872 | |||||
Fair market value of derivative financial instruments | 679 | 601 | |||||
Other prepaid expenses | 14,652 | 21,496 | |||||
Net federal deferred tax assets | 3,585 | 1,174 | |||||
Other | 322 | 154 | |||||
Total accrued interest and other assets | $ | 38,613 | $ | 41,502 |
80 |
December 31, | |||||||||||||
2018 | 2017 | ||||||||||||
Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | ||||||||||
(Dollars in thousands) | |||||||||||||
Noninterest-bearing deposits | — | % | $ | 1,055,919 | — | % | $ | 1,040,026 | |||||
Demand deposits | 1.01 | 1,377,171 | 0.43 | 1,109,438 | |||||||||
Savings deposits | 0.33 | 782,766 | 0.26 | 830,706 | |||||||||
Time deposits | 1.76 | 670,077 | 1.12 | 574,749 | |||||||||
Total | 0.73 | % | $ | 3,885,933 | 0.38 | % | $ | 3,554,919 |
Year | (Dollars in thousands) | Amount | ||
Due in 2019 | $ | 394,239 | ||
Due in 2020 | 128,518 | |||
Due in 2021 | 40,750 | |||
Due in 2022 | 32,995 | |||
Due in 2023 | 70,056 | |||
Thereafter | 3,519 | |||
Total | $ | 670,077 |
81 |
Balance at End of Year | Weighted Average Interest Rate | Maximum Amount Outstanding at Month End During the Year | Average Amount Outstanding During the Year | Weighted Average Interest Rate During the Year | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
2018 | |||||||||||||||||
Short-term borrowings: | |||||||||||||||||
FHLB borrowings | $ | 108,300 | 2.62 | % | $ | 261,240 | $ | 85,601 | 2.01 | % | |||||||
Federal funds purchased | 60,000 | 2.60 | 65,003 | 36,591 | 1.88 | ||||||||||||
Customer repurchase agreements | 21,468 | 0.05 | 28,323 | 22,120 | 0.05 | ||||||||||||
Long-term debt: | |||||||||||||||||
FHLB advances | $ | 125,000 | 1.92 | % | $ | 125,031 | $ | 120,983 | 1.80 | % | |||||||
Security repurchase agreements | 20,330 | 2.71 | 30,751 | 29,049 | 2.08 | ||||||||||||
Subordinated notes | $ | 94,574 | 5.33 | % | $ | 94,574 | $ | 94,451 | 5.34 | % | |||||||
2017 | |||||||||||||||||
Short-term borrowings: | |||||||||||||||||
FHLB borrowings | $ | 30,225 | 1.54 | % | $ | 124,500 | $ | 50,063 | 1.10 | % | |||||||
Federal funds purchased | 55,000 | 1.56 | 95,000 | 32,282 | 1.05 | ||||||||||||
Customer repurchase agreements | 20,206 | 0.05 | 26,376 | 23,207 | 0.05 | ||||||||||||
Long-term debt: | |||||||||||||||||
FHLB advances | $ | 125,036 | 1.73 | % | $ | 190,689 | $ | 155,073 | 1.43 | % | |||||||
Security repurchase agreements | 30,792 | 1.52 | 31,234 | 31,036 | 1.30 | ||||||||||||
Subordinated notes | $ | 94,331 | 5.35 | % | $ | 94,331 | $ | 94,208 | 5.35 | % |
82 |
(Dollars in thousands) | As of December 31, 2018 | Weighted Average Rate | ||||
2019 | $ | 10,000 | 1.35 | % | ||
2020 | 40,000 | 1.70 | ||||
2021 | 55,000 | 1.94 | ||||
2022 | 10,000 | 2.09 | ||||
2023 | 10,000 | 3.02 | ||||
Thereafter | — | — | ||||
Total | $ | 125,000 | 1.92 | % |
(Dollars in thousands) | As of December 31, 2018 | Weighted Average Rate | ||||
2019 | $ | 10,114 | 2.72 | % | ||
2020 | 10,216 | 2.71 | ||||
2021 | — | — | ||||
2022 | — | — | ||||
2023 | — | — | ||||
Thereafter | — | — | ||||
Total | $ | 20,330 | 2.71 | % |
83 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
Current: | |||||||||||
Federal | $ | 9,770 | $ | 9,273 | $ | 2,400 | |||||
State | 972 | 961 | 539 | ||||||||
Deferred: | |||||||||||
Federal | (862 | ) | 7,350 | 909 | |||||||
State | 263 | 133 | 33 | ||||||||
$ | 10,143 | $ | 17,717 | $ | 3,881 |
For the Years Ended December 31, | ||||||||
2018 | 2017 | 2016 | ||||||
Expected provision at statutory rate | 21.0 | % | 35.0 | % | 35.0 | % | ||
Difference resulting from: | ||||||||
Tax exempt interest income, net of disallowance | (4.0 | ) | (6.1 | ) | (15.6 | ) | ||
Increase in value of bank owned life insurance assets | (1.1 | ) | (2.2 | ) | (4.2 | ) | ||
Stock-based compensation | (0.2 | ) | (1.0 | ) | (1.7 | ) | ||
Non-deductible merger-related expenses | — | — | 1.2 | |||||
State income taxes, net of federal benefits | 1.6 | 1.2 | (1.5 | ) | ||||
Adjustment to deferred tax assets and liabilities for enacted changes in tax laws and rates | (0.5 | ) | 1.7 | — | ||||
Changes in valuation allowance | 0.1 | 0.5 | 3.1 | |||||
Other | (0.2 | ) | (0.4 | ) | 0.3 | |||
Effective tax rate | 16.7 | % | 28.7 | % | 16.6 | % |
84 |
At December 31, | |||||||
(Dollars in thousands) | 2018 | 2017 | |||||
Deferred tax assets: | |||||||
Allowance for loan and lease losses | $ | 6,410 | $ | 4,643 | |||
Deferred compensation | 1,734 | 2,110 | |||||
Actuarial adjustments on retirement benefits* | 4,592 | 4,432 | |||||
State net operating losses | 4,730 | 4,166 | |||||
Other-than-temporary impairments on equity securities | 148 | 148 | |||||
Net unrealized holding losses on securities available-for-sale and swaps* | 2,968 | 1,316 | |||||
Other deferred tax assets | 1,368 | 1,243 | |||||
Gross deferred tax assets | 21,950 | 18,058 | |||||
Valuation allowance | (3,830 | ) | (3,523 | ) | |||
Total deferred tax assets, net of valuation allowance | 18,120 | 14,535 | |||||
Deferred tax liabilities: | |||||||
Mortgage servicing rights | 1,463 | 1,415 | |||||
Retirement plans | 5,263 | 4,304 | |||||
Deferred loan fees and costs | 1,163 | 2,614 | |||||
Acquisition-related fair value adjustments | 1,605 | 1,621 | |||||
Intangible assets | 1,987 | 1,513 | |||||
Accounting method change adjustment | 1,154 | — | |||||
Depreciation | 937 | 1,102 | |||||
Other deferred tax liabilities | 963 | 792 | |||||
Total deferred tax liabilities | 14,535 | 13,361 | |||||
Net deferred tax assets | $ | 3,585 | $ | 1,174 |
85 |
Retirement Plans | Other Postretirement Benefits | ||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation at beginning of year | $ | 50,364 | $ | 47,389 | $ | 2,611 | $ | 2,968 | |||||||
Service cost | 560 | 524 | 88 | 48 | |||||||||||
Interest cost | 1,760 | 1,927 | 92 | 118 | |||||||||||
Actuarial (gain) loss | (3,205 | ) | 3,169 | (404 | ) | (409 | ) | ||||||||
Benefits paid | (2,611 | ) | (2,645 | ) | (104 | ) | (114 | ) | |||||||
Benefit obligation at end of year | $ | 46,868 | $ | 50,364 | $ | 2,283 | $ | 2,611 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 46,753 | $ | 41,418 | $ | — | $ | — | |||||||
Actual (loss) return on plan assets | (1,923 | ) | 5,799 | — | — | ||||||||||
Benefits paid | (2,611 | ) | (2,645 | ) | (104 | ) | (114 | ) | |||||||
Employer contribution and non-qualified benefit payments | 3,160 | 2,181 | 104 | 114 | |||||||||||
Fair value of plan assets at end of year | $ | 45,379 | $ | 46,753 | $ | — | $ | — | |||||||
Funded status | (1,489 | ) | (3,611 | ) | (2,283 | ) | (2,611 | ) | |||||||
Unrecognized net actuarial loss (gain) | 22,141 | 21,256 | (92 | ) | 316 | ||||||||||
Unrecognized prior service costs | (181 | ) | (464 | ) | — | — | |||||||||
Net amount recognized | $ | 20,471 | $ | 17,181 | $ | (2,375 | ) | $ | (2,295 | ) |
86 |
Retirement Plans | Other Post Retirement Benefits | ||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |||||||||||||||||
Service cost | $ | 560 | $ | 524 | $ | 661 | $ | 88 | $ | 48 | $ | 46 | |||||||||||
Interest cost | 1,760 | 1,927 | 2,071 | 92 | 118 | 133 | |||||||||||||||||
Expected (loss) return on plan assets | (3,287 | ) | (3,074 | ) | (3,041 | ) | — | — | — | ||||||||||||||
Amortization of net actuarial loss | 1,120 | 1,185 | 1,296 | 4 | 42 | 25 | |||||||||||||||||
Accretion of prior service cost | (283 | ) | (282 | ) | (283 | ) | — | — | — | ||||||||||||||
Settlement cost | — | — | 1,434 | — | — | — | |||||||||||||||||
Net periodic benefit (income) cost | $ | (130 | ) | $ | 280 | $ | 2,138 | $ | 184 | $ | 208 | $ | 204 |
(Dollars in thousands) | Retirement Plans | Other Postretirement Benefits | |||||
Expected amortization expense for 2019: | |||||||
Amortization of net actuarial loss | $ | 1,175 | $ | — | |||
Accretion of prior service cost | (181 | ) | — |
(Dollars in thousands) | Retirement Plans | Other Postretirement Benefits | ||||||
For the fiscal year ending: | ||||||||
2019 | $ | 2,836 | $ | 89 | ||||
2020 | 2,839 | 90 | ||||||
2021 | 2,892 | 92 | ||||||
2022 | 2,898 | 94 | ||||||
2023 | 2,964 | 97 | ||||||
Years 2024-2028 | 14,946 | 540 |
Retirement Plans | Other Postretirement Benefits | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Assumed discount rate | 4.2 | % | 3.6 | % | 4.2 | % | 3.6 | % | |||
Assumed salary increase rate | 3.0 | 3.0 | — | — |
87 |
Retirement Plans | Other Postretirement Benefits | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Assumed discount rate | 3.6 | % | 4.0 | % | 3.6 | % | 4.0 | % | |||
Assumed long-term rate of investment return | 7.0 | 7.5 | — | — | |||||||
Assumed salary increase rate | 3.0 | 3.0 | — | — |
Percentage of Plan Assets at December 31, | |||||
2018 | 2017 | ||||
Asset Category: | |||||
Equity securities | 60 | % | 64 | % | |
Debt securities | 39 | 35 | |||
Other | 1 | 1 | |||
Total | 100 | % | 100 | % |
Fair Value Measurements at December 31, | |||||||
(Dollars in thousands) | 2018 | 2017 | |||||
Level 1: | |||||||
Mutual funds | $ | 28,360 | $ | 31,144 | |||
Short-term investments | 666 | 515 | |||||
Level 2: | |||||||
U.S. government obligations | 6,167 | 4,910 | |||||
Corporate bonds | 6,031 | 5,974 | |||||
Level 3: | |||||||
Certificates of deposit | 4,155 | 4,210 | |||||
Total fair value of plan assets | $ | 45,379 | $ | 46,753 |
(Dollars in thousands) | Balance at December 31, 2017 | Total Unrealized (Losses) or Gains | Total Realized Gains or (Losses) | Purchases | Maturities/ Redemptions | Balance at December 31, 2018 | |||||||||||||||||
Certificates of deposit | $ | 4,210 | $ | — | $ | — | $ | 845 | $ | (900 | ) | $ | 4,155 | ||||||||||
Total Level 3 assets | $ | 4,210 | $ | — | $ | — | $ | 845 | $ | (900 | ) | $ | 4,155 | ||||||||||
(Dollars in thousands) | Balance at December 31, 2016 | Total Unrealized (Losses) or Gains | Total Realized Gains or (Losses) | Purchases | Maturities/ Redemptions | Balance at December 31, 2017 | |||||||||||||||||
Certificates of deposit | $ | 4,565 | $ | — | $ | — | $ | 535 | $ | (890 | ) | $ | 4,210 | ||||||||||
Total Level 3 assets | $ | 4,565 | $ | — | $ | — | $ | 535 | $ | (890 | ) | $ | 4,210 |
88 |
(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 December 31, 2018 | ||||||||
Outstanding at December 31, 2017 | 512,735 | $ | 21.90 | |||||||||
Granted | 190,778 | 28.50 | ||||||||||
Expired | (6,356 | ) | 24.61 | |||||||||
Forfeited | (40,002 | ) | 26.29 | |||||||||
Exercised | (59,750 | ) | 18.92 | |||||||||
Outstanding at December 31, 2018 | 597,405 | 23.98 | 7.2 | $ | 820 | |||||||
Exercisable at December 31, 2018 | 253,175 | 20.36 | 5.5 | 670 |
(Dollars in thousands, except per share data) | Nonvested Stock Options | Weighted Average Grant Date Fair Value | ||||
Nonvested stock options at December 31, 2017 | 352,142 | $ | 6.47 | |||
Granted | 190,778 | 6.46 | ||||
Vested | (158,688 | ) | 6.43 | |||
Forfeited | (40,002 | ) | 6.49 | |||
Nonvested stock options at December 31, 2018 | 344,230 | 6.48 |
89 |
For the Years Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Actual | Actual | Range | Weighted Average | |||||||||
Expected option life in years | 6.6 | 6.9 | 7.6 | - | 8.2 | 7.9 | ||||||
Risk free interest rate | 2.80 | % | 2.30 | % | 1.38% | - | 1.89% | 1.87 | % | |||
Expected dividend yield | 2.81 | % | 2.84 | % | 3.80% | - | 4.19% | 4.06 | % | |||
Expected volatility | 27.15 | % | 29.75 | % | 37.71% | - | 46.22% | 45.82 | % | |||
Fair value of options | $6.46 | $6.72 | $5.40 | - | $6.27 | $6.23 |
(Dollars in thousands, except per share data) | Nonvested Share Awards | Weighted Average Grant Date Fair Value | ||||
Nonvested share awards at December 31, 2017 | 229,026 | $ | 21.93 | |||
Granted | 59,953 | 28.39 | ||||
Vested | (97,201 | ) | 20.13 | |||
Forfeited | (34,199 | ) | 22.73 | |||
Nonvested share awards at December 31, 2018 | 157,579 | 25.33 |
(Dollars in thousands, except per share data) | For the Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Shares granted | 59,953 | 61,823 | 176,255 | ||||||||
Weighted average grant date fair value | $ | 28.39 | $ | 28.08 | $ | 20.60 | |||||
Intrinsic value of awards vested | $ | 2,709 | $ | 2,954 | $ | 1,000 |
(Dollars in thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | |||
Stock options | $ | 1,222 | 1.8 | ||
Restricted stock awards | 1,601 | 1.7 | |||
$ | 2,823 | 1.7 |
For the Years Ended December 31, | |||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||
Stock-based compensation expense: | |||||||||||
Stock options | $ | 1,020 | $ | 910 | $ | 577 | |||||
Restricted stock awards | 1,537 | 2,256 | 1,507 | ||||||||
Employee stock purchase plan | 68 | 64 | 67 | ||||||||
Total | $ | 2,625 | $ | 3,230 | $ | 2,151 | |||||
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | $ | 620 | $ | 1,432 | $ | 1,135 |
90 |
(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, 2015 | $ | (592 | ) | $ | (285 | ) | $ | (15,831 | ) | $ | (16,708 | ) | |||
Net Change | (4,396 | ) | 144 | 1,506 | (2,746 | ) | |||||||||
Balance, December 31, 2016 | (4,988 | ) | (141 | ) | (14,325 | ) | (19,454 | ) | |||||||
Net Change | 927 | 150 | 606 | 1,683 | |||||||||||
Balance, December 31, 2017 | (4,061 | ) | 9 | (13,719 | ) | (17,771 | ) | ||||||||
Adjustment to initially apply ASU No. 2016-01 for equity securities measured at fair value (1) | (433 | ) | — | — | (433 | ) | |||||||||
Adjustment to initially apply ASU No. 2018-02 for reclassification of stranded net tax charges (1) | (968 | ) | 2 | (2,955 | ) | (3,921 | ) | ||||||||
Other comprehensive (loss) income | (5,759 | ) | 70 | (602 | ) | (6,291 | ) | ||||||||
Balance, December 31, 2018 | $ | (11,221 | ) | $ | 81 | $ | (17,276 | ) | $ | (28,416 | ) |
91 |
(Dollars in thousands) | Contract/Notional Amount | ||
Financial instruments representing credit risk: | |||
Commitments to extend credit | $ | 1,276,745 | |
Performance letters of credit | 31,039 | ||
Financial standby letters of credit | 29,743 | ||
Other letters of credit | 410 |
(Dollars in thousands) | |||
Year | Amount | ||
2019 | $ | 3,536 | |
2020 | 3,632 | ||
2021 | 3,688 | ||
2022 | 3,660 | ||
2023 | 3,610 | ||
Thereafter | 37,389 | ||
Total | $ | 55,515 |
(Dollars in thousands) | |||
Year | Amount | ||
2019 | $ | 5,421 | |
2020 | 4,288 | ||
2021 | 3,478 | ||
2022 | 1,250 | ||
2023 | 406 | ||
Thereafter | 79 | ||
Total | $ | 14,922 |
92 |
93 |
Derivative Assets | Derivative Liabilities | ||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | ||||||||||
At December 31, 2018 | |||||||||||||||
Interest rate swap - cash flow hedge | $ | 17,076 | Other assets | $ | 185 | $ | — | ||||||||
Interest rate swap - fair value hedge | 1,346 | Other assets | 4 | — | |||||||||||
Total | $ | 18,422 | $ | 189 | $ | — | |||||||||
At December 31, 2017 | |||||||||||||||
Interest rate swap - cash flow hedge | $ | 17,836 | Other assets | $ | 13 | $ | — | ||||||||
Interest rate swap - fair value hedge | 1,388 | — | Other liabilities | 12 | |||||||||||
Total | $ | 19,224 | $ | 13 | $ | 12 |
Derivative Assets | Derivative Liabilities | ||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | ||||||||||
At December 31, 2018 | |||||||||||||||
Interest rate swap | $ | 418 | $ | — | Other liabilities | $ | 20 | ||||||||
Credit derivatives | 122,410 | — | Other liabilities | 72 | |||||||||||
Interest rate locks with customers | 21,494 | Other assets | 490 | — | |||||||||||
Forward loan sale commitments | 23,227 | — | Other liabilities | 150 | |||||||||||
Total | $ | 167,549 | $ | 490 | $ | 242 | |||||||||
At December 31, 2017 | |||||||||||||||
Interest rate swap | $ | 523 | $ | — | Other liabilities | $ | 38 | ||||||||
Credit derivatives | 75,622 | — | Other liabilities | 36 | |||||||||||
Interest rate locks with customers | 27,411 | Other assets | 527 | — | |||||||||||
Forward loan sale commitments | 29,037 | Other assets | 61 | — | |||||||||||
Total | $ | 132,593 | $ | 588 | $ | 74 |
94 |
Statement of Income Classification | For the Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||||
Interest rate swap—cash flow hedge—net interest payments | Interest expense | $ | 15 | $ | 182 | $ | 308 | ||||||
Interest rate swap—cash flow hedge—ineffectiveness | Other noninterest income | 83 | — | — | |||||||||
Interest rate swap—fair value hedge—ineffectiveness | Other noninterest income | 3 | 7 | 9 | |||||||||
Total net gain (loss) | $ | 71 | $ | (175 | ) | $ | (299 | ) |
Statement of Income Classification | For the Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2018 | 2017 | 2016 | ||||||||||
Credit derivatives | Other noninterest income | $ | 262 | $ | 403 | $ | 93 | ||||||
Interest rate locks with customers | Net loss on mortgage banking activities | (37 | ) | (274 | ) | (288 | ) | ||||||
Forward loan sale commitments | Net (loss) gain on mortgage banking activities | (211 | ) | (196 | ) | 359 | |||||||
Total net gain (loss) | $ | 14 | $ | (67 | ) | $ | 164 |
Accumulated Other Comprehensive Income | At December 31, | ||||||||
(Dollars in thousands) | 2018 | 2017 | |||||||
Interest rate swap—cash flow hedge | Fair value, net of taxes | $ | 80 | $ | 9 | ||||
Total | $ | 80 | $ | 9 |
95 |
96 |
At December 31, 2018 | |||||||||||||||
(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 | $ | — | $ | 15,315 | $ | — | $ | 15,315 | |||||||
State and political subdivisions | — | 65,415 | — | 65,415 | |||||||||||
Residential mortgage-backed securities | — | 151,762 | — | 151,762 | |||||||||||
Collateralized mortgage obligations | — | 2,888 | — | 2,888 | |||||||||||
Corporate bonds | — | 67,398 | 25,729 | 93,127 | |||||||||||
Total available-for-sale securities | — | 302,778 | 25,729 | 328,507 | |||||||||||
Equity securities: | |||||||||||||||
Equity securities - financial services industry | 924 | — | — | 924 | |||||||||||
Money market mutual funds | 1,241 | — | — | 1,241 | |||||||||||
Total equity securities | 2,165 | — | — | 2,165 | |||||||||||
Loans* | — | — | 1,779 | 1,779 | |||||||||||
Interest rate swaps* | — | 189 | — | 189 | |||||||||||
Interest rate locks with customers* | — | 490 | — | 490 | |||||||||||
Total assets | $ | 2,165 | $ | 303,457 | $ | 27,508 | $ | 333,130 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 259 | $ | 259 | |||||||
Interest rate swaps* | — | 20 | — | 20 | |||||||||||
Credit derivatives* | — | — | 72 | 72 | |||||||||||
Forward loan sale commitments* | — | 150 | — | 150 | |||||||||||
Total liabilities | $ | — | $ | 170 | $ | 331 | $ | 501 |
At December 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 | $ | — | $ | 16,961 | $ | — | $ | 16,961 | |||||||
State and political subdivisions | — | 78,297 | — | 78,297 | |||||||||||
Residential mortgage-backed securities | — | 185,421 | — | 185,421 | |||||||||||
Collateralized mortgage obligations | — | 3,602 | — | 3,602 | |||||||||||
Corporate bonds | — | 79,190 | 27,986 | 107,176 | |||||||||||
Total available-for-sale securities | — | 363,471 | 27,986 | 391,457 | |||||||||||
Equity securities: | |||||||||||||||
Equity securities - financial services industry | 1,076 | — | — | 1,076 | |||||||||||
Money market mutual funds | 5,985 | — | — | 5,985 | |||||||||||
Total equity securities | 7,061 | — | — | 7,061 | |||||||||||
Loans* | — | — | 1,958 | 1,958 | |||||||||||
Interest rate swaps* | — | 13 | — | 13 | |||||||||||
Interest rate locks with customers* | — | 527 | — | 527 | |||||||||||
Forward loan sale commitments* | — | 61 | — | 61 | |||||||||||
Total assets | $ | 7,061 | $ | 364,072 | $ | 29,944 | $ | 401,077 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 339 | $ | 339 | |||||||
Interest rate swaps* | — | 50 | — | 50 | |||||||||||
Credit derivatives* | — | — | 36 | 36 | |||||||||||
Total liabilities | $ | — | $ | 50 | $ | 375 | $ | 425 |
97 |
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2017 | Purchases/additions | Sales | Payments received | Premium amortization, net | (Decrease) increase in value | Balance at December 31, 2018 | ||||||||||||||||||||
Corporate bonds | $ | 27,986 | $ | — | $ | — | $ | — | $ | — | $ | (2,257 | ) | $ | 25,729 | ||||||||||||
Loans | 1,958 | — | — | (148 | ) | — | (31 | ) | 1,779 | ||||||||||||||||||
Credit derivatives | (36 | ) | (299 | ) | — | — | — | 263 | (72 | ) | |||||||||||||||||
Net total | $ | 29,908 | $ | (299 | ) | $ | — | $ | (148 | ) | $ | — | $ | (2,025 | ) | $ | 27,436 |
For the Year Ended December 31, 2017 | |||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2016 | Purchases/additions | Sales | Payments received | Premium amortization, net | (Decrease) increase in value | Balance at December 31, 2017 | ||||||||||||||||||||
Corporate bonds | $ | 28,778 | $ | — | $ | — | $ | — | $ | — | $ | (792 | ) | $ | 27,986 | ||||||||||||
Loans | 2,138 | — | — | (137 | ) | — | (43 | ) | 1,958 | ||||||||||||||||||
Credit derivatives | (9 | ) | (430 | ) | — | — | — | 403 | (36 | ) | |||||||||||||||||
Net total | $ | 30,907 | $ | (430 | ) | $ | — | $ | (137 | ) | $ | — | $ | (432 | ) | $ | 29,908 |
For the Year Ended December 31, 2018 | |||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2017 | Contingent Consideration from New Acquisition | Payment of Contingent Consideration | Adjustment of Contingent Consideration | Balance at December 31, 2018 | ||||||||||||||
Girard Partners | $ | 339 | — | 131 | 51 | $ | 259 | ||||||||||||
Total contingent consideration liability | $ | 339 | $ | — | $ | 131 | $ | 51 | $ | 259 |
For the Year Ended December 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 December 31, 2017 | ||||||||||||||
Sterner Insurance Associates | $ | 331 | $ | — | $ | 30 | $ | (301 | ) | $ | — | ||||||||
Girard Partners | 5,668 | — | 5,383 | 54 | 339 | ||||||||||||||
Total contingent consideration liability | $ | 5,999 | $ | — | $ | 5,413 | $ | (247 | ) | $ | 339 |
At December 31, 2018 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets at Fair Value | |||||||||||
Impaired loans held for investment | $ | — | $ | — | $ | 25,166 | $ | 25,166 | |||||||
Other real estate owned | — | — | 1,187 | 1,187 | |||||||||||
Total | $ | — | $ | — | $ | 26,353 | $ | 26,353 |
98 |
At December 31, 2017 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets at Fair Value | |||||||||||
Impaired loans held for investment | $ | — | $ | — | $ | 28,351 | $ | 28,351 | |||||||
Impaired leases held for investment | — | — | 1,250 | 1,250 | |||||||||||
Other real estate owned | — | — | 1,843 | 1,843 | |||||||||||
Total | $ | — | $ | — | $ | 31,444 | $ | 31,444 |
At December 31, 2018 | |||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Carrying Amount | ||||||||||||||
Assets: | |||||||||||||||||||
Cash and short-term interest-earning assets | $ | 109,420 | $ | — | $ | — | $ | 109,420 | $ | 109,420 | |||||||||
Held-to-maturity securities | — | 141,575 | — | 141,575 | 142,634 | ||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | N/A | N/A | N/A | N/A | 28,337 | ||||||||||||||
Loans held for sale | — | 1,798 | — | 1,798 | 1,754 | ||||||||||||||
Net loans and leases held for investment | — | — | 3,924,329 | 3,924,329 | 3,950,265 | ||||||||||||||
Servicing rights | — | — | 11,496 | 11,496 | 6,768 | ||||||||||||||
Total assets | $ | 109,420 | $ | 143,373 | $ | 3,935,825 | $ | 4,188,618 | $ | 4,239,178 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand and savings deposits, non-maturity | $ | 3,215,856 | $ | — | $ | — | $ | 3,215,856 | $ | 3,215,856 | |||||||||
Time deposits | — | 664,738 | — | 664,738 | 670,077 | ||||||||||||||
Total deposits | 3,215,856 | 664,738 | — | 3,880,594 | 3,885,933 | ||||||||||||||
Short-term borrowings | — | 189,768 | — | 189,768 | 189,768 | ||||||||||||||
Long-term debt | — | 144,021 | — | 144,021 | 145,330 | ||||||||||||||
Subordinated notes | — | 95,113 | — | 95,113 | 94,574 | ||||||||||||||
Total liabilities | $ | 3,215,856 | $ | 1,093,640 | $ | — | $ | 4,309,496 | $ | 4,315,605 | |||||||||
Off-Balance-Sheet: | |||||||||||||||||||
Commitments to extend credit | $ | — | $ | (2,516 | ) | $ | — | $ | (2,516 | ) | $ | — |
At December 31, 2017 | |||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Carrying Amount | ||||||||||||||
Assets: | |||||||||||||||||||
Cash and short-term interest-earning assets | $ | 75,409 | $ | — | $ | — | $ | 75,409 | $ | 75,409 | |||||||||
Held-to-maturity securities | — | 55,320 | — | 55,320 | 55,564 | ||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | N/A | N/A | N/A | N/A | 27,204 | ||||||||||||||
Loans held for sale | — | 1,676 | — | 1,676 | 1,642 | ||||||||||||||
Net loans and leases held for investment | — | — | 3,547,451 | 3,547,451 | 3,566,953 | ||||||||||||||
Servicing rights | — | — | 10,046 | 10,046 | 6,573 | ||||||||||||||
Total assets | $ | 75,409 | $ | 56,996 | $ | 3,557,497 | $ | 3,689,902 | $ | 3,733,345 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand and savings deposits, non-maturity | $ | 2,980,170 | $ | — | $ | — | $ | 2,980,170 | $ | 2,980,170 | |||||||||
Time deposits | — | 574,737 | — | 574,737 | 574,749 | ||||||||||||||
Total deposits | 2,980,170 | 574,737 | — | 3,554,907 | 3,554,919 | ||||||||||||||
Short-term borrowings | — | 105,431 | — | 105,431 | 105,431 | ||||||||||||||
Long-term debt | — | 156,834 | — | 156,834 | 155,828 | ||||||||||||||
Subordinated notes | — | 98,075 | — | 98,075 | 94,331 | ||||||||||||||
Total liabilities | $ | 2,980,170 | $ | 935,077 | $ | — | $ | 3,915,247 | $ | 3,910,509 | |||||||||
Off-Balance-Sheet: | |||||||||||||||||||
Commitments to extend credit | $ | — | $ | (2,414 | ) | $ | — | $ | (2,414 | ) | $ | — |
99 |
100 |
(Dollars in thousands) | Severance expenses | Write-downs and retirements of fixed assets | Lease cancellations | Total | |||||||||||
Accrued at January 1, 2018 | $ | — | $ | — | $ | 23 | $ | 23 | |||||||
Restructuring charges | 366 | 48 | 157 | 571 | |||||||||||
Payments | (344 | ) | — | (172 | ) | (516 | ) | ||||||||
Non-cash settlement | — | (48 | ) | — | (48 | ) | |||||||||
Accrued at December 31, 2018 | $ | 22 | $ | — | $ | 8 | $ | 30 |
101 |
102 |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be Well-Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
At December 31, 2018 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 604,213 | 13.70 | % | $ | 352,764 | 8.00 | % | $ | 440,955 | 10.00 | % | ||||||||
Bank | 506,728 | 11.54 | 351,220 | 8.00 | 439,026 | 10.00 | ||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 479,550 | 10.88 | 264,573 | 6.00 | 352,764 | 8.00 | ||||||||||||||
Bank | 476,639 | 10.86 | 263,415 | 6.00 | 351,220 | 8.00 | ||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 479,550 | 10.88 | 198,430 | 4.50 | 286,621 | 6.50 | ||||||||||||||
Bank | 476,639 | 10.86 | 197,561 | 4.50 | 285,367 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||
Corporation | 479,550 | 10.13 | 189,374 | 4.00 | 236,718 | 5.00 | ||||||||||||||
Bank | 476,639 | 10.12 | 188,487 | 4.00 | 235,609 | 5.00 | ||||||||||||||
At December 31, 2017 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 563,797 | 14.00 | % | $ | 322,148 | 8.00 | % | $ | 402,685 | 10.00 | % | ||||||||
Bank | 464,851 | 11.62 | 320,003 | 8.00 | 400,004 | 10.00 | ||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 447,228 | 11.11 | 241,611 | 6.00 | 322,148 | 8.00 | ||||||||||||||
Bank | 442,613 | 11.07 | 240,002 | 6.00 | 320,003 | 8.00 | ||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 447,228 | 11.11 | 181,208 | 4.50 | 261,745 | 6.50 | ||||||||||||||
Bank | 442,613 | 11.07 | 180,002 | 4.50 | 260,002 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||
Corporation | 447,228 | 10.48 | 170,753 | 4.00 | 213,441 | 5.00 | ||||||||||||||
Bank | 442,613 | 10.45 | 169,453 | 4.00 | 211,816 | 5.00 |
103 |
(Dollars in thousands) | |||
Balance at January 1, 2018 | $ | 17,845 | |
Additions | 920 | ||
Amounts collected and other reductions | (15,875 | ) | |
Balance at December 31, 2018 | $ | 2,890 |
(Dollars in thousands) | At December 31, 2018 | ||
Commitments to extend credit | $ | 869 | |
Deposits received | 3,977 |
104 |
● | The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. 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) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||
Interest income | $ | 190,425 | $ | 32 | $ | — | $ | 31 | $ | 190,488 | |||||||||
Interest expense | 27,383 | — | — | 5,043 | 32,426 | ||||||||||||||
Net interest income (expense) | 163,042 | 32 | — | (5,012 | ) | 158,062 | |||||||||||||
Provision for loan and lease losses | 20,310 | — | — | — | 20,310 | ||||||||||||||
Noninterest income | 20,815 | 23,179 | 16,442 | (263 | ) | 60,173 | |||||||||||||
Intangible expenses | 1,139 | 553 | 474 | — | 2,166 | ||||||||||||||
Restructuring charges | 571 | — | — | — | 571 | ||||||||||||||
Other noninterest expense | 106,947 | 14,845 | 12,419 | 291 | 134,502 | ||||||||||||||
Intersegment (revenue) expense* | (1,113 | ) | 612 | 501 | — | — | |||||||||||||
Income (expense) before income taxes | 56,003 | 7,201 | 3,048 | (5,566 | ) | 60,686 | |||||||||||||
Income tax expense (benefit) | 9,085 | 1,913 | 752 | (1,607 | ) | 10,143 | |||||||||||||
Net income (loss) | $ | 46,918 | $ | 5,288 | $ | 2,296 | $ | (3,959 | ) | $ | 50,543 | ||||||||
Total assets | $ | 4,895,732 | $ | 39,090 | $ | 30,117 | $ | 19,408 | $ | 4,984,347 | |||||||||
Capital expenditures | $ | 3,091 | $ | 45 | $ | 30 | $ | 201 | $ | 3,367 | |||||||||
For the Year Ended December 31, 2017 | |||||||||||||||||||
Interest income | $ | 162,982 | $ | 8 | $ | — | $ | 25 | $ | 163,015 | |||||||||
Interest expense | 14,802 | — | — | 5,037 | 19,839 | ||||||||||||||
Net interest income (expense) | 148,180 | 8 | — | (5,012 | ) | 143,176 | |||||||||||||
Provision for loan and lease losses | 9,892 | — | — | — | 9,892 | ||||||||||||||
Noninterest income | 21,838 | 21,707 | 15,320 | 375 | 59,240 | ||||||||||||||
Intangible expenses | 1,507 | 674 | 401 | — | 2,582 | ||||||||||||||
Other noninterest expense | 100,670 | 13,732 | 11,667 | 2,062 | 128,131 | ||||||||||||||
Intersegment (revenue) expense* | (1,059 | ) | 585 | 474 | — | — | |||||||||||||
Income (expense) before income taxes | 59,008 | 6,724 | 2,778 | (6,699 | ) | 61,811 | |||||||||||||
Income tax expense (benefit) | 15,735 | 2,597 | 374 | (989 | ) | 17,717 | |||||||||||||
Net income (loss) | $ | 43,273 | $ | 4,127 | $ | 2,404 | $ | (5,710 | ) | $ | 44,094 | ||||||||
Total assets | $ | 4,466,301 | $ | 34,600 | $ | 27,846 | $ | 26,115 | $ | 4,554,862 | |||||||||
Capital expenditures | $ | 7,731 | $ | 38 | $ | 222 | $ | 612 | $ | 8,603 | |||||||||
For the Year Ended December 31, 2016 | |||||||||||||||||||
Interest income | $ | 126,571 | $ | 5 | $ | — | $ | 31 | $ | 126,607 | |||||||||
Interest expense | 8,224 | — | — | 4,158 | 12,382 | ||||||||||||||
Net interest income (expense) | 118,347 | 5 | — | (4,127 | ) | 114,225 | |||||||||||||
Provision for loan and lease losses | 4,821 | — | — | — | 4,821 | ||||||||||||||
Noninterest income | 21,296 | 19,318 | 15,150 | 199 | 55,963 | ||||||||||||||
Intangible expenses | 932 | 3,132 | 1,464 | — | 5,528 | ||||||||||||||
Acquisition-related and integration costs and restructuring charges | 16,096 | — | — | 1,559 | 17,655 | ||||||||||||||
Other noninterest expense | 88,065 | 12,980 | 11,924 | 5,829 | 118,798 | ||||||||||||||
Intersegment (revenue) expense* | (1,766 | ) | 788 | 978 | — | — | |||||||||||||
Income (expense) before income taxes | 31,495 | 2,423 | 784 | (11,316 | ) | 23,386 | |||||||||||||
Income tax expense (benefit) | 6,510 | 857 | 348 | (3,834 | ) | 3,881 | |||||||||||||
Net income (loss) | $ | 24,985 | $ | 1,566 | $ | 436 | $ | (7,482 | ) | $ | 19,505 | ||||||||
Capital expenditures | $ | 9,944 | $ | 29 | $ | 30 | $ | 1,660 | $ | 11,663 |
105 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||
Net interest income (1) | $ | 163,042 | $ | 32 | $ | — | $ | (5,012 | ) | $ | 158,062 | ||||||||
Noninterest income: | |||||||||||||||||||
Trust fee income | — | 7,882 | — | — | 7,882 | ||||||||||||||
Service charges on deposit accounts | 5,632 | — | — | — | 5,632 | ||||||||||||||
Investment advisory commission and fee income | — | 15,098 | — | — | 15,098 | ||||||||||||||
Insurance commission and fee income | — | — | 15,658 | — | 15,658 | ||||||||||||||
Other service fee income (2) | 8,347 | 199 | 786 | — | 9,332 | ||||||||||||||
Bank owned life insurance income (1) | 3,284 | — | — | (110 | ) | 3,174 | |||||||||||||
Net gain on sales of investment securities (1) | 10 | — | — | — | 10 | ||||||||||||||
Net gain on mortgage banking activities (1) | 3,125 | — | — | — | 3,125 | ||||||||||||||
Other income (loss) (2) | 417 | — | (2 | ) | (153 | ) | 262 | ||||||||||||
Total noninterest income | $ | 20,815 | $ | 23,179 | $ | 16,442 | $ | (263 | ) | $ | 60,173 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||
For the Year Ended December 31, 2017 | |||||||||||||||||||
Net interest income (1) | $ | 148,180 | $ | 8 | $ | — | $ | (5,012 | ) | $ | 143,176 | ||||||||
Noninterest income: | |||||||||||||||||||
Trust fee income | — | 8,055 | — | — | 8,055 | ||||||||||||||
Service charges on deposit accounts | 5,482 | — | — | — | 5,482 | ||||||||||||||
Investment advisory commission and fee income | — | 13,454 | — | — | 13,454 | ||||||||||||||
Insurance commission and fee income | — | — | 14,788 | — | 14,788 | ||||||||||||||
Other service fee income (2) | 7,927 | 198 | 531 | — | 8,656 | ||||||||||||||
Bank owned life insurance income (1) | 3,616 | — | — | 372 | 3,988 | ||||||||||||||
Net gain on sales of investment securities (1) | 45 | — | — | 3 | 48 | ||||||||||||||
Net gain on mortgage banking activities (1) | 4,023 | — | — | — | 4,023 | ||||||||||||||
Other income (2) | 745 | — | 1 | — | 746 | ||||||||||||||
Total noninterest income | $ | 21,838 | $ | 21,707 | $ | 15,320 | $ | 375 | $ | 59,240 |
106 |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||
For the Year Ended December 31, 2016 | |||||||||||||||||||
Net interest income (1) | $ | 118,347 | $ | 5 | $ | — | $ | (4,127 | ) | $ | 114,225 | ||||||||
Noninterest income: | |||||||||||||||||||
Trust fee income | — | 7,741 | — | — | 7,741 | ||||||||||||||
Service charges on deposit accounts | 4,691 | — | — | — | 4,691 | ||||||||||||||
Investment advisory commission and fee income | — | 11,424 | — | — | 11,424 | ||||||||||||||
Insurance commission and fee income | — | — | 14,603 | — | 14,603 | ||||||||||||||
Other service fee income (2) | 7,160 | 153 | 533 | (10 | ) | 7,836 | |||||||||||||
Bank owned life insurance income (1) | 2,749 | — | — | 182 | 2,931 | ||||||||||||||
Net gain on sales of investment securities (1) | 494 | — | — | 24 | 518 | ||||||||||||||
Net gain on mortgage banking activities (1) | 6,027 | — | — | — | 6,027 | ||||||||||||||
Other income (2) | 175 | — | 14 | 3 | 192 | ||||||||||||||
Total noninterest income | $ | 21,296 | $ | 19,318 | $ | 15,150 | $ | 199 | $ | 55,963 |
(1) | Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of the standard. Noninterest income streams that are out-of-scope of the standard include bank owned life insurance income, sales of investment securities and mortgage banking activities. |
(2) | Other service fee income and other income include certain items that are in scope and certain items that are out of scope of the standard and are described further in the following paragraphs. |
107 |
(Dollars in thousands) | At December 31, | ||||||
Balance Sheets | 2018 | 2017 | |||||
Assets: | |||||||
Cash | $ | 78,897 | $ | 73,642 | |||
Interest-earning deposits with other banks | 145 | 114 | |||||
Cash and cash equivalents | 79,042 | 73,756 | |||||
Investments in securities | 924 | 1,077 | |||||
Investments in subsidiaries, at equity in net assets: | |||||||
Bank | 638,500 | 612,045 | |||||
Non-banks | — | — | |||||
Other assets | 18,340 | 32,399 | |||||
Total assets | $ | 736,806 | $ | 719,277 | |||
Liabilities: | |||||||
Dividends payable | $ | 5,863 | $ | 5,866 | |||
Subordinated notes | 94,574 | 94,331 | |||||
Other liabilities | 12,236 | 15,706 | |||||
Total liabilities | 112,673 | 115,903 | |||||
Shareholders' equity: | 624,133 | 603,374 | |||||
Total liabilities and shareholders' equity | $ | 736,806 | $ | 719,277 |
108 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||||
Statements of Income | 2018 | 2017 | 2016 | ||||||||
Dividends from Bank | $ | 22,359 | $ | 26,263 | $ | 94,042 | |||||
Dividends from non-bank | — | — | — | ||||||||
Net gain on sales of securities | — | 3 | 23 | ||||||||
Other income | 26,631 | 24,740 | 18,663 | ||||||||
Total operating income | 48,990 | 51,006 | 112,728 | ||||||||
Interest expense | 5,043 | 5,037 | 4,158 | ||||||||
Operating expenses | 27,155 | 26,405 | 25,843 | ||||||||
Income before income tax benefit and equity in undistributed income (loss) of subsidiaries | 16,792 | 19,564 | 82,727 | ||||||||
Income tax benefit | (1,607 | ) | (989 | ) | (3,834 | ) | |||||
Income before equity in undistributed income (loss) of subsidiaries | 18,399 | 20,553 | 86,561 | ||||||||
Equity in undistributed income (loss) of subsidiaries: | |||||||||||
Bank | 32,144 | 23,541 | (67,056 | ) | |||||||
Non-banks | — | — | — | ||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 |
(Dollars in thousands) | For the Years Ended December 31, | ||||||||||
Statements of Cash Flows | 2018 | 2017 | 2016 | ||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 50,543 | $ | 44,094 | $ | 19,505 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net (income) loss of subsidiaries | (32,144 | ) | (23,541 | ) | 67,056 | ||||||
Net gain on sales of securities | — | (3 | ) | (23 | ) | ||||||
Bank owned life insurance income (expense) | 109 | (343 | ) | (182 | ) | ||||||
Depreciation of premises and equipment | 386 | 387 | 339 | ||||||||
Stock based compensation | 2,557 | 3,166 | 2,084 | ||||||||
Contributions to pension and other postretirement benefit plans | (3,264 | ) | (2,295 | ) | (2,261 | ) | |||||
Decrease (increase) in other assets | 14,205 | (3,384 | ) | 1,098 | |||||||
Increase in other liabilities | (865 | ) | 4,101 | 213 | |||||||
Net cash provided by operating activities | 31,527 | 22,182 | 87,829 | ||||||||
Cash flow from investing activities: | |||||||||||
Investments in subsidiaries | — | — | (40,000 | ) | |||||||
Proceeds from sales of securities | — | 3 | 38 | ||||||||
Outlays for business acquisitions | — | — | (87,683 | ) | |||||||
Proceeds from bank owned life insurance | — | 183 | — | ||||||||
Other, net | (188 | ) | (364 | ) | (1,619 | ) | |||||
Net cash used in investing activities | (188 | ) | (178 | ) | (129,264 | ) | |||||
Cash flows from financing activities: | |||||||||||
Net decrease in short-term borrowings | — | — | (253 | ) | |||||||
Proceeds from issuance of subordinated notes | — | — | 44,515 | ||||||||
Purchases of treasury stock | (5,984 | ) | (3,519 | ) | (8,359 | ) | |||||
Proceeds from public offering of common stock | — | 70,501 | — | ||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,295 | 2,413 | 2,472 | ||||||||
Proceeds from exercise of stock options | 1,131 | 1,676 | 4,968 | ||||||||
Cash dividends paid | (23,495 | ) | (21,299 | ) | (17,024 | ) | |||||
Net cash (used) provided by financing activities | (26,053 | ) | 49,772 | 26,319 | |||||||
Net increase (decrease) in cash and due from financial institutions | 5,286 | 71,776 | (15,116 | ) | |||||||
Cash and cash equivalents at beginning of year | 73,756 | 1,980 | 17,096 | ||||||||
Cash and cash equivalents at end of year | $ | 79,042 | $ | 73,756 | $ | 1,980 | |||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the year for: | |||||||||||
Interest | $ | 4,800 | $ | 4,800 | $ | 3,956 | |||||
Income tax, net of refunds received | 643 | 11,600 | 6,675 |
109 |
(Dollars and shares in thousands) | |||||||||||||||
2018 Quarterly Financial Data: | Fourth | Third | Second | First | |||||||||||
Interest income | $ | 51,239 | $ | 49,255 | $ | 46,460 | $ | 43,534 | |||||||
Interest expense | 9,862 | 8,832 | 7,470 | 6,262 | |||||||||||
Net interest income | 41,377 | 40,423 | 38,990 | 37,272 | |||||||||||
Provision for loan and lease losses | 103 | 2,745 | 15,409 | 2,053 | |||||||||||
Net interest income after provision for loan and lease losses | 41,274 | 37,678 | 23,581 | 35,219 | |||||||||||
Noninterest income | 14,416 | 14,861 | 15,314 | 15,582 | |||||||||||
Noninterest expense | 33,396 | 34,371 | 34,347 | 35,125 | |||||||||||
Income before income taxes | 22,294 | 18,168 | 4,548 | 15,676 | |||||||||||
Income taxes | 3,922 | 3,204 | 191 | 2,826 | |||||||||||
Net income | $ | 18,372 | $ | 14,964 | $ | 4,357 | $ | 12,850 | |||||||
Per share data: | |||||||||||||||
Weighted average shares outstanding - basic earnings per share | 29,161 | 29,232 | 29,176 | 29,140 | |||||||||||
Weighted average shares outstanding - diluted earnings per share | 29,220 | 29,318 | 29,271 | 29,234 | |||||||||||
Basic earnings per share | $ | 0.63 | $ | 0.51 | $ | 0.15 | $ | 0.44 | |||||||
Diluted earnings per share | $ | 0.63 | $ | 0.51 | $ | 0.15 | $ | 0.44 | |||||||
Dividends per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 |
2017 Quarterly Financial Data: | Fourth | Third | Second | First | |||||||||||
Interest income | $ | 42,417 | $ | 42,172 | $ | 40,030 | $ | 38,396 | |||||||
Interest expense | 5,711 | 5,285 | 4,730 | 4,113 | |||||||||||
Net interest income | 36,706 | 36,887 | 35,300 | 34,283 | |||||||||||
Provision for loan and lease losses | 1,992 | 2,689 | 2,766 | 2,445 | |||||||||||
Net interest income after provision for loan and lease losses | 34,714 | 34,198 | 32,534 | 31,838 | |||||||||||
Noninterest income | 14,152 | 14,109 | 16,009 | 14,970 | |||||||||||
Noninterest expense | 33,440 | 32,695 | 32,548 | 32,030 | |||||||||||
Income before income taxes | 15,426 | 15,612 | 15,995 | 14,778 | |||||||||||
Income taxes | 5,162 | 4,416 | 4,217 | 3,922 | |||||||||||
Net income | $ | 10,264 | $ | 11,196 | $ | 11,778 | $ | 10,856 | |||||||
Per share data: | |||||||||||||||
Weighted average shares outstanding - basic earnings per share | 27,254 | 26,437 | 26,380 | 26,345 | |||||||||||
Weighted average shares outstanding - diluted earnings per share | 27,356 | 26,542 | 26,477 | 26,448 | |||||||||||
Basic earnings per share | $ | 0.37 | $ | 0.42 | $ | 0.44 | $ | 0.41 | |||||||
Diluted earnings per share | $ | 0.37 | $ | 0.42 | $ | 0.44 | $ | 0.41 | |||||||
Dividends per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 |
110 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
111 |
112 |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
(a) | (b) | (c) | |||||||
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | ||||||
Equity compensation plan approved by security holders | 597,405 | $ | 23.98 | 2,631,983 | |||||
Equity compensation plan not approved by security holders | — | — | — | ||||||
Total | 597,405 | $ | 23.98 | 2,631,983 |
113 |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
(a) | 1. & 2. Financial Statements and Schedules |
The financial statements listed in the accompanying index to financial statements are filed as part of this annual report. | |
3. Listing of Exhibits | |
The exhibits listed on the accompanying index to exhibits are filed as part of this annual report. | |
(b) | Exhibits - The response to this portion of Item 15 is submitted as separate section. |
(c) | Financial Statements Schedules - none. |
114 |
Page | |
115 |
(3.1) | ||
(3.2) | ||
(4.1)* | ||
(4.2)* | ||
(10.1)* | ||
(10.2)* | ||
(10.3)* | ||
(10.4)* | ||
(10.5)* | ||
(21) | ||
(23.1) | ||
(31.1) | ||
(31.2) | ||
(32.1)** | ||
(32.2)** | ||
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 |
Item 16. | Form 10-K Summary |
116 |
UNIVEST FINANCIAL CORPORATION | |
Registrant | |
By: /s/ Roger S. Deacon | |
Roger S. Deacon Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |
February 28, 2019 |
Signature | Title | Date |
/s/ WILLIAM S. AICHELE William S. Aichele | Chairman and Director | February 28, 2019 |
/s/ JEFFREY M. SCHWEITZER Jeffrey M. Schweitzer | President, Chief Executive Officer and Director (Principal Executive Officer) | February 28, 2019 |
/s/ ROGER H. BALLOU Roger H. Ballou | Director | February 28, 2019 |
/s/ TODD S. BENNING Todd S. Benning | Director | February 28, 2019 |
/s/ GLENN E. MOYER Glenn E. Moyer | Director | February 28, 2019 |
/s/ K. LEON MOYER K. Leon Moyer | Director | February 28, 2019 |
/s/ NATALYE PAQUIN Natalye Paquin | Director | February 28, 2019 |
/s/ THOMAS M. PETRO Thomas M. Petro | Director | February 28, 2019 |
/s/ MICHAEL L. TURNER Michael L. Turner | Director | February 28, 2019 |
/s/ ROBERT C. WONDERLING Robert C. Wonderling | Director | February 28, 2019 |
/s/ CHARLES H. ZIMMERMAN III Charles H. Zimmerman III | Director | February 28, 2019 |
117 |
1. | The name of the corporation is: Univest Financial Corporation. |
2. | The location and post office address of its initial registered office in this commonwealth is: 14 North Main Street, P.O. Box 197, Souderton, PA 18964, Montgomery County. |
3. | The corporation is incorporated under the provisions of the Pennsylvania Business Corporation Law of 1988 (15 Pa. C.S. § 1101 et seq.), as the same may be amended. |
4. | The purpose or purposes of the Corporation are to have unlimited power to engage in and to do any lawful act concerning any and all business for which corporations may be incorporated under the provisions of the Pennsylvania Business Corporation Law of 1988, as the same may be amended. |
5. | The term of its existence is: Perpetual |
6. | The aggregate number of shares which the Corporation shall have authority to issue is forty eight million (48,000,000) shares of Common Stock of the par value of Five Dollars ($5.00) per share (the "Common Stock"), and the total number of shares of preferred stock that the Corporation shall have authority to issue is ten million (10,000,000) shares of the par value of Five Dollars ($5.00) per share (the “Preferred Stock”). The Preferred Stock may be issued from time to time as a class without series, or if so determined by the Board of Directors of the Corporation, either in whole or in part in one or more series. There is hereby expressly granted to and vested in the Board of Directors of the Corporation authority to fix and determine (except as fixed and determined herein), by resolution, the voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, if any, and the qualifications, limitations or restrictions thereof, if any, including specifically, but not limited to, the dividend rights, conversion rights, redemption rights and liquidation preferences, if any, of any wholly unissued series of Preferred Stock (or the entire class of Preferred Stock if none of such shares have been issued), the number of shares constituting any such series and the terms and conditions of the issue thereof. Prior to the issuance of any shares of Preferred Stock, a statement setting forth a copy of each such resolution or resolutions and the number of shares of Preferred Stock of each such class or series shall be executed and filed in accordance with the Pennsylvania Business Corporation Law. Unless otherwise provided in any such resolution or resolutions, the number of shares of capital stock of any such class or series so set forth in such resolution or resolutions may thereafter be increased or decreased (but not below the number of shares then outstanding), by a statement likewise executed and filed setting forth a statement that a specified increase or decrease therein had been authorized and directed by a resolution or resolutions likewise adopted by the Board of Directors of the Corporation. In case the number of such shares shall be decreased, the number of shares so specified in the statement shall resume the status they had prior to the adoption of the first resolution or resolutions. |
7. | No holder of any shares of the stock of this Corporation shall have any pre-emptive right to purchase, subscribe for or otherwise acquire any shares of stock of this Corporation of any class now or hereafter authorized or any securities exchangeable for or convertible into such shares of any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire such shares; further, cumulative voting shall not be allowed but each shareholder shall be entitled at all elections of directors to cast a number of votes equal to the number of shares owned by him for as many directors as there are to be elected. |
8. | The presence in person or by proxy of Shareholders entitled to cast at least a majority of the votes which all Shareholders are entitled to cast shall constitute a quorum at a meeting of the Shareholders. If a quorum is present, the affirmative vote of the majority of the Shareholders represented at the meeting shall be the act of the Shareholders unless the vote of a greater number is required by these Articles or the Bylaws of this Corporation. |
9. | The affirmative vote of the holders of a majority of the shares of this Corporation’s stock, issued, outstanding, and entitled to vote, shall be required to approve any of the following: |
a. | Any merger or consolidation of this Corporation with or into any other corporations; |
b. | Any share exchange in which a corporation, person, or entity acquires the issued or outstanding |
shares of stock of this Corporation, pursuant to a vote of the Shareholders; | |
c. | Any sale, lease, exchange, or other transfer of all, or substantially all of the assets of this |
Corporation to any other corporation, person or entity; or | |
d. | Any transaction similar to or having similar effect as the foregoing transactions. |
10. | Any director, any class of directors, or the entire Board of Directors of this Corporation, may be removed from office at any time only for cause, and only by either the affirmative vote of a majority vote of the Board of Directors in office, or the affirmative vote of the holders of at least seventy-five percent (75%) of the shares of this Corporation, issued, outstanding, and entitled to vote for the election of directors. Cause shall include, but not be limited to, the following: |
a. | Mismanagement, collusion, or fraud; |
b. | Improper conduct relating to the funds of this Corporation; |
c. | Violation of the fiduciary duty of the directors; |
d. | All acts, omissions, and concealments which involve a breach of the legal or |
equitable duty, trust, or confidence justly reposed in a Director; | |
e. | Wasting corporate assets; |
f. | Judicially declared of unsound mind; or |
g. | Conviction of an offense punishable by imprisonment for a term of more than one |
(1) year. |
11. | The authority to make, amend, alter, change, or repeal the Bylaws of the Corporation is hereby specifically granted to and vested in the Board of Directors of the Corporation which must be approved by a vote of the majority of the Board of Directors in office at any regular or special meeting, duly convened after notice for that purpose. This authority is subject to the power of the Shareholders to make, amend, alter, change, or repeal the Bylaws of the Corporation by the affirmative vote of seventy-five percent (75%) of the shares of the Corporation’s capital stock, issued, outstanding and entitled to vote, at any regular or special meeting duly convened after notice for that purpose. Notwithstanding the foregoing, the Board does not have the power to amend any Bylaw provision that is required by law to be amended by the Shareholders of the Corporation. |
12. | This Corporation reserves the right to amend, alter, change, or repeal any provision contained in these Articles of Incorporation upon: |
a. | The affirmative vote of the holders of at least seventy-five percent (75%) of the shares of this Corporation, issued, outstanding, and entitled to vote at any regular or special meeting duly convened; or |
b. | The affirmative vote of a majority of the members of the Board of Directors of this Corporation and the Affirmative vote of the holders of a majority of the shares of this Corporation, issued, outstanding, and entitled to vote at any regular or special meeting duly convened. |
13. | Nominations for the election of members of the Board of Directors may be made by the Board of Directors or by any Shareholder entitled to vote for the election of Directors. Nominations made by Shareholders entitled to vote for the election of Directors shall be made by notice, in writing, delivered to or mailed by registered return receipt mail, postage prepaid, to the Secretary of this Corporation, not less than fifty days prior to any meeting of the Shareholders called for the election of Directors; provided, however, that if less than twenty-one days notice of the meeting is given to the Shareholders, such a nomination shall be delivered or mailed to the Secretary of this Corporation not later than the close of the seventh day following the date on which the notice of the meeting was mailed to the Shareholders. Such notification shall contain the following information to the extent known to the Shareholder intending to nominate any candidate for election to the Board of Directors: |
a. | The names, ages, and resident addresses of each of the proposed nominees; |
b. | The principal occupation or employment and business address of each proposed nominee; |
c. | The total number of shares of this Corporation that, to the knowledge of the notifying Shareholder, will be voted for each of the proposed nominees; |
d. | The name and resident address of the notifying Shareholder; and |
e. | The number of shares owned by the notifying Shareholder. |
14. | Any or all classes and series of shares of the Corporation, or any part thereof, may be uncertificated shares to the extent determined by the Board of Directors from time to time; provided, however, that in no event shall any shares represented by a certificate be deemed uncertificated until the certificate is surrendered to the Corporation. |
TABLE OF CONTENTS | ||
ARTICLE I - General | ||
Page | ||
Sec. 1 | Office | 1 |
Sec. 2 | Seal | 1 |
Sec. 3 | Fiscal Year | 1 |
Sec. 4 | Construction | 1 |
ARTICLE II - Shareholders | ||
Sec. 1 | Place of Meetings | 1 |
Sec. 2 | Annual Meeting | 2 |
Sec. 3 | Special Meetings | 2 |
Sec. 4 | Adjournment of Meetings | 2 |
Sec. 5 | Notice of Meetings | 2 |
Sec. 6 | Waiver of Notice | 3 |
Sec. 7 | Quorum at Shareholders Meeting and Shareholder Consent | 3 |
Sec. 8 | Shareholders' Proposals | 3 |
Sec. 9 | Voting of Shares | 4 |
Sec. 10 | Voting Power | 4 |
Sec. 11 | Proxies | 5 |
Sec. 12 | Judge or Judges of Election | 5 |
Sec. 13 | Determination of Shareholders of Record | 6 |
Sec. 14 | Voting Lists | 7 |
Sec. 15 | Examination of Records | 7 |
Sec. 16 | Presiding Officer | 7 |
Sec. 17 | Nominations for Directors | 7 |
ARTICLE III - Directors | ||
Sec. 1 | Number and Classification | 8 |
Sec. 2 | Election | 9 |
Sec. 3 | Vacancies | 10 |
Sec. 4 | Resignation of Directors | 10 |
Sec. 5 | Removal of Directors | 10 |
Sec. 6 | Regular Meetings of the Board of Directors | 11 |
Sec. 7 | Special Meetings | 11 |
Sec. 8 | Notice of Meetings | 11 |
Sec. 9 | Presiding Officer and Order of Business | 11 |
Sec. 10 | Quorum | 12 |
Sec. 11 | Powers of Board of Directors | 12 |
Sec. 12 | Financial Report to Shareholders | 13 |
Sec. 13 | Committees | 13 |
Sec. 14 | Standard of Care and Justifiable Reliance | 13 |
Sec. 15 | Limitation of Directors' Liability | 14 |
ARTICLE IV - Indemnification | ||
Sec. 1 | Indemnification | 15 |
Sec. 2 | Expenses | 16 |
ARTICLE V - Officers | ||
Sec. 1 | Election of Officers and Agents | 16 |
Sec. 2 | Terms and Compensation | 16 |
Sec. 3 | Chairman | 17 |
Sec. 4 | President | 17 |
Sec. 5 | Chief Executive Officer | 17 |
Sec. 6 | Vice Presidents | 17 |
Sec. 7 | Secretary | 18 |
Sec. 8 | Treasurer | 18 |
Sec. 9 | Assistant Secretaries | 18 |
Sec. 10 | Assistant Treasurers | 18 |
ARTICLE VI - Share Certificates and Transfers | ||
Sec. 1 | Share Certificates | 19 |
Sec. 2 | Transfer of Shares | 19 |
Sec. 3 | Loss or Destruction of Share Certificates | 19 |
Sec. 4 | Transfer Agents and Registrars | 19 |
ARTICLE VII - Amendments | ||
Sec. 1 | Amendments to Bylaws | 20 |
ARTICLE VIII - Miscellaneous | ||
Sec. 1 | Statement Relating to Act 92 of 1983 | 20 |
Sec. 2 | Statement Relating to Act 36 of 1990 | 20 |
A. | Upon written request to the Secretary, sent by registered mail or delivered to the |
1. | The time of the special meeting shall be scheduled by the Secretary in accordance with the written request, provided: |
a. | That the meeting may not be scheduled less than fifteen (15) days or more than sixty (60) days after the receipt of the written request to hold a special meeting. |
b. | If the Secretary shall neglect or refuse to fix the date of the meeting and give notice thereof, the person or persons calling the meeting may do so, subject, however, to the requirements of notice as set forth in Article II, Section 5. |
A. | Notice shall be sent to each Shareholder by the Secretary. If the Secretary fails to send notice as required, then and in that event, the person who is authorized to call the meeting shall do so. |
B. | Notice shall be sent to Shareholders of record entitled to vote at the meeting, not less than ten (10) days prior to the date of the meeting. |
C. | Whenever written notice is required to be given to any person under the provisions of these Bylaws, it may be given to the person either personally or by sending a copy thereof by first class or express mail, postage prepaid, or by telegram (with messenger service specified), telex or TWX (with answer-back received) or courier service, charges prepaid, or by telecopier, to his address (or to his telex, TWX, telecopier or telephone number) appearing on the books of the Corporation or, in the case of Directors, supplied by the Director to the Corporation for the purpose of notice. If the notice is sent by mail, telegraph or courier service, it shall be deemed to have been given to the person entitled |
D. | Notice shall specify the place, the day, and the hour of the meeting. In the case of special meetings, it shall include all the above and it shall also include a description of the general nature of the business to be transacted at the meeting. |
E. | Notice of an adjourned meeting or of the business to be transacted at an adjourned meeting need not be given other than by announcement at the same meeting at which the adjournment action is taken, unless the Board of Directors fixes a new record date for the adjourned meeting. |
A. | With the exception of a special meeting, neither the business to be transacted nor the purpose of the meeting need be specified in the waiver of notice of such meeting. |
B. | Attendance of a person either in person or by a proxy at any meeting shall constitute a waiver of notice of that meeting. |
1. | A waiver of notice shall not be applied to the person who attends a meeting for the express purpose of objecting to the transaction of any business because a meeting was not lawfully called. |
A. | The presence in person or by proxy of Shareholders entitled to cast at least a majority of the votes which all Shareholders are entitled to cast shall constitute a quorum at a meeting of the Shareholders. If a quorum is present, the affirmative vote of the majority of the Shareholders represented at the meeting shall be the act of the Shareholders unless the vote of a greater number is required by the Articles of Incorporation of the Corporation or these Bylaws, as defined in Article II, Section 10. (Voting Power) |
B. | No action required to be taken or which may be taken at any annual or special meeting of the Shareholders of the Corporation may be taken without a meeting, and the power of the Shareholders of the Corporation to consent in writing to action without a meeting is specifically denied. |
A. | Any merger or consolidation of the Corporation with or into any other corporations; or |
B. | Any share exchange in which a corporation, person, or entity acquires the issued or outstanding shares of capital stock of the Corporation, pursuant to a vote of the Shareholders; |
C. | Any sale, lease, exchange, or other transfer of all, or substantially all of the assets of the Corporation to any other corporation, person, or entity; or |
D. | Any transaction similar to, or having similar effect, as the foregoing transactions. |
A. | Every proxy shall be executed in writing by the Shareholder or by his duly-authorized attorney in fact (who shall file a written Power of Attorney with the Secretary of Univest Financial Corporation). |
B. | A proxy, unless coupled with an interest, shall be revocable at will. |
C. | The revocation of a proxy shall not be effective until such notice has been given to the Secretary of Univest Financial Corporation, or a shareholder appears in person at the meeting and revokes the proxy by a written designation to the Corporation. |
D. | An unrevoked proxy shall not be valid for more than three (3) years from the date of its execution. |
E. | Unless the Secretary of Univest Financial Corporation receives a certificate of death or a notice of incapacity before the vote is counted, a proxy shall not be revoked by the death or incapacity of a Shareholder. |
A. | Should the judge or judges of election not be appointed, the chairman of the meeting may appoint the judge or judges of election for that meeting at or before the meeting. |
B. | The number of judge or judges appointed shall be either one (1) or three (3). |
C. | No person who is a candidate for office shall be appointed and act as a judge of election. |
D. | Should a judge fail to appear, refuse or be unable to act, that vacancy shall be filled by appointment made by the chairman or presiding officer at the meeting. |
E. | The duties of the judge or judges of election shall be as follows: |
1. | To determine the number of shares outstanding and the voting power of each Shareholder. |
2. | To determine the shares represented at the meeting. |
3. | To determine the existence of a quorum pursuant to these Bylaws. |
4. | To determine the authenticity, validity, and effect of proxies. |
5. | To hear and determine all challenges and questions in any way arising in connection with the right to vote at the election. |
6. | To count and tabulate all votes and determine the result of the election. |
7. | And to do such acts as may be proper to conduct the election or vote with fairness to all Shareholders. |
F. | If there are three judges, the decision of the majority of the judges shall be effective in all respects as if the decision had been made by all unanimously. If there is a single judge, the decision of that judge shall govern. |
G. | On request of the chairman or the presiding officer or any Shareholder or a Shareholder's proxy, the judge or judges may make a report in writing of any challenge or question or matter determined by him. |
1. | Any report made by the judge or judges shall be prima facie evidence of the facts stated in the report. |
A. | The date of any meeting of the Shareholders, or |
B. | The date fixed for the payment of any dividend, or |
C. | The date when any change or conversion or exchange of shares shall take effect. |
A. | To receive notice of the meeting; |
B. | To be entitled to vote at such meeting; and/or |
C. | To receive payment of such dividend; and/or |
D. | To receive any allotment of rights; and/or |
E. | To exercise any rights, notwithstanding any transfer of any shares on the books of the Corporation after the Record Date. |
F. | When a determination of Shareholders of Record has been made for purposes of a meeting, the determination shall apply to any adjournment thereof unless the Board fixes a new Record Date for the adjourned meeting. |
A. | The list will be arranged in alphabetical order with the address and the number of shares of each Shareholder. |
B. | The list shall be kept on file at the registered office of the Corporation and shall be subject to an inspection by any Shareholder at any time during usual business hours. |
C. | The list shall also be produced and kept open at the time and place of the Shareholders' meeting and shall be subject to the inspection by any Shareholder during the time of the meeting. |
D. | The list of Shareholders shall be evidence as to who are the Shareholders entitled to examine the lists, or to vote in person or by proxy, at any Shareholders' meeting. |
A. | The names, ages, and resident addresses of each of the proposed nominees; |
B. | The principal occupation or employment and business address of each proposed nominee; and |
C. | The total number of shares of the Corporation that, to the knowledge of the notifying Shareholders, will be voted for each of the proposed nominees; |
D. | The name and resident address of the notifying Shareholder; |
E. | The number of shares owned by the notifying Shareholder. |
A. | The Board of Directors shall be individuals who need not be residents of the Commonwealth of Pennsylvania. All Directors must be Shareholders of the Corporation. An individual shall be eligible to be a Director of the Corporation only if he or she previously has been a Director or an Alternate Director of the Corporation, except as may be agreed upon by the Board of Directors in connection with the execution by the Corporation of a definitive acquisition agreement or agreement and plan of merger. Individuals shall retire from the Board of Directors on the first day of the month following their seventy-second (72nd) birthday. Notwithstanding this mandatory retirement provision, no later than the date on which an individual director must retire pursuant to this Section 1.A.; the Board of Directors, by the affirmative vote of a majority of directors at a duly called and convened meeting of the Board, may extend the retiring Director’s service eligibility for up to an additional three years from the date on which such Director would be required to retire and thereby permit him or her to be eligible to serve as a director for up to three additional years. |
B. | The Board of Directors shall have the power to fix the number of Directors and to determine, from time to time, in which category a Director shall be placed. The categories of Directors shall be Class I, Class II, and Class III. Action may be taken by the Board from time to time, by proper resolution, to increase or decrease the number of Directors without a vote of the Shareholders, provided that the number of Directors is not less than five (5) or more than twenty-five (25). |
1. | In the event that the Board of Directors shall decide by resolution to reduce the size of the Board, they must include within the resolution a statement as to the term of a Director or Directors who will be removed from office or terminate at the end of their then-existing term. |
2. | The Board of Directors shall be divided into three classes to be known as Class I, Class II, and Class III. Each class shall be as nearly equal in number as possible, with the term of office of one class expiring each year. Of the initial classified Board of Directors first chosen, after adoption of these Bylaws, Class I shall consist of three (3) Directors who shall be elected to hold office for the term of one (1) year or until the next annual election; Class II shall consist of four (4) Directors each to hold office for two (2) years, or until the second annual election. Class III shall consist of four (4) directors each to hold office for three (3) years, or until the third annual election. At each annual election, the successors to each class of Directors, whose terms shall expire in that year, shall be elected to hold office for the term of three (3) years, so that the term of office of one class of Directors shall expire each year when their respective successors have been duly elected by the Shareholders and qualified. At each annual election of Directors by the Shareholders of the Corporation held during and after the third year or until the third annual election, the Directors chosen to succeed those whose terms then expired shall be identified as being of the same class of Directors they succeed. When the number of Directors has changed, then the newly-created directorship or any decrease in directorships shall be apportioned among the classes of Directors as to make all classes as nearly equal in number as possible. |
C. | In addition to the Directors elected in accordance with Article III, Section 1, B., 2. herein above, there may be elected by the Shareholders at the annual meeting of the Shareholders alternate directors who shall be called "Alternate Directors." The Board of Directors shall have the power to fix the number of Alternate Directors. Action may be taken by the Board of Directors to increase or decrease the number of Alternate Directors without a vote of Shareholders, provided that the number of Alternate Directors is not more than four (4). There shall be no minimum number of Alternate Directors. An Alternate Director shall serve in such office for a term of one (1) year. |
D. | Alternate Directors shall attend all meetings of the Board of Directors and shall have the right to participate in the discussions held. However, Alternate Directors shall have no voting power, and shall not be included in determining whether a quorum of the Board is present. Alternate Directors may be appointed to any committee of the Board except Executive Committee, upon the discretion of the Board of Directors. They shall be paid for their attendance at the meetings of the Board of Directors in accordance with the resolutions adopted by the Board. |
E. | Under applicable law, rules and regulations, and the requirements of the Self-Regulatory Organization upon which the Corporation’s shares are quoted or listed, a majority of the Directors must be independent. Consideration thereof must be given during the Director nomination process to assure these standards are satisfied. |
A. | If not elected at an annual meeting, they may be elected at a special meeting called for that purpose. |
B. | Each Director shall hold office until his successor is elected or until his resignation, removal from office, or death. |
A. | Within the meaning of this section, a vacancy or vacancies shall be deemed to exist in case the Board of Directors shall increase the authorized number of Directors but shall fail at the meeting at which such increase is authorized and approved to elect the additional Directors provided for, or in case the Shareholders shall fail at any time to elect a full Board of Directors. |
B. | In the event of a vacancy in the pool of Alternate Directors, the Board of Directors during the year prior to the Shareholders' meeting shall have the right to appoint a successor Alternate Director who shall serve in that capacity until the next annual Shareholders' meeting. Said appointment shall be approved by a majority vote of the remaining members of the Board, even though it may be less than a quorum. |
A. | Mismanagement, collusion, or fraud; |
B. | Improper conduct relating to the funds of the Corporation; |
C. | Violation of the fiduciary duty of the Directors or Alternate Directors; |
D. | All acts, omission, and concealments which involve a breach of the legal or equitable duty, trust, or confidence justly reposed in a Director or Alternate Director; |
E. | Wasting of corporate assets; |
F. | Judicially declared of unsound mind; or |
G. | Conviction of an offense punishable by imprisonment for a term of more than one (1) year. |
A. | Each meeting shall be held at such time and place as shall be designated in the notice of the meeting sent by the Secretary. |
A. | As far as consistent with the purpose of the meeting, the order of business at all meetings shall be as follows: |
1. | Roll call. |
2. | Reading of the minutes of the preceding meeting and action on the minutes. |
3. | Reports of officers and committees as called for by the presiding officer. |
4. | Unfinished business. |
5. | New business. |
6. | Adjournment. |
A. | The acts of the majority of the Directors present at a meeting at which a quorum is present shall be the acts of the entire Board of Directors. |
B. | If the Directors shall unanimously consent in writing to any action to be taken by the Corporation, that action shall be a valid corporate action as though it had been authorized at a meeting of the Board of Directors. |
A. | The Board of Directors may, by resolution adopted by a majority of the Board of Directors, delegate two (2) or more of its members to act as an Executive Committee. |
1. | To the extent permitted by law and except as to matters reserved to the Board of Directors in these By-Laws, the Executive Committee shall have and exercise the authority of the Board of Directors in the management of the business and affairs of the Corporation during the intervals between meetings of the Board of Directors. |
B. | The Board of Directors shall have power, in general, to do all things in and about the control and management of the business, the property, and affairs of the Corporation, consistent with the law and the Articles and Bylaws of the Corporation. |
1. | The Board of Directors may from time to time adopt such regulations with respect to the powers and duties of the officers of the Corporation and the conduct of the Corporation's business as the Board may deem proper and expedient. |
C. | The Board of Directors of the Corporation, when evaluating any offer of another party to: |
1. | Make a tender or exchange offer for any equity security of the Corporation; |
2. | Merge or consolidate the Corporation with another corporation; |
3. | Purchase or otherwise acquire all or substantially all of the properties and assets of the Corporation; or |
4. | Engage in any transaction similar to, or having similar effects as, any of the foregoing transactions; |
A. | Submission to Shareholders of any action requiring approval of Shareholders; |
B. | Creation of/or filling of vacancies in the Board of Directors; |
C. | Adoption, amendment, or repeal of the Bylaws; |
D. | Amendment or repeal of any resolution of the Board that by its terms is amendable or repealable only by the Board; or |
E. | Action on matters committed by the Bylaws or resolution of the Board of Directors to another committee of the Board. |
A. | A Director or Alternate Director shall stand in a fiduciary relation to the Corporation and shall perform his duties as a Director or Alternate Director, including his duties as a member of any committee of the Board upon which he may serve, in good faith, in a manner he reasonably believes to be in the best interests of the Corporation and with such |
1. | One or more officers or employees of the Corporation whom the Director or Alternate Director reasonably believes to be reliable and competent in the matters presented. |
2. | Counsel, public accountants or other persons as to matters which the Director or Alternate Director reasonably believes to be within the professional or expert competence of such person. |
3. | A committee of the Board upon which he does not serve, duly designated in accordance with law, as to matters within its designated authority, which committee the Director or Alternate Director reasonably believes to merit confidence. |
B. | In discharging the duties of their respective positions, the Board of Directors, committees of the Board, individual Directors and individual Alternate Directors may, in considering the best interests of the Corporation, consider the effects of any action upon employees, upon suppliers and customers of the Corporation and upon communities in which offices or other establishments of the Corporation are located, and all other pertinent factors. The consideration of those factors shall not constitute a violation of Section 14A of this Article. |
C. | Absent breach of fiduciary duty, lack of good faith or self-dealing, actions taken as a Director or Alternate Director or any failure to take any action shall be presumed to be in the best interests of the Corporation. |
A. | The indemnification provided hereunder shall be in addition to and not exclusive of any other right to which those seeking indemnification may be entitled under any agreement, vote of Shareholders, or disinterested Directors, other By-Law, or otherwise, both as to actions in their official capacity and as to actions in another capacity while holding such office; and shall continue as to a person who has ceased to be a Director, Alternate Director, or officer, and shall inure to the benefit of their heirs, executors, and administrators of such person. |
B. | The Corporation may purchase and maintain insurance on behalf of any person who is or was a Director, Alternate Director, officer, employee or agent, is now or was serving at the request of the Corporation as a Director, Alternate Director, officer, employee or |
A. | A Chairman; |
B. | A President; |
C. | Any number of Vice Presidents they deem desirable as is fixed by a resolution of the Board of Directors; |
D. | A Secretary; |
E. | A Treasurer; |
F. | One or more Assistant Secretaries and Assistant Treasurers; |
G. | And any other officers, assistant officers, and agents as the Board deems advisable. Any two (2) or more offices may be held by the same person. |
A. | All officers elected by the Board shall be elected for a term of one (1) year and until their reelection at the Annual Meeting of the Board of Directors, unless prior thereto an officer shall resign, become disqualified, or be removed. Vacancies occurring in any office shall be filled by the Board of Directors. |
B. | Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever, in its judgment, the best interests of the Corporation will be served by removing that officer. |
C. | Any removal of an officer shall be without prejudice to the contract rights, if any, of the officer removed. |
A. | The Chairman shall preside at the Annual Meeting of the Shareholders and shall act as the presiding officer unless a temporary Chairman is elected by the Shareholders present at the meeting. |
B. | The Chairman shall act as the presiding officer at all Directors' meetings and in the event of the Chairman's absence, the President shall act in his place and stead. |
C. | The Chairman, along with the President, shall submit a written annual report to the Board of Directors and Shareholders. |
A. | He shall preside at all meetings of the Directors in the event that the Chairman is absent. He shall preside at the Annual Meeting of Shareholders in the event of the absence of the Chairman. |
B. | He shall be ex-officio a member of all standing committees. |
C. | He shall have the custody of the corporate seal, although he may entrust the corporate seal to his Secretary. |
D. | He shall make reports of the Corporation's business to the Board of Directors at such times as the Board shall require. |
E. | He shall perform all the usual duties incident to the office of President. |
A. | The Secretary shall send out all notices for Shareholder meetings and Directors meetings, unless some other person is delegated to give that notice. |
B. | The Secretary shall perform all the usual duties incident to the office of Secretary. |
A. | He shall deposit all monies received by him in the name and to the credit of the Corporation in a bank or other place of deposit as the Board of Directors shall determine. |
B. | As directed by the president or the Board of Directors, he shall disburse the money of the Corporation by checks or vouchers. |
C. | He shall give bond for the faithful discharge of his duties. |
D. | He shall perform all the usual duties incident to the office of the Treasurer. |
A. | Every Share Certificate shall be signed by the Chairman and Secretary, or by any other officer designated by the Board of Directors, and sealed with the corporate seal. |
B. | The corporate seal may be affixed by a facsimile, engraved or printed, and where the Share Certificate is signed by a transfer agent, the signature of any corporate officer upon such Certificate may be a facsimile, engraved or printed. |
C. | Within a reasonable period of time after the issuance or transfer of uncertificated shares, the Corporation shall send to the registered owner thereof a written notice (“Share Notice”) containing the information required by applicable law to be set forth on Share Certificates. |
A. | Certificated shares of the capital stock of the Corporation shall be transferable upon the books of the Corporation only upon the surrender and cancellation of the Share Certificate.: The transfer shall be at the request of the holder named in the surrendered Certificate or by his legal representative or by his attorney-in-fact duly authorized by a written power of attorney filed with the Corporation's transfer agent. |
B. | Uncertificated shares of the capital stock of the Corporation shall be transferable upon the books of the Corporation upon receipt of proper transfer instructions from the holder named in the Stock Notice or by his legal representative or by his attorney-in-fact duly authorized by a written power of attorney filed with the Corporation's transfer agent. |
UNIVEST CORPORATION OF PENNSYLVANIA | ||
By:_________________________________________ | ||
Attest:_______________________________________ | ||
UNIVEST BANK AND TRUST CO. | ||
By:_________________________________________ | ||
Attest:_______________________________________ | ||
Witness: | ||
("Employee") |
1) | Univest Bank and Trust Co. - chartered in the Commonwealth of Pennsylvania - and its wholly-owned subsidiary as follows: |
a. | Delview, Inc. - chartered in the State of Delaware and its wholly-owned subsidiaries: |
i. | Univest Investments, Inc. - chartered in the Commonwealth of Pennsylvania |
ii. | Univest Insurance, Inc. - chartered in the Commonwealth of Pennsylvania |
iii. | Allied Benefits Group, LLC - chartered in the Commonwealth of Pennsylvania |
iv. | Girard Partners Ltd. (Girard Partners) - chartered in the Commonwealth of Pennsylvania |
1. | I have reviewed this Annual Report on Form 10-K of Univest Financial Corporation; |
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 Annual Report on Form 10-K of Univest Financial Corporation; |
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) | |
February 28, 2019 |
/s/ Roger S. Deacon | |
Roger S. Deacon | |
Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |
February 28, 2019 |
!S2Y'J/SK^53XX?&CXY>.]#_X)L_$._\ VU/[2_9U^(W_ 5?
MTRP\-_%O]G[Q)IGB+2+?X'>(OV#K?1;/4+M+B
M=6 /ZDLCU'7'7OZ?7VH+ 9Y'')YZ?6OYWOVZ/VH?VR_@S\
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 14, 2019 |
Jun. 29, 2018 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | UNIVEST FINANCIAL CORP | ||
Entity Central Index Key | 0000102212 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UVSP | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 29,289,730 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 790,045,535 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 141,575 | $ 55,320 |
Accumulated amortization and fair value adjustments on other intangibles | $ 25,203 | $ 21,825 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 31,556,799 | 31,556,799 |
Common stock, shares outstanding | 29,270,852 | 29,334,859 |
Treasury stock, shares | 2,285,947 | 2,221,940 |
Consolidated Statements of Income - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Interest and fees on loans and leases: | ||||||||
Taxable | $ 166,304 | $ 143,176 | $ 110,119 | |||||
Exempt from federal income taxes | 9,889 | 8,442 | 7,545 | |||||
Total interest and fees on loans and leases | 176,193 | 151,618 | 117,664 | |||||
Interest and dividends on investment securities: | ||||||||
Taxable | 9,388 | 7,343 | 5,380 | |||||
Exempt from federal income taxes | 1,841 | 2,274 | 2,712 | |||||
Interest on deposits with other banks | 1,101 | 280 | 61 | |||||
Interest and dividends on other earning assets | 1,965 | 1,500 | 790 | |||||
Total interest income | 190,488 | 163,015 | 126,607 | |||||
Interest expense | ||||||||
Interest on demand deposits | 11,061 | 3,917 | 1,902 | |||||
Interest on savings deposits | 2,357 | 2,089 | 1,052 | |||||
Interest on time deposits | 8,768 | 5,271 | 4,261 | |||||
Interest on short-term borrowings | 2,420 | 904 | 748 | |||||
Interest on long-term debt and subordinated notes | 7,820 | 7,658 | 4,419 | |||||
Total interest expense | 32,426 | 19,839 | 12,382 | |||||
Net interest income | [1] | 158,062 | 143,176 | 114,225 | ||||
Provision for loan and lease losses | 20,310 | 9,892 | 4,821 | |||||
Net interest income after provision for loan and lease losses | 137,752 | 133,284 | 109,404 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Insurance commission and fee income | 15,658 | 14,788 | 14,603 | |||||
Bank owned life insurance income | [1] | 3,174 | 3,988 | 2,931 | ||||
Net gain on sales of investment securities | [1] | 10 | 48 | 518 | ||||
Net gain on mortgage banking activities | [1] | 3,125 | 4,023 | 6,027 | ||||
Other income | [2] | 262 | 746 | 192 | ||||
Total noninterest income | 60,173 | 59,240 | 55,963 | |||||
Noninterest expense | ||||||||
Salaries, benefits and commissions | 80,609 | 75,992 | 69,244 | |||||
Net occupancy | 10,260 | 10,433 | 9,638 | |||||
Equipment | 4,146 | 4,118 | 3,489 | |||||
Data processing | 9,014 | 8,500 | 6,981 | |||||
Professional fees | 5,391 | 5,325 | 4,547 | |||||
Marketing and advertising | 1,800 | 1,485 | 2,015 | |||||
Deposit insurance premiums | 1,836 | 1,636 | 1,713 | |||||
Intangible expenses | 2,166 | 2,582 | 5,528 | |||||
Acquisition-related costs | 0 | 0 | 10,257 | |||||
Integration costs | 0 | 0 | 5,667 | |||||
Restructuring charges | 571 | 0 | 1,731 | |||||
Other expense | 21,446 | 20,642 | 21,171 | |||||
Total noninterest expense | 137,239 | 130,713 | 141,981 | |||||
Income before income taxes | 60,686 | 61,811 | 23,386 | |||||
Income taxes | 10,143 | 17,717 | 3,881 | |||||
Net income | $ 50,543 | $ 44,094 | $ 19,505 | |||||
Net income per share: | ||||||||
Basic (in dollars per share) | $ 1.72 | $ 1.64 | $ 0.85 | |||||
Diluted (in dollars per share) | 1.72 | 1.64 | 0.84 | |||||
Dividends declared | $ 0.80 | $ 0.80 | $ 0.80 | |||||
Trust fee income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Noninterest income | $ 7,882 | $ 8,055 | $ 7,741 | |||||
Service charges on deposit accounts | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Noninterest income | 5,632 | 5,482 | 4,691 | |||||
Investment advisory commission and fee income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Noninterest income | 15,098 | 13,454 | 11,424 | |||||
Other service fee income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Noninterest income | [2] | $ 9,332 | $ 8,656 | $ 7,836 | ||||
|
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 | 19,505 | $ 0 | 0 | 19,505 | 0 | 0 | ||||||
Other comprehensive loss, net of income tax (benefit) | (2,746) | 0 | 0 | 0 | (2,746) | 0 | ||||||
Cash dividends declared ($0.80 per share) | (18,435) | $ 0 | 0 | (18,435) | 0 | 0 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 115,269 | |||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,472 | $ 0 | 59 | 0 | 0 | 2,413 | ||||||
Issuance of common stock, acquisitions, shares | 6,857,529 | |||||||||||
Issuance of common stock, acquisitions | 144,146 | $ 34,288 | 109,858 | 0 | 0 | 0 | ||||||
Exercise of stock options, shares | 261,050 | |||||||||||
Exercise of stock options | 4,968 | $ 0 | 59 | 0 | 0 | 4,909 | ||||||
Stock-based compensation | 2,084 | $ 0 | 2,084 | 0 | 0 | 0 | ||||||
Purchases of treasury stock, shares | (328,271) | |||||||||||
Purchases of treasury stock | (8,359) | $ 0 | 0 | 0 | 0 | (8,359) | ||||||
Restricted stock awards granted, net of cancellations, shares | 152,846 | |||||||||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (2,846) | 0 | 0 | 2,846 | ||||||
Ending balance at Dec. 31, 2016 | 505,209 | $ 144,559 | 230,494 | 194,516 | (19,454) | (44,906) | ||||||
Ending balance, shares at Dec. 31, 2016 | 26,589,353 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 44,094 | $ 0 | 0 | 44,094 | 0 | 0 | ||||||
Other comprehensive loss, net of income tax (benefit) | 1,683 | 0 | 0 | 0 | 1,683 | 0 | ||||||
Cash dividends declared ($0.80 per share) | (21,849) | $ 0 | 0 | (21,849) | 0 | 0 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 82,694 | |||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,413 | $ 0 | 181 | 0 | 0 | 2,232 | ||||||
Issuance of common stock, public offering, shares | 2,645,000 | |||||||||||
Issuance of common stock, public offering | 70,501 | $ 13,225 | 57,276 | 0 | 0 | 0 | ||||||
Exercise of stock options, shares | 92,370 | |||||||||||
Exercise of stock options | 1,676 | $ 0 | (119) | 0 | 0 | 1,795 | ||||||
Stock-based compensation | 3,166 | $ 0 | 3,166 | 0 | 0 | 0 | ||||||
Purchases of treasury stock, shares | (119,798) | |||||||||||
Purchases of treasury stock | (3,519) | $ 0 | 0 | 0 | 0 | (3,519) | ||||||
Restricted stock awards granted, net of cancellations, shares | 45,240 | |||||||||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (865) | 0 | 0 | 865 | ||||||
Ending balance at Dec. 31, 2017 | 603,374 | $ 157,784 | 290,133 | 216,761 | (17,771) | (43,533) | ||||||
Ending balance, shares at Dec. 31, 2017 | 29,334,859 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-01 [Member] | 0 | $ 0 | 0 | 433 | [1] | (433) | [1],[2] | 0 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-02 [Member] | 0 | 0 | 0 | 3,921 | [1] | (3,921) | [1],[2] | 0 | ||||
Net income | 50,543 | 0 | 0 | 50,543 | 0 | 0 | ||||||
Other comprehensive loss, net of income tax (benefit) | (6,291) | 0 | 0 | 0 | (6,291) | 0 | ||||||
Cash dividends declared ($0.80 per share) | (23,492) | $ 0 | 0 | (23,492) | 0 | 0 | ||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 84,466 | |||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | $ 2,295 | $ 0 | 152 | 1 | 0 | 2,142 | ||||||
Exercise of stock options, shares | 59,750 | 59,750 | ||||||||||
Exercise of stock options | $ 1,131 | $ 0 | (43) | 0 | 0 | 1,174 | ||||||
Stock-based compensation | 2,557 | $ 0 | 2,557 | 0 | 0 | 0 | ||||||
Purchases of treasury stock, shares | (233,977) | |||||||||||
Purchases of treasury stock | (5,984) | $ 0 | 0 | 0 | 0 | (5,984) | ||||||
Restricted stock awards granted, net of cancellations, shares | 25,754 | |||||||||||
Restricted stock awards granted, net of cancellations | 0 | $ 0 | (398) | 0 | 0 | 398 | ||||||
Ending balance at Dec. 31, 2018 | $ 624,133 | $ 157,784 | $ 292,401 | $ 248,167 | $ (28,416) | $ (45,803) | ||||||
Ending balance, shares at Dec. 31, 2018 | 29,270,852 | 29,270,852 | ||||||||||
|
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends declared, per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | $ 0.80 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Cash flows from operating activities: | ||||||
Net income | $ 50,543 | $ 44,094 | $ 19,505 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan and lease losses | 20,310 | 9,892 | 4,821 | |||
Depreciation of premises and equipment | 5,581 | 5,561 | 4,089 | |||
Net gain on sales of investment securities | [1] | (10) | (48) | (518) | ||
Net gain on mortgage banking activities | [1] | (3,125) | (4,023) | (6,027) | ||
Bank owned life insurance income | [1] | (3,174) | (3,988) | (2,931) | ||
Net amortization of investment securities premiums and discounts | 1,602 | 1,838 | 1,853 | |||
Amortization, fair market value adjustments and capitalization of mortgage servicing rights | (196) | (87) | (521) | |||
Net accretion of acquisition accounting fair value adjustments | (1,037) | (3,022) | (2,779) | |||
Stock-based compensation | 2,557 | 3,166 | 2,084 | |||
Intangible expenses | 2,166 | 2,582 | 5,528 | |||
Other adjustments to reconcile net income to cash provided by operating activities | 305 | (80) | 659 | |||
Deferred tax (benefit) expense | (599) | 7,483 | 942 | |||
Originations of loans held for sale | (158,097) | (188,072) | (258,202) | |||
Proceeds from the sale of loans held for sale | 161,357 | 196,813 | 262,948 | |||
Contributions to pension and other postretirement benefit plans | (3,264) | (2,295) | (2,261) | |||
Decrease (increase) in accrued interest receivable and other assets | 4,547 | (1,369) | 1,956 | |||
Increase in accrued interest payable and other liabilities | 6,540 | 215 | 2,160 | |||
Net cash provided by operating activities | 86,006 | 68,660 | 33,306 | |||
Cash flows from investing activities: | ||||||
Net cash paid due to acquisitions | 0 | 0 | (79,206) | |||
Net capital expenditures | (3,119) | (3,961) | (12,644) | |||
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 11,526 | 23,265 | 21,000 | |||
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 54,702 | 64,954 | 72,541 | |||
Proceeds from sales of securities available-for-sale | 1,010 | 7,069 | 77,290 | |||
Purchases of investment securities held-to-maturity | 99,132 | 54,149 | 5,071 | |||
Purchases of investment securities available-for-sale | (1,986) | (33,334) | (48,032) | |||
Proceeds from sales of money market mutual funds | 11,225 | 29,948 | 38,386 | |||
Purchases of money market mutual funds | (6,482) | (25,149) | (32,444) | |||
Net increase in other investments | (1,133) | (2,335) | (11,773) | |||
Proceeds from sale of portfolio loans | 0 | 0 | 2,435 | |||
Net increase in loans and leases | (398,240) | (338,481) | (337,961) | |||
Proceeds from sales of other real estate owned | 490 | 3,996 | 885 | |||
Purchases of bank owned life insurance | (1,563) | (7,271) | 0 | |||
Proceeds from bank owned life insurance | 1,384 | 2,961 | 662 | |||
Net cash used in investing activities | (431,318) | (332,487) | (313,932) | |||
Cash flows from financing activities: | ||||||
Net increase in deposits | 331,170 | 297,792 | 125,425 | |||
Net increase (decrease) in short-term borrowings | 84,337 | (90,740) | 123,207 | |||
Proceeds from issuance of long-term debt | 10,000 | 95,000 | 20,000 | |||
Repayments of long-term debt | (20,000) | (65,000) | (15,000) | |||
Proceeds from issuance of subordinated notes | 0 | 0 | 44,515 | |||
Payment of contingent consideration on acquisitions | (131) | (5,413) | (2,552) | |||
Proceeds from public offering of common stock | 0 | 70,501 | 0 | |||
Purchases of treasury stock | (5,984) | (3,519) | (8,359) | |||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,295 | 2,413 | 2,472 | |||
Proceeds from exercise of stock options | 1,131 | 1,676 | 4,968 | |||
Cash dividends paid | (23,495) | (21,299) | (17,024) | |||
Net cash provided by financing activities | 379,323 | 281,411 | 277,652 | |||
Net decrease (increase) in cash and cash equivalents | 34,011 | 17,584 | (2,974) | |||
Cash and cash equivalents at beginning of year | 75,409 | 57,825 | 60,799 | |||
Cash and cash equivalents at end of year | 109,420 | 75,409 | 57,825 | |||
Supplemental disclosures of cash flow information: | ||||||
Cash paid for interest | 30,875 | 21,493 | 13,982 | |||
Cash paid for income taxes, net of refunds | 2,022 | 12,599 | 8,053 | |||
Non cash transactions: | ||||||
Transfer of loans to other real estate owned | 477 | 729 | 2,347 | |||
Assets acquired through acquisitions | 0 | 0 | 1,090,395 | |||
Liabilities assumed through acquisitions | $ 0 | $ 0 | $ 911,316 | |||
|
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization Effective January 1, 2019, Univest Corporation of Pennsylvania changed its name to Univest Financial Corporation (the Corporation). The Corporation through its wholly owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. Effective January 1, 2019, the Bank's wholly-owned subsidiary, Delview, Inc. was dissolved, with its wholly owned subsidiaries, transferring to the Bank upon dissolution. The Bank is the parent company of Girard Investment Services, LLC (formerly Univest Investments, Inc.), a full-service registered broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC (formerly Girard Partners Ltd.), a registered investment advisory firm and Girard Pension Services, LLC (formerly TCG Investment Advisory, Inc.), a registered investment advisor, which provides investment consulting and management services to municipal entities. Effective January 1, 2019, the Bank's wealth management division was re-branded under the Girard name with the aforementioned name changes of several subsidiaries. The Bank is also the parent company of Univest Insurance, LLC, an independent insurance agency and Univest Capital, Inc., an equipment financing business. The Bank's subsidiaries serve to enhance the traditional banking services provided by the Bank. At December 31, 2018, 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. For more detailed discussion and financial information on the business segments, see Note 22, “Segment Reporting.” The Bank serves Bucks, Berks, Chester, Delaware, Lancaster, Lehigh, Montgomery, Northampton and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey through thirty-nine banking offices and provides banking services to the residents and employees of fourteen retirement communities. Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries, including the Bank as the Corporation’s primary subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (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, reserve for loan and lease losses and purchase accounting. Interest-earning Deposits with Other Banks Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. At times, such balances exceed the FDIC limits for insurance coverage. Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2018 or 2017. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities. Due to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. 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, creditworthiness of the issuer and the credit rating of each security. Unrealized losses on the Corporation’s investments in debt securities that are deemed temporary in nature are recognized in other comprehensive income, net of tax. Should it be determined that a security is impacted by deteriorating credit or if it is expected the value will not recover during the expected holding period, the credit portion of the loss is recognized in earnings. 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 evaluates its equity securities for impairment. In addition, effective January 1, 2018, in accordance with ASU No. 2016-01, equity securities are measured at fair value with changes in fair value recognized in net income. See "Recent Accounting Pronouncements" for additional information. Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values At December 31, 2018 and 2017, the Bank held $14.6 million, respectively, in Federal Reserve Bank stock as required by the Federal Reserve Bank. The Bank is a member of the FHLB, and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held FHLB stock of $13.6 million and $12.5 million at December 31, 2018 and 2017, respectively. Because ownership is restricted, the fair values of these investments are not readily determinable. As such, these investments are recorded at cost and evaluated for other-than-temporary impairment. The Corporation determined there was no other-than-temporary impairment of its investments in these stocks at December 31, 2018 or 2017. Loans Held for Sale The Corporation originates mortgage loans for investment and for sale. At origination, a mortgage loan is identified as either for sale or for investment. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Net unrealized losses are recognized by charges to non-interest income. Cash payments and cash receipts resulting from acquisitions and sales of loans are classified as operating cash flows if those loans are acquired specifically for resale. Cash receipts resulting from sales of loans that were not specifically acquired for resale are classified as investing cash inflows regardless of a change in the purpose for holding those loans. Loans and Leases Loans and leases are stated at the principal amount, net of deferred fees and costs and unearned discounts. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease, including a loan or lease that is impaired, is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the deferred fees and costs is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement or when a loan or lease is classified as a troubled debt restructuring. Interest on impaired loans and leases, which are not classified as nonaccrual, is recognized on the accrual basis. Acquired Loans Acquired loan portfolios are initially recorded at the acquisition date fair value. The fair value is based on guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs are utilized to value the portfolio and include the use of present value techniques employing cash flow estimates and incorporate assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information is not available, the Corporation uses assumptions in an effort to determine reasonable fair value. Specifically, management utilizes three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used are: 1) interest rate loan fair value analysis; 2) general credit fair value analysis; and 3) specific credit fair value analysis. There is no carryover related allowance for loan losses. For loans acquired without evidence of credit quality deterioration, the fair value adjustments to reflect the fair value of the loans and the fair value adjustments to reflect the general credit risk of the loan portfolio are substantially recognized as interest income on a level yield amortization method based upon the expected life of the loan. Subsequent to the acquisition, the Corporation records a provision for loan losses 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. For loans acquired with evidence of credit quality deterioration, the Corporation prepares a specific credit fair value adjustment. Management reviews the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition are reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value results in an accretable yield amount. The accretable discount amount is recognized over the life of the loans on a level yield basis as an adjustment to yield. Any disposals of loans, including sales of loans, payments in full or foreclosures result in the derecognition of the loan at its carrying value with differences in actual results reflected in interest income. 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 losses, resulting in an increase to the allowance. Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Reserve for Loan and Lease Losses The reserve for loan and lease losses is maintained at a level representing management's best estimate of known risks and inherent losses in the portfolio, based upon management's evaluation of the portfolio's collectability. Management evaluates the need to establish reserves against losses on loans and leases on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. The reserve for loan and lease losses is adjusted through provisions for loan and lease losses charged against or credited to income. Loans deemed to be uncollectible are charged against the reserve for loan and lease losses, and any subsequent recoveries are credited to the reserve. Reserve Required for Impaired Loans and Leases A loan or lease is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect future payments of principal or interest as contractually due. The Bank applies its normal loan review procedures in determining if a loan is impaired, which includes reviewing the collectability of delinquent and internally classified loans on a regular basis and at least quarterly. In determining the likelihood of collecting principal and interest, the Bank considers all available and relevant information, including the borrower's actual and projected cash flows, balance sheet strength, liquidity and overall financial position. Additionally, all loans classified as troubled debt restructurings are considered impaired. When a loan is classified as impaired, an impairment analysis is performed within the quarter in which a loan is identified as impaired to determine if a valuation allowance is needed. The Bank re-examines each impaired loan on a quarterly basis to determine if any adjustment to the valuation allowance or net carrying amount of a loan is required. The Bank recognizes charge-offs associated with impaired loans when all or a portion of a loan is considered to be uncollectible. In measuring impairment, the Bank determines whether or not the loan is collateral dependent. A loan is collateral dependent if repayment is expected to be provided solely by the underlying collateral, which includes repayment from the proceeds from the sale of the collateral, cash flows from the continued operation of the collateral, or both, and there are no other available and reliable repayment sources. To determine the initial amount of impairment for a collateral dependent loan, the Bank utilizes a recent appraisal, an agreement of sale or a letter of intent. If the fair value of the underlying collateral, less costs to sell, is less than the loan's carrying amount, the Bank adds a provision to the reserve for loan and lease losses in the amount of the difference between fair value, less costs to sell, and the loan or lease's carrying amount. In subsequent periods, the Bank takes into consideration current facts and circumstances in analyzing whether the fair value of the collateral has increased or decreased significantly such that a change to the corresponding valuation allowance is required. If current facts and circumstances are insufficient to determine fair value, the Bank obtains a new appraisal. For loans that are not collateral dependent, the Bank establishes a specific reserve on impaired loans based on management's estimate of the discounted cash flows the Bank expects to receive from the borrower. Factors considered in evaluating such cash flows include: (1) the strength of the customer's personal or business cash flows and personal guarantees; (2) the borrower's effort to cure the delinquency; (3) the availability of other sources of repayment; (4) the type and value of collateral, if applicable; and (5) the strength of our collateral position, if applicable. General Reserve on the Remainder of the Portfolio The Bank establishes a general reserve for loans and leases that are not considered impaired to recognize the inherent losses associated with lending activities. This general reserve is determined by segmenting the loan portfolio and assigning reserve factors to each category. The reserve factors are calculated using the Bank's historical losses and loss emergence periods, and are adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors include:
The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded in categories with historical loss experience. Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets or, for leasehold improvements, over the expected life of the related lease if less than the estimated useful life of the asset. The estimated useful life for new buildings constructed on land owned is forty years. For new buildings constructed on leased land or land improvements, the estimated useful life is the initial term including anticipated renewable terms, typically not exceeding twenty-five years. The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Furniture, fixtures and equipment have estimated useful lives ranging from three to ten years. When assets are retired, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts. Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized using the sum of the year’s digits over their estimated useful lives of up to fifteen years. Customer related intangibles are amortized over their estimated useful lives of five to twelve years. The Corporation completes a goodwill analysis at least on an annual basis or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other intangible assets on an annual basis or more often if events and circumstances indicate a possible impairment. Mortgage servicing rights are recognized as separate assets when loans are sold and the servicing rights are retained. Capitalized mortgage servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income 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 evaluated for impairment, on a quarterly basis, based upon the fair value of the servicing rights as compared to amortized cost. 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 current interest rates of the portfolios serviced. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the unamortized capitalized amount. The Corporation also records servicing rights on Small Business Administration (SBA) loans. Bank Owned Life Insurance The Corporation has invested in bank-owned life insurance (BOLI). BOLI involves the purchasing of life insurance by the Corporation for certain employees. The Corporation is the owner and beneficiary of the policies, however certain policies include split-dollar endorsements. Under these endorsements, beneficiaries of the insured individuals are entitled to a portion of the proceeds from the policy upon death of the insured. The life insurance investment is carried at the net cash surrender value of the underlying policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank owned life insurance are reflected in the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement/termination period. Other Real Estate Owned Other real estate owned (OREO) represents properties acquired through customers’ loan defaults and is included in other assets. The real estate is originally stated at an amount equal to the fair value of the property, less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. The amount, if any, by which the carrying amount of the loan plus recorded accrued interest (the recorded loan amount) exceeds the fair value less cost to sell of the OREO, is charged against the reserve for loan and lease losses at the time of foreclosure or repossession. If the fair value less cost to sell of the OREO asset when taken into possession is greater than the recorded loan amount, the excess is first applied as a recovery against any prior charge-offs of the loan and any remaining gain is recorded as other noninterest income. Subsequently, OREO is reported at the lower of the original cost or the current fair value less cost to sell. Subsequent write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. 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. Overages and subsequent carrying costs are expensed as incurred. Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying transaction is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings immediately. To determine fair value, the Corporation uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. 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. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. 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. The change in fair value of the ineffective part of the instrument would be charged to earnings, potentially causing material fluctuations in reported earnings in the period of the change relative to comparable periods. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Corporation’s consolidated balance sheet with the corresponding gain or loss being recognized in the consolidated statement of income. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in net interest income in the consolidated statement of income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative 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. 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. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle each derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management’s judgment based upon available evidence that future taxes are “more likely than not” to be realized. If management determines that the Corporation is not more likely than not to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a nondeductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act (Act) was signed into law. The Act reduced the Corporation's federal tax rate from 35% to 21% effective January 1, 2018. See Note 11, "Income Taxes" for additional information. Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Effective December 31, 2009, the benefits previously accrued under the noncontributory retirement plan were frozen and the plan was amended and converted to a cash balance plan, with participants not losing any pension benefits already earned in the plan. Prior to the cash balance plan conversion effective December 31, 2009, the plan provided benefits based on a formula of each participant’s final average pay. Future benefits under the cash balance plan accrue by crediting participants annually with an amount equal to a percentage of earnings in that year based on years of credited service as defined in the 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 and all current participants are now retired. The Corporation provides certain postretirement healthcare and life insurance benefits for retired employees. The Corporation’s measurement date for plan assets and obligation is fiscal year-end. The Corporation recognizes on its consolidated balance sheet the funded status of its defined pension plans and changes in the funded status of the plan in the year in which the changes occur. An under-funded position would create a liability and an over-funded position would create an asset, with a correlating deferred tax asset or liability. The net impact would be an adjustment to equity as accumulated other comprehensive income (loss). The Corporation recognizes as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation make matching contributions as defined by the plan. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP) which was established in 1981 prior to the existence of 401(k) deferred salary savings, employee stock purchase and long-term incentive plans and therefore is not offered to new participants. All current participants are now retired. These non-qualified plans are accounted for under guidance for deferred compensation arrangements. Stock-Based Compensation The fair value of share based awards is recognized as compensation expense over the vesting period based on the grant-date fair value of the awards. The Corporation uses the Black-Scholes Model to estimate the fair value of each option on the date of grant. The Black-Scholes Model estimates the fair value of employee stock options using a pricing model which takes into consideration the exercise price of the option, the expected life of the option, the current market price and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Corporation grants stock options to employees with an exercise price equal to the fair value of the shares at the date of grant. The Corporation grants both fixed and variable (performance-based) restricted stock. The performance-based restricted stock awards vest based upon the Corporation’s performance with respect to certain financial measures over a three-year period. The fair value of fixed restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. The fair value of the performance-based restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period adjusted for a probability factor of achieving the performance goals. Dividend Reinvestment and Employee Stock Purchase Plans The Univest Dividend Reinvestment Plan allows for the issuance of 1,968,750 shares of common stock. During 2018 and 2017, 57,838 and 60,602 shares, respectively, were issued under the dividend reinvestment plan, with 259,445 shares available for future purchase at December 31, 2018. The 1996 Employee Stock Purchase Plan allows for the issuance of 984,375 shares of common stock. Employees may elect to make contributions to the plan in an aggregate amount not less than 2% or more than 10% of such employee’s total compensation. These contributions are then used to purchase stock during an offering period determined by the Corporation’s Employee Stock Purchase Plan Committee. The purchase price of the stock is 90% of the closing sale price on the last trading day of each quarter. Compensation expense is recognized as the discount is greater than 5% of the fair value. During 2018 and 2017, 26,628 and 22,092 shares, respectively, were issued under the employee stock purchase plan, with 628,545 shares available for future purchase at December 31, 2018. Marketing and Advertising Costs The Corporation’s accounting policy is to expense marketing and advertising costs as incurred. Statement of Cash Flows The Corporation has defined those items included in the caption “Cash and due from banks” and "Interest-earning deposits with other banks" as cash and cash equivalents. Assets under Management Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. 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. Diluted earnings per share reflect additional common shares that would have been outstanding if options on common shares had been exercised, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Corporation relate solely to outstanding stock options, and are determined using the treasury stock method. The effects of options to issue common stock are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. Accounting Pronouncements Adopted in 2018 In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-02, "Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This ASU clarifies the accounting treatment of the reclassification of certain income tax effects within accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act. The Corporation elected to early adopt this guidance effective January 1, 2018 for all stranded tax effects resulting from tax reform and reclassified stranded tax effects, totaling $3.9 million from accumulated other comprehensive income to retained earnings. The Corporation's policy for releasing income tax effects from accumulated other comprehensive income is to release such effects on an individual basis as each item is liquidated, sold or extinguished. See Note 14, "Accumulated Other Comprehensive (Loss) Income" for additional detail. In March 2017, the FASB issued ASU No. 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." 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 Corporation adopted this guidance effective January 1, 2018 with retrospective application for prior period presentation. Effective January 1, 2018, components of net benefit income other than the service cost component are presented in the Corporation's statement of income in other noninterest expense rather than in salaries, benefits and commission expense. Prior period components of net benefit income other than the service cost component were reclassed to other noninterest expense in the Corporation's statement of income. 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 requires equity investments to be measured at fair value with changes in fair value recognized in net income. At December 31, 2017, the Corporation had financial services equity securities with a carrying value of $1.1 million which included an unrealized net gain of $666 thousand. At December 31, 2017, $433 thousand was recorded in accumulated other comprehensive income which represented the unrealized net gain, net of incomes taxes, based on the Corporation's statutory tax rate at December 31, 2017. In addition, at December 31, 2017, the Corporation had money market mutual funds with a fair value and amortized cost of $6.0 million which were reclassified to equity securities under this guidance. The Corporation adopted this guidance effective January 1, 2018 with a cumulative-effect adjustment to the balance sheet as of January 1, 2018. The balance in accumulated other comprehensive income of $433 thousand was reclassified to retained earnings effective January 1, 2018. The carrying value of the equity securities, at January 1, 2018, did not change; however, any future increases or decreases in fair value is recorded as an increase or decrease to the carrying value and recognized in other noninterest income. During the year ended December 31, 2018, the Corporation recognized a $153 thousand net loss on equity securities in other noninterest income. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)” and subsequent related updates. The Corporation adopted the guidance effective January 1, 2018 using the modified retrospective method though no adjustments were made to retained earnings as a result of the adoption. The Corporation provided expanded disclosures related to recognition of revenue from contracts with customers. See Note 23, "Revenue from Contracts with Customers." Recent Accounting Pronouncements Yet to Be Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" and subsequent related updates to revise the accounting for leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases based on the present value of future lease payments. Lessor accounting activities are largely unchanged from existing lease accounting. 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. Early adoption is permitted. This new guidance is effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019 for the Corporation. The Corporation will adopt this new guidance effective January 1, 2019, retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings at January 1, 2019. The Corporation expects to elect the package of practical expedients permitted under the transition guidance which among other things, allows carry forward of the historical lease classification. All leases in which the Corporation is the lessee are classified as operating leases and continue to be classified as such. The Corporation continues to separately account for lease and non-lease components as historically reported and expects to elect the hindsight practical expedient to determine the lease term for existing leases. The Corporation has implemented a third party lease accounting system to assist with the measurement of lease liabilities and related right-of-use assets, the post-implementation administration aspect of lease accounting, and the preparation of applicable disclosures related to the new guidance. The Corporation has identified and reviewed the lease contracts applicable to the new guidance that will impact the financial statements at the transition date. The Corporation expects to record approximately $40.0 million of operating lease liabilities and $37.0 million of related right-of-use assets at January 1, 2019. Additionally, existing deferred rent liability of approximately $1.0 million will be released through retained earnings effective January 1, 2019. The Corporation expects to record a cumulative effect adjustment to retained earnings of approximately $1.5 million, net of tax, at January 1, 2019, representing the difference between the value of the Corporation’s lease liabilities and related right-of-use assets, offset by the release of existing deferred rent liability. These estimates, based on our active lease portfolio, may change as the Corporation finalizes the implementation process, or due to changes in the lease portfolio, which could include changes in lease commencement dates or changes to renewal options and lease termination expectations. The initial and continued impact of the recording of operating lease assets will have a negative impact on all Corporation and Bank regulatory capital ratios. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" and subsequent related updates. The amendments in this update expand and refine hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The ASU amends the presentation and disclosure requirements and changes how entities assess effectiveness. The ASU eliminates the requirement to separately measure and report hedge ineffectiveness and requires all items that affect earnings be presented in the same income statement line as the hedged items. The amendments in this guidance permit the use of the Overnight Index Swap rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes to facilitate the LIBOR to SOFR transition. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years for public business entities, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. The amended presentation and disclosure guidance is required only prospectively. The Corporation will adopt this guidance on a modified retrospective basis through a cumulative-effect adjustment to retained earnings effective January 1, 2019. For the years ended December 31, 2018 and 2017, the Corporation recorded income of $83 thousand and $0 thousand, respectively, related to ineffectiveness for a cash flow hedge, which will be reclassified from retaining earnings in the amount of $66 thousand, net of tax, to accumulated other comprehensive income, effective January 1, 2019. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date rather than the maturity of the security. Securities within the scope of this guidance are those that have explicit, non-contingent call features that are callable at fixed prices and on preset dates. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. This ASU is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. At December 31, 2018, the Corporation had $11.3 million of callable debt securities. Upon implementation, using the modified retrospective basis effective January 1, 2019, the Corporation expects to record a cumulative-effect adjustment resulting in a reduction in the unamortized premium balance for certain callable debt securities of approximately $50 thousand and a reduction in retained earnings of approximately $40 thousand, net of tax, for the incremental amortization. The Corporation does not expect 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 reserve for loan and lease losses will increase upon adoption of CECL and that the increased reserve level will decrease shareholders' equity and regulatory capital and ratios. 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 August 2018, the FASB issued ASU No. 2018-14, "Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. Disclosures removed by this ASU include the following: 1) amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year; 2) amount and timing of plan assets expected to be returned to the employer; and 3) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. Additional disclosures required by this ASU include: 1) the weighted-average interest crediting rates used in an entity's cash balance pension plans and other similar plans and 2) explanations for reasons for significant changes in the benefit obligation or plan assets. All amendments should be applied retrospectively. This ASU is effective for fiscal years ending after December 15, 2020 or December 31, 2020 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statement disclosures but will result in revised disclosures for retirement plans and other postretirement benefits. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement." This ASU applies to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. Disclosures removed by this ASU are the amount and reasons for transfers between Level 1 and Level 2, the policy for timing of transfers between levels and the valuation processes for Level 3 measurements. This ASU modifies disclosures relating to investments in certain entities that calculate net asset value. Additional disclosures required by this ASU include: 1) change in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and 2) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The prospective method of transition is required for the new disclosure requirements. The other amendments should be applied retrospectively. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years or January 1, 2020 for the Corporation. Early adoption is permitted. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements but will result in revised disclosures for fair value. |
Earnings per Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share:
|
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts The Bank maintains reserve balances under Federal Reserve Bank requirements. The reserve requirement at December 31, 2018 and 2017 was $8.3 million and $6.7 million, respectively, and was satisfied by vault cash held at the Bank’s branches. The average balances at the Federal Reserve Bank of Philadelphia were $48.3 million and $24.5 million for the years ended December 31, 2018 and 2017, respectively. The Corporation maintains interest-earning deposit accounts at other financial institutions and pledges certain deposits as collateral for credit derivatives and interest rate swap agreements. Deposits pledged at December 31, 2018 and 2017 were $0 thousand and $400 thousand, respectively. See Note 16, "Derivative Instruments and Hedging Activities" for additional information. |
Investment Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017, by contractual maturity within each type:
*Equity securities at December 31, 2017 include $6.0 million of money market mutual funds and $1.1 million of financial services equity securities. In accordance with ASU 2016-01, beginning January 1, 2018, such amounts were reclassified from investment securities available-for-sale to investments in equity securities on the Corporation's Consolidated Balance Sheets. 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. Securities with a carrying value of $344.5 million and $345.1 million at December 31, 2018 and 2017, respectively, were pledged to secure public deposits and other contractual obligations. In addition, securities of $296 thousand and $1.8 million were pledged to secure credit derivatives and interest rate swaps at December 31, 2018 and 2017, respectively. See Note 16, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2018, 2017 and 2016:
At December 31, 2018 and 2017, 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 December 31, 2018 and 2017 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 and are not an other-than-temporary impairment of the securities. 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 investments before a recovery of carrying value.
At December 31, 2018, gross unrealized losses for securities available-for-sale in an unrealized loss position for twelve months or longer, totaled $14.2 million. Four federal agency bonds, twenty-eight investment grade corporate bonds, 121 federal agency residential mortgage securities, nineteen investment grade municipal bonds and one collateralized mortgage obligation bond had respective unrealized loss positions of $96 thousand, $9.1 million, $4.7 million, $164 thousand and $78 thousand, respectively. The fair value of these 173 securities fluctuate with changes in market conditions which for these underlying securities is primarily due to changes in the interest rate environment. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Corporation concluded these securities were not other-than-temporarily impaired. The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the years ended December 31, 2018, 2017 and 2016. In conjunction with the adoption of ASU 2016-01, the Corporation recognized a $153 thousand net loss on equity securities during the year ended December 31, 2018 in other noninterest income and the net unrealized loss on equity securities held at December 31, 2018 was $153 thousand. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2018" for additional information. |
Loans and Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 totaled $377.4 million, including $314.8 million of loans from the Fox Chase acquisition and $62.6 million from the Valley Green Bank acquisition. At December 31, 2018, loans acquired with deteriorated credit quality, or acquired credit impaired loans, totaled $695 thousand representing $63 thousand from the Fox Chase acquisition and $632 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 December 31, 2018 and 2017 were as follows:
The following table presents the changes in accretable yield on acquired credit impaired loans:
The Corporation is a lessor of equipment under agreements expiring at various dates through the year 2029. At December 31, 2018 and 2017, the schedule of minimum lease payments receivable is as follows:
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 December 31, 2018 and 2017:
Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at December 31, 2018 and 2017. Nonperforming loans exclude acquired credit impaired loans from Fox Chase and Valley Green.
* Includes nonaccrual troubled debt restructured loans and lease modifications of $1.3 million and $2.5 million at December 31, 2018 and December 31, 2017, respectively. Accruing troubled debt restructuring loans of $11.4 million at December 31, 2017 includes balances of $10.3 million related to one borrower which were classified as troubled debt restructurings as the related loans were granted amortization period extensions. These troubled debt restructured loans were returned to performing status during the first quarter of 2018 as the borrower was in compliance with the modified terms of the restructurings for the required time period. At December 31, 2018, commercial real estate nonaccrual loans and leases includes an $11.5 million loan that was placed on nonaccrual status during the first quarter of 2018. A specific reserve of $624 thousand was recorded for this loan as of December 31, 2018. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2018 and 2017. 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. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency (60 days or more past due) and revolving stagnancy. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships exceeding $15 million or classified as special mention or substandard are reviewed at least quarterly, or more frequently based on management’s discretion.
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 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:
Risks associated with lending activities include, among other things, the impact of changes in interest rates and economic conditions, which may adversely impact the ability of borrowers to repay outstanding loans, and impact the value of the associated collateral. Commercial, financial and agricultural loans, commercial real estate loans, construction loans and residential real estate loans with a business purpose are generally perceived as having more risk of default than residential real estate loans with a personal purpose and consumer loans. These types of loans involve larger loan balances to a single borrower or groups of related borrowers. Commercial real estate loans may be affected to a greater extent than residential loans by adverse conditions in real estate markets or the economy because commercial real estate borrowers’ ability to repay their loans depends on successful development of their properties and factors affecting residential real estate borrowers. Commercial, financial and agricultural business loans are typically based on the borrowers’ ability to repay the loans from the cash flow of their businesses. These loans may involve greater risk because the availability of funds to repay each loan depends substantially on the success of the business itself. In addition, the collateral securing the loans often depreciates over time, is difficult to appraise and liquidate and fluctuates in value based on the success of the business. Risk of loss on a construction loan depends largely upon whether our initial estimate of the property’s value at completion of construction equals or exceeds the cost of the property construction (including interest). During the construction phase, a number of factors can result in delays and cost overruns. If estimates of value are inaccurate or if actual construction costs exceed estimates, the value of the property securing the loan may be insufficient to ensure full repayment when completed through a permanent loan or by seizure of collateral. Included in real estate-construction is track development financing. Risk factors related to track development financing include the demand for residential housing and the real estate valuation market. When projects move slower than anticipated, the properties may have significantly lower values than when the original underwriting was completed, resulting in lower collateral values to support the loan. Extended time frames also cause the interest carrying cost for a project to be higher than the builder projected, negatively impacting the builder’s profit and cash flow and, therefore, their ability to make principal and interest payments. Commercial real estate loans and residential real estate loans with a business purpose secured by owner-occupied properties are dependent upon the successful operation of the borrower’s business. If the operating company suffers difficulties in terms of sales volume and/or profitability, the borrower’s ability to repay the loan may be impaired. Loans secured by properties where repayment is dependent upon payment of rent by third party tenants or the sale of the property may be impacted by loss of tenants, lower lease rates needed to attract new tenants or the inability to sell a completed project in a timely fashion and at a profit. The Corporation originates fixed-rate and adjustable-rate real estate-residential mortgage loans and home equity loans that are secured by the underlying 1-to-4 family residential properties for personal purposes. Credit risk exposure in this area of lending is minimized by the evaluation of the creditworthiness of the borrower, including debt-to-equity ratios, credit scores and adherence to underwriting policies. Credit risk for direct consumer loans is controlled by strict adherence to underwriting standards that consider debt-to-income levels and the creditworthiness of the borrower and, if secured, collateral values. These loans are included within the portfolio of loans to individuals. The primary risks that are involved with lease financing receivables are credit underwriting and borrower industry concentrations. The Corporation has strict underwriting, review, and monitoring procedures in place to mitigate this risk. Risk also lies in the residual value of the underlying equipment. Residual values are subject to judgments as to the value of the underlying equipment that can be affected by changes in economic and market conditions and the financial viability of the residual guarantors and insurers. To the extent not guaranteed or assumed by a third party, or otherwise insured against, the Corporation bears the risk of ownership of the leased assets. This includes the risk that the actual value of the leased assets at the end of the lease term will be less than the residual value. The Corporation greatly reduces this risk primarily by using $1.00 buyout leases, in which the entire cost of the leased equipment is included in the contractual payments, leaving no residual payment at the end of the lease term. 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 for the years ended December 31, 2018, 2017 and 2016:
N/A – Not applicable Charge-offs for the year ended December 31, 2018 included a charge-off of $12.7 million during the second quarter of 2018 for a commercial loan relationship related to fraudulent activities by employees of the borrower. The Bank owned a participating interest which originally totaled $13.0 million in an approximately $80.0 million commercial lending facility. The charge-off represented the entire principal amount owed to the Bank. During the fourth quarter of 2018, the Bank recovered $1.8 million from this previously charged-off loan. Total net charge-off for this loan for the year ended December 31, 2018 was $10.9 million. The following presents, by portfolio segment, 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 at December 31, 2018 and 2017:
N/A – Not applicable The Corporation does not provide a reserve for loan loss for acquired loans unless 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. Impaired Loans (excludes Lease Financings) 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 December 31, 2018 and 2017. The impaired loans exclude acquired credit impaired loans.
Impaired loans includes nonaccrual loans and accruing troubled debt restructured loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the original 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. 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 an accruing troubled debt restructured loan or 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 Bank maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded. The reserve for these off-balance sheet credits was $426 thousand and $390 thousand at December 31, 2018 and 2017, respectively. Impaired Leases The Corporation had no impaired leases at December 31, 2018. The Corporation had impaired leases of $1.3 million at December 31, 2017 with no related reserves which were paid off in full during the fourth quarter of 2018. Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2018 and 2017:
The Corporation grants concessions to existing borrowers primarily related to extensions of interest-only payment periods and an occasional payment modification. These modifications typically are for 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 years ended December 31, 2018 and 2017:
There were no loans for which there were payment defaults within twelve months of the restructuring date during the years ended December 31, 2018 and 2017. 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 December 31, 2018 and 2017:
The following presents foreclosed residential real estate property included in other real estate owned at December 31, 2018 and 2017.
|
Premises and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment | Premises and Equipment The following table reflects the components of premises and equipment:
The following table summarizes rental expense charged to operations for the periods indicated:
|
Goodwill and Other Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has 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 amortization of intangible assets for the years ended December 31, 2018, 2017 and 2016 was $3.4 million, $4.2 million and $4.1 million, respectively. The Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill during the fourth quarter of 2018 and determined it was more likely than not that the fair value of the Corporation, including each of the identified reporting units, was more than its carrying amount; therefore, the Corporation did not need to perform the two-step impairment test for the Corporation or the reporting units. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2018. There was no impairment of goodwill or other identifiable intangibles recorded during 2016 through 2018. Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2018 and 2017 were as follows:
The following table reflects the components of intangible assets at the dates indicated:
The estimated aggregate amortization expense for core deposit and customer-related intangibles for each of the five succeeding fiscal years and thereafter follows:
The Corporation has originated mortgage servicing rights, which are included in other intangible assets on the consolidated balance sheet. 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 $11.5 million and $10.0 million at December 31, 2018 and 2017, respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at December 31, 2018 and 2017. The Corporation also records servicing rights on SBA loans. The value of these servicing rights was $42 thousand and $21 thousand at December 31, 2018 and 2017, respectively. Changes in the servicing rights balance are summarized as follows:
There was no activity in the valuation allowance for the years ended December 31, 2018, 2017 and 2016. The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows:
|
Accrued Interest Receivable and Other Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Interest Receivable and Other Assets | Accrued Interest Receivable and Other Assets The following table provides the details of accrued interest receivable and other assets:
|
Deposits |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Deposits and their respective weighted average interest rate at December 31, 2018 and 2017 consist of the following:
The aggregate amount of time deposits in denominations of $100 thousand or more was $283.4 million at December 31, 2018 and $250.0 million at December 31, 2017. Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC. Deposit insurance per account owner is currently up to $250 thousand. The aggregate amount of time deposits in denominations over $250 thousand was $129.5 million at December 31, 2018 and $118.4 million at December 31, 2017. At December 31, 2018, the scheduled maturities of time deposits are as follows:
|
Borrowings |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $1.6 billion. Advances from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At December 31, 2018 and 2017, the Bank had outstanding short-term letters of credit with the FHLB totaling $347.5 million and $234.2 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 $367.0 million at December 31, 2018 and 2017. 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, holds collateral at the Federal Reserve Bank of Philadelphia in order to access the Discount Window Lending program. The collateral consisting of investment securities was valued at $69.5 million and $52.0 million at December 31, 2018 and 2017, respectively. At December 31, 2018 and 2017, the Corporation had no outstanding borrowings under this program. The Corporation has a $10.0 million line of credit with a correspondent bank. At December 31, 2018 and 2017, the Corporation had no outstanding borrowings under this line. Long-term advances with the FHLB of Pittsburgh mature as follows:
Long-term debt under security repurchase agreements with large commercial banks mature as follows:
Long-term debt under security repurchase agreements totaling $20.3 million are variable based on the one-month LIBOR rate plus a spread. Subordinated Debt On July 1, 2016, the Corporation issued $45.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2026 (2016 Notes) in a private placement transaction to institutional accredited investors. The net proceeds of the offering approximated $44.5 million. The 2016 Notes bear interest at an annual fixed rate of 5.00% from the date of issuance until June 30, 2021, or any early redemption date. From June 30, 2021 to the maturity date of June 30, 2026 (or any early redemption date), the 2016 Notes will bear interest at an annual rate equal to three-month LIBOR rate plus 3.90%. Beginning with the interest payment date of June 30, 2021, the Corporation has the option on each interest payment date, subject to approval of the Federal Reserve Board, to redeem the 2016 Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed 2016 Notes, plus accrued and unpaid interest to the date of the redemption. The Corporation may also redeem the 2016 Notes, in whole but not in part, at any time upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 Act events, subject in each case to the approval of the Federal Reserve. On March 30, 2015, the Corporation issued $50.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2025 (2015 Notes) in a private placement transaction to institutional accredited investors. The net proceeds of the offering $49.3 million, The 2015 Notes bear interest at an annual fixed rate of 5.10% from the date of issuance until March 30, 2020, or any early redemption date. From March 30, 2020 to the maturity date of March 30, 2025 (or any early redemption date), the 2015 Notes will bear interest at an annual rate equal to the three-month LIBOR rate plus 3.544%. Beginning with the interest payment date of March 30, 2020, the Corporation has the option on each interest payment date, subject to approval of the Federal Reserve Board, to redeem the 2015 Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed 2015 Notes, plus accrued and unpaid interest to the date of the redemption. The Corporation may also redeem the 2015 Notes, in whole, at any time, or in part from time to time upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 Act events, subject in each case to the approval of the Federal Reserve. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes for the first five years of the notes' terms. The Tier 2 capital benefit is phased out at 20% per year after the fifth year (from years six to ten) and have no benefit in the tenth year. |
Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provision for federal and state income taxes included in the accompanying consolidated statements of income consists of the following:
The provision for income taxes differs from the expected statutory provision as follows:
On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act (TCJA), was signed into law. The TCJA includes many provisions that affected the Corporation's income tax expense, including reducing the Corporation's federal tax rate from 35% to 21% effective January 1, 2018. As a result of the rate reduction, the Corporation was required to re-measure, the deferred tax assets and liabilities using the enacted rate at which they were expected to be recovered or settled. The re-measurement of the Corporation's net deferred tax asset resulted in additional 2017 income tax expense of $1.1 million. Also, on December 22, 2017, the U.S. Securities and Exchange Commission (SEC) released Staff Accounting Bulletin No. 118 (SAB 118) to address any uncertainty or diversity of views in practice in accounting for the income tax effects of the TCJA in situations where a registrant did not have the necessary information available, prepared, or analyzed in reasonable detail to complete this accounting in the reporting period that includes the enactment date. SAB 118 allowed for a measurement period not to extend beyond one year from the TCJA's enactment date to complete the necessary accounting. The Corporation recorded provisional amounts of deferred income taxes using reasonable estimates in four areas where information necessary to complete the accounting was not available, prepared, or analyzed: 1) the Corporation's deferred tax liability for temporary differences between the tax and financial reporting basis of fixed assets is principally due to the accelerated depreciation under the TCJA which allows for full expensing of qualified property purchased and placed in service after September 27, 2017; 2) the Corporation's deferred tax asset for temporary differences associated with accrued compensation was awaiting final determinations of amounts that will be paid and deducted on the 2017 income tax returns; 3) the Corporation's deferred tax liability for temporary differences associated with equity investments in partnerships was awaiting receipt of Schedules K-1 from outside preparers, which was necessary to determine the 2017 tax impact from these investments; and 4) the Corporation's deferred tax liability for temporary differences related to its qualified pension plan is based upon actuarial reports from the Corporation's third party provider. However, the Corporation was still in the process of determining if a contribution related to the 2017 plan year was going to be made. The Corporation did not make any adjustments to deferred tax assets, representing future deductions for accrued compensation that may be subject to new limitations under Internal Revenue Code Section 162(m) which, generally, limits the annual deduction for certain compensation paid to certain employees to $1.0 million. There was uncertainty in applying the newly-enacted rules to existing contracts, and the Corporation was seeking further clarifications before completing its analysis. The Corporation completed the calculations of the provisional items above with the completion of the 2017 tax returns. The impact of the completed calculations to the re-measurement of the Corporation's net deferred tax asset resulted in an income tax benefit of $300 thousand which the Corporation recorded in 2018. Retained earnings include $6.0 million at December 31, 2018, 2017 and 2016, which was originally generated by Fox Chase Bank (acquired in 2016), for which no provision for federal income tax has been made. This amount represents deductions for bad debt reserves for tax purposes, which were only allowed to savings institutions that met certain criteria prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act of 1996 eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Small Business Job Protection Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Corporation pays a cash dividend in excess of cumulative retained earnings or liquidates. At December 31, 2018 and 2017, the Corporation had no unrecognized tax benefits or accrued interest and penalties recorded. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. Interest and penalties are recorded in noninterest expense in the year they are assessed. For tax purposes, interest is treated as a deductible expense and penalties are treated as a non-deductible expense. The Corporation and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of Pennsylvania and various other state and local jurisdictions. The Corporation and its subsidiaries are generally no longer subject to examination by federal, state and local taxing authorities for years prior to December 31, 2015. Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred state taxes are combined with federal deferred taxes (net of the impact of deferred state tax on the deferred federal tax) and are shown in the table below by major category. The Corporation has a state net operating loss carry-forward of $59.8 million which will begin to expire after 2019 if not utilized. A valuation allowance at December 31, 2018 and 2017 was attributable to deferred tax assets generated in certain state jurisdictions for which management believes it is more likely than not that such deferred tax assets will not be realized. Other than the valuation allowance on certain state deferred tax assets, management has determined that no additional valuation allowance is necessary for deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income. The Corporation will continue to review the criteria related to the recognition of deferred tax assets on a regular basis. The assets and liabilities giving rise to the Corporation’s deferred tax assets and liabilities are as follows:
*Represents the amount of deferred taxes recorded in accumulated other comprehensive income. |
Retirement Plans and Other Postretirement Benefits |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [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 and 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 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan for the years ended December 31, 2018, 2017 and 2016 was $1.4 million, $1.4 million, and $1.2 million, respectively. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP), which was established in 1981 prior to the existence of the 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. Expense recorded by the Corporation for the SNQPP for the years ended December 31, 2018, 2017 and 2016 was $215 thousand, $222 thousand and $52 thousand, respectively. Information with respect to the Retirement Plans and Other Postretirement Benefits follows:
The fair value of pension plan assets exceeded the accumulated benefit obligation at December 31, 2018 and 2017. Components of net periodic benefit cost were as follows:
The components of net periodic benefit cost other than the service cost component are included in other noninterest expense in the consolidated statements of income. In the fourth quarter of 2016, the Corporation offered to vested participants in the pension plan, who were no longer employees, the option of a one-time lump-sum payment in lieu of any future benefits that would have been payable from the plan. As a result, lump-sum payments from the plan were $3.2 million and exceeded the service cost and interest cost for the year triggering a settlement. The settlement was measured as of December 31, 2016 because the majority of lump sum payments occurred during December 2016. The settlement cost was $1.4 million. The amount represents a reclassification of accumulated other comprehensive income to pension expense (included in other noninterest expense in the statement of income) and had no impact on shareholders' equity.
During 2019, the Corporation expects to contribute approximately $157 thousand to the Retirement Plans and approximately $89 thousand to Other Postretirement Benefits. The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:
Weighted-average assumptions used to determine benefit obligations at December 31, 2018 and 2017 were as follows:
The benefit obligation for all plans at December 31, 2018 was based on the RP-2014 mortality table using the projection scale MP-2018 published by the Society of Actuaries. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2018 and 2017 were as follows. The discount rate was determined utilizing the FTSE Pension Discount Curve. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets.
The Corporation's pension plan asset allocation at December 31, 2018 and 2017, by asset category was as follows:
Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 7.0%. Equity securities do not include any common stock of the Corporation. The major categories of assets in the Corporation’s pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 17, “Fair Value Disclosures.”
The following table provides a reconciliation of the beginning and ending balances for measurements in hierarchy Level 3 at December 31, 2018 and 2017:
|
Stock-Based Incentive Plan |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 up to 3,698,974 options and restricted stock to employees and non-employee directors, which includes 330,625 shares as a result of the Corporation's common stock issuance in 2017, 857,191 shares as a result of the completion of the acquisition of Fox Chase in 2016 and 473,483 shares as a result of the completion of the acquisition of Valley Green Bank in 2015. The number of shares of common stock available for issuance under the plan is subject to adjustment, as described in the plan. This includes, in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure affecting the stock, substitution or adjustment shall be made in the aggregate number of shares reserved for issuance under the plan, in the number and option price of shares subject to outstanding options granted under the plan and in the number and price of shares subject to other awards, as described in the plan. The plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years; and for restricted stock awards valued at not less than 100 percent of the fair market value at the date of award grant. The options issued in 2018 become exercisable and vest at 33.3 percent per year for each of the following three years and remain exercisable for a period not exceeding ten years from the date of grant. For the majority of the restricted stock awards, the shares vest based upon the Corporation’s performance with respect to certain financial measures over a three-year period. There were 2,631,983 share awards available for future grants at December 31, 2018 under the plan. At December 31, 2018, there were 597,405 options to purchase common stock and 157,579 unvested restricted stock awards outstanding under the plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan to allow for the issuance of restricted stock units. The following is a summary of the Corporation’s stock option activity and related information for the year ended December 31, 2018:
The following is a summary of nonvested stock options at December 31, 2018 including changes during the year:
The Corporation's estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee turnover. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury strip rate in effect at the time of grant. Expected volatility is based on the historical volatility of the Corporation’s stock over the expected life of the grant. The Corporation uses a straight-line accrual method to recognize stock-based compensation expense over the time-period it expects the options to vest. The Corporation recognizes compensation expense for stock options over the requisite service period based on the grant-date fair value of the awards. The Corporation records forfeitures as they occur. The following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated:
The following is a summary of nonvested restricted stock awards at December 31, 2018 including changes during the year:
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 December 31, 2018 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:
There were no significant modifications or accelerations to options or restricted stock awards during the period 2016 through 2018. The Corporation typically issues shares for stock option exercises and grants of restricted stock awards from its treasury stock. |
Accumulated Other Comprehensive Loss |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table shows the components of accumulated other comprehensive loss, net of tax benefit, for the periods presented:
(1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2018" for additional information. |
Commitments and Contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Lending Operations The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of customers. The Bank offers commercial, mortgage, and consumer credit products to customers in the normal course of business, which are detailed in Note 5. These products result in a diversified credit portfolio and are generally issued to borrowers within the Bank’s market area. Financial instruments with off-balance sheet risk include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated balance sheets. The Corporation's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Collateral is obtained based on management’s credit assessment of the customer. Standby letters of credit and performance letters of credit commit the Bank to make payments on behalf of customers when certain specified future events occur. They are primarily issued to support commercial paper, medium and long-term notes and debentures, including industrial revenue obligations. The approximate term is usually one year but some can be up to five years. Historically, substantially all standby letters of credit expire unfunded. If funded, the majority of the letters of credit carry current market interest rates if converted to loans. Because letters of credit are generally un-assignable by either the Bank or the borrower, they only have value to the Bank and the borrower. The carrying amount is recorded as unamortized deferred fees and the exposure is considered in the reserve for credit risk. At December 31, 2018, the maximum potential amount of future payments under letters of credit is $61.2 million. The current carrying amount of the contingent obligation is $289 thousand. This arrangement has credit risk essentially the same as that involved in extending loans to customers and is subject to the Bank’s normal credit policies. Collateral is obtained based on management’s credit assessment of the customer. The following schedule summarizes the Corporation’s off-balance sheet financial instruments at December 31, 2018:
The Bank maintains a reserve in other liabilities for estimated losses associated with sold mortgages that may be repurchased. At December 31, 2018, the reserve for sold mortgages was $299 thousand. Legal Proceedings 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. Operating Leases At December 31, 2018, the Corporation and its subsidiaries were obligated under non-cancelable leases for various premises. A summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year is as follows:
Service Contracts At December 31, 2018, the Corporation had contracts with third-party providers to manage the Corporation's network operations, data processing and other related services. The projected amount of the Corporation's future minimum payments due for contracts with original or remaining terms greater than one year is as follows:
|
Derivative Instruments and Hedging Activities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. In 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 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 of 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 recorded ineffectiveness in other noninterest income of $83 thousand on the interest rate swap in 2018. At December 31, 2018, approximately $62 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 December 31, 2018. At December 31, 2018, the notional amount of the interest rate swap was $17.1 million, with a positive fair value of $185 thousand. The Corporation has an interest rate swap classified as a fair value hedge with a current notional amount of $1.3 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 $418 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 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 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 December 31, 2018, the Corporation has nineteen variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $122.4 million and remaining maturities ranging from one to 10 years. At December 31, 2018, the fair value of the swaps to the customers was a liability of $72 thousand and $59.6 million of notional amount of the swaps were in paying positions while $62.8 million are in a receiving position to the third-party financial institution. 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 December 31, 2018 and 2017. 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 December 31, 2018 and 2017:
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 December 31, 2018 and 2017:
|
Fair Value Disclosures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Level 2 of the valuation hierarchy includes securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. 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. 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 have not 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 bonds owned by the Corporation are classified as Level 3 as they are not traded in active markets. The fair value of each bond 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 December 31, 2018. 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 $21 thousand at December 31, 2018. 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. 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. The following table presents the assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017, classified using the fair value hierarchy:
*Such financial instruments are recorded at fair value as further described in Note 16, "Derivative Instruments and Hedging Activities." The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for year ended December 31, 2018 and 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 years ended December 31, 2018 and 2017:
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 December 31, 2018 and 2017:
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 December 31, 2018 and 2017. 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 December 31, 2018 and 2017. Loans and leases held for investment: As of December 31, 2018, the fair values for loans and leases held for investment are estimated using discounted cash flow analysis, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers, adjusted as appropriate to consider credit, liquidity and marketability factors to arrive at a fair value that represents the Corporation's exit price at which these instruments would be sold or transferred. As of December 31, 2017, the fair values for loans and leases held for investment were estimated using discounted cash flow analysis, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers and included components for credit risk, operating expense and embedded prepayment options. An overall valuation adjustment was made for specific credit risks in addition to general portfolio risk and is significant to the valuation. Loans and leases are classified within Level 3 in the fair value hierarchy since credit risk is not an observable input. 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 December 31, 2018, impaired loans held for investment had a carrying amount of $26.6 million with a valuation allowance of $1.4 million. At December 31, 2017, impaired loans held for investment had a carrying amount of $28.5 million with a valuation allowance of $131 thousand. The Corporation had no impaired leases at December 31, 2018.The Corporation had impaired leases of $1.3 million with no reserve at December 31, 2017. 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 December 31, 2018 and December 31, 2017, servicing rights had a carrying amount of $6.8 million and $6.6 million, respectively, 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. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill during the fourth quarter of 2018 and determined it was more likely than not that the fair value of the Corporation, including each of the identified reporting units, was more than its carrying amount; therefore, the Corporation did not need to perform the two-step impairment test for the Corporation or the reporting units. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2018. There was no impairment of goodwill or identifiable intangibles recorded. 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 at the lower of the original cost or the current 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 if an agreement of sale does not exist. During 2018, five properties had write-downs totaling $693 thousand, four properties were transferred into OREO with a fair value of $477 thousand and four properties were sold with total proceeds of $490 thousand for a net gain of $67 thousand. At December 31, 2018 and 2017, OREO had a carrying amount of $1.2 million and $1.8 million, respectively. 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 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. |
Restructuring Charges |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Restructuring Charges During January 2018, the Corporation announced the closure of two owned financial centers and one leased financial center and reduced staff associated with these financial centers, resulting in accruing a loss of $571 thousand related to the Banking business segment. These financial centers were closed in April 2018. The remaining accrued restructuring expense at January 1, 2018 of $23 thousand related to 2016 restructuring charges. A roll-forward of the remaining accrued restructuring expense is as follows:
|
Share Repurchase Plan |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Equity [Abstract] | |
Share Repurchase Plan | Share Repurchase Plan On October 23, 2013, the Corporation’s Board of Directors approved a stock repurchase plan for the repurchase of up to 800,000 shares of common stock, 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 in the common 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. During the years ended December 31, 2018, 2017 and 2016, the Corporation repurchased 150,000, 0 and 66,000 shares of common stock at a cost of $3.6 million, $0.0 million and $1.4 million, respectively, under the share repurchase program. Shares available for future repurchases under the plan totaled 864,246 at December 31, 2018. Total shares outstanding at December 31, 2018 were 29,270,852. At December 31, 2018, the aggregate purchases recorded as treasury stock, at cost, on the Corporation's consolidated balance sheet was $45.8 million. The Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means based on general market conditions, the trading price of the Corporation's common stock, tax considerations, alternative uses of capital and the Corporation's results of operation. The share repurchase program does not obligate the Corporation to acquire any particular amount of common stock. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. |
Regulatory Matters |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters The Corporation and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s and the Bank’s financial statements. Capital adequacy guidelines, and additionally for the Bank the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total capital, Tier 1 capital and Tier 1 common capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. In July 2013, the federal bank regulatory agencies adopted final rules revising the agencies’ capital adequacy guidelines and prompt corrective action rules, designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The new minimum capital requirements were effective on January 1, 2015. Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The capital conservation buffer requirements began to be phased in beginning January 1, 2016 and were fully applicable on January 1, 2019. The Corporation adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules, primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a four-year period beginning January 1, 2015. Under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. During 2019, the Corporation and the Bank must hold a capital conservation buffer greater than 2.50% above its minimum risk-based capital requirements in order to avoid limitations on capital distributions. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer which would require Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50% beginning in the first quarter of 2019. The Corporation's and Bank's actual and required capital ratios as of December 31, 2018 and December 31, 2017 under regulatory capital rules were as follows.
At December 31, 2018 and December 31, 2017, management believes that the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. The Corporation, like other bank holding companies, currently is required to maintain Tier 1 Capital and Total Capital equal to at least 6.0% and 8.0%, respectively, of its total risk-weighted assets (including various off-balance-sheet items). The Bank, like other depository institutions, is required to maintain similar capital levels under capital adequacy guidelines. During 2018, the Corporation and the Bank was required to hold a capital conservation buffer comprised of common equity Tier I capital above its minimum risk-based capital requirements in an amount greater than 1.875% of total risk-weighted assets in order to avoid limitations on capital distributions. For a depository institution to be considered “well capitalized” under the regulatory framework for prompt corrective action, Tier 1 and Total Capital ratios must be at least 8.0% and 10.0% on a risk-adjusted basis, respectively. At December 31, 2018, the Bank is categorized as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Bank’s category. The Corporation will continue to analyze the impact of the phase in of the capital conservation buffer as well as the impact on new accounting rules, such as Lease Accounting (ASU No. 2016-02) and CECL (ASU No. 2016-13) on its regulatory capital ratios. During December 2018, the Federal Reserve announced that a banking organization that experiences a reduction in retained earnings due the CECL adoption as of the beginning of the fiscal year in which CECL is adopted may elect to phase in the regulatory capital impact of adopting CECL. Transitional amounts would be calculated for the following items: retained earnings, temporary difference deferred tax assets and credit loss allowances eligible for inclusion in regulatory capital. When calculating regulatory capital ratios, 25% of the transitional amounts are phased in during the first year. An additional 25% of the transitional amounts are phased in over each of the next two years and at the beginning of the fourth year, the day-one effects of CECL are completely reflected in regulatory capital. The election must be made in the first reporting period that CECL is adopted. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Yet to Be Adopted" for additional information. Dividends and Other Restrictions The primary source of the Corporation’s dividends paid to its shareholders is from the earnings of the Bank paid to the Corporation in the form of dividends. The approval of the Federal Reserve Board of Governors is required for a state bank member in the Federal Reserve system to pay dividends if the total of all dividends declared in any calendar year exceeds the Bank’s net profits (as defined) for that year combined with its retained net profits for the preceding two calendar years. Under this formula, the Bank can declare dividends in 2019 without approval of the Federal Reserve Board of Governors of approximately $55.7 million plus an additional amount equal to the Bank’s net profits for 2019 up to the date of any such dividend declaration. Federal Reserve Board policy applicable to the holding company also provides that, as a general matter, a bank holding company should inform the Federal Reserve and should eliminate, defer or significantly reduce the holding company’s dividends if the holding company’s net income for the preceding four quarters, net of dividends paid during the period, is not sufficient to fully fund the dividends, the holding company’s prospective rate of earnings retention is inconsistent with capital needs and overall current and prospective financial condition, or the holding company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Federal Reserve Board policy also provides that a bank holding company should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period or that could result in a material adverse change to the organization’s capital structure. The Federal Reserve Act requires that the extension of credit by the Bank to certain affiliates, including the Corporation (parent), be secured by readily marketable securities, that the extension of credit to any one affiliate be limited to 10% of the Bank’s capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of the Bank’s capital and surplus. |
Related Party Transactions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Corporation has made loans and commitments to extend credit to certain directors and executive officers of the Corporation and companies in which directors have an interest (Related Parties). These loans and commitments have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with customers not related to the lender and did not involve more than the normal risk of collectability or present other unfavorable terms. The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2018:
The following table provides additional information regarding transactions with Related Parties:
|
Segment Reporting |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting At December 31, 2018, 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, consumer and mortgage banking, as well as lease financing. 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 as follows:
The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2018, 2017 and 2016.
*Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Revenue From Contracts with Customers |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)” and subsequent related updates. The Corporation adopted the guidance effective January 1, 2018 using the modified retrospective method though no adjustments were made to retained earnings as a result of the adoption. The Corporation’s revenue is the sum of net interest income and noninterest income. Revenues are recognized when obligations under the terms of contracts with customers are satisfied, including the transfer of control of the promised goods or services to customers, in an amount that reflects the consideration the Corporation expects to be entitled to in exchange for those goods or services. The Corporation provides services to customers which have related performance obligations that are completed to recognize revenue. The Corporation's revenues are generally recognized either immediately upon the completion of the services or over time as the services are performed. Any services performed over time generally require services to be rendered each period and therefore progress in completing these services is measured based upon the passage of time. The following tables disaggregate the Corporation's revenue by major source for the years ended December 31, 2018, 2017 and 2016.
Banking Segment The banking segment provides financial services to consumer and commercial customers 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. Service charges on deposit accounts are generally earned on depository accounts for commercial and consumer customers and primarily includes fees for account services, overdraft and non-sufficient funds services, and cash management services for commercial customers. Account services include fees for event-driven services such as ATM transactions and fees for periodic account maintenance activities. Cash management services for commercial customers include fees for event-driven services such as lockbox processing and line sweep services and fees for periodic account maintenance activities. The Corporation's obligation for event-driven services is satisfied at the time of the event when the service is delivered, while the obligation for periodic services is satisfied over the course of each month. Obligations for overdraft services is satisfied at the time of the overdraft. Other service fee income is earned from commercial and consumer customers and primarily includes credit and debit card interchange and merchant revenues, mortgage servicing income, which is out of scope of the standard, and other deposit related service fee income such as wire transfers, check services and safe deposit boxes. Interchange and merchant revenues are recognized concurrently with the delivery of services on a monthly basis. Other deposit related service fee income include fees for event-driven services, such as wire transfers and check services, and fees for periodic services such as safe deposit box services. The obligation for event-driven services is satisfied at the time of the event when the service is delivered, while the obligation for periodic services is satisfied over the course of each month. Other income primarily includes net gains or losses from the sales of loans and leases, net gains or losses from the sales or disposition of fixed assets and net gains or losses on interest rate swaps, all of which are out of scope of the standard, and net gains or losses on sales and write-downs of other real estate owned. Net gains or losses on sales of other real estate owned are recognized at the point in time in which control of the other real estate owned is transferred. Wealth Management Segment 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. Trust fee income is earned for providing trust, investment management and other related services. Obligations for trust and other related services are generally satisfied over time but may be satisfied at points in time for certain activities that are transactional in nature and obligations for investment management services are generally performed over time. Fees for trust fee income are typically based on a tiered scale relative to the market value of assets under management and are recognized in conjunction with the delivery of services. Investment advisory commission and fee income include fees for financial planning, guardian and custodian of employee benefits, investment advisory, and brokerage services. Obligations for financial planning, guardian and custodian of employee benefits, and investment advisory services are generally satisfied over time and fees, typically based on a tiered scale relative to the market value of assets under management, are recognized in conjunction with the delivery of services. Brokerage services are typically event driven and are based on the size and number of transactions executed at the client’s direction and recognized on the trade date. Insurance Segment 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 payroll and human resources consulting. Insurance commission and fee income is derived primarily from commissions from the sale of insurance policies, which are generally calculated as a percentage of the policy premium, and contingent income, which is calculated based on the performance of the policies held by each carrier. Obligations for the sale of insurance policies are generally satisfied at the point in time which the policy is executed and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Obligations for contingent income are generally satisfied over time and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Other service fee income is earned from payroll and human resources consulting services. These obligations are generally satisfied over time and are recognized on a periodic basis. |
Condensed Financial Information - Parent Company Only |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information - Parent Company Only | Condensed Financial Information - Parent Company Only Condensed financial statements of the Corporation, parent company only, follow:
|
Quarterly Financial Data (unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data | Quarterly Financial Data (Unaudited) The unaudited results of operations for the quarters for the years ended December 31, 2018 and 2017 were as follows:
The financial results for the fourth quarter of 2018 included a loan recovery of $1.8 million (after-tax recovery of $1.5 million) which represented $0.05 diluted earnings per share. This recovery related to a loan the Corporation previously charged-off in the amount of $12.7 million (after-tax charge of $10.1 million), or $0.34 diluted earnings per share, in the second quarter of 2018.
The financial results for the fourth quarter of 2017 included a revaluation of the Corporation's net deferred tax asset associated with the passage of the TCJA. The revaluation, which was recorded as additional income tax expense, was $1.1 million, or $0.04 diluted earnings per share. |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Organization | Organization Effective January 1, 2019, Univest Corporation of Pennsylvania changed its name to Univest Financial Corporation (the Corporation). The Corporation through its wholly owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. Effective January 1, 2019, the Bank's wholly-owned subsidiary, Delview, Inc. was dissolved, with its wholly owned subsidiaries, transferring to the Bank upon dissolution. The Bank is the parent company of Girard Investment Services, LLC (formerly Univest Investments, Inc.), a full-service registered broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC (formerly Girard Partners Ltd.), a registered investment advisory firm and Girard Pension Services, LLC (formerly TCG Investment Advisory, Inc.), a registered investment advisor, which provides investment consulting and management services to municipal entities. Effective January 1, 2019, the Bank's wealth management division was re-branded under the Girard name with the aforementioned name changes of several subsidiaries. The Bank is also the parent company of Univest Insurance, LLC, an independent insurance agency and Univest Capital, Inc., an equipment financing business. The Bank's subsidiaries serve to enhance the traditional banking services provided by the Bank. At December 31, 2018, 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. For more detailed discussion and financial information on the business segments, see Note 22, “Segment Reporting.” The Bank serves Bucks, Berks, Chester, Delaware, Lancaster, Lehigh, Montgomery, Northampton and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey through thirty-nine banking offices and provides banking services to the residents and employees of fourteen retirement communities. |
||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries, including the Bank as the Corporation’s primary subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. |
||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (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, reserve for loan and lease losses and purchase accounting |
||||||||||||||||||||||||||||||||||||
Interest-earning Deposits with Other Banks | Interest-earning Deposits with Other Banks Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. At times, such balances exceed the FDIC limits for insurance coverage. |
||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2018 or 2017. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities. Due to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. 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, creditworthiness of the issuer and the credit rating of each security. Unrealized losses on the Corporation’s investments in debt securities that are deemed temporary in nature are recognized in other comprehensive income, net of tax. Should it be determined that a security is impacted by deteriorating credit or if it is expected the value will not recover during the expected holding period, the credit portion of the loss is recognized in earnings. 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 evaluates its equity securities for impairment. |
||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values | Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values At December 31, 2018 and 2017, the Bank held $14.6 million, respectively, in Federal Reserve Bank stock as required by the Federal Reserve Bank. The Bank is a member of the FHLB, and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held FHLB stock of $13.6 million and $12.5 million at December 31, 2018 and 2017, respectively. Because ownership is restricted, the fair values of these investments are not readily determinable. As such, these investments are recorded at cost and evaluated for other-than-temporary impairment. The Corporation determined there was no other-than-temporary impairment of its investments in these stocks at December 31, 2018 or 2017. |
||||||||||||||||||||||||||||||||||||
Loans Held For Sale | Loans Held for Sale The Corporation originates mortgage loans for investment and for sale. At origination, a mortgage loan is identified as either for sale or for investment. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Net unrealized losses are recognized by charges to non-interest income. Cash payments and cash receipts resulting from acquisitions and sales of loans are classified as operating cash flows if those loans are acquired specifically for resale. Cash receipts resulting from sales of loans that were not specifically acquired for resale are classified as investing cash inflows regardless of a change in the purpose for holding those loans. |
||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases Loans and leases are stated at the principal amount, net of deferred fees and costs and unearned discounts. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease, including a loan or lease that is impaired, is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the deferred fees and costs is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement or when a loan or lease is classified as a troubled debt restructuring. Interest on impaired loans and leases, which are not classified as nonaccrual, is recognized on the accrual basis. |
||||||||||||||||||||||||||||||||||||
Acquired Loans | Acquired Loans Acquired loan portfolios are initially recorded at the acquisition date fair value. The fair value is based on guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs are utilized to value the portfolio and include the use of present value techniques employing cash flow estimates and incorporate assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information is not available, the Corporation uses assumptions in an effort to determine reasonable fair value. Specifically, management utilizes three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used are: 1) interest rate loan fair value analysis; 2) general credit fair value analysis; and 3) specific credit fair value analysis. There is no carryover related allowance for loan losses. For loans acquired without evidence of credit quality deterioration, the fair value adjustments to reflect the fair value of the loans and the fair value adjustments to reflect the general credit risk of the loan portfolio are substantially recognized as interest income on a level yield amortization method based upon the expected life of the loan. Subsequent to the acquisition, the Corporation records a provision for loan losses 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. For loans acquired with evidence of credit quality deterioration, the Corporation prepares a specific credit fair value adjustment. Management reviews the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition are reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value results in an accretable yield amount. The accretable discount amount is recognized over the life of the loans on a level yield basis as an adjustment to yield. Any disposals of loans, including sales of loans, payments in full or foreclosures result in the derecognition of the loan at its carrying value with differences in actual results reflected in interest income. 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 losses, resulting in an increase to the allowance. |
||||||||||||||||||||||||||||||||||||
Loan and Lease Fees | Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. |
||||||||||||||||||||||||||||||||||||
Reserve for Loan and Lease Losses | Reserve for Loan and Lease Losses The reserve for loan and lease losses is maintained at a level representing management's best estimate of known risks and inherent losses in the portfolio, based upon management's evaluation of the portfolio's collectability. Management evaluates the need to establish reserves against losses on loans and leases on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. The reserve for loan and lease losses is adjusted through provisions for loan and lease losses charged against or credited to income. Loans deemed to be uncollectible are charged against the reserve for loan and lease losses, and any subsequent recoveries are credited to the reserve. Reserve Required for Impaired Loans and Leases A loan or lease is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect future payments of principal or interest as contractually due. The Bank applies its normal loan review procedures in determining if a loan is impaired, which includes reviewing the collectability of delinquent and internally classified loans on a regular basis and at least quarterly. In determining the likelihood of collecting principal and interest, the Bank considers all available and relevant information, including the borrower's actual and projected cash flows, balance sheet strength, liquidity and overall financial position. Additionally, all loans classified as troubled debt restructurings are considered impaired. When a loan is classified as impaired, an impairment analysis is performed within the quarter in which a loan is identified as impaired to determine if a valuation allowance is needed. The Bank re-examines each impaired loan on a quarterly basis to determine if any adjustment to the valuation allowance or net carrying amount of a loan is required. The Bank recognizes charge-offs associated with impaired loans when all or a portion of a loan is considered to be uncollectible. In measuring impairment, the Bank determines whether or not the loan is collateral dependent. A loan is collateral dependent if repayment is expected to be provided solely by the underlying collateral, which includes repayment from the proceeds from the sale of the collateral, cash flows from the continued operation of the collateral, or both, and there are no other available and reliable repayment sources. To determine the initial amount of impairment for a collateral dependent loan, the Bank utilizes a recent appraisal, an agreement of sale or a letter of intent. If the fair value of the underlying collateral, less costs to sell, is less than the loan's carrying amount, the Bank adds a provision to the reserve for loan and lease losses in the amount of the difference between fair value, less costs to sell, and the loan or lease's carrying amount. In subsequent periods, the Bank takes into consideration current facts and circumstances in analyzing whether the fair value of the collateral has increased or decreased significantly such that a change to the corresponding valuation allowance is required. If current facts and circumstances are insufficient to determine fair value, the Bank obtains a new appraisal. For loans that are not collateral dependent, the Bank establishes a specific reserve on impaired loans based on management's estimate of the discounted cash flows the Bank expects to receive from the borrower. Factors considered in evaluating such cash flows include: (1) the strength of the customer's personal or business cash flows and personal guarantees; (2) the borrower's effort to cure the delinquency; (3) the availability of other sources of repayment; (4) the type and value of collateral, if applicable; and (5) the strength of our collateral position, if applicable. General Reserve on the Remainder of the Portfolio The Bank establishes a general reserve for loans and leases that are not considered impaired to recognize the inherent losses associated with lending activities. This general reserve is determined by segmenting the loan portfolio and assigning reserve factors to each category. The reserve factors are calculated using the Bank's historical losses and loss emergence periods, and are adjusted for significant factors that, in management's judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors include:
The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded in categories with historical loss experience. |
||||||||||||||||||||||||||||||||||||
Premises and Equipment | Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets or, for leasehold improvements, over the expected life of the related lease if less than the estimated useful life of the asset. The estimated useful life for new buildings constructed on land owned is forty years. For new buildings constructed on leased land or land improvements, the estimated useful life is the initial term including anticipated renewable terms, typically not exceeding twenty-five years. The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Furniture, fixtures and equipment have estimated useful lives ranging from three to ten years. |
||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized using the sum of the year’s digits over their estimated useful lives of up to fifteen years. Customer related intangibles are amortized over their estimated useful lives of five to twelve years. The Corporation completes a goodwill analysis at least on an annual basis or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other intangible assets on an annual basis or more often if events and circumstances indicate a possible impairment. Mortgage servicing rights are recognized as separate assets when loans are sold and the servicing rights are retained. Capitalized mortgage servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income 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 evaluated for impairment, on a quarterly basis, based upon the fair value of the servicing rights as compared to amortized cost. 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 current interest rates of the portfolios serviced. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the unamortized capitalized amoun |
||||||||||||||||||||||||||||||||||||
Bank Owned Life Insurance | Bank Owned Life Insurance The Corporation has invested in bank-owned life insurance (BOLI). BOLI involves the purchasing of life insurance by the Corporation for certain employees. The Corporation is the owner and beneficiary of the policies, however certain policies include split-dollar endorsements. Under these endorsements, beneficiaries of the insured individuals are entitled to a portion of the proceeds from the policy upon death of the insured. The life insurance investment is carried at the net cash surrender value of the underlying policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank owned life insurance are reflected in the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement/termination period. |
||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | Other Real Estate Owned Other real estate owned (OREO) represents properties acquired through customers’ loan defaults and is included in other assets. The real estate is originally stated at an amount equal to the fair value of the property, less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. The amount, if any, by which the carrying amount of the loan plus recorded accrued interest (the recorded loan amount) exceeds the fair value less cost to sell of the OREO, is charged against the reserve for loan and lease losses at the time of foreclosure or repossession. If the fair value less cost to sell of the OREO asset when taken into possession is greater than the recorded loan amount, the excess is first applied as a recovery against any prior charge-offs of the loan and any remaining gain is recorded as other noninterest income. Subsequently, OREO is reported at the lower of the original cost or the current fair value less cost to sell. Subsequent write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. 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. Overages and subsequent carrying costs are expensed as incurred. |
||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying transaction is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings immediately. To determine fair value, the Corporation uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. 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. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. 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. The change in fair value of the ineffective part of the instrument would be charged to earnings, potentially causing material fluctuations in reported earnings in the period of the change relative to comparable periods. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Corporation’s consolidated balance sheet with the corresponding gain or loss being recognized in the consolidated statement of income. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in net interest income in the consolidated statement of income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative 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. 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. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle each derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. |
||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management’s judgment based upon available evidence that future taxes are “more likely than not” to be realized. If management determines that the Corporation is not more likely than not to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a nondeductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. |
||||||||||||||||||||||||||||||||||||
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. Effective December 31, 2009, the benefits previously accrued under the noncontributory retirement plan were frozen and the plan was amended and converted to a cash balance plan, with participants not losing any pension benefits already earned in the plan. Prior to the cash balance plan conversion effective December 31, 2009, the plan provided benefits based on a formula of each participant’s final average pay. Future benefits under the cash balance plan accrue by crediting participants annually with an amount equal to a percentage of earnings in that year based on years of credited service as defined in the 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 and all current participants are now retired. The Corporation provides certain postretirement healthcare and life insurance benefits for retired employees. The Corporation’s measurement date for plan assets and obligation is fiscal year-end. The Corporation recognizes on its consolidated balance sheet the funded status of its defined pension plans and changes in the funded status of the plan in the year in which the changes occur. An under-funded position would create a liability and an over-funded position would create an asset, with a correlating deferred tax asset or liability. The net impact would be an adjustment to equity as accumulated other comprehensive income (loss). The Corporation recognizes as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation make matching contributions as defined by the plan. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP) which was established in 1981 prior to the existence of 401(k) deferred salary savings, employee stock purchase and long-term incentive plans and therefore is not offered to new participants. All current participants are now retired. These non-qualified plans are accounted for under guidance for deferred compensation arrangements. |
||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The fair value of share based awards is recognized as compensation expense over the vesting period based on the grant-date fair value of the awards. The Corporation uses the Black-Scholes Model to estimate the fair value of each option on the date of grant. The Black-Scholes Model estimates the fair value of employee stock options using a pricing model which takes into consideration the exercise price of the option, the expected life of the option, the current market price and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Corporation grants stock options to employees with an exercise price equal to the fair value of the shares at the date of grant. The Corporation grants both fixed and variable (performance-based) restricted stock. The performance-based restricted stock awards vest based upon the Corporation’s performance with respect to certain financial measures over a three-year period. The fair value of fixed restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. The fair value of the performance-based restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period adjusted for a probability factor of achieving the performance goals. |
||||||||||||||||||||||||||||||||||||
Dividend Reinvestment and Employee Stock Purchase Plans | Dividend Reinvestment and Employee Stock Purchase Plans The Univest Dividend Reinvestment Plan allows for the issuance of 1,968,750 shares of common stock. During 2018 and 2017, 57,838 and 60,602 shares, respectively, were issued under the dividend reinvestment plan, with 259,445 shares available for future purchase at December 31, 2018. The 1996 Employee Stock Purchase Plan allows for the issuance of 984,375 shares of common stock. Employees may elect to make contributions to the plan in an aggregate amount not less than 2% or more than 10% of such employee’s total compensation. These contributions are then used to purchase stock during an offering period determined by the Corporation’s Employee Stock Purchase Plan Committee. The purchase price of the stock is 90% of the closing sale price on the last trading day of each quarter. Compensation expense is recognized as the discount is greater than 5% of the fair value. During 2018 and 2017, 26,628 and 22,092 shares, respectively, were issued under the employee stock purchase plan, with 628,545 shares available for future purchase at December 31, 2018. |
||||||||||||||||||||||||||||||||||||
Marketing and Advertising Costs | Marketing and Advertising Costs The Corporation’s accounting policy is to expense marketing and advertising costs as incurred. |
||||||||||||||||||||||||||||||||||||
Statement of Cash Flows | Statement of Cash Flows The Corporation has defined those items included in the caption “Cash and due from banks” and "Interest-earning deposits with other banks" as cash and cash equivalents. |
||||||||||||||||||||||||||||||||||||
Trust Assets | Assets under Management Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. |
||||||||||||||||||||||||||||||||||||
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. Diluted earnings per share reflect additional common shares that would have been outstanding if options on common shares had been exercised, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Corporation relate solely to outstanding stock options, and are determined using the treasury stock method. |
||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2018 In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-02, "Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This ASU clarifies the accounting treatment of the reclassification of certain income tax effects within accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act. The Corporation elected to early adopt this guidance effective January 1, 2018 for all stranded tax effects resulting from tax reform and reclassified stranded tax effects, totaling $3.9 million from accumulated other comprehensive income to retained earnings. The Corporation's policy for releasing income tax effects from accumulated other comprehensive income is to release such effects on an individual basis as each item is liquidated, sold or extinguished. See Note 14, "Accumulated Other Comprehensive (Loss) Income" for additional detail. In March 2017, the FASB issued ASU No. 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." 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 Corporation adopted this guidance effective January 1, 2018 with retrospective application for prior period presentation. Effective January 1, 2018, components of net benefit income other than the service cost component are presented in the Corporation's statement of income in other noninterest expense rather than in salaries, benefits and commission expense. Prior period components of net benefit income other than the service cost component were reclassed to other noninterest expense in the Corporation's statement of income. 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 requires equity investments to be measured at fair value with changes in fair value recognized in net income. At December 31, 2017, the Corporation had financial services equity securities with a carrying value of $1.1 million which included an unrealized net gain of $666 thousand. At December 31, 2017, $433 thousand was recorded in accumulated other comprehensive income which represented the unrealized net gain, net of incomes taxes, based on the Corporation's statutory tax rate at December 31, 2017. In addition, at December 31, 2017, the Corporation had money market mutual funds with a fair value and amortized cost of $6.0 million which were reclassified to equity securities under this guidance. The Corporation adopted this guidance effective January 1, 2018 with a cumulative-effect adjustment to the balance sheet as of January 1, 2018. The balance in accumulated other comprehensive income of $433 thousand was reclassified to retained earnings effective January 1, 2018. The carrying value of the equity securities, at January 1, 2018, did not change; however, any future increases or decreases in fair value is recorded as an increase or decrease to the carrying value and recognized in other noninterest income. During the year ended December 31, 2018, the Corporation recognized a $153 thousand net loss on equity securities in other noninterest income. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)” and subsequent related updates. The Corporation adopted the guidance effective January 1, 2018 using the modified retrospective method though no adjustments were made to retained earnings as a result of the adoption. The Corporation provided expanded disclosures related to recognition of revenue from contracts with customers. See Note 23, "Revenue from Contracts with Customers." Recent Accounting Pronouncements Yet to Be Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" and subsequent related updates to revise the accounting for leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases based on the present value of future lease payments. Lessor accounting activities are largely unchanged from existing lease accounting. 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. Early adoption is permitted. This new guidance is effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019 for the Corporation. The Corporation will adopt this new guidance effective January 1, 2019, retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings at January 1, 2019. The Corporation expects to elect the package of practical expedients permitted under the transition guidance which among other things, allows carry forward of the historical lease classification. All leases in which the Corporation is the lessee are classified as operating leases and continue to be classified as such. The Corporation continues to separately account for lease and non-lease components as historically reported and expects to elect the hindsight practical expedient to determine the lease term for existing leases. The Corporation has implemented a third party lease accounting system to assist with the measurement of lease liabilities and related right-of-use assets, the post-implementation administration aspect of lease accounting, and the preparation of applicable disclosures related to the new guidance. The Corporation has identified and reviewed the lease contracts applicable to the new guidance that will impact the financial statements at the transition date. The Corporation expects to record approximately $40.0 million of operating lease liabilities and $37.0 million of related right-of-use assets at January 1, 2019. Additionally, existing deferred rent liability of approximately $1.0 million will be released through retained earnings effective January 1, 2019. The Corporation expects to record a cumulative effect adjustment to retained earnings of approximately $1.5 million, net of tax, at January 1, 2019, representing the difference between the value of the Corporation’s lease liabilities and related right-of-use assets, offset by the release of existing deferred rent liability. These estimates, based on our active lease portfolio, may change as the Corporation finalizes the implementation process, or due to changes in the lease portfolio, which could include changes in lease commencement dates or changes to renewal options and lease termination expectations. The initial and continued impact of the recording of operating lease assets will have a negative impact on all Corporation and Bank regulatory capital ratios. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" and subsequent related updates. The amendments in this update expand and refine hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The ASU amends the presentation and disclosure requirements and changes how entities assess effectiveness. The ASU eliminates the requirement to separately measure and report hedge ineffectiveness and requires all items that affect earnings be presented in the same income statement line as the hedged items. The amendments in this guidance permit the use of the Overnight Index Swap rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes to facilitate the LIBOR to SOFR transition. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years for public business entities, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. The amended presentation and disclosure guidance is required only prospectively. The Corporation will adopt this guidance on a modified retrospective basis through a cumulative-effect adjustment to retained earnings effective January 1, 2019. For the years ended December 31, 2018 and 2017, the Corporation recorded income of $83 thousand and $0 thousand, respectively, related to ineffectiveness for a cash flow hedge, which will be reclassified from retaining earnings in the amount of $66 thousand, net of tax, to accumulated other comprehensive income, effective January 1, 2019. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date rather than the maturity of the security. Securities within the scope of this guidance are those that have explicit, non-contingent call features that are callable at fixed prices and on preset dates. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. This ASU is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. At December 31, 2018, the Corporation had $11.3 million of callable debt securities. Upon implementation, using the modified retrospective basis effective January 1, 2019, the Corporation expects to record a cumulative-effect adjustment resulting in a reduction in the unamortized premium balance for certain callable debt securities of approximately $50 thousand and a reduction in retained earnings of approximately $40 thousand, net of tax, for the incremental amortization. The Corporation does not expect 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 reserve for loan and lease losses will increase upon adoption of CECL and that the increased reserve level will decrease shareholders' equity and regulatory capital and ratios. 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 August 2018, the FASB issued ASU No. 2018-14, "Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. Disclosures removed by this ASU include the following: 1) amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year; 2) amount and timing of plan assets expected to be returned to the employer; and 3) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. Additional disclosures required by this ASU include: 1) the weighted-average interest crediting rates used in an entity's cash balance pension plans and other similar plans and 2) explanations for reasons for significant changes in the benefit obligation or plan assets. All amendments should be applied retrospectively. This ASU is effective for fiscal years ending after December 15, 2020 or December 31, 2020 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statement disclosures but will result in revised disclosures for retirement plans and other postretirement benefits. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement." This ASU applies to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. Disclosures removed by this ASU are the amount and reasons for transfers between Level 1 and Level 2, the policy for timing of transfers between levels and the valuation processes for Level 3 measurements. This ASU modifies disclosures relating to investments in certain entities that calculate net asset value. Additional disclosures required by this ASU include: 1) change in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and 2) range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The prospective method of transition is required for the new disclosure requirements. The other amendments should be applied retrospectively. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years or January 1, 2020 for the Corporation. Early adoption is permitted. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements but will result in revised disclosures for fair value. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | In connection with preparing the consolidated financial statements for December 31, 2018, the statement of cash flows as originally presented for December 31, 2017 has been revised as a result of incorrect amounts in the “Originations of loans held for sale” and “Proceeds from the sale of loans held sale” line items within the “Net cash provided by operating activities” section of the consolidated statement of cash flows. The Corporation will present these revised amounts for each of the affected periods, including in the Form 10-Q for March 31, 2017, the Form 10-Q for June 30, 2017, the Form 10-Q for September 30, 2017, the Form 10-Q for March 31, 2018, the Form 10-Q for June 30, 2018, and the Form 10-Q for September 30, 2018, in any future filings where the applicable information is presented on a comparative basis. The following table outlines the impact of the corrections to the consolidated statement of cash flows for each of the affected periods.
|
Earnings per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share:
|
Investment Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017, by contractual maturity within each type:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2018, 2017 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position at December 31, 2018 and 2017 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 and are not an other-than-temporary impairment of the securities. 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 investments before a recovery of carrying value.
At December 31, 2018, gross unrealized losses for securities available-for-sale in an unrealized loss position for twelve months or longer, totaled $14.2 million. Four federal agency bonds, twenty-eight investment grade corporate bonds, 121 federal agency residential mortgage securities, nineteen investment grade municipal bonds and one collateralized mortgage obligation bond had respective unrealized loss positions of $96 thousand, $9.1 million, $4.7 million, $164 thousand and $78 thousand, respectively. The fair value of these 173 securities fluctuate with changes in market conditions which for these underlying securities is primarily due to changes in the interest rate environment. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. Upon review of the attributes of the individual securities, the Corporation concluded these securities were not other-than-temporarily impaired. The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the years ended December 31, 2018, 2017 and 2016. In conjunction with the adoption of ASU 2016-01, the Corporation recognized a $153 thousand net loss on equity securities during the year ended December 31, 2018 in other noninterest income and the net unrealized loss on equity securities held at December 31, 2018 was $153 thousand. See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2018" for additional information. |
Loans and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Major Loan and Lease Categories |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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 December 31, 2018 and 2017. The impaired loans exclude acquired credit impaired loans.
The outstanding principal balance and carrying amount for acquired credit impaired loans at December 31, 2018 and 2017 were as follows:
The following table presents the changes in accretable yield on acquired credit impaired loans:
The following is a summary of the acquired impaired loans at July 1, 2016 resulting from the acquisition with Fox Chase:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | At December 31, 2018 and 2017, the schedule of minimum lease payments receivable is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-Performing Loans and Leases | The following presents, by class of loans and leases, nonperforming loans and leases at December 31, 2018 and 2017. Nonperforming loans exclude acquired credit impaired loans from Fox Chase and Valley Green.
* Includes nonaccrual troubled debt restructured loans and lease modifications of $1.3 million and $2.5 million at December 31, 2018 and December 31, 2017, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Credit Quality Indicators |
The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2018 and 2017. 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. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency (60 days or more past due) and revolving stagnancy. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships exceeding $15 million or classified as special mention or substandard are reviewed at least quarterly, or more frequently based on management’s discretion.
Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity in the Reserve for Loan and Lease Losses | The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses for the years ended December 31, 2018, 2017 and 2016:
N/A – Not applicable Charge-offs for the year ended December 31, 2018 included a charge-off of $12.7 million during the second quarter of 2018 for a commercial loan relationship related to fraudulent activities by employees of the borrower. The Bank owned a participating interest which originally totaled $13.0 million in an approximately $80.0 million commercial lending facility. The charge-off represented the entire principal amount owed to the Bank. During the fourth quarter of 2018, the Bank recovered $1.8 million from this previously charged-off loan. Total net charge-off for this loan for the year ended December 31, 2018 was $10.9 million. The following presents, by portfolio segment, 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 at December 31, 2018 and 2017:
N/A – Not applicable |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 an accruing troubled debt restructured loan or 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructured Loans |
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 December 31, 2018 and 2017:
The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing and Nonaccrual Troubled Debt Restructured Loans with Payment Defaults | There were no loans for which there were payment defaults within twelve months of the restructuring date during the years ended December 31, 2018 and 2017. |
Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Premises and Equipment | The following table reflects the components of premises and equipment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rent Expense | The following table summarizes rental expense charged to operations for the periods indicated:
|
Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2018 and 2017 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer-related intangibles for each of the five succeeding fiscal years and thereafter follows:
The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Mortgage Servicing Rights | Changes in the servicing rights balance are summarized as follows:
|
Accrued Interest Receivable and Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Accrued Interest Receivable and Other Assets | The following table provides the details of accrued interest receivable and other assets:
|
Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Maturities Of Time Deposits [Table Text Block] | At December 31, 2018, the scheduled maturities of time deposits are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Weighted Average Interest Rate and Balance of Deposits [Table Text Block] | Deposits and their respective weighted average interest rate at December 31, 2018 and 2017 consist of the following:
|
Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Other Long-term Borrowings | Long-term debt under security repurchase agreements with large commercial banks mature as follows:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Federal and State Income Taxes | The provision for federal and state income taxes included in the accompanying consolidated statements of income consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Provision Differences from Expected Statutory Provision | The provision for income taxes differs from the expected statutory provision as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Deferred Tax Assets and Liabilities | The assets and liabilities giving rise to the Corporation’s deferred tax assets and liabilities are as follows:
*Represents the amount of deferred taxes recorded in accumulated other comprehensive income. |
Retirement Plans and Other Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Retirement Plans and Other Postretirement Benefits | Information with respect to the Retirement Plans and Other Postretirement Benefits follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Amortization Expense |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Benefit Payments Expected to be Paid | The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31, 2018 and 2017 were as follows:
The benefit obligation for all plans at December 31, 2018 was based on the RP-2014 mortality table using the projection scale MP-2018 published by the Society of Actuaries. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2018 and 2017 were as follows. The discount rate was determined utilizing the FTSE Pension Discount Curve. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Corporation's Pension Plan Asset Allocation | The Corporation's pension plan asset allocation at December 31, 2018 and 2017, by asset category was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Categories of Assets in Corporation's Pension Plan | The major categories of assets in the Corporation’s pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 17, “Fair Value Disclosures.”
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances for Measurements in Hierarchy Level 3 | The following table provides a reconciliation of the beginning and ending balances for measurements in hierarchy Level 3 at December 31, 2018 and 2017:
|
Stock-Based Incentive Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 year ended December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at December 31, 2018 including changes during the year:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregated Assumptions Used to Estimate Fair Value of Options Granted | he following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonvested Restricted Stock Awards | ollowing is a summary of nonvested restricted stock awards at December 31, 2018 including changes during the year:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 is presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive loss, net of tax benefit, for the periods presented:
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Off-balance Sheet Financial Instruments | Standby letters of credit and performance letters of credit commit the Bank to make payments on behalf of customers when certain spe |
||||||||||||||||||||||||||||||||||||||||||||
Summary of Future Minimum Rental Commitments Under Non-cancelable Operating Leases Net of Related Sublease Revenue | t December 31, 2018, the Corporation and its subsidiaries were obligated under non-cancelable leases for various premises. A summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||
Summary of Future Minimum Contractual Payments With Third-Party Providers | At December 31, 2018, the Corporation had contracts with third-party providers to manage the Corporation's network operations, data processing and other related services. The projected amount of the Corporation's future minimum payments due for contracts with original or remaining terms greater than one year is as follows:
|
Derivative Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017. 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income for Derivatives Not Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017:
|
Fair Value Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017, classified using the fair value hierarchy:
*Such financial instruments are recorded at fair value as further described in Note 16, "Derivative Instruments and Hedging Activities." |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for year ended December 31, 2018 and 2017.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for year ended December 31, 2018 and 2017.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on Non-Recurring Basis | The following table represents assets measured at fair value on a non-recurring basis at December 31, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2018 and 2017. The disclosed fair values are classified using the fair value hierarchy.
|
Restructuring Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roll Forward of Accrued Restructuring Expense | A roll-forward of the remaining accrued restructuring expense is as follows:
|
Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total capital, Tier 1 capital and Tier 1 common capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. In July 2013, the federal bank regulatory agencies adopted final rules revising the agencies’ capital adequacy guidelines and prompt corrective action rules, designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The new minimum capital requirements were effective on January 1, 2015. Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The capital conservation buffer requirements began to be phased in beginning January 1, 2016 and were fully applicable on January 1, 2019. The Corporation adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules, primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a four-year period beginning January 1, 2015. Under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. During 2019, the Corporation and the Bank must hold a capital conservation buffer greater than 2.50% above its minimum risk-based capital requirements in order to avoid limitations on capital distributions. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer which would require Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50% beginning in the first quarter of 2019. The Corporation's and Bank's actual and required capital ratios as of December 31, 2018 and December 31, 2017 under regulatory capital rules were as follows.
|
Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||
Summary of Activity for Loans to Related Parties | The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2018:
|
||||||||||||||||||||||||||||
Summary of Transactions with Related Parties | The following table provides additional information regarding transactions with Related Parties:
|
Segment Reporting Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting | The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2018, 2017 and 2016.
*Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Revenue From Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated |
|
Condensed Financial Information - Parent Company Only (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | Condensed financial statements of the Corporation, parent company only, follow:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement |
|
Quarterly Financial Data (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Data | The unaudited results of operations for the quarters for the years ended December 31, 2018 and 2017 were as follows:
|
Summary of Significant Accounting Policies - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
segment
community
Office
shares
|
Dec. 31, 2017
USD ($)
shares
|
|
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reportable segments (in segments) | segment | 3 | ||
Number of banking offices (in offices) | Office | 39 | ||
Number of retirement communities with banking and trust services (in communities) | community | 14 | ||
Federal Reserve Bank stock | $ 14,600,000 | $ 14,600,000 | |
FHLB Stock | 13,600,000 | 12,500,000 | |
Other-than-temporary impairment of equity securities | $ 0 | $ 0 | |
Number of days loan or lease past due for nonaccrual of interest status | 90 days | ||
Maximum stock issuable under Univest Dividend Reinvestment Plan | shares | 1,968,750 | ||
Stock issued under Univest dividend reinvestment plan | shares | 57,838 | 60,602 | |
Shares available for future purchase under Univest dividend reinvestment plan | shares | 259,445 | ||
Maximum stock issuable under employees stock purchase plan | shares | 3,698,974 | ||
Reclassification of accumulated other comprehensive income to retained earnings | $ (3,900,000) | ||
Investments in equity securities | $ 7,061,000 | ||
Investment securities available-for-sale | $ 328,507,000 | $ 391,457,000 | |
Nineteen Ninety Six Employee Stock Purchase Plan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Maximum stock issuable under employees stock purchase plan | shares | 984,375 | ||
Minimum employees contributions to the purchase plan | 2.00% | ||
Maximum employees contributions to the purchase plan | 10.00% | ||
Employee Stock Purchase Plan, Percentage of Purchase Price of Stock Based on closing price on Last Trading Day of Each Quarter End | 90.00% | ||
Maximum discount from fair value to recognize compensation expense for employee stock purchase plan | 5.00% | ||
Stock issued under employee stock purchase plans | shares | 26,628 | 22,092 | |
Shares available for future purchase under employee stock purchase plans | shares | 628,545 | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period Optioned Shares Begin To Become Exercisable | 3 years | ||
Minimum [Member] | Customer Related [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 5 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period Optioned Shares Begin To Become Exercisable | 10 years | ||
Maximum [Member] | Core Deposits and Other Intangible Assets [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 15 years | ||
Maximum [Member] | Customer Related [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangibles and other identified intangibles with finite useful lives | 12 years | ||
Building [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 40 years | ||
Owned Building on Leased Land or Land Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Description | new buildings constructed on leased land or land improvements, the estimated useful life is the initial term including anticipated renewable terms, typically not exceeding twenty-five years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 10 years | ||
Restricted Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period Optioned Shares Begin To Become Exercisable | 3 years | ||
Callable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Investment securities available-for-sale | $ 11,300,000 | ||
Equity Securities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Investments in equity securities | $ 1,100,000 | ||
Equity securities available-for-sale, unrealized net gain | 666,000 | ||
Available-For-Sale Securities, Accumulated Net Gain Net Of Taxes | 433,000 | ||
Money Market Mutual Funds [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Investments in equity securities | 5,985,000 | ||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease, liability | $ 40,000,000 | ||
Operating lease, right-of-use asset | 37,000,000 | ||
Deferred rent liability | 1,000,000 | ||
Accounting Standards Update 2017-08 [Member] | Scenario, Forecast [Member] | Debt Securities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reduction of unamortized premium balance | 50,000 | ||
Reduction of retained earnings, net of tax, for incremental amortization | 40,000 | ||
Other Noninterest Income [Member] | Equity Securities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Net realized loss on investment securities | (153,000) | ||
Retained Earnings [Member] | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,500,000 | ||
Retained Earnings [Member] | Accounting Standards Update 2017-12 [Member] | Scenario, Forecast [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 66,000 | ||
Cash Flow Hedging [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Gain on Fair Value Hedge Ineffectiveness | $ 83,000 | $ 0 |
Summary of Significant Accounting Policies Prior Period Adjustments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Payments for Origination and Purchases of Loans Held-for-sale | $ (158,097) | $ (188,072) | $ (258,202) | ||||||
Proceeds from the sale of loans held for sale | 161,357 | 196,813 | 262,948 | ||||||
Net Cash Provided by (Used in) Operating Activities | $ 86,006 | 68,660 | $ 33,306 | ||||||
Loans Held For Sale [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Payments for Origination and Purchases of Loans Held-for-sale | $ (35,151) | $ (37,470) | $ (74,695) | $ (88,457) | $ (118,106) | $ (140,981) | (188,072) | ||
Proceeds from the sale of loans held for sale | 37,003 | 43,210 | 76,263 | 94,269 | 122,283 | 148,026 | 196,813 | ||
Net Cash Provided by (Used in) Operating Activities | 1,852 | 5,740 | 1,568 | 5,812 | 4,177 | 7,045 | 8,741 | ||
Loans Held For Sale [Member] | As Reported [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Payments for Origination and Purchases of Loans Held-for-sale | (28,468) | (24,828) | (61,508) | (64,035) | (95,665) | (105,557) | (143,993) | ||
Proceeds from the sale of loans held for sale | 30,320 | 30,568 | 63,076 | 69,847 | 99,842 | 112,602 | 152,734 | ||
Net Cash Provided by (Used in) Operating Activities | 1,852 | 5,740 | 1,568 | 5,812 | 4,177 | 7,045 | 8,741 | ||
Loans Held For Sale [Member] | Adjustments [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Payments for Origination and Purchases of Loans Held-for-sale | (6,683) | (12,642) | (13,187) | (24,422) | (22,441) | (35,424) | (44,079) | ||
Proceeds from the sale of loans held for sale | 6,683 | 12,642 | 13,187 | 24,422 | 22,441 | 35,424 | 44,079 | ||
Net Cash Provided by (Used in) Operating Activities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 18,372 | $ 14,964 | $ 4,357 | $ 12,850 | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 50,543 | $ 44,094 | $ 19,505 |
Net income allocated to unvested restricted stock | (333) | (409) | (167) | ||||||||
Net income allocated to common shares | $ 50,210 | $ 43,685 | $ 19,338 | ||||||||
Weighted average shares outstanding | 29,370 | 26,862 | 23,098 | ||||||||
Average unvested restricted stock | (193) | (256) | (227) | ||||||||
Denominator for basic earnings per share—weighted-average shares outstanding | 29,161 | 29,232 | 29,176 | 29,140 | 27,254 | 26,437 | 26,380 | 26,345 | 29,177 | 26,606 | 22,871 |
Effect of dilutive securities—employee stock options | 82 | 102 | 60 | ||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,220 | 29,318 | 29,271 | 29,234 | 27,356 | 26,542 | 26,477 | 26,448 | 29,259 | 26,708 | 22,931 |
Basic earnings per share | $ 0.63 | $ 0.51 | $ 0.15 | $ 0.44 | $ 0.37 | $ 0.42 | $ 0.44 | $ 0.41 | $ 1.72 | $ 1.64 | $ 0.85 |
Diluted earnings per share | $ 0.63 | $ 0.51 | $ 0.15 | $ 0.44 | $ 0.37 | $ 0.42 | $ 0.44 | $ 0.41 | $ 1.72 | $ 1.64 | $ 0.84 |
Average anti-dilutive options excluded from computation of diluted earnings per share | 319 | 169 | 280 |
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Reserve requirement at Federal Reserve Bank | $ 8,300 | $ 6,700 |
Average balances at Federal Reserve Bank | 48,300 | 24,500 |
Pledging requirement for credit derivatives and SWAP agreements - cash | $ 0 | $ 400 |
Investment Securities - Additional Information (Detail) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
Investment
|
Dec. 31, 2017
USD ($)
Investment
|
|
Debt Securities, Available-for-sale [Line Items] | ||
Investments in equity securities | $ 7,061 | |
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 344,500 | 345,100 |
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 300 | $ 1,800 |
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% |
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | 173 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (14,180) | $ (6,714) |
Money Market Mutual Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in equity securities | 5,985 | |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in equity securities | 1,100 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized loss on securities | $ (153) | |
U.S. Government Corporations and Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | Investment | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (96) | (90) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | Investment | 28 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (9,099) | (3,459) |
Mortgage-Backed Securities [Domain] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | Investment | 121 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (4,700) | |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | Investment | 19 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (164) | (32) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | Investment | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (78) | $ (82) |
Other Noninterest Income [Member] | Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Net realized loss on investment securities | $ (153) |
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | $ 142,634 | $ 55,564 |
Securities Held-to-Maturity, Gross Unrealized Gains | 287 | 44 |
Securities Held-to-Maturity, Gross Unrealized Losses | (1,346) | (288) |
Securities Held-to-Maturity, Fair Value | 141,575 | 55,320 |
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 342,711 | 404,766 |
Investment securities available-for-sale | 328,507 | 391,457 |
Equity Securities Available-for-Sale, Amortized Cost | 6,395 | |
Equity Securities Available-for-Sale, Gross Unrealized Gains | 667 | |
Equity Securities Available-for-Sale, Gross Unrealized Loss | (1) | |
Investments in equity securities | 7,061 | |
Securities Available-for-Sale, Gross Unrealized Gains | 394 | 1,822 |
Securities Available-for-Sale, Gross Unrealized Losses | (14,598) | (8,070) |
Securities Available-for-Sale, Fair Value | 328,507 | 398,518 |
U.S. Government Corporations and Agencies [Member] | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, After 1 year to 5 years | 6,996 | 6,995 |
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 | (104) | (77) |
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 6,892 | 6,918 |
Securities Held-to-Maturity, Amortized Cost | 6,996 | 6,995 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (104) | (77) |
Securities Held-to-Maturity, Fair Value | 6,892 | 6,918 |
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 15,108 | 1,499 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (90) | (3) |
Securities Available-for-Sale, Fair Value, Within 1 year | 15,018 | 1,496 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 303 | 15,590 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (6) | (125) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 297 | 15,465 |
Securities Available-for-Sale, Amortized Cost | 15,411 | 17,089 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | (96) | (128) |
Investment securities available-for-sale | 15,315 | 16,961 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Securities Held-to-maturity, Amortized Cost, After 5 years to 10 years | 11,573 | 8,944 |
Securities Held-to-maturity, Gross Unrealized Gains, After 5 years to 10 years | 0 | 0 |
Securities Held-to-maturity, Gross Unrealized Losses, After 5 years to 10 years | (135) | (51) |
Securities Held-to-maturity, Fair Value, After 5 years to 10 years | 11,438 | 8,893 |
Securities Held-to-Maturity, Amortized Cost, Over 10 years | 124,065 | 39,625 |
Securities Held-to-Maturity, Gross Unrealized Gains, Over 10 years | 287 | 44 |
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | (1,107) | (160) |
Securities Held-to-Maturity, Fair Value, Over 10 years | 123,245 | 39,509 |
Securities Held-to-Maturity, Amortized Cost | 135,638 | 48,569 |
Securities Held-to-Maturity, Gross Unrealized Gains | 287 | 44 |
Securities Held-to-Maturity, Gross Unrealized Losses | (1,242) | (211) |
Securities Held-to-Maturity, Fair Value | 134,683 | 48,402 |
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 5,799 | 3,913 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 3 | 12 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (70) | (26) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 5,732 | 3,899 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 49,904 | 51,428 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 6 | 5 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (1,381) | (852) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 48,529 | 50,581 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 100,873 | 133,237 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 26 | 87 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (3,398) | (2,383) |
Securities Available-for-Sale, Fair Value, Over 10 years | 97,501 | 130,941 |
Securities Available-for-Sale, Amortized Cost | 156,576 | 188,578 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 35 | 104 |
Securities Available-for-Sale, Gross Unrealized Losses | (4,849) | (3,261) |
Investment securities available-for-sale | 151,762 | 185,421 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 7,806 | 10,006 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (68) | (5) |
Securities Available-for-Sale, Fair Value, Within 1 year | 7,738 | 10,001 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 18,508 | 24,885 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 1 | 20 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (332) | (147) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 18,177 | 24,758 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 16,146 | 16,669 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 0 | 71 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (392) | (296) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 15,754 | 16,444 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 60,000 | 60,000 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (8,542) | (4,027) |
Securities Available-for-Sale, Fair Value, Over 10 years | 51,458 | 55,973 |
Securities Available-for-Sale, Amortized Cost | 102,460 | 111,560 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1 | 91 |
Securities Available-for-Sale, Gross Unrealized Losses | (9,334) | (4,475) |
Investment securities available-for-sale | 93,127 | 107,176 |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 5,900 | 2,721 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 4 | 1 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (6) | (6) |
Securities Available-for-Sale, Fair Value, Within 1 year | 5,898 | 2,716 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 15,459 | 16,787 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 36 | 33 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (56) | (44) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 15,439 | 16,776 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 43,923 | 54,846 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 318 | 897 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (163) | (73) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 44,078 | 55,670 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 0 | 3,120 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 15 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Fair Value, Over 10 years | 0 | 3,135 |
Securities Available-for-Sale, Amortized Cost | 65,282 | 77,474 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 358 | 946 |
Securities Available-for-Sale, Gross Unrealized Losses | (225) | (123) |
Investment securities available-for-sale | 65,415 | 78,297 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 1,677 | 2,103 |
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 | (78) | (82) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 1,599 | 2,021 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 1,305 | 1,567 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 14 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (16) | 0 |
Securities Available-for-Sale, Fair Value, Over 10 years | 1,289 | 1,581 |
Securities Available-for-Sale, Amortized Cost | 2,982 | 3,670 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 14 |
Securities Available-for-Sale, Gross Unrealized Losses | (94) | (82) |
Investment securities available-for-sale | $ 2,888 | $ 3,602 |
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Securities available-for-sale: | |||
Proceeds from sales | $ 1,010 | $ 7,069 | $ 77,290 |
Gross realized gains on sales | 10 | 74 | 600 |
Gross realized losses on sales | 0 | 26 | 82 |
Tax expense related to net realized gains on sales | $ 2 | $ 17 | $ 181 |
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | $ 48,192 | $ 47,800 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (472) | (288) |
Twelve Months or Longer, Fair Value | 41,393 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (874) | 0 |
Total, Fair Value | 89,585 | 47,800 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (1,346) | (288) |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 34,595 | 74,351 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (418) | (1,356) |
Twelve Months or Longer, Fair Value | 249,870 | 233,434 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14,180) | (6,714) |
Total, Fair Value | 284,465 | 307,785 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (14,598) | (8,070) |
U.S. Government Corporations and Agencies [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | 6,919 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (77) |
Twelve Months or Longer, Fair Value | 6,892 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (104) | 0 |
Total, Fair Value | 6,892 | 6,919 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (104) | (77) |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | 5,213 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (38) |
Twelve Months or Longer, Fair Value | 15,315 | 11,749 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (96) | (90) |
Total, Fair Value | 15,315 | 16,962 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (96) | (128) |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 9,311 | 18,457 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (61) | (91) |
Twelve Months or Longer, Fair Value | 15,302 | 6,332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (164) | (32) |
Total, Fair Value | 24,613 | 24,789 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (225) | (123) |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 48,192 | 40,881 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (472) | (211) |
Twelve Months or Longer, Fair Value | 34,501 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (770) | 0 |
Total, Fair Value | 82,693 | 40,881 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (1,242) | (211) |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 7,099 | 32,217 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (106) | (210) |
Twelve Months or Longer, Fair Value | 141,924 | 141,371 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,743) | (3,051) |
Total, Fair Value | 149,023 | 173,588 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,849) | (3,261) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 1,289 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (16) | 0 |
Twelve Months or Longer, Fair Value | 1,599 | 2,021 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (78) | (82) |
Total, Fair Value | 2,888 | 2,021 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (94) | (82) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 16,896 | 18,464 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (235) | (1,016) |
Twelve Months or Longer, Fair Value | 75,730 | 71,957 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9,099) | (3,459) |
Total, Fair Value | 92,626 | 90,421 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (9,334) | (4,475) |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Twelve Months or Longer, Fair Value | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) |
Loans and Leases - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Recorded Investment [Line Items] | |||||
Accruing Troubled Debt Restructured Loans and Lease Modifications | $ 542,000 | $ 542,000 | $ 11,435,000 | ||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 377,376,000 | 377,376,000 | 538,780,000 | ||
Carrying amount | 695,000 | 695,000 | 1,583,000 | ||
Value of buyout for buyout leases | 1.00 | 1.00 | |||
Impaired Financing Receivable, Recorded Investment | 26,581,000 | $ 26,581,000 | |||
Measure taken to reduce the risk of difference in actual value and residual value of the leased assets at maturity | The Corporation greatly reduces this risk primarily by using $1.00 buyout leases, in which the entire cost of the leased equipment is included in the contractual payments, leaving no residual payment at the end of the lease term. | ||||
Charge-offs | $ 15,651,000 | 7,137,000 | $ 6,988,000 | ||
Nonaccrual Loans and Leases | 26,208,000 | 26,208,000 | 14,517,000 | ||
Provision for loan losses | 20,299,000 | 9,892,000 | 4,646,000 | ||
Impaired Financing Receivable, Related Allowance | 1,415,000 | $ 1,415,000 | 131,000 | ||
Maximum modification period on short-term basis | 1 year | ||||
Restructured loan past due period | 90 days | ||||
Loans and leases held for investment | 4,006,574,000 | $ 4,006,574,000 | 3,620,067,000 | ||
Recoveries | 3,150,000 | 1,301,000 | 2,038,000 | ||
Minimum [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Amount of Loan Relationship Balance, Loans Reviewed Annually | 1,000,000 | 1,000,000 | |||
Amount of Loan Relationship Balance, Reviewed Quarterly | 15,000,000 | 15,000,000 | |||
Maximum [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Amount of Loan Relationship Balance, Loans Reviewed on a Performance Basis | 1,000,000 | 1,000,000 | |||
Fox Chase Bank [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 314,800,000 | 314,800,000 | |||
Carrying amount | 63,000 | 63,000 | |||
Valley Green Bank [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 62,600,000 | 62,600,000 | |||
Carrying amount | 632,000 | 632,000 | |||
Real Estate-Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 | 10,266,000 | ||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 233,625,000 | 233,625,000 | 306,460,000 | ||
Impaired Financing Receivable, Recorded Investment | 18,215,000 | 18,215,000 | 16,554,000 | ||
Nonaccrual Loans and Leases | 18,214,000 | 18,214,000 | 4,285,000 | ||
Impaired Financing Receivable, Related Allowance | 675,000 | 675,000 | 99,000 | ||
Loans and leases held for investment | 1,741,204,000 | 1,741,204,000 | 1,542,141,000 | ||
Commercial, Financial and Agricultural [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Accruing Troubled Debt Restructured Loans and Lease Modifications | 382,000 | 382,000 | 921,000 | ||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 24,519,000 | 24,519,000 | 63,111,000 | ||
Impaired Financing Receivable, Recorded Investment | 3,747,000 | 3,747,000 | 7,079,000 | ||
Charge-offs | 14,655,000 | 1,030,000 | 4,827,000 | ||
Nonaccrual Loans and Leases | 3,365,000 | 3,365,000 | 4,448,000 | ||
Provision for loan losses | 13,756,000 | (66,000) | 3,992,000 | ||
Impaired Financing Receivable, Related Allowance | 413,000 | 413,000 | 31,000 | ||
Loans and leases held for investment | 937,685,000 | 937,685,000 | 896,211,000 | ||
Recoveries | 2,140,000 | 801,000 | 1,454,000 | ||
Lease Financings [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income, Acquired | 0 | 0 | 0 | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | 1,300,000 | ||
Charge-offs | 572,000 | 3,992,000 | 759,000 | ||
Nonaccrual Loans and Leases | 170,000 | 170,000 | 1,599,000 | ||
Provision for loan losses | 497,000 | 4,130,000 | 314,000 | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Loans and leases held for investment | 141,956,000 | 141,956,000 | 129,768,000 | ||
Recoveries | 231,000 | $ 206,000 | $ 191,000 | ||
Non-Accrual [Member] | Real Estate-Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Nonaccrual Loans and Leases | 11,500,000 | 11,500,000 | |||
Impaired Financing Receivable, Related Allowance | 624,000 | 624,000 | |||
Loan Participations [Member] | Commercial, Financial and Agricultural [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Charge-offs | $ 12,700,000 | ||||
Loans and leases held for investment | 13,000,000 | 13,000,000 | |||
Loans and Leases Receivable, Net of Deferred Income, Total Participating Interest From All Parties | 80,000,000 | 80,000,000 | |||
Recoveries | $ 1,800,000 | ||||
Allowance for Loan and Lease Losses Write-offs, Net | $ 10,900,000 |
Loans and Leases - Summary of Major Loan and Lease Categories (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 3,629,198 | $ 3,081,287 |
Total Loans and Leases Held for Investment, Acquired | 377,376 | 538,780 |
Total Loans and Leases Held for Investment | 4,006,574 | 3,620,067 |
Unearned Lease Income, Originated | (15,118) | (14,243) |
Unearned Lease Income, Acquired | 0 | 0 |
Unearned lease income, included in the above table | (15,118) | (14,243) |
Net deferred costs, Originated | 3,930 | 4,669 |
Net deferred costs, Acquired | 0 | 0 |
Net deferred costs, included in the above table | 3,930 | 4,669 |
Overdraft Deposits, Originated | 139 | 222 |
Overdraft Deposits, Acquired | 0 | 0 |
Overdraft Deposits | 139 | 222 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 913,166 | 833,100 |
Total Loans and Leases Held for Investment, Acquired | 24,519 | 63,111 |
Total Loans and Leases Held for Investment | 937,685 | 896,211 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,507,579 | 1,235,681 |
Total Loans and Leases Held for Investment, Acquired | 233,625 | 306,460 |
Total Loans and Leases Held for Investment | 1,741,204 | 1,542,141 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 215,513 | 171,244 |
Total Loans and Leases Held for Investment, Acquired | 0 | 4,592 |
Total Loans and Leases Held for Investment | 215,513 | 175,836 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 302,393 | 250,800 |
Total Loans and Leases Held for Investment, Acquired | 60,403 | 91,167 |
Total Loans and Leases Held for Investment | 362,796 | 341,967 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 338,451 | 260,654 |
Total Loans and Leases Held for Investment, Acquired | 49,959 | 60,920 |
Total Loans and Leases Held for Investment | 388,410 | 321,574 |
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 | 177,523 | 171,884 |
Total Loans and Leases Held for Investment, Acquired | 8,728 | 12,386 |
Total Loans and Leases Held for Investment | 186,251 | 184,270 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 32,617 | 28,156 |
Total Loans and Leases Held for Investment, Acquired | 142 | 144 |
Total Loans and Leases Held for Investment | 32,759 | 28,300 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 141,956 | 129,768 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Total Loans and Leases Held for Investment | $ 141,956 | $ 129,768 |
Loans and Leases - Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Receivables [Abstract] | ||
Outstanding principal balance | $ 893 | $ 2,325 |
Carrying amount | 695 | 1,583 |
Reserve 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 | 11 | 50 |
Reclassification from nonaccretable discount | 582 | 891 |
Accretable yield amortized to interest income | (593) | (926) |
Disposals | 0 | (4) |
End of period | $ 0 | $ 11 |
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Receivables [Abstract] | ||
Within 1 year | $ 56,386 | $ 53,625 |
After 1 year through 2 years | 44,027 | 41,351 |
After 2 years through 3 years | 30,150 | 27,411 |
After 3 years through 4 years | 18,123 | 15,557 |
After 4 years through 5 years | 7,085 | 5,375 |
Thereafter | 1,303 | 692 |
Total future minimum lease payments receivable | 157,074 | 144,011 |
Less: Unearned income | (15,118) | (14,243) |
Total lease financing receivables, net of unearned income | $ 141,956 | $ 129,768 |
Loans and Leases - Age Analysis of Past Due Loans and Leases (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 27,941 | $ 25,143 |
Current | 3,977,938 | 3,593,341 |
Acquired credit impaired | 695 | 1,583 |
Loans and leases held for investment | 4,006,574 | 3,620,067 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 192 | 761 |
Valley Green Bank and Fox Chase Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired credit impaired | 695 | 1,583 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 16,434 | 13,682 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,227 | 4,285 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 8,280 | 7,176 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,541 | 5,131 |
Current | 934,144 | 890,658 |
Loans and leases held for investment | 937,685 | 896,211 |
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 | 0 | 422 |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,043 | 2,182 |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 270 | 1,440 |
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 | 2,228 | 1,509 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 8,562 | 2,691 |
Current | 1,732,436 | 1,539,094 |
Loans and leases held for investment | 1,741,204 | 1,542,141 |
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 | 206 | 356 |
Real Estate-Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 5,425 | 733 |
Real Estate-Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,538 | 548 |
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 | 1,599 | 1,410 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,269 | 2,335 |
Current | 213,244 | 173,501 |
Loans and leases held for investment | 215,513 | 175,836 |
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 | 2,163 | 1,970 |
Real Estate-Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 106 | 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 | 365 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,438 | 3,321 |
Current | 357,932 | 338,061 |
Loans and leases held for investment | 362,796 | 341,967 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 162 |
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 | 426 | 585 |
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 | 2,497 | 1,651 |
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 | 777 | 315 |
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 | 1,164 | 1,355 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,920 | 5,509 |
Current | 384,427 | 315,845 |
Loans and leases held for investment | 388,410 | 321,574 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
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 | 63 | 220 |
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 | 2,334 | 4,368 |
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 | 1,118 |
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 | 1,586 | 23 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,742 | 2,211 |
Current | 184,509 | 182,059 |
Loans and leases held for investment | 186,251 | 184,270 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 148 |
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 | 305 | 1,414 |
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 | 96 | 333 |
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 | 1,341 | 464 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 291 | 555 |
Current | 32,468 | 27,745 |
Loans and leases held for investment | 32,759 | 28,300 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 55 | 195 |
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 | 207 | 221 |
Loans to Individuals [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 29 | 139 |
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 | 55 | 195 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,178 | 3,390 |
Current | 138,778 | 126,378 |
Loans and leases held for investment | 141,956 | 129,768 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 137 | 256 |
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 | 2,460 | 1,143 |
Lease Financings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 411 | 392 |
Lease Financings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 307 | $ 1,855 |
Loans and Leases - Non-Performing Loans and Leases (Detail) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
borrowers
|
|
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | $ 26,208 | $ 14,517 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 542 | 11,435 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 192 | 761 |
Total Nonperforming Loans and Leases | 26,942 | 26,713 |
Nonaccrual Troubled Debt Restructured Loans And Lease Modifications | 1,300 | $ 2,500 |
Number of Borrowers | borrowers | 1 | |
Commercial, Financial and Agricultural [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 3,365 | $ 4,448 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 382 | 921 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Nonperforming Loans and Leases | 3,747 | 5,369 |
Real Estate-Commercial [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 18,214 | 4,285 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 10,266 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Nonperforming Loans and Leases | 18,214 | 14,551 |
Real Estate-Construction [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 106 | 365 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Nonperforming Loans and Leases | 106 | 365 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 1,318 | 2,843 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 160 | 206 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 162 |
Total Nonperforming Loans and Leases | 1,478 | 3,211 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 1,587 | 466 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 42 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Nonperforming Loans and Leases | 1,587 | 508 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 1,448 | 511 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 148 |
Total Nonperforming Loans and Leases | 1,448 | 659 |
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 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 55 | 195 |
Total Nonperforming Loans and Leases | 55 | 195 |
Lease Financings [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 170 | 1,599 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 137 | 256 |
Total Nonperforming Loans and Leases | 307 | 1,855 |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Pre- Restructuring Outstanding Recorded Investment | 0 | 9,206 |
Accrual Troubled Debt Restructuring Loans [Member] | Real Estate-Commercial [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Pre- Restructuring Outstanding Recorded Investment | $ 0 | 9,206 |
Amortization Period Extension [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Pre- Restructuring Outstanding Recorded Investment | $ 10,300 |
Loans and Leases - Credit Quality Indicators (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 3,629,198 | $ 3,081,287 |
Total Loans and Leases Held for Investment, Acquired | 377,376 | 538,780 |
Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 30,566 | 22,941 |
Total Loans and Leases Held for Investment, Acquired | 0 | 1,120 |
Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 15,460 | 11,027 |
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 | 41,923 | 57,507 |
Total Loans and Leases Held for Investment, Acquired | 0 | 607 |
Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,075,827 | 1,846,112 |
Total Loans and Leases Held for Investment, Acquired | 218,256 | 306,841 |
Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 687,957 | 491,740 |
Total Loans and Leases Held for Investment, Acquired | 86,672 | 125,613 |
Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 55,799 | 18,689 |
Total Loans and Leases Held for Investment, Acquired | 0 | 18,035 |
Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 31,119 | 42,809 |
Total Loans and Leases Held for Investment, Acquired | 13,619 | 13,114 |
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 | 2,938,651 | 2,490,825 |
Total Loans and Leases Held for Investment, Acquired | 318,547 | 465,330 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 689,112 | 587,990 |
Total Loans and Leases Held for Investment, Acquired | 56,867 | 72,705 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,435 | 2,472 |
Total Loans and Leases Held for Investment, Acquired | 1,962 | 745 |
Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 690,547 | 590,462 |
Total Loans and Leases Held for Investment, Acquired | 58,829 | 73,450 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 913,166 | 833,100 |
Total Loans and Leases Held for Investment, Acquired | 24,519 | 63,111 |
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 | 2,783 | 2,521 |
Total Loans and Leases Held for Investment, Acquired | 0 | 1,120 |
Commercial, Financial and Agricultural [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 14,762 | 9,206 |
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 | 20,133 | 30,283 |
Total Loans and Leases Held for Investment, Acquired | 0 | 125 |
Commercial, Financial and Agricultural [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 627,585 | 593,205 |
Total Loans and Leases Held for Investment, Acquired | 21,468 | 49,949 |
Commercial, Financial and Agricultural [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 217,473 | 179,990 |
Total Loans and Leases Held for Investment, Acquired | 2,982 | 6,183 |
Commercial, Financial and Agricultural [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 23,287 | 4,027 |
Total Loans and Leases Held for Investment, Acquired | 0 | 1,007 |
Commercial, Financial and Agricultural [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 7,143 | 13,868 |
Total Loans and Leases Held for Investment, Acquired | 69 | 4,727 |
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 | 913,166 | 833,100 |
Total Loans and Leases Held for Investment, Acquired | 24,519 | 63,111 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,507,579 | 1,235,681 |
Total Loans and Leases Held for Investment, Acquired | 233,625 | 306,460 |
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 | 698 | 1,821 |
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 | 21,790 | 26,950 |
Total Loans and Leases Held for Investment, Acquired | 0 | 482 |
Real Estate-Commercial [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,118,288 | 960,258 |
Total Loans and Leases Held for Investment, Acquired | 145,722 | 183,490 |
Real Estate-Commercial [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 314,458 | 209,844 |
Total Loans and Leases Held for Investment, Acquired | 75,189 | 98,977 |
Real Estate-Commercial [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 31,791 | 12,974 |
Total Loans and Leases Held for Investment, Acquired | 0 | 17,028 |
Real Estate-Commercial [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 20,554 | 23,834 |
Total Loans and Leases Held for Investment, Acquired | 12,714 | 6,483 |
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 | 1,507,579 | 1,235,681 |
Total Loans and Leases Held for Investment, Acquired | 233,625 | 306,460 |
Real Estate-Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 215,513 | 171,244 |
Total Loans and Leases Held for Investment, Acquired | 0 | 4,592 |
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 | 27,783 | 20,420 |
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 | 78,855 | 76,899 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 108,769 | 72,168 |
Total Loans and Leases Held for Investment, Acquired | 0 | 4,592 |
Real Estate-Construction [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 1,392 |
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 | 106 | 365 |
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 | 215,513 | 171,244 |
Total Loans and Leases Held for Investment, Acquired | 0 | 4,592 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 302,393 | 250,800 |
Total Loans and Leases Held for Investment, Acquired | 60,403 | 91,167 |
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 | 0 |
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 | 0 | 274 |
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 | 251,099 | 215,750 |
Total Loans and Leases Held for Investment, Acquired | 51,066 | 73,402 |
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 | 47,257 | 29,738 |
Total Loans and Leases Held for Investment, Acquired | 8,501 | 15,861 |
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 | 721 | 296 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
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 | 3,316 | 4,742 |
Total Loans and Leases Held for Investment, Acquired | 836 | 1,904 |
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 | 302,393 | 250,800 |
Total Loans and Leases Held for Investment, Acquired | 60,403 | 91,167 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 338,451 | 260,654 |
Total Loans and Leases Held for Investment, Acquired | 49,959 | 60,920 |
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 | 337,762 | 260,589 |
Total Loans and Leases Held for Investment, Acquired | 49,061 | 60,477 |
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 | 689 | 65 |
Total Loans and Leases Held for Investment, Acquired | 898 | 443 |
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 | 338,451 | 260,654 |
Total Loans and Leases Held for Investment, Acquired | 49,959 | 60,920 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 177,523 | 171,884 |
Total Loans and Leases Held for Investment, Acquired | 8,728 | 12,386 |
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 | 177,139 | 171,527 |
Total Loans and Leases Held for Investment, Acquired | 7,664 | 12,084 |
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 | 384 | 357 |
Total Loans and Leases Held for Investment, Acquired | 1,064 | 302 |
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 | 177,523 | 171,884 |
Total Loans and Leases Held for Investment, Acquired | 8,728 | 12,386 |
Loans to Individuals [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 32,617 | 28,156 |
Total Loans and Leases Held for Investment, Acquired | 142 | 144 |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 32,562 | 27,961 |
Total Loans and Leases Held for Investment, Acquired | 142 | 144 |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 55 | 195 |
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 | 32,617 | 28,156 |
Total Loans and Leases Held for Investment, Acquired | 142 | 144 |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 141,956 | 129,768 |
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 | 141,649 | 127,913 |
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 | 307 | 1,855 |
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 | 141,956 | 129,768 |
Total Loans and Leases Held for Investment, Acquired | $ 0 | $ 0 |
Loans and Leases - Reserve for Loan and Lease Losses Roll Forward (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 21,555 | $ 17,499 | $ 17,628 |
Charge-offs | (15,651) | (7,137) | (6,988) |
Recoveries | 3,150 | 1,301 | 2,038 |
Provision (recovery of provision) | 20,299 | 9,892 | 4,646 |
Provision (recovery of provision) for acquired credit impaired loans | 11 | 0 | 175 |
Ending balance | 29,364 | 21,555 | 17,499 |
Commercial, Financial and Agricultural [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 6,742 | 7,037 | 6,418 |
Charge-offs | (14,655) | (1,030) | (4,827) |
Recoveries | 2,140 | 801 | 1,454 |
Provision (recovery of provision) | 13,756 | (66) | 3,992 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | 7,983 | 6,742 | 7,037 |
Real Estate-Commercial and Construction [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 9,839 | 7,505 | 6,572 |
Charge-offs | (40) | (232) | (307) |
Recoveries | 333 | 5 | 101 |
Provision (recovery of provision) | 3,771 | 2,561 | 961 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 178 |
Ending balance | 13,903 | 9,839 | 7,505 |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,661 | 774 | 763 |
Charge-offs | (31) | (1,370) | (522) |
Recoveries | 280 | 54 | 71 |
Provision (recovery of provision) | 318 | 2,204 | 462 |
Provision (recovery of provision) for acquired credit impaired loans | 8 | (1) | 0 |
Ending balance | 2,236 | 1,661 | 774 |
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,754 | 993 | 1,575 |
Charge-offs | 0 | (196) | (178) |
Recoveries | 78 | 99 | 88 |
Provision (recovery of provision) | 1,364 | 857 | (489) |
Provision (recovery of provision) for acquired credit impaired loans | 3 | 1 | (3) |
Ending balance | 3,199 | 1,754 | 993 |
Loans to Individuals [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 373 | 364 | 346 |
Charge-offs | (353) | (317) | (395) |
Recoveries | 88 | 136 | 133 |
Provision (recovery of provision) | 376 | 190 | 280 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | 484 | 373 | 364 |
Lease Financings [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,132 | 788 | 1,042 |
Charge-offs | (572) | (3,992) | (759) |
Recoveries | 231 | 206 | 191 |
Provision (recovery of provision) | 497 | 4,130 | 314 |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | 1,288 | 1,132 | 788 |
Unallocated [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 54 | 38 | 912 |
Provision (recovery of provision) | 217 | 16 | (874) |
Provision (recovery of provision) for acquired credit impaired loans | 0 | 0 | 0 |
Ending balance | $ 271 | $ 54 | $ 38 |
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | $ 1,415 | $ 131 | ||
Ending balance: collectively evaluated for impairment | 27,901 | 21,424 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 48 | |||
Total ending balance | 29,364 | 21,555 | $ 17,499 | $ 17,628 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 26,581 | 29,732 | ||
Ending balance: collectively evaluated for impairment | 3,600,838 | 3,049,597 | ||
Loans measured at fair value | 1,779 | 1,958 | ||
Acquired non-credit impaired loans | 376,681 | 537,197 | ||
Acquired credit impaired loans | 695 | 1,583 | ||
Total Loans and Leases Held for Investment | 4,006,574 | 3,620,067 | ||
Commercial, Financial and Agricultural [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 413 | 31 | ||
Ending balance: collectively evaluated for impairment | 7,570 | 6,711 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 7,983 | 6,742 | 7,037 | 6,418 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 3,747 | 7,079 | ||
Ending balance: collectively evaluated for impairment | 909,419 | 826,021 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 24,519 | 62,689 | ||
Acquired credit impaired loans | 0 | 422 | ||
Total Loans and Leases Held for Investment | 937,685 | 896,211 | ||
Real Estate-Commercial and Construction [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 675 | 99 | ||
Ending balance: collectively evaluated for impairment | 13,183 | 9,740 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 45 | |||
Total ending balance | 13,903 | 9,839 | 7,505 | 6,572 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 18,321 | 16,919 | ||
Ending balance: collectively evaluated for impairment | 1,702,992 | 1,388,048 | ||
Loans measured at fair value | 1,779 | 1,958 | ||
Acquired non-credit impaired loans | 233,419 | 310,696 | ||
Acquired credit impaired loans | 206 | 356 | ||
Total Loans and Leases Held for Investment | 1,956,717 | 1,717,977 | ||
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 1 | ||
Ending balance: collectively evaluated for impairment | 2,233 | 1,660 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 3 | |||
Total ending balance | 2,236 | 1,661 | 774 | 763 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 1,478 | 3,465 | ||
Ending balance: collectively evaluated for impairment | 300,915 | 247,335 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 59,977 | 90,582 | ||
Acquired credit impaired loans | 426 | 585 | ||
Total Loans and Leases Held for Investment | 362,796 | 341,967 | ||
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 327 | 0 | ||
Ending balance: collectively evaluated for impairment | 2,872 | 1,754 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 3,199 | 1,754 | 993 | 1,575 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 3,035 | 1,019 | ||
Ending balance: collectively evaluated for impairment | 512,939 | 431,519 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 58,624 | 73,086 | ||
Acquired credit impaired loans | 63 | 220 | ||
Total Loans and Leases Held for Investment | 574,661 | 505,844 | ||
Loans to Individuals [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 484 | 373 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 484 | 373 | 364 | 346 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 32,617 | 28,156 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 142 | 144 | ||
Acquired credit impaired loans | 0 | 0 | ||
Total Loans and Leases Held for Investment | 32,759 | 28,300 | ||
Lease Financings [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,288 | 1,132 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 1,288 | 1,132 | 788 | 1,042 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 0 | 1,250 | ||
Ending balance: collectively evaluated for impairment | 141,956 | 128,518 | ||
Loans measured at fair value | 0 | 0 | ||
Acquired non-credit impaired loans | 0 | 0 | ||
Acquired credit impaired loans | 0 | 0 | ||
Total Loans and Leases Held for Investment | 141,956 | 129,768 | ||
Unallocated [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: collectively evaluated for impairment | 271 | 54 | ||
Ending balance: acquired non-credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | $ 271 | $ 54 | $ 38 | $ 912 |
Loans and Leases - Impaired Loans (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | $ 13,174 | $ 27,454 |
Impaired loans with a reserve recorded, Recorded Investment | 13,407 | 1,028 |
Impaired loans with no related reserve, Unpaid Principal Balance | 14,963 | 30,882 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 13,985 | 1,030 |
Total impaired loans, Recorded Investment | 26,581 | |
Total impaired loans, Unpaid Principal Balance | 28,948 | 31,912 |
Impaired Financing Receivable, Related Allowance | 1,415 | 131 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 2,776 | 7,019 |
Impaired loans with a reserve recorded, Recorded Investment | 971 | 60 |
Impaired loans with no related reserve, Unpaid Principal Balance | 3,361 | 8,301 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 1,024 | 60 |
Total impaired loans, Recorded Investment | 3,747 | 7,079 |
Total impaired loans, Unpaid Principal Balance | 4,385 | 8,361 |
Impaired Financing Receivable, Related Allowance | 413 | 31 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 6,578 | 15,621 |
Impaired loans with a reserve recorded, Recorded Investment | 11,637 | 933 |
Impaired loans with no related reserve, Unpaid Principal Balance | 7,516 | 16,507 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 12,162 | 933 |
Total impaired loans, Recorded Investment | 18,215 | 16,554 |
Total impaired loans, Unpaid Principal Balance | 19,678 | 17,440 |
Impaired Financing Receivable, Related Allowance | 675 | 99 |
Real Estate-Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 106 | 365 |
Impaired loans with no related reserve, Unpaid Principal Balance | 111 | 365 |
Total impaired loans, Recorded Investment | 106 | 365 |
Total impaired loans, Unpaid Principal Balance | 111 | 365 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 1,478 | 3,430 |
Impaired loans with a reserve recorded, Recorded Investment | 0 | 35 |
Impaired loans with no related reserve, Unpaid Principal Balance | 1,660 | 4,620 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 0 | 37 |
Total impaired loans, Recorded Investment | 1,478 | 3,465 |
Total impaired loans, Unpaid Principal Balance | 1,660 | 4,657 |
Impaired Financing Receivable, Related Allowance | 0 | 1 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 863 | 508 |
Impaired loans with a reserve recorded, Recorded Investment | 724 | 0 |
Impaired loans with no related reserve, Unpaid Principal Balance | 911 | 566 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 724 | 0 |
Total impaired loans, Recorded Investment | 1,587 | 508 |
Total impaired loans, Unpaid Principal Balance | 1,635 | 566 |
Impaired Financing Receivable, Related Allowance | 252 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related reserve, Recorded Investment | 1,373 | 511 |
Impaired loans with a reserve recorded, Recorded Investment | 75 | 0 |
Impaired loans with no related reserve, Unpaid Principal Balance | 1,404 | 523 |
Impaired loans with a reserve recorded, Unpaid Principal Balance | 75 | 0 |
Total impaired loans, Recorded Investment | 1,448 | 511 |
Total impaired loans, Unpaid Principal Balance | 1,479 | 523 |
Impaired Financing Receivable, Related Allowance | $ 75 | $ 0 |
Loans and Leases - Tables for Impaired Loans (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 30,215 | $ 35,584 | $ 44,846 |
Interest Income Recognized | 382 | 1,060 | 1,433 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 1,703 | 889 | 909 |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 6,242 | 10,456 | 13,126 |
Interest Income Recognized | 134 | 200 | 258 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 335 | 347 | 381 |
Real Estate-Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 19,665 | 20,054 | 26,698 |
Interest Income Recognized | 222 | 792 | 1,106 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 1,073 | 289 | 272 |
Real Estate-Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 123 | 253 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 8 | 19 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,844 | 3,801 | 4,084 |
Interest Income Recognized | 22 | 65 | 67 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 108 | 169 | 207 |
Real Estate-Residential Secured for Personal Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,229 | 614 | 498 |
Interest Income Recognized | 3 | 3 | 2 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 94 | 39 | 24 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,112 | 406 | 440 |
Interest Income Recognized | 1 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | $ 85 | $ 26 | $ 25 |
Loans and Leases - Narrative for Impaired Loans (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Receivables [Abstract] | |||
Interest income recognized on a cash basis for nonaccrual loans | $ 27 | $ 4 | $ 8 |
Interest income recognized on accrual method for accruing impaired loans | 400 | 1,100 | $ 1,400 |
Reserve for off-balance sheet credits | $ 426 | $ 390 |
Loans and Leases - Troubled Debt Restructured Loans (Detail) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
loan
|
Dec. 31, 2017
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 3 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 9,206 |
Post- Restructuring Outstanding Recorded Investment | 0 | 9,206 |
Related Reserve | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 3 |
Pre- Restructuring Outstanding Recorded Investment | $ 66 | $ 1,455 |
Post- Restructuring Outstanding Recorded Investment | 66 | 1,455 |
Related Reserve | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 1,127 |
Post- Restructuring Outstanding Recorded Investment | 0 | 1,127 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 3 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 9,206 |
Post- Restructuring Outstanding Recorded Investment | 0 | 9,206 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 328 |
Post- Restructuring Outstanding Recorded Investment | 0 | 328 |
Related Reserve | $ 0 | $ 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 66 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 66 | 0 |
Related Reserve | $ 0 | $ 0 |
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Detail) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
loan
|
Dec. 31, 2017
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 3 |
Amount | $ | $ 0 | $ 9,206 |
Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 3 |
Amount | $ | $ 0 | $ 9,206 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 3 |
Amount | $ | $ 66 | $ 1,455 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 328 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 2 |
Amount | $ | $ 66 | $ 1,127 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 2 |
Amount | $ | $ 1,127 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 2 | |
Amount | $ | $ 1,127 | |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 3 |
Amount | $ | $ 9,206 | |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 3 | |
Amount | $ | $ 9,206 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 328 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 328 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 66 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 66 |
Loans and Leases - Mortgages in the Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 1,697 | $ 31 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | 563 | 31 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 1,134 | $ 0 |
Loans and Leases - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Receivables [Abstract] | ||
Foreclosed residential real estate | $ 0 | $ 80 |
Premises and Equipment - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 101,458 | $ 103,720 |
Less: accumulated depreciation | (41,899) | (41,923) |
Net book value | 59,559 | 61,797 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 15,683 | 15,402 |
Premises and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 53,707 | 54,643 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 32,068 | $ 33,675 |
Premises and Equipment - Summary of Rental Expense Charged to Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Operating Leases, Rent Expense, Net [Abstract] | |||
Rental expense | $ 3,866 | $ 3,938 | $ 3,791 |
Rental income | (207) | (227) | (138) |
Net rental expense | $ 3,659 | $ 3,711 | $ 3,653 |
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 3,400,000 | $ 4,200,000 | $ 4,100,000 |
Goodwill impairment | 0 | 0 | 0 |
Material impairments to identifiable intangible assets | 0 | 0 | $ 0 |
Mortgage Servicing Rights [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Aggregate fair value of servicing rights | $ 11,500,000 | $ 10,000,000 | |
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% | |
SBA Servicing Rights [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Aggregate fair value of servicing rights | $ 42,000 | $ 21,000 |
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 172,559 | $ 172,559 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | 172,559 | 172,559 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 138,476 | 138,476 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | 138,476 | 138,476 |
Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 15,434 | 15,434 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | 15,434 | 15,434 |
Insurance [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 18,649 | 18,649 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Ending Balance | $ 18,649 | $ 18,649 |
Goodwill and Other Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 37,193 | $ 35,734 |
Accumulated Amortization and Fair Value Adjustments | 25,203 | 21,825 |
Net Carrying Amount | 11,990 | 13,909 |
Covenants Not To Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 710 | 710 |
Accumulated Amortization and Fair Value Adjustments | 710 | 580 |
Net Carrying Amount | 0 | 130 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,788 | 6,788 |
Accumulated Amortization and Fair Value Adjustments | 3,143 | 2,135 |
Net Carrying Amount | 3,645 | 4,653 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,381 | 12,381 |
Accumulated Amortization and Fair Value Adjustments | 10,804 | 9,828 |
Net Carrying Amount | 1,577 | 2,553 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,314 | 15,855 |
Accumulated Amortization and Fair Value Adjustments | 10,546 | 9,282 |
Net Carrying Amount | $ 6,768 | $ 6,573 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Detail) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 1,565 |
2020 | 1,200 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
Thereafter | $ 459 |
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Detail) - Servicing Rights [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning of period | $ 6,573 | $ 6,485 | $ 5,877 |
Servicing rights capitalized | 1,458 | 1,487 | 2,049 |
Acquired servicing rights | 0 | 0 | 87 |
Amortization of servicing rights | (1,263) | (1,399) | (1,528) |
Changes in valuation allowance | 0 | 0 | 0 |
End of period | 6,768 | 6,573 | 6,485 |
Residential mortgage and SBA loans serviced for others | $ 1,031,506 | $ 1,008,123 | $ 965,729 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Detail) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
2019 | $ 1,565 |
2020 | 1,200 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
Thereafter | 459 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2019 | 908 |
2020 | 801 |
2021 | 705 |
2022 | 619 |
2023 | 541 |
Thereafter | $ 3,194 |
Accrued Interest Receivable and Other Assets - Details of Accrued Interest Receivable and Other Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Interest Receivable and Other Assets [Abstract] | ||
Other real estate owned | $ 1,187 | $ 1,843 |
Accrued interest receivable | 14,255 | 12,362 |
Accrued income and other receivables | 3,933 | 3,872 |
Fair market value of derivative financial instruments | 679 | 601 |
Other prepaid expenses | 14,652 | 21,496 |
Net federal deferred tax assets | 3,585 | 1,174 |
Other assets | 322 | 154 |
Total accrued interest and other assets | $ 38,613 | $ 41,502 |
Deposits - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Banking and Thrift [Abstract] | ||
Aggregate amount of time deposits in denominations of $100 thousand or more | $ 283.4 | $ 250.0 |
Aggregate amount of time deposits in denominations over $250 thousand | $ 129.5 | $ 118.4 |
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0.00% | 0.00% |
Demand deposits | 1.01% | 0.43% |
Savings deposits | 0.33% | 0.26% |
Time Deposits | 1.76% | 1.12% |
Deposits | 0.73% | 0.38% |
Deposits | ||
Noninterest-bearing deposits | $ 1,055,919 | $ 1,040,026 |
Demand deposits | 1,377,171 | 1,109,438 |
Savings deposits | 782,766 | 830,706 |
Time deposits | 670,077 | 574,749 |
Total deposits | $ 3,885,933 | $ 3,554,919 |
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Banking and Thrift [Abstract] | ||
Due in 2019 | $ 394,239 | |
Due in 2020 | 128,518 | |
Due in 2021 | 40,750 | |
Due in 2022 | 32,995 | |
Due in 2023 | 70,056 | |
Thereafter | 3,519 | |
Time deposits | $ 670,077 | $ 574,749 |
Borrowings - Additional Information (Detail) - USD ($) |
60 Months Ended | |||||
---|---|---|---|---|---|---|
Jul. 01, 2016 |
Mar. 30, 2015 |
Jun. 29, 2026 |
Mar. 30, 2025 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 1,600,000,000 | |||||
Outstanding short term letters of credit | 347,500,000 | $ 234,200,000 | ||||
Amount of maintained federal fund lines of credit with correspondent banks | 367,000,000 | 367,000,000 | ||||
Investment securities collateral for Federal Reserve Bank Discount Window Lending program | 69,500,000 | 52,000,000 | ||||
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 | |||||
Securities Sold under Agreements to Repurchase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt with variable interest rate | $ 20,300,000 | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of debt | $ 45,000,000.0 | |||||
Net proceeds of debt | $ 44,500,000 | |||||
Annual fixed rate of interest | 5.00% | |||||
Redemption price percentage of principal amount of redeemed debt | 100.00% | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread of interest rate (LIBOR) | 3.90% | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of debt | $ 50,000,000 | |||||
Net proceeds of debt | $ 49,300,000 | |||||
Annual fixed rate of interest | 5.10% | |||||
Redemption price percentage of principal amount of redeemed debt | 100.00% | |||||
Subordinated Debt [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2025 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread of interest rate (LIBOR) | 3.544% |
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 189,768 | $ 105,431 |
Balance at End of Year | $ 145,330 | $ 155,828 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Weighted Average Interest Rate | 1.92% | 1.73% |
Maximum Amount Outstanding at Month End During the Year | $ 125,031 | $ 190,689 |
Average Amount Outstanding During the Year | $ 120,983 | $ 155,073 |
Weighted Average Interest Rate During the Year | 1.80% | 1.43% |
Balance at End of Year | $ 125,000 | $ 125,036 |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Weighted Average Interest Rate | 2.71% | 1.52% |
Maximum Amount Outstanding at Month End During the Year | $ 30,751 | $ 31,234 |
Average Amount Outstanding During the Year | $ 29,049 | $ 31,036 |
Weighted Average Interest Rate During the Year | 2.08% | 1.30% |
Balance at End of Year | $ 20,330 | $ 30,792 |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Weighted Average Interest Rate | 5.33% | 5.35% |
Maximum Amount Outstanding at Month End During the Year | $ 94,574 | $ 94,331 |
Average Amount Outstanding During the Year | $ 94,451 | $ 94,208 |
Weighted Average Interest Rate During the Year | 5.34% | 5.35% |
Balance at End of Year | $ 94,574 | $ 94,331 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 108,300 | $ 30,225 |
Weighted Average Interest Rate | 2.62% | 1.54% |
Maximum Amount Outstanding at Month End During the Year | $ 261,240 | $ 124,500 |
Average Amount Outstanding During the Year | $ 85,601 | $ 50,063 |
Weighted Average Interest Rate During the Year | 2.01% | 1.10% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 60,000 | $ 55,000 |
Weighted Average Interest Rate | 2.60% | 1.56% |
Maximum Amount Outstanding at Month End During the Year | $ 65,003 | $ 95,000 |
Average Amount Outstanding During the Year | $ 36,591 | $ 32,282 |
Weighted Average Interest Rate During the Year | 1.88% | 1.05% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Year | $ 21,468 | $ 20,206 |
Weighted Average Interest Rate | 0.05% | 0.05% |
Maximum Amount Outstanding at Month End During the Year | $ 28,323 | $ 26,376 |
Average Amount Outstanding During the Year | $ 22,120 | $ 23,207 |
Weighted Average Interest Rate During the Year | 0.05% | 0.05% |
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
2019 | $ 10,000 |
2020 | 40,000 |
2021 | 55,000 |
2022 | 10,000 |
2023 | 10,000 |
Thereafter | 0 |
Total Advances | $ 125,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
2019 Weighted average interest rate | 1.35% |
2020 Weighted average interest rate | 1.70% |
2021 Weighted average interest rate | 1.94% |
2022 Weighted average interest rate | 2.09% |
2023 Weighted average interest rate | 3.02% |
Thereafter Weighted average interest rate | 0.00% |
Weighted average interest rate | 1.92% |
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Balance at End of Year | $ 145,330 | $ 155,828 |
Securities Sold under Agreements to Repurchase [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2019 | 10,114 | |
2020 | 10,216 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 0 | |
Balance at End of Year | $ 20,330 | $ 30,792 |
Long-term Debt, Other Disclosures [Abstract] | ||
2019 Weighted average interest rate | 2.72% | |
2020 Weighted average interest rate | 2.71% | |
2021 Weighted average interest rate | 0.00% | |
2022 Weighted average interest rate | 0.00% | |
2023 Weighted average interest rate | 0.00% | |
Thereafter Weighted average interest rate | 0.00% | |
Weighted average interest rate | 2.71% | 1.52% |
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Contingency [Line Items] | ||||
Federal (net of state benefit) - enactment of tax reform | $ 1,100,000 | $ 1,100,000 | ||
Income tax benefit for deferred tax temporary differences | $ 300,000 | |||
Amount for which no federal income tax provision has been made | 6,000,000 | 6,000,000 | 6,000,000 | $ 6,000,000 |
Unrecognized tax benefits | 0 | 0 | 0 | |
Accrued interest or penalties | $ 0 | 0 | $ 0 | |
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | $ 59,800,000 | |||
Operating loss carryforwards, expiration year | 2019 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax years | 2015 |
Income Taxes - Provision for Federal and State Income Taxes (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Current: | |||||||||||
Federal | $ 9,770 | $ 9,273 | $ 2,400 | ||||||||
State | 972 | 961 | 539 | ||||||||
Deferred: | |||||||||||
Federal | (862) | 7,350 | 909 | ||||||||
State | 263 | 133 | 33 | ||||||||
Provision for federal and state income taxes, total | $ 3,922 | $ 3,204 | $ 191 | $ 2,826 | $ 5,162 | $ 4,416 | $ 4,217 | $ 3,922 | $ 10,143 | $ 17,717 | $ 3,881 |
Income Taxes - Income Tax Provision Differences from Expected Statutory Provision (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected provision at statutory rate | 21.00% | 35.00% | 35.00% |
Difference resulting from: | |||
Tax exempt interest income, net of disallowance | (4.00%) | (6.10%) | (15.60%) |
Increase in value of bank owned life insurance assets | (1.10%) | (2.20%) | (4.20%) |
Stock-based compensation | (0.20%) | (1.00%) | (1.70%) |
Non-deductible merger-related expenses | 0.00% | 0.00% | 1.20% |
State income taxes, net of federal benefits | 1.60% | 1.20% | (1.50%) |
Adjustment to deferred tax assets and liabilities for enacted changes in tax laws and rates | (0.50%) | 1.70% | 0.00% |
Changes in valuation allowance | 0.10% | 0.50% | 3.10% |
Other | (0.20%) | (0.40%) | 0.30% |
Provision for income taxes - effective income tax rate | 16.70% | 28.70% | 16.60% |
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 6,410 | $ 4,643 |
Deferred compensation | 1,734 | 2,110 |
Actuarial adjustments on retirement benefits | 4,592 | 4,432 |
State net operating losses | 4,730 | 4,166 |
Other-than-temporary impairments on equity securities | 148 | 148 |
Net unrealized holding losses on securities available-for-sale and swaps | 2,968 | 1,316 |
Other deferred tax assets | 1,368 | 1,243 |
Gross deferred tax assets | 21,950 | 18,058 |
Valuation allowance | (3,830) | (3,523) |
Total deferred tax assets, net of valuation allowance | 18,120 | 14,535 |
Deferred tax liabilities: | ||
Mortgage servicing rights | 1,463 | 1,415 |
Retirement plans | 5,263 | 4,304 |
Deferred loan fees and costs | 1,163 | 2,614 |
Acquisition-related fair value adjustments | 1,605 | 1,621 |
Intangible assets | 1,987 | 1,513 |
Accounting method change adjustment | 1,154 | 0 |
Depreciation | 937 | 1,102 |
Other deferred tax liabilities | 963 | 792 |
Total deferred tax liabilities | 14,535 | 13,361 |
Net deferred tax assets | $ 3,585 | $ 1,174 |
Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Employee hire date no longer eligible for noncontributory retirement plan | Dec. 08, 2009 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 7.00% | ||
Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 215 | $ 222 | $ 52 |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate | 3.60% | 4.00% | |
Settlements | (3,200) | ||
Settlement cost | $ 0 | $ 0 | 1,434 |
Expected employer contributions for next fiscal year | $ 157 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 7.00% | 7.50% | |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate | 3.60% | 4.00% | |
Settlement cost | $ 0 | $ 0 | 0 |
Expected employer contributions for next fiscal year | $ 89 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 0.00% | 0.00% | |
Deferred Salary Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 1,400 | $ 1,400 | $ 1,200 |
Retirement Plans and Other Postretirement Benefits - Summary of Retirement Plans and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 46,753 | ||
Fair value of plan assets at end of year | 45,379 | $ 46,753 | |
Retirement Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 50,364 | 47,389 | |
Service cost | 560 | 524 | $ 661 |
Interest cost | 1,760 | 1,927 | 2,071 |
Actuarial (gain) loss | (3,205) | 3,169 | |
Benefits paid | (2,611) | (2,645) | |
Settlements | 3,200 | ||
Benefit obligation at end of year | 46,868 | 50,364 | 47,389 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 46,753 | 41,418 | |
Actual (loss) return on plan assets | (1,923) | 5,799 | |
Settlements | 3,200 | ||
Employer contribution and non-qualified benefit payments | 3,160 | 2,181 | |
Fair value of plan assets at end of year | 45,379 | 46,753 | 41,418 |
Funded status | (1,489) | (3,611) | |
Unrecognized net actuarial loss (gain) | 22,141 | 21,256 | |
Unrecognized prior service costs | (181) | (464) | |
Net amount recognized | 20,471 | 17,181 | |
Other Post Retirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,611 | 2,968 | |
Service cost | 88 | 48 | 46 |
Interest cost | 92 | 118 | 133 |
Actuarial (gain) loss | (404) | (409) | |
Benefits paid | (104) | (114) | |
Benefit obligation at end of year | 2,283 | 2,611 | 2,968 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual (loss) return on plan assets | 0 | 0 | |
Employer contribution and non-qualified benefit payments | 104 | 114 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | (2,283) | (2,611) | |
Unrecognized net actuarial loss (gain) | (92) | 316 | |
Unrecognized prior service costs | 0 | 0 | |
Net amount recognized | $ (2,375) | $ (2,295) |
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 560 | $ 524 | $ 661 |
Interest cost | 1,760 | 1,927 | 2,071 |
Expected return on plan assets | (3,287) | (3,074) | (3,041) |
Amortization of net actuarial loss | 1,120 | 1,185 | 1,296 |
Accretion of prior service cost | (283) | (282) | (283) |
Settlement cost | 0 | 0 | 1,434 |
Net periodic benefit (income) cost | (130) | 280 | 2,138 |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 88 | 48 | 46 |
Interest cost | 92 | 118 | 133 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 4 | 42 | 25 |
Accretion of prior service cost | 0 | 0 | 0 |
Settlement cost | 0 | 0 | 0 |
Net periodic benefit (income) cost | $ 184 | $ 208 | $ 204 |
Retirement Plans and Other Postretirement Benefits - Expected Amortization Expense (Detail) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | $ 1,175 |
Accretion of prior service cost | (181) |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | 0 |
Accretion of prior service cost | $ 0 |
Retirement Plans and Other Postretirement Benefits - Summary of Benefit Payments Expected to be Paid (Detail) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 2,836 |
2020 | 2,839 |
2021 | 2,892 |
2022 | 2,898 |
2023 | 2,964 |
Years 2024-2028 | 14,946 |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 89 |
2020 | 90 |
2021 | 92 |
2022 | 94 |
2023 | 97 |
Years 2024-2028 | $ 540 |
Retirement Plans and Other Postretirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed long-term rate of investment return | 7.00% | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 4.20% | 3.60% |
Assumed salary increase rate | 3.00% | 3.00% |
Assumed discount rate | 3.60% | 4.00% |
Assumed long-term rate of investment return | 7.00% | 7.50% |
Assumed salary increase rate | 3.00% | 3.00% |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 4.20% | 3.60% |
Assumed salary increase rate | 0.00% | 0.00% |
Assumed discount rate | 3.60% | 4.00% |
Assumed long-term rate of investment return | 0.00% | 0.00% |
Assumed salary increase rate | 0.00% | 0.00% |
Retirement Plans and Other Postretirement Benefits - Summary of Corporation's Pension Plan Asset Allocation (Detail) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 60.00% | 64.00% |
Debt Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 39.00% | 35.00% |
Other [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 1.00% | 1.00% |
Retirement Plans and Other Postretirement Benefits - Major Categories of Assets in Corporation's Pension Plan (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 45,379 | $ 46,753 |
Mutual Fund [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 28,360 | 31,144 |
Short-term Investments [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 666 | 515 |
U.S. Government Obligations [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 6,167 | 4,910 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 6,031 | 5,974 |
Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 4,155 | $ 4,210 |
Retirement Plans and Other Postretirement Benefits - Reconciliation of Beginning and Ending Balances for Measurements in Hierarchy Level 3 (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning Balance | $ 4,210 | $ 4,565 |
Total Unrealized (Losses) or Gains | 0 | 0 |
Total Realized Gains or (Losses) | 0 | 0 |
Purchases | 845 | 535 |
Maturities/ Redemptions | (900) | (890) |
Ending Balance | 4,155 | 4,210 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning Balance | 4,210 | 4,565 |
Total Unrealized (Losses) or Gains | 0 | 0 |
Total Realized Gains or (Losses) | 0 | 0 |
Purchases | 845 | 535 |
Maturities/ Redemptions | (900) | (890) |
Ending Balance | $ 4,155 | $ 4,210 |
Stock-Based Incentive Plan - Additional Information (Detail) - shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 06, 2017 |
Jul. 01, 2016 |
Jan. 01, 2015 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share awards authorized for issuance | 3,698,974 | ||||
Purchase price of common shares as a percentage of fair market value | 100.00% | ||||
Contractual term | 10 years | ||||
Percent of optioned shares become exercisable each year from one to three years | 33.30% | ||||
Options to purchase common stock outstanding | 597,405 | 512,735 | |||
Unvested restricted stock awards outstanding under the plan | 157,579 | 229,026 | |||
2013 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards available for future grant | 2,631,983 | ||||
2003 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted stock awards outstanding under the plan | 157,579 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period over which optioned shares become exercisable | 3 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period over which optioned shares become exercisable | 10 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase price of common shares as a percentage of fair market value | 100.00% | ||||
Period over which optioned shares become exercisable | 3 years | ||||
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 | ||||
Public Offering [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 | 330,625 |
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
$ / shares
shares
| |
Shares Under Option | |
Shares Under Option, Outstanding, Beginning balance | shares | 512,735 |
Shares Under Option, Granted | shares | 190,778 |
Shares Under Option, Expired | shares | (6,356) |
Shares Under Option, Forfeited | shares | (40,002) |
Shares Under Option, Exercised | shares | (59,750) |
Share Under Option, Outstanding, Ending balance | shares | 597,405 |
Shares Under Options, Exercisable at December 31 | shares | 253,175 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 21.90 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 28.50 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 24.61 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 26.29 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 18.92 |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 23.98 |
Weighted Average Exercise Price Per Share, Exercisable at December 31, 2018 | $ / shares | $ 20.36 |
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2018 | 7 years 2 months 12 days |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2018 | 5 years 6 months |
Aggregate Intrinsic Value, Outstanding at December 31, 2018 | $ | $ 820 |
Aggregate Intrinsic Value, Exercisable at December 31, 2018 | $ | $ 670 |
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested Stock Options, Beginning balance | 352,142 | ||
Nonvested Stock Options, Granted | 190,778 | ||
Nonvested Stock Options, Vested | (158,688) | ||
Nonvested Stock Options, Forfeited | (40,002) | ||
Nonvested Stock Options, Ending balance | 344,230 | 352,142 | |
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 | $ 6.47 | ||
Weighted Average Grant Date Fair Value, Granted | 6.46 | $ 6.72 | $ 6.23 |
Weighted Average Grant Date Fair Value, Vested | 6.43 | ||
Weighted Average Grant Date Fair Value, Forfeited | 6.49 | ||
Weighted Average Grant Date Fair Value, Ending balance | $ 6.48 | $ 6.47 |
Stock-Based Incentive Plan - Aggregated Assumptions Used to Estimate Fair Value of Options Granted (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected option life in years - weighted average | 6 years 7 months 6 days | 6 years 10 months 24 days | 7 years 10 months 24 days |
Risk free interest rate - weighted average | 2.80% | 2.30% | 1.87% |
Expected dividend yield - weighted average | 2.81% | 2.84% | 4.06% |
Expected volatility - weighted average | 27.15% | 29.75% | 45.82% |
Fair value of options | $ 6.46 | $ 6.72 | $ 6.23 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected option life in years | 7 years 7 months 6 days | ||
Risk free interest rate | 1.38% | ||
Expected dividend yield | 3.80% | ||
Expected volatility | 37.71% | ||
Fair value of options | $ 5.40 | ||
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) |
12 Months Ended |
---|---|
Dec. 31, 2018
$ / 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 | 229,026 |
Nonvested Share Awards, Granted | shares | 59,953 |
Nonvested Share Awards, Vested | shares | (97,201) |
Nonvested Share Awards, Forfeited | shares | (34,199) |
Nonvested Share awards, Ending balance | shares | 157,579 |
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 | $ 21.93 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 28.39 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 20.13 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 22.73 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 25.33 |
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 59,953 | ||
Weighted average grant date fair value | $ 28.39 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 59,953 | 61,823 | 176,255 |
Weighted average grant date fair value | $ 28.39 | $ 28.08 | $ 20.60 |
Intrinsic value of awards vested | $ 2,709 | $ 2,954 | $ 1,000 |
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 2,823 |
Weighted-Average Period Remaining (Years) | 1 year 8 months 12 days |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 1,222 |
Weighted-Average Period Remaining (Years) | 1 year 9 months 18 days |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 1,601 |
Weighted-Average Period Remaining (Years) | 1 year 8 months 12 days |
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Stock-based compensation expense: | |||
Total Expense | $ 2,625 | $ 3,230 | $ 2,151 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 620 | 1,432 | 1,135 |
Stock Options [Member] | |||
Stock-based compensation expense: | |||
Total Expense | 1,020 | 910 | 577 |
Restricted Stock Awards [Member] | |||
Stock-based compensation expense: | |||
Total Expense | 1,537 | 2,256 | 1,507 |
Employee Stock Purchase Plan [Member] | |||
Stock-based compensation expense: | |||
Total Expense | $ 68 | $ 64 | $ 67 |
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Beginning balance | $ (17,771) | $ (19,454) | $ (16,708) | |||||
Net Change | (6,291) | 1,683 | (2,746) | |||||
Ending balance | (28,416) | (17,771) | (19,454) | |||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Beginning balance | (4,061) | (4,988) | (592) | |||||
Net Change | (5,759) | 927 | (4,396) | |||||
Ending balance | (11,221) | (4,061) | (4,988) | |||||
Net Change Related to Derivative Used for Cash Flow Hedge [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Beginning balance | 9 | (141) | (285) | |||||
Net Change | 70 | 150 | 144 | |||||
Ending balance | 81 | 9 | (141) | |||||
Net Change Related to Defined Benefit Pension Plan [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Beginning balance | (13,719) | (14,325) | (15,831) | |||||
Net Change | (602) | 606 | 1,506 | |||||
Ending balance | (17,276) | (13,719) | (14,325) | |||||
Accumulated Other Comprehensive (Loss) Income [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Net Change | $ (6,291) | 1,683 | $ (2,746) | |||||
Accounting Standards Update 2016-01 [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||||
Accounting Standards Update 2016-01 [Member] | Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | (433) | ||||||
Accounting Standards Update 2016-01 [Member] | Net Change Related to Derivative Used for Cash Flow Hedge [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 0 | ||||||
Accounting Standards Update 2016-01 [Member] | Net Change Related to Defined Benefit Pension Plan [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 0 | ||||||
Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1],[2] | (433) | ||||||
Accounting Standards Update 2018-02 [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||||
Accounting Standards Update 2018-02 [Member] | Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | (968) | ||||||
Accounting Standards Update 2018-02 [Member] | Net Change Related to Derivative Used for Cash Flow Hedge [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 2 | ||||||
Accounting Standards Update 2018-02 [Member] | Net Change Related to Defined Benefit Pension Plan [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | (2,955) | ||||||
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | ||||||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1],[2] | $ (3,921) | ||||||
|
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Commitments And Contingencies [Line Items] | ||
Reserve for off-balance sheet credits | $ 426 | $ 390 |
Reserve for sold mortgages | 299 | |
Letter of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Reserve for off-balance sheet credits | $ 289 | |
Minimum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Term of letter of credit | 1 year | |
Maximum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Term of letter of credit | 5 years | |
Maximum [Member] | Letter of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 61,200 |
Commitments and Contingencies - Off-balance Sheet Financial Instruments (Detail) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Commitments to Extend Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance Sheet Risks, Amount, Liability | $ 1,276,745 |
Performance Letters Of Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance Sheet Risks, Amount, Liability | 31,039 |
Standby Letters of Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance Sheet Risks, Amount, Liability | 29,743 |
Other Letters Of Credit [Member] | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |
Off-balance Sheet Risks, Amount, Liability | $ 410 |
Commitments and Contingencies - Summary of Future Minimum Rental Commitments Under Non-cancelable Operating Leases (Detail) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 3,536 |
2020 | 3,632 |
2021 | 3,688 |
2022 | 3,660 |
2023 | 3,610 |
Thereafter | 37,389 |
Total | $ 55,515 |
Commitments and Contingencies - Summary of Future Minimum Contractual Payments With Third-Party Providers (Details) - Third-party providers [Member] $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Future minimum payments contractually due [Abstract] | |
2019 | $ 5,421 |
2020 | 4,288 |
2021 | 3,478 |
2022 | 1,250 |
2023 | 406 |
Thereafter | 79 |
Contractual Obligation | $ 14,922 |
Derivative Instruments and Hedging Activities - Narrative (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
instrument
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Loans receivable with fixed rates | $ 29,100,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 18,422,000 | $ 19,224,000 | |
Derivative Assets | 189,000 | 13,000 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 167,549,000 | 132,593,000 | |
Derivative Assets | 490,000 | 588,000 | |
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Gain on Fair Value Hedge Ineffectiveness | $ 83,000 | 0 | |
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 | $ 418,000 | 523,000 | |
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | One-Month LIBOR [Member] | |||
Derivative [Line Items] | |||
Derivative spread on floating rate | 2.24% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 0 | 0 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative asset notional amount | $ 20,000,000.0 | ||
Derivative fixed interest rate | 2.10% | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 62,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 17,076,000 | 17,836,000 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 185,000 | 13,000 | |
Interest Rate Swap [Member] | Fair Value Hedging [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 | $ 1,346,000 | 1,388,000 | |
Loans receivable fixed interest rate (percentage) | 5.83% | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | One-Month LIBOR [Member] | |||
Derivative [Line Items] | |||
Derivative spread on floating rate | 3.50% | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 4,000 | 0 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 122,410,000 | 75,622,000 | |
Derivative number of instruments held | instrument | 19 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 1 year | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 0 | $ 0 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Underlying derivative at fair value | 72,000 | ||
Paying [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 59,600,000 | ||
Receiving [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 62,800,000 |
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive income (loss) | $ 74 | $ 49 | $ (86) |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 18,422 | 19,224 | |
Derivative Assets | 189 | 13 | |
Derivative Liabilities | 0 | 12 | |
Net loss | 71 | (175) | (299) |
Gain (loss) recognized in other comprehensive income (loss) | 80 | 9 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 17,076 | 17,836 | |
Gain (loss) recognized in other comprehensive income (loss) | 80 | 9 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 15 | 182 | 308 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 83 | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets | 185 | 13 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 1,346 | 1,388 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss | 3 | 7 | $ 9 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets | 4 | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | $ 0 | $ 12 |
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | $ 167,549 | $ 132,593 | |
Derivative Assets | 490 | 588 | |
Derivative Liabilities | 242 | 74 | |
Derivative instruments not designated as hedging instruments gain (loss), net | (14) | 67 | $ (164) |
Interest Rate Swap [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 418 | 523 | |
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 | 20 | 38 | |
Credit Risk Contract [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 122,410 | 75,622 | |
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 | 262 | 403 | 93 |
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 | 72 | 36 | |
Interest Rate Locks with Customers [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional Amount | 21,494 | 27,411 | |
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 | 37 | 274 | 288 |
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 | 490 | 527 | |
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 | 23,227 | 29,037 | |
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 | 211 | 196 | $ (359) |
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 | 0 | 61 | |
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 | $ 150 | $ 0 |
Fair Value Disclosures - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
loan
property
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent Consideration from New Acquisition | $ 0 | $ 0 | |
Adjustment of Contingent Consideration | 51,000 | (247,000) | |
Valuation adjustments for loans held for sale | 0 | 0 | |
Carrying value of impaired loans held for investment | 26,581,000 | ||
Valuation allowance of impaired loans held for investment | 1,415,000 | 131,000 | |
Servicing Rights Carrying Amount Before Valuation Allowance | 6,800,000 | 6,600,000 | |
Goodwill impairment | $ 0 | 0 | $ 0 |
Number of properties written-down | property | 5 | ||
OREO write-downs | $ 693,000 | ||
Other Real Estate, Number of Properties Transferred | 4 | ||
Transfer of loans to other real estate owned | $ 477,000 | 729,000 | $ 2,347,000 |
Number of properties sold | property | 4 | ||
Proceeds from Sale of Real Estate | $ 490,000 | ||
Net gains on sales of other real estate owned | 67,000 | ||
Other real estate owned | 1,187,000 | 1,843,000 | |
Servicing Rights Valuation Allowance | 0 | ||
Sterner Insurance Associates Inc [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent Consideration from New Acquisition | 0 | ||
Adjustment of Contingent Consideration | (301,000) | ||
Girard Partners [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent Consideration from New Acquisition | 0 | 0 | |
Adjustment of Contingent Consideration | 51,000 | 54,000 | |
Held for Investment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying value of impaired loans held for investment | 26,600,000 | 28,482,000 | |
Valuation allowance of impaired loans held for investment | 1,415,000 | 131,000 | |
Lease Financings [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying value of impaired loans held for investment | 0 | 1,300,000 | |
Valuation allowance of impaired loans held for investment | $ 0 | $ 0 | |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [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 | $ 21,000 | ||
Commercial Loan [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of loans | loan | 2 |
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets: | ||
Total available-for-sale securities | $ 328,507 | $ 398,518 |
Investments in equity securities | 2,165 | |
Total assets | 1,779 | 1,958 |
Fair Value Measured on Recurring Basis [Member] | ||
Assets: | ||
Total available-for-sale securities | 328,507 | 391,457 |
Investments in equity securities | 2,165 | 7,061 |
Net loans and leases held for investment | 1,779 | 1,958 |
Total assets | 333,130 | 401,077 |
Liabilities: | ||
Total liabilities | 501 | 425 |
Fair Value Measured on Recurring Basis [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 72 | 36 |
Fair Value Measured on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 15,315 | 16,961 |
Fair Value Measured on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 65,415 | 78,297 |
Fair Value Measured on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 151,762 | 185,421 |
Fair Value Measured on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 2,888 | 3,602 |
Fair Value Measured on Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 93,127 | 107,176 |
Fair Value Measured on Recurring Basis [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 924 | 1,076 |
Fair Value Measured on Recurring Basis [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 1,241 | 5,985 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 490 | 527 |
Fair Value Measured on Recurring Basis [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 259 | 339 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Derivative assets | 189 | 13 |
Liabilities: | ||
Derivative liabilities | 20 | 50 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 61 | |
Liabilities: | ||
Derivative liabilities | 150 | |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Investments in equity securities | 2,165 | 7,061 |
Net loans and leases held for investment | 0 | 0 |
Total assets | 2,165 | 7,061 |
Liabilities: | ||
Total 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 | 924 | 1,076 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 1,241 | 5,985 |
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] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities | 0 | |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | ||
Assets: | ||
Total available-for-sale securities | 302,778 | 363,471 |
Investments in equity securities | 0 | 0 |
Net loans and leases held for investment | 0 | 0 |
Total assets | 303,457 | 364,072 |
Liabilities: | ||
Total liabilities | 170 | 50 |
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 | 15,315 | 16,961 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 65,415 | 78,297 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 151,762 | 185,421 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 2,888 | 3,602 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 67,398 | 79,190 |
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 | 490 | 527 |
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] | ||
Assets: | ||
Derivative assets | 189 | 13 |
Liabilities: | ||
Derivative liabilities | 20 | 50 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 61 | |
Liabilities: | ||
Derivative liabilities | 150 | |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | ||
Assets: | ||
Total available-for-sale securities | 25,729 | 27,986 |
Investments in equity securities | 0 | 0 |
Net loans and leases held for investment | 1,779 | 1,958 |
Total assets | 27,508 | 29,944 |
Liabilities: | ||
Total liabilities | 331 | 375 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 72 | 36 |
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 | 25,729 | 27,986 |
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] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 259 | 339 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | $ 0 | |
Liabilities: | ||
Derivative liabilities | $ 0 |
Fair Value Disclosures - Level 3 Roll Forward (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||
Balance at December 31, 2017 | $ 29,908 | $ 30,907 |
Purchases/additions | (299) | (430) |
Sales | 0 | 0 |
Payments received | (148) | (137) |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | (2,025) | (432) |
Balance at December 31, 2018 | 27,436 | 29,908 |
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, 2017 | (36) | (9) |
Purchases/additions | (299) | (430) |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | 263 | 403 |
Balance at December 31, 2018 | (72) | (36) |
Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at December 31, 2017 | 27,986 | 28,778 |
Purchases/additions | 0 | 0 |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | (2,257) | (792) |
Balance at December 31, 2018 | 25,729 | 27,986 |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at December 31, 2017 | 1,958 | 2,138 |
Purchases/additions | 0 | 0 |
Sales | 0 | 0 |
Payments received | (148) | (137) |
Premium amortization, net | 0 | 0 |
(Decrease) increase in value | (31) | (43) |
Balance at December 31, 2018 | $ 1,779 | $ 1,958 |
Fair Value Disclosures - Contingent Consideration Liability Change in Amount (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | $ 339 | $ 5,999 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 131 | 5,413 |
Adjustment of Contingent Consideration | 51 | (247) |
Ending Balance | 259 | 339 |
Sterner Insurance Associates Inc [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 0 | 331 |
Contingent Consideration from New Acquisition | 0 | |
Payment of Contingent Consideration | 30 | |
Adjustment of Contingent Consideration | (301) | |
Ending Balance | 0 | |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 339 | 5,668 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 131 | 5,383 |
Adjustment of Contingent Consideration | 51 | 54 |
Ending Balance | $ 259 | $ 339 |
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 1,187 | $ 1,843 |
Total assets | 1,779 | 1,958 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 25,166 | 28,351 |
Impaired leases held for investment | 1,250 | |
Other real estate owned | 1,187 | 1,843 |
Total assets | 26,353 | 31,444 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities 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 and Liabilities 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 and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 25,166 | 28,351 |
Impaired leases held for investment | 1,250 | |
Other real estate owned | 1,187 | 1,843 |
Total assets | $ 26,353 | $ 31,444 |
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets: | ||
Held-to-maturity securities | $ 141,575 | $ 55,320 |
Other real estate owned | 1,187 | 1,843 |
Total assets | 1,779 | 1,958 |
Deposits: | ||
Time deposits | 670,077 | 574,749 |
Subordinated notes | 94,574 | 94,331 |
Fair Value [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 109,420 | 75,409 |
Held-to-maturity securities | 141,575 | 55,320 |
Loans held for sale | 1,798 | 1,676 |
Net loans and leases held for investment | 3,924,329 | 3,547,451 |
Servicing rights | 11,496 | 10,046 |
Total assets | 4,188,618 | 3,689,902 |
Deposits: | ||
Demand and savings deposits, non-maturity | 3,215,856 | 2,980,170 |
Time deposits | 664,738 | 574,737 |
Total deposits | 3,880,594 | 3,554,907 |
Short-term borrowings | 189,768 | 105,431 |
Long-term debt | 144,021 | 156,834 |
Subordinated notes | 95,113 | 98,075 |
Total liabilities | 4,309,496 | 3,915,247 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,516) | (2,414) |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 109,420 | 75,409 |
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 | 109,420 | 75,409 |
Deposits: | ||
Demand and savings deposits, non-maturity | 3,215,856 | 2,980,170 |
Time deposits | 0 | 0 |
Total deposits | 3,215,856 | 2,980,170 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 0 |
Total liabilities | 3,215,856 | 2,980,170 |
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 | 141,575 | 55,320 |
Loans held for sale | 1,798 | 1,676 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 143,373 | 56,996 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 664,738 | 574,737 |
Total deposits | 664,738 | 574,737 |
Short-term borrowings | 189,768 | 105,431 |
Long-term debt | 144,021 | 156,834 |
Subordinated notes | 95,113 | 98,075 |
Total liabilities | 1,093,640 | 935,077 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,516) | (2,414) |
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 | 3,924,329 | 3,547,451 |
Servicing rights | 11,496 | 10,046 |
Total assets | 3,935,825 | 3,557,497 |
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 | 109,420 | 75,409 |
Held-to-maturity securities | 142,634 | 55,564 |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 28,337 | 27,204 |
Loans held for sale | 1,754 | 1,642 |
Net loans and leases held for investment | 3,950,265 | 3,566,953 |
Servicing rights | 6,768 | 6,573 |
Total assets | 4,239,178 | 3,733,345 |
Deposits: | ||
Demand and savings deposits, non-maturity | 3,215,856 | 2,980,170 |
Time deposits | 670,077 | 574,749 |
Total deposits | 3,885,933 | 3,554,919 |
Short-term borrowings | 189,768 | 105,431 |
Long-term debt | 145,330 | 155,828 |
Subordinated notes | 94,574 | 94,331 |
Total liabilities | 4,315,605 | 3,910,509 |
Off-Balance-Sheet: | ||
Commitments to extend credit | $ 0 | $ 0 |
Restructuring Charges - Additional Information (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018
USD ($)
center
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 571 | $ 0 | $ 1,731 | |
Restructuring Reserve | 30 | $ 23 | ||
Leased Financial Center [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of financial centers closed | center | 1 | |||
Owned Financial Center [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of financial centers closed | center | 2 | |||
Banking [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 571 | $ 571 |
Restructuring Charges - Roll Forward of Accrued Restructuring Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2018 | $ 23 | ||
Restructuring charges | 571 | $ 0 | $ 1,731 |
Payments | (516) | ||
Non-cash settlement | (48) | ||
Accrued at December 31, 2018 | 30 | 23 | |
Severance expenses | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2018 | 0 | ||
Restructuring charges | 366 | ||
Payments | (344) | ||
Non-cash settlement | 0 | ||
Accrued at December 31, 2018 | 22 | 0 | |
Write-downs and retirements of fixed assets | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2018 | 0 | ||
Restructuring charges | 48 | ||
Payments | 0 | ||
Non-cash settlement | (48) | ||
Accrued at December 31, 2018 | 0 | 0 | |
Lease cancellations | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2018 | 23 | ||
Restructuring charges | 157 | ||
Payments | (172) | ||
Non-cash settlement | 0 | ||
Accrued at December 31, 2018 | $ 8 | $ 23 |
Share Repurchase Plan - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
May 27, 2015 |
Oct. 23, 2013 |
|
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Shares repurchased during period, shares | 150,000 | 0 | 66,000 | ||
Shares Repurchase Plan, Share repurchased during period, cost | $ 3,600 | $ 0 | $ 1,400 | ||
Stock Repurchase Plan, Remaining number of shares authorized to be repurchased | 864,246 | ||||
Shares, Outstanding | 29,270,852 | ||||
Treasury Stock, Value | $ 45,803 | $ 43,533 | |||
2013 Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 1,000,000 | ||||
Share Repurchase Plan, Percentage of shares authorized to be repurchased | 5.00% | 5.00% | |||
2013 Plan [Member] | Maximum [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 800,000 |
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2019 |
Dec. 31, 2017 |
Jul. 31, 2013 |
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 1 Capital to Risk Weighted Assets | 10.88% | 11.11% | |||
Total Capital to Risk Weighted Assets | 13.70% | 14.00% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | |||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | |||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |||
Amount available for dividend distribution without prior approval from Regulatory Agency | $ 55.7 | ||||
Percentage of Bank's capital and surplus of which extensions of credit to a single affiliate are limited | 10.00% | ||||
Percentage of Bank's capital and surplus of which extensions of credit to all affiliates are limited | 20.00% | ||||
Basel III New Requirements [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Common Equity Tier 1 capital minimum buffer percent | 2.50% | ||||
Minimum Capital Requirements Effective Date | Jan. 01, 2015 | ||||
Basel III New Requirements [Member] | Scenario, Forecast [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital Conservation Buffer Above Minimum Risk-based Capital Requirements | 2.50% | ||||
Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 1 Capital to Risk Weighted Assets | 10.86% | 11.07% | |||
Total Capital to Risk Weighted Assets | 11.54% | 11.62% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | |||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | |||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |||
Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 1.875% | ||||
Minimum [Member] | Scenario, Forecast [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 1 Capital to Risk Weighted Assets | 8.50% | ||||
Total Capital to Risk Weighted Assets | 10.50% | ||||
Minimum [Member] | Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 1.875% |
Regulatory Matters - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Total Capital (to Risk-Weighted Assets): | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 604,213 | $ 563,797 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 13.70% | 14.00% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Amount | $ 352,764 | $ 322,148 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 440,955 | $ 402,685 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets): | ||
Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 479,550 | $ 447,228 |
Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 10.88% | 11.11% |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, Amount | $ 264,573 | $ 241,611 |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 352,764 | $ 322,148 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Common Capital (to Risk-Weighted Assets) | ||
Tier One Common Risk Based Capital | $ 479,550 | $ 447,228 |
Tier One Common Risk Based Capital To Risk Weighted Assets | 10.88% | 11.11% |
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 198,430 | $ 181,208 |
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 286,621 | $ 261,745 |
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets): | ||
Tier 1 Capital (to Average Assets) Actual, Amount | $ 479,550 | $ 447,228 |
Tier 1 Capital (to Average Assets) Actual, Ratio | 10.13% | 10.48% |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Amount | $ 189,374 | $ 170,753 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 236,718 | $ 213,441 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Bank [Member] | ||
Total Capital (to Risk-Weighted Assets): | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 506,728 | $ 464,851 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 11.54% | 11.62% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Amount | $ 351,220 | $ 320,003 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 439,026 | $ 400,004 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets): | ||
Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 476,639 | $ 442,613 |
Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 10.86% | 11.07% |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, Amount | $ 263,415 | $ 240,002 |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 351,220 | $ 320,003 |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Common Capital (to Risk-Weighted Assets) | ||
Tier One Common Risk Based Capital | $ 476,639 | $ 442,613 |
Tier One Common Risk Based Capital To Risk Weighted Assets | 10.86% | 11.07% |
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 197,561 | $ 180,002 |
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 285,367 | $ 260,002 |
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets): | ||
Tier 1 Capital (to Average Assets) Actual, Amount | $ 476,639 | $ 442,613 |
Tier 1 Capital (to Average Assets) Actual, Ratio | 10.12% | 10.45% |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Amount | $ 188,487 | $ 169,453 |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 235,609 | $ 211,816 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Related Party Transactions - Summary of Activity for Loans to Related Parties (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Related Party Transactions [Roll Forward] | |
Beginning Balance | $ 17,845 |
Additions | 920 |
Amounts collected and other reductions | (15,875) |
Ending Balance | $ 2,890 |
Related Party Transactions - Summary of Transactions with Related Parties (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Commitments to Extend Credit [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 869 |
Deposits Received [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 3,977 |
Segment Reporting - Schedule of Segment Reporting (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
segment
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|||||||
Segment Reporting [Abstract] | |||||||||||||||||
Number of reportable segments (in segments) | segment | 3 | ||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | $ 51,239 | $ 49,255 | $ 46,460 | $ 43,534 | $ 42,417 | $ 42,172 | $ 40,030 | $ 38,396 | $ 190,488 | $ 163,015 | $ 126,607 | ||||||
Interest expense | 9,862 | 8,832 | 7,470 | 6,262 | 5,711 | 5,285 | 4,730 | 4,113 | 32,426 | 19,839 | 12,382 | ||||||
Net interest income | 41,377 | 40,423 | 38,990 | 37,272 | 36,706 | 36,887 | 35,300 | 34,283 | 158,062 | [1] | 143,176 | [1] | 114,225 | [1] | |||
Provision for loan and lease losses | 103 | 2,745 | 15,409 | 2,053 | 1,992 | 2,689 | 2,766 | 2,445 | 20,310 | 9,892 | 4,821 | ||||||
Noninterest income | 14,416 | 14,861 | 15,314 | 15,582 | 14,152 | 14,109 | 16,009 | 14,970 | 60,173 | 59,240 | 55,963 | ||||||
Intangible expenses | 2,166 | 2,582 | 5,528 | ||||||||||||||
Restructuring charges | 571 | 0 | 1,731 | ||||||||||||||
Acquisition-related and integration costs and restructuring charges | 17,655 | ||||||||||||||||
Other noninterest expense | 134,502 | 128,131 | 118,798 | ||||||||||||||
Intersegment (revenue) expense | 0 | 0 | 0 | ||||||||||||||
Income before income taxes | 22,294 | 18,168 | 4,548 | 15,676 | 15,426 | 15,612 | 15,995 | 14,778 | 60,686 | 61,811 | 23,386 | ||||||
Income taxes | 3,922 | 3,204 | 191 | 2,826 | 5,162 | 4,416 | 4,217 | 3,922 | 10,143 | 17,717 | 3,881 | ||||||
Net income | 18,372 | $ 14,964 | $ 4,357 | 12,850 | 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | 50,543 | 44,094 | 19,505 | ||||||
Total assets | 4,984,347 | 4,554,862 | 4,984,347 | 4,554,862 | |||||||||||||
Capital expenditures | 3,367 | 8,603 | 11,663 | ||||||||||||||
Banking [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 190,425 | 162,982 | 126,571 | ||||||||||||||
Interest expense | 27,383 | 14,802 | 8,224 | ||||||||||||||
Net interest income | [1] | 163,042 | 148,180 | 118,347 | |||||||||||||
Provision for loan and lease losses | 20,310 | 9,892 | 4,821 | ||||||||||||||
Noninterest income | 20,815 | 21,838 | 21,296 | ||||||||||||||
Intangible expenses | 1,139 | 1,507 | 932 | ||||||||||||||
Restructuring charges | $ 571 | 571 | |||||||||||||||
Acquisition-related and integration costs and restructuring charges | 16,096 | ||||||||||||||||
Other noninterest expense | 106,947 | 100,670 | 88,065 | ||||||||||||||
Intersegment (revenue) expense | (1,113) | (1,059) | (1,766) | ||||||||||||||
Income before income taxes | 56,003 | 59,008 | 31,495 | ||||||||||||||
Income taxes | 9,085 | 15,735 | 6,510 | ||||||||||||||
Net income | 46,918 | 43,273 | 24,985 | ||||||||||||||
Total assets | 4,895,732 | 4,466,301 | 4,895,732 | 4,466,301 | |||||||||||||
Capital expenditures | 3,091 | 7,731 | 9,944 | ||||||||||||||
Wealth Management [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 32 | 8 | 5 | ||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||
Net interest income | [1] | 32 | 8 | 5 | |||||||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||||||||
Noninterest income | 23,179 | 21,707 | 19,318 | ||||||||||||||
Intangible expenses | 553 | 674 | 3,132 | ||||||||||||||
Restructuring charges | 0 | ||||||||||||||||
Acquisition-related and integration costs and restructuring charges | 0 | ||||||||||||||||
Other noninterest expense | 14,845 | 13,732 | 12,980 | ||||||||||||||
Intersegment (revenue) expense | 612 | 585 | 788 | ||||||||||||||
Income before income taxes | 7,201 | 6,724 | 2,423 | ||||||||||||||
Income taxes | 1,913 | 2,597 | 857 | ||||||||||||||
Net income | 5,288 | 4,127 | 1,566 | ||||||||||||||
Total assets | 39,090 | 34,600 | 39,090 | 34,600 | |||||||||||||
Capital expenditures | 45 | 38 | 29 | ||||||||||||||
Insurance [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 0 | 0 | 0 | ||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||
Net interest income | [1] | 0 | 0 | 0 | |||||||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||||||||
Noninterest income | 16,442 | 15,320 | 15,150 | ||||||||||||||
Intangible expenses | 474 | 401 | 1,464 | ||||||||||||||
Restructuring charges | 0 | ||||||||||||||||
Acquisition-related and integration costs and restructuring charges | 0 | ||||||||||||||||
Other noninterest expense | 12,419 | 11,667 | 11,924 | ||||||||||||||
Intersegment (revenue) expense | 501 | 474 | 978 | ||||||||||||||
Income before income taxes | 3,048 | 2,778 | 784 | ||||||||||||||
Income taxes | 752 | 374 | 348 | ||||||||||||||
Net income | 2,296 | 2,404 | 436 | ||||||||||||||
Total assets | 30,117 | 27,846 | 30,117 | 27,846 | |||||||||||||
Capital expenditures | 30 | 222 | 30 | ||||||||||||||
Other Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 31 | 25 | 31 | ||||||||||||||
Interest expense | 5,043 | 5,037 | 4,158 | ||||||||||||||
Net interest income | [1] | (5,012) | (5,012) | (4,127) | |||||||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||||||||
Noninterest income | (263) | 375 | 199 | ||||||||||||||
Intangible expenses | 0 | 0 | 0 | ||||||||||||||
Restructuring charges | 0 | ||||||||||||||||
Acquisition-related and integration costs and restructuring charges | 1,559 | ||||||||||||||||
Other noninterest expense | 291 | 2,062 | 5,829 | ||||||||||||||
Intersegment (revenue) expense | 0 | 0 | 0 | ||||||||||||||
Income before income taxes | (5,566) | (6,699) | (11,316) | ||||||||||||||
Income taxes | (1,607) | (989) | (3,834) | ||||||||||||||
Net income | (3,959) | (5,710) | (7,482) | ||||||||||||||
Total assets | $ 19,408 | $ 26,115 | 19,408 | 26,115 | |||||||||||||
Capital expenditures | $ 201 | $ 612 | $ 1,660 | ||||||||||||||
|
Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Interest Income (Expense), Net | $ 41,377 | $ 40,423 | $ 38,990 | $ 37,272 | $ 36,706 | $ 36,887 | $ 35,300 | $ 34,283 | $ 158,062 | [1] | $ 143,176 | [1] | $ 114,225 | [1] | |||||
Insurance commission and fee income | 15,658 | 14,788 | 14,603 | ||||||||||||||||
Bank owned life insurance income | [1] | 3,174 | 3,988 | 2,931 | |||||||||||||||
Net gain on sales of investment securities | [1] | 10 | 48 | 518 | |||||||||||||||
Net gain on mortgage banking activities | [1] | 3,125 | 4,023 | 6,027 | |||||||||||||||
Other income | [2] | 262 | 746 | 192 | |||||||||||||||
Noninterest income | $ 14,416 | $ 14,861 | $ 15,314 | $ 15,582 | $ 14,152 | $ 14,109 | $ 16,009 | $ 14,970 | 60,173 | 59,240 | 55,963 | ||||||||
Trust fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 7,882 | 8,055 | 7,741 | ||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 5,632 | 5,482 | 4,691 | ||||||||||||||||
Investment advisory commission and fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 15,098 | 13,454 | 11,424 | ||||||||||||||||
Other service fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | [2] | 9,332 | 8,656 | 7,836 | |||||||||||||||
Banking [Member] | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Interest Income (Expense), Net | [1] | 163,042 | 148,180 | 118,347 | |||||||||||||||
Insurance commission and fee income | 0 | 0 | 0 | ||||||||||||||||
Bank owned life insurance income | [1] | 3,284 | 3,616 | 2,749 | |||||||||||||||
Net gain on sales of investment securities | [1] | 10 | 45 | 494 | |||||||||||||||
Net gain on mortgage banking activities | [1] | 3,125 | 4,023 | 6,027 | |||||||||||||||
Other income | [2] | 417 | 745 | 175 | |||||||||||||||
Noninterest income | 20,815 | 21,838 | 21,296 | ||||||||||||||||
Banking [Member] | Trust fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Banking [Member] | Service charges on deposit accounts | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 5,632 | 5,482 | 4,691 | ||||||||||||||||
Banking [Member] | Investment advisory commission and fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Banking [Member] | Other service fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | [2] | 8,347 | 7,927 | 7,160 | |||||||||||||||
Wealth Management [Member] | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Interest Income (Expense), Net | [1] | 32 | 8 | 5 | |||||||||||||||
Insurance commission and fee income | 0 | 0 | 0 | ||||||||||||||||
Bank owned life insurance income | [1] | 0 | 0 | 0 | |||||||||||||||
Net gain on sales of investment securities | [1] | 0 | 0 | 0 | |||||||||||||||
Net gain on mortgage banking activities | [1] | 0 | 0 | 0 | |||||||||||||||
Other income | [2] | 0 | 0 | 0 | |||||||||||||||
Noninterest income | 23,179 | 21,707 | 19,318 | ||||||||||||||||
Wealth Management [Member] | Trust fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 7,882 | 8,055 | 7,741 | ||||||||||||||||
Wealth Management [Member] | Service charges on deposit accounts | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Wealth Management [Member] | Investment advisory commission and fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 15,098 | 13,454 | 11,424 | ||||||||||||||||
Wealth Management [Member] | Other service fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | [2] | 199 | 198 | 153 | |||||||||||||||
Insurance [Member] | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Interest Income (Expense), Net | [1] | 0 | 0 | 0 | |||||||||||||||
Insurance commission and fee income | 15,658 | 14,788 | 14,603 | ||||||||||||||||
Bank owned life insurance income | [1] | 0 | 0 | 0 | |||||||||||||||
Net gain on sales of investment securities | [1] | 0 | 0 | 0 | |||||||||||||||
Net gain on mortgage banking activities | [1] | 0 | 0 | 0 | |||||||||||||||
Other income | [2] | (2) | 1 | 14 | |||||||||||||||
Noninterest income | 16,442 | 15,320 | 15,150 | ||||||||||||||||
Insurance [Member] | Trust fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Insurance [Member] | Service charges on deposit accounts | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Insurance [Member] | Investment advisory commission and fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Insurance [Member] | Other service fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | [2] | 786 | 531 | 533 | |||||||||||||||
Other Segments [Member] | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Interest Income (Expense), Net | [1] | (5,012) | (5,012) | (4,127) | |||||||||||||||
Insurance commission and fee income | 0 | 0 | 0 | ||||||||||||||||
Bank owned life insurance income | [1] | (110) | 372 | 182 | |||||||||||||||
Net gain on sales of investment securities | [1] | 0 | 3 | 24 | |||||||||||||||
Net gain on mortgage banking activities | [1] | 0 | 0 | 0 | |||||||||||||||
Other income | [2] | (153) | 0 | 3 | |||||||||||||||
Noninterest income | (263) | 375 | 199 | ||||||||||||||||
Other Segments [Member] | Trust fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Other Segments [Member] | Service charges on deposit accounts | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Other Segments [Member] | Investment advisory commission and fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | 0 | 0 | 0 | ||||||||||||||||
Other Segments [Member] | Other service fee income | |||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||
Noninterest income | [2] | $ 0 | $ 0 | $ (10) | |||||||||||||||
|
Condensed Financial Information - Parent Company Only - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Assets: | ||||
Cash and due from banks | $ 61,573 | $ 46,721 | ||
Interest-earning deposits with other banks | 47,847 | 28,688 | ||
Cash and cash equivalents | 109,420 | 75,409 | $ 57,825 | $ 60,799 |
Investments in subsidiaries, at equity in net assets: | ||||
Other assets | 322 | 154 | ||
Total assets | 4,984,347 | 4,554,862 | ||
Liabilities: | ||||
Subordinated notes | 94,574 | 94,331 | ||
Other liabilities | 44,609 | 40,979 | ||
Total liabilities | 4,360,214 | 3,951,488 | ||
Shareholders' equity: | 624,133 | 603,374 | 505,209 | 361,574 |
Total liabilities and shareholders’ equity | 4,984,347 | 4,554,862 | ||
Proceeds from public offering of common stock | 0 | 70,501 | 0 | |
Parent Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 78,897 | 73,642 | ||
Interest-earning deposits with other banks | 145 | 114 | ||
Cash and cash equivalents | 79,042 | 73,756 | 1,980 | $ 17,096 |
Investments in securities | 924 | 1,077 | ||
Investments in subsidiaries, at equity in net assets: | ||||
Bank | 638,500 | 612,045 | ||
Non-banks | 0 | 0 | ||
Other assets | 18,340 | 32,399 | ||
Total assets | 736,806 | 719,277 | ||
Liabilities: | ||||
Dividends payable | 5,863 | 5,866 | ||
Subordinated notes | 94,574 | 94,331 | ||
Other liabilities | 12,236 | 15,706 | ||
Total liabilities | 112,673 | 115,903 | ||
Shareholders' equity: | 624,133 | 603,374 | ||
Total liabilities and shareholders’ equity | 736,806 | 719,277 | ||
Proceeds from public offering of common stock | $ 0 | $ 70,501 | $ 0 |
Condensed Financial Information - Parent Company Only - Schedule of Condensed Income Statement (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Statements of Income | |||||||||||||
Net gain on sales of investment securities | [1] | $ 10 | $ 48 | $ 518 | |||||||||
Interest expense | $ 9,862 | $ 8,832 | $ 7,470 | $ 6,262 | $ 5,711 | $ 5,285 | $ 4,730 | $ 4,113 | 32,426 | 19,839 | 12,382 | ||
Income before income taxes | 22,294 | 18,168 | 4,548 | 15,676 | 15,426 | 15,612 | 15,995 | 14,778 | 60,686 | 61,811 | 23,386 | ||
Income taxes | 3,922 | 3,204 | 191 | 2,826 | 5,162 | 4,416 | 4,217 | 3,922 | 10,143 | 17,717 | 3,881 | ||
Equity in undistributed income (loss) of subsidiaries: | |||||||||||||
Net income | $ 18,372 | $ 14,964 | $ 4,357 | $ 12,850 | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | 50,543 | 44,094 | 19,505 | ||
Parent Company [Member] | |||||||||||||
Statements of Income | |||||||||||||
Dividends from Bank | 22,359 | 26,263 | 94,042 | ||||||||||
Dividends from non-bank | 0 | 0 | 0 | ||||||||||
Net gain on sales of investment securities | 0 | 3 | 23 | ||||||||||
Other income | 26,631 | 24,740 | 18,663 | ||||||||||
Total operating income | 48,990 | 51,006 | 112,728 | ||||||||||
Interest expense | 5,043 | 5,037 | 4,158 | ||||||||||
Operating expenses | 27,155 | 26,405 | 25,843 | ||||||||||
Income before income taxes | 16,792 | 19,564 | 82,727 | ||||||||||
Income taxes | (1,607) | (989) | (3,834) | ||||||||||
Income before equity in undistributed income (loss) of subsidiaries | 18,399 | 20,553 | 86,561 | ||||||||||
Equity in undistributed income (loss) of subsidiaries: | |||||||||||||
Bank | 32,144 | 23,541 | (67,056) | ||||||||||
Non-banks | 0 | 0 | 0 | ||||||||||
Net income | $ 50,543 | $ 44,094 | $ 19,505 | ||||||||||
|
Condensed Financial Information - Parent Company Only - Schedule of Condensed Cash Flow Statement (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ 18,372 | $ 14,964 | $ 4,357 | $ 12,850 | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 50,543 | $ 44,094 | $ 19,505 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Net gain on sales of investment securities | [1] | (10) | (48) | (518) | ||||||||||
Bank owned life insurance income | [1] | (3,174) | (3,988) | (2,931) | ||||||||||
Depreciation of premises and equipment | 5,581 | 5,561 | 4,089 | |||||||||||
Stock-based compensation | 2,557 | 3,166 | 2,084 | |||||||||||
Contributions to pension and other postretirement benefit plans | (3,264) | (2,295) | (2,261) | |||||||||||
Decrease (increase) in other assets | 4,547 | (1,369) | 1,956 | |||||||||||
Increase in accrued interest payable and other liabilities | 6,540 | 215 | 2,160 | |||||||||||
Net cash provided by operating activities | 86,006 | 68,660 | 33,306 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Outlays for business acquisitions | 0 | 0 | (79,206) | |||||||||||
Proceeds from bank owned life insurance | 1,384 | 2,961 | 662 | |||||||||||
Net cash used in investing activities | (431,318) | (332,487) | (313,932) | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from issuance of subordinated notes | 0 | 0 | 44,515 | |||||||||||
Purchases of treasury stock | (5,984) | (3,519) | (8,359) | |||||||||||
Proceeds from public offering of common stock | 0 | 70,501 | 0 | |||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,295 | 2,413 | 2,472 | |||||||||||
Proceeds from exercise of stock options | 1,131 | 1,676 | 4,968 | |||||||||||
Cash dividends paid | (23,495) | (21,299) | (17,024) | |||||||||||
Net cash provided by financing activities | 379,323 | 281,411 | 277,652 | |||||||||||
Net increase (decrease) in cash and due from financial institutions | 34,011 | 17,584 | (2,974) | |||||||||||
Cash and cash equivalents at beginning of year | 75,409 | 57,825 | 75,409 | 57,825 | 60,799 | |||||||||
Cash and cash equivalents at end of year | 109,420 | 75,409 | 109,420 | 75,409 | 57,825 | |||||||||
Cash paid during the year for: | ||||||||||||||
Interest | 30,875 | 21,493 | 13,982 | |||||||||||
Income tax, net of refunds received | 2,022 | 12,599 | 8,053 | |||||||||||
Parent Company [Member] | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | 50,543 | 44,094 | 19,505 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Equity in undistributed net (income) loss of subsidiaries | (32,144) | (23,541) | 67,056 | |||||||||||
Net gain on sales of investment securities | 0 | (3) | (23) | |||||||||||
Bank owned life insurance income | 109 | (343) | (182) | |||||||||||
Depreciation of premises and equipment | 386 | 387 | 339 | |||||||||||
Stock-based compensation | 2,557 | 3,166 | 2,084 | |||||||||||
Contributions to pension and other postretirement benefit plans | (3,264) | (2,295) | (2,261) | |||||||||||
Decrease (increase) in other assets | 14,205 | (3,384) | 1,098 | |||||||||||
Increase in accrued interest payable and other liabilities | (865) | 4,101 | 213 | |||||||||||
Net cash provided by operating activities | 31,527 | 22,182 | 87,829 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Investments in subsidiaries | 0 | 0 | (40,000) | |||||||||||
Proceeds from sales of securities | 0 | 3 | 38 | |||||||||||
Outlays for business acquisitions | 0 | 0 | (87,683) | |||||||||||
Proceeds from bank owned life insurance | 0 | 183 | 0 | |||||||||||
Other, net | (188) | (364) | (1,619) | |||||||||||
Net cash used in investing activities | (188) | (178) | (129,264) | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Net decrease in short-term borrowings | 0 | 0 | (253) | |||||||||||
Proceeds from issuance of subordinated notes | 0 | 0 | 44,515 | |||||||||||
Purchases of treasury stock | (5,984) | (3,519) | (8,359) | |||||||||||
Proceeds from public offering of common stock | 0 | 70,501 | 0 | |||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 2,295 | 2,413 | 2,472 | |||||||||||
Proceeds from exercise of stock options | 1,131 | 1,676 | 4,968 | |||||||||||
Cash dividends paid | (23,495) | (21,299) | (17,024) | |||||||||||
Net cash provided by financing activities | (26,053) | 49,772 | 26,319 | |||||||||||
Net increase (decrease) in cash and due from financial institutions | 5,286 | 71,776 | (15,116) | |||||||||||
Cash and cash equivalents at beginning of year | $ 73,756 | $ 1,980 | 73,756 | 1,980 | 17,096 | |||||||||
Cash and cash equivalents at end of year | $ 79,042 | $ 73,756 | 79,042 | 73,756 | 1,980 | |||||||||
Cash paid during the year for: | ||||||||||||||
Interest | 4,800 | 4,800 | 3,956 | |||||||||||
Income tax, net of refunds received | $ 643 | $ 11,600 | $ 6,675 | |||||||||||
|
Quarterly Financial Data (unaudited) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Recoveries | $ 3,150 | $ 1,301 | $ 2,038 | |||
Effect on diluted earnings per share | $ 0.04 | |||||
Charge-offs | 15,651 | 7,137 | 6,988 | |||
Federal (net of state benefit) - enactment of tax reform | $ 1,100 | 1,100 | ||||
Commercial, Financial and Agricultural [Member] | ||||||
Recoveries | 2,140 | 801 | 1,454 | |||
Charge-offs | $ 14,655 | $ 1,030 | $ 4,827 | |||
Loan Participations [Member] | Commercial, Financial and Agricultural [Member] | ||||||
Recoveries | $ 1,800 | |||||
Recovery, after-tax | $ 1,500 | |||||
Effect on diluted earnings per share | $ 0.05 | $ 0.34 | ||||
Charge-offs | $ 12,700 | |||||
Charge-off, after-tax | $ 10,100 |
Quarterly Financial Data (unaudited) - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Interest income | $ 51,239 | $ 49,255 | $ 46,460 | $ 43,534 | $ 42,417 | $ 42,172 | $ 40,030 | $ 38,396 | $ 190,488 | $ 163,015 | $ 126,607 | |||||
Interest expense | 9,862 | 8,832 | 7,470 | 6,262 | 5,711 | 5,285 | 4,730 | 4,113 | 32,426 | 19,839 | 12,382 | |||||
Net interest income | 41,377 | 40,423 | 38,990 | 37,272 | 36,706 | 36,887 | 35,300 | 34,283 | 158,062 | [1] | 143,176 | [1] | 114,225 | [1] | ||
Provision for loan and lease losses | 103 | 2,745 | 15,409 | 2,053 | 1,992 | 2,689 | 2,766 | 2,445 | 20,310 | 9,892 | 4,821 | |||||
Net interest income after provision for loan and lease losses | 41,274 | 37,678 | 23,581 | 35,219 | 34,714 | 34,198 | 32,534 | 31,838 | 137,752 | 133,284 | 109,404 | |||||
Noninterest income | 14,416 | 14,861 | 15,314 | 15,582 | 14,152 | 14,109 | 16,009 | 14,970 | 60,173 | 59,240 | 55,963 | |||||
Total noninterest expense | 33,396 | 34,371 | 34,347 | 35,125 | 33,440 | 32,695 | 32,548 | 32,030 | 137,239 | 130,713 | 141,981 | |||||
Income before income taxes | 22,294 | 18,168 | 4,548 | 15,676 | 15,426 | 15,612 | 15,995 | 14,778 | 60,686 | 61,811 | 23,386 | |||||
Income taxes | 3,922 | 3,204 | 191 | 2,826 | 5,162 | 4,416 | 4,217 | 3,922 | 10,143 | 17,717 | 3,881 | |||||
Net income | $ 18,372 | $ 14,964 | $ 4,357 | $ 12,850 | $ 10,264 | $ 11,196 | $ 11,778 | $ 10,856 | $ 50,543 | $ 44,094 | $ 19,505 | |||||
Weighted average shares outstanding - basic earnings per share | 29,161 | 29,232 | 29,176 | 29,140 | 27,254 | 26,437 | 26,380 | 26,345 | 29,177 | 26,606 | 22,871 | |||||
Weighted average shares outstanding - diluted earnings per share | 29,220 | 29,318 | 29,271 | 29,234 | 27,356 | 26,542 | 26,477 | 26,448 | 29,259 | 26,708 | 22,931 | |||||
Net income per share: | ||||||||||||||||
Basic (in dollars per share) | $ 0.63 | $ 0.51 | $ 0.15 | $ 0.44 | $ 0.37 | $ 0.42 | $ 0.44 | $ 0.41 | $ 1.72 | $ 1.64 | $ 0.85 | |||||
Diluted (in dollars per share) | 0.63 | 0.51 | 0.15 | 0.44 | 0.37 | 0.42 | 0.44 | 0.41 | 1.72 | 1.64 | 0.84 | |||||
Dividends per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | $ 0.80 | |||||
|
'49OL1)UI<6TL0&,O)0)G/HM2/TY!Y8%NVR:^,JI
M0C)>GT%3*O7N%*=]"Y8\_+WH"HE$W6G!FH=OL55 % HQ_("E5%)W&$4.H"AG
M&6N%1"(L!QA#8N,=J<1X7V-58I YC"L'2,0?\PJ)1$7M)&7XY'M?L@:2PB0J
M:H=1Y0"J^*NJT@&\>,73&U!YQ???@"BFE-0+? PJ!Y9B_+UNZ< "RE/!:QT@
MB^MX,7C0KF%(O;]U&(X.P)'[4SKYA8.UQ-];54CF B_XUD 6EQ7)^
M[GX9GX9-^>5NW*Z7^_)Q>[_8/6V'Y>VAT'JU(.?B8KU\W,RO+@[??=U>78S/
M^]7C9OBZG>V>U^OE]K_7PVI\N9S[^8\O?GN\?]A/7RRN+IZ6]\/OP_Y?3U^W
MY=/BM9;;Q_6PV3V.F]EVN+NF/3+TAOE)+$KMKY<@=(F63'%Z?X'.$BSOD=XB37^4:,7J&-B:2,W,+ !/4 .X!
M([[!+ PT.*
MRD9C7UP+X,F;DMKEM/6^/S+FRA:4<#>F!XTWM;%*>#1MPUQO0501I"3CN]TM
M4Z+3M,BB[VR+S Q>=AK.EKA!*6%_GT":,:=[^NYXZIK6!P #.F.%(B*XZX%3?R0&$76FDXM384+5$#PIH[4F<
MD22*,L)I+W"9^]Q9E;D<#>L%G!72(^=4_3X!DU.!8_R6>.K;SK@$*?.!MO =
MS(_AK&Q$5I6ZYR!T+P52T!3X(3Z>,H?W@.<>)KV9(]?)1 M;=4)6]-A:T)P)-"C=@0RNDBQ*&KMA*.-U@P%[?H2
M0K1\=6+VZ9A](F9!>S"T!S-\H0:TA^#V0IT'[L(2"C"VH#!?^DBY)8'Y4@=H
M$Z\(S!B)U]B:P ,X%E]H#C) H,&\10XLX\W6T?5,C&1^8;=WD;S!FIW)GS&
MT/Y8$)@4'+"N!.9KKI&W%8$%DFN4H-8$!IQS@P]UBI.&<;RK**Y[&'1U[W @KN9'U*$%<:!Q7%C:,?<7 5UK[
M+5O)>$_F: !@E+,Y\0 8E_UJ)0]RY7 1.$LG@);!1BP&O8GH$%96=W:DH.T?
MA5HB9&PM!AL[O?MIV6[&SKQG?:Z),&)SDHMK2ZFR^V?L2@:NC-J5_+DK/T=Z
M@%#@RDDL8U,R,&74IF2HP(;,8@R"W 1]C-EC,.7:ZI>Q+AGH4J?M8/ Q%5%N_ZA QA)%++2-A; 7A+G]JVX2/3G&(&VS8G^F%4
M_V%-[^/%S@K 6=[,1/ $3K*1%L)8]$E!C["&:Z?6@KTEP%M.#P^QEK$'C!VB
M[.B 5*H,#L&Z$K"STVN^5L#!H1W3B(HZA?: "CE6CGP%"U* (/6NIQ7P<(TX
MV+Y&G"?])*%'7-$M579'@@4I0)#Z<40KX/0PE86(7D4"KMR\X/641%Q*L99'
M!!M2@"'UA&L%/(L+3D?4
C_#M@%T!M %L(]YR)0H*O_*'"MSHT=DIM[W+#SQ[D!];ZK@C*V(=UZ\]=Y+
MF:;[G%P"T1QSG&+H*F:W1!#/OJ2@6RF.]!V<;L/3385IA*?_*/RR39!M$F21
M(/NPQ(V8+/DO"5GU5()IXS195.E!Q4E>>9>!O:'Q3=["IVG_R4S+E45G[?S+
MQOXW6COP4I(K/T*=_V"+(:!QX?C9G\TT9I/A=#__(+)\X_(O4$L#!!0 (
M !B#7$[WMHZQLP$ -(# 9 >&PO=V]R:W-H965T
FFPC3"TS\4_H<@VR3((D'V;HE;,>E?2=BJIPIL&Z?)D)C5%)KOT75:,V4BPJ-A5!7^:5]7Z=YI,T
M7FAA0K(0DI6P]W'(',AG?D\-+7,E)Z3FW@_477%\2&QO*N?TK?!G-GEMO9
%
M#;JK<.],\LI$;WD<)BFY6:$9T=W+I4;#8:)=&"^IFP