Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of class | Trading symbol | Name of exchange on which registered | ||||||
☒ | 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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
(Title of Class) | (Number of shares outstanding at October 30, 2020) |
Page Number | |||||||||||
Part I. | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
(UNAUDITED) | |||||||||||
(Dollars in thousands, except share data) | At September 30, 2020 | At December 31, 2019 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-earning deposits with other banks | |||||||||||
Cash and cash equivalents | |||||||||||
Investment securities held-to-maturity (fair value $ | |||||||||||
Investment securities available-for-sale (amortized cost $ | |||||||||||
Investments in equity securities | |||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | |||||||||||
Loans held for sale | |||||||||||
Loans and leases held for investment | |||||||||||
Less: Allowance for credit losses, loans and leases | ( | ( | |||||||||
Net loans and leases held for investment | |||||||||||
Premises and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Other intangibles, net of accumulated amortization | |||||||||||
Bank owned life insurance | |||||||||||
Accrued interest receivable and other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Noninterest-bearing deposits | $ | $ | |||||||||
Interest-bearing deposits: | |||||||||||
Demand deposits | |||||||||||
Savings deposits | |||||||||||
Time deposits | |||||||||||
Total deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term debt | |||||||||||
Subordinated notes | |||||||||||
Operating lease liabilities | |||||||||||
Accrued interest payable and other liabilities | |||||||||||
Total liabilities | |||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net of tax benefit | ( | ( | |||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest and fees on loans and leases: | |||||||||||||||||||||||
Taxable | $ | $ | $ | $ | |||||||||||||||||||
Exempt from federal income taxes | |||||||||||||||||||||||
Total interest and fees on loans and leases | |||||||||||||||||||||||
Interest and dividends on investment securities: | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Exempt from federal income taxes | |||||||||||||||||||||||
Interest on deposits with other banks | |||||||||||||||||||||||
Interest and dividends on other earning assets | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest on deposits | |||||||||||||||||||||||
Interest on short-term borrowings | |||||||||||||||||||||||
Interest on long-term debt and subordinated notes | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Trust fee income | |||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||
Investment advisory commission and fee income | |||||||||||||||||||||||
Insurance commission and fee income | |||||||||||||||||||||||
Other service fee income | |||||||||||||||||||||||
Bank owned life insurance income | |||||||||||||||||||||||
Net gain on sales of investment securities | |||||||||||||||||||||||
Net gain on mortgage banking activities | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries, benefits and commissions | |||||||||||||||||||||||
Net occupancy | |||||||||||||||||||||||
Equipment | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Marketing and advertising | |||||||||||||||||||||||
Deposit insurance premiums | ( | ||||||||||||||||||||||
Intangible expenses | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Total noninterest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | ||||||||||||||||||||||||||||||
Income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during the period | ( | ( | ( | ||||||||||||||||||||||||||||||||
Reversal of provision for credit losses | ( | ( | ( | — | — | — | |||||||||||||||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income (1) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total net unrealized gains (losses) on available-for-sale investment securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) arising during the period | ( | ( | ( | ||||||||||||||||||||||||||||||||
Less: reclassification adjustment for net losses (gains) realized in net income (2) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | ( | ( | ( | ||||||||||||||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss included in net periodic pension costs (3) | |||||||||||||||||||||||||||||||||||
Accretion of prior service cost included in net periodic pension costs (3) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total defined benefit pension plans | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | ||||||||||||||||||||||||||||||
Income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Net unrealized gains on available-for-sale investment securities: | |||||||||||||||||||||||||||||||||||
Net unrealized holding gains arising during the period | |||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | ||||||||||||||||||||||||||||||||
Less: reclassification adjustment for net gains on sales realized in net income (1) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total net unrealized gains on available-for-sale investment securities | |||||||||||||||||||||||||||||||||||
Net unrealized losses on interest rate swaps used in cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized holding losses arising during the period | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Less: reclassification adjustment for net losses (gains) realized in net income (2) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total net unrealized losses on interest rate swaps used in cash flow hedges | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss included in net periodic pension costs (3) | |||||||||||||||||||||||||||||||||||
Accretion of prior service cost included in net periodic pension costs (3) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total defined benefit pension plans | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
(Dollars in thousands, except per share data) | Common Shares Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax benefit | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | |||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ( | ||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ |
(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 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2016-13 for CECL (1) | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | ( | ||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock unit awards | ( | ||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ( | ||||||||||||||||||||||||||||||||||||||||
Cancellations of performance-based restricted stock awards | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Common Shares Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2016-02 for leases | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2017-12 for derivatives | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU No. 2017-08 for premium amortization on purchased callable debt securities | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | |||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | ( | ||||||||||||||||||||||||||||||||||||||||
Cancellations of performance-based restricted stock awards | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Depreciation of premises and equipment | |||||||||||
Net amortization of investment securities premiums and discounts | |||||||||||
Net gain on sales of investment securities | ( | ( | |||||||||
Net gain on mortgage banking activities | ( | ( | |||||||||
Bank owned life insurance income | ( | ( | |||||||||
Stock-based compensation | |||||||||||
Intangible expenses | |||||||||||
Other adjustments to reconcile net income to cash used in operating activities | ( | ( | |||||||||
Originations of loans held for sale | ( | ( | |||||||||
Proceeds from the sale of loans held for sale | |||||||||||
Contributions to pension and other postretirement benefit plans | ( | ( | |||||||||
Increase in accrued interest receivable and other assets | ( | ( | |||||||||
Increase (decrease) in accrued interest payable and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Net capital expenditures | ( | ( | |||||||||
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | |||||||||||
Proceeds from maturities, calls and principal repayments of securities available-for-sale | |||||||||||
Proceeds from sales of securities available-for-sale | |||||||||||
Purchases of investment securities held-to-maturity | ( | ( | |||||||||
Purchases of investment securities available-for-sale | ( | ( | |||||||||
Proceeds from sales of money market mutual funds | |||||||||||
Purchases of money market mutual funds | ( | ( | |||||||||
Net decrease in other investments | ( | ( | |||||||||
Proceeds from sale of portfolio loans | |||||||||||
Net increase in loans and leases | ( | ( | |||||||||
Proceeds from sales of other real estate owned | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Net increase in deposits | |||||||||||
Net decrease in short-term borrowings | ( | ( | |||||||||
Proceeds from issuance of long-term debt | |||||||||||
Repayment of long-term debt | ( | ( | |||||||||
Proceeds from issuance of subordinated notes | |||||||||||
Payment of contingent consideration on acquisitions | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Cash dividends paid | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes, net of refunds | |||||||||||
Non cash transactions: | |||||||||||
Transfer of loans to other real estate owned | $ | $ | |||||||||
Transfer of loans to loans held for sale | |||||||||||
January 1, 2020 | |||||||||||||||||
(Dollars in thousands) | Pre-adoption | Adoption Impact | As Reported | ||||||||||||||
Assets: | |||||||||||||||||
ACL on debt securities: available-for-sale: | |||||||||||||||||
Corporate bonds | $ | $ | $ | ||||||||||||||
ACL on loans and leases: | |||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||
Real estate-commercial | |||||||||||||||||
Real estate-construction | |||||||||||||||||
Real estate-residential secured for business purpose | |||||||||||||||||
Real estate-residential secured for personal purpose | ( | ||||||||||||||||
Real estate-home equity secured for personal purpose | ( | ||||||||||||||||
Loans to individuals | |||||||||||||||||
Lease financings | ( | ||||||||||||||||
Unallocated | |||||||||||||||||
Total ACL on loans and leases | |||||||||||||||||
Liabilities: | |||||||||||||||||
Reserve for unfunded commitments | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(Dollars and shares in thousands, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income allocated to unvested restricted stock awards | ( | ( | ( | ( | |||||||||||||||||||
Net income allocated to common shares | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Average unvested restricted stock awards | ( | ( | ( | ( | |||||||||||||||||||
Denominator for basic earnings per share—weighted-average shares outstanding | |||||||||||||||||||||||
Effect of dilutive securities—employee stock options and restricted stock units | |||||||||||||||||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share |
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit 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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government corporations and agencies: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
After 1 year to 5 years | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
After 5 years to 10 years | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Over 10 years | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Securities available-for-sale: | |||||||||||
Proceeds from sales | $ | $ | |||||||||
Gross realized gains on sales | |||||||||||
Gross realized losses on sales | |||||||||||
Tax expense related to net realized gains on sales |
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 September 30, 2020 | |||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||
U.S. government corporations and agencies | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
(Dollars in thousands) | Corporate Bonds | ||||
Three months ended September 30, 2020 | |||||
Securities Available-for-Sale | |||||
Beginning balance | $ | ( | |||
Additions for securities for which no previous expected credit losses were recognized | ( | ||||
Change in securities for which a previous expected credit loss was recognized | |||||
Ending balance | $ | ( | |||
Nine months ended September 30, 2020 | |||||
Securities Available-for-Sale | |||||
Beginning balance | $ | ||||
Adjustment to initially apply ASU No. 2016-13 for CECL | ( | ||||
Additions for securities for which no previous expected credit losses were recognized | ( | ||||
Change in securities for which a previous expected credit loss was recognized | ( | ||||
Ending balance | $ | ( |
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | |||||||||
Commercial, financial and agricultural | $ | $ | |||||||||
Paycheck Protection Program | |||||||||||
Real estate-commercial | |||||||||||
Real estate-construction | |||||||||||
Real estate-residential secured for business purpose | |||||||||||
Real estate-residential secured for personal purpose | |||||||||||
Real estate-home equity secured for personal purpose | |||||||||||
Loans to individuals | |||||||||||
Lease financings | |||||||||||
Total loans and leases held for investment, net of deferred income | $ | $ | |||||||||
Imputed interest on lease financings, included in the above table | $ | ( | $ | ( | |||||||
Net deferred (fees) costs, included in the above table | ( | ||||||||||
Overdraft deposits included in the above table |
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or more Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases Held for Investment | |||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for business purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for personal purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity secured for personal purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||
Lease financings | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or more Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Acquired Credit Impaired | Nonaccrual Loans and Leases | Total Loans and Leases Held for Investment | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for business purpose | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for personal purpose | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity secured for personal purpose | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financings | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real estate—commercial real estate and construction: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate—residential and home equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for business purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Residential secured for personal purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity secured for personal purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Loans to individuals | |||||||||||||||||||||||||||||||||||||||||||||||
Lease financings | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Nonaccrual With No ACL | Nonaccrual With ACL | Total Nonaccrual | Loans 90 Days or more Past Due and Accruing Interest | |||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | |||||||||||||||||||
Real estate-commercial | |||||||||||||||||||||||
Real estate-residential secured for business purpose | |||||||||||||||||||||||
Real estate-residential secured for personal purpose | |||||||||||||||||||||||
Real estate-home equity secured for personal purpose | |||||||||||||||||||||||
Loans to individuals | |||||||||||||||||||||||
Lease financings | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(Dollars in thousands) | Real Estate | Other (1) | None (2) | Total | |||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | |||||||||||||||||||
Real estate-commercial | |||||||||||||||||||||||
Real estate-residential secured for business purpose | |||||||||||||||||||||||
Real estate-residential secured for personal purpose | |||||||||||||||||||||||
Real estate-home equity secured for personal purpose | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real Estate-Commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real Estate-Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1. Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
3. Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Commercial, Financial and Agricultural | Real Estate— Commercial | Real Estate— Construction | Real Estate— Residential Secured for Business Purpose | Total | ||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||
1. Pass | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
2. Special Mention | |||||||||||||||||||||||||||||
3. Substandard | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Loans to Individuals | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Lease Financings | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Performance | |||||||||||||||||||||||||||||||||||||||||||||||
1. Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2. Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
(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, 2019 | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(Dollars in thousands) | Beginning balance | (Reversal of provision) provision for credit losses | Charge-offs | Recoveries | Ending balance | ||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases: | |||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Real Estate-Commercial | |||||||||||||||||||||||||||||
Real Estate-Construction | |||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | ( | ||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | |||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | |||||||||||||||||||||||||||||
Loans to Individuals | ( | ( | |||||||||||||||||||||||||||
Lease Financings | ( | ( | |||||||||||||||||||||||||||
Unallocated | N/A | N/A | |||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases: | |||||||||||||||||||||||||||||
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 | N/A | N/A | |||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
(Dollars in thousands) | Beginning balance, prior to adoption of ASU No. 2016-13 for CECL | Adjustment to initially apply ASU No. 2016-13 for CECL | Provision (reversal of provision) for credit losses | Charge-offs | Recoveries | Ending balance | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases: | |||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Real Estate-Commercial | ( | ||||||||||||||||||||||||||||||||||
Real Estate-Construction | |||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | ( | ||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | ( | ||||||||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | ( | ||||||||||||||||||||||||||||||||||
Loans to Individuals | ( | ||||||||||||||||||||||||||||||||||
Lease Financings | ( | ( | |||||||||||||||||||||||||||||||||
Unallocated | ( | N/A | N/A | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases: | |||||||||||||||||||||||||||||||||||
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 | — | N/A | N/A | ||||||||||||||||||||||||||||||||
Total | $ | $ | — | $ | $ | ( | $ | $ |
Allowance for credit losses, loans and leases | Loans and leases held for investment | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Ending balance: individually analyzed | Ending balance: pooled | Total ending balance | Ending balance: individually analyzed | Ending balance: pooled | Loans measured at fair value | Total ending balance | ||||||||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Paycheck Protection Program | |||||||||||||||||||||||||||||||||||||||||
Real Estate-Commercial | |||||||||||||||||||||||||||||||||||||||||
Real Estate-Construction | |||||||||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Business Purpose | |||||||||||||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | |||||||||||||||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | |||||||||||||||||||||||||||||||||||||||||
Lease Financings | |||||||||||||||||||||||||||||||||||||||||
Unallocated | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
At September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
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 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Pre- Restructuring Outstanding Recorded Investment | Post- Restructuring Outstanding Recorded Investment | Number of Loans | Pre- Restructuring Outstanding Recorded Investment | Post- Restructuring Outstanding Recorded Investment | |||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Pre- Restructuring Outstanding Recorded Investment | Post- Restructuring Outstanding Recorded Investment | Number of Loans | Pre- Restructuring Outstanding Recorded Investment | Post- Restructuring Outstanding Recorded Investment | |||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||
Real estate—home equity secured for personal purpose | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | |||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural* | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Real estate—commercial real estate* | |||||||||||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Maturity Date Extension | Amortization Period Extension | Total Concessions Granted | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | No. of Loans | Amount | No. of Loans | Amount | No. of Loans | Amount | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Real estate—residential secured for personal purpose | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Accruing Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Real estate—home equity secured for personal purpose | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Nonaccrual Troubled Debt Restructured Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Real estate—commercial real estate | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | |||||||||
Real estate-residential secured for personal purpose | $ | $ | |||||||||
Real estate-home equity secured for personal purpose | |||||||||||
Total | $ | $ |
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | |||||||||
Foreclosed residential real estate | $ | $ | |||||||||
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | |||||||||
2020 (excluding the nine months ended September 30, 2020) | $ | $ | |||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
Thereafter | |||||||||||
Total future minimum lease payments receivable | |||||||||||
Plus: Unguaranteed residual | |||||||||||
Plus: Initial direct costs | |||||||||||
Less: Imputed interest | ( | ( | |||||||||
Lease financings | $ | $ |
(Dollars in thousands) | Banking | Wealth Management | Insurance | Consolidated | |||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Addition to goodwill from acquisitions | |||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ |
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization (1) | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||||||||
Core deposit intangibles | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Customer related intangibles | |||||||||||||||||||||||||||||||||||
Servicing rights (1) | |||||||||||||||||||||||||||||||||||
Total amortized intangible assets | $ | $ | $ | $ | $ | $ |
Year | (Dollars in thousands) | Amount | ||||||
Remainder of 2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Servicing rights capitalized | |||||||||||||||||||||||
Amortization of servicing rights | ( | ( | ( | ( | |||||||||||||||||||
Changes in valuation allowance | ( | ( | |||||||||||||||||||||
End of period | $ | $ | $ | $ | |||||||||||||||||||
Loans serviced for others | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Valuation allowance, beginning of period | $ | ( | $ | ( | $ | $ | |||||||||||||||||
Additions | ( | ( | |||||||||||||||||||||
Reductions | |||||||||||||||||||||||
Valuation allowance, end of period | $ | ( | $ | ( | $ | ( | $ | ( |
Year | (Dollars in thousands) | Amount | ||||||
Remainder of 2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total | $ |
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||
Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing deposits | % | $ | % | $ | |||||||||||||||||||
Demand deposits | |||||||||||||||||||||||
Savings deposits | |||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Total | % | $ | % | $ |
Year | (Dollars in thousands) | Amount | ||||||
Remainder of 2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total | $ |
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||
(Dollars in thousands) | Balance at End of Period | Weighted Average Interest Rate at End of Period | Balance at End of Period | Weighted Average Interest Rate at End of Period | |||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Customer repurchase agreements | $ | % | $ | % | |||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
FHLB advances | $ | % | $ | % | |||||||||||||||||||
Security repurchase agreements | |||||||||||||||||||||||
Subordinated notes | $ | % | $ | % |
(Dollars in thousands) | As of September 30, 2020 | Weighted Average Rate | |||||||||
Remainder of 2020 | $ | % | |||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
Thereafter | |||||||||||
Total | $ | % |
(Dollars in thousands) | As of September 30, 2020 | Weighted Average Rate | |||||||||
Remainder of 2020 | $ | % | |||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
Thereafter | |||||||||||
Total | $ | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Dollars in thousands) | Retirement Plans | Other Post Retirement Benefits | |||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected loss on plan assets | ( | ( | |||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||
Accretion of prior service cost | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Dollars in thousands) | Retirement Plans | Other Post Retirement Benefits | |||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected loss on plan assets | ( | ( | |||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||
Accretion of prior service cost | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
(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 September 30, 2020 | |||||||||||||||||||
Outstanding at December 31, 2019 | $ | ||||||||||||||||||||||
Expired | ( | ||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Outstanding at September 30, 2020 | $ | ||||||||||||||||||||||
Exercisable at September 30, 2020 |
(Dollars in thousands, except per share data) | Nonvested Stock Options | Weighted Average Grant Date Fair Value | |||||||||
Nonvested stock options at December 31, 2019 | $ | ||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Nonvested stock options at September 30, 2020 |
(Dollars in thousands, except per share data) | Nonvested Stock Awards and Units | Weighted Average Grant Date Fair Value | |||||||||
Nonvested stock awards and units at December 31, 2019 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Cancelled | ( | ||||||||||
Nonvested stock awards and units at September 30, 2020 |
Nine Months Ended September 30, | |||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | |||||||||
Restricted stock awards and units granted | |||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Intrinsic value of awards granted | $ | $ | |||||||||
Restricted stock awards and units vested | |||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Intrinsic value of awards vested | $ | $ |
(Dollars in thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | |||||||||
Stock options | $ | ||||||||||
Restricted stock awards and units | |||||||||||
$ |
Nine Months Ended September 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Stock-based compensation expense: | |||||||||||
Stock options | $ | $ | |||||||||
Restricted stock awards and units | |||||||||||
Employee stock purchase plan | |||||||||||
Total | $ | $ | |||||||||
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | $ | $ |
(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, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Adjustment to initially apply ASU No. 2016-13 for CECL (1) | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance, September 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Balance, December 31, 2018 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Adjustment to initially apply ASU No. 2017-12 for derivatives | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance, September 30, 2019 | $ | ( | $ | ( | $ | ( | $ | ( |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | ||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||
Interest rate swap - cash flow hedge | $ | $ | Other liabilities | $ | |||||||||||||||||||||||||
Total | $ | $ | $ | ||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Interest rate swap - cash flow hedge | $ | $ | Other liabilities | $ | |||||||||||||||||||||||||
Total | $ | $ | $ |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | ||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||
Interest rate swap | $ | $ | Other liabilities | $ | |||||||||||||||||||||||||
Credit derivatives | Other liabilities | ||||||||||||||||||||||||||||
Interest rate locks with customers | Other assets | ||||||||||||||||||||||||||||
Forward loan sale commitments | Other liabilities | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Interest rate swap | $ | $ | Other liabilities | $ | |||||||||||||||||||||||||
Credit derivatives | Other liabilities | ||||||||||||||||||||||||||||
Interest rate locks with customers | Other assets | ||||||||||||||||||||||||||||
Forward loan sale commitments | Other liabilities | ||||||||||||||||||||||||||||
Total | $ | $ | $ |
Statement of Income Classification | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Interest rate swap—cash flow hedge—net interest payments | Interest expense | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Interest rate swap—fair value hedge—effectiveness | Interest income | ( | ( | ||||||||||||||||||||||||||
Total net (loss) gain | $ | ( | $ | ( | $ | ( | $ |
Statement of Income Classification | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Credit derivatives | Other noninterest income | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate locks with customers | Net gain on mortgage banking activities | ||||||||||||||||||||||||||||
Forward loan sale commitments | Net gain (loss) on mortgage banking activities | ( | |||||||||||||||||||||||||||
Total net gain | $ | $ | $ | $ |
(Dollars in thousands) | Accumulated Other Comprehensive (Loss) Income | At September 30, 2020 | At December 31, 2019 | ||||||||||||||
Interest rate swap—cash flow hedge | Fair value, net of taxes | $ | ( | $ | ( | ||||||||||||
Total | $ | ( | $ | ( |
At September 30, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/ Liabilities at Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | |||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Equity securities - financial services industry | |||||||||||||||||||||||
Money market mutual funds | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Loans* | |||||||||||||||||||||||
Interest rate locks with customers* | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps* | |||||||||||||||||||||||
Credit derivatives* | |||||||||||||||||||||||
Forward loan sale commitments* | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
At December 31, 2019 | |||||||||||||||||||||||
(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 | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Equity securities - financial services industry | |||||||||||||||||||||||
Money market mutual funds | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Loans* | |||||||||||||||||||||||
Interest rate locks with customers* | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps* | |||||||||||||||||||||||
Credit derivatives* | |||||||||||||||||||||||
Forward loan sale commitments* | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2019 | Additions | Payments received | Increase in value | Balance at September 30, 2020 | ||||||||||||||||||||||||
Loans | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Credit derivatives | ( | ( | ( | ||||||||||||||||||||||||||
Net total | $ | $ | ( | $ | ( | $ | $ | ( |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2018 | Additions | Payments received | Increase in value | Balance at September 30, 2019 | ||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans | ( | ||||||||||||||||||||||||||||
Credit derivatives | ( | ( | ( | ||||||||||||||||||||||||||
Net total | $ | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2019 | Contingent Consideration from New Acquisition | Payment of Contingent Consideration | Adjustment of Contingent Consideration | Balance at September 30, 2020 | ||||||||||||||||||||||||
Girard Partners | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total contingent consideration liability | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Balance at December 31, 2018 | Contingent Consideration from New Acquisition | Payment of Contingent Consideration | Adjustment of Contingent Consideration | Balance at September 30, 2019 | ||||||||||||||||||||||||
Girard Partners | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total contingent consideration liability | $ | $ | $ | $ | $ |
At September 30, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets at Fair Value | |||||||||||||||||||
Individually analyzed loans held for investment | $ | $ | $ | $ | |||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
At December 31, 2019 | |||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets at Fair Value | |||||||||||||||||||
Impaired loans held for investment | $ | $ | $ | $ | |||||||||||||||||||
Impaired leases held for investment | |||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
At September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Carrying Amount | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and short-term interest-earning assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | NA | NA | NA | NA | |||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Net loans and leases held for investment | |||||||||||||||||||||||||||||
Servicing rights | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand and savings deposits, non-maturity | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Total deposits | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ |
At December 31, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | Carrying Amount | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and short-term interest-earning assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | NA | NA | NA | NA | |||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Net loans and leases held for investment | |||||||||||||||||||||||||||||
Servicing rights | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand and savings deposits, non-maturity | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Total deposits | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ |
● | 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) | At September 30, 2020 | At December 31, 2019 | At September 30, 2019 | ||||||||||||||
Banking | $ | $ | $ | ||||||||||||||
Wealth Management | |||||||||||||||||
Insurance | |||||||||||||||||
Other | |||||||||||||||||
Consolidated assets | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Noninterest income | ( | ||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Intersegment (revenue) expense* | ( | ||||||||||||||||||||||||||||
Income (expense) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Intersegment (revenue) expense* | ( | ||||||||||||||||||||||||||||
Income (expense) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Noninterest income | ( | ||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Intersegment (revenue) expense* | ( | ||||||||||||||||||||||||||||
Income (expense) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Banking | Wealth Management | Insurance | Other | Consolidated | ||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Intersegment (revenue) expense* | ( | ||||||||||||||||||||||||||||
Income (expense) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from leases | $ | $ | |||||||||||||||||||||
At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||||||
Weighted-average remaining lease term in years | |||||||||||||||||||||||
Weighted-average discount rate | % | % |
Maturity of Lease Liabilities | (Dollars in thousands) | Amount | ||||||
Remainder of 2020 | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: imputed interest | ( | |||||||
Present value of lease liabilities | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | Amount | Percent | 2020 | 2019 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 18,119 | $ | 17,662 | $ | 457 | 2.6 | % | $ | 21,042 | $ | 50,209 | $ | (29,167) | (58.1 | %) | |||||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.60 | $ | 0.02 | 3.3 | $ | 0.72 | $ | 1.71 | $ | (0.99) | (57.9) | |||||||||||||||||||||||||||||||||
Diluted | 0.62 | 0.60 | 0.02 | 3.3 | 0.72 | 1.71 | (0.99) | (57.9) | |||||||||||||||||||||||||||||||||||||||
Return on average assets | 1.15 | % | 1.32 | % | (17 BP) | (12.9) | 0.48 | % | 1.30 | % | (82 BP) | (63.1) | |||||||||||||||||||||||||||||||||||
Return on average equity | 10.89 | % | 10.62 | % | 27 BP | 2.5 | 4.22 | % | 10.40 | % | (618 BP) | (59.4) |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 368,181 | $ | 100 | 0.11 | % | $ | 213,623 | $ | 1,178 | 2.19 | % | |||||||||||||||||||||||
U.S. government obligations | 6,998 | 36 | 2.05 | 14,154 | 62 | 1.74 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 18,004 | 167 | 3.69 | 42,465 | 316 | 2.95 | |||||||||||||||||||||||||||||
Other debt and equity securities | 360,219 | 1,610 | 1.78 | 403,480 | 2,519 | 2.48 | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 28,651 | 419 | 5.82 | 30,857 | 519 | 6.67 | |||||||||||||||||||||||||||||
Total interest-earning deposits, investments and other interest-earning assets | 782,053 | 2,332 | 1.19 | 704,579 | 4,594 | 2.59 | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 807,376 | 7,330 | 3.61 | 800,006 | 9,952 | 4.94 | |||||||||||||||||||||||||||||
Paycheck Protection Program loans | 500,549 | 2,811 | 2.23 | — | — | — | |||||||||||||||||||||||||||||
Real estate—commercial and construction loans | 2,358,971 | 23,547 | 3.97 | 1,966,593 | 23,439 | 4.73 | |||||||||||||||||||||||||||||
Real estate—residential loans | 1,009,407 | 10,380 | 4.09 | 956,224 | 11,570 | 4.80 | |||||||||||||||||||||||||||||
Loans to individuals | 28,663 | 309 | 4.29 | 31,504 | 490 | 6.17 | |||||||||||||||||||||||||||||
Municipal loans and leases | 267,364 | 2,839 | 4.22 | 333,734 | 3,413 | 4.06 | |||||||||||||||||||||||||||||
Lease financings | 97,707 | 1,662 | 6.77 | 82,424 | 1,482 | 7.13 | |||||||||||||||||||||||||||||
Gross loans and leases | 5,070,037 | 48,878 | 3.84 | 4,170,485 | 50,346 | 4.79 | |||||||||||||||||||||||||||||
Total interest-earning assets | 5,852,090 | 51,210 | 3.48 | 4,875,064 | 54,940 | 4.47 | |||||||||||||||||||||||||||||
Cash and due from banks | 56,715 | 53,019 | |||||||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases | (87,046) | (33,152) | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 55,755 | 57,881 | |||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 33,875 | 35,238 | |||||||||||||||||||||||||||||||||
Other assets | 354,216 | 329,817 | |||||||||||||||||||||||||||||||||
Total assets | $ | 6,265,605 | $ | 5,317,867 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking deposits | $ | 725,580 | $ | 468 | 0.26 | $ | 497,185 | $ | 678 | 0.54 | |||||||||||||||||||||||||
Money market savings | 1,116,628 | 897 | 0.32 | 1,004,806 | 4,112 | 1.62 | |||||||||||||||||||||||||||||
Regular savings | 901,716 | 449 | 0.20 | 805,632 | 963 | 0.47 | |||||||||||||||||||||||||||||
Time deposits | 525,656 | 2,214 | 1.68 | 715,520 | 3,681 | 2.04 | |||||||||||||||||||||||||||||
Total time and interest-bearing deposits | 3,269,580 | 4,028 | 0.49 | 3,023,143 | 9,434 | 1.24 | |||||||||||||||||||||||||||||
Short-term borrowings | 130,359 | 97 | 0.30 | 32,375 | 94 | 1.15 | |||||||||||||||||||||||||||||
Long-term debt | 208,776 | 742 | 1.41 | 167,338 | 866 | 2.05 | |||||||||||||||||||||||||||||
Subordinated notes | 155,945 | 1,891 | 4.82 | 94,724 | 1,261 | 5.28 | |||||||||||||||||||||||||||||
Total borrowings | 495,080 | 2,730 | 2.19 | 294,437 | 2,221 | 2.99 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,764,660 | 6,758 | 0.71 | 3,317,580 | 11,655 | 1.39 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,760,818 | 1,265,027 | |||||||||||||||||||||||||||||||||
Operating lease liabilities | 37,170 | 38,364 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 41,010 | 37,373 | |||||||||||||||||||||||||||||||||
Total liabilities | 5,603,658 | 4,658,344 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Common stock | 157,784 | 157,784 | |||||||||||||||||||||||||||||||||
Additional paid-in capital | 296,272 | 294,138 | |||||||||||||||||||||||||||||||||
Retained earnings and other equity | 207,891 | 207,601 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 661,947 | 659,523 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,265,605 | $ | 5,317,867 | |||||||||||||||||||||||||||||||
Net interest income | $ | 44,452 | $ | 43,285 | |||||||||||||||||||||||||||||||
Net interest spread | 2.77 | 3.08 | |||||||||||||||||||||||||||||||||
Effect of net interest-free funding sources | 0.25 | 0.44 | |||||||||||||||||||||||||||||||||
Net interest margin | 3.02 | % | 3.52 | % | |||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 155.45 | % | 146.95 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 267,023 | $ | 492 | 0.25 | % | $ | 120,231 | $ | 2,016 | 2.24 | % | |||||||||||||||||||||||
U.S. government obligations | 7,176 | 109 | 2.03 | 17,148 | 217 | 1.69 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 26,019 | 696 | 3.57 | 55,220 | 1,369 | 3.31 | |||||||||||||||||||||||||||||
Other debt and equity securities | 379,729 | 6,460 | 2.27 | 394,834 | 7,722 | 2.61 | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 29,689 | 1,308 | 5.88 | 31,713 | 1,640 | 6.91 | |||||||||||||||||||||||||||||
Total interest-earning deposits, investments and other interest-earning assets | 709,636 | 9,065 | 1.71 | 619,146 | 12,964 | 2.80 | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 815,178 | 23,291 | 3.82 | 810,321 | 31,299 | 5.16 | |||||||||||||||||||||||||||||
Paycheck Protection Program loans | 291,173 | 4,939 | 2.27 | — | — | — | |||||||||||||||||||||||||||||
Real estate—commercial and construction loans | 2,244,143 | 70,574 | 4.20 | 1,900,901 | 68,108 | 4.79 | |||||||||||||||||||||||||||||
Real estate—residential loans | 1,001,904 | 31,702 | 4.23 | 945,477 | 34,465 | 4.87 | |||||||||||||||||||||||||||||
Loans to individuals | 29,251 | 1,043 | 4.76 | 31,985 | 1,518 | 6.35 | |||||||||||||||||||||||||||||
Municipal loans and leases | 291,845 | 9,081 | 4.16 | 333,816 | 9,939 | 3.98 | |||||||||||||||||||||||||||||
Lease financings | 92,780 | 4,808 | 6.92 | 81,698 | 4,376 | 7.16 | |||||||||||||||||||||||||||||
Gross loans and leases | 4,766,274 | 145,438 | 4.08 | 4,104,198 | 149,705 | 4.88 | |||||||||||||||||||||||||||||
Total interest-earning assets | 5,475,910 | 154,503 | 3.77 | 4,723,344 | 162,669 | 4.60 | |||||||||||||||||||||||||||||
Cash and due from banks | 51,544 | 48,231 | |||||||||||||||||||||||||||||||||
Allowance for credit losses, loans and leases | (66,977) | (31,714) | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 55,967 | 58,640 | |||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 34,278 | 36,056 | |||||||||||||||||||||||||||||||||
Other assets | 342,196 | 330,782 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,892,918 | $ | 5,165,339 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking deposits | $ | 642,935 | $ | 1,636 | 0.34 | $ | 477,848 | $ | 1,849 | 0.52 | |||||||||||||||||||||||||
Money market savings | 1,079,279 | 4,653 | 0.58 | 968,894 | 12,094 | 1.67 | |||||||||||||||||||||||||||||
Regular savings | 863,772 | 1,716 | 0.27 | 804,457 | 2,790 | 0.46 | |||||||||||||||||||||||||||||
Time deposits | 568,517 | 7,801 | 1.83 | 686,794 | 10,015 | 1.95 | |||||||||||||||||||||||||||||
Total time and interest-bearing deposits | 3,154,503 | 15,806 | 0.67 | 2,937,993 | 26,748 | 1.22 | |||||||||||||||||||||||||||||
Short-term borrowings | 110,689 | 325 | 0.39 | 65,804 | 949 | 1.93 | |||||||||||||||||||||||||||||
Long-term debt | 196,053 | 2,268 | 1.55 | 157,484 | 2,441 | 2.07 | |||||||||||||||||||||||||||||
Subordinated notes | 115,376 | 4,372 | 5.06 | 94,664 | 3,783 | 5.34 | |||||||||||||||||||||||||||||
Total borrowings | 422,118 | 6,965 | 2.20 | 317,952 | 7,173 | 3.02 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,576,621 | 22,771 | 0.85 | 3,255,945 | 33,921 | 1.39 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,571,629 | 1,184,909 | |||||||||||||||||||||||||||||||||
Operating lease liabilities | 37,538 | 39,103 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 41,691 | 39,735 | |||||||||||||||||||||||||||||||||
Total liabilities | 5,227,479 | 4,519,692 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Common stock | 157,784 | 157,784 | |||||||||||||||||||||||||||||||||
Additional paid-in capital | 295,759 | 293,465 | |||||||||||||||||||||||||||||||||
Retained earnings and other equity | 211,896 | 194,398 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 665,439 | 645,647 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,892,918 | $ | 5,165,339 | |||||||||||||||||||||||||||||||
Net interest income | $ | 131,732 | $ | 128,748 | |||||||||||||||||||||||||||||||
Net interest spread | 2.92 | 3.21 | |||||||||||||||||||||||||||||||||
Effect of net interest-free funding sources | 0.29 | 0.43 | |||||||||||||||||||||||||||||||||
Net interest margin | 3.21 | % | 3.64 | % | |||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 153.10 | % | 145.07 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2020 Versus 2019 | September 30, 2020 Versus 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Volume Change | Rate Change | Total | Volume Change | Rate Change | Total | |||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 502 | $ | (1,580) | $ | (1,078) | $ | 1,190 | $ | (2,714) | $ | (1,524) | |||||||||||||||||||||||
U.S. government obligations | (35) | 9 | (26) | (145) | 37 | (108) | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | (214) | 65 | (149) | (773) | 100 | (673) | |||||||||||||||||||||||||||||
Other debt and equity securities | (250) | (659) | (909) | (287) | (975) | (1,262) | |||||||||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | (36) | (64) | (100) | (100) | (232) | (332) | |||||||||||||||||||||||||||||
Interest on deposits, investments and other earning assets | (33) | (2,229) | (2,262) | (115) | (3,784) | (3,899) | |||||||||||||||||||||||||||||
Commercial, financial and agricultural loans | 91 | (2,713) | (2,622) | 186 | (8,194) | (8,008) | |||||||||||||||||||||||||||||
Paycheck Protection Program loans | 2,811 | — | 2,811 | 4,939 | — | 4,939 | |||||||||||||||||||||||||||||
Real estate—commercial and construction loans | 4,228 | (4,120) | 108 | 11,444 | (8,978) | 2,466 | |||||||||||||||||||||||||||||
Real estate—residential loans | 609 | (1,799) | (1,190) | 1,965 | (4,728) | (2,763) | |||||||||||||||||||||||||||||
Loans to individuals | (41) | (140) | (181) | (121) | (354) | (475) | |||||||||||||||||||||||||||||
Municipal loans and leases | (704) | 130 | (574) | (1,292) | 434 | (858) | |||||||||||||||||||||||||||||
Lease financings | 259 | (79) | 180 | 582 | (150) | 432 | |||||||||||||||||||||||||||||
Interest and fees on loans and leases | 7,253 | (8,721) | (1,468) | 17,703 | (21,970) | (4,267) | |||||||||||||||||||||||||||||
Total interest income | 7,220 | (10,950) | (3,730) | 17,588 | (25,754) | (8,166) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking deposits | 231 | (441) | (210) | 537 | (750) | (213) | |||||||||||||||||||||||||||||
Money market savings | 409 | (3,624) | (3,215) | 1,243 | (8,684) | (7,441) | |||||||||||||||||||||||||||||
Regular savings | 100 | (614) | (514) | 184 | (1,258) | (1,074) | |||||||||||||||||||||||||||||
Time deposits | (880) | (587) | (1,467) | (1,632) | (582) | (2,214) | |||||||||||||||||||||||||||||
Interest on time and interest-bearing deposits | (140) | (5,266) | (5,406) | 332 | (11,274) | (10,942) | |||||||||||||||||||||||||||||
Short-term borrowings | 113 | (110) | 3 | 411 | (1,035) | (624) | |||||||||||||||||||||||||||||
Long-term debt | 184 | (308) | (124) | 520 | (693) | (173) | |||||||||||||||||||||||||||||
Subordinated notes | 749 | (119) | 630 | 795 | (206) | 589 | |||||||||||||||||||||||||||||
Interest on borrowings | 1,046 | (537) | 509 | 1,726 | (1,934) | (208) | |||||||||||||||||||||||||||||
Total interest expense | 906 | (5,803) | (4,897) | 2,058 | (13,208) | (11,150) | |||||||||||||||||||||||||||||
Net interest income | $ | 6,314 | $ | (5,147) | $ | 1,167 | $ | 15,530 | $ | (12,546) | $ | 2,984 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Amount | Percent | 2020 | 2019 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Trust fee income | $ | 1,915 | $ | 1,973 | $ | (58) | (2.9 | %) | $ | 5,729 | $ | 5,914 | $ | (185) | (3.1 | %) | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,187 | 1,513 | (326) | (21.5) | 3,474 | 4,395 | (921) | (21.0) | |||||||||||||||||||||||||||||||||||||||
Investment advisory commission and fee income | 4,005 | 4,032 | (27) | (0.7) | 11,800 | 11,876 | (76) | (0.6) | |||||||||||||||||||||||||||||||||||||||
Insurance commission and fee income | 3,776 | 3,877 | (101) | (2.6) | 12,575 | 12,962 | (387) | (3.0) | |||||||||||||||||||||||||||||||||||||||
Other service fee income | 2,093 | 2,255 | (162) | (7.2) | 5,451 | 7,112 | (1,661) | (23.4) | |||||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 741 | 743 | (2) | (0.3) | 2,207 | 2,438 | (231) | (9.5) | |||||||||||||||||||||||||||||||||||||||
Net gain on sales of investment securities | 57 | 33 | 24 | 72.7 | 817 | 41 | 776 | NM | |||||||||||||||||||||||||||||||||||||||
Net gain on mortgage banking activities | 5,860 | 1,629 | 4,231 | NM | 12,119 | 2,908 | 9,211 | NM | |||||||||||||||||||||||||||||||||||||||
Other income | 2,171 | 544 | 1,627 | NM | 4,017 | 1,606 | 2,411 | NM | |||||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 21,805 | $ | 16,599 | $ | 5,206 | 31.4 | % | $ | 58,189 | $ | 49,252 | $ | 8,937 | 18.1 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | Change | September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Amount | Percent | 2020 | 2019 | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Salaries, benefits and commissions | $ | 24,059 | $ | 22,758 | $ | 1,301 | 5.7 | % | $ | 69,595 | $ | 66,356 | $ | 3,239 | 4.9 | % | |||||||||||||||||||||||||||||||
Net occupancy | 2,609 | 2,475 | 134 | 5.4 | 7,661 | 7,687 | (26) | (0.3) | |||||||||||||||||||||||||||||||||||||||
Equipment | 972 | 1,088 | (116) | (10.7) | 2,890 | 3,143 | (253) | (8.0) | |||||||||||||||||||||||||||||||||||||||
Data processing | 2,862 | 2,624 | 238 | 9.1 | 8,372 | 7,765 | 607 | 7.8 | |||||||||||||||||||||||||||||||||||||||
Professional fees | 1,321 | 1,517 | (196) | (12.9) | 3,902 | 4,088 | (186) | (4.5) | |||||||||||||||||||||||||||||||||||||||
Marketing and advertising | 463 | 558 | (95) | (17.0) | 1,400 | 1,884 | (484) | (25.7) | |||||||||||||||||||||||||||||||||||||||
Deposit insurance premiums | 707 | (444) | 1,151 | NM | 1,826 | 438 | 1,388 | NM | |||||||||||||||||||||||||||||||||||||||
Intangible expenses | 283 | 378 | (95) | (25.1) | 934 | 1,221 | (287) | (23.5) | |||||||||||||||||||||||||||||||||||||||
Other expense | 5,251 | 5,313 | (62) | (1.2) | 16,684 | 16,028 | 656 | 4.1 | |||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 38,527 | $ | 36,267 | $ | 2,260 | 6.2 | % | $ | 113,264 | $ | 108,610 | $ | 4,654 | 4.3 | % |
At September 30, 2020 | At December 31, 2019 | Change | |||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | |||||||||||||||||||||
Cash and interest-earning deposits | $ | 387,676 | $ | 125,128 | $ | 262,548 | NM | ||||||||||||||||
Investment securities, net of allowance for credit losses | 368,830 | 441,599 | (72,769) | (16.5) | |||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 29,723 | 28,254 | 1,469 | 5.2 | |||||||||||||||||||
Loans held for sale | 14,465 | 5,504 | 8,961 | NM | |||||||||||||||||||
Loans and leases held for investment | 5,211,856 | 4,386,836 | 825,020 | 18.8 | |||||||||||||||||||
Allowance for credit losses, loans and leases | (91,870) | (35,331) | (56,539) | NM | |||||||||||||||||||
Premises and equipment, net | 55,410 | 56,676 | (1,266) | (2.2) | |||||||||||||||||||
Operating lease right-of-use assets | 34,573 | 34,418 | 155 | 0.5 | |||||||||||||||||||
Goodwill and other intangibles, net | 181,574 | 182,843 | (1,269) | (0.7) | |||||||||||||||||||
Bank owned life insurance | 116,985 | 114,778 | 2,207 | 1.9 | |||||||||||||||||||
Accrued interest receivable and other assets | 73,609 | 40,219 | 33,390 | 83.0 | |||||||||||||||||||
Total assets | $ | 6,382,831 | $ | 5,380,924 | $ | 1,001,907 | 18.6 | % |
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | |||||||||
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications*: | |||||||||||
Loans held for investment: | |||||||||||
Commercial, financial and agricultural | $ | 3,809 | $ | 3,442 | |||||||
Real estate—commercial | 20,464 | 27,928 | |||||||||
Real estate—construction | — | 257 | |||||||||
Real estate—residential | 5,494 | 6,445 | |||||||||
Lease financings | 252 | 506 | |||||||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications* | 30,019 | 38,578 | |||||||||
Accruing troubled debt restructured loans and lease modifications not included in the above | 53 | 54 | |||||||||
Accruing loans and leases 90 days or more past due: | |||||||||||
Commercial, financial and agricultural | 27 | 20 | |||||||||
Real estate—commercial | 1,539 | — | |||||||||
Real estate—residential | 1,255 | — | |||||||||
Loans to individuals | 23 | 74 | |||||||||
Lease financings | 729 | 49 | |||||||||
Total accruing loans and leases, 90 days or more past due | 3,573 | 143 | |||||||||
Total nonperforming loans and leases | 33,645 | 38,775 | |||||||||
Other real estate owned | 8,270 | 516 | |||||||||
Total nonperforming assets | $ | 41,915 | $ | 39,291 | |||||||
Nonaccrual loans and leases (including nonaccrual troubled debt restructured loans and lease modifications) / loans and leases held for investment | 0.58 | % | 0.88 | % | |||||||
Nonperforming loans and leases / loans and leases held for investment | 0.65 | % | 0.88 | % | |||||||
Nonperforming assets / total assets | 0.66 | % | 0.73 | % | |||||||
Allowance for credit losses, loans and leases | $ | 91,870 | $ | 35,331 | |||||||
Allowance for credit losses, loans and leases / loans and leases held for investment | 1.76 | % | 0.81 | % | |||||||
Allowance for credit losses, loans and leases / nonaccrual loans and leases held for investment | 306.04 | % | 91.58 | % | |||||||
Allowance for credit losses, loans and leases / nonperforming loans and leases held for investment | 273.06 | % | 91.12 | % | |||||||
* Nonaccrual troubled debt restructured loans and lease modifications included in nonaccrual loans and leases in the above table | $ | 14,206 | $ | 13,817 |
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | |||||||||
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications | $ | 30,019 | $ | 38,578 | |||||||
Nonaccrual loans and leases with partial charge-offs | 3,435 | 1,966 | |||||||||
Life-to-date partial charge-offs on nonaccrual loans and leases | 1,958 | 1,320 | |||||||||
Specific reserves on individually analyzed loans | 1,092 | 2,108 |
(Dollars in thousands) | As of September 30, 2020 | As of October 16, 2020 | |||||||||||||||||||||||||||||||||
Industry Description | Total Outstanding Balance (excl PPP) | % of Commercial Loan Portfolio | PPP $ (1) | % of Portfolio with PPP Loans (2) | $ Balance of Modified Loans (3) | Modified Loans as a % of Portfolio (3) (4) | |||||||||||||||||||||||||||||
CRE - Retail | $ | 295,654 | 7.6 | % | $ | 239 | — | % | $ | 45,121 | 15.3 | % | |||||||||||||||||||||||
Animal Production | 252,752 | 6.5 | 706 | 2.0 | 135 | 0.1 | |||||||||||||||||||||||||||||
CRE - Office | 240,521 | 6.2 | — | — | 1,702 | 0.7 | |||||||||||||||||||||||||||||
CRE - 1-4 Family Residential Investment | 237,378 | 6.1 | 1,282 | 0.2 | 212 | 0.1 | |||||||||||||||||||||||||||||
CRE - Multi-family | 204,488 | 5.3 | — | — | 1,281 | 0.6 | |||||||||||||||||||||||||||||
Real Estate Lenders, Secondary Market Financing | 189,743 | 4.9 | 4,318 | 27.8 | — | — | |||||||||||||||||||||||||||||
Hotels & Motels (Accommodation) | 175,894 | 4.5 | 2,407 | 49.6 | 56,288 | 32.0 | |||||||||||||||||||||||||||||
Nursing and Residential Care Facilities | 160,238 | 4.1 | 7,935 | 26.4 | — | — | |||||||||||||||||||||||||||||
CRE - Industrial / Warehouse | 158,356 | 4.1 | 139 | 3.8 | — | — | |||||||||||||||||||||||||||||
CRE - Mixed-Use - Residential | 111,613 | 2.9 | — | — | 15,440 | 13.8 | |||||||||||||||||||||||||||||
Specialty Trade Contractors | 111,201 | 2.9 | 67,508 | 14.3 | — | — | |||||||||||||||||||||||||||||
Professional, Scientific, and Technical Services | 93,463 | 2.4 | 70,163 | 29.4 | 63 | 0.1 | |||||||||||||||||||||||||||||
CRE - Medical Office | 88,557 | 2.3 | — | — | 9,864 | 11.1 | |||||||||||||||||||||||||||||
Homebuilding (tract developers, remodelers) | 85,177 | 2.2 | 15,049 | 5.2 | — | — | |||||||||||||||||||||||||||||
Education | 77,676 | 2.0 | 15,577 | 26.7 | 1,071 | 1.4 | |||||||||||||||||||||||||||||
Merchant Wholesalers, Durable Goods | 73,251 | 1.9 | 20,726 | 22.9 | — | — | |||||||||||||||||||||||||||||
Fabricated Metal Product Manufacturing | 65,549 | 1.7 | 12,860 | 3.5 | — | — | |||||||||||||||||||||||||||||
Crop Production | 62,689 | 1.6 | 289 | 0.5 | — | — | |||||||||||||||||||||||||||||
Motor Vehicle and Parts Dealers | 61,306 | 1.6 | 11,623 | 2.9 | — | — | |||||||||||||||||||||||||||||
Food Services and Drinking Places | 59,261 | 1.5 | 15,998 | 25.7 | 1,298 | 2.2 | |||||||||||||||||||||||||||||
Administrative and Support Services | 55,217 | 1.4 | 28,943 | 32.9 | — | — | |||||||||||||||||||||||||||||
Industries with >$50 million in outstandings | $ | 2,859,984 | 73.7 | % | $ | 275,762 | 11.1 | % | $ | 132,475 | 4.6 | % | |||||||||||||||||||||||
Industries with <$50 million in outstandings | $ | 1,015,850 | 26.3 | % | $ | 225,818 | 17.3 | % | $ | 33,566 | 3.3 | % | |||||||||||||||||||||||
Total Commercial Loans | $ | 3,875,834 | 100.0 | % | $ | 501,580 | 12.7 | % | $ | 166,041 | 4.3 | % | |||||||||||||||||||||||
Consumer Loans and Lease Financings | Total Outstanding Balance | PPP $ (1) | $ Balance of Modified Loans (3) | Modified Loans as a % of Portfolio (3) (4) | |||||||||||||||||||||||||||||||
Real Estate-Residential Secured for Personal Purpose | $ | 474,688 | — | $ | 22,937 | 4.8 | % | ||||||||||||||||||||||||||||
Real Estate-Home Equity Secured for Personal Purpose | 172,448 | — | 1,633 | 0.9 | |||||||||||||||||||||||||||||||
Loans to Individuals | 27,771 | — | 184 | 0.7 | |||||||||||||||||||||||||||||||
Lease Financings | 159,535 | — | 232 | 0.1 | |||||||||||||||||||||||||||||||
Total Consumer Loans and Lease Financings | $ | 834,442 | $ | — | $ | 24,986 | 3.0 | % | |||||||||||||||||||||||||||
Total | $ | 4,710,276 | $ | 501,580 | $ | 191,027 | 4.1 | % |
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | Change | ||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
Deposits | $ | 5,211,603 | $ | 4,360,075 | $ | 851,528 | 19.5 | % | |||||||||||||||
Short-term borrowings | 17,681 | 18,680 | (999) | (5.3) | |||||||||||||||||||
Long-term debt | 205,010 | 150,098 | 54,912 | 36.6 | |||||||||||||||||||
Subordinated notes | 193,413 | 94,818 | 98,595 | NM | |||||||||||||||||||
Operating lease liabilities | 37,891 | 37,617 | 274 | 0.7 | |||||||||||||||||||
Accrued interest payable and other liabilities | 48,126 | 44,514 | 3,612 | 8.1 | |||||||||||||||||||
Total liabilities | $ | 5,713,724 | $ | 4,705,802 | $ | 1,007,922 | 21.4 | % |
(Dollars in thousands) | At September 30, 2020 | At December 31, 2019 | Change | ||||||||||||||||||||
Amount | Percent | ||||||||||||||||||||||
Common stock | $ | 157,784 | $ | 157,784 | $ | — | — | % | |||||||||||||||
Additional paid-in capital | 296,599 | 294,999 | 1,600 | 0.5 | |||||||||||||||||||
Retained earnings | 281,026 | 288,803 | (7,777) | (2.7) | |||||||||||||||||||
Accumulated other comprehensive loss | (19,100) | (21,730) | 2,630 | (12.1) | |||||||||||||||||||
Treasury stock | (47,202) | (44,734) | (2,468) | 5.5 | |||||||||||||||||||
Total shareholders’ equity | $ | 669,107 | $ | 675,122 | $ | (6,015) | (0.9 | %) |
Actual | For Capital Adequacy Purposes | To Be Well-Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 786,638 | 15.35 | % | $ | 409,867 | 8.00 | % | $ | 512,334 | 10.00 | % | |||||||||||||||||||||||
Bank | 608,871 | 11.94 | 408,080 | 8.00 | 510,100 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 539,115 | 10.52 | 307,400 | 6.00 | 409,867 | 8.00 | |||||||||||||||||||||||||||||
Bank | 545,037 | 10.68 | 306,060 | 6.00 | 408,080 | 8.00 | |||||||||||||||||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 539,115 | 10.52 | 230,550 | 4.50 | 333,017 | 6.50 | |||||||||||||||||||||||||||||
Bank | 545,037 | 10.68 | 229,545 | 4.50 | 331,565 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 539,115 | 8.97 | 240,383 | 4.00 | 300,478 | 5.00 | |||||||||||||||||||||||||||||
Bank | 545,037 | 9.10 | 239,674 | 4.00 | 299,592 | 5.00 | |||||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 655,010 | 13.78 | % | $ | 380,276 | 8.00 | % | $ | 475,344 | 10.00 | % | |||||||||||||||||||||||
Bank | 552,142 | 11.66 | 378,724 | 8.00 | 473,405 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,137 | 11.03 | 285,207 | 6.00 | 380,276 | 8.00 | |||||||||||||||||||||||||||||
Bank | 516,087 | 10.90 | 284,043 | 6.00 | 378,724 | 8.00 | |||||||||||||||||||||||||||||
Tier 1 Common Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,137 | 11.03 | 213,905 | 4.50 | 308,974 | 6.50 | |||||||||||||||||||||||||||||
Bank | 516,087 | 10.90 | 213,032 | 4.50 | 307,713 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,137 | 10.02 | 209,330 | 4.00 | 261,663 | 5.00 | |||||||||||||||||||||||||||||
Bank | 516,087 | 9.90 | 208,589 | 4.00 | 260,737 | 5.00 |
ISSUER PURCHASES OF EQUITY SECURITIES | |||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
July 1 – 31, 2020 | — | $ | — | — | 679,174 | ||||||||||||||||||
August 1 – 31, 2020 | — | — | — | 679,174 | |||||||||||||||||||
September 1 – 30, 2020 | — | — | — | 679,174 | |||||||||||||||||||
Total | — | $ | — | — |
Period | Total Number of Shares Purchased | Average Price Paid per Share | |||||||||
July 1 – 31, 2020 | — | $ | — | ||||||||
August 1 – 31, 2020 | — | — | |||||||||
September 1 – 30, 2020 | — | — | |||||||||
Total | — | $ | — |
a. | Exhibits | ||||||||||
Exhibit 3.1 | |||||||||||
Exhibit 3.2 | |||||||||||
Exhibit 4.1 | |||||||||||
Exhibit 4.2 | |||||||||||
Exhibit 4.3 | Form of 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (included in Exhibit 4.2). | ||||||||||
Exhibit 31.1 | |||||||||||
Exhibit 31.2 | |||||||||||
Exhibit 32.1 | |||||||||||
Exhibit 32.2 | |||||||||||
Exhibit 101 | The following financial statements from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Changes in Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Unaudited Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | ||||||||||
Exhibit 104 | The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in Inline XBRL. |
Univest Financial Corporation | |||||
(Registrant) | |||||
Date: November 2, 2020 | /s/ Jeffrey M. Schweitzer | ||||
Jeffrey M. Schweitzer President and Chief Executive Officer (Principal Executive Officer) | |||||
Date: November 2, 2020 | /s/ Brian J. Richardson | ||||
Brian J. Richardson 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) |
/s/ Brian J. Richardson | |||||
Brian J. Richardson | |||||
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) | |||||
November 2, 2020 |
/s/ Brian J. Richardson | |||||
Brian J. Richardson | |||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |||||
November 2, 2020 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 182,376 | $ 194,886 |
Securities Available-for-sale, Amortized Cost | 191,202 | $ 251,014 |
Securities, Available-for-sale, Allowance for Credit Loss | $ 692 | |
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 | 29,241,302 | 29,334,629 |
Treasury stock, shares | 2,315,497 | 2,222,170 |
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period Of Adoption, Adjustment |
Common Stock [Member] |
Common Stock [Member]
Cumulative Effect, Period Of Adoption, Adjustment
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Cumulative Effect, Period Of Adoption, Adjustment
|
Retained Earnings [Member] |
Retained Earnings [Member]
Cumulative Effect, Period Of Adoption, Adjustment
|
Accumulated Other Comprehensive (Loss) Income [Member] |
Accumulated Other Comprehensive (Loss) Income [Member]
Cumulative Effect, Period Of Adoption, Adjustment
|
Treasury Stock [Member] |
Treasury Stock [Member]
Cumulative Effect, Period Of Adoption, Adjustment
|
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2018 | $ 624,133 | $ 157,784 | $ 292,401 | $ 248,167 | $ (28,416) | $ (45,803) | |||||||||
Beginning balance (Accounting Standards Update 2016-02) at Dec. 31, 2018 | $ (1,525) | $ (1,525) | |||||||||||||
Beginning balance (Accounting Standards Update 2017-12) at Dec. 31, 2018 | 0 | (83) | $ 83 | ||||||||||||
Beginning balance (Accounting Standards Update 2017-08) at Dec. 31, 2018 | (39) | (39) | |||||||||||||
Beginning balance, shares at Dec. 31, 2018 | 29,270,852 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 50,209 | $ 0 | 0 | 50,209 | 0 | 0 | |||||||||
Other comprehensive income, net of income tax | 6,325 | 0 | 0 | 0 | 6,325 | 0 | |||||||||
Cash dividends declared | (17,572) | 0 | 0 | (17,572) | 0 | 0 | |||||||||
Stock-based compensation | 1,870 | 0 | 1,870 | 0 | 0 | 0 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 1,669 | $ 0 | 114 | 1 | 0 | 1,554 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 69,126 | ||||||||||||||
Exercise of stock options | 1,005 | $ 0 | (170) | 0 | 0 | 1,175 | |||||||||
Exercise of stock options, shares | 58,545 | ||||||||||||||
Cancellations of performance-based restricted stock awards | 0 | $ 0 | 341 | 0 | 0 | (341) | |||||||||
Cancellation of performance-based restricted stock awards, shares | (17,349) | ||||||||||||||
Purchases of treasury stock | (1,776) | $ 0 | 0 | 0 | 0 | (1,776) | |||||||||
Purchases of treasury stock, shares | (68,640) | ||||||||||||||
Ending balance at Sep. 30, 2019 | $ 664,299 | $ 157,784 | 294,556 | 279,158 | (22,008) | (45,191) | |||||||||
Ending balance, shares at Sep. 30, 2019 | 29,312,534 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash dividends declared, per share | $ 0.60 | ||||||||||||||
Beginning balance at Jun. 30, 2019 | $ 651,670 | $ 157,784 | 293,947 | 267,357 | (21,949) | (45,469) | |||||||||
Beginning balance, shares at Jun. 30, 2019 | 29,294,942 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 17,662 | $ 0 | 0 | 17,662 | 0 | 0 | |||||||||
Other comprehensive income, net of income tax | (59) | 0 | 0 | 0 | (59) | 0 | |||||||||
Cash dividends declared | (5,861) | 0 | 0 | (5,861) | 0 | 0 | |||||||||
Stock-based compensation | 640 | 0 | 640 | 0 | 0 | 0 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 534 | $ 0 | 37 | 0 | 0 | 497 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 20,943 | ||||||||||||||
Exercise of stock options | 314 | $ 0 | (68) | 0 | 0 | 382 | |||||||||
Exercise of stock options, shares | 19,045 | ||||||||||||||
Purchases of treasury stock | (601) | $ 0 | 0 | 0 | 0 | (601) | |||||||||
Purchases of treasury stock, shares | (22,396) | ||||||||||||||
Ending balance at Sep. 30, 2019 | $ 664,299 | $ 157,784 | 294,556 | 279,158 | (22,008) | (45,191) | |||||||||
Ending balance, shares at Sep. 30, 2019 | 29,312,534 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash dividends declared, per share | $ 0.20 | ||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 675,122 | $ 157,784 | 294,999 | 288,803 | (21,730) | (44,734) | |||||||||
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | $ (11,047) | $ 0 | $ 0 | $ (11,284) | $ 237 | [1] | $ 0 | ||||||||
Beginning balance, shares at Dec. 31, 2019 | 29,334,629 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 21,042 | $ 0 | 0 | 21,042 | 0 | 0 | |||||||||
Other comprehensive income, net of income tax | 2,393 | 0 | 0 | 0 | 2,393 | 0 | |||||||||
Cash dividends declared | (17,522) | 0 | 0 | (17,522) | 0 | 0 | |||||||||
Stock-based compensation | 1,720 | 0 | 1,733 | (13) | 0 | 0 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 1,757 | $ 0 | (198) | 0 | 0 | 1,955 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 103,471 | ||||||||||||||
Vesting of restricted stock unit awards | 0 | $ 0 | (346) | 0 | 0 | 346 | |||||||||
Vesting of restricted stock unit awards, shares | 17,035 | ||||||||||||||
Exercise of stock options | $ 94 | $ 0 | (7) | 0 | 0 | 101 | |||||||||
Exercise of stock options, shares | 5,000 | 5,000 | |||||||||||||
Cancellations of performance-based restricted stock awards | $ 0 | $ 0 | 418 | 0 | 0 | (418) | |||||||||
Cancellation of performance-based restricted stock awards, shares | (14,777) | ||||||||||||||
Purchases of treasury stock | (4,452) | $ 0 | 0 | 0 | 0 | (4,452) | |||||||||
Purchases of treasury stock, shares | (204,056) | ||||||||||||||
Ending balance at Sep. 30, 2020 | $ 669,107 | $ 157,784 | 296,599 | 281,026 | (19,100) | (47,202) | |||||||||
Ending balance, shares at Sep. 30, 2020 | 29,241,302 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash dividends declared, per share | $ 0.60 | ||||||||||||||
Beginning balance at Jun. 30, 2020 | $ 654,873 | $ 157,784 | 296,028 | 268,751 | (19,807) | (47,883) | |||||||||
Beginning balance, shares at Jun. 30, 2020 | 29,201,985 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 18,119 | $ 0 | 0 | 18,119 | 0 | 0 | |||||||||
Other comprehensive income, net of income tax | 707 | 0 | 0 | 0 | 707 | 0 | |||||||||
Cash dividends declared | (5,845) | 0 | 0 | (5,845) | 0 | 0 | |||||||||
Stock-based compensation | 659 | 0 | 658 | 1 | 0 | 0 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans | 594 | $ 0 | (87) | 0 | 0 | 681 | |||||||||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 39,317 | ||||||||||||||
Ending balance at Sep. 30, 2020 | $ 669,107 | $ 157,784 | $ 296,599 | $ 281,026 | $ (19,100) | $ (47,202) | |||||||||
Ending balance, shares at Sep. 30, 2020 | 29,241,302 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cash dividends declared, per share | $ 0.20 | ||||||||||||||
|
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared, per share | $ 0.20 | $ 0.20 | $ 0.60 | $ 0.60 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Cash flows from operating activities: | ||
Net income | $ 21,042 | $ 50,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 49,515 | 6,286 |
Depreciation of premises and equipment | 3,620 | 3,983 |
Net amortization of investment securities premiums and discounts | 1,755 | 1,375 |
Net gain on sales of investment securities | (817) | (41) |
Net gain on mortgage banking activities | (12,119) | (2,908) |
Bank owned life insurance income | (2,207) | (2,438) |
Stock-based compensation | 1,853 | 1,918 |
Intangible expenses | 934 | 1,221 |
Other adjustments to reconcile net income to cash used in operating activities | (3,392) | (911) |
Originations of loans held for sale | (322,135) | (139,744) |
Proceeds from the sale of loans held for sale | 321,233 | 140,906 |
Contributions to pension and other postretirement benefit plans | (203) | (199) |
Increase in accrued interest receivable and other assets | (18,774) | (3,259) |
Increase (decrease) in accrued interest payable and other liabilities | 5,786 | (2,486) |
Net cash provided by operating activities | 46,091 | 53,912 |
Cash flows from investing activities: | ||
Net capital expenditures | (2,363) | (1,647) |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 56,933 | 20,903 |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 43,853 | 49,127 |
Proceeds from sales of securities available-for-sale | 65,621 | 24,987 |
Purchases of investment securities held-to-maturity | (43,116) | (62,919) |
Purchases of investment securities available-for-sale | (49,329) | (997) |
Proceeds from sales of money market mutual funds | 10,487 | 1,032 |
Purchases of money market mutual funds | (10,971) | (1,314) |
Net decrease in other investments | (1,469) | (917) |
Proceeds from sale of portfolio loans | 14,416 | 0 |
Net increase in loans and leases | (851,403) | (246,453) |
Proceeds from sales of other real estate owned | 75 | 670 |
Net cash used in investing activities | (767,266) | (217,528) |
Cash flows from financing activities: | ||
Net increase in deposits | 851,521 | 452,101 |
Net decrease in short-term borrowings | (999) | (170,798) |
Proceeds from issuance of long-term debt | 125,000 | 25,000 |
Repayment of long-term debt | (70,000) | (10,000) |
Proceeds from issuance of subordinated notes | 98,448 | 0 |
Payment of contingent consideration on acquisitions | (91) | (97) |
Purchases of treasury stock | (4,452) | (1,776) |
Stock issued under dividend reinvestment and employee stock purchase plans | 1,757 | 1,669 |
Proceeds from exercise of stock options | 94 | 1,005 |
Cash dividends paid | (17,555) | (17,574) |
Net cash provided by financing activities | 983,723 | 279,530 |
Net increase in cash and cash equivalents | 262,548 | 115,914 |
Cash and cash equivalents at beginning of year | 125,128 | 109,420 |
Cash and cash equivalents at end of period | 387,676 | 225,334 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 23,089 | 33,724 |
Cash paid for income taxes, net of refunds | 12,014 | 14,148 |
Transfer of loans to other real estate owned | 8,125 | 0 |
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 14,416 | $ 0 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-period presentation. Operating results for the three-month or nine-month periods ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the calculation of the allowance for credit losses. Accounting Pronouncements Adopted in 2020 In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. This ASU replaces the incurred loss methodology for recognizing credit losses and requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases accounted for under ASC 842, off-balance sheet credit exposures such as unfunded commitments, and other financial instruments. In addition, ASC 326 requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down when management does not intend to sell or believes that it is not more likely than not they will be required to sell. This guidance became effective on January 1, 2020 for the Corporation. The results reported for periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable accounting standards. See Note 1, "Summary of Significant Accounting Polices - Reserve for Loan and Lease Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020, for further information on the Corporation's reserve for loan and lease losses methodology under the incurred loss model. The Corporation adopted this guidance, and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases, available-for-sale debt securities and unfunded commitments. On January 1, 2020, the Corporation recorded a cumulative effect decrease to retained earnings of $11.3 million, net of tax, of which $10.2 million related to loans and net investment in leases, $905 thousand related to unfunded commitments, and $237 thousand related to available-for-sale securities. The Corporation adopted the provisions of ASC 326 related to financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30 using the prospective transition approach. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $84 thousand of the allowance for credit losses (ACL). The Corporation adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2020 using the prospective transition approach, though no such charges had been recorded on the securities held by the Corporation as of the date of adoption. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Financial Instruments (Topic 825)." The amendments to Topic 326 are the most significant and address how a company considers recoveries and extension options when estimating expected credit losses. The ASU clarifies that a company’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off. The ASU also clarifies that a company should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. This new guidance was effective on January 1, 2020 for the Corporation. The Corporation adopted ASU No. 2019-04 and incorporated the applicable items into the CECL model described as follows. Management addressed the provision in ASU No. 2019-04 related to how a company considers recoveries by performing an analysis to estimate recoveries that could be reasonably expected based on historical experience as described further below. Management addressed the provision in ASU No. 2019-04 related to how a company considers extension options when estimating expected credit losses as described further below. Management reviewed the provision in the ASU No. 2019-04 related to Topics 815 and 825 and determined these amendments did not have a material impact on the Corporation's financial statements. The Corporation expanded the pooling utilized under the legacy incurred loss method to include additional segmentation based on risk. The impact of the change from the incurred loss model to the current expected credit loss model is detailed below.
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 certain disclosures relating to investments in certain entities that calculate net asset value, changes 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 range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Corporation adopted this guidance and the related required disclosures prospectively on January 1, 2020. 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. The Corporation adopted this guidance as of January 1, 2020. The adoption did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted 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) the 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 beginning after December 15, 2020 or January 1, 2021 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 December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. This ASU is effective for fiscal years beginning after December 15, 2020 or January 1, 2021 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2020, the FASB issued ASU No. 2020-01, "Investments—Equity Securities (Topic 321): Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU 2020-01 clarifies the interactions between ASC 321, ASC 323 and ASC 815 and addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU is effective for fiscal years beginning after December 15, 2021 or January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The guidance allows for companies to: (1) account for certain contract modifications as a continuation of the existing contract without additional analysis; (2) continue hedge accounting when certain critical terms of a hedging relationship change and assess effectiveness in ways that disregard certain potential sources of ineffectiveness; and (3) make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading. This ASU is available for adoption effective immediately, or as of January 1, 2020 or any date thereafter for the Corporation, and applies prospectively to contract modifications and hedging relationships. The one-time election to sell and/or transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020. The Corporation anticipates adopting this ASU and will continue to analyze the provisions of the ASU in connection with ongoing procedures to monitor the work of the Alternative Rates Committee of the FRB and Federal Reserve Bank of New York in identifying an alternative U.S. dollar reference interest rate. It is too early to predict whether a new rate index replacement, which we anticipate will be the Secured Overnight Financing Rate (SOFR), and the adoption of the ASU, will have a material impact on the Corporation's financial statements. In August 2020, the FASB issued ASU No. 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)." This guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU also simplify the guidance in ASC 815-40 by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and require entities to presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. This ASU is effective for fiscal years beginning after December 15, 2021 or January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. 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. 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, and credit losses are recognized in earnings. 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 except for premiums on callable debt securities which are amortized to the earliest call date. 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. The Corporation measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government agency securities and residential mortgage-backed securities. The Corporation's residential mortgage-backed security holdings are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $474 thousand at September 30, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are 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. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. The Corporation measures expected credit losses on available-for-sale debt securities when the Corporation does not intend to sell, or when it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The forecast data is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance for credit losses on available-for-sale debt securities is included within Investment securities available-for-sale on the condensed consolidated balance sheet. Changes in the allowance for credit losses are recorded within Provision for credit losses on the condensed consolidated statement of income. Losses are charged against the allowance when the Corporation believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $547 thousand at September 30, 2020 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are 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. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. Equity securities are measured at fair value with changes in fair value recognized in net income. Loans and Leases Loans that the Corporation has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount, net of deferred fees and costs, and the allowance for credit losses. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. Loan commitments are made to accommodate the financial needs of 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 the 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 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 classified as a troubled debt restructuring when a concession has been granted to an existing borrower experiencing financial difficulties. 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 90 days past due. Certain loan modifications made during the year were done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. Accordingly, these loans and leases were not categorized as troubled debt restructurings. Accrued interest receivable on loans and leases held for investment totaled $14.9 million at September 30, 2020 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. $12.3 million of this amount is excluded from the estimate of expected credit losses. $2.6 million of this amount represents accrued interest receivable on loans that were modified in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and includes an allowance for credit losses of $50 thousand. Overdraft deposits are re-classified as loans and are included in the total loans and leases on the balance sheet. 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. Initial direct costs, comprised of commissions paid that would not have been incurred if the lease had not been obtained, are deferred and amortized over the life of the contract, and are classified within net interest income on leases. Allowance for Credit Losses on Loans and Leases The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL for loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL. Management evaluates the ACL on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. Management utilizes a discounted cash flow (DCF) model to calculate the present value of the expected cash flows for pools of loans and leases that share similar risk characteristics and compares the results of this calculation to the amortized cost basis to determine its allowance for credit loss balance. Management uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts in calculating its ACL. Historical credit loss experience provides the basis for the estimation of expected credit losses. Management determines whether there is a need to make qualitative adjustments to historical loss information by monitoring certain factors including differences in current loan-specific risk characteristics as well as for changes in external or environmental conditions, or other relevant factors. The contractual term used in projecting the cash flows of a loan is based on the maturity date of a loan, and is adjusted for prepayment or curtailment assumptions which may shorten that contractual time period. Options to extend are considered by management in determining the contractual term. The key inputs to the DCF model are (1) probability of default, (2) loss given default, (3) prepayment and curtailment rates, (4) reasonable and supportable economic forecasts, (5) forecast reversion period, (6) expected recoveries on charged off loans, and (7) discount rate. Probability of Default (PD) In order to incorporate economic factors into forecasting within the DCF model, management elected to use the Loss Driver method to generate the PD rate inputs. The Loss Driver method analyzes how one or more economic factors change the default rate using a statistical regression analysis. Management selected economic factors that had strong correlations to historical default rates. Loss Given Default (LGD) Management elected to use the Frye Jacobs parameter for determining the LGD input, which is an estimation technique that derives a LGD input from segment specific risk curves that correlates LGD with PD. Prepayment and Curtailment rates Prepayment Rates: Loan level transaction data is used to calculate a quarterly prepayment rate for each of the most recent four quarters prior to the measurement date. Those quarterly rates are annualized and the average of the annualized rates is used in the DCF calculation for fixed payment or term loans. Rates are calculated for each pool. Curtailment Rates: Loan level transaction data is used to calculate annual curtailment rates using any available historical loan level data. The average of the historical rates is used in the DCF model for interest only payment or line of credit type loans. Rates are calculated for each pool. Reasonable and Supportable Forecasts The forecast data used in the DCF model is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Forecast Reversion Period Management uses forecasts to predict how economic factors will perform and has determined to use a four quarter forecast period as well as a four quarter straight-line reversion period to historical averages (also commonly referred to as the mean reversion period). Expected Recoveries on Charged-off Loans Management performs an analysis to estimate recoveries that could be reasonably expected based on historical experience in order to account for expected recoveries on loans that have already been fully charged-off and are not included in the ACL calculation. Discount Rate The effective interest rate of the underlying loans and leases of the Corporation serves as the discount rate applied to the expected periodic cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Individual Evaluation Management evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. Management individually analyzes these instruments and will establish a specific reserve for instruments as applicable. Instruments will not be included in both collective and individual analyses. All loans on nonaccrual status are individually evaluated for a specific reserve. Management considers a financial asset as collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral, based on management's assessment as of the reporting date. The allowance for credit losses on loans and leases is included within Allowance for credit losses, loans and leases on the condensed consolidated balance sheet. Changes in the allowance for credit losses on loans and leases are recorded within Provision for credit losses on the condensed consolidated statement of income. Reserve for Unfunded Commitments The Corporation maintains a reserve for off-balance sheet credit exposures such as unfunded commitments that are currently unfunded in categories with historical loss experience. Management calculates funding rates using loan level data history at the portfolio level. The most recent quarter’s (the actual measurement quarter) funding rate is subtracted from the maximum historical funding rate which is then applied to each pool’s total available line of credit. The applicable pool level loss rates for the current quarter is then applied to calculate the reserve for unfunded commitments liability each period. The reserve for off-balance sheet credit exposures is included within Accrued expenses and other liabilities on the condensed consolidated balance sheet. Changes in the reserve for off-balance sheet credit exposures are recorded within Provision for credit losses on the condensed consolidated statement of income.
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Earnings per Share |
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Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share. For additional information on the calculation of basic and diluted earnings per share, see Note 1, "Summary of Significant Accounting Policies - Earnings per Share" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Securities | Investment Securities The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at September 30, 2020 and the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2019, by contractual maturity within each type:
Gross unrealized gains and losses are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded in provision for credit loss expense. 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 $289.6 million and $340.8 million at September 30, 2020 and December 31, 2019, respectively, were pledged to secure public funds deposits and other contractual obligations. In addition, securities of $38.9 million and $12.5 million were pledged to secure credit derivatives and interest rate swaps at September 30, 2020 and December 31, 2019, respectively. See Note 11, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2020 and 2019:
At September 30, 2020 and December 31, 2019, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity. The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2020 and December 31, 2019, by the length of time those securities were in a continuous loss position.
At September 30, 2020, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $13.8 million, including unrealized losses of $64 thousand. These holdings were comprised of four federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. 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. The Corporation concluded that the decline in fair value of these securities was not indicative of a credit loss. The Corporation did not recognize any other-than-temporary impairment charges for the nine months ended September 30, 2019. At September 30, 2020, no held-to-maturity securities held by the Corporation were in an unrealized loss position. The Corporation did not recognize any credit losses on held-to-maturity debt securities for the nine months ended September 30, 2020 or other-than-temporary impairment charges for the nine months ended September 30, 2019. The table below presents a rollforward by major security type for the three and nine months ended September 30, 2020 of the allowance for credit losses on securities available-for-sale.
At September 30, 2020, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $55.1 million, including unrealized losses of $5.9 million, and allowance for credit losses of $692 thousand. These holdings were comprised of eight investment grade corporate bonds which fluctuate in value based on changes in market conditions, which for these underlying securities was primarily due to changes in the interest rate environment. The Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely interest payments on the securities. The Corporation concluded that a portion of decline in the value of these securities was indicative of a credit loss and recorded a provision for credit losses of $392 thousand for the nine months ended September 30, 2020. The Corporation did not record any other-than-temporary impairment charges for the nine months ended September 30, 2019. The Corporation recognized a $321 thousand net loss and $12 thousand net gain on equity securities during the nine months ended September 30, 2020 and 2019, respectively, in other noninterest income. There were no sales of equity securities during the nine months ended September 30, 2020 or September 30, 2019.
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories
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 nonaccrual loans and leases at September 30, 2020:
The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current, acquired credit impaired loans and nonaccrual loans and leases at December 31, 2019:
Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at September 30, 2020 and December 31, 2019.
* Includes nonaccrual troubled debt restructured loans of $14.2 million and $13.8 million at September 30, 2020 and December 31, 2019, respectively. The following table presents the amortized cost basis of loans and leases on nonaccrual status and loans and leases 90 days or more past due and still accruing as of September 30, 2020.
The following table presents the amortized cost basis of collateral-dependent nonaccrual loans by class of loans and type of collateral as of September 30, 2020.
(1) Collateral consists of business assets, including accounts receivable and personal property. (2) Loans fully reserved given lack of collateral. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2020 and December 31, 2019. The Corporation employs a risk rating system related to the credit quality of commercial loans and real estate loans secured for a business purpose. 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 status. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. 1.Pass—Loans considered satisfactory with no indications of deterioration 2.Special Mention—Potential weakness that deserves management's close attention 3.Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt 4.Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2020 under ASC 326.
The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at September 30, 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at September 30, 2020. The following table presents by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2019 under ASC 310.
The Corporation had no loans with a risk rating of Doubtful included in loans and leases held for investment at December 31, 2019. Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financings 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, home equity loans secured for a personal purpose and loans to individuals and lease financings. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. The following table presents by class, the recorded investment in loans and leases held for investment by performance status at September 30, 2020 under ASC 326.
The following table presents by class, he recorded investment in loans and lease held for investment by performance status at December 31, 2019 under ASC 310.
Allowance for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the allowance for credit losses, loans and leases, for the three and nine months ended September 30, 2020 and 2019:
N/A – Not applicable
N/A – Not applicable The following presents, by portfolio segment, the balance in the ACL on loans and leases, disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at September 30, 2020 and 2019:
N/A – Not applicable Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured:
* Three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the nine months ended September 30, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification. The Corporation modified certain loans and leases via principal and/or interest deferrals in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and have not categorized these modifications as troubled debt restructurings. The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three and nine months ended September 30, 2020 and 2019.
There were no accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the three and nine months ended September 30, 2020 or September 30, 2019. 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 September 30, 2020 and December 31, 2019:
The following presents foreclosed residential real estate property included in other real estate owned at September 30, 2020 and December 31, 2019.
Lease Financings The Corporation, through Univest Capital, Inc., an equipment financing business and a subsidiary of the Bank, provides lease financing to customers primarily in the form of sales-type leases with fixed payment terms and $1.00 buyout clauses. A minor number of contracts are classified as either direct financing leases or operating leases. The fair value of the identified assets within sales-type and direct financing leases are equal to the carrying amount such that there is no profit or loss recorded or deferred upon lease commencement. All receivables related to the equipment financing business are recorded within lease financings. The following presents the schedule of minimum lease payments receivable:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has core deposit and customer-related intangibles and servicing rights, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the nine months ended September 30, 2020 were as follows:
The following table reflects the components of intangible assets at the dates indicated:
(1) Included within accumulated amortization is a valuation allowance of $206 thousand on mortgage servicing rights at September 30, 2020. There was no valuation allowance as of December 31, 2019. The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2020 and the succeeding fiscal years is as follows:
The aggregate fair value of mortgage servicing rights was $6.3 million and $9.2 million at September 30, 2020 and December 31, 2019, respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at September 30, 2020 and December 31, 2019. Changes in the servicing rights balance are summarized as follows:
Activity in the valuation allowance for mortgage servicing rights was as follows:
The estimated amortization expense of servicing rights for the remainder of 2020 and the succeeding fiscal years is as follows:
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Deposits |
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Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Deposits and their respective weighted average interest rate at September 30, 2020 and December 31, 2019 consisted of the following:
The aggregate amount of time deposits in denominations of $100 thousand or more was $277.9 million at September 30, 2020 and $293.2 million at December 31, 2019. Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC. Deposit insurance per account owner is currently $250 thousand. The aggregate amount of time deposits in denominations over $250 thousand was $144.7 million at September 30, 2020 and $143.0 million at December 31, 2019. At September 30, 2020, the scheduled maturities of time deposits are as follows:
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less.
The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) with a maximum borrowing capacity of approximately $2.1 billion. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At September 30, 2020 and December 31, 2019, the Bank had outstanding short-term letters of credit with the FHLB totaling $650.8 million and $535.6 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 available borrowing capacity from the FHLB totaled $1.2 billion at September 30, 2020. The Corporation, through the Bank, holds collateral at the Federal Reserve Bank of Philadelphia (the FRB of Philadelphia) in order to access the Discount Window Lending program. The collateral, consisting of investment securities, was valued at $69.5 million and $94.8 million at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, the Corporation had no outstanding borrowings under the Discount Window Lending program. As part of the CARES Act, the FRB of Philadelphia offered secured discounted borrowings to banks who originated Paycheck Protection Program (PPP) loans through the Paycheck Protection Program Liquidity Facility (PPPLF) program. At September 30, 2020, the Bank had no outstanding borrowings under the PPPLF program. The Corporation has a $10.0 million committed line of credit with a correspondent bank. At September 30, 2020 and December 31, 2019, the Corporation had no outstanding borrowings under this line. The Corporation and the Bank have a total of $2.2 billion and $1.9 billion of committed borrowing capacity at September 30, 2020 and December 31, 2019, respectively, of which $1.3 billion and $1.2 billion was available as of September 30, 2020 and December 31, 2019, respectively. The Corporation, through the Bank, also maintains uncommitted funding sources from correspondent banks of $460.0 million and $504.0 million at September 30, 2020 and December 31, 2019, respectively, which were fully available. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. 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 $5.0 million hold variable interest rates and are based on the one-month LIBOR rate plus a spread. On August 5, 2020, the Corporation issued $100.0 million aggregate principal amount of 5.00% fixed-to-floating rate subordinated notes (the "2020 Notes") due 2030. The net proceeds, which approximated $98.4 million, will be used for general corporate purposes. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. The 2020 Notes bear interest at an annual rate of 5.00%, payable semi-annually in arrears commencing on February 15, 2021. The last interest payment date for the fixed rate period will be August 15, 2025. From and including August 15, 2025 to, but excluding, August 15, 2030 or the date of earlier redemption, the Notes will bear interest at an annual floating rate of interest equivalent to the expected Benchmark rate, which is expected to be the Three-Month Term SOFR, plus 495.2 basis points, payable quarterly in arrears, commencing on November 15, 2025. Notwithstanding the foregoing, if the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero. The related issuance costs of $1.6 million are being amortized on a straight line basis into interest expense over 5 years. The Corporation may redeem the 2020 Notes (i) in whole or in part beginning with the interest payment date of August 15, 2025, and on any interest payment date thereafter or (ii) in whole, but not in part, at any time within 90 days upon the occurrence of certain tax, regulatory capital and Investment Company Act of 1940 events. The redemption price for any redemption is 100% of the principal amount of the subordinated notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. Any redemption of the subordinated notes will be subject to the receipt of the approval of the Board of Governors of the Federal Reserve System to the extent then required under applicable laws or regulations, including capital regulations.
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Retirement Plans and Other Postretirement Benefits |
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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 non-contributory retirement plan. Employees hired on or after December 8, 2009 are not eligible to participate in the non-contributory retirement plan. The Corporation also maintains a non-qualified benefit plan that 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. This non-qualified benefit plan is 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. 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. The Corporation previously disclosed in its financial statements for the year ended December 31, 2019 that it expected to make contributions of $159 thousand to its non-qualified retirement plans and $89 thousand to its other postretirement benefit plans in 2020. During the nine months ended September 30, 2020, the Corporation contributed $120 thousand to its non-qualified retirement plans and $83 thousand to its other postretirement plans. During the nine months ended September 30, 2020, $2.0 million was paid to participants from the retirement plans and $83 thousand was paid to participants from the other postretirement plans.
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Stock-Based Incentive Plan |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-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. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to permit the issuance of restricted stock units. Beginning in 2019, the Corporation issued to directors and employees (“grantees”) restricted stock units rather than restricted stock awards or stock options, which were issued to grantees in prior reporting periods. Restricted stock units differ from restricted stock awards in that Corporation stock is not issued to grantees at the date of the grant and the grantee does not have voting or dividend rights during the vesting period. In the following schedules, issued restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date and methodology for recording stock-based compensation expense is the same. The following is a summary of the Corporation's stock option activity and related information for the nine months ended September 30, 2020:
The following is a summary of nonvested stock options at September 30, 2020 including changes during the nine months then ended:
The Corporation did not issue stock options during the nine months ended September 30, 2020 or September 30, 2019. The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at September 30, 2020 including changes during the nine months then ended:
Certain information regarding restricted stock awards and units 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 and units at September 30, 2020 is presented below:
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
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Accumulated Other Comprehensive (Loss) Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented:
(1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2020" for additional information.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps The Corporation periodically uses 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’s credit exposure on interest rate swaps includes fair value and any collateral that is held by a third party. 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. At September 30, 2020, approximately $235 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 September 30, 2020. At September 30, 2020, the notional amount of the interest rate swap was $15.7 million and the fair value was a liability of $614 thousand. The Corporation has an interest rate swap with a current notional amount of $211 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 swap transactions for customers without issuing the swap. At September 30, 2020, the Corporation reported seventy-seven variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $552.2 million and remaining maturities ranging from 18 months to 10 years. At September 30, 2020, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $716 thousand. At September 30, 2020, the fair value of the swaps to the customers was a net liability of $36.9 million and these swaps were in paying positions 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 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. Derivatives Tables The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2020 and December 31, 2019. 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 condensed consolidated balance sheets at September 30, 2020 and December 31, 2019:
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 September 30, 2020 and December 31, 2019:
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Transfers between levels were recognized at the end of the reporting period for the year ended December 31, 2019. 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 not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third-party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. 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 September 30, 2020. 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. One commercial loan associated with an interest rate swap is classified in Level 3 of the valuation hierarchy at September 30, 2020 since lending credit risk is not an observable input for this loan. The unrealized gain on the one loan was $9 thousand at September 30, 2020. 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 September 30, 2020 and December 31, 2019, classified using the fair value hierarchy:
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The Corporation recorded no unrealized gains and losses within other comprehensive income for recurring Level 3 fair value measurements held at September 30, 2020. The $716 thousand of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of seventy-seven interest rate swaps with a current notional amount of $552.2 million. The September 30, 2020 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve.
* Such financial instruments are recorded at fair value as further described in Note 11, "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 the nine months ended September 30, 2020 and 2019:
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 nine months ended September 30, 2020 and 2019:
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 changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at September 30, 2020 and December 31, 2019:
The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at September 30, 2020 and December 31, 2019. 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 condensed 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 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: Loans held for sale are carried at the lower of cost or estimated fair value. 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 and leases held for investment: The fair values for loans and leases held for investment are estimated using discounted cash flow analyses, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers, 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. Loans and leases are classified within Level 3 in the fair value hierarchy since credit risk is not an observable input. Individually analyzed loans and leases held for investment: For individually analyzed 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 September 30, 2020, individually analyzed loans held for investment had a carrying amount of $29.8 million with a valuation allowance of $1.1 million. At December 31, 2019, impaired loans held for investment had a carrying amount of $38.1 million with a valuation allowance of $2.1 million. The Corporation had no individually analyzed leases at September 30, 2020. The Corporation had impaired leases of $277 thousand with no reserve at December 31, 2019. Servicing rights: The Corporation estimates the fair value of 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. Servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the servicing rights portfolio on a quarterly basis for impairment and the servicing rights are carried at the lower of amortized cost or estimated fair value. At September 30, 2020, servicing rights had a net carrying amount of $6.3 million which included a valuation allowance of $206 thousand. At December 31, 2019, servicing rights carrying amount of $6.6 million with no valuation allowance. Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the nine months ended September 30, 2020, there were no required valuation adjustments of goodwill and other identifiable intangible assets. Other real estate owned: The fair value of other real estate owned (OREO) is originally estimated based upon the appraised value less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. Subsequently, OREO is reported 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 the nine months ended September 30, 2020, one property was transferred to OREO with a carrying balance of $8.1 million, one property had a write-down totaling $300 thousand, and one property sold with total proceeds of $75 thousand for a net gain of $4 thousand. At September 30, 2020 and December 31, 2019, OREO had a carrying amount of $8.3 million and $540 thousand, 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 the subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting At September 30, 2020, 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. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated below.
The following table provides total assets by reportable business segment as of the dates indicated.
The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2020 and 2019.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee Disclosure | Leases The following table provides information with respect to the Corporation's operating leases:
At September 30, 2020, maturities of lease liabilities are as follows:
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Contingencies |
9 Months Ended |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure | ContingenciesThe 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. |
Subsequent Events |
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Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventOn October 19, 2020, the Corporation announced Univest Bank and Trust Co.’s plan to optimize its financial service center footprint with the consolidation or relocation of eight locations. The plan is being executed in two phases with the first being completed on January 29, 2021 and the second being completed on June 30, 2021. The pre-tax expense associated with this plan are estimated to be $1.7 million, which will primarily be recognized in the fourth quarter of 2020. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-period presentation. Operating results for the three-month or nine-month periods ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020.
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Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the calculation of the allowance for credit losses.
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Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2020 In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. This ASU replaces the incurred loss methodology for recognizing credit losses and requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases accounted for under ASC 842, off-balance sheet credit exposures such as unfunded commitments, and other financial instruments. In addition, ASC 326 requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down when management does not intend to sell or believes that it is not more likely than not they will be required to sell. This guidance became effective on January 1, 2020 for the Corporation. The results reported for periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable accounting standards. See Note 1, "Summary of Significant Accounting Polices - Reserve for Loan and Lease Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020, for further information on the Corporation's reserve for loan and lease losses methodology under the incurred loss model. The Corporation adopted this guidance, and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases, available-for-sale debt securities and unfunded commitments. On January 1, 2020, the Corporation recorded a cumulative effect decrease to retained earnings of $11.3 million, net of tax, of which $10.2 million related to loans and net investment in leases, $905 thousand related to unfunded commitments, and $237 thousand related to available-for-sale securities. The Corporation adopted the provisions of ASC 326 related to financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30 using the prospective transition approach. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $84 thousand of the allowance for credit losses (ACL). The Corporation adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2020 using the prospective transition approach, though no such charges had been recorded on the securities held by the Corporation as of the date of adoption. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Financial Instruments (Topic 825)." The amendments to Topic 326 are the most significant and address how a company considers recoveries and extension options when estimating expected credit losses. The ASU clarifies that a company’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off. The ASU also clarifies that a company should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. This new guidance was effective on January 1, 2020 for the Corporation. The Corporation adopted ASU No. 2019-04 and incorporated the applicable items into the CECL model described as follows. Management addressed the provision in ASU No. 2019-04 related to how a company considers recoveries by performing an analysis to estimate recoveries that could be reasonably expected based on historical experience as described further below. Management addressed the provision in ASU No. 2019-04 related to how a company considers extension options when estimating expected credit losses as described further below. Management reviewed the provision in the ASU No. 2019-04 related to Topics 815 and 825 and determined these amendments did not have a material impact on the Corporation's financial statements. The Corporation expanded the pooling utilized under the legacy incurred loss method to include additional segmentation based on risk. The impact of the change from the incurred loss model to the current expected credit loss model is detailed below.
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 certain disclosures relating to investments in certain entities that calculate net asset value, changes 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 range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Corporation adopted this guidance and the related required disclosures prospectively on January 1, 2020. 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. The Corporation adopted this guidance as of January 1, 2020. The adoption did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted 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) the 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 beginning after December 15, 2020 or January 1, 2021 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 December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. This ASU is effective for fiscal years beginning after December 15, 2020 or January 1, 2021 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2020, the FASB issued ASU No. 2020-01, "Investments—Equity Securities (Topic 321): Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU 2020-01 clarifies the interactions between ASC 321, ASC 323 and ASC 815 and addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU is effective for fiscal years beginning after December 15, 2021 or January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The guidance allows for companies to: (1) account for certain contract modifications as a continuation of the existing contract without additional analysis; (2) continue hedge accounting when certain critical terms of a hedging relationship change and assess effectiveness in ways that disregard certain potential sources of ineffectiveness; and (3) make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading. This ASU is available for adoption effective immediately, or as of January 1, 2020 or any date thereafter for the Corporation, and applies prospectively to contract modifications and hedging relationships. The one-time election to sell and/or transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020. The Corporation anticipates adopting this ASU and will continue to analyze the provisions of the ASU in connection with ongoing procedures to monitor the work of the Alternative Rates Committee of the FRB and Federal Reserve Bank of New York in identifying an alternative U.S. dollar reference interest rate. It is too early to predict whether a new rate index replacement, which we anticipate will be the Secured Overnight Financing Rate (SOFR), and the adoption of the ASU, will have a material impact on the Corporation's financial statements.
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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. 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, and credit losses are recognized in earnings. 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 except for premiums on callable debt securities which are amortized to the earliest call date. 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. The Corporation measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government agency securities and residential mortgage-backed securities. The Corporation's residential mortgage-backed security holdings are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $474 thousand at September 30, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are 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. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. The Corporation measures expected credit losses on available-for-sale debt securities when the Corporation does not intend to sell, or when it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The forecast data is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance for credit losses on available-for-sale debt securities is included within Investment securities available-for-sale on the condensed consolidated balance sheet. Changes in the allowance for credit losses are recorded within Provision for credit losses on the condensed consolidated statement of income. Losses are charged against the allowance when the Corporation believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $547 thousand at September 30, 2020 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are 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. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. Equity securities are measured at fair value with changes in fair value recognized in net income.
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Loans and Leases | Loans and Leases Loans that the Corporation has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount, net of deferred fees and costs, and the allowance for credit losses. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. Loan commitments are made to accommodate the financial needs of 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 the 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 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 classified as a troubled debt restructuring when a concession has been granted to an existing borrower experiencing financial difficulties. 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 90 days past due. Certain loan modifications made during the year were done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. Accordingly, these loans and leases were not categorized as troubled debt restructurings. Accrued interest receivable on loans and leases held for investment totaled $14.9 million at September 30, 2020 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. $12.3 million of this amount is excluded from the estimate of expected credit losses. $2.6 million of this amount represents accrued interest receivable on loans that were modified in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and includes an allowance for credit losses of $50 thousand. Overdraft deposits are re-classified as loans and are included in the total loans and leases on the balance sheet.
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Loan and Lease Fees | Loan and Lease FeesFees 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. Initial direct costs, comprised of commissions paid that would not have been incurred if the lease had not been obtained, are deferred and amortized over the life of the contract, and are classified within net interest income on leases. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL for loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL. Management evaluates the ACL on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. Management utilizes a discounted cash flow (DCF) model to calculate the present value of the expected cash flows for pools of loans and leases that share similar risk characteristics and compares the results of this calculation to the amortized cost basis to determine its allowance for credit loss balance. Management uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts in calculating its ACL. Historical credit loss experience provides the basis for the estimation of expected credit losses. Management determines whether there is a need to make qualitative adjustments to historical loss information by monitoring certain factors including differences in current loan-specific risk characteristics as well as for changes in external or environmental conditions, or other relevant factors. The contractual term used in projecting the cash flows of a loan is based on the maturity date of a loan, and is adjusted for prepayment or curtailment assumptions which may shorten that contractual time period. Options to extend are considered by management in determining the contractual term. The key inputs to the DCF model are (1) probability of default, (2) loss given default, (3) prepayment and curtailment rates, (4) reasonable and supportable economic forecasts, (5) forecast reversion period, (6) expected recoveries on charged off loans, and (7) discount rate. Probability of Default (PD) In order to incorporate economic factors into forecasting within the DCF model, management elected to use the Loss Driver method to generate the PD rate inputs. The Loss Driver method analyzes how one or more economic factors change the default rate using a statistical regression analysis. Management selected economic factors that had strong correlations to historical default rates. Loss Given Default (LGD) Management elected to use the Frye Jacobs parameter for determining the LGD input, which is an estimation technique that derives a LGD input from segment specific risk curves that correlates LGD with PD. Prepayment and Curtailment rates Prepayment Rates: Loan level transaction data is used to calculate a quarterly prepayment rate for each of the most recent four quarters prior to the measurement date. Those quarterly rates are annualized and the average of the annualized rates is used in the DCF calculation for fixed payment or term loans. Rates are calculated for each pool. Curtailment Rates: Loan level transaction data is used to calculate annual curtailment rates using any available historical loan level data. The average of the historical rates is used in the DCF model for interest only payment or line of credit type loans. Rates are calculated for each pool. Reasonable and Supportable Forecasts The forecast data used in the DCF model is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Forecast Reversion Period Management uses forecasts to predict how economic factors will perform and has determined to use a four quarter forecast period as well as a four quarter straight-line reversion period to historical averages (also commonly referred to as the mean reversion period). Expected Recoveries on Charged-off Loans Management performs an analysis to estimate recoveries that could be reasonably expected based on historical experience in order to account for expected recoveries on loans that have already been fully charged-off and are not included in the ACL calculation. Discount Rate The effective interest rate of the underlying loans and leases of the Corporation serves as the discount rate applied to the expected periodic cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Individual Evaluation Management evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. Management individually analyzes these instruments and will establish a specific reserve for instruments as applicable. Instruments will not be included in both collective and individual analyses. All loans on nonaccrual status are individually evaluated for a specific reserve. Management considers a financial asset as collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral, based on management's assessment as of the reporting date. The allowance for credit losses on loans and leases is included within Allowance for credit losses, loans and leases on the condensed consolidated balance sheet. Changes in the allowance for credit losses on loans and leases are recorded within Provision for credit losses on the condensed consolidated statement of income.
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Reserve for Unfunded Commitments | Reserve for Unfunded Commitments The Corporation maintains a reserve for off-balance sheet credit exposures such as unfunded commitments that are currently unfunded in categories with historical loss experience. Management calculates funding rates using loan level data history at the portfolio level. The most recent quarter’s (the actual measurement quarter) funding rate is subtracted from the maximum historical funding rate which is then applied to each pool’s total available line of credit. The applicable pool level loss rates for the current quarter is then applied to calculate the reserve for unfunded commitments liability each period. The reserve for off-balance sheet credit exposures is included within Accrued expenses and other liabilities on the condensed consolidated balance sheet. Changes in the reserve for off-balance sheet credit exposures are recorded within Provision for credit losses on the condensed consolidated statement of income.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the change from the incurred loss model to the current expected credit loss model is detailed below.
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Earnings per Share (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Computation for Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share. For additional information on the calculation of basic and diluted earnings per share, see Note 1, "Summary of Significant Accounting Policies - Earnings per Share" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019.
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Investment Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities and Available-for-Sale Securities by Contractual Maturities | The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at September 30, 2020 and the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2019, by contractual maturity within each type:
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Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2020 and 2019:
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Amount of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2020 and December 31, 2019, by the length of time those securities were in a continuous loss position.
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Debt Securities, Available-for-sale, Allowance for Credit Loss | The table below presents a rollforward by major security type for the three and nine months ended September 30, 2020 of the allowance for credit losses on securities available-for-sale.
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Loans and Leases (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Major Loan and Lease Categories | Summary of Major Loan and Lease Categories
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Schedule of Age Analysis of Past Due Loans and Leases | 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 nonaccrual loans and leases at September 30, 2020:
The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current, acquired credit impaired loans and nonaccrual loans and leases at December 31, 2019:
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Schedule of Nonperforming Loans and Leases | Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at September 30, 2020 and December 31, 2019.
* Includes nonaccrual troubled debt restructured loans of $14.2 million and $13.8 million at September 30, 2020 and December 31, 2019, respectively.
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Nonaccrual Loan and Lease Data | The following table presents the amortized cost basis of loans and leases on nonaccrual status and loans and leases 90 days or more past due and still accruing as of September 30, 2020.
The following table presents the amortized cost basis of collateral-dependent nonaccrual loans by class of loans and type of collateral as of September 30, 2020.
(1) Collateral consists of business assets, including accounts receivable and personal property. (2) Loans fully reserved given lack of collateral.
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Summary of Commercial Credit Quality Indicators | Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2020 and December 31, 2019. The Corporation employs a risk rating system related to the credit quality of commercial loans and real estate loans secured for a business purpose. 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 status. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. 1.Pass—Loans considered satisfactory with no indications of deterioration 2.Special Mention—Potential weakness that deserves management's close attention 3.Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt 4.Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents by class, the recorded investment in loans and leases held for investment by credit quality indicator at September 30, 2020 under ASC 326.
The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at September 30, 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at September 30, 2020. The following table presents by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2019 under ASC 310.
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Summary of Credit Exposure | Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financings 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, home equity loans secured for a personal purpose and loans to individuals and lease financings. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. The following table presents by class, the recorded investment in loans and leases held for investment by performance status at September 30, 2020 under ASC 326.
The following table presents by class, he recorded investment in loans and lease held for investment by performance status at December 31, 2019 under ASC 310.
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Summary of Activity in the Reserve for Loan and Lease Credit Losses | Allowance for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the allowance for credit losses, loans and leases, for the three and nine months ended September 30, 2020 and 2019:
N/A – Not applicable
N/A – Not applicable
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Schedule of Reserve for Loan and Lease Credit Losses and Recorded Investment in Loans and Leases | The following presents, by portfolio segment, the balance in the ACL on loans and leases, disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at September 30, 2020 and 2019:
N/A – Not applicable
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Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans | The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured:
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Schedule of Concessions Granted on Accruing and Nonaccrual Troubled Loans | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three and nine months ended September 30, 2020 and 2019.
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Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans With Payment Defaults | accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the three and nine months ended September 30, 2020 or September 30, 2019. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgages in Process of Foreclosure | 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 September 30, 2020 and December 31, 2019:
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Schedule of Lease Payments Receivables | The following presents the schedule of minimum lease payments receivable:
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Troubled Debt Restructurings On Financing Receivables3 | The following presents foreclosed residential real estate property included in other real estate owned at September 30, 2020 and December 31, 2019.
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Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2020 were as follows:
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Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated:
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Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2020 and the succeeding fiscal years is as follows:
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Changes In Servicing Rights | Changes in the servicing rights balance are summarized as follows:
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Activity In Valuation Allowance For Mortgage Servicing Rights | Activity in the valuation allowance for mortgage servicing rights was as follows:
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Estimated Amortization Expense of Servicing Rights | The estimated amortization expense of servicing rights for the remainder of 2020 and the succeeding fiscal years is as follows:
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Deposits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Maturities Of Time Deposits | Deposits and their respective weighted average interest rate at September 30, 2020 and December 31, 2019 consisted of the following:
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Schedule of Components of Weighted Average Interest Rate and Balance of Deposits | At September 30, 2020, the scheduled maturities of time deposits are as follows:
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Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Schedule of Maturities of Long-Term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows:
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Schedule of Maturities of Other Long-term Borrowings | Long-term debt under security repurchase agreements with large commercial banks mature as follows:
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Retirement Plans and Other Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost were as follows:
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Stock-Based Incentive Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [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 nine months ended September 30, 2020:
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Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at September 30, 2020 including changes during the nine months then ended:
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Summary of Nonvested Restricted Stock Awards and Units | The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at September 30, 2020 including changes during the nine months then ended:
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Certain Information Regarding Restricted Stock | Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
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Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at September 30, 2020 is presented below:
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Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
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Accumulated Other Comprehensive (Loss) Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented:
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 condensed consolidated balance sheets at September 30, 2020 and December 31, 2019. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.
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Notional Amounts and Fair Value 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 condensed consolidated balance sheets at September 30, 2020 and December 31, 2019:
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Income for Derivatives Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:
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Income for Derivatives Not Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at September 30, 2020 and December 31, 2019:
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Fair Value Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value of Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019, classified using the fair value hierarchy:
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The Corporation recorded no unrealized gains and losses within other comprehensive income for recurring Level 3 fair value measurements held at September 30, 2020. The $716 thousand of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of seventy-seven interest rate swaps with a current notional amount of $552.2 million. The September 30, 2020 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve.
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Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Level 3 Rollforward | 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 the nine months ended September 30, 2020 and 2019:
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Contingent Consideration Liability Change In Amount | The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2020 and 2019:
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Assets Measured at Fair Value on Non-Recurring Basis | 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 changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at September 30, 2020 and December 31, 2019:
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Assets, Liabilities and Off-Balance Sheet Items Not Measured at Fair Value | The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at September 30, 2020 and December 31, 2019. The disclosed fair values are classified using the fair value hierarchy.
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting | The following table provides total assets by reportable business segment as of the dates indicated.
The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2020 and 2019.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Information | The following table provides information with respect to the Corporation's operating leases:
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Schedule of Maturity of Lease Liabilities | At September 30, 2020, maturities of lease liabilities are as follows:
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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands |
Jan. 01, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|---|
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | $ 669,107 | $ 654,873 | $ 675,122 | $ 664,299 | $ 651,670 | $ 624,133 | |
PCD allowance for credit loss | $ 84 | ||||||
Accrued interest receivable | 14,900 | ||||||
CARES Act [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Accrued interest receivable | 2,600 | ||||||
Retained Earnings [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | 281,026 | $ 268,751 | 288,803 | $ 279,158 | $ 267,357 | $ 248,167 | |
Available-for-sale Securities [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Accrued interest receivable | 547 | ||||||
Held-to-maturity Securities [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Accrued interest receivable | $ 474 | ||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | (11,047) | ||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | 11,300 | $ (11,284) | |||||
Accounting Standards Update 2016-13 | Financing Receivable [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | 10,200 | ||||||
Accounting Standards Update 2016-13 | Unfunded Loan Commitment [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | 905 | ||||||
Accounting Standards Update 2016-13 | Available-for-sale Securities [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Adjustment to initially apply ASU | $ 237 |
Summary of Significant Accounting Policies - Impact of Adoption (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|---|
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt securities, available-for-sale, allowance for credit loss | $ 692 | ||||||
Allowance for credit losses, loans and lease | 91,870 | $ 86,217 | $ 35,331 | $ 35,331 | $ 33,662 | $ 32,600 | $ 29,364 |
Reserve for unfunded commitments | 420 | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 12,922 | ||||||
Reserve for unfunded commitments | 1,145 | ||||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 48,253 | ||||||
Reserve for unfunded commitments | 1,565 | ||||||
Commercial Financial And Agricultural [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 14,547 | 16,736 | 8,759 | 8,759 | 9,250 | 9,129 | 7,983 |
Commercial Financial And Agricultural [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 5,284 | ||||||
Commercial Financial And Agricultural [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 14,043 | ||||||
Real-Estate Commercial [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 58,152 | 50,671 | 15,750 | 15,750 | |||
Real-Estate Commercial [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 6,208 | ||||||
Real-Estate Commercial [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 21,958 | ||||||
Real-Estate Construction [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 4,485 | 4,130 | 2,446 | 2,446 | |||
Real-Estate Construction [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 29 | ||||||
Real-Estate Construction [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 2,475 | ||||||
Real Estate Residential Secured For Business Purpose [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 8,366 | 8,180 | 2,622 | 2,622 | 2,685 | 2,478 | 2,236 |
Real Estate Residential Secured For Business Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 2,502 | ||||||
Real Estate Residential Secured For Business Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 5,124 | ||||||
Real Estate Residential Secured For Personal Purpose [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 2,716 | 2,669 | 2,713 | 2,713 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | (706) | ||||||
Real Estate Residential Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 2,007 | ||||||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 1,279 | 1,071 | 1,076 | 1,076 | |||
Real Estate Home Equity Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | (364) | ||||||
Real Estate Home Equity Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 712 | ||||||
Loans to Individuals [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 549 | 771 | 470 | 470 | 475 | 481 | 484 |
Loans to Individuals [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 104 | ||||||
Loans to Individuals [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 574 | ||||||
Lease Financings [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 1,626 | 1,839 | 1,311 | 1,311 | 1,234 | 1,241 | 1,288 |
Lease Financings [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | (135) | ||||||
Lease Financings [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 1,176 | ||||||
Unallocated [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 150 | 150 | 184 | 184 | $ 585 | $ 275 | $ 271 |
Unallocated [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 0 | ||||||
Unallocated [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses, loans and lease | 184 | ||||||
Corporate Bonds [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt securities, available-for-sale, allowance for credit loss | $ 692 | $ 855 | 0 | $ 0 | |||
Corporate Bonds [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt securities, available-for-sale, allowance for credit loss | 300 | ||||||
Corporate Bonds [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Debt securities, available-for-sale, allowance for credit loss | $ 300 |
Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income | $ 18,119 | $ 17,662 | $ 21,042 | $ 50,209 |
Net income allocated to unvested restricted stock awards | (23) | (58) | (29) | (186) |
Net income allocated to common shares | $ 18,096 | $ 17,604 | $ 21,013 | $ 50,023 |
Weighted average shares outstanding | 29,227 | 29,306 | 29,233 | 29,290 |
Average unvested restricted stock awards | (38) | (95) | (47) | (111) |
Denominator for basic earnings per share—weighted-average shares outstanding | 29,189 | 29,211 | 29,186 | 29,179 |
Effect of dilutive securities—employee stock options and restricted stock units | 28 | 74 | 32 | 64 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,217 | 29,285 | 29,218 | 29,243 |
Basic earnings per share | $ 0.62 | $ 0.60 | $ 0.72 | $ 1.71 |
Diluted earnings per share | $ 0.62 | $ 0.60 | $ 0.72 | $ 1.71 |
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share | 526 | 323 | 509 | 326 |
Investment Securities - Narrative (Detail) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
Investment
loan
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jan. 01, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
Investment
|
|
Debt Securities, Available-for-sale [Line Items] | |||||
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 289,600 | $ 340,800 | |||
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 38,900 | $ 12,500 | |||
Number of investments in non federal issuer representing more than 10% of shareholder's equity | Investment | 0 | 0 | |||
Maximum investment in any single non-federal issuer representing shareholders equity | 10.00% | 10.00% | |||
Fair value of securites AFS in unrealized loss position for which an ACL has not been recorded | $ 13,758 | $ 138,598 | |||
Unrealized losses included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | 64 | 5,505 | |||
Proceeds from sales | 65,621 | $ 24,987 | |||
Debt securities, available-for-sale, allowance for credit loss | 692 | ||||
Equity Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Proceeds from sales | 0 | ||||
Residential Mortgage-Backed Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair value of securites AFS in unrealized loss position for which an ACL has not been recorded | 8,779 | 70,499 | |||
Unrealized losses included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | $ 61 | 475 | |||
Number of securities | loan | 4 | ||||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | ||||
Corporate Bonds [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair value of securites AFS in unrealized loss position for which an ACL has not been recorded | 66,504 | ||||
Unrealized losses included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | 5,007 | ||||
Number of securities | Investment | 8 | ||||
Debt securities, available-for-sale, allowance for credit loss | $ 692 | $ 855 | $ 0 | $ 0 | |
Provision for credit losses, securities | 392 | ||||
Other Noninterest Income [Member] | Equity Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Net realized gain on investment securities | $ (321) | $ 12 |
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||||
Investment securities held-to-maturity (fair value $182,376 and $194,886 at September 30, 2020 and December 31, 2019, respectively) | $ 176,817 | $ 192,052 | ||
Securities Held-to-Maturity, Gross Unrealized Gains | 5,559 | 2,944 | ||
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | (110) | ||
Securities Held-to-Maturity, Fair Value | 182,376 | 194,886 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-sale, Amortized Cost | 191,202 | 251,014 | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 189,227 | 246,924 | ||
Debt Securities, Available-For-Sale And Held-To-Maturity, Amortized Cost | 191,202 | 251,014 | ||
Securities Available-for-Sale,Gross Unrealized Gain | 3,941 | 1,415 | ||
Securities Available-for-Sale, Gross Unrealized Loss | (5,224) | (5,505) | ||
Securities Available-for-Sale, Fair Value | 189,227 | 246,924 | ||
Debt securities, available-for-sale, allowance for credit loss | 692 | |||
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 five year | 6,998 | 6,997 | ||
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 202 | 66 | ||
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | 0 | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Year Two Through Five | 0 | |||
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 7,200 | 7,063 | ||
Investment securities held-to-maturity (fair value $182,376 and $194,886 at September 30, 2020 and December 31, 2019, respectively) | 6,998 | 6,997 | ||
Securities Held-to-Maturity, Gross Unrealized Gains | 202 | 66 | ||
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 | ||
Securities Held-to-Maturity, Fair Value | 7,200 | 7,063 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 0 | 301 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | (1) | ||
Securities Available-for-Sale, Fair Value, Within 1 year | 0 | 300 | ||
Securities Available-for-sale, Amortized Cost | 0 | 301 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | (1) | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 0 | 300 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Within Twelve Months | 0 | |||
Debt securities, available-for-sale, allowance for credit loss | 0 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Year Two Through Five | 0 | |||
State and Political Subdivisions [Member] | ||||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 3,645 | 4,717 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 41 | 23 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 3,686 | 4,740 | ||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 11,387 | 29,563 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 114 | 292 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 11,501 | 29,855 | ||
Securities Available-for-sale, Amortized Cost | 15,032 | 34,280 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 155 | 315 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | 0 | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 15,187 | 34,595 | ||
Debt securities, available-for-sale, allowance for credit loss | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Two Through Five | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | |||
Residential Mortgage-Backed Securities [Member] | ||||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||||
Securities Held-to-Maturity Securities, Amortized Cost, After 5 years to 10 years | 7,065 | 9,083 | ||
Securities Held-to-Maturity, Gross Unrealized Gains, After 5 years to 10 years | 286 | 129 | ||
Securities Held-to-Maturity,Gross Unrecognized Losses, After 5 years to 10 years | 0 | 0 | ||
Securities Held-to-Maturity, Fair Value, After 5 years to 10 years | 7,351 | 9,212 | ||
Securities Held-to-Maturity, Over 10 years | 162,754 | 175,972 | ||
Securities Held-to-Maturity, Gross Unrealized Gain, Over 10 years | 5,071 | 2,749 | ||
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | 0 | (110) | ||
Securities Held-to-Maturity, Fair Value, After 10 years | 167,825 | 178,611 | ||
Investment securities held-to-maturity (fair value $182,376 and $194,886 at September 30, 2020 and December 31, 2019, respectively) | 169,819 | 185,055 | ||
Securities Held-to-Maturity, Gross Unrealized Gains | 5,357 | 2,878 | ||
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | (110) | ||
Securities Held-to-Maturity, Fair Value | 175,176 | 187,823 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, After Five Years To Ten Years | 0 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Over 10 Years | 0 | |||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 12 | 304 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 0 | 9 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, Within 1 year | 12 | 313 | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 93 | 611 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 2 | 3 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | 0 | (1) | ||
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 95 | 613 | ||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 2,112 | 36,893 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 72 | 107 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (21) | ||
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 2,184 | 36,979 | ||
Securities Available-for-Sale, Amortized Cost, Over 10 years | 77,400 | 80,630 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 2,041 | 378 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (61) | (453) | ||
Securities Available-for-Sale, Fair Value, Over 10 years | 79,380 | 80,555 | ||
Securities Available-for-sale, Amortized Cost | 79,617 | 118,438 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 2,115 | 497 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (61) | (475) | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 81,671 | 118,460 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Within Twelve Months | 0 | |||
Debt securities, available-for-sale, allowance for credit loss | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Two Through Five | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, After Ten Years | 0 | |||
Collateralized Mortgage Obligations [Member] | ||||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 821 | 2,377 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 30 | 6 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (22) | ||
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 851 | 2,361 | ||
Securities Available-for-Sale, Amortized Cost, Over 10 years | 4,982 | 0 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (3) | 0 | ||
Securities Available-for-Sale, Fair Value, Over 10 years | 4,979 | 0 | ||
Securities Available-for-sale, Amortized Cost | 5,803 | 2,377 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 30 | 6 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (3) | (22) | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 5,830 | 2,361 | ||
Debt securities, available-for-sale, allowance for credit loss | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, After Ten Years | 0 | |||
Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 999 | 6,012 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 4 | 1 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | (4) | ||
Securities Available-for-Sale, Fair Value, Within 1 year | 1,003 | 6,009 | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 29,751 | 29,606 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 1,637 | 596 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (1) | (61) | ||
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 31,386 | 30,141 | ||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 60,000 | 0 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (5,159) | 0 | ||
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 54,150 | 0 | ||
Securities Available-for-Sale, Amortized Cost, Over 10 years | 0 | 60,000 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | (4,942) | ||
Securities Available-for-Sale, Fair Value, Over 10 years | 0 | 55,058 | ||
Securities Available-for-sale, Amortized Cost | 90,750 | 95,618 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 1,641 | 597 | ||
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (5,160) | (5,007) | ||
Securities Available-for-Sale, Debt Securities, Fair Value | 86,539 | 91,208 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Within Twelve Months | 0 | |||
Debt securities, available-for-sale, allowance for credit loss | 692 | $ 855 | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Two Through Five | 1 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 691 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, After Ten Years | $ 0 |
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Securities available-for-sale: | ||
Proceeds from sales | $ 65,621 | $ 24,987 |
Gross realized gains on sales | 831 | 65 |
Gross realized losses on sales | 14 | 24 |
Tax expense related to net realized gains on sales | $ 172 | $ 9 |
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) $ in Thousands |
Sep. 30, 2020
USD ($)
loan
Investment
|
Jun. 30, 2020
USD ($)
|
Jan. 01, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
---|---|---|---|---|
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less than twelve months, fair value | $ 0 | $ 26,767 | ||
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | (110) | ||
Twelve months or longer, fair value | 0 | 0 | ||
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | 0 | ||
Total, fair value | 0 | 26,767 | ||
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | 0 | (110) | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||||
Less than twelve months, fair value | 13,726 | 22,825 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (63) | (62) | ||
Twelve months or longer, fair value | 32 | 115,773 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | (5,443) | ||
Total, fair value | 13,758 | 138,598 | ||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (64) | (5,505) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | 55,100 | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,900 | |||
Debt securities, available-for-sale, allowance for credit loss | 692 | |||
U.S. Government Corporations and Agencies [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||||
Less than twelve months, fair value | 0 | |||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | |||
Twelve months or longer, fair value | 300 | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | |||
Total, fair value | 300 | |||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (1) | |||
Debt securities, available-for-sale, allowance for credit loss | 0 | |||
Residential Mortgage-Backed Securities [Member] | ||||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Less than twelve months, fair value | 26,767 | |||
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (110) | |||
Twelve months or longer, fair value | 0 | |||
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | |||
Total, fair value | 26,767 | |||
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (110) | |||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||||
Less than twelve months, fair value | 8,747 | 21,827 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (60) | (62) | ||
Twelve months or longer, fair value | 32 | 48,672 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | (413) | ||
Total, fair value | 8,779 | 70,499 | ||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ (61) | (475) | ||
Number of securities | loan | 4 | |||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | |||
Collateralized Mortgage Obligations [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||||
Less than twelve months, fair value | 4,979 | 0 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (3) | 0 | ||
Twelve months or longer, fair value | 0 | 1,295 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (22) | ||
Total, fair value | 4,979 | 1,295 | ||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (3) | (22) | ||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | |||
Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||||
Less than twelve months, fair value | 998 | |||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | |||
Twelve months or longer, fair value | 65,506 | |||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (5,007) | |||
Total, fair value | 66,504 | |||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (5,007) | |||
Number of securities | Investment | 8 | |||
Debt securities, available-for-sale, allowance for credit loss | $ 692 | $ 855 | $ 0 | $ 0 |
Investment Securities - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
|
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, allowance for credit loss | $ 692 | $ 692 | |||
Corporate Bonds [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, allowance for credit loss | 692 | 692 | $ 855 | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 164 | (391) | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | $ (1) | $ (1) | |||
Corporate Bonds [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, allowance for credit loss | $ 300 |
Loans and Leases - Narrative (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Minimum [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount of loan relationship balance, loans reviewed annually | $ 1 |
Maximum [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount of loan relationship balance, loans reviewed on a performance basis | $ 1 |
Loans and Leases - Summary of Major Loan and Lease Categories (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | $ 5,211,856 | $ 4,386,836 | $ 4,251,933 |
Unearned lease income | 17,319 | 16,340 | |
Net deferred (fees) costs, included in the above table | (4,340) | 5,999 | |
Overdraft deposits included in the above table | 182 | 407 | |
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 894,314 | 947,029 | 959,153 |
Paycheck Protection Program Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 501,580 | 0 | |
Real-Estate Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 2,369,691 | 2,040,441 | |
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 233,590 | 232,595 | |
Real Estate Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 378,239 | 373,973 | 360,721 |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 474,688 | 439,059 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 172,448 | 174,435 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 27,771 | 29,883 | 30,715 |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | $ 159,535 | $ 149,421 | $ 140,807 |
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 39,168 | $ 17,406 | |
Current | 5,142,669 | 4,330,588 | |
Accruing loans and leases | 5,181,837 | 4,347,994 | |
Total nonaccrual loans and lease | 30,019 | 38,578 | |
Loans and leases held for investment | 5,211,856 | 4,386,836 | $ 4,251,933 |
Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 264 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 23,984 | 13,293 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 11,611 | 3,970 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 3,573 | 143 | |
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 7,157 | 2,772 | |
Current | 883,348 | 940,815 | |
Accruing loans and leases | 890,505 | 943,587 | |
Total nonaccrual loans and lease | 3,809 | 3,442 | |
Loans and leases held for investment | 894,314 | 947,029 | 959,153 |
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 | ||
Commercial Financial And Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 6,886 | 2,602 | |
Commercial Financial And Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 244 | 150 | |
Commercial Financial And Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 27 | 20 | |
Paycheck Protection Program Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | ||
Current | 501,580 | ||
Accruing loans and leases | 501,580 | ||
Total nonaccrual loans and lease | 0 | ||
Loans and leases held for investment | 501,580 | 0 | |
Paycheck Protection Program Loans | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | ||
Paycheck Protection Program Loans | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | ||
Paycheck Protection Program Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | ||
Real-Estate Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 14,715 | 3,739 | |
Current | 2,334,512 | 2,008,568 | |
Accruing loans and leases | 2,349,227 | 2,012,307 | |
Total nonaccrual loans and lease | 20,464 | 27,928 | |
Loans and leases held for investment | 2,369,691 | 2,040,441 | |
Real-Estate Commercial [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 206 | ||
Real-Estate Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 5,341 | 3,473 | |
Real-Estate Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 7,835 | 266 | |
Real-Estate Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,539 | 0 | |
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 5,501 | 0 | |
Current | 228,089 | 232,338 | |
Accruing loans and leases | 233,590 | 232,338 | |
Total nonaccrual loans and lease | 0 | 257 | |
Loans and leases held for investment | 233,590 | 232,595 | |
Real-Estate Construction [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Real-Estate Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 5,501 | 0 | |
Real-Estate Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real-Estate Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 5,424 | 4,520 | |
Current | 370,664 | 366,473 | |
Accruing loans and leases | 376,088 | 370,993 | |
Total nonaccrual loans and lease | 2,151 | 2,980 | |
Loans and leases held for investment | 378,239 | 373,973 | 360,721 |
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 | 0 | ||
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,844 | 2,078 | |
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,553 | 2,442 | |
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,027 | 0 | |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,394 | 3,415 | |
Current | 469,899 | 433,548 | |
Accruing loans and leases | 472,293 | 436,963 | |
Total nonaccrual loans and lease | 2,395 | 2,038 | |
Loans and leases held for investment | 474,688 | 439,059 | |
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 | 58 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,119 | 2,969 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 47 | 446 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 228 | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 524 | 902 | |
Current | 170,976 | 172,106 | |
Accruing loans and leases | 171,500 | 173,008 | |
Total nonaccrual loans and lease | 948 | 1,427 | |
Loans and leases held for investment | 172,448 | 174,435 | |
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 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 428 | 605 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 96 | 297 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 156 | 304 | |
Current | 27,615 | 29,579 | |
Accruing loans and leases | 27,771 | 29,883 | |
Total nonaccrual loans and lease | 0 | 0 | |
Loans and leases held for investment | 27,771 | 29,883 | 30,715 |
Loans to Individuals [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Loans to Individuals [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 104 | 157 | |
Loans to Individuals [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 29 | 73 | |
Loans to Individuals [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 23 | 74 | |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 3,297 | 1,754 | |
Current | 155,986 | 147,161 | |
Accruing loans and leases | 159,283 | 148,915 | |
Total nonaccrual loans and lease | 252 | 506 | |
Loans and leases held for investment | 159,535 | 149,421 | $ 140,807 |
Lease Financings [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Lease Financings [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 761 | 1,409 | |
Lease Financings [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,807 | 296 | |
Lease Financings [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 729 | $ 49 |
Loans and Leases - Nonperforming Loans and Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | $ 30,019 | $ 38,578 |
Accruing troubled debt restructured loans and lease modifications | 53 | 54 |
Loans and lease 90 days or more past due and accruing interest | 3,573 | 143 |
Total nonperforming loans and leases | 33,645 | 38,775 |
Nonaccrual troubled debt restructured loans and lease modifications | 14,200 | 13,800 |
Commercial Financial And Agricultural [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 3,809 | 3,442 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 27 | 20 |
Total nonperforming loans and leases | 3,836 | 3,462 |
Real-Estate Commercial [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 20,464 | 27,928 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 1,539 | 0 |
Total nonperforming loans and leases | 22,003 | 27,928 |
Real-Estate Construction [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 0 | 257 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 0 | 257 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 2,151 | 2,980 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 1,027 | 0 |
Total nonperforming loans and leases | 3,178 | 2,980 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 2,395 | 2,038 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 228 | 0 |
Total nonperforming loans and leases | 2,623 | 2,038 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 948 | 1,427 |
Accruing troubled debt restructured loans and lease modifications | 53 | 54 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 1,001 | 1,481 |
Loans to Individuals [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 0 | 0 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 23 | 74 |
Total nonperforming loans and leases | 23 | 74 |
Lease Financings [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 252 | 506 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 729 | 49 |
Total nonperforming loans and leases | $ 981 | $ 555 |
Loans and Leases - Nonaccrual (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | $ 27,396 | |
Nonaccrual With ACL | 2,623 | |
Total nonaccrual loans and lease | 30,019 | $ 38,578 |
Loans 90 Days or more Past Due and Accruing Interest | 3,573 | 143 |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 2,361 | |
Nonaccrual With ACL | 1,448 | |
Total nonaccrual loans and lease | 3,809 | 3,442 |
Loans 90 Days or more Past Due and Accruing Interest | 27 | 20 |
Real-Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 20,238 | |
Nonaccrual With ACL | 226 | |
Total nonaccrual loans and lease | 20,464 | 27,928 |
Loans 90 Days or more Past Due and Accruing Interest | 1,539 | 0 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 1,987 | |
Nonaccrual With ACL | 164 | |
Total nonaccrual loans and lease | 2,151 | 2,980 |
Loans 90 Days or more Past Due and Accruing Interest | 1,027 | 0 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 1,862 | |
Nonaccrual With ACL | 533 | |
Total nonaccrual loans and lease | 2,395 | 2,038 |
Loans 90 Days or more Past Due and Accruing Interest | 228 | 0 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 948 | |
Nonaccrual With ACL | 0 | |
Total nonaccrual loans and lease | 948 | 1,427 |
Loans 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Loans to Individuals [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | |
Nonaccrual With ACL | 0 | |
Total nonaccrual loans and lease | 0 | 0 |
Loans 90 Days or more Past Due and Accruing Interest | 23 | 74 |
Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | |
Nonaccrual With ACL | 252 | |
Total nonaccrual loans and lease | 252 | 506 |
Loans 90 Days or more Past Due and Accruing Interest | $ 729 | $ 49 |
Loans and Leases - Collateral Dependent Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | $ 30,019 | $ 38,578 |
Total nonaccrual loans (excluding leases) | 29,767 | |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 27,417 | |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,784 | |
None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 566 | |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 3,809 | 3,442 |
Commercial Financial And Agricultural [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,459 | |
Commercial Financial And Agricultural [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,784 | |
Commercial Financial And Agricultural [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 566 | |
Real-Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 20,464 | 27,928 |
Real-Estate Commercial [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 20,464 | |
Real-Estate Commercial [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real-Estate Commercial [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 2,151 | 2,980 |
Real Estate Residential Secured For Business Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 2,151 | |
Real Estate Residential Secured For Business Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 2,395 | 2,038 |
Real Estate Residential Secured For Personal Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 2,395 | |
Real Estate Residential Secured For Personal Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Personal Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 948 | $ 1,427 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 948 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | $ 0 |
Loans and Leases - Credit Quality (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Commercial Financial And Agricultural [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | $ 148,694 |
2019 | 103,907 |
2018 | 79,351 |
2017 | 44,910 |
2016 | 30,521 |
Prior | 62,663 |
Revolving loans amortized cost basis | 424,268 |
Total | 894,314 |
Commercial Financial And Agricultural [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 147,403 |
2019 | 102,389 |
2018 | 78,294 |
2017 | 44,321 |
2016 | 29,672 |
Prior | 60,750 |
Revolving loans amortized cost basis | 410,169 |
Total | 872,998 |
Commercial Financial And Agricultural [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 916 |
2019 | 804 |
2018 | 333 |
2017 | 529 |
2016 | 849 |
Prior | 1,226 |
Revolving loans amortized cost basis | 7,723 |
Total | 12,380 |
Commercial Financial And Agricultural [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 375 |
2019 | 714 |
2018 | 724 |
2017 | 60 |
2016 | 0 |
Prior | 687 |
Revolving loans amortized cost basis | 6,376 |
Total | 8,936 |
Paycheck Protection Program Loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 501,580 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 501,580 |
Paycheck Protection Program Loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 501,580 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 501,580 |
Paycheck Protection Program Loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 0 |
Paycheck Protection Program Loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 0 |
Real-Estate Commercial [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 913,991 |
2019 | 508,912 |
2018 | 246,354 |
2017 | 292,248 |
2016 | 156,053 |
Prior | 203,920 |
Revolving loans amortized cost basis | 48,213 |
Total | 2,369,691 |
Real-Estate Commercial [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 912,215 |
2019 | 494,465 |
2018 | 245,307 |
2017 | 279,472 |
2016 | 153,490 |
Prior | 191,043 |
Revolving loans amortized cost basis | 45,464 |
Total | 2,321,456 |
Real-Estate Commercial [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,776 |
2019 | 13,082 |
2018 | 0 |
2017 | 1,128 |
2016 | 1,345 |
Prior | 5,935 |
Revolving loans amortized cost basis | 1,912 |
Total | 25,178 |
Real-Estate Commercial [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 1,365 |
2018 | 1,047 |
2017 | 11,648 |
2016 | 1,218 |
Prior | 6,942 |
Revolving loans amortized cost basis | 837 |
Total | 23,057 |
Real-Estate Construction [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 106,614 |
2019 | 72,157 |
2018 | 45,140 |
2017 | 1,804 |
2016 | 2,950 |
Prior | 0 |
Revolving loans amortized cost basis | 4,925 |
Total | 233,590 |
Real-Estate Construction [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 86,135 |
2019 | 72,157 |
2018 | 45,140 |
2017 | 1,804 |
2016 | 2,950 |
Prior | 0 |
Revolving loans amortized cost basis | 4,925 |
Total | 213,111 |
Real-Estate Construction [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 20,479 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 20,479 |
Real-Estate Construction [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 0 |
Real Estate Residential Secured For Business Purpose [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 84,762 |
2019 | 77,314 |
2018 | 60,281 |
2017 | 47,390 |
2016 | 42,780 |
Prior | 41,386 |
Revolving loans amortized cost basis | 24,326 |
Total | 378,239 |
Real Estate Residential Secured For Business Purpose [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 84,624 |
2019 | 76,313 |
2018 | 60,041 |
2017 | 47,244 |
2016 | 41,529 |
Prior | 40,042 |
Revolving loans amortized cost basis | 24,058 |
Total | 373,851 |
Real Estate Residential Secured For Business Purpose [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 108 |
2019 | 464 |
2018 | 189 |
2017 | 77 |
2016 | 180 |
Prior | 481 |
Revolving loans amortized cost basis | 200 |
Total | 1,699 |
Real Estate Residential Secured For Business Purpose [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 30 |
2019 | 537 |
2018 | 51 |
2017 | 69 |
2016 | 1,071 |
Prior | 863 |
Revolving loans amortized cost basis | 68 |
Total | 2,689 |
Real Estate Residential Secured For Personal Purpose [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 117,318 |
2019 | 78,421 |
2018 | 67,071 |
2017 | 60,833 |
2016 | 46,982 |
Prior | 102,772 |
Revolving loans amortized cost basis | 1,291 |
Total | 474,688 |
Real Estate Residential Secured For Personal Purpose [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 117,318 |
2019 | 78,421 |
2018 | 67,015 |
2017 | 60,289 |
2016 | 46,982 |
Prior | 100,749 |
Revolving loans amortized cost basis | 1,291 |
Total | 472,065 |
Real Estate Residential Secured For Personal Purpose [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 56 |
2017 | 544 |
2016 | 0 |
Prior | 2,023 |
Revolving loans amortized cost basis | 0 |
Total | 2,623 |
Real Estate Home Equity Secured For Personal Purpose [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,002 |
2019 | 891 |
2018 | 1,282 |
2017 | 1,218 |
2016 | 588 |
Prior | 2,669 |
Revolving loans amortized cost basis | 164,798 |
Total | 172,448 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,002 |
2019 | 891 |
2018 | 1,179 |
2017 | 1,218 |
2016 | 588 |
Prior | 2,627 |
Revolving loans amortized cost basis | 163,942 |
Total | 171,447 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 103 |
2017 | 0 |
2016 | 0 |
Prior | 42 |
Revolving loans amortized cost basis | 856 |
Total | 1,001 |
Loans to Individuals [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 967 |
2019 | 1,747 |
2018 | 1,158 |
2017 | 532 |
2016 | 317 |
Prior | 2,420 |
Revolving loans amortized cost basis | 20,630 |
Total | 27,771 |
Loans to Individuals [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 967 |
2019 | 1,747 |
2018 | 1,158 |
2017 | 532 |
2016 | 317 |
Prior | 2,397 |
Revolving loans amortized cost basis | 20,630 |
Total | 27,748 |
Loans to Individuals [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 23 |
Revolving loans amortized cost basis | 0 |
Total | 23 |
Lease Financings [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 53,992 |
2019 | 49,931 |
2018 | 35,072 |
2017 | 14,123 |
2016 | 5,504 |
Prior | 913 |
Revolving loans amortized cost basis | 0 |
Total | 159,535 |
Lease Financings [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 53,992 |
2019 | 49,890 |
2018 | 34,527 |
2017 | 13,866 |
2016 | 5,380 |
Prior | 899 |
Revolving loans amortized cost basis | 0 |
Total | 158,554 |
Lease Financings [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 41 |
2018 | 545 |
2017 | 257 |
2016 | 124 |
Prior | 14 |
Revolving loans amortized cost basis | 0 |
Total | $ 981 |
Loans and Leases - Credit Quality Indicators (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | $ 5,211,856,000 | $ 4,386,836,000 | $ 4,251,933,000 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,454,955,000 | ||
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 67,798,000 | ||
Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 71,285,000 | ||
Grade 4: Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 0 | ||
Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,594,038,000 | ||
Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 788,650,000 | ||
Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 4,148,000 | ||
Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 792,798,000 | ||
Commercial Financial And Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 894,314,000 | 947,029,000 | 959,153,000 |
Commercial Financial And Agricultural [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 911,848,000 | ||
Commercial Financial And Agricultural [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 18,843,000 | ||
Commercial Financial And Agricultural [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 16,338,000 | ||
Commercial Financial And Agricultural [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 947,029,000 | ||
Real-Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 2,369,691,000 | 2,040,441,000 | |
Real-Estate Commercial [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 1,974,561,000 | ||
Real-Estate Commercial [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 24,199,000 | ||
Real-Estate Commercial [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 41,681,000 | ||
Real-Estate Commercial [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 2,040,441,000 | ||
Real-Estate Construction [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 233,590,000 | 232,595,000 | |
Real-Estate Construction [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 201,424,000 | ||
Real-Estate Construction [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 20,987,000 | ||
Real-Estate Construction [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 10,184,000 | ||
Real-Estate Construction [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 232,595,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 378,239,000 | 373,973,000 | 360,721,000 |
Real Estate Residential Secured For Business Purpose [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 367,122,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,769,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,082,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 373,973,000 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 474,688,000 | 439,059,000 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 437,021,000 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 2,038,000 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 439,059,000 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 172,448,000 | 174,435,000 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 172,954,000 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 1,481,000 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 174,435,000 | ||
Loans to Individuals [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 27,771,000 | 29,883,000 | 30,715,000 |
Loans to Individuals [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 29,809,000 | ||
Loans to Individuals [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 74,000 | ||
Loans to Individuals [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 29,883,000 | ||
Lease Financings [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | $ 159,535,000 | 149,421,000 | $ 140,807,000 |
Lease Financings [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 148,866,000 | ||
Lease Financings [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 555,000 | ||
Lease Financings [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | $ 149,421,000 |
Loans and Leases - Allowance for Credit Losses, Loan and Leases, Roll Forward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jan. 01, 2020 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 86,217 | $ 32,600 | $ 35,331 | $ 29,364 | |
Allowance for credit losses, loans and lease | 91,870 | 33,662 | 91,870 | 29,364 | $ 35,331 |
Provision for credit losses | 5,618 | 1,530 | 47,647 | 6,291 | |
Charge-offs | (448) | (844) | (5,066) | (2,769) | |
Recoveries | 483 | 376 | 1,036 | 776 | |
Ending balance | 91,870 | 33,662 | 91,870 | 33,662 | |
Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | 12,922 | ||||
Commercial Financial And Agricultural [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 16,736 | 9,129 | 8,759 | 7,983 | |
Allowance for credit losses, loans and lease | 14,547 | 9,250 | 14,547 | 9,250 | 8,759 |
Provision for credit losses | (2,401) | 222 | 1,195 | 2,753 | |
Charge-offs | (142) | (283) | (1,367) | (1,769) | |
Recoveries | 354 | 182 | 676 | 283 | |
Ending balance | 14,547 | 9,250 | 14,547 | 9,250 | |
Commercial Financial And Agricultural [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | 5,284 | ||||
Real-Estate Commercial [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 50,671 | 15,750 | |||
Allowance for credit losses, loans and lease | 58,152 | 15,750 | 15,750 | ||
Provision for credit losses | 7,481 | 38,961 | |||
Charge-offs | 0 | (2,802) | |||
Recoveries | 0 | 35 | |||
Ending balance | 58,152 | 58,152 | |||
Real-Estate Commercial [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | 6,208 | ||||
Real-Estate Construction [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,130 | 2,446 | |||
Allowance for credit losses, loans and lease | 4,485 | 4,485 | 2,446 | ||
Provision for credit losses | 355 | 2,010 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 4,485 | 4,485 | |||
Real-Estate Construction [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | 29 | ||||
Real Estate Commercial And Construction [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 15,478 | 13,903 | |||
Allowance for credit losses, loans and lease | 15,821 | 13,903 | |||
Provision for credit losses | 593 | 2,151 | |||
Charge-offs | (251) | (325) | |||
Recoveries | 1 | 92 | |||
Ending balance | 15,821 | 15,821 | |||
Real Estate Residential Secured For Business Purpose [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 8,180 | 2,478 | 2,622 | 2,236 | |
Allowance for credit losses, loans and lease | 8,366 | 2,685 | 2,622 | 2,685 | 2,622 |
Provision for credit losses | 251 | 109 | 3,398 | 341 | |
Charge-offs | (88) | 0 | (187) | 0 | |
Recoveries | 23 | 98 | 31 | 108 | |
Ending balance | 8,366 | 2,685 | 8,366 | 2,685 | |
Real Estate Residential Secured For Business Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | 2,502 | ||||
Real Estate Residential Secured For Personal Purpose [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 2,669 | 2,713 | |||
Allowance for credit losses, loans and lease | 2,716 | 2,716 | 2,713 | ||
Provision for credit losses | 47 | 709 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 2,716 | 2,716 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | (706) | ||||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,071 | 1,076 | |||
Allowance for credit losses, loans and lease | 1,279 | 1,279 | 1,076 | ||
Provision for credit losses | 204 | 555 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 4 | 12 | |||
Ending balance | 1,279 | 1,279 | |||
Real Estate Home Equity Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | (364) | ||||
Residential And Home Equity Secured For Personal Purpose [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 3,518 | 3,199 | |||
Allowance for credit losses, loans and lease | 3,612 | 3,199 | |||
Provision for credit losses | 273 | 595 | |||
Charge-offs | (183) | (198) | |||
Recoveries | 4 | 16 | |||
Ending balance | 3,612 | 3,612 | |||
Loans to Individuals [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 771 | 481 | 470 | 484 | |
Allowance for credit losses, loans and lease | 549 | 475 | 549 | 484 | 470 |
Provision for credit losses | (170) | 47 | 116 | 142 | |
Charge-offs | (69) | (73) | (197) | (209) | |
Recoveries | 17 | 20 | 56 | 58 | |
Ending balance | 549 | 475 | 549 | 475 | |
Loans to Individuals [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | 104 | ||||
Lease Financings [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,839 | 1,241 | 1,311 | 1,288 | |
Allowance for credit losses, loans and lease | 1,626 | 1,234 | 1,626 | 1,234 | 1,311 |
Provision for credit losses | (149) | (24) | 737 | (5) | |
Charge-offs | (149) | (54) | (513) | (268) | |
Recoveries | 85 | 71 | 226 | 219 | |
Ending balance | 1,626 | 1,234 | 1,626 | 1,234 | |
Lease Financings [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | (135) | ||||
Unallocated [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 150 | 275 | 184 | 271 | |
Allowance for credit losses, loans and lease | 150 | 585 | 184 | 585 | 184 |
Provision for credit losses | 0 | 310 | (34) | 314 | |
Ending balance | $ 150 | $ 585 | $ 150 | $ 585 | |
Unallocated [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for credit losses, loans and lease | $ 0 |
Loans and Leases - Allowance for Loan and Lease Losses and Recorded Investment in Loans and Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|---|
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | $ 1,092 | $ 2,444 | |||||
Ending balance: pooled | 90,778 | 31,218 | |||||
Total: Allowance for Credit Loss | 91,870 | $ 86,217 | $ 35,331 | $ 35,331 | 33,662 | $ 32,600 | $ 29,364 |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 29,767 | 37,228 | |||||
Ending balance: pooled | 5,181,868 | 4,214,356 | |||||
Loans measured at fair value | 221 | 349 | |||||
Total loans and leases held for investment | 5,211,856 | 4,386,836 | 4,251,933 | ||||
Commercial Financial And Agricultural [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 891 | 390 | |||||
Ending balance: pooled | 13,656 | 8,860 | |||||
Total: Allowance for Credit Loss | 14,547 | 16,736 | 8,759 | 8,759 | 9,250 | 9,129 | 7,983 |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 3,809 | 2,233 | |||||
Ending balance: pooled | 890,505 | 956,920 | |||||
Loans measured at fair value | 0 | 0 | |||||
Total loans and leases held for investment | 894,314 | 947,029 | 959,153 | ||||
Paycheck Protection Program Loans | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 0 | ||||||
Ending balance: pooled | 0 | ||||||
Total: Allowance for Credit Loss | 0 | ||||||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 0 | ||||||
Ending balance: pooled | 501,580 | ||||||
Loans measured at fair value | 0 | ||||||
Total loans and leases held for investment | 501,580 | 0 | |||||
Real-Estate Commercial [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 19 | ||||||
Ending balance: pooled | 58,133 | ||||||
Total: Allowance for Credit Loss | 58,152 | 50,671 | 15,750 | 15,750 | |||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 20,464 | ||||||
Ending balance: pooled | 2,349,006 | ||||||
Loans measured at fair value | 221 | ||||||
Total loans and leases held for investment | 2,369,691 | 2,040,441 | |||||
Real-Estate Construction [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 0 | ||||||
Ending balance: pooled | 4,485 | ||||||
Total: Allowance for Credit Loss | 4,485 | 4,130 | 2,446 | 2,446 | |||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 0 | ||||||
Ending balance: pooled | 233,590 | ||||||
Loans measured at fair value | 0 | ||||||
Total loans and leases held for investment | 233,590 | 232,595 | |||||
Real Estate Commercial And Construction [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 1,485 | ||||||
Ending balance: pooled | 14,336 | ||||||
Total: Allowance for Credit Loss | 15,821 | 15,478 | 13,903 | ||||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 28,280 | ||||||
Ending balance: pooled | 2,122,066 | ||||||
Loans measured at fair value | 349 | ||||||
Total loans and leases held for investment | 2,150,695 | ||||||
Real Estate Residential Secured For Business Purpose [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 1 | 414 | |||||
Ending balance: pooled | 8,365 | 2,271 | |||||
Total: Allowance for Credit Loss | 8,366 | 8,180 | 2,622 | 2,622 | 2,685 | 2,478 | 2,236 |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 2,151 | 2,887 | |||||
Ending balance: pooled | 376,088 | 357,834 | |||||
Loans measured at fair value | 0 | 0 | |||||
Total loans and leases held for investment | 378,239 | 373,973 | 360,721 | ||||
Real Estate Residential Secured For Personal Purpose [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 181 | ||||||
Ending balance: pooled | 2,535 | ||||||
Total: Allowance for Credit Loss | 2,716 | 2,669 | 2,713 | 2,713 | |||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 2,395 | ||||||
Ending balance: pooled | 472,293 | ||||||
Loans measured at fair value | 0 | ||||||
Total loans and leases held for investment | 474,688 | 439,059 | |||||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 0 | ||||||
Ending balance: pooled | 1,279 | ||||||
Total: Allowance for Credit Loss | 1,279 | 1,071 | 1,076 | 1,076 | |||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 948 | ||||||
Ending balance: pooled | 171,500 | ||||||
Loans measured at fair value | 0 | ||||||
Total loans and leases held for investment | 172,448 | 174,435 | |||||
Residential And Home Equity Secured For Personal Purpose [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 155 | ||||||
Ending balance: pooled | 3,457 | ||||||
Total: Allowance for Credit Loss | 3,612 | 3,518 | 3,199 | ||||
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 3,520 | ||||||
Ending balance: pooled | 606,322 | ||||||
Loans measured at fair value | 0 | ||||||
Total loans and leases held for investment | 609,842 | ||||||
Loans to Individuals [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 0 | 0 | |||||
Ending balance: pooled | 549 | 475 | |||||
Total: Allowance for Credit Loss | 549 | 771 | 470 | 470 | 475 | 481 | 484 |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 0 | 2 | |||||
Ending balance: pooled | 27,771 | 30,713 | |||||
Loans measured at fair value | 0 | 0 | |||||
Total loans and leases held for investment | 27,771 | 29,883 | 30,715 | ||||
Lease Financings [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: individually analyzed | 0 | 0 | |||||
Ending balance: pooled | 1,626 | 1,234 | |||||
Total: Allowance for Credit Loss | 1,626 | 1,839 | 1,311 | 1,311 | 1,234 | 1,241 | 1,288 |
Loans and leases held for investment [Abstract] | |||||||
Ending balance: individually analyzed | 0 | 306 | |||||
Ending balance: pooled | 159,535 | 140,501 | |||||
Loans measured at fair value | 0 | 0 | |||||
Total loans and leases held for investment | 159,535 | 149,421 | 140,807 | ||||
Unallocated [Member] | |||||||
Allowance For Credit Losses, Loans And Leases [Abstract] | |||||||
Ending balance: pooled | 150 | 585 | |||||
Total: Allowance for Credit Loss | $ 150 | $ 150 | $ 184 | $ 184 | $ 585 | $ 275 | $ 271 |
Loans and Leases - Troubled Debt Restructured Loans (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
loan
|
Sep. 30, 2019
USD ($)
loan
|
Sep. 30, 2020
USD ($)
loan
|
Sep. 30, 2019
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 0 | 0 | 0 | 1 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 55 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 55 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 1 | 1 | 2 | 4 |
Pre-restructuring outstanding recorded investment | $ 544 | $ 19 | $ 1,163 | $ 2,288 |
Post-restructuring outstanding recorded investment | $ 544 | $ 19 | $ 1,163 | $ 2,288 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 0 | 1 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 55 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 55 | ||
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 0 | 1 | 1 | 3 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 19 | $ 619 | $ 975 |
Post-restructuring outstanding recorded investment | $ 0 | $ 19 | $ 619 | $ 975 |
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 0 | 1 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 1,313 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 1,313 | ||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 1 | 0 | 1 | 0 |
Pre-restructuring outstanding recorded investment | $ 544 | $ 0 | $ 544 | $ 0 |
Post-restructuring outstanding recorded investment | $ 544 | $ 0 | $ 544 | $ 0 |
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
loan
|
Sep. 30, 2019
USD ($)
loan
|
Sep. 30, 2020
USD ($)
loan
|
Sep. 30, 2019
USD ($)
loan
|
|
Accrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 0 | 0 | 1 |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 0 | $ 55 |
Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 0 | 0 | 0 |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 0 | 0 | 1 |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | $ 0 | $ 55 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | 1 | 2 | 4 |
Financing receivable modifications, recorded investments | $ | $ 544 | $ 19 | $ 1,163 | $ 2,288 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 1 | 0 | 1 |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 19 | $ 0 | $ 19 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | 0 | 2 | 3 |
Financing receivable modifications, recorded investments | $ | $ 544 | $ 0 | $ 1,163 | $ 2,269 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 1 | ||
Financing receivable modifications, recorded investments | $ | $ 55 | |||
Real Estate Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | |||
Financing receivable modifications, recorded investments | $ | $ 0 | |||
Real Estate Home Equity Secured For Personal Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | |||
Financing receivable modifications, recorded investments | $ | $ 55 | |||
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 1 | 1 | 3 |
Financing receivable modifications, recorded investments | $ | $ 19 | $ 619 | $ 975 | |
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | 0 | 1 | |
Financing receivable modifications, recorded investments | $ | $ 19 | $ 0 | $ 19 | |
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 1 | 2 | |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 619 | $ 956 | |
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 1 | ||
Financing receivable modifications, recorded investments | $ | $ 1,313 | |||
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | |||
Financing receivable modifications, recorded investments | $ | $ 0 | |||
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | |||
Financing receivable modifications, recorded investments | $ | $ 1,313 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | 0 | 1 | 0 |
Financing receivable modifications, recorded investments | $ | $ 544 | $ 544 | ||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 0 | 0 | ||
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 | ||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||||
No. of loans | loan | 1 | 1 | ||
Financing receivable modifications, recorded investments | $ | $ 544 | $ 544 |
Loans and Leases - Mortgages in Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 290 | $ 1,772 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | 64 | 714 |
Home Equity Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 226 | $ 1,058 |
Loans and Leases - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Receivables [Abstract] | ||
Foreclosed residential real estate | $ 0 | $ 71 |
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Receivables [Abstract] | ||
2020 (excluding the nine months ended September 30, 2020) | $ 14,587 | $ 57,515 |
2021 | 58,029 | 45,510 |
2022 | 44,933 | 32,233 |
2023 | 30,902 | 18,345 |
2024 | 17,204 | 6,639 |
Thereafter | 7,822 | 2,259 |
Total future minimum lease payments receivable | 173,477 | 162,501 |
Unguaranteed residual | 825 | 886 |
Initial direct costs | 2,552 | 2,374 |
Imputed interest | (17,319) | (16,340) |
Lease financings | $ 159,535 | $ 149,421 |
Goodwill and Other Intangible Assets - Narrative (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate fair value of servicing rights | $ 6.3 | $ 9.2 | |
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% |
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 172,559 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 172,559 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 138,476 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 138,476 |
Wealth Management [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 15,434 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 15,434 |
Insurance [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 18,649 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | $ 18,649 |
Goodwill and Other Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 35,813 | $ 34,767 |
Accumulated amortization | 26,798 | 24,483 |
Net carrying amount | 9,015 | 10,284 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,788 | 6,788 |
Accumulated amortization | 4,610 | 4,026 |
Net carrying amount | 2,178 | 2,762 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,604 | 8,819 |
Accumulated amortization | 7,046 | 7,923 |
Net carrying amount | 558 | 896 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 21,421 | 19,160 |
Accumulated amortization | 15,142 | 12,534 |
Net carrying amount | $ 6,279 | $ 6,626 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 278 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
2024 | 267 |
Thereafter | 193 |
Total: Estimated amortization expense for core deposit and customer related intangibles | $ 2,736 |
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||||
Beginning of period | $ 6,081 | $ 6,599 | $ 6,626 | $ 6,768 |
Servicing rights capitalized | 900 | 464 | 2,261 | 1,051 |
Amortization of servicing rights | (834) | (585) | (2,402) | (1,320) |
Changes in valuation allowance | 132 | 18 | (206) | (3) |
End of period | 6,279 | 6,496 | 6,279 | 6,496 |
Residential mortgage and SBA loans serviced for others | $ 1,167,316 | $ 1,055,823 | $ 1,167,316 | $ 1,055,823 |
Goodwill and Other Intangible Assets - Activity In Valuation Allowance For Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||||
Valuation allowance, beginning of period | $ (338) | $ (21) | $ 0 | $ 0 |
Additions | 0 | 0 | (206) | (3) |
Reductions | 132 | 18 | 0 | 0 |
Valuation allowance, end of period | $ (206) | $ (3) | $ (206) | $ (3) |
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||||||
Remainder of 2020 | $ 278 | |||||
2021 | 923 | |||||
2022 | 666 | |||||
2023 | 409 | |||||
2024 | 267 | |||||
Thereafter | 193 | |||||
Servicing Rights [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Remainder of 2020 | 1,724 | |||||
2021 | 1,276 | |||||
2022 | 941 | |||||
2023 | 693 | |||||
2024 | 302 | |||||
Thereafter | 1,343 | |||||
Total: Estimated amortization expense of servicing rights | $ 6,279 | $ 6,081 | $ 6,626 | $ 6,496 | $ 6,599 | $ 6,768 |
Deposits - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits [Abstract] | ||
Aggregate amount of time deposits in denominations of $100 thousand of more | $ 277.9 | $ 293.2 |
Aggregate amount of time deposits in denominations over $250 thousand | $ 144.7 | $ 143.0 |
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0.00% | 0.00% |
Demand deposits | 0.23% | 0.96% |
Savings deposits | 0.15% | 0.37% |
Time deposits | 1.44% | 1.95% |
Total deposits | 0.27% | 0.71% |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,714,505 | $ 1,279,681 |
Demand deposits | 2,055,164 | 1,677,682 |
Savings deposits | 885,715 | 796,702 |
Time deposits | 556,219 | 606,010 |
Total deposits | $ 5,211,603 | $ 4,360,075 |
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits [Abstract] | ||
Remainder of 2020 | $ 114,934 | |
2021 | 220,305 | |
2022 | 78,418 | |
2023 | 110,856 | |
2024 | 23,634 | |
Thereafter | 8,072 | |
Time deposits | $ 556,219 | $ 606,010 |
Borrowings - Additional Information (Detail) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Aug. 05, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity with FHLB | $ 2,100,000,000 | |||
Outstanding short-term letters of credit | 650,800,000 | $ 535,600,000 | ||
Available borrowing capacity from the Federal Home Loan Bank | 1,200,000,000 | |||
Investment securities collateral for Federal Reserve Bank Discount Window Lending program | 69,500,000 | 94,800,000 | ||
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 | 10,000,000.0 | 10,000,000.0 | ||
Outstanding amount of line of credit with correspondent bank - parent company | 0 | 0 | ||
Total committed borrowing capacity | 2,200,000,000 | 1,900,000,000 | ||
Total committed borrowing capacity available | 1,300,000,000 | 1,200,000,000 | ||
Amount of maintained federal fund lines of credit with correspondent banks | 460,000,000.0 | $ 504,000,000.0 | ||
Proceeds from issuance of subordinated notes | 98,448,000 | $ 0 | ||
Paycheck Protection Program Lending Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
PPP loans pledged to FRB | 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 | $ 5,000,000.0 | |||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of debt | $ 100,000,000.0 | |||
Annual fixed rate of interest | 5.00% | |||
Proceeds from issuance of subordinated notes | $ 98,400,000 | |||
Debt issuance costs | $ 1,600,000 | |||
Term of debt issuance costs amortization | 5 years | |||
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate of subordinated debt | 495.20% | |||
Term of variable rate basis for subordinated notes | 3 months |
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 17,681 | $ 18,680 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 200,000 | $ 140,000 |
Weighted average interest rate | 1.44% | 2.04% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 5,010 | $ 10,098 |
Weighted average interest rate | 0.57% | 2.07% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 193,413 | $ 94,818 |
Weighted average interest rate | 4.90% | 5.32% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 17,681 | $ 18,680 |
Weighted average interest rate | 0.05% | 0.05% |
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
Remainder of 2020 | $ 10,000 |
2021 | 45,000 |
2022 | 35,000 |
2023 | 50,000 |
2024 | 60,000 |
Thereafter | 0 |
Total advances | $ 200,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
Remainder of 2020 weighted average interest rate | 1.47% |
2021 weighted average interest rate | 1.93% |
2022 weighted average interest rate | 1.17% |
2023 weighted average interest rate | 1.73% |
2024 weighted average interest rate | 0.98% |
Thereafter weighted average interest rate | 0.00% |
Weighted average interest rate | 1.44% |
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2020 | $ 5,010 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Long-term debt | $ 5,010 | $ 10,098 |
Debt Instruments [Abstract] | ||
Remainder of 2020 weighted average interest rate | 0.57% | |
2021 weighted average interest rate | 0.00% | |
2022 weighted average interest rate | 0.00% | |
2023 weighted average interest rate | 0.00% | |
2024 weighted average interest rate | 0.00% | |
Thereafter weighted average interest rate | 0.00% | |
Weighted average interest rate | 0.57% | 2.07% |
Retirement Plans and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 89 | |
Defined benefit plan, contributions by employer | $ 83 | |
Defined benefit plan, benefits paid | 83 | |
Nonqualified Plan [Member] | Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 159 | |
Defined benefit plan, contributions by employer | 120 | |
Defined benefit plan, benefits paid | $ 2,000 |
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 117 | $ 109 | $ 350 | $ 328 |
Interest cost | 425 | 476 | 1,259 | 1,428 |
Expected loss on plan assets | (816) | (772) | (2,450) | (2,313) |
Amortization of net actuarial loss | 300 | 294 | 882 | 882 |
Accretion of prior service cost | 0 | (45) | 0 | (136) |
Net periodic benefit cost | 26 | 62 | 41 | 189 |
Other Post Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 27 | 17 | 82 | 50 |
Interest cost | 23 | 23 | 72 | 70 |
Expected loss on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 7 | 0 | 19 | 0 |
Accretion of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 57 | $ 40 | $ 173 | $ 120 |
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
$ / shares
shares
| |
Shares Under Option | |
Shares under option, outstanding, beginning balance | shares | 508,111 |
Shares under option, expired | shares | (2,000) |
Shares under option, forfeited | shares | (19,018) |
Shares under option, exercised | shares | (5,000) |
Shares under option, outstanding, ending balance | shares | 482,093 |
Shares under options, exercisable at September 30, 2020 | shares | 428,615 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted average exercise price per share, outstanding, beginning balance | $ / shares | $ 24.83 |
Weighted average exercise price per share, outstanding, expired | $ / shares | 28.33 |
Weighted average exercise price per share, outstanding, forfeited | $ / shares | 24.70 |
Weighted average exercise price per share, outstanding, exercised | $ / shares | 18.70 |
Weighted average exercise price per share, outstanding, ending balance | $ / shares | 24.88 |
Weighted average exercise price per share, exercisable at September 30, 2020 | $ / shares | $ 24.43 |
Weighted average remaining contractual life, outstanding at September 30, 2020 | 5 years 10 months 24 days |
Weighted average remaining contractual life, exerciseable at September 30, 2020 | 5 years 8 months 12 days |
Aggregated intrinsic value, outstanding at September 30, 2020 | $ | $ 0 |
Aggregated intrinsic value, exercisable at September 30, 2020 | $ | $ 0 |
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested stock options, beginning balance | shares | 163,261 |
Nonvested stock options, vested | shares | (106,131) |
Nonvested stock options, forfeited | shares | (3,652) |
Nonvested stock options, ending balance | shares | 53,478 |
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 | $ / shares | $ 6.54 |
Weighted average grant date fair value, vested | $ / shares | 6.58 |
Weighted average grant date fair value, forfeited | $ / shares | 6.50 |
Weighted average grant date fair value, ending balance | $ / shares | $ 6.46 |
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards and Units (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / 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 and units, beginning balance | shares | 209,378 |
Nonvested share units, granted | shares | 179,080 |
Nonvested share awards and units, vested | shares | (59,855) |
Nonvested share awards and units, cancelled | shares | (20,993) |
Nonvested share awards and units, ending balance | shares | 307,610 |
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 | $ 26.76 |
Weighted average grant date fair value, granted | $ / shares | 18.62 |
Weighted average grant date fair value, vested | $ / shares | 27.17 |
Weighted average grant date fair value, cancelled | $ / shares | 27.17 |
Weighted average grant date fair value, ending balance | $ / shares | $ 21.91 |
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock Awards and Units (Detail) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards and units granted | 179,080 | |
Weighted average grant date fair value | $ 18.62 | |
Restricted stock awards and units vested | 59,855 | |
Weighted average grant date fair value | $ 27.17 | |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards and units granted | 179,080 | 113,729 |
Weighted average grant date fair value | $ 18.62 | $ 25.66 |
Intrinsic value of awards granted | $ 3,335 | $ 2,901 |
Restricted stock awards and units vested | 59,855 | 44,807 |
Weighted average grant date fair value | $ 27.17 | $ 21.65 |
Intrinsic value of awards vested | $ 1,375 | $ 1,119 |
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards and Units (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 4,205 |
Weighted-average period remaining (years) | 1 year 10 months 24 days |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 147 |
Weighted-average period remaining (years) | 6 months |
Restricted Stock Awards and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 4,058 |
Weighted-average period remaining (years) | 2 years |
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 1,918 | $ 1,972 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 375 | 444 |
Stock Options [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 274 | 546 |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 1,579 | 1,372 |
Employee Stock Purchase Plan [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 65 | $ 54 |
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Beginning balance | $ (21,730) | |||||||||
Cumulative effect on retained earnings | $ 669,107 | $ 664,299 | 669,107 | $ 664,299 | $ 654,873 | $ 675,122 | $ 651,670 | $ 624,133 | ||
Other comprehensive (loss) income | 707 | (59) | 2,393 | 6,325 | ||||||
Ending balance | (19,100) | (19,100) | ||||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | (11,047) | |||||||||
Accounting Standards Update 2017-12 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | 0 | |||||||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Beginning balance | (3,231) | (11,221) | ||||||||
Other comprehensive (loss) income | 1,980 | 6,157 | ||||||||
Ending balance | (1,014) | (5,064) | (1,014) | (5,064) | ||||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | [1] | 237 | ||||||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2017-12 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | 0 | |||||||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Beginning balance | (185) | 81 | ||||||||
Other comprehensive (loss) income | (299) | (421) | ||||||||
Ending balance | (484) | (257) | (484) | (257) | ||||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | [1] | 0 | ||||||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2017-12 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | 83 | |||||||||
Net Change Related to Defined Benefit Pension Plan [Member] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Beginning balance | (18,314) | (17,276) | ||||||||
Other comprehensive (loss) income | 712 | 589 | ||||||||
Ending balance | (17,602) | (16,687) | (17,602) | (16,687) | ||||||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | [1] | 0 | ||||||||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2017-12 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | 0 | |||||||||
Accumulated Other Comprehensive (Loss) Income [Member] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Beginning balance | (21,730) | (28,416) | ||||||||
Cumulative effect on retained earnings | (19,100) | (22,008) | (19,100) | (22,008) | $ (19,807) | (21,730) | $ (21,949) | (28,416) | ||
Other comprehensive (loss) income | 707 | (59) | 2,393 | 6,325 | ||||||
Ending balance | $ (19,100) | $ (22,008) | $ (19,100) | $ (22,008) | ||||||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | [1] | $ 237 | ||||||||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2017-12 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Cumulative effect on retained earnings | $ 83 | |||||||||
|
Derivative Instruments and Hedging Activities- Narrative (Details) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2020
USD ($)
instrument
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2019
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 | $ 15,673,000 | $ 16,286,000 | |
Derivative liabilities | 614,000 | 235,000 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 833,783,000 | 312,262,000 | |
Derivative liabilities | 1,200,000 | 209,000 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 211,000 | 303,000 | |
Loans receivable with fixed rates of interest maturity period | 15 years | ||
Derivative fixed interest rate | 7.43% | ||
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 10,000 | 14,000 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 552,219,000 | 270,147,000 | |
Derivative number of instruments held | instrument | 77 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 716,000 | 176,000 | |
Underlying derivative at fair value | 716,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
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 | 235,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 15,673,000 | 16,286,000 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 614,000 | $ 235,000 | |
Minimum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 18 months | ||
Maximum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
One-Month LIBOR [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Basis points | 2.24% | ||
Customer [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Underlying derivative at fair value | $ 36,900,000 |
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2014 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (loss) recognized in other comprehensive income (loss) | $ 5 | $ (68) | $ (554) | $ (499) | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 20,000 | |||||
Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 15,673 | 15,673 | $ 16,286 | |||
Derivative assets | 0 | 0 | 0 | |||
Derivative liabilities | 614 | 614 | 235 | |||
Total net gain (loss) | (78) | (2) | (176) | 29 | ||
Gain (loss) recognized in other comprehensive income (loss) | (484) | (185) | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 15,673 | 15,673 | 16,286 | |||
Gain (loss) recognized in other comprehensive income (loss) | (484) | (185) | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total net gain (loss) | 78 | (4) | 176 | (34) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative assets | 0 | 0 | 0 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative liabilities | 614 | 614 | $ 235 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Interest Income [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total net gain (loss) | $ 0 | $ (6) | $ 0 | $ (5) |
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | $ 833,783 | $ 833,783 | $ 312,262 | ||
Derivative assets | 4,896 | 4,896 | 399 | ||
Derivative liabilities | 1,200 | 1,200 | 209 | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 3,889 | $ 661 | 8,184 | $ 1,504 | |
Interest Rate Swap [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 211 | 211 | 303 | ||
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 | 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 | 10 | 10 | 14 | ||
Credit Risk Contract [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 552,219 | 552,219 | 270,147 | ||
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 | 2,339 | 186 | 4,143 | 768 | |
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 | 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 | 716 | 716 | 176 | ||
Interest Rate Locks With Customers [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 139,309 | 139,309 | 19,966 | ||
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 | 1,442 | 109 | 4,496 | 417 | |
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 | 4,896 | 4,896 | 399 | ||
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 | 0 | ||
Forward Loan Sale Commitments [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional amount | 142,044 | 142,044 | 21,846 | ||
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 | 108 | $ 366 | (455) | $ 319 | |
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 | 0 | 0 | ||
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 | $ 474 | $ 474 | $ 19 |
Fair Value Disclosures - Narrative (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
loan
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Servicing rights carrying amount before valuation allowance | $ 6,300 | $ 6,600 |
Servicing rights valuation allowance | 206 | 0 |
Other real estate owned | 8,300 | 540 |
Held for Investment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of individually analyzed loans and leases held for investment | 29,800 | 38,100 |
Valuation allowance of individually analyzed loans and leases held for investment | 1,100 | 2,100 |
Lease Financings [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of individually analyzed loans and leases held for investment | $ 0 | $ 277 |
Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of loans with unrealized gain | loan | 1 | |
Unrealized gain on loans | $ 9 |
Fair Value Disclosures- Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Assets | |||
Investments in equity securities | $ 2,786 | $ 2,623 | |
Total assets | 221 | $ 349 | |
Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Total available-for-sale securities | 189,227 | 246,924 | |
Investments in equity securities | 2,786 | 2,623 | |
Loans | 221 | 317 | |
Total assets | 197,130 | 250,263 | |
Liabilities | |||
Total liabilities | 1,897 | 604 | |
Fair Value Measure on Recurring Basis [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 83 | 160 | |
Fair Value Measure on Recurring Basis [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 624 | 249 | |
Fair Value Measure on Recurring Basis [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 716 | 176 | |
Fair Value Measure on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 474 | 19 | |
Fair Value Measure on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 300 | ||
Fair Value Measure on Recurring Basis [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 15,187 | 34,595 | |
Fair Value Measure on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 81,671 | 118,460 | |
Fair Value Measure on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 5,830 | 2,361 | |
Fair Value Measure on Recurring Basis [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 86,539 | 91,208 | |
Fair Value Measure on Recurring Basis [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 683 | 1,004 | |
Fair Value Measure on Recurring Basis [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 2,103 | 1,619 | |
Fair Value Measure on Recurring Basis [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 4,896 | 399 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Investments in equity securities | 2,786 | 2,623 | |
Loans | 0 | 0 | |
Total assets | 2,786 | 2,623 | |
Liabilities | |||
Total liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 683 | 1,004 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 2,103 | 1,619 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | |||
Assets | |||
Total available-for-sale securities | 189,227 | 246,924 | |
Investments in equity securities | 0 | 0 | |
Loans | 0 | 0 | |
Total assets | 194,123 | 247,323 | |
Liabilities | |||
Total liabilities | 1,098 | 268 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 624 | 249 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 474 | 19 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 300 | ||
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 15,187 | 34,595 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 81,671 | 118,460 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 5,830 | 2,361 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 86,539 | 91,208 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 4,896 | 399 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Investments in equity securities | 0 | 0 | |
Loans | 221 | 317 | |
Total assets | 221 | 317 | |
Liabilities | |||
Total liabilities | 799 | 336 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 83 | 160 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 716 | 176 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | ||
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | $ 0 | $ 0 |
Fair Value Disclosures - Level 3 Roll Forward (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||
Beginning balance | $ 141 | $ 27,436 |
Purchases/additions | (4,683) | (958) |
Payments received | (91) | (1,432) |
Increase (decrease) in value | 4,138 | 1,444 |
Ending balance | (495) | 26,490 |
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (176) | (72) |
Additions | (4,683) | (958) |
Payments received | 0 | 0 |
Increase (decrease) in value | 4,143 | 767 |
Ending balance | (716) | (263) |
Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 25,729 | |
Purchases/additions | 0 | |
Payments received | 0 | |
Increase in value | 675 | |
Ending balance | 26,404 | |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 317 | 1,779 |
Purchases/additions | 0 | 0 |
Payments received | (91) | (1,432) |
Increase in value | (5) | 2 |
Ending balance | $ 221 | $ 349 |
Fair Value Disclosures - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | $ 160 | $ 259 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 91 | 97 |
Adjustment of contingent consideration | 14 | 24 |
Ending balance | 83 | 186 |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 160 | 259 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 91 | 97 |
Adjustment of contingent consideration | 14 | 24 |
Ending balance | $ 83 | $ 186 |
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 8,300 | $ 540 | |
Total assets | 221 | $ 349 | |
Transfer of loans to other real estate owned | 8,125 | $ 0 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 28,675 | 36,018 | |
Other real estate owned | 8,270 | 516 | |
Total assets | 36,945 | 36,811 | |
Individually analyzed leases held for investment | 277 | ||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Total assets | 0 | 0 | |
Individually analyzed leases held for investment | 0 | ||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Total assets | 0 | 0 | |
Individually analyzed leases held for investment | 0 | ||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 28,675 | 36,018 | |
Other real estate owned | 8,270 | 516 | |
Total assets | $ 36,945 | 36,811 | |
Individually analyzed leases held for investment | $ 277 |
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Assets: | |||
Held-to-maturity securities | $ 182,376 | $ 194,886 | |
Total assets | 221 | $ 349 | |
Deposits: | |||
Time deposits | 556,219 | 606,010 | |
Subordinated notes | 193,413 | 94,818 | |
Fair Value [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 387,676 | 125,128 | |
Held-to-maturity securities | 182,376 | 194,886 | |
Loans held for sale | 14,612 | 5,560 | |
Net loans and leases held for investment | 5,253,500 | 4,309,208 | |
Servicing rights | 6,404 | 9,340 | |
Total assets | 5,844,568 | 4,644,122 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 4,655,384 | 3,754,065 | |
Time deposits | 567,257 | 609,387 | |
Total deposits | 5,222,641 | 4,363,452 | |
Short-term borrowings | 17,681 | 18,680 | |
Long-term debt | 209,494 | 151,343 | |
Subordinated notes | 199,473 | 96,663 | |
Total liabilities | 5,649,289 | 4,630,138 | |
Fair Value [Member] | Level 1 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 387,676 | 125,128 | |
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 | 387,676 | 125,128 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 4,655,384 | 3,754,065 | |
Time deposits | 0 | 0 | |
Total deposits | 4,655,384 | 3,754,065 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated notes | 0 | 0 | |
Total liabilities | 4,655,384 | 3,754,065 | |
Fair Value [Member] | Level 2 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 0 | 0 | |
Held-to-maturity securities | 182,376 | 194,886 | |
Loans held for sale | 14,612 | 5,560 | |
Net loans and leases held for investment | 0 | 0 | |
Servicing rights | 0 | 0 | |
Total assets | 196,988 | 200,446 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 0 | 0 | |
Time deposits | 567,257 | 609,387 | |
Total deposits | 567,257 | 609,387 | |
Short-term borrowings | 17,681 | 18,680 | |
Long-term debt | 209,494 | 151,343 | |
Subordinated notes | 199,473 | 96,663 | |
Total liabilities | 993,905 | 876,073 | |
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 | 5,253,500 | 4,309,208 | |
Servicing rights | 6,404 | 9,340 | |
Total assets | 5,259,904 | 4,318,548 | |
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 | |
Carrying Amount [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 387,676 | 125,128 | |
Held-to-maturity securities | 176,817 | 192,052 | |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 29,723 | 28,254 | |
Loans held for sale | 14,465 | 5,504 | |
Net loans and leases held for investment | 5,091,090 | 4,314,893 | |
Servicing rights | 6,279 | 6,626 | |
Total assets | 5,706,050 | 4,672,457 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 4,655,384 | 3,754,065 | |
Time deposits | 556,219 | 606,010 | |
Total deposits | 5,211,603 | 4,360,075 | |
Short-term borrowings | 17,681 | 18,680 | |
Long-term debt | 205,010 | 150,098 | |
Subordinated notes | 193,413 | 94,818 | |
Total liabilities | $ 5,627,707 | $ 4,623,671 |
Segment Reporting - Schedule of Segment Reporting (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
segment
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Segment Reporting [Abstract] | |||||
Reportable business segments | segment | 3 | ||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 6,382,831 | $ 5,353,611 | $ 6,382,831 | $ 5,353,611 | $ 5,380,924 |
Interest income | 50,612 | 54,300 | 152,611 | 160,724 | |
Interest expense | 6,758 | 11,655 | 22,771 | 33,921 | |
Net interest income | 43,854 | 42,645 | 129,840 | 126,803 | |
Provision for credit losses | 3,935 | 1,533 | 49,515 | 6,286 | |
Noninterest income | 21,805 | 16,599 | 58,189 | 49,252 | |
Noninterest Expense | 38,527 | 36,267 | 113,264 | 108,610 | |
Intersegment (revenues) expense | 0 | 0 | 0 | 0 | |
Income before income taxes | 23,197 | 21,444 | 25,250 | 61,159 | |
Income tax expense | 5,078 | 3,782 | 4,208 | 10,950 | |
Net income | 18,119 | 17,662 | 21,042 | 50,209 | |
Capital expenditures | 683 | 215 | 2,363 | 1,647 | |
Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 6,277,894 | 5,256,435 | 6,277,894 | 5,256,435 | 5,282,505 |
Interest income | 50,603 | 54,280 | 152,578 | 160,667 | |
Interest expense | 4,867 | 10,394 | 18,399 | 30,138 | |
Net interest income | 45,736 | 43,886 | 134,179 | 130,529 | |
Provision for credit losses | 3,935 | 1,533 | 49,515 | 6,286 | |
Noninterest income | 11,919 | 6,491 | 27,755 | 17,476 | |
Noninterest Expense | 31,304 | 29,205 | 91,097 | 85,556 | |
Intersegment (revenues) expense | (296) | (307) | (852) | (901) | |
Income before income taxes | 22,712 | 19,946 | 22,174 | 57,064 | |
Income tax expense | 4,367 | 3,719 | 2,944 | 10,499 | |
Net income | 18,345 | 16,227 | 19,230 | 46,565 | |
Capital expenditures | 646 | 52 | 2,291 | 1,187 | |
Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 47,550 | 43,305 | 47,550 | 43,305 | 44,591 |
Interest income | 1 | 12 | 8 | 33 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 1 | 12 | 8 | 33 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 5,963 | 6,049 | 17,654 | 17,924 | |
Noninterest Expense | 3,845 | 3,860 | 11,752 | 11,652 | |
Intersegment (revenues) expense | 168 | 177 | 466 | 504 | |
Income before income taxes | 1,951 | 2,024 | 5,444 | 5,801 | |
Income tax expense | 396 | 391 | 1,109 | 1,115 | |
Net income | 1,555 | 1,633 | 4,335 | 4,686 | |
Capital expenditures | 15 | 5 | 21 | 80 | |
Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 35,168 | 33,239 | 35,168 | 33,239 | 34,291 |
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 3,924 | 4,039 | 13,020 | 13,537 | |
Noninterest Expense | 2,974 | 3,056 | 9,095 | 9,421 | |
Intersegment (revenues) expense | 128 | 130 | 386 | 397 | |
Income before income taxes | 822 | 853 | 3,539 | 3,719 | |
Income tax expense | 171 | 72 | 749 | 334 | |
Net income | 651 | 781 | 2,790 | 3,385 | |
Capital expenditures | 14 | 24 | 23 | 88 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 22,219 | 20,632 | 22,219 | 20,632 | $ 19,537 |
Interest income | 8 | 8 | 25 | 24 | |
Interest expense | 1,891 | 1,261 | 4,372 | 3,783 | |
Net interest income | (1,883) | (1,253) | (4,347) | (3,759) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | (1) | 20 | (240) | 315 | |
Noninterest Expense | 404 | 146 | 1,320 | 1,981 | |
Intersegment (revenues) expense | 0 | 0 | 0 | 0 | |
Income before income taxes | (2,288) | (1,379) | (5,907) | (5,425) | |
Income tax expense | 144 | (400) | (594) | (998) | |
Net income | (2,432) | (979) | (5,313) | (4,427) | |
Capital expenditures | $ 8 | $ 134 | $ 28 | $ 292 |
Leases - Schedule of Operating Lease Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||||
Operating lease cost | $ 969 | $ 948 | $ 2,883 | $ 2,842 | |
Short-term lease cost | 3 | 0 | 9 | 0 | |
Variable lease cost | 1 | 0 | 4 | 0 | |
Total lease cost | 973 | 948 | 2,896 | 2,842 | |
Operating cash flows from leases | $ 930 | $ 897 | $ 2,762 | $ 2,636 | |
Weighted-average remaining lease term in years | 14 years 2 months 12 days | 14 years 2 months 12 days | 15 years 2 months 12 days | ||
Weighted-average discount rate | 4.17% | 4.17% | 4.24% |
Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Remainder of 2020 | $ 941 | |
2021 | 3,838 | |
2022 | 3,833 | |
2023 | 3,782 | |
2024 | 3,653 | |
Thereafter | 35,233 | |
Total lease payments | 51,280 | |
Less: imputed interest | (13,389) | |
Present value of lease liabilities | $ 37,891 | $ 37,617 |
Subsequent Events (Details) - Subsequent Event [Member] - Facility Closing [Member] $ in Millions |
Oct. 19, 2020
USD ($)
center
|
---|---|
Subsequent Event [Line Items] | |
Number of Locations, consolidated or relocated | center | 8 |
Restructuring charges | $ | $ 1.7 |
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