x | 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 |
Pennsylvania | 25-1434426 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
800 Philadelphia Street, Indiana, PA | 15701 | |
(Address of principal executive offices) | (zip code) |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Page No. | ||
September 30, 2016 | December 31, 2015 | |||||
(dollars in thousands, except per share data) | (Unaudited) | (Audited) | ||||
ASSETS | ||||||
Cash and due from banks, including interest-bearing deposits of $68,961 and $41,639 at September 30, 2016 and December 31, 2015 | $ | 125,163 | $ | 99,399 | ||
Securities available-for-sale, at fair value | 671,128 | 660,963 | ||||
Loans held for sale | 11,694 | 35,321 | ||||
Portfolio loans, net of unearned income | 5,418,234 | 5,027,612 | ||||
Allowance for loan losses | (53,793 | ) | (48,147 | ) | ||
Portfolio loans, net | 5,364,441 | 4,979,465 | ||||
Bank owned life insurance | 71,523 | 70,175 | ||||
Premises and equipment, net | 47,122 | 49,127 | ||||
Federal Home Loan Bank and other restricted stock, at cost | 28,331 | 23,032 | ||||
Goodwill | 291,670 | 291,764 | ||||
Other intangible assets, net | 5,282 | 6,525 | ||||
Other assets | 101,851 | 102,583 | ||||
Total Assets | $ | 6,718,205 | $ | 6,318,354 | ||
LIABILITIES | ||||||
Deposits: | ||||||
Noninterest-bearing demand | $ | 1,232,469 | $ | 1,227,766 | ||
Interest-bearing demand | 657,326 | 616,188 | ||||
Money market | 764,125 | 605,184 | ||||
Savings | 1,026,234 | 1,061,265 | ||||
Certificates of deposit | 1,465,277 | 1,366,208 | ||||
Total Deposits | 5,145,431 | 4,876,611 | ||||
Securities sold under repurchase agreements | 40,949 | 62,086 | ||||
Short-term borrowings | 565,000 | 356,000 | ||||
Long-term borrowings | 15,303 | 117,043 | ||||
Junior subordinated debt securities | 45,619 | 45,619 | ||||
Other liabilities | 67,196 | 68,758 | ||||
Total Liabilities | 5,879,498 | 5,526,117 | ||||
SHAREHOLDERS’ EQUITY | ||||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—36,130,480 shares at September 30, 2016 and December 31, 2015 Outstanding—34,913,023 shares at September 30, 2016 and 34,810,374 shares at December 31, 2015 | 90,326 | 90,326 | ||||
Additional paid-in capital | 212,407 | 210,545 | ||||
Retained earnings | 575,192 | 544,228 | ||||
Accumulated other comprehensive (loss) income | (5,643 | ) | (16,457 | ) | ||
Treasury stock (1,217,457 shares at September 30, 2016 and 1,320,106 shares at December 31, 2015, at cost) | (33,575 | ) | (36,405 | ) | ||
Total Shareholders’ Equity | 838,707 | 792,237 | ||||
Total Liabilities and Shareholders’ Equity | $ | 6,718,205 | $ | 6,318,354 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(dollars in thousands, except per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||
INTEREST INCOME | |||||||||||||
Loans, including fees | $ | 53,956 | $ | 49,578 | $ | 157,133 | $ | 138,438 | |||||
Investment Securities: | |||||||||||||
Taxable | 2,570 | 2,522 | 7,704 | 7,298 | |||||||||
Tax-exempt | 907 | 988 | 2,764 | 3,006 | |||||||||
Dividends | 375 | 581 | 1,077 | 1,453 | |||||||||
Total Interest Income | 57,808 | 53,669 | 168,678 | 150,195 | |||||||||
INTEREST EXPENSE | |||||||||||||
Deposits | 5,119 | 3,275 | 14,403 | 9,333 | |||||||||
Borrowings and junior subordinated debt securities | 1,234 | 798 | 3,474 | 2,196 | |||||||||
Total Interest Expense | 6,353 | 4,073 | 17,877 | 11,529 | |||||||||
NET INTEREST INCOME | 51,455 | 49,596 | 150,801 | 138,666 | |||||||||
Provision for loan losses | 2,516 | 3,206 | 12,379 | 6,473 | |||||||||
Net Interest Income After Provision for Loan Losses | 48,939 | 46,390 | 138,422 | 132,193 | |||||||||
NONINTEREST INCOME | |||||||||||||
Securities (losses) gains, net | — | — | — | (34 | ) | ||||||||
Service charges on deposit accounts | 3,208 | 3,069 | 9,272 | 8,529 | |||||||||
Debit and credit card fees | 3,163 | 2,996 | 8,818 | 8,732 | |||||||||
Wealth management fees | 2,565 | 2,814 | 7,947 | 8,667 | |||||||||
Insurance fees | 1,208 | 1,332 | 4,187 | 4,374 | |||||||||
Mortgage banking | 1,077 | 698 | 2,185 | 2,006 | |||||||||
Gain on sale of credit card portfolio | — | — | 2,066 | — | |||||||||
Other | 2,227 | 1,572 | 7,238 | 5,674 | |||||||||
Total Noninterest Income | 13,448 | 12,481 | 41,713 | 37,948 | |||||||||
NONINTEREST EXPENSE | |||||||||||||
Salaries and employee benefits | 19,011 | 16,789 | 57,539 | 51,024 | |||||||||
Data processing | 2,129 | 2,454 | 6,964 | 7,329 | |||||||||
Net occupancy | 2,776 | 2,744 | 8,413 | 8,014 | |||||||||
Furniture and equipment | 1,932 | 1,653 | 5,580 | 4,461 | |||||||||
Marketing | 896 | 895 | 2,872 | 2,905 | |||||||||
Professional services and legal | 1,041 | 946 | 3,035 | 2,270 | |||||||||
FDIC insurance | 1,005 | 990 | 2,938 | 2,493 | |||||||||
Other taxes | 1,080 | 719 | 3,076 | 2,721 | |||||||||
Merger related expenses | — | — | — | 3,167 | |||||||||
Other | 4,569 | 6,639 | 17,190 | 18,515 | |||||||||
Total Noninterest Expense | 34,439 | 33,829 | 107,607 | 102,899 | |||||||||
Income Before Taxes | 27,948 | 25,042 | 72,528 | 67,242 | |||||||||
Provision for income taxes | 7,367 | 6,407 | 18,795 | 17,584 | |||||||||
Net Income | $ | 20,581 | $ | 18,635 | $ | 53,733 | $ | 49,658 | |||||
Earnings per share—basic | $ | 0.59 | $ | 0.54 | $ | 1.55 | $ | 1.48 | |||||
Earnings per share—diluted | $ | 0.59 | $ | 0.54 | $ | 1.54 | $ | 1.48 | |||||
Dividends declared per share | $ | 0.19 | $ | 0.18 | $ | 0.57 | $ | 0.54 | |||||
Comprehensive Income | $ | 19,686 | $ | 22,420 | $ | 64,547 | $ | 53,755 |
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock | Total | ||||||||||||
Balance at January 1, 2015 | $ | 77,993 | $ | 78,818 | $ | 504,060 | $ | (13,833 | ) | $ | (38,649 | ) | $ | 608,389 | ||||
Net income for nine months ended September 30, 2015 | — | — | 49,658 | — | — | 49,658 | ||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 4,097 | — | 4,097 | ||||||||||||
Cash dividends declared ($0.54 per share) | — | — | (17,886 | ) | — | — | (17,886 | ) | ||||||||||
Common stock issued in acquisition (4,933,115 shares) | 12,333 | 130,136 | — | — | — | 142,469 | ||||||||||||
Treasury stock issued for restricted awards (87,841 shares, net of 5,717 forfeitures) | — | — | (2,390 | ) | — | 2,279 | (111 | ) | ||||||||||
Recognition of restricted stock compensation expense | — | 1,266 | — | — | — | 1,266 | ||||||||||||
Tax benefit from stock-based compensation | — | 53 | — | — | — | 53 | ||||||||||||
Issuance costs | — | (132 | ) | — | — | — | (132 | ) | ||||||||||
Balance at September 30, 2015 | $ | 90,326 | $ | 210,141 | $ | 533,442 | $ | (9,736 | ) | $ | (36,370 | ) | $ | 787,803 | ||||
Balance at January 1, 2016 | $ | 90,326 | $ | 210,545 | $ | 544,228 | $ | (16,457 | ) | $ | (36,405 | ) | $ | 792,237 | ||||
Net income for nine months ended September 30, 2016 | — | — | 53,733 | — | — | 53,733 | ||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 10,814 | — | 10,814 | ||||||||||||
Cash dividends declared ($0.57 per share) | — | — | (19,824 | ) | — | — | (19,824 | ) | ||||||||||
Treasury stock issued for restricted awards (110,643) shares, net of 5,717 forfeitures) | — | — | (2,945 | ) | — | 2,830 | (115 | ) | ||||||||||
Recognition of restricted stock compensation expense | — | 1,862 | — | — | — | 1,862 | ||||||||||||
Balance at September 30, 2016 | $ | 90,326 | $ | 212,407 | $ | 575,192 | $ | (5,643 | ) | $ | (33,575 | ) | $ | 838,707 |
Nine Months Ended September 30, | ||||||
(dollars in thousands) | 2016 | 2015 | ||||
OPERATING ACTIVITIES | ||||||
Net income | $ | 53,733 | $ | 49,658 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | 12,379 | 6,473 | ||||
Provision for unfunded loan commitments | 90 | 687 | ||||
Depreciation, amortization and accretion | 2,858 | (6 | ) | |||
Net amortization of discounts and premiums on securities | 2,816 | 2,682 | ||||
Stock-based compensation expense | 1,862 | 1,158 | ||||
Securities losses, net | — | 34 | ||||
Tax benefit from stock-based compensation | — | (53 | ) | |||
Mortgage loans originated for sale | (75,505 | ) | (81,966 | ) | ||
Proceeds from the sale of mortgage loans | 77,009 | 71,872 | ||||
Gain on the sale of mortgage loans, net | (1,154 | ) | (730 | ) | ||
Gain on the sale of credit card portfolio | (2,066 | ) | — | |||
Pension plan curtailment gain | (1,017 | ) | — | |||
Net increase in interest receivable | (4,019 | ) | (2,280 | ) | ||
Net increase (decrease) in interest payable | 1,117 | (637 | ) | |||
Net decrease in other assets | 702 | 13,216 | ||||
Net increase in other liabilities | 3,586 | 1,531 | ||||
Net Cash Provided by Operating Activities | 72,391 | 61,639 | ||||
INVESTING ACTIVITIES | ||||||
Purchases of securities available-for-sale | (53,282 | ) | (54,465 | ) | ||
Proceeds from maturities, prepayments and calls of securities available-for-sale | 52,049 | 36,680 | ||||
Proceeds from sales of securities available-for-sale | — | 11,119 | ||||
Net purchases of Federal Home Loan Bank stock | (5,298 | ) | (3,535 | ) | ||
Net increase in loans | (406,370 | ) | (276,282 | ) | ||
Proceeds from sale of loans not originated for resale | 8,433 | 2,804 | ||||
Purchases of premises and equipment | (2,744 | ) | (3,737 | ) | ||
Proceeds from the sale of premises and equipment | 20 | 264 | ||||
Proceeds from the sale of credit card portfolio | 25,019 | — | ||||
Net cash paid in excess of cash acquired from bank merger | — | (16,347 | ) | |||
Net Cash Used in Investing Activities | (382,173 | ) | (303,499 | ) | ||
FINANCING ACTIVITIES | ||||||
Net increase in deposits | 169,751 | 259,725 | ||||
Net increase (decrease) in certificates of deposit | 99,612 | (12,399 | ) | |||
Net (decrease) increase in securities sold under repurchase agreements | (21,138 | ) | 12,366 | |||
Net increase (decrease) in short-term borrowings | 209,000 | (78,660 | ) | |||
Proceeds from long-term borrowings | — | 100,000 | ||||
Repayments of long-term borrowings | (101,740 | ) | (1,829 | ) | ||
Repayment of junior subordinated debt | — | (13,500 | ) | |||
Treasury shares issued-net | (115 | ) | (111 | ) | ||
Common stock issuance costs | — | (132 | ) | |||
Cash dividends paid to common shareholders | (19,824 | ) | (17,886 | ) | ||
Tax benefit from stock-based compensation | — | 53 | ||||
Net Cash Provided by Financing Activities | 335,546 | 247,627 | ||||
Net increase in cash and cash equivalents | 25,764 | 5,767 | ||||
Cash and cash equivalents at beginning of period | 99,399 | 109,580 | ||||
Cash and Cash Equivalents at End of Period | $ | 125,163 | $ | 115,347 | ||
Supplemental Disclosures | ||||||
Loans transferred from held for sale to portfolio | $ | 1,540 | $ | — | ||
Interest paid | $ | 16,761 | $ | 11,853 | ||
Income taxes paid, net of refunds | $ | 17,974 | $ | 15,675 | ||
Net assets acquired from bank merger, excluding cash and cash equivalents | $ | — | $ | 43,433 | ||
Transfers of loans to other real estate owned | $ | 581 | $ | 628 |
(dollars in thousands) | |||
Consideration Paid | |||
Cash | $ | 29,510 | |
Common stock | 142,469 | ||
Fair Value of Total Consideration | $ | 171,979 | |
Fair Value of Assets Acquired | |||
Cash and cash equivalents | $ | 13,163 | |
Securities and other investments | 11,502 | ||
Loans | 788,687 | ||
Bank owned life insurance | 15,974 | ||
Premises and equipment | 10,855 | ||
Core deposit intangible | 5,713 | ||
Other assets | 19,088 | ||
Total Assets Acquired | 864,982 | ||
Fair Value of Liabilities Assumed | |||
Deposits | 722,308 | ||
Borrowings | 82,286 | ||
Other liabilities | 4,259 | ||
Total Liabilities Assumed | 808,853 | ||
Total Fair Value of Identifiable Net Assets | 56,129 | ||
Goodwill | $ | 115,850 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands, except shares and per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Numerator for Earnings per Share—Basic: | |||||||||||||||
Net income | $ | 20,581 | $ | 18,635 | $ | 53,733 | $ | 49,658 | |||||||
Less: Income allocated to participating shares | 68 | 81 | 167 | 204 | |||||||||||
Net Income Allocated to Shareholders | $ | 20,513 | $ | 18,554 | $ | 53,566 | $ | 49,454 | |||||||
Numerator for Earnings per Share—Diluted: | |||||||||||||||
Net income | $ | 20,581 | $ | 18,635 | $ | 53,733 | $ | 49,658 | |||||||
Net Income Available to Shareholders | $ | 20,581 | $ | 18,635 | $ | 53,733 | $ | 49,658 | |||||||
Denominators for Earnings per Share: | |||||||||||||||
Weighted Average Shares Outstanding—Basic | 34,687,487 | 34,660,007 | 34,674,453 | 33,527,549 | |||||||||||
Add: Potentially dilutive shares | 81,018 | 32,985 | 72,724 | 33,980 | |||||||||||
Denominator for Treasury Stock Method—Diluted | 34,768,505 | 34,692,992 | 34,747,177 | 33,561,529 | |||||||||||
Weighted Average Shares Outstanding—Basic | 34,687,487 | 34,660,007 | 34,674,453 | 33,527,549 | |||||||||||
Add: Average participating shares outstanding | 114,746 | 151,972 | 108,414 | 138,441 | |||||||||||
Denominator for Two-Class Method—Diluted | 34,802,233 | 34,811,979 | 34,782,867 | 33,665,990 | |||||||||||
Earnings per share—basic | $ | 0.59 | $ | 0.54 | $ | 1.55 | $ | 1.48 | |||||||
Earnings per share—diluted | $ | 0.59 | $ | 0.54 | $ | 1.54 | $ | 1.48 | |||||||
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expire January 2019 | 517,012 | 517,012 | 517,012 | 517,012 | |||||||||||
Stock options considered anti-dilutive excluded from potentially dilutive shares - expired in December 2015 | — | 155,500 | — | 155,500 | |||||||||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares | 146,695 | 118,987 | 134,983 | 104,461 |
September 30, 2016 | ||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
ASSETS | ||||||||||||
Securities available-for-sale: | ||||||||||||
U.S. Treasury securities | $ | — | $ | 15,056 | $ | — | $ | 15,056 | ||||
Obligations of U.S. government corporations and agencies | — | 250,924 | — | 250,924 | ||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 137,460 | — | 137,460 | ||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 36,285 | — | 36,285 | ||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 88,499 | — | 88,499 | ||||||||
Obligations of states and political subdivisions | — | 132,536 | — | 132,536 | ||||||||
Marketable equity securities | — | 10,368 | — | 10,368 | ||||||||
Total securities available-for-sale | — | 671,128 | — | 671,128 | ||||||||
Trading securities held in a Rabbi Trust | 4,312 | — | — | 4,312 | ||||||||
Total securities | 4,312 | 671,128 | — | 675,440 | ||||||||
Derivative financial assets: | ||||||||||||
Interest rate swap contracts - commercial loans | — | 15,255 | — | 15,255 | ||||||||
Interest rate lock commitments - mortgage loans | — | 739 | — | 739 | ||||||||
Total Assets | $ | 4,312 | $ | 687,122 | $ | — | $ | 691,434 | ||||
LIABILITIES | ||||||||||||
Derivative financial liabilities: | ||||||||||||
Interest rate swap contracts - commercial loans | $ | — | $ | 15,202 | $ | — | $ | 15,202 | ||||
Forward sale contracts - mortgage loans | — | 98 | — | 98 | ||||||||
Total Liabilities | $ | — | $ | 15,300 | $ | — | $ | 15,300 |
December 31, 2015 | ||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
ASSETS | ||||||||||||
Securities available-for-sale: | ||||||||||||
U.S. Treasury securities | $ | — | $ | 14,941 | $ | — | $ | 14,941 | ||||
Obligations of U.S. government corporations and agencies | — | 263,303 | — | 263,303 | ||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 128,835 | — | 128,835 | ||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 40,125 | — | 40,125 | ||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 69,204 | — | 69,204 | ||||||||
Obligations of states and political subdivisions | — | 134,886 | — | 134,886 | ||||||||
Marketable equity securities | — | 9,669 | — | 9,669 | ||||||||
Total securities available-for-sale | — | 660,963 | — | 660,963 | ||||||||
Trading securities held in a Rabbi Trust | 4,021 | — | — | 4,021 | ||||||||
Total securities | 4,021 | 660,963 | — | 664,984 | ||||||||
Derivative financial assets: | ||||||||||||
Interest rate swap contracts - commercial loans | — | 11,295 | — | 11,295 | ||||||||
Interest rate lock commitments - mortgage loans | — | 261 | — | 261 | ||||||||
Total Assets | $ | 4,021 | $ | 672,519 | $ | — | $ | 676,540 | ||||
LIABILITIES | ||||||||||||
Derivative financial liabilities: | ||||||||||||
Interest rate swap contracts - commercial loans | $ | — | $ | 11,276 | $ | — | $ | 11,276 | ||||
Forward sale contracts - mortgage loans | — | 5 | — | 5 | ||||||||
Total Liabilities | $ | — | $ | 11,281 | $ | — | $ | 11,281 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Impaired loans | — | — | 9,000 | 9,000 | — | — | 9,373 | 9,373 | |||||||||||||||||
Other real estate owned | — | — | 181 | 181 | — | — | 158 | 158 | |||||||||||||||||
Mortgage servicing rights | — | — | 3,253 | 3,253 | — | — | 3,396 | 3,396 | |||||||||||||||||
Total Assets | $ | — | $ | — | $ | 12,434 | $ | 12,434 | $ | — | $ | — | $ | 12,927 | $ | 12,927 | |||||||||
(1)This table presents only the nonrecurring items that are recorded at fair value in our financial statements. |
Carrying Value(1) | Fair Value Measurements at September 30, 2016 | ||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||
ASSETS | |||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 125,163 | $ | 125,163 | $ | 125,163 | $ | — | $ | — | |||||
Securities available-for-sale | 671,128 | 671,128 | — | 671,128 | — | ||||||||||
Loans held for sale | 11,695 | 12,176 | — | — | 12,176 | ||||||||||
Portfolio loans, net of unearned income | 5,418,234 | 5,406,298 | — | — | 5,406,298 | ||||||||||
Bank owned life insurance | 71,523 | 71,523 | — | 71,523 | — | ||||||||||
FHLB and other restricted stock | 28,331 | 28,331 | — | — | 28,331 | ||||||||||
Trading securities held in a Rabbi Trust | 4,312 | 4,312 | 4,312 | — | — | ||||||||||
Mortgage servicing rights | 3,252 | 3,253 | — | — | 3,253 | ||||||||||
Interest rate swap contracts - commercial loans | 15,255 | 15,255 | — | 15,255 | — | ||||||||||
Interest rate lock commitments - mortgage loans | 739 | 739 | — | 739 | — | ||||||||||
LIABILITIES | |||||||||||||||
Deposits | $ | 5,145,431 | $ | 5,151,031 | $ | — | $ | — | $ | 5,151,031 | |||||
Securities sold under repurchase agreements | 40,949 | 40,949 | — | — | 40,949 | ||||||||||
Short-term borrowings | 565,000 | 565,000 | — | — | 565,000 | ||||||||||
Long-term borrowings | 15,303 | 16,111 | — | — | 16,111 | ||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | ||||||||||
Interest rate swap contracts - commercial loans | 15,202 | 15,202 | — | 15,202 | — | ||||||||||
Forward sale contracts - mortgage loans | 98 | 98 | — | 98 | — | ||||||||||
(1) As reported in the Consolidated Balance Sheets |
Carrying Value(1) | Fair Value Measurements at December 31, 2015 | ||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||
ASSETS | |||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 99,399 | $ | 99,399 | $ | 99,399 | $ | — | $ | — | |||||
Securities available-for-sale | 660,963 | 660,963 | — | 660,963 | — | ||||||||||
Loans held for sale | 35,321 | 35,500 | — | — | 35,500 | ||||||||||
Portfolio loans, net of unearned income | 5,027,612 | 5,001,004 | — | — | 5,001,004 | ||||||||||
Bank owned life insurance | 70,175 | 70,175 | — | 70,175 | — | ||||||||||
FHLB and other restricted stock | 23,032 | 23,032 | — | — | 23,032 | ||||||||||
Trading securities held in a Rabbi Trust | 4,021 | 4,021 | 4,021 | — | — | ||||||||||
Mortgage servicing rights | 3,237 | 3,396 | — | — | 3,396 | ||||||||||
Interest rate swap contracts - commercial loans | 11,295 | 11,295 | — | 11,295 | — | ||||||||||
Interest rate lock commitments - mortgage loans | 261 | 261 | — | 261 | — | ||||||||||
LIABILITIES | |||||||||||||||
Deposits | $ | 4,876,611 | $ | 4,881,718 | $ | — | $ | — | $ | 4,881,718 | |||||
Securities sold under repurchase agreements | 62,086 | 62,086 | — | — | 62,086 | ||||||||||
Short-term borrowings | 356,000 | 356,000 | — | — | 356,000 | ||||||||||
Long-term borrowings | 117,043 | 117,859 | — | — | 117,859 | ||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | ||||||||||
Interest rate swap contracts - commercial loans | 11,276 | 11,276 | — | 11,276 | — | ||||||||||
Forward sale contracts - mortgage loans | 5 | 5 | — | 5 | — | ||||||||||
(1) As reported in the Consolidated Balance Sheets |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||
U.S. treasury securities | $ | 14,944 | $ | 112 | $ | — | $ | 15,056 | $ | 14,914 | $ | 27 | $ | — | $ | 14,941 | |||||||||
Obligations of U.S. government corporations and agencies | 246,259 | 4,665 | — | 250,924 | 262,045 | 1,825 | (567 | ) | 263,303 | ||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 134,675 | 2,785 | — | 137,460 | 128,458 | 693 | (316 | ) | 128,835 | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 34,685 | 1,600 | — | 36,285 | 39,185 | 1,091 | (151 | ) | 40,125 | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 86,827 | 1,680 | (8 | ) | 88,499 | 69,697 | 183 | (676 | ) | 69,204 | |||||||||||||||
Obligations of states and political subdivisions | 124,229 | 8,307 | — | 132,536 | 128,904 | 5,988 | (6 | ) | 134,886 | ||||||||||||||||
Debt Securities | 641,619 | 19,149 | (8 | ) | 660,760 | 643,203 | 9,807 | (1,716 | ) | 651,294 | |||||||||||||||
Marketable equity securities | 7,579 | 2,789 | — | 10,368 | 7,579 | 2,090 | — | 9,669 | |||||||||||||||||
Total | $ | 649,198 | $ | 21,938 | $ | (8 | ) | $ | 671,128 | $ | 650,782 | $ | 11,897 | $ | (1,716 | ) | $ | 660,963 |
September 30, 2016 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||
Obligations of U.S. government corporations and agencies | — | — | — | — | — | — | — | — | — | ||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | — | — | — | — | — | — | — | — | ||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | — | — | — | — | — | — | — | — | ||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 1 | 7,841 | (8 | ) | — | — | — | 1 | 7,841 | (8 | ) | ||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | — | — | — | — | ||||||||||||||
Debt Securities | 1 | 7,841 | (8 | ) | — | — | — | 1 | 7,841 | (8 | ) | ||||||||||||
Marketable equity securities | 1 | 71 | — | — | — | — | 1 | 71 | — | ||||||||||||||
Total Temporarily Impaired Securities | 2 | $ | 7,912 | $ | (8 | ) | — | $ | — | $ | — | 2 | $ | 7,912 | $ | (8 | ) |
December 31, 2015 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||
Obligations of U.S. government corporations and agencies | 10 | 88,584 | (379 | ) | 2 | 14,542 | (188 | ) | 12 | 103,126 | (567 | ) | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 6 | 61,211 | (316 | ) | — | — | — | 6 | 61,211 | (316 | ) | ||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 1 | 7,993 | (151 | ) | — | — | — | 1 | 7,993 | (151 | ) | ||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 5 | 50,839 | (450 | ) | 1 | 9,472 | (226 | ) | 6 | 60,311 | (676 | ) | |||||||||||
Obligations of states and political subdivisions | 1 | 5,370 | (6 | ) | — | — | — | 1 | 5,370 | (6 | ) | ||||||||||||
Debt Securities | 23 | 213,997 | (1,302 | ) | 3 | 24,014 | (414 | ) | 26 | 238,011 | (1,716 | ) | |||||||||||
Marketable equity securities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total Temporarily Impaired Securities | 23 | $ | 213,997 | $ | (1,302 | ) | 3 | $ | 24,014 | $ | (414 | ) | 26 | $ | 238,011 | $ | (1,716 | ) |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/ (Losses) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/ (Losses) | |||||||||||||
Total unrealized gains/(losses) on securities available-for-sale | $ | 21,938 | $ | (8 | ) | $ | 21,930 | $ | 11,897 | $ | (1,716 | ) | $ | 10,181 | |||||
Income tax expense/(benefit) | 7,678 | (3 | ) | 7,675 | 4,164 | (601 | ) | 3,563 | |||||||||||
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | $ | 14,260 | $ | (5 | ) | $ | 14,255 | $ | 7,733 | $ | (1,115 | ) | $ | 6,618 |
September 30, 2016 | |||||||
(dollars in thousands) | Amortized Cost | Fair Value | |||||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | |||||||
Due in one year or less | $ | 52,302 | $ | 52,439 | |||
Due after one year through five years | 216,729 | 222,114 | |||||
Due after five years through ten years | 55,893 | 58,699 | |||||
Due after ten years | 60,508 | 65,264 | |||||
385,432 | 398,516 | ||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 134,675 | 137,460 | |||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 34,685 | 36,285 | |||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 86,827 | 88,499 | |||||
Debt Securities | 641,619 | 660,760 | |||||
Marketable equity securities | 7,579 | 10,368 | |||||
Total | $ | 649,198 | $ | 671,128 |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Commercial | |||||||
Commercial real estate | $ | 2,427,164 | $ | 2,166,603 | |||
Commercial and industrial | 1,344,297 | 1,256,830 | |||||
Commercial construction | 402,124 | 413,444 | |||||
Total Commercial Loans | 4,173,585 | 3,836,877 | |||||
Consumer | |||||||
Residential mortgage | 692,574 | 639,372 | |||||
Home equity | 483,935 | 470,845 | |||||
Installment and other consumer | 62,288 | 73,939 | |||||
Consumer construction | 5,852 | 6,579 | |||||
Total Consumer Loans | 1,244,649 | 1,190,735 | |||||
Total Portfolio Loans | 5,418,234 | 5,027,612 | |||||
Loans held for sale | 11,694 | 35,321 | |||||
Total Loans | $ | 5,429,928 | $ | 5,062,933 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | Performing TDRs | Nonperforming TDRs | Total TDRs | |||||||||||||
Commercial real estate | $ | 3,054 | $ | 866 | $ | 3,920 | $ | 6,822 | $ | 3,548 | $ | 10,370 | |||||||
Commercial and industrial | 863 | 7,007 | 7,870 | 6,321 | 1,570 | 7,891 | |||||||||||||
Commercial construction | 3,460 | 992 | 4,452 | 5,013 | 1,265 | 6,278 | |||||||||||||
Residential mortgage | 2,453 | 5,248 | 7,701 | 2,590 | 665 | 3,255 | |||||||||||||
Home equity | 3,084 | 973 | 4,057 | 3,184 | 523 | 3,707 | |||||||||||||
Installment and other consumer | 22 | 9 | 31 | 25 | 88 | 113 | |||||||||||||
Total | $ | 12,936 | $ | 15,095 | $ | 28,031 | $ | 23,955 | $ | 7,659 | $ | 31,614 |
Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | ||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Interest rate reduction | 1 | $ | 250 | $ | 248 | $ | (2 | ) | — | $ | — | $ | — | $ | — | ||||||||
Maturity date extension | — | — | — | — | 1 | 264 | 260 | (4 | ) | ||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Maturity date extension | 2 | 4,105 | 4,162 | 57 | — | — | — | — | |||||||||||||||
Commercial Construction | |||||||||||||||||||||||
Maturity date extension | — | — | — | — | 2 | 813 | 812 | (1 | ) | ||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 3 | 153 | 152 | (1 | ) | 2 | 74 | 74 | — | ||||||||||||||
Maturity date extension | — | — | — | — | 1 | 180 | 180 | — | |||||||||||||||
Maturity date extension and interest rate reduction | 1 | 280 | 280 | — | — | — | — | — | |||||||||||||||
Home equity | |||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 7 | 163 | 161 | (2 | ) | 5 | 115 | 110 | (5 | ) | |||||||||||||
Maturity date extension and interest rate reduction | — | — | — | — | 2 | 138 | 138 | — | |||||||||||||||
Installment and other consumer | |||||||||||||||||||||||
Chapter 7 bankruptcy(2) | — | — | — | — | 1 | 9 | 4 | (5 | ) | ||||||||||||||
Total by Concession Type | |||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 10 | $ | 316 | $ | 313 | $ | (3 | ) | 8 | $ | 198 | $ | 188 | $ | (10 | ) | |||||||
Interest rate reduction | 1 | 250 | 248 | (2 | ) | — | — | — | — | ||||||||||||||
Maturity date extension and interest rate reduction | 1 | 280 | 280 | — | 2 | 138 | 138 | — | |||||||||||||||
Maturity date extension | 2 | 4,105 | 4,162 | 57 | 4 | 1,257 | 1,252 | (5 | ) | ||||||||||||||
Total | 14 | $ | 4,951 | $ | 5,003 | $ | 52 | 14 | $ | 1,593 | $ | 1,578 | $ | (15 | ) | ||||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. |
Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Principal deferral | 1 | $ | 4,721 | $ | 2,270 | $ | (2,451 | ) | 2 | $ | 2,851 | $ | 1,841 | $ | (1,010 | ) | |||||||
Chapter 7 bankruptcy(2) | 1 | 709 | 681 | (28 | ) | — | — | — | — | ||||||||||||||
Interest rate reduction | 1 | 250 | 248 | (2 | ) | — | — | — | — | ||||||||||||||
Maturity date extension | — | — | — | — | 1 | 264 | 260 | (4 | ) | ||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Principal forgiveness | — | — | — | — | 1 | 400 | 273 | (127 | ) | ||||||||||||||
Principal deferral | 5 | 985 | 985 | — | 6 | 661 | 363 | (298 | ) | ||||||||||||||
Chapter 7 bankruptcy(2) | — | — | — | — | 1 | 3 | — | (3 | ) | ||||||||||||||
Maturity date extension | 5 | 4,860 | 4,891 | 31 | 1 | 780 | 720 | (60 | ) | ||||||||||||||
Commercial Construction | |||||||||||||||||||||||
Principal deferral | — | — | — | — | 1 | 104 | — | (104 | ) | ||||||||||||||
Maturity date extension | 5 | 1,357 | 1,302 | (55 | ) | 2 | 813 | 812 | (1 | ) | |||||||||||||
Residential mortgage | |||||||||||||||||||||||
Principal deferral | 1 | 3,273 | 3,273 | — | — | — | — | — | |||||||||||||||
Chapter 7 bankruptcy(2) | 7 | 439 | 433 | (6 | ) | 2 | 74 | 74 | — | ||||||||||||||
Maturity date extension | 1 | 483 | 483 | — | 1 | 180 | 180 | — | |||||||||||||||
Maturity date extension and interest rate reduction | 1 | 280 | 280 | — | 2 | 225 | 229 | 4 | |||||||||||||||
Home equity | |||||||||||||||||||||||
Principal deferral | 1 | 47 | 46 | (1 | ) | — | — | — | — | ||||||||||||||
Chapter 7 bankruptcy(2) | 16 | 481 | 470 | (11 | ) | 17 | 428 | 389 | (39 | ) | |||||||||||||
Maturity date extension and interest rate reduction | 1 | 130 | 128 | (2 | ) | 2 | 138 | 138 | — | ||||||||||||||
Maturity date extension | 4 | 274 | 272 | (2 | ) | 1 | 71 | 70 | (1 | ) | |||||||||||||
Installment and other consumer | |||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 2 | 16 | 13 | (3 | ) | 1 | 9 | 4 | (5 | ) | |||||||||||||
Total by Concession Type | |||||||||||||||||||||||
Principal forgiveness | — | $ | — | $ | — | $ | — | 1 | $ | 400 | $ | 273 | $ | (127 | ) | ||||||||
Principal deferral | 8 | 9,026 | 6,574 | (2,452 | ) | 9 | 3,616 | 2,204 | (1,412 | ) | |||||||||||||
Chapter 7 bankruptcy(2) | 26 | 1,645 | 1,597 | (48 | ) | 21 | 514 | 467 | (47 | ) | |||||||||||||
Interest rate reduction | 1 | 250 | 248 | (2 | ) | — | |||||||||||||||||
Maturity date extension and interest rate reduction | 2 | 410 | 408 | (2 | ) | 4 | 363 | 367 | 4 | ||||||||||||||
Maturity date extension | 15 | 6,974 | 6,948 | (26 | ) | 6 | 2,108 | 2,042 | (66 | ) | |||||||||||||
Total | 52 | $ | 18,305 | $ | 15,775 | $ | (2,530 | ) | 41 | $ | 7,001 | $ | 5,353 | $ | (1,648 | ) | |||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. |
Defaulted TDRs | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
(dollars in thousands) | Number of Defaults | Recorded Investment | Number of Defaults | Recorded Investment | Number of Defaults | Recorded Investment | Number of Defaults | Recorded Investment | |||||||||||
Commercial real estate | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||
Commercial and Industrial | — | — | — | — | — | — | — | — | |||||||||||
Commercial construction | — | — | — | — | — | — | — | — | |||||||||||
Residential mortgage | — | — | — | — | — | — | 1 | 183 | |||||||||||
Home equity | — | — | — | — | — | — | 3 | 124 | |||||||||||
Installment and other consumer | — | — | — | — | — | — | — | — | |||||||||||
Consumer construction | — | — | — | — | — | — | — | — | |||||||||||
Total | — | $ | — | — | $ | — | — | $ | — | 4 | $ | 307 |
Nonperforming Assets | |||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Nonperforming Assets | |||||||
Nonaccrual loans | $ | 25,398 | $ | 27,723 | |||
Nonaccrual TDRs | 15,095 | 7,659 | |||||
Total nonaccrual loans | 40,493 | 35,382 | |||||
OREO | 512 | 354 | |||||
Total Nonperforming Assets | $ | 41,005 | $ | 35,736 |
September 30, 2016 | ||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Nonaccrual | Total Past Due | Total Loans | ||||||||||||
Commercial real estate | $ | 2,413,004 | $ | 3,286 | $ | 3,323 | $ | 7,551 | $ | 14,160 | $ | 2,427,164 | ||||||
Commercial and industrial | 1,327,898 | 3,536 | 973 | 11,890 | 16,399 | 1,344,297 | ||||||||||||
Commercial construction | 394,812 | 456 | 203 | 6,653 | 7,312 | 402,124 | ||||||||||||
Residential mortgage | 679,237 | 585 | 1,352 | 11,400 | 13,337 | 692,574 | ||||||||||||
Home equity | 478,389 | 2,321 | 270 | 2,955 | 5,546 | 483,935 | ||||||||||||
Installment and other consumer | 61,954 | 205 | 85 | 44 | 334 | 62,288 | ||||||||||||
Consumer construction | 5,852 | — | — | — | — | 5,852 | ||||||||||||
Loans held for sale | 11,694 | — | — | — | — | 11,694 | ||||||||||||
Total | $ | 5,372,840 | $ | 10,389 | $ | 6,206 | $ | 40,493 | $ | 57,088 | $ | 5,429,928 |
December 31, 2015 | ||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Nonaccrual | Total Past Due | Total Loans | ||||||||||||
Commercial real estate | $ | 2,145,655 | $ | 11,602 | $ | 627 | $ | 8,719 | $ | 20,948 | $ | 2,166,603 | ||||||
Commercial and industrial | 1,244,802 | 2,453 | 296 | 9,279 | 12,028 | 1,256,830 | ||||||||||||
Commercial construction | 401,084 | 3,517 | 90 | 8,753 | 12,360 | 413,444 | ||||||||||||
Residential mortgage | 631,085 | 1,728 | 930 | 5,629 | 8,287 | 639,372 | ||||||||||||
Home equity | 465,055 | 2,365 | 523 | 2,902 | 5,790 | 470,845 | ||||||||||||
Installment and other consumer | 73,486 | 242 | 111 | 100 | 453 | 73,939 | ||||||||||||
Consumer construction | 6,579 | — | — | — | — | 6,579 | ||||||||||||
Loans held for sale | 35,179 | 94 | 48 | — | 142 | 35,321 | ||||||||||||
Total | $ | 5,002,925 | $ | 22,001 | $ | 2,625 | $ | 35,382 | $ | 60,008 | $ | 5,062,933 |
September 30, 2016 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||
Pass | $ | 2,346,848 | 96.7 | % | $ | 1,253,411 | 93.2 | % | $ | 375,006 | 93.2 | % | $ | 3,975,265 | 95.2 | % | |||||||
Special mention | 30,050 | 1.2 | % | 37,079 | 2.8 | % | 14,335 | 3.6 | % | 81,464 | 2.0 | % | |||||||||||
Substandard | 50,266 | 2.1 | % | 53,807 | 4.0 | % | 12,783 | 3.2 | % | 116,856 | 2.8 | % | |||||||||||
Total | $ | 2,427,164 | 100.0 | % | $ | 1,344,297 | 100.0 | % | $ | 402,124 | 100.0 | % | $ | 4,173,585 | 100.0 | % | |||||||
December 31, 2015 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||
Pass | $ | 2,094,851 | 96.7 | % | $ | 1,182,685 | 94.1 | % | $ | 375,808 | 90.9 | % | $ | 3,653,344 | 95.2 | % | |||||||
Special mention | 19,938 | 0.9 | % | 43,896 | 3.5 | % | 19,846 | 4.8 | % | 83,680 | 2.2 | % | |||||||||||
Substandard | 51,814 | 2.4 | % | 30,249 | 2.4 | % | 17,790 | 4.3 | % | 99,853 | 2.6 | % | |||||||||||
Total | $ | 2,166,603 | 100.0 | % | $ | 1,256,830 | 100.0 | % | $ | 413,444 | 100.0 | % | $ | 3,836,877 | 100.0 | % |
September 30, 2016 | |||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and other consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | |||||||||||||||
Performing | $ | 681,174 | 98.4 | % | $ | 480,980 | 99.4 | % | $ | 62,244 | 99.9 | % | $ | 5,852 | 100.0 | % | $ | 1,230,250 | 98.8 | % | |||||
Nonperforming | 11,400 | 1.6 | % | 2,955 | 0.6 | % | 44 | 0.1 | % | — | — | % | 14,399 | 1.2 | % | ||||||||||
Total | $ | 692,574 | 100.0 | % | $ | 483,935 | 100.0 | % | $ | 62,288 | 100.0 | % | $ | 5,852 | 100.0 | % | $ | 1,244,649 | 100.0 | % | |||||
December 31, 2015 | |||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and other consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | |||||||||||||||
Performing | $ | 633,743 | 99.1 | % | $ | 467,943 | 99.4 | % | $ | 73,839 | 99.8 | % | $ | 6,579 | 100.0 | % | $ | 1,182,104 | 99.3 | % | |||||
Nonperforming | 5,629 | 0.9 | % | 2,902 | 0.6 | % | 100 | 0.2 | % | — | — | % | 8,631 | 0.7 | % | ||||||||||
Total | $ | 639,372 | 100.0 | % | $ | 470,845 | 100.0 | % | $ | 73,939 | 100.0 | % | $ | 6,579 | 100.0 | % | $ | 1,190,735 | 100.0 | % |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||
Without a related allowance recorded: | |||||||||||||||||||
Commercial real estate | $ | 7,589 | $ | 7,818 | $ | — | $ | 12,661 | $ | 13,157 | $ | — | |||||||
Commercial and industrial | 8,261 | 9,730 | — | 14,417 | 15,220 | — | |||||||||||||
Commercial construction | 7,987 | 11,547 | — | 10,998 | 14,200 | — | |||||||||||||
Consumer real estate | 11,731 | 12,434 | — | 6,845 | 7,521 | — | |||||||||||||
Other consumer | 29 | 36 | — | 111 | 188 | — | |||||||||||||
Total without a Related Allowance Recorded | 35,597 | 41,565 | — | 45,032 | 50,286 | — | |||||||||||||
With a related allowance recorded: | |||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | |||||||||||||
Commercial and industrial | 2,433 | 2,433 | 2,206 | — | — | — | |||||||||||||
Commercial construction | — | — | — | 500 | 1,350 | 3 | |||||||||||||
Consumer real estate | 27 | 27 | 27 | 116 | 116 | 32 | |||||||||||||
Other consumer | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
Total with a Related Allowance Recorded | 2,462 | 2,462 | 2,235 | 618 | 1,468 | 37 | |||||||||||||
Total: | |||||||||||||||||||
Commercial real estate | 7,589 | 7,818 | — | 12,661 | 13,157 | — | |||||||||||||
Commercial and industrial | 10,694 | 12,163 | 2,206 | 14,417 | 15,220 | — | |||||||||||||
Commercial construction | 7,987 | 11,547 | — | 11,498 | 15,550 | 3 | |||||||||||||
Consumer real estate | 11,758 | 12,461 | 27 | 6,961 | 7,637 | 32 | |||||||||||||
Other consumer | 31 | 38 | 2 | 113 | 190 | 2 | |||||||||||||
Total | $ | 38,059 | $ | 44,027 | $ | 2,235 | $ | 45,650 | $ | 51,754 | $ | 37 |
For the Three Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||
Without a related allowance recorded: | ||||||||||||
Commercial real estate | $ | 7,582 | $ | 38 | $ | 14,101 | $ | 352 | ||||
Commercial and industrial | 7,326 | 52 | 8,993 | 44 | ||||||||
Commercial construction | 8,039 | 49 | 11,034 | 67 | ||||||||
Consumer real estate | 11,686 | 159 | 6,829 | 92 | ||||||||
Other consumer | 32 | — | 183 | — | ||||||||
Total without a Related Allowance Recorded | 34,665 | 298 | 41,140 | 555 | ||||||||
With a related allowance recorded: | ||||||||||||
Commercial real estate | — | — | — | — | ||||||||
Commercial and industrial | 2,437 | 37 | 1,977 | 7 | ||||||||
Commercial construction | — | — | — | — | ||||||||
Consumer real estate | 28 | — | 119 | 2 | ||||||||
Other consumer | 2 | — | 2 | — | ||||||||
Total with a Related Allowance Recorded | 2,467 | 37 | 2,098 | 9 | ||||||||
Total: | ||||||||||||
Commercial real estate | 7,582 | 38 | 14,101 | 352 | ||||||||
Commercial and industrial | 9,763 | 89 | 10,970 | 51 | ||||||||
Commercial construction | 8,039 | 49 | 11,034 | 67 | ||||||||
Consumer real estate | 11,714 | 159 | 6,948 | 94 | ||||||||
Other consumer | 34 | — | 185 | — | ||||||||
Total | $ | 37,132 | $ | 335 | $ | 43,238 | $ | 564 |
For the Nine Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||
Without a related allowance recorded: | ||||||||||||
Commercial real estate | $ | 7,551 | $ | 106 | $ | 14,994 | $ | 731 | ||||
Commercial and industrial | 7,447 | 156 | 9,742 | 131 | ||||||||
Commercial construction | 8,498 | 143 | 8,920 | 200 | ||||||||
Consumer real estate | 11,831 | 400 | 6,856 | 279 | ||||||||
Other consumer | 38 | 1 | 119 | 1 | ||||||||
Total without a Related Allowance Recorded | 35,365 | 806 | 40,631 | 1,342 | ||||||||
With a related allowance recorded: | ||||||||||||
Commercial real estate | — | — | — | — | ||||||||
Commercial and industrial | 2,492 | 100 | 1,980 | 42 | ||||||||
Commercial construction | — | — | — | — | ||||||||
Consumer real estate | 29 | 2 | 121 | 5 | ||||||||
Other consumer | 2 | — | 2 | — | ||||||||
Total with a Related Allowance Recorded | 2,523 | 102 | 2,103 | 47 | ||||||||
Total: | ||||||||||||
Commercial real estate | 7,551 | 106 | 14,994 | 731 | ||||||||
Commercial and industrial | 9,939 | 256 | 11,722 | 173 | ||||||||
Commercial construction | 8,498 | 143 | 8,920 | 200 | ||||||||
Consumer real estate | 11,860 | 402 | 6,977 | 284 | ||||||||
Other consumer | 40 | 1 | 121 | 1 | ||||||||
Total | $ | 37,888 | $ | 908 | $ | 42,734 | $ | 1,389 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 15,978 | $ | 14,771 | $ | 11,701 | $ | 8,418 | $ | 1,345 | $ | 52,213 | |||||||||||
Charge-offs | (93 | ) | (414 | ) | (163 | ) | (369 | ) | (461 | ) | (1,500 | ) | |||||||||||
Recoveries | 264 | 169 | 17 | 44 | 70 | 564 | |||||||||||||||||
Net (Charge-offs)/ Recoveries | 171 | (245 | ) | (146 | ) | (325 | ) | (391 | ) | (936 | ) | ||||||||||||
Provision for loan losses | 4,244 | (2,232 | ) | 1,356 | (1,760 | ) | 908 | 2,516 | |||||||||||||||
Balance at End of Period | $ | 20,393 | $ | 12,294 | $ | 12,911 | $ | 6,333 | $ | 1,862 | $ | 53,793 | |||||||||||
Three Months Ended September 30, 2015 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 19,018 | $ | 13,308 | $ | 7,671 | $ | 7,027 | $ | 1,790 | $ | 48,814 | |||||||||||
Charge-offs | (2,361 | ) | (1,121 | ) | (1,247 | ) | (445 | ) | (467 | ) | (5,641 | ) | |||||||||||
Recoveries | 2,896 | 272 | 129 | 132 | 99 | 3,528 | |||||||||||||||||
Net (Charge-offs)/ Recoveries | 535 | (849 | ) | (1,118 | ) | (313 | ) | (368 | ) | (2,113 | ) | ||||||||||||
Provision for loan losses | (2,575 | ) | 12 | 4,983 | 302 | 484 | 3,206 | ||||||||||||||||
Balance at End of Period | $ | 16,978 | $ | 12,471 | $ | 11,536 | $ | 7,016 | $ | 1,906 | $ | 49,907 | |||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 15,043 | $ | 10,853 | $ | 12,625 | $ | 8,400 | $ | 1,226 | $ | 48,147 | |||||||||||
Charge-offs | (1,808 | ) | (3,244 | ) | (1,108 | ) | (891 | ) | (1,572 | ) | (8,623 | ) | |||||||||||
Recoveries | 662 | 589 | 20 | 342 | 277 | 1,890 | |||||||||||||||||
Net (Charge-offs)/Recoveries | (1,146 | ) | (2,655 | ) | (1,088 | ) | (549 | ) | (1,295 | ) | (6,733 | ) | |||||||||||
Provision for loan losses | 6,496 | 4,096 | 1,374 | (1,518 | ) | 1,931 | 12,379 | ||||||||||||||||
Balance at End of Period | $ | 20,393 | $ | 12,294 | $ | 12,911 | $ | 6,333 | $ | 1,862 | $ | 53,793 | |||||||||||
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 20,164 | $ | 13,668 | $ | 6,093 | $ | 6,333 | $ | 1,653 | $ | 47,911 | |||||||||||
Charge-offs | (2,738 | ) | (2,819 | ) | (1,247 | ) | (997 | ) | (1,046 | ) | (8,847 | ) | |||||||||||
Recoveries | 3,072 | 475 | 132 | 379 | 312 | 4,370 | |||||||||||||||||
Net (Charge-offs)/Recoveries | 334 | (2,344 | ) | (1,115 | ) | (618 | ) | (734 | ) | (4,477 | ) | ||||||||||||
Provision for loan losses | (3,520 | ) | 1,147 | 6,558 | 1,301 | 987 | 6,473 | ||||||||||||||||
Balance at End of Period | $ | 16,978 | $ | 12,471 | $ | 11,536 | $ | 7,016 | $ | 1,906 | $ | 49,907 |
September 30, 2016 | |||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||
Commercial real estate | $ | — | $ | 20,393 | $ | 20,393 | $ | 7,589 | $ | 2,419,575 | $ | 2,427,164 | |||||||
Commercial and industrial | 2,206 | 10,088 | 12,294 | 10,694 | 1,333,603 | 1,344,297 | |||||||||||||
Commercial construction | — | 12,911 | 12,911 | 7,987 | 394,137 | 402,124 | |||||||||||||
Consumer real estate | 27 | 6,306 | 6,333 | 11,758 | 1,170,603 | 1,182,361 | |||||||||||||
Other consumer | 2 | 1,860 | 1,862 | 31 | 62,257 | 62,288 | |||||||||||||
Total | $ | 2,235 | $ | 51,558 | $ | 53,793 | $ | 38,059 | $ | 5,380,175 | $ | 5,418,234 | |||||||
December 31, 2015 | |||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||
Commercial real estate | $ | — | $ | 15,043 | $ | 15,043 | $ | 12,661 | $ | 2,153,942 | $ | 2,166,603 | |||||||
Commercial and industrial | — | 10,853 | 10,853 | 14,417 | 1,242,413 | 1,256,830 | |||||||||||||
Commercial construction | 3 | 12,622 | 12,625 | 11,498 | 401,946 | 413,444 | |||||||||||||
Consumer real estate | 32 | 8,368 | 8,400 | 6,961 | 1,109,835 | 1,116,796 | |||||||||||||
Other consumer | 2 | 1,224 | 1,226 | 113 | 73,826 | 73,939 | |||||||||||||
Total | $ | 37 | $ | 48,110 | $ | 48,147 | $ | 45,650 | $ | 4,981,962 | $ | 5,027,612 | |||||||
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | |||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||
Interest Rate Swap Contracts- Commercial Loans | |||||||||||||
Fair value | $ | 15,255 | $ | 11,295 | $ | 15,202 | $ | 11,276 | |||||
Notional amount | 264,655 | 245,595 | 264,655 | 245,595 | |||||||||
Collateral posted | — | — | 14,542 | 12,753 | |||||||||
Interest Rate Lock Commitments- Mortgage Loans | |||||||||||||
Fair value | 739 | 261 | — | — | |||||||||
Notional amount | 21,699 | 9,894 | — | — | |||||||||
Forward Sale Contracts- Mortgage Loans | |||||||||||||
Fair value | — | — | 98 | 5 | |||||||||
Notional amount | $ | — | $ | — | $ | 16,892 | $ | 9,800 |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | |||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||
Gross amounts recognized | $ | 15,255 | $ | 11,295 | $ | 15,202 | $ | 11,276 | |||||
Gross amounts offset | — | — | — | — | |||||||||
Net amounts presented in the Consolidated Balance Sheets | 15,255 | 11,295 | 15,202 | 11,276 | |||||||||
Gross amounts not offset(1) | — | — | (14,542 | ) | (12,573 | ) | |||||||
Net Amount | $ | 15,255 | $ | 11,295 | $ | 660 | $ | (1,297 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(dollars in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||
Interest rate swap contracts—commercial loans | $ | (87 | ) | $ | 29 | $ | 34 | $ | 20 | ||||
Interest rate lock commitments—mortgage loans | 97 | 208 | 478 | 339 | |||||||||
Forward sale contracts—mortgage loans | 106 | (143 | ) | (93 | ) | (69 | ) | ||||||
Total Derivatives Gain | $ | 116 | $ | 94 | $ | 419 | $ | 290 |
September 30, 2016 | December 31, 2015 | ||||||||||
(dollars in thousands) | Balance | Weighted Average Rate | Balance | Weighted Average Rate | |||||||
Short-term borrowings | |||||||||||
Securities sold under repurchase agreements | $ | 40,949 | 0.01 | % | $ | 62,086 | 0.01 | % | |||
Short-term borrowings | 565,000 | 0.60 | % | 356,000 | 0.52 | % | |||||
Total short-term borrowings | 605,949 | 0.56 | % | 418,086 | 0.44 | % | |||||
Long-term borrowings | |||||||||||
Other long-term borrowings | 15,303 | 2.91 | % | 117,043 | 0.81 | % | |||||
Junior subordinated debt securities | 45,619 | 3.11 | % | 45,619 | 2.89 | % | |||||
Total long-term borrowings | 60,922 | 3.06 | % | 162,662 | 1.39 | % | |||||
Total Borrowings | $ | 666,871 | 0.79 | % | $ | 580,748 | 0.71 | % |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Commitments to extend credit | $ | 1,546,164 | $ | 1,619,854 | |||
Standby letters of credit | 80,181 | 97,676 | |||||
Total | $ | 1,626,345 | $ | 1,717,530 |
Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | ||||||||||||||||||
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | |||||||||||||
Change in net unrealized gains/(losses) on securities available-for-sale | $ | (1,921 | ) | $ | 672 | $ | (1,249 | ) | $ | 5,177 | $ | (1,812 | ) | $ | 3,365 | ||||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income (1) | — | — | — | — | — | — | |||||||||||||
Adjustment to funded status of employee benefit plans | 544 | (190 | ) | 354 | 647 | (227 | ) | 420 | |||||||||||
Other Comprehensive Income/(Loss) | $ | (1,377 | ) | $ | 482 | $ | (895 | ) | $ | 5,824 | $ | (2,039 | ) | $ | 3,785 | ||||
(1) Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been reclassified out of accumulated other comprehensive income/(loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows; the pre-tax amount is included in securities gains/losses-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. | |||||||||||||||||||
Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | ||||||||||||||||||
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | |||||||||||||
Change in net unrealized gains/(losses) on securities available-for-sale | $ | 11,748 | $ | (4,112 | ) | $ | 7,636 | $ | 4,288 | $ | (1,501 | ) | $ | 2,787 | |||||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income (1) | — | — | — | 34 | (12 | ) | 22 | ||||||||||||
Adjustment to funded status of employee benefit plans | 4,889 | (1,711 | ) | 3,178 | 1,839 | (551 | ) | 1,288 | |||||||||||
Other Comprehensive Income | $ | 16,637 | $ | (5,823 | ) | $ | 10,814 | $ | 6,161 | $ | (2,064 | ) | $ | 4,097 | |||||
(1) Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statement of comprehensive income as follows; the pre-tax amount is included in securities gains/losses-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(dollars in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Components of Net Periodic Pension Cost | |||||||||||||||
Service cost—benefits earned during the period | $ | (6 | ) | $ | 606 | $ | 469 | $ | 1,951 | ||||||
Interest cost on projected benefit obligation | 1,099 | 1,120 | 3,200 | 3,319 | |||||||||||
Expected return on plan assets | (1,444 | ) | (1,772 | ) | (4,337 | ) | (5,385 | ) | |||||||
Amortization of prior service credit | 29 | (34 | ) | (41 | ) | (104 | ) | ||||||||
Recognized net actuarial loss | 638 | 586 | 1,708 | 1,521 | |||||||||||
Net Periodic Pension Expense | $ | 316 | $ | 506 | $ | 999 | $ | 1,302 |
• | Our Community Banking segment offers services which include accepting time and demand deposits and originating commercial and consumer loans. |
• | Our Insurance segment includes a full-service insurance agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions and personal insurance lines. |
• | Our Wealth Management segment offers discount brokerage services, services as executor and trustee under wills and deeds, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisor that manages private investment accounts for individuals and institutions. |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Community Banking | $ | 6,706,383 | $ | 6,305,046 | |||
Insurance | 8,050 | 9,619 | |||||
Wealth Management | 3,772 | 3,689 | |||||
Total Assets | $ | 6,718,205 | $ | 6,318,354 |
Three Months Ended September 30, 2016 | |||||||||||||||
(dollars in thousands) | Community Banking | Insurance | Wealth Management | Eliminations | Consolidated | ||||||||||
Interest income | $ | 57,804 | $ | 1 | $ | 98 | $ | (95 | ) | $ | 57,808 | ||||
Interest expense | 6,433 | — | — | (80 | ) | 6,353 | |||||||||
Net interest income | 51,371 | 1 | 98 | (15 | ) | 51,455 | |||||||||
Provision for loan losses | 2,516 | — | — | — | 2,516 | ||||||||||
Noninterest income | 9,548 | 1,119 | 2,563 | 218 | 13,448 | ||||||||||
Noninterest expense | 28,889 | 1,097 | 2,591 | 203 | 32,780 | ||||||||||
Depreciation expense | 1,269 | 11 | 4 | — | 1,284 | ||||||||||
Amortization of intangible assets | 359 | 12 | 4 | — | 375 | ||||||||||
Provision for income taxes | 7,347 | (1 | ) | 21 | — | 7,367 | |||||||||
Net Income | $ | 20,539 | $ | 1 | $ | 41 | $ | — | $ | 20,581 | |||||
Three Months Ended September 30, 2015 | |||||||||||||||
(dollars in thousands) | Community Banking | Insurance | Wealth Management | Eliminations | Consolidated | ||||||||||
Interest income | $ | 53,625 | $ | 1 | $ | 108 | $ | (65 | ) | $ | 53,669 | ||||
Interest expense | 4,200 | — | — | (127 | ) | 4,073 | |||||||||
Net interest income | 49,425 | 1 | 108 | 62 | 49,596 | ||||||||||
Provision for loan losses | 3,206 | — | — | — | 3,206 | ||||||||||
Noninterest income | 8,651 | 1,197 | 2,806 | (173 | ) | 12,481 | |||||||||
Noninterest expense | 28,941 | 1,098 | 2,210 | (111 | ) | 32,138 | |||||||||
Depreciation expense | 1,192 | 13 | 6 | — | 1,211 | ||||||||||
Amortization of intangible assets | 460 | 13 | 7 | — | 480 | ||||||||||
Provision for income taxes | 6,139 | 26 | 242 | — | 6,407 | ||||||||||
Net Income | $ | 18,138 | $ | 48 | $ | 449 | $ | — | $ | 18,635 |
Nine Months Ended September 30, 2016 | |||||||||||||||
(dollars in thousands) | Community Banking | Insurance | Wealth Management | Eliminations | Consolidated | ||||||||||
Interest income | $ | 168,661 | $ | 2 | $ | 343 | $ | (328 | ) | $ | 168,678 | ||||
Interest expense | 18,085 | — | — | (208 | ) | 17,877 | |||||||||
Net interest income | 150,576 | 2 | 343 | (120 | ) | 150,801 | |||||||||
Provision for loan losses | 12,379 | — | — | — | 12,379 | ||||||||||
Noninterest income | 28,468 | 3,836 | 7,936 | 1,473 | 41,713 | ||||||||||
Noninterest expense | 90,499 | 3,455 | 7,334 | 1,353 | 102,641 | ||||||||||
Depreciation expense | 3,678 | 33 | 12 | — | 3,723 | ||||||||||
Amortization of intangible assets | 1,189 | 37 | 17 | — | 1,243 | ||||||||||
Provision for income taxes | 18,364 | 110 | 321 | — | 18,795 | ||||||||||
Net Income | $ | 52,935 | $ | 203 | $ | 595 | $ | — | $ | 53,733 | |||||
Nine Months Ended September 30, 2015 | |||||||||||||||
(dollars in thousands) | Community Banking | Insurance | Wealth Management | Eliminations | Consolidated | ||||||||||
Interest income | $ | 150,108 | $ | 2 | $ | 406 | $ | (321 | ) | $ | 150,195 | ||||
Interest expense | 12,144 | — | — | (615 | ) | 11,529 | |||||||||
Net interest income | 137,964 | 2 | 406 | 294 | 138,666 | ||||||||||
Provision for loan losses | 6,473 | — | — | — | 6,473 | ||||||||||
Noninterest income | 25,056 | 4,079 | 8,639 | 174 | 37,948 | ||||||||||
Noninterest expense | 87,542 | 3,288 | 6,716 | 468 | 98,014 | ||||||||||
Depreciation expense | 3,482 | 39 | 19 | — | 3,540 | ||||||||||
Amortization of intangible assets | 1,283 | 38 | 24 | — | 1,345 | ||||||||||
Provision for income taxes | 16,534 | 250 | 800 | — | 17,584 | ||||||||||
Net Income | $ | 47,706 | $ | 466 | $ | 1,486 | $ | — | $ | 49,658 |
• | credit losses; |
• | cyber-security concerns, including an interruption or breach in the security of our information systems; |
• | rapid technological developments and changes; |
• | sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; |
• | a change in spreads on interest-earning assets and interest-bearing liabilities; |
• | regulatory supervision and oversight, including Basel III required capital levels, and public policy changes, including environmental regulations; |
• | legislation affecting the financial services industry as a whole, and S&T, in particular, including the effects of the Dodd-Frank Act; |
• | the outcome of pending and future litigation and governmental proceedings; |
• | increasing price and product/service competition, including new entrants; |
• | the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; |
• | managing our internal growth and acquisitions, particularly our acquisition of Integrity Bancshares, Inc., or Integrity; |
• | the possibility that the anticipated benefits from the Integrity acquisition and any other future acquisitions cannot be fully realized in a timely manner or at all, or that integrating the operations of Integrity or future acquired operations will be more difficult, disruptive or costly than anticipated; |
• | containing costs and expenses; |
• | reliance on significant customer relationships; |
• | general economic or business conditions, either nationally or regionally in our market areas, may be less favorable than expected, resulting in among other things, a reduced demand for credit and other services; |
• | deterioration of the housing market and reduced demand for mortgages; |
• | a deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; |
• | a re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally; and |
• | access to capital in the amounts, at the times and on the terms required to support our future businesses. |
Three months ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(dollars in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Total interest income | $ | 57,808 | $ | 53,669 | $ | 168,678 | $ | 150,195 | |||||||
Total interest expense | 6,353 | 4,073 | 17,877 | 11,529 | |||||||||||
Net interest income per consolidated statements of comprehensive income | 51,455 | 49,596 | 150,801 | 138,666 | |||||||||||
Adjustment to FTE basis | 1,771 | 1,607 | 5,254 | 4,493 | |||||||||||
Net Interest Income on an FTE basis (non-GAAP) | $ | 53,226 | $ | 51,203 | $ | 156,055 | $ | 143,159 | |||||||
Net interest margin | 3.34 | % | 3.50 | % | 3.36 | % | 3.48 | % | |||||||
Adjustment to FTE basis | 0.12 | % | 0.11 | % | 0.11 | % | 0.11 | % | |||||||
Net Interest Margin on an FTE basis (non-GAAP) | 3.46 | % | 3.61 | % | 3.47 | % | 3.59 | % |
Three months ended September 30, 2016 | Three months ended September 30, 2015 | ||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||
ASSETS | |||||||||||||||||
Loans (1) (2) | $ | 5,382,516 | $ | 55,201 | 4.08 | % | $ | 4,869,914 | $ | 50,616 | 4.12 | % | |||||
Interest-bearing deposits with banks | 37,852 | 49 | 0.52 | % | 76,246 | 46 | 0.24 | % | |||||||||
Taxable investment securities (3) | 545,249 | 2,657 | 1.95 | % | 523,890 | 2,609 | 1.99 | % | |||||||||
Tax-exempt investment securities (2) | 133,661 | 1,395 | 4.17 | % | 138,514 | 1,520 | 4.39 | % | |||||||||
Federal Home Loan Bank and other restricted stock | 24,454 | 277 | 4.52 | % | 20,184 | 485 | 9.60 | % | |||||||||
Total Interest-earning Assets | 6,123,732 | 59,579 | 3.87 | % | 5,628,748 | 55,276 | 3.90 | % | |||||||||
Noninterest-earning assets: | |||||||||||||||||
Cash and due from banks | 54,505 | 60,782 | |||||||||||||||
Premises and equipment, net | 47,132 | 48,613 | |||||||||||||||
Other assets | 471,559 | 479,001 | |||||||||||||||
Less allowance for loan losses | (54,185 | ) | (51,023 | ) | |||||||||||||
Total Assets | $ | 6,642,743 | $ | 6,166,121 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Interest-bearing demand | $ | 663,477 | $ | 286 | 0.17 | % | $ | 663,834 | $ | 242 | 0.14 | % | |||||
Money market | 540,891 | 575 | 0.42 | % | 385,520 | 174 | 0.18 | % | |||||||||
Savings | 1,034,018 | 507 | 0.20 | % | 1,091,482 | 447 | 0.16 | % | |||||||||
Certificates of deposit | 1,379,952 | 3,312 | 0.95 | % | 1,113,858 | 2,070 | 0.74 | % | |||||||||
Brokered deposits(4) | 309,413 | 439 | 0.56 | % | 394,415 | 342 | 0.34 | % | |||||||||
Total Interest-bearing Deposits | 3,927,751 | 5,119 | 0.52 | % | 3,649,109 | 3,275 | 0.36 | % | |||||||||
Securities sold under repurchase agreements | 44,927 | 1 | 0.01 | % | 42,937 | 1 | 0.01 | % | |||||||||
Short-term borrowings | 459,043 | 761 | 0.66 | % | 270,968 | 253 | 0.37 | % | |||||||||
Long-term borrowings | 15,545 | 111 | 2.85 | % | 117,864 | 228 | 0.77 | % | |||||||||
Junior subordinated debt securities | 45,619 | 361 | 3.15 | % | 45,619 | 316 | 2.75 | % | |||||||||
Total Interest-bearing Liabilities | 4,492,885 | 6,353 | 0.56 | % | 4,126,497 | 4,073 | 0.39 | % | |||||||||
Noninterest-bearing liabilities: | |||||||||||||||||
Noninterest-bearing demand | 1,247,884 | 1,196,200 | |||||||||||||||
Other liabilities | 70,799 | 65,873 | |||||||||||||||
Shareholders’ equity | 831,175 | 777,551 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,642,743 | $ | 6,166,121 | |||||||||||||
Net Interest Income (2)(3) | $ | 53,226 | $ | 51,203 | |||||||||||||
Net Interest Margin (2) (3) | 3.46 | % | 3.61 | % |
Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | ||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||
ASSETS | |||||||||||||||||
Loans (1) (2) | $ | 5,261,629 | $ | 160,787 | 4.08 | % | $ | 4,588,536 | $ | 141,202 | 4.11 | % | |||||
Interest-bearing deposits with banks | 41,402 | 159 | 0.51 | % | 69,062 | 122 | 0.24 | % | |||||||||
Taxable investment securities (3) | 541,419 | 7,954 | 1.96 | % | 514,195 | 7,577 | 1.96 | % | |||||||||
Tax-exempt investment securities (2) | 134,271 | 4,251 | 4.22 | % | 139,171 | 4,625 | 4.43 | % | |||||||||
Federal Home Loan Bank and other restricted stock | 23,027 | 781 | 4.52 | % | 19,276 | 1,162 | 8.04 | % | |||||||||
Total Interest-earning Assets | 6,001,748 | 173,932 | 3.87 | % | 5,330,240 | 154,688 | 3.88 | % | |||||||||
Noninterest-earning assets: | |||||||||||||||||
Cash and due from banks | 54,609 | 55,040 | |||||||||||||||
Premises and equipment, net | 47,606 | 46,222 | |||||||||||||||
Other assets | 469,661 | 447,169 | |||||||||||||||
Less allowance for loan losses | (51,963 | ) | (49,388 | ) | |||||||||||||
Total Assets | $ | 6,521,661 | $ | 5,829,283 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Interest-bearing demand | $ | 635,479 | $ | 751 | 0.16 | % | $ | 586,149 | $ | 569 | 0.13 | % | |||||
Money market | 476,768 | 1,243 | 0.35 | % | 392,021 | 539 | 0.18 | % | |||||||||
Savings | 1,041,802 | 1,474 | 0.19 | % | 1,072,539 | 1,270 | 0.16 | % | |||||||||
Certificates of deposit | 1,345,323 | 9,498 | 0.94 | % | 1,075,666 | 6,120 | 0.76 | % | |||||||||
Brokered deposits(4) | 358,568 | 1,437 | 0.54 | % | 334,485 | 835 | 0.33 | % | |||||||||
Total Interest-bearing Deposits | 3,857,940 | 14,403 | 0.50 | % | 3,460,860 | 9,333 | 0.36 | % | |||||||||
Securities sold under repurchase agreements | 53,858 | 4 | 0.01 | % | 42,675 | 3 | 0.01 | % | |||||||||
Short-term borrowings | 385,394 | 1,855 | 0.64 | % | 245,431 | 628 | 0.34 | % | |||||||||
Long-term borrowings | 62,109 | 563 | 1.21 | % | 72,316 | 562 | 1.04 | % | |||||||||
Junior subordinated debt securities | 45,619 | 1,052 | 3.08 | % | 47,561 | 1,003 | 2.82 | % | |||||||||
Total Interest-bearing Liabilities | 4,404,920 | 17,877 | 0.54 | % | 3,868,843 | 11,529 | 0.40 | % | |||||||||
Noninterest-bearing liabilities: | |||||||||||||||||
Noninterest-bearing demand | 1,227,426 | 1,158,217 | |||||||||||||||
Other liabilities | 71,421 | 66,009 | |||||||||||||||
Shareholders’ equity | 817,894 | 736,214 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,521,661 | $ | 5,829,283 | |||||||||||||
Net Interest Income (2)(3) | $ | 156,055 | $ | 143,159 | |||||||||||||
Net Interest Margin (2) (3) | 3.47 | % | 3.59 | % |
Three Months Ended September 30, 2016 compared to September 30, 2015 | Nine Months Ended September 30, 2016 compared to September 30, 2015 | ||||||||||||||||||
(dollars in thousands) | Volume (4) | Rate (4) | Net | Volume (4) | Rate (4) | Net | |||||||||||||
Interest earned on: | |||||||||||||||||||
Loans (1) (2) | $ | 5,328 | $ | (743 | ) | $ | 4,585 | $ | 20,713 | $ | (1,128 | ) | $ | 19,585 | |||||
Interest-bearing deposits with banks | (23 | ) | 26 | 3 | (49 | ) | 86 | 37 | |||||||||||
Taxable investment securities (3) | 106 | (57 | ) | 49 | 401 | (24 | ) | 377 | |||||||||||
Tax-exempt investment securities (2) | (53 | ) | (72 | ) | (125 | ) | (163 | ) | (211 | ) | (374 | ) | |||||||
Federal Home Loan Bank and other restricted stock | 103 | (310 | ) | (207 | ) | 226 | (607 | ) | (381 | ) | |||||||||
Change in Interest Earned on Interest-earning Assets | 5,461 | (1,156 | ) | 4,305 | 21,128 | (1,884 | ) | 19,244 | |||||||||||
Interest paid on: | |||||||||||||||||||
Interest-bearing demand | — | 43 | 43 | 48 | 135 | 183 | |||||||||||||
Money market | 70 | 331 | 401 | 116 | 588 | 704 | |||||||||||||
Savings | (24 | ) | 84 | 60 | (36 | ) | 241 | 205 | |||||||||||
Certificates of deposit | 494 | 747 | 1,241 | 1,534 | 1,843 | 3,377 | |||||||||||||
Brokered deposits | (74 | ) | 171 | 97 | 60 | 542 | 602 | ||||||||||||
Securities sold under repurchase agreements | — | — | — | 1 | — | 1 | |||||||||||||
Short-term borrowings | 176 | 332 | 508 | 358 | 868 | 1,226 | |||||||||||||
Long-term borrowings | (198 | ) | 81 | (117 | ) | (79 | ) | 81 | 2 | ||||||||||
Junior subordinated debt securities | — | 45 | 45 | (41 | ) | 90 | 49 | ||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | 444 | 1,834 | 2,278 | 1,961 | 4,388 | 6,349 | |||||||||||||
Net Change in Net Interest Income | $ | 5,017 | $ | (2,990 | ) | $ | 2,027 | $ | 19,167 | $ | (6,272 | ) | $ | 12,895 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||
Securities gains/(losses), net | $ | — | $ | — | $ | — | NM | $ | — | $ | (34 | ) | $ | 34 | NM | ||||||||
Service charges on deposit accounts | 3,208 | 3,069 | 139 | 4.5 | 9,272 | 8,529 | 743 | 8.7 | |||||||||||||||
Debit and credit card fees | 3,163 | 2,996 | 167 | 5.6 | 8,818 | 8,732 | 86 | 1.0 | |||||||||||||||
Wealth management fees | 2,565 | 2,814 | (249 | ) | (8.8 | ) | 7,947 | 8,667 | (720 | ) | (8.3 | ) | |||||||||||
Insurance fees | 1,208 | 1,332 | (124 | ) | (9.3 | ) | 4,187 | 4,374 | (187 | ) | (4.3 | ) | |||||||||||
Mortgage banking | 1,077 | 698 | 379 | 54.3 | 2,185 | 2,006 | 179 | 8.9 | |||||||||||||||
Gain on sale of credit card portfolio | — | — | — | — | 2,066 | — | 2,066 | NM | |||||||||||||||
Other | 2,227 | 1,572 | 655 | 41.7 | 7,238 | 5,674 | 1,564 | 27.6 | |||||||||||||||
Total Noninterest Income | $ | 13,448 | $ | 12,481 | $ | 967 | 7.7 | % | $ | 41,713 | $ | 37,948 | $ | 3,765 | 9.9 | % | |||||||
NM- Not meaningful |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||
Salaries and employee benefits (1) | $ | 19,011 | $ | 16,789 | $ | 2,222 | 13.2 | % | $ | 57,539 | $ | 51,024 | $ | 6,515 | 12.8 | % | |||||||
Data processing (1) | 2,129 | 2,454 | (325 | ) | (13.2 | ) | 6,964 | 7,329 | (365 | ) | (5.0 | ) | |||||||||||
Net occupancy (1) | 2,776 | 2,744 | 32 | 1.2 | 8,413 | 8,014 | 399 | 5.0 | |||||||||||||||
Furniture and equipment | 1,932 | 1,653 | 279 | 16.9 | 5,580 | 4,461 | 1,119 | 25.1 | |||||||||||||||
Marketing | 896 | 895 | 1 | 0.1 | 2,872 | 2,905 | (33 | ) | (1.1 | ) | |||||||||||||
Professional services and legal (1) | 1,041 | 946 | 95 | 10.0 | 3,035 | 2,270 | 765 | 33.7 | |||||||||||||||
FDIC insurance | 1,005 | 990 | 15 | 1.5 | 2,938 | 2,493 | 445 | 17.8 | |||||||||||||||
Other taxes | 1,080 | 719 | 361 | 50.2 | 3,076 | 2,721 | 355 | 13.0 | |||||||||||||||
Merger related expense | — | — | — | NM | — | 3,167 | (3,167 | ) | NM | ||||||||||||||
Other(1) | 4,569 | 6,639 | (2,070 | ) | (31.2 | ) | 17,190 | 18,515 | (1,325 | ) | (7.2 | ) | |||||||||||
Total Noninterest Expense | $ | 34,439 | $ | 33,829 | $ | 610 | 1.8 | % | $ | 107,607 | $ | 102,899 | $ | 4,708 | 4.6 | % |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | $ Change | ||||||||
U.S. treasury securities | $ | 15,056 | $ | 14,941 | $ | 115 | |||||
Obligations of U.S. government corporations and agencies | 250,924 | 263,303 | (12,379 | ) | |||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 137,460 | 128,835 | 8,625 | ||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 36,285 | 40,125 | (3,840 | ) | |||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 88,499 | 69,204 | 19,295 | ||||||||
Obligations of states and political subdivisions | 132,536 | 134,886 | (2,350 | ) | |||||||
Debt Securities Available-for-Sale | 660,760 | 651,294 | 9,466 | ||||||||
Marketable equity securities | 10,368 | 9,669 | 699 | ||||||||
Total Securities Available-for-Sale | $ | 671,128 | $ | 660,963 | $ | 10,165 |
September 30, 2016 | December 31, 2015 | ||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | |||||||
Commercial | |||||||||||
Commercial real estate | $ | 2,427,164 | 44.8 | % | $ | 2,166,603 | 43.1 | % | |||
Commercial and industrial | 1,344,297 | 24.8 | % | 1,256,830 | 25.0 | % | |||||
Construction | 402,124 | 7.4 | % | 413,444 | 8.2 | % | |||||
Total Commercial Loans | 4,173,585 | 77.0 | % | 3,836,877 | 76.3 | % | |||||
Consumer | |||||||||||
Residential mortgage | 692,574 | 12.8 | % | 639,372 | 12.7 | % | |||||
Home equity | 483,935 | 8.9 | % | 470,845 | 9.4 | % | |||||
Installment and other consumer | 62,288 | 1.2 | % | 73,939 | 1.5 | % | |||||
Construction | 5,852 | 0.1 | % | 6,579 | 0.1 | % | |||||
Total Consumer Loans | 1,244,649 | 23.0 | % | 1,190,735 | 23.7 | % | |||||
Total Portfolio Loans | 5,418,234 | 100.0 | % | 5,027,612 | 100.0 | % | |||||
Loans Held for Sale | 11,694 | 35,321 | |||||||||
Total Loans | $ | 5,429,928 | $ | 5,062,933 |
September 30, 2016 | |||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||
Commercial real estate | $ | — | $ | 20,393 | $ | 20,393 | $ | 7,589 | $ | 2,419,575 | $ | 2,427,164 | |||||||
Commercial and industrial | 2,206 | 10,088 | 12,294 | 10,694 | 1,333,603 | 1,344,297 | |||||||||||||
Commercial construction | — | 12,911 | 12,911 | 7,987 | 394,137 | 402,124 | |||||||||||||
Consumer real estate | 27 | 6,306 | 6,333 | 11,758 | 1,170,603 | 1,182,361 | |||||||||||||
Other consumer | 2 | 1,860 | 1,862 | 31 | 62,257 | 62,288 | |||||||||||||
Total | $ | 2,235 | $ | 51,558 | $ | 53,793 | $ | 38,059 | $ | 5,380,175 | $ | 5,418,234 |
December 31, 2015 | |||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||
Commercial real estate | $ | — | $ | 15,043 | $ | 15,043 | $ | 12,661 | $ | 2,153,942 | $ | 2,166,603 | |||||||
Commercial and industrial | — | 10,853 | 10,853 | 14,417 | 1,242,413 | 1,256,830 | |||||||||||||
Commercial construction | 3 | 12,622 | 12,625 | 11,498 | 401,946 | 413,444 | |||||||||||||
Consumer real estate | 32 | 8,368 | 8,400 | 6,961 | 1,109,835 | 1,116,796 | |||||||||||||
Other consumer | 2 | 1,224 | 1,226 | 113 | 73,826 | 73,939 | |||||||||||||
Total | $ | 37 | $ | 48,110 | $ | 48,147 | $ | 45,650 | $ | 4,981,962 | $ | 5,027,612 |
September 30, 2016 | December 31, 2015 | ||||
Ratio of net charge-offs to average loans outstanding | 0.17 | % | * | 0.22 | % |
Allowance for loan losses as a percentage of total loans | 0.99 | % | 0.96 | % | |
Allowance for loan losses as a percentage of originated loans | 1.11 | % | 1.10 | % | |
Allowance for loan losses to nonperforming loans | 133 | % | 136 | % |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | $ Change | ||||||
Nonaccrual Loans | |||||||||
Commercial real estate | $ | 6,685 | $ | 5,171 | $ | 1,514 | |||
Commercial and industrial | 4,883 | 7,709 | (2,826 | ) | |||||
Commercial construction | 5,661 | 7,488 | (1,827 | ) | |||||
Residential mortgage | 6,152 | 4,964 | 1,188 | ||||||
Home equity | 1,982 | 2,379 | (397 | ) | |||||
Installment and other consumer | 35 | 12 | 23 | ||||||
Consumer construction | — | — | — | ||||||
Total Nonaccrual Loans | 25,398 | 27,723 | (2,325 | ) | |||||
Nonaccrual Troubled Debt Restructurings | |||||||||
Commercial real estate | 866 | 3,548 | (2,682 | ) | |||||
Commercial and industrial | 7,007 | 1,570 | 5,437 | ||||||
Commercial construction | 992 | 1,265 | (273 | ) | |||||
Residential mortgage | 5,248 | 665 | 4,583 | ||||||
Home equity | 973 | 523 | 450 | ||||||
Installment and other consumer | 9 | 88 | (79 | ) | |||||
Total Nonaccrual Troubled Debt Restructurings | 15,095 | 7,659 | 7,436 | ||||||
Total Nonaccrual Loans | 40,493 | 35,382 | 5,111 | ||||||
OREO | 512 | 354 | 158 | ||||||
Total Nonperforming Assets | $ | 41,005 | $ | 35,736 | $ | 5,269 | |||
Asset Quality Ratios: | |||||||||
Nonperforming loans as a percent of total loans | 0.75 | % | 0.70 | % | |||||
Nonperforming assets as a percent of total loans plus OREO | 0.76 | % | 0.71 | % |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | $ Change | ||||||||
Noninterest-bearing demand | $ | 1,232,469 | $ | 1,227,766 | $ | 4,703 | |||||
Interest-bearing demand | 649,610 | 586,936 | 62,674 | ||||||||
Money market | 557,940 | 384,725 | 173,215 | ||||||||
Savings | 1,026,234 | 1,061,265 | (35,031 | ) | |||||||
Certificates of deposit | 1,374,906 | 1,197,030 | 177,876 | ||||||||
Brokered deposits | 304,272 | 418,889 | (114,617 | ) | |||||||
Total Deposits | $ | 5,145,431 | $ | 4,876,611 | $ | 268,820 |
(dollars in thousands) | September 30, 2016 | December 31, 2015 | $ Change | ||||||||
Securities sold under repurchase agreements | $ | 40,949 | $ | 62,086 | $ | (21,137 | ) | ||||
Short-term borrowings | 565,000 | 356,000 | 209,000 | ||||||||
Long-term borrowings | 15,303 | 117,043 | (101,740 | ) | |||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | ||||||||
Total Borrowings | $ | 666,871 | $ | 580,748 | $ | 86,123 |
Securities Sold Under Repurchase Agreements | |||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Balance at the period end | $ | 40,949 | $ | 62,086 | |||
Average balance during the period | 53,858 | 44,394 | |||||
Average interest rate during the period | 0.01 | % | 0.01 | % | |||
Maximum month-end balance during the period | $ | 68,216 | $ | 62,086 | |||
Average interest rate at the period end | 0.01 | % | 0.01 | % | |||
Short-Term Borrowings | |||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Balance at the period end | $ | 565,000 | $ | 356,000 | |||
Average balance during the period | 385,394 | 257,117 | |||||
Average interest rate during the period | 0.64 | % | 0.36 | % | |||
Maximum month-end balance during the period | $ | 565,000 | $ | 356,000 | |||
Average interest rate at the period end | 0.60 | % | 0.52 | % |
Long-Term Borrowings | |||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Balance at the period end | $ | 15,303 | $ | 117,043 | |||
Average balance during the period | 62,109 | 83,648 | |||||
Average interest rate during the period | 1.21 | % | 0.94 | % | |||
Maximum month-end balance during the period | $ | 116,852 | $ | 118,432 | |||
Average interest rate at the period end | 2.91 | % | 0.81 | % | |||
Junior Subordinated Debt Securities | |||||||
(dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||
Balance at the period end | $ | 45,619 | $ | 45,619 | |||
Average balance during the period | 45,619 | 47,071 | |||||
Average interest rate during the period | 3.08 | % | 2.82 | % | |||
Maximum month-end balance during the period | $ | 45,619 | $ | 45,619 | |||
Average interest rate at the period end | 3.11 | % | 2.89 | % |
(dollars in thousands) | Adequately Capitalized | Well- Capitalized | September 30, 2016 | December 31, 2015 | ||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||
S&T Bancorp, Inc. | ||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 570,620 | 9.02 | % | $ | 535,234 | 8.96 | % | ||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 550,620 | 10.01 | % | 515,234 | 9.77 | % | ||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 570,620 | 10.37 | % | 535,234 | 10.15 | % | ||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 653,296 | 11.87 | % | 611,859 | 11.60 | % | ||||||
S&T Bank | ||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 532,761 | 8.45 | % | $ | 502,114 | 8.43 | % | ||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 532,761 | 9.72 | % | 502,114 | 9.55 | % | ||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 532,761 | 9.72 | % | 502,114 | 9.55 | % | ||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 614,212 | 11.20 | % | 577,824 | 11.00 | % |
September 30, 2016 | December 31, 2015 | |||||||
Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in EVE | % Change in Pretax Net Interest Income | % Change in EVE | ||||
+300 | 5.9 | 3.3 | 5.5 | (0.8 | ) | |||
+200 | 3.9 | 5.4 | 3.3 | 1.7 | ||||
+100 | 2.1 | 5.7 | 1.6 | 2.3 | ||||
-100 | (4.3 | ) | (13.4 | ) | (5.1 | ) | (11.1 | ) |
31.1 | Rule 13a-14(a) Certification of the Chief Executive Officer. |
31.2 | Rule 13a-14(a) Certification of the Chief Financial Officer. |
32 | Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer. |
101 | The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 is formatted in eXtensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Balance Sheet at September 30, 2016 and Audited Consolidated Balance Sheet at December 31, 2015, (ii) Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2016 and 2015, (iii) Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Nine Months ended September 30, 2016 and 2015, (iv) Unaudited Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2016 and 2015 and (v) Notes to Unaudited Consolidated Financial Statements. |
S&T Bancorp, Inc. (Registrant) | |
Date: November 2, 2016 | /s/ Mark Kochvar |
Mark Kochvar Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Signatory) |
1. | I have reviewed this quarterly report on Form 10-Q of S&T Bancorp, Inc.; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; |
b) | Any fraud, whether or not material that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Todd D. Brice |
Todd D. Brice, Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of S&T Bancorp, Inc.; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; |
b) | Any fraud, whether or not material that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Mark Kochvar |
Mark Kochvar, Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and period covered by the report. |
/s/ Todd D. Brice | /s/ Mark Kochvar | |
Todd D. Brice, Chief Executive Officer | Mark Kochvar, Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | S&T BANCORP INC | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 34,913,023 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cash and due from banks, interest-bearing amounts | $ 68,961 | $ 41,639 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 36,130,480 | 36,130,480 |
Common stock, shares outstanding (in shares) | 34,913,023 | 34,810,374 |
Treasury stock, shares (in shares) | 1,217,457 | 1,320,106 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
INTEREST INCOME | ||||
Loans, including fees | $ 53,956 | $ 49,578 | $ 157,133 | $ 138,438 |
Investment Securities: | ||||
Taxable | 2,570 | 2,522 | 7,704 | 7,298 |
Tax-exempt | 907 | 988 | 2,764 | 3,006 |
Dividends | 375 | 581 | 1,077 | 1,453 |
Total Interest Income | 57,808 | 53,669 | 168,678 | 150,195 |
INTEREST EXPENSE | ||||
Deposits | 5,119 | 3,275 | 14,403 | 9,333 |
Borrowings and junior subordinated debt securities | 1,234 | 798 | 3,474 | 2,196 |
Total Interest Expense | 6,353 | 4,073 | 17,877 | 11,529 |
NET INTEREST INCOME | 51,455 | 49,596 | 150,801 | 138,666 |
Provision for loan losses | 2,516 | 3,206 | 12,379 | 6,473 |
Net Interest Income After Provision for Loan Losses | 48,939 | 46,390 | 138,422 | 132,193 |
NONINTEREST INCOME | ||||
Securities (losses) gains, net | 0 | 0 | 0 | (34) |
Service charges on deposit accounts | 3,208 | 3,069 | 9,272 | 8,529 |
Debit and credit card fees | 3,163 | 2,996 | 8,818 | 8,732 |
Wealth management fees | 2,565 | 2,814 | 7,947 | 8,667 |
Insurance fees | 1,208 | 1,332 | 4,187 | 4,374 |
Mortgage banking | 1,077 | 698 | 2,185 | 2,006 |
Gain on sale of credit card portfolio | 0 | 0 | 2,066 | 0 |
Other | 2,227 | 1,572 | 7,238 | 5,674 |
Total Noninterest Income | 13,448 | 12,481 | 41,713 | 37,948 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 19,011 | 16,789 | 57,539 | 51,024 |
Data processing | 2,129 | 2,454 | 6,964 | 7,329 |
Net occupancy | 2,776 | 2,744 | 8,413 | 8,014 |
Furniture and equipment | 1,932 | 1,653 | 5,580 | 4,461 |
Marketing | 896 | 895 | 2,872 | 2,905 |
Professional services and legal | 1,041 | 946 | 3,035 | 2,270 |
FDIC insurance | 1,005 | 990 | 2,938 | 2,493 |
Other taxes | 1,080 | 719 | 3,076 | 2,721 |
Merger related expenses | 0 | 0 | 0 | 3,167 |
Other | 4,569 | 6,639 | 17,190 | 18,515 |
Total Noninterest Expense | 34,439 | 33,829 | 107,607 | 102,899 |
Income Before Taxes | 27,948 | 25,042 | 72,528 | 67,242 |
Provision for income taxes | 7,367 | 6,407 | 18,795 | 17,584 |
Net Income | $ 20,581 | $ 18,635 | $ 53,733 | $ 49,658 |
Earnings per share—basic (in dollars per share) | $ 0.59 | $ 0.54 | $ 1.55 | $ 1.48 |
Earnings per share—diluted (in dollars per share) | 0.59 | 0.54 | 1.54 | 1.48 |
Dividends declared per share (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.57 | $ 0.54 |
Comprehensive Income | $ 19,686 | $ 22,420 | $ 64,547 | $ 53,755 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss)/Income |
Treasury Stock |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2014 | $ 608,389 | $ 77,993 | $ 78,818 | $ 504,060 | $ (13,833) | $ (38,649) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 49,658 | 49,658 | ||||
Other comprehensive income (loss), net of tax | 4,097 | 4,097 | ||||
Cash dividends declared | (17,886) | (17,886) | ||||
Common stock issued in acquisition | 142,469 | 12,333 | 130,136 | |||
Treasury stock issued for restricted awards | (111) | (2,390) | 2,279 | |||
Recognition of restricted stock compensation expense | 1,266 | 1,266 | ||||
Tax benefit from stock-based compensation | 53 | 53 | ||||
Issuance costs | (132) | (132) | ||||
Balance at Sep. 30, 2015 | 787,803 | 90,326 | 210,141 | 533,442 | (9,736) | (36,370) |
Balance at Dec. 31, 2015 | 792,237 | 90,326 | 210,545 | 544,228 | (16,457) | (36,405) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 53,733 | 53,733 | ||||
Other comprehensive income (loss), net of tax | 10,814 | 10,814 | ||||
Cash dividends declared | (19,824) | (19,824) | ||||
Treasury stock issued for restricted awards | (115) | (2,945) | 2,830 | |||
Recognition of restricted stock compensation expense | 1,862 | 1,862 | ||||
Balance at Sep. 30, 2016 | $ 838,707 | $ 90,326 | $ 212,407 | $ 575,192 | $ (5,643) | $ (33,575) |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in dollars per share) | $ 0.57 | $ 0.54 |
Common stock issued in acquisition (in shares) | 4,933,115 | |
Treasury stock issued for restricted awards, net of forfeitures (in shares) | 110,643 | 87,841 |
Forfeitures of restricted stock (in shares) | 5,717 | 5,717 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission, or SEC, on February 23, 2016. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. Reclassification Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Recently Adopted Accounting Standards Updates, or ASU Business Combinations - Simplifying the Accounting for Measurement Period Adjustments In September 2015, the Financial Accounting Standards Board, or FASB, issued ASU No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement Period Adjustments (Topic 805). The amendments in this ASU No. 2015-16 eliminate the requirement to retrospectively adjust the financial statements for measurement-period adjustments as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if that information had been revised. The measurement period is a reasonable time period after the acquisition date when the acquirer may adjust the provisional amounts recognized for a business combination if the necessary information is not available by the end of the reporting period in which the acquisition occurs. The measurement periods cannot continue for more than one year from the acquisition date. The standard is effective for annual periods and interim periods beginning after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The main provisions of ASU No. 2015-05 provide a basis for evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. The standard is effective for annual periods and interim periods beginning after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015. In September 2015, the FASB issued ASU No. 2015-15, Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU No. 2015-15 amends the SEC Content in Subtopic 835-30 by adding SEC paragraph 835-30-S35-1, Interest-Imputation of Interest Subsequent Measurement and paragraph 830-30-S45-1, Other Presentation Matters. These paragraphs were added because ASU No. 2015-03 issued in April 2015 does not address presentation or subsequent measurement of debt issuance costs related to "line-of-credit arrangements." The adoption of this ASU had no material impact on our results of operations or financial position. Consolidation: Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1. modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities, or VIEs, or voting interest entities; 2. eliminate the presumption that a general partner should consolidate a limited partnership; 3. affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and 4. provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2A-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this ASU are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Income Statement - Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary. The amendments in this ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items and eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Recently Issued Accounting Standards Updates not yet Adopted Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The main objective of this ASU is to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this Update provide guidance on the following eight specific cash flow issues: Debt prepayment or debt extinguishments costs, Settlement of zero-coupon debt instruments, Contingent consideration payments made after a business combination, Proceeds from the settlement of insurance claims, Proceeds from the settlement of bank-owned life insurance (BOLI) policies, Distributions received from equity method investments, Beneficial interests in securitization transactions, and Separately identifiable cash flows and application of the predominance principle. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, provided that all of the amendments are adopted in the same period. We are evaluating the provisions of this ASU to determine the potential impact on our results of operations and financial position. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as the CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the provisions of this ASU to determine the potential impact on our results of operations and financial position. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new revenue pronouncement creates a single source of revenue guidance for all companies in all industries and is more principles-based than current revenue guidance. The pronouncement provides a five-step model for a company to recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The five steps are: 1. identify the contract with the customer; 2. identify the separate performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the separate performance obligations; and 5. recognize revenue when each performance obligation is satisfied. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), as an amendment to ASU No. 2014-09 to improve Topic 606, Revenue from Contracts with Customers by reducing: 1. The potential for diversity in practice arising from inconsistent and application of the principal versus agent guidance, and 2. The cost and complexity of applying Topic 606 both at transition and on an ongoing basis. In April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing, as an amendment to ASU No. 2014-09 to improve Topic 606, Revenue from Contracts with Customers, by reducing: 1. The potential for diversity in practice at initial application, and 2. The cost and complexity of applying Topic 606 both at transition and on an ongoing basis. In May 2016, the FASB issued ASU No. 2016-12, Narrow-scope Improvements and Practical Expedients. The amendments in this ASU do not change the core principles of Topic 606, Revenue from Contracts with Customers. These amendments affect only the narrow aspects of Topic 606: 1. Collectibility Criterion, 2. Presentation of Sales Taxes and Other Similar Taxes Collected from Customers, 3. Noncash Consideration, 4. Contract Modifications at Transition, and 5. Completed Contracts at Transition. ASU 2014-09, including transition requirements for all amendments, is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption is permitted as of the original effective date for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are evaluating the provisions of these ASUs to determine the potential impact to our results of operations and financial position. Stock Compensation - Improvements to Employee Share-Based Payment Accounting On March 31, 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions as part of the FASB's simplification initiative. The ASU changes seven aspects of the accounting for share-based payment award transactions, including; 1. accounting for income taxes; 2. classification of excess tax benefits on the statement of cash flows; 3. forfeitures; 4. minimum statutory tax withholding requirements; 5. classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes; 6. practical expedient -- expected term (nonpublic only); and 7. intrinsic value (nonpublic only). This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods within those years for public business entities. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. We do not expect that this ASU will have a material impact on our results of operations and financial position. Equity Method and Joint Ventures - Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. We do not expect that this ASU will have a material impact on our results of operations and financial position. Leases - Section A-Amendments to the FASB Accounting Standards Codification, Section B-Conforming Amendments Related to Leases and Section C-Background Information and Basis for Conclusions In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases on the balance sheet. Lessor accounting remains substantially similar to current GAAP. ASU 2016-02 supersedes Topic 840, Leases. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. Early adoption of this ASU is permitted. We anticipate that this ASU will impact our financial statements as it relates to the recognition of right-to-use assets and lease obligations on our Consolidated Balance Sheet. However, we do not expect that this ASU will have a material impact on our Consolidated Statement of Comprehensive Income. Accounting for Financial Instruments - Overall: Classification and Measurement In January 2016, the FASB issued ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement (Subtopic 825-10). The amendments in this ASU No. 2016-01 address the following: 1. require equity investments to be measured at fair value with changes in fair value recognized in net income; 2. simplify the impairment assessment of equity investments without readily-determinable fair values by requiring a qualitative assessment to identify impairment; 3. eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4. require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5. require separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6. require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and 7. clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2017. We anticipate that this ASU will have a significant impact on our financial statements and disclosures primarily as it relates to recognizing the fair value changes for equity securities in net income rather than an adjustment to equity through other comprehensive income. |
Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | On March 4, 2015, S&T acquired 100 percent of the voting shares of Integrity Bancshares, Inc., or Integrity, located in Camp Hill, Pennsylvania, through a tax-free reorganization transaction structured as a merger of Integrity with and into S&T, with S&T being the surviving entity. As a result of the Integrity merger, or the Merger, Integrity Bank, the wholly owned subsidiary bank of Integrity, became a separate wholly owned subsidiary bank of S&T. The merger of Integrity Bank into S&T Bank, with S&T Bank surviving the merger, and the related system conversion occurred on May 8, 2015. Integrity shareholders were entitled to elect to receive for each share of Integrity common stock either $52.50 in cash or 2.0627 shares of S&T common stock subject to allocation and proration procedures in the merger agreement. The total purchase price was approximately $172.0 million, which included $29.5 million of cash and 4,933,115 S&T common shares at a fair value of $28.88 per share. The fair value of $28.88 per share of S&T common stock was based on the March 4, 2015 closing price. The Merger was accounted for under the acquisition method of accounting and our Consolidated Financial Statements include all Integrity Bank transactions from March 4, 2015, until it was merged into S&T Bank on May 8, 2015. The assets acquired and liabilities assumed were recorded at their respective fair values and represent management’s estimates based on available information. Purchase accounting guidance allows for a reasonable period of time following an acquisition for the acquirer to obtain the information necessary to complete the accounting for a business combination. This period is known as the measurement period. At the end of the measurement period, $1.1 million in purchase accounting adjustments were recognized that increased goodwill. The measurement period adjustments primarily related to changes to provisional amounts, a $0.8 million reduction in the fair value of land and $0.3 million in deferred taxes. Goodwill of $115.9 million was calculated as the excess of the consideration exchanged over the fair value of the identifiable net assets acquired. The goodwill arising from the Merger consists largely of the synergies and economies of scale expected from combining the operations of S&T and Integrity. All of the goodwill was assigned to our Community Banking segment. The goodwill recognized will not be deductible for tax purposes. The following table summarizes total consideration, assets acquired and liabilities assumed from the Merger:
Loans acquired in the Merger were recorded at fair value with no carryover of the related Allowance for Loan Losses, or ALL. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The fair value of the loans acquired was $788.7 million net of a $14.8 million discount. The discount is accreted to interest income over the remaining contractual life of the loans. At March 4, 2015, acquired loans included $331.6 million of Commercial Real Estate, or CRE, $184.2 million of Commercial and Industrial, or C&I, $92.4 million of commercial construction, $116.9 million of residential mortgage, $25.6 million of home equity, $36.1 million of installment and other consumer and $1.9 million of consumer construction. Direct costs related to the Merger were expensed as incurred. No merger related expenses were recognized during the three month and nine month periods ended September 30, 2016 compared to no merger related expenses for the three month period and $3.2 million of Merger related expenses for the nine months ended September 30, 2015. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The following table reconciles the numerators and denominators of basic and diluted earnings per share for the periods presented:
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Securities available-for-sale, trading assets and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which is developed, based on market data we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Securities Available-for-Sale Securities available-for-sale include both debt and equity securities. We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing service which provides us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market evaluation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models and vast descriptive terms and conditions databases, as well as extensive quality control programs. Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Trading Assets We use quoted market prices to determine the fair value of our trading assets. Our trading assets are held in a Rabbi Trust under a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Derivative Financial Instruments We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Impaired Loans Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish specific reserves based on the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Impaired loans carried at fair value are classified as Level 3. OREO and Other Repossessed Assets OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. Mortgage Servicing Rights The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. Loans The fair value of variable rate performing loans that may reprice frequently at short-term market rates is based on carrying values adjusted for credit risk. The fair value of variable rate performing loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of fixed rate performing loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of nonperforming loans is the carrying value less any specific reserve on the loan if it is impaired. The carrying amount of accrued interest approximates fair value. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance. Federal Home Loan Bank, or FHLB, and Other Restricted Stock It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value. Deposits The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at September 30, 2016 and December 31, 2015. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.
We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either September 30, 2016 or December 31, 2015. The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented:
The carrying values and fair values of our financial instruments at September 30, 2016 and December 31, 2015 are presented in the following tables:
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Securities Available-for-Sale |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:
The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented:
We do not believe any individual unrealized loss as of September 30, 2016 represents an other than temporary impairment. As of September 30, 2016, one debt security and one marketable equity security were in an unrealized loss position compared to unrealized losses on 26 debt securities at December 31, 2015. There were no unrealized losses on marketable equity securities at December 31, 2015. These unrealized losses were primarily attributable to changes in interest rates and not related to the credit quality of these securities. All debt securities are determined to be investment grade and are paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is not more likely than not that we will be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive (loss)/income, for the periods presented:
The amortized cost and fair value of securities available-for-sale at September 30, 2016 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
At September 30, 2016 and December 31, 2015, securities with carrying values of $291.4 million and $278.4 million were pledged for various regulatory and legal requirements. |
Loans and Loans Held for Sale |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Loans Held for Sale | Loans are presented net of unearned income of $4.6 million and $3.2 million at September 30, 2016 and December 31, 2015 and net of a discount related to purchase accounting fair value adjustments of $8.2 million and $10.9 million at September 30, 2016 and December 31, 2015. The following table indicates the composition of loans as of the dates presented:
We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we monitor this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments. Total commercial loans represented 77 percent of total portfolio loans at September 30, 2016 and 76 percent of total portfolio loans at December 31, 2015. Within our commercial portfolio, the CRE and Commercial Construction portfolios combined comprised $2.8 billion or 68 percent of total commercial loans and 52 percent of total portfolio loans at September 30, 2016 and comprised of $2.6 billion or 67 percent of total commercial loans and 51 percent of total portfolio loans at December 31, 2015. Further segmentation of the CRE and Commercial Construction portfolios by collateral type reveals no concentration in excess of seven percent of total loans at September 30, 2016 and December 31, 2015. Our market area includes Pennsylvania and the contiguous states of Ohio, West Virginia, New York and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this market area, resulting in a geographic concentration. We believe our knowledge and familiarity with customers and conditions locally outweighs this geographic concentration risk. The conditions of the local and regional economies are monitored closely through publicly available data as well as information supplied by our customers. Our CRE and Commercial Construction portfolios have out-of-market exposure of 5.4 percent of the combined portfolio and 2.8 percent of total loans at September 30, 2016 and 5.8 percent of the combined portfolio and 3.0 percent of total loans at December 31, 2015. The decrease in loans held for sale of $23.6 million primarily related to the sale of our credit card portfolio, which was sold for $25.0 million and resulted in a $2.1 million gain for the nine months ended September 30, 2016. Troubled debt restructurings, or TDRs, are loans where we, for economic or legal reasons related to a borrower’s financial difficulties, grant a concession to the borrower. We strive to identify borrowers with financial difficulty early and work with them to come to a mutual resolution to modify the terms of their loan before the loan goes nonaccrual. These modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates or principal deferment. While unusual, there may be instances of principal forgiveness. These modifications are generally for longer term periods that would not be considered insignificant. Additionally, we classify loans where the debt obligation has been discharged through a Chapter 7 Bankruptcy and not reaffirmed as TDRs. We individually evaluate all substandard commercial loans that have experienced a forbearance or change in terms agreement, as well as all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan to determine if they should be designated as TDRs. All TDRs are considered to be impaired loans and will be reported as impaired loans for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. Further, all impaired loans are reported as nonaccrual loans unless the loan is a TDR that has met the requirements to be returned to accruing status. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. The following table summarizes the restructured loans as of the dates presented:
There were no TDRs returned to accruing status during the three and nine months ended September 30, 2016 and there were six TDRs that returned to accruing status totaling $0.3 million during the three and nine months ended September 30, 2015. The following tables present the restructured loans during the periods presented:
For the three months ended September 30, 2016, we modified 12 C&I loan totaling $16.9 million and one CRE loan totaling $1.9 million that were not considered to be TDRs. For the nine months ended September 30, 2016, we modified 15 C&I loans totaling $25.6 million and two CRE loans totaling $2.5 million that were not considered to be TDRs. The modifications were administrative extensions of maturity dates that were determined not to be a concession. As of September 30, 2016, we have $0.3 million of commitments to lend additional funds on TDRs. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. The following tables present a summary of TDRs which defaulted during the periods presented that had been restructured within the last 12 months prior to defaulting:
The following table is a summary of nonperforming assets as of the dates presented:
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Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | We maintain an allowance for loan losses, or ALL, at a level determined to be adequate to absorb estimated probable credit losses inherent in the loan portfolio as of the balance sheet date. We develop and document a systematic ALL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. The following are key risks within each portfolio segment: CRE—Loans secured by commercial purpose real estate, including both owner occupied properties and investment properties, for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type as well as the business prospects of the lessee, if the project is not owner occupied. C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. We further assess risk within each portfolio segment by pooling loans with similar risk characteristics. For the commercial loan classes, the most important indicator of risk is the internally assigned risk rating, including pass, special mention and substandard. Consumer loans are pooled by type of collateral, lien position and loan to value, or LTV, ratio for Consumer Real Estate loans. Historical loss rates are applied to these loan pools to determine the reserve for loans collectively evaluated for impairment. The ALL methodology for groups of loans collectively evaluated for impairment is comprised of both a quantitative and qualitative analysis. A key assumption in the quantitative component of the reserve is the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. Management monitors various credit quality indicators for both the commercial and consumer loan portfolios, including delinquency, nonperforming status and changes in risk ratings on a monthly basis. The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
We continually monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass—The loan is currently performing and is of high quality. Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Economic and market conditions, beyond the borrower’s control, may in the future necessitate this classification. Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. The following tables present the recorded investment in commercial loan classes by internally assigned risk ratings as of the dates presented:
We monitor the delinquent status of the consumer portfolio on a monthly basis. Loans are considered nonperforming when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonperforming loans. The following tables present the recorded investment in consumer loan classes by performing and nonperforming status as of the dates presented:
We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. Loans are considered to be impaired when based upon current information and events it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan agreement. All TDRs will be reported as an impaired loan for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is expected that the remaining principal and interest will be fully collected according to the restructured agreement. For all TDRs, regardless of size, as well as all other impaired loans, we conduct further analysis to determine the probable loss and assign a specific reserve to the loan if deemed appropriate. The following tables summarize investments in loans considered to be impaired and related information on those impaired loans as of the dates presented:
As of September 30, 2016, we had $38.1 million of impaired loans which included $14.4 million of acquired loans from the Merger that experienced credit deterioration since the acquisition date. The following tables summarize investments in loans considered to be impaired and related information on those impaired loans for the periods presented:
The following tables detail activity in the ALL for the periods presented:
The following tables present the ALL and recorded investments in loans by category as of the periods presented:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Net Income. Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Net Income. The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Presenting offsetting derivatives that are subject to legally enforceable netting arrangements with the same party is permitted. For example, we may have a derivative asset as well as a derivative liability with the same counterparty to a swap transaction and are permitted to offset the asset position and the liability position resulting in a net presentation. The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented:
(1) Amounts represent posted collateral. The following table indicates the gain or loss recognized in income on derivatives for the periods presented:
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Short-term borrowings are for terms under one year and were comprised of REPOs and FHLB advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and are therefore accounted for as a secured borrowing. Mortgage-backed securities with a total carrying value of $47.4 million at September 30, 2016 and $67.0 million at December 31, 2015 were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans. Long-term borrowings are for original terms greater than or equal to one year and were comprised of FHLB advances, a capital lease and junior subordinated debt securities. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $12.1 million at a fixed rate and $3.1 million at a variable rate at September 30, 2016, excluding our capital lease of $0.1 million. On March 4, 2015 we assumed $13.5 million of junior subordinated debt in connection with the Merger. On March 5, 2015, we paid off $8.5 million and on June 18, 2015, we paid off the remaining $5.0 million. Information pertaining to borrowings is summarized in the table below as of the dates presented:
We had total borrowings at September 30, 2016 and December 31, 2015 at the FHLB of Pittsburgh of $580.2 million and $473.0 million. The $580.2 million at September 30, 2016 consisted of $565.0 million in short-term borrowings and $15.2 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.2 billion at September 30, 2016. Our remaining borrowing availability is $1.4 billion. We utilized $802.1 million of our borrowing capacity at September 30, 2016 consisting of $580.2 million for borrowings and $221.9 million for letters of credit to collateralize public funds. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Our allowance for unfunded commitments totaled $2.6 million at September 30, 2016 and $2.5 million at December 31, 2015. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The allowance for unfunded commitments is determined using a similar methodology as our ALL methodology. The reserve is calculated by applying historical loss rates and qualitative adjustments to our unfunded commitments. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following table sets forth our commitments and letters of credit as of the dates presented:
Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that no outcome of any such proceedings or claims pending will have a material adverse effect on our consolidated financial position or results of operations. |
Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | The following table represents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
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Employee Benefits |
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Employee Benefits | Effective March 31, 2016, the qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan. We recorded a curtailment gain in the first quarter of 2016 resulting from the amendment. The curtailment gain totaled $1.0 million and represented the unrecognized benefits associated with prior plan amendments that would have been amortized into income over the next seven years. The qualified plan was previously closed to new participants effective December 31, 2007. We will continue recording pension expense related to this plan, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plan, as well as income from expected investment returns on pension assets. Prior to March 31, 2016, the accrued benefits were based on years of service and the employee’s compensation for the highest five consecutive years in the last ten years. Contributions were intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. The expected long-term rate of return on plan assets is 7.50 percent. Effective January 1, 2015, the plan was amended to provide unmarried participants with the ability to name a beneficiary to receive a lump sum death benefit equal to 80 percent of the participant’s accrued benefit payable at normal retirement age, in the event the participant dies while employed by S&T. The following table summarizes the components of net periodic pension cost for the periods presented:
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Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | We operate three reportable operating segments: Community Banking, Insurance and Wealth Management.
The following table represents total assets by reportable operating segment as of the dates presented:
The following tables provide financial information for our three operating segments for the three and nine month periods ended September 30, 2016 and 2015. The financial results of the business segments include allocations for shared services based on an internal analysis that supports line of business and branch performance measurements. Shared services include expenses such as employee benefits, occupancy expense, computer support and other corporate overhead. Even with these allocations, the financial results are not necessarily indicative of the business segments’ financial condition and results of operations as if they existed as independent entities. The information provided under the caption “Eliminations” represents operations not considered to be reportable segments and/or general operating expenses and eliminations and adjustments, which are necessary for purposes of reconciling to the Consolidated Financial Statements.
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Qualified Affordable Housing Projects |
9 Months Ended |
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Sep. 30, 2016 | |
Investments in Affordable Housing Projects [Abstract] | |
Qualified Affordable Housing Projects | We invest in affordable housing projects primarily to satisfy our Community Reinvestment Act requirements. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. We use the cost method to account for these partnerships. Our total investment in qualified affordable housing projects was $12.6 million at September 30, 2016 and $15.0 million at December 31, 2015. We had no open commitments to fund current or future investments in qualified affordable housing projects at September 30, 2016 or December 31, 2015. Amortization expense, included in other noninterest expense in the Consolidated Statements of Net Income, was $0.8 million and $2.5 million for the three and nine months ended September 30, 2016 and $0.9 million and $2.8 million for the three and nine months ended September 30, 2015. The amortization expense was offset by tax credits of $0.9 million and $2.7 million for the three and nine months ended September 30, 2016 and $1.0 million and $3.0 million for the three and nine months ended September 30, 2015 as a reduction to our federal tax provision. |
Basis of Presentation (Policies) |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission, or SEC, on February 23, 2016. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. |
Reclassification | Reclassification Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Recently Adopted Accounting Standards Updates, or ASU, and Recently Issued Accounting Standards Updates not yet Adopted | Recently Adopted Accounting Standards Updates, or ASU Business Combinations - Simplifying the Accounting for Measurement Period Adjustments In September 2015, the Financial Accounting Standards Board, or FASB, issued ASU No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement Period Adjustments (Topic 805). The amendments in this ASU No. 2015-16 eliminate the requirement to retrospectively adjust the financial statements for measurement-period adjustments as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Additional disclosures are required about the impact on current-period income statement line items of adjustments that would have been recognized in prior periods if that information had been revised. The measurement period is a reasonable time period after the acquisition date when the acquirer may adjust the provisional amounts recognized for a business combination if the necessary information is not available by the end of the reporting period in which the acquisition occurs. The measurement periods cannot continue for more than one year from the acquisition date. The standard is effective for annual periods and interim periods beginning after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The main provisions of ASU No. 2015-05 provide a basis for evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the arrangement should be accounted for as a service contract. The standard is effective for annual periods and interim periods beginning after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015. In September 2015, the FASB issued ASU No. 2015-15, Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU No. 2015-15 amends the SEC Content in Subtopic 835-30 by adding SEC paragraph 835-30-S35-1, Interest-Imputation of Interest Subsequent Measurement and paragraph 830-30-S45-1, Other Presentation Matters. These paragraphs were added because ASU No. 2015-03 issued in April 2015 does not address presentation or subsequent measurement of debt issuance costs related to "line-of-credit arrangements." The adoption of this ASU had no material impact on our results of operations or financial position. Consolidation: Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1. modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities, or VIEs, or voting interest entities; 2. eliminate the presumption that a general partner should consolidate a limited partnership; 3. affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and 4. provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2A-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this ASU are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Income Statement - Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary. The amendments in this ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items and eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2015. The adoption of this ASU had no impact on our results of operations or financial position. Recently Issued Accounting Standards Updates not yet Adopted Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The main objective of this ASU is to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this Update provide guidance on the following eight specific cash flow issues: Debt prepayment or debt extinguishments costs, Settlement of zero-coupon debt instruments, Contingent consideration payments made after a business combination, Proceeds from the settlement of insurance claims, Proceeds from the settlement of bank-owned life insurance (BOLI) policies, Distributions received from equity method investments, Beneficial interests in securitization transactions, and Separately identifiable cash flows and application of the predominance principle. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, provided that all of the amendments are adopted in the same period. We are evaluating the provisions of this ASU to determine the potential impact on our results of operations and financial position. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as the CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the provisions of this ASU to determine the potential impact on our results of operations and financial position. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new revenue pronouncement creates a single source of revenue guidance for all companies in all industries and is more principles-based than current revenue guidance. The pronouncement provides a five-step model for a company to recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The five steps are: 1. identify the contract with the customer; 2. identify the separate performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the separate performance obligations; and 5. recognize revenue when each performance obligation is satisfied. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), as an amendment to ASU No. 2014-09 to improve Topic 606, Revenue from Contracts with Customers by reducing: 1. The potential for diversity in practice arising from inconsistent and application of the principal versus agent guidance, and 2. The cost and complexity of applying Topic 606 both at transition and on an ongoing basis. In April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing, as an amendment to ASU No. 2014-09 to improve Topic 606, Revenue from Contracts with Customers, by reducing: 1. The potential for diversity in practice at initial application, and 2. The cost and complexity of applying Topic 606 both at transition and on an ongoing basis. In May 2016, the FASB issued ASU No. 2016-12, Narrow-scope Improvements and Practical Expedients. The amendments in this ASU do not change the core principles of Topic 606, Revenue from Contracts with Customers. These amendments affect only the narrow aspects of Topic 606: 1. Collectibility Criterion, 2. Presentation of Sales Taxes and Other Similar Taxes Collected from Customers, 3. Noncash Consideration, 4. Contract Modifications at Transition, and 5. Completed Contracts at Transition. ASU 2014-09, including transition requirements for all amendments, is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption is permitted as of the original effective date for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are evaluating the provisions of these ASUs to determine the potential impact to our results of operations and financial position. Stock Compensation - Improvements to Employee Share-Based Payment Accounting On March 31, 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions as part of the FASB's simplification initiative. The ASU changes seven aspects of the accounting for share-based payment award transactions, including; 1. accounting for income taxes; 2. classification of excess tax benefits on the statement of cash flows; 3. forfeitures; 4. minimum statutory tax withholding requirements; 5. classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes; 6. practical expedient -- expected term (nonpublic only); and 7. intrinsic value (nonpublic only). This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods within those years for public business entities. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. We do not expect that this ASU will have a material impact on our results of operations and financial position. Equity Method and Joint Ventures - Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. We do not expect that this ASU will have a material impact on our results of operations and financial position. Leases - Section A-Amendments to the FASB Accounting Standards Codification, Section B-Conforming Amendments Related to Leases and Section C-Background Information and Basis for Conclusions In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases on the balance sheet. Lessor accounting remains substantially similar to current GAAP. ASU 2016-02 supersedes Topic 840, Leases. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. Early adoption of this ASU is permitted. We anticipate that this ASU will impact our financial statements as it relates to the recognition of right-to-use assets and lease obligations on our Consolidated Balance Sheet. However, we do not expect that this ASU will have a material impact on our Consolidated Statement of Comprehensive Income. Accounting for Financial Instruments - Overall: Classification and Measurement In January 2016, the FASB issued ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement (Subtopic 825-10). The amendments in this ASU No. 2016-01 address the following: 1. require equity investments to be measured at fair value with changes in fair value recognized in net income; 2. simplify the impairment assessment of equity investments without readily-determinable fair values by requiring a qualitative assessment to identify impairment; 3. eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4. require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5. require separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6. require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and 7. clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2017. We anticipate that this ASU will have a significant impact on our financial statements and disclosures primarily as it relates to recognizing the fair value changes for equity securities in net income rather than an adjustment to equity through other comprehensive income. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Securities available-for-sale, trading assets and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which is developed, based on market data we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Securities Available-for-Sale Securities available-for-sale include both debt and equity securities. We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing service which provides us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market evaluation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models and vast descriptive terms and conditions databases, as well as extensive quality control programs. Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Trading Assets We use quoted market prices to determine the fair value of our trading assets. Our trading assets are held in a Rabbi Trust under a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Derivative Financial Instruments We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Impaired Loans Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish specific reserves based on the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Impaired loans carried at fair value are classified as Level 3. OREO and Other Repossessed Assets OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. Mortgage Servicing Rights The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. Loans The fair value of variable rate performing loans that may reprice frequently at short-term market rates is based on carrying values adjusted for credit risk. The fair value of variable rate performing loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of fixed rate performing loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans and adjusted for credit risk. The fair value of nonperforming loans is the carrying value less any specific reserve on the loan if it is impaired. The carrying amount of accrued interest approximates fair value. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance. Federal Home Loan Bank, or FHLB, and Other Restricted Stock It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value. Deposits The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. |
Allowance for Loans Losses by Portfolio | We maintain an allowance for loan losses, or ALL, at a level determined to be adequate to absorb estimated probable credit losses inherent in the loan portfolio as of the balance sheet date. We develop and document a systematic ALL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. The following are key risks within each portfolio segment: CRE—Loans secured by commercial purpose real estate, including both owner occupied properties and investment properties, for various purposes such as hotels, strip malls and apartments. Operations of the individual projects as well as global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type as well as the business prospects of the lessee, if the project is not owner occupied. C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. We further assess risk within each portfolio segment by pooling loans with similar risk characteristics. For the commercial loan classes, the most important indicator of risk is the internally assigned risk rating, including pass, special mention and substandard. Consumer loans are pooled by type of collateral, lien position and loan to value, or LTV, ratio for Consumer Real Estate loans. Historical loss rates are applied to these loan pools to determine the reserve for loans collectively evaluated for impairment. The ALL methodology for groups of loans collectively evaluated for impairment is comprised of both a quantitative and qualitative analysis. A key assumption in the quantitative component of the reserve is the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. Management monitors various credit quality indicators for both the commercial and consumer loan portfolios, including delinquency, nonperforming status and changes in risk ratings on a monthly basis. |
Loans Credit Risk Rating | We continually monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass—The loan is currently performing and is of high quality. Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Economic and market conditions, beyond the borrower’s control, may in the future necessitate this classification. Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. |
Derivative Financial Instruments | Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Net Income. Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Net Income. |
Business Combinations (Tables) |
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Summary of Consideration, Assets Acquired and Liabilities Assumed | The following table summarizes total consideration, assets acquired and liabilities assumed from the Merger:
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Earnings Per Share (Tables) |
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Reconciles Numerators and Denominators of Basic Earnings Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share for the periods presented:
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Fair Value Measurement (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at September 30, 2016 and December 31, 2015. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.
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Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy | The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented:
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Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at September 30, 2016 and December 31, 2015 are presented in the following tables:
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Securities Available-for-Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Securities Available-for-Sale | The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:
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Fair Value and Age of Gross Unrealized Losses by Investment Category | The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented:
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Unrealized Gains and Losses, Net of Tax on Securities Available for Sale | The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive (loss)/income, for the periods presented:
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Amortized Cost and Fair Value of Available-for-Sale Securities | The amortized cost and fair value of securities available-for-sale at September 30, 2016 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Loans and Loans Held for Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Loans | The following table indicates the composition of loans as of the dates presented:
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Restructured Loans for Periods Presented | The following table summarizes the restructured loans as of the dates presented:
he following tables present the restructured loans during the periods presented:
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Summary of Nonperforming Assets of Defaulted TDRs | The following tables present a summary of TDRs which defaulted during the periods presented that had been restructured within the last 12 months prior to defaulting:
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Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented:
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Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
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Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings | The following tables present the recorded investment in commercial loan classes by internally assigned risk ratings as of the dates presented:
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Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status | The following tables present the recorded investment in consumer loan classes by performing and nonperforming status as of the dates presented:
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Investments in Loans Considered to be Impaired and Related Information on Impaired Loans |
The following tables summarize investments in loans considered to be impaired and related information on those impaired loans as of the dates presented:
The following tables summarize investments in loans considered to be impaired and related information on those impaired loans for the periods presented:
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Summary of Allowance for Loan Losses | The following tables detail activity in the ALL for the periods presented:
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Summary of Allowance for Loan Losses and Recorded Investments | The following tables present the ALL and recorded investments in loans by category as of the periods presented:
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
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Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented:
(1) Amounts represent posted collateral. |
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Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives for the periods presented:
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Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Information Pertaining to Borrowings | Information pertaining to borrowings is summarized in the table below as of the dates presented:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented:
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Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Effects of Components of Other Comprehensive Income | The following table represents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
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Employee Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit | The following table summarizes the components of net periodic pension cost for the periods presented:
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Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets by Reportable Operating Segment | The following table represents total assets by reportable operating segment as of the dates presented:
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Financial Information of Segments | The following tables provide financial information for our three operating segments for the three and nine month periods ended September 30, 2016 and 2015. The financial results of the business segments include allocations for shared services based on an internal analysis that supports line of business and branch performance measurements. Shared services include expenses such as employee benefits, occupancy expense, computer support and other corporate overhead. Even with these allocations, the financial results are not necessarily indicative of the business segments’ financial condition and results of operations as if they existed as independent entities. The information provided under the caption “Eliminations” represents operations not considered to be reportable segments and/or general operating expenses and eliminations and adjustments, which are necessary for purposes of reconciling to the Consolidated Financial Statements.
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Basis of Presentation - Additional Information (Details) |
Sep. 30, 2016 |
---|---|
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of outstanding common stock of investees accounted for using equity method of accounting | 20.00% |
Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of outstanding common stock of investees accounted for using equity method of accounting | 50.00% |
Business Combinations - Consideration, Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Mar. 04, 2015 |
Mar. 04, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Fair Value of Liabilities Assumed | ||||
Goodwill | $ 291,670 | $ 291,764 | ||
Integrity Bancshares, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 29,500 | $ 29,510 | ||
Common stock | 142,469 | |||
Fair Value of Total Consideration | 172,000 | 171,979 | ||
Fair Value of Assets Acquired | ||||
Cash and cash equivalents | 13,163 | |||
Securities and other investments | 11,502 | |||
Loans | $ 788,700 | 788,687 | ||
Bank owned life insurance | 15,974 | |||
Premises and equipment | 10,855 | |||
Core deposit intangible | 5,713 | |||
Other assets | 19,088 | |||
Total Assets Acquired | 864,982 | |||
Fair Value of Liabilities Assumed | ||||
Deposits | 722,308 | |||
Borrowings | 82,286 | |||
Other liabilities | 4,259 | |||
Total Liabilities Assumed | 808,853 | |||
Total Fair Value of Identifiable Net Assets | 56,129 | |||
Goodwill | $ 115,850 |
Fair Value Measurement - Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 | |||
ASSETS | |||||
Impaired loans | [1] | 9,000,000 | 9,373,000 | ||
Other real estate owned | [1] | 181,000 | 158,000 | ||
Mortgage servicing rights | [1] | 3,253,000 | 3,396,000 | ||
Total Assets | [1] | 12,434,000 | 12,927,000 | ||
Level 1 | |||||
ASSETS | |||||
Impaired loans | [1] | 0 | 0 | ||
Other real estate owned | [1] | 0 | 0 | ||
Mortgage servicing rights | [1] | 0 | 0 | ||
Total Assets | [1] | 0 | 0 | ||
Level 2 | |||||
ASSETS | |||||
Impaired loans | [1] | 0 | 0 | ||
Other real estate owned | [1] | 0 | 0 | ||
Mortgage servicing rights | [1] | 0 | 0 | ||
Total Assets | [1] | 0 | 0 | ||
Level 3 | |||||
ASSETS | |||||
Impaired loans | [1] | 9,000,000 | 9,373,000 | ||
Other real estate owned | [1] | 181,000 | 158,000 | ||
Mortgage servicing rights | [1] | 3,253,000 | 3,396,000 | ||
Total Assets | [1] | $ 12,434,000 | $ 12,927,000 | ||
|
Securities Available-for-Sale - Composition of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 649,198 | $ 650,782 |
Gross Unrealized Gains | 21,938 | 11,897 |
Gross Unrealized Losses | (8) | (1,716) |
Fair Value | 671,128 | 660,963 |
US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,944 | 14,914 |
Gross Unrealized Gains | 112 | 27 |
Gross Unrealized Losses | 0 | |
Fair Value | 15,056 | 14,941 |
Obligations of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 246,259 | 262,045 |
Gross Unrealized Gains | 4,665 | 1,825 |
Gross Unrealized Losses | 0 | (567) |
Fair Value | 250,924 | 263,303 |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 134,675 | 128,458 |
Gross Unrealized Gains | 2,785 | 693 |
Gross Unrealized Losses | 0 | (316) |
Fair Value | 137,460 | 128,835 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,685 | 39,185 |
Gross Unrealized Gains | 1,600 | 1,091 |
Gross Unrealized Losses | 0 | (151) |
Fair Value | 36,285 | 40,125 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 86,827 | 69,697 |
Gross Unrealized Gains | 1,680 | 183 |
Gross Unrealized Losses | (8) | (676) |
Fair Value | 88,499 | 69,204 |
Obligations of States and Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 124,229 | 128,904 |
Gross Unrealized Gains | 8,307 | 5,988 |
Gross Unrealized Losses | 0 | (6) |
Fair Value | 132,536 | 134,886 |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 641,619 | 643,203 |
Gross Unrealized Gains | 19,149 | 9,807 |
Gross Unrealized Losses | (8) | (1,716) |
Fair Value | 660,760 | 651,294 |
Marketable Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,579 | 7,579 |
Gross Unrealized Gains | 2,789 | 2,090 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 10,368 | $ 9,669 |
Securities Available-for-Sale - Fair Value and Age of Gross Unrealized Losses by Investment Category (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
security
|
Dec. 31, 2015
USD ($)
security
|
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 2 | 23 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 7,912 | $ 213,997 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ (8) | $ (1,302) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 3 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 24,014 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (414) |
Available-for-sale, Securities, Number of Positions | security | 2 | 26 |
Available-for-sale Securities, Fair Value, Total | $ 7,912 | $ 238,011 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (8) | $ (1,716) |
US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 0 | 0 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Available-for-sale, Securities, Number of Positions | security | 0 | 0 |
Available-for-sale Securities, Fair Value, Total | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ 0 |
Obligations of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 0 | 10 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 0 | $ 88,584 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (379) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 2 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 14,542 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (188) |
Available-for-sale, Securities, Number of Positions | security | 0 | 12 |
Available-for-sale Securities, Fair Value, Total | $ 0 | $ 103,126 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (567) |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 0 | 6 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 0 | $ 61,211 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (316) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Available-for-sale, Securities, Number of Positions | security | 0 | 6 |
Available-for-sale Securities, Fair Value, Total | $ 0 | $ 61,211 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (316) |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 0 | 1 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 0 | $ 7,993 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (151) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Available-for-sale, Securities, Number of Positions | security | 0 | 1 |
Available-for-sale Securities, Fair Value, Total | $ 0 | $ 7,993 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (151) |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 1 | 5 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 7,841 | $ 50,839 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ (8) | $ (450) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 1 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 9,472 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (226) |
Available-for-sale, Securities, Number of Positions | security | 1 | 6 |
Available-for-sale Securities, Fair Value, Total | $ 7,841 | $ 60,311 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (8) | $ (676) |
Obligations of States and Political Subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 0 | 1 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 0 | $ 5,370 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (6) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 0 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Available-for-sale, Securities, Number of Positions | security | 0 | 1 |
Available-for-sale Securities, Fair Value, Total | $ 0 | $ 5,370 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (6) |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 1 | 23 |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 7,841 | $ 213,997 |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ (8) | $ (1,302) |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | 3 |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | $ 24,014 |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (414) |
Available-for-sale, Securities, Number of Positions | security | 1 | 26 |
Available-for-sale Securities, Fair Value, Total | $ 7,841 | $ 238,011 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (8) | $ (1,716) |
Marketable Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities, Less Than 12 Months, Number of Positions | security | 1 | |
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 71 | |
Available-for-sale Securities, Less Than 12 Months, Unrealized Losses | $ 0 | |
Available-for-sale, Securities, 12 Months or More, Number of Positions | security | 0 | |
Available-for-sale Securities, 12 Months or More, Fair Value | $ 0 | |
Available-for-sale Securities, 12 Months or More, Unrealized Losses | $ 0 | |
Available-for-sale, Securities, Number of Positions | security | 1 | 0 |
Available-for-sale Securities, Fair Value, Total | $ 71 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 |
Securities Available-for-Sale - Additional Information (Detail) $ in Millions |
Sep. 30, 2016
USD ($)
security
|
Dec. 31, 2015
USD ($)
security
|
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in unrealized loss position | 2 | 26 |
Carrying values of pledged securities | $ | $ 291.4 | $ 278.4 |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in unrealized loss position | 1 | 26 |
Marketable Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities in unrealized loss position | 1 | 0 |
Securities Available-for-Sale - Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on securities available for sale, Gross Unrealized Gains | $ 21,938 | $ 11,897 |
Total unrealized gains/(losses) on securities available for sale, Gross Unrealized Losses | (8) | (1,716) |
Total unrealized gains/(losses) on securities available for sale, Net Unrealized Gains/(Losses) | 21,930 | 10,181 |
Income tax expense/(benefit), Gross Unrealized Gains | 7,678 | 4,164 |
Income tax expense/(benefit), Gross Unrealized Losses | (3) | (601) |
Income tax expense/(benefit), Net Unrealized Gains/(Losses) | 7,675 | 3,563 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Gross Unrealized Gains | 14,260 | 7,733 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Gross Unrealized Losses | (5) | (1,115) |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Net Unrealized Gains/(Losses) | $ 14,255 | $ 6,618 |
Securities Available-for-Sale - Amortized Cost and Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 649,198 | $ 650,782 |
Fair Value | 671,128 | 660,963 |
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 52,302 | |
Due after one year through five years, Amortized Cost | 216,729 | |
Due after five years through ten years, Amortized Cost | 55,893 | |
Due after ten years, Amortized Cost | 60,508 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost | 385,432 | |
Due in one year or less, Fair Value | 52,439 | |
Due after one year through five years, Fair Value | 222,114 | |
Due after five years through ten years, Fair Value | 58,699 | |
Due after ten years, Fair Value | 65,264 | |
Fair Value, Debt securities | 398,516 | |
Collateralized Mortgage Obligations of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 134,675 | 128,458 |
Fair Value | 137,460 | 128,835 |
Residential Mortgage-Backed Securities of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,685 | 39,185 |
Fair Value | 36,285 | 40,125 |
Commercial Mortgage-Backed Securities of U.S. Government Corporations and Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 86,827 | 69,697 |
Fair Value | 88,499 | 69,204 |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 641,619 | 643,203 |
Fair Value | 660,760 | 651,294 |
Marketable Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,579 | 7,579 |
Fair Value | $ 10,368 | $ 9,669 |
Loans and Loans Held for Sale - Additional Information (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
contract
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
contract
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net of unearned income | $ 4,600 | $ 4,600 | $ 3,200 | ||
Loans, net of discount related to purchase accounting adjustments | 8,200 | 8,200 | $ 10,900 | ||
Maximum concentration of commercial real estate and commercial construction portfolio in loans (in excess of) | 7.00% | ||||
Decrease in loans held for sale during the period | 23,600 | ||||
Gain on sale of credit card portfolio | 0 | $ 0 | 2,066 | $ 0 | |
Commitment to lend additional funds on troubled debt restructuring | $ 300 | $ 300 | |||
Minimum period of loan payment defaults following restructure for TDRs to be in default | 90 days | ||||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified not considered to be troubled debt restructuring | contract | 12 | 15 | |||
Loans modified not considered to be troubled debt restructuring | $ 16,900 | $ 25,600 | |||
Installment and Other Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Decrease in loans held for sale during the period | 25,000 | ||||
Gain on sale of credit card portfolio | $ 2,100 | ||||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified not considered to be troubled debt restructuring | contract | 1 | 2 | |||
Loans modified not considered to be troubled debt restructuring | $ 1,900 | $ 2,500 | |||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of commercial loans in total portfolio loans | 77.00% | 77.00% | 76.00% | ||
Commercial Loans | $ 4,173,585 | $ 4,173,585 | $ 3,836,877 | ||
Maximum concentration of commercial real estate and commercial construction portfolio in loans (in excess of) | 7.00% | 7.00% | 7.00% | ||
Commercial | Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial Loans | $ 1,344,297 | $ 1,344,297 | $ 1,256,830 | ||
Commercial | Commercial Real Estate and Commercial Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial Loans | $ 2,800,000 | $ 2,800,000 | $ 2,600,000 | ||
Combined percentage of commercial real estate and commercial construction in total commercial loans | 68.00% | 68.00% | 67.00% | ||
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 52.00% | 52.00% | 51.00% | ||
Concentration risk percentage of commercial real estate and commercial construction | 0.00% | 0.00% | |||
Out of market exposure of combined portfolio (percent) | 5.40% | 5.40% | 5.80% | ||
Percentage of total loans out-of-state excluding contiguous states | 2.80% | 2.80% | 3.00% | ||
Commercial | Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial Loans | $ 2,427,164 | $ 2,427,164 | $ 2,166,603 |
Loans and Loans Held for Sale - Composition of Loans (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 5,418,234 | $ 5,027,612 |
Loans held for sale | 11,694 | 35,321 |
Total Loans | 5,429,928 | 5,062,933 |
Commercial and Industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,344,297 | 1,256,830 |
Total Loans | 1,344,297 | 1,256,830 |
Commercial Real Estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,427,164 | 2,166,603 |
Total Loans | 2,427,164 | 2,166,603 |
Commercial Construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 402,124 | 413,444 |
Total Loans | 402,124 | 413,444 |
Residential Mortgage | ||
Composition of the loans | ||
Total Loans | 692,574 | 639,372 |
Home Equity | ||
Composition of the loans | ||
Total Loans | 483,935 | 470,845 |
Installment and Other Consumer | ||
Composition of the loans | ||
Total Loans | 62,288 | 73,939 |
Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 4,173,585 | 3,836,877 |
Commercial | Commercial and Industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,344,297 | 1,256,830 |
Commercial | Commercial Real Estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,427,164 | 2,166,603 |
Commercial | Commercial Construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 402,124 | 413,444 |
Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,244,649 | 1,190,735 |
Consumer | Commercial Construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 5,852 | 6,579 |
Consumer | Residential Mortgage | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 692,574 | 639,372 |
Consumer | Home Equity | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 483,935 | 470,845 |
Consumer | Installment and Other Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 62,288 | $ 73,939 |
Loans and Loans Held for Sale - Summary of Restructured Loans (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
tdr
|
Sep. 30, 2015
USD ($)
tdr
|
Sep. 30, 2016
USD ($)
tdr
|
Sep. 30, 2015
USD ($)
tdr
|
Dec. 31, 2015
USD ($)
|
|||
Receivables [Abstract] | |||||||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Period Increase (Decrease) | $ 23,600 | ||||||
Gain on sale of credit card portfolio | $ 0 | $ 0 | $ 2,066 | $ 0 | |||
Financing Receivable, Modifications [Line Items] | |||||||
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | ||||||
Restructured loans | [1] | $ 5,003 | $ 1,578 | $ 15,775 | $ 5,353 | ||
Number of troubled debt restructuring loans returned back to accruing status | tdr | 0 | 6 | 0 | 6 | |||
Amount of troubled debt restructuring loans returned back to accruing status | $ 300 | $ 300 | |||||
Installment and Other Consumer | |||||||
Receivables [Abstract] | |||||||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Period Increase (Decrease) | $ 25,000 | ||||||
Gain on sale of credit card portfolio | 2,100 | ||||||
Financing Receivable | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 28,031 | $ 31,614 | |||||
Financing Receivable | Commercial and Industrial | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 7,870 | 7,891 | |||||
Financing Receivable | Commercial Real Estate | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 3,920 | 10,370 | |||||
Financing Receivable | Commercial Construction | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 4,452 | 6,278 | |||||
Financing Receivable | Residential Mortgage | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 7,701 | 3,255 | |||||
Financing Receivable | Home Equity | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 4,057 | 3,707 | |||||
Financing Receivable | Installment and Other Consumer | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 31 | 113 | |||||
Performing Financial Instruments | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 12,936 | 23,955 | |||||
Performing Financial Instruments | Commercial and Industrial | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 863 | 6,321 | |||||
Performing Financial Instruments | Commercial Real Estate | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 3,054 | 6,822 | |||||
Performing Financial Instruments | Commercial Construction | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 3,460 | 5,013 | |||||
Performing Financial Instruments | Residential Mortgage | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 2,453 | 2,590 | |||||
Performing Financial Instruments | Home Equity | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 3,084 | 3,184 | |||||
Performing Financial Instruments | Installment and Other Consumer | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 22 | 25 | |||||
Nonperforming Financial Instruments | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 15,095 | 7,659 | |||||
Nonperforming Financial Instruments | Commercial and Industrial | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 7,007 | 1,570 | |||||
Nonperforming Financial Instruments | Commercial Real Estate | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 866 | 3,548 | |||||
Nonperforming Financial Instruments | Commercial Construction | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 992 | 1,265 | |||||
Nonperforming Financial Instruments | Residential Mortgage | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 5,248 | 665 | |||||
Nonperforming Financial Instruments | Home Equity | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | 973 | 523 | |||||
Nonperforming Financial Instruments | Installment and Other Consumer | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Restructured loans | $ 9 | $ 88 | |||||
|
Loans and Loans Held for Sale - Restructured Loans During Periods Presented (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
contract
|
Sep. 30, 2015
USD ($)
contract
|
Sep. 30, 2016
USD ($)
contract
|
Sep. 30, 2015
USD ($)
contract
|
||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 14 | 14 | 52 | 41 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,951 | $ 1,593 | $ 18,305 | $ 7,001 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 5,003 | 1,578 | 15,775 | 5,353 | ||||||||
Total Difference in Recorded Investment | $ 52 | $ (15) | $ (2,530) | $ (1,648) | |||||||||
Interest rate reduction | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 0 | 1 | ||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 250 | $ 250 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 248 | $ 0 | 248 | |||||||||
Total Difference in Recorded Investment | $ (2) | $ 0 | $ (2) | $ 0 | |||||||||
Maturity date extension | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 2 | 4 | 15 | 6 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,105 | $ 1,257 | $ 6,974 | $ 2,108 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 4,162 | 1,252 | 6,948 | 2,042 | ||||||||
Total Difference in Recorded Investment | $ 57 | $ (5) | $ (26) | $ (66) | |||||||||
Principal forgiveness | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 1 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 400 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 273 | ||||||||||
Total Difference in Recorded Investment | $ 0 | $ (127) | |||||||||||
Principal deferral | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 8 | 9 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 9,026 | $ 3,616 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 6,574 | 2,204 | ||||||||||
Total Difference in Recorded Investment | $ (2,452) | $ (1,412) | |||||||||||
Chapter 7 bankruptcy | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | [2] | 10 | 8 | 26 | 21 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 316 | $ 198 | $ 1,645 | $ 514 | ||||||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 313 | 188 | 1,597 | 467 | ||||||||
Total Difference in Recorded Investment | [2] | $ (3) | $ (10) | $ (48) | $ (47) | ||||||||
Maturity date extension and interest rate reduction | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 2 | 2 | 4 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 280 | $ 138 | $ 410 | $ 363 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 280 | 138 | 408 | 367 | ||||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | $ (2) | $ 4 | |||||||||
Commercial and Industrial | Maturity date extension | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 2 | 0 | 5 | 1 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,105 | $ 0 | $ 4,860 | $ 780 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 4,162 | 0 | 4,891 | 720 | ||||||||
Total Difference in Recorded Investment | $ 57 | $ 0 | $ 31 | $ (60) | |||||||||
Commercial and Industrial | Principal forgiveness | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 1 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 400 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 273 | ||||||||||
Total Difference in Recorded Investment | $ 0 | $ (127) | |||||||||||
Commercial and Industrial | Principal deferral | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 5 | 6 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 985 | $ 661 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 985 | 363 | ||||||||||
Total Difference in Recorded Investment | $ 0 | $ (298) | |||||||||||
Commercial and Industrial | Chapter 7 bankruptcy | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | [2] | 0 | 1 | ||||||||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 0 | $ 3 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 0 | 0 | ||||||||||
Total Difference in Recorded Investment | [2] | $ 0 | $ (3) | ||||||||||
Commercial Real Estate | Interest rate reduction | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 0 | 1 | 0 | |||||||||
Pre-Modification Outstanding Recorded Investment | $ 250 | [1] | $ 0 | [1] | $ 250 | [1] | $ 0 | ||||||
Post-Modification Outstanding Recorded Investment | 248 | [1] | 0 | [1] | 248 | [1] | 0 | ||||||
Total Difference in Recorded Investment | $ (2) | $ 0 | $ (2) | $ 0 | |||||||||
Commercial Real Estate | Maturity date extension | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 1 | 0 | 1 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 264 | $ 0 | $ 264 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 260 | 0 | 260 | ||||||||
Total Difference in Recorded Investment | $ 0 | $ (4) | $ 0 | $ (4) | |||||||||
Commercial Real Estate | Principal deferral | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 2 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,721 | $ 2,851 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 2,270 | 1,841 | ||||||||||
Total Difference in Recorded Investment | $ (2,451) | $ (1,010) | |||||||||||
Commercial Real Estate | Chapter 7 bankruptcy | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | [2] | 1 | 0 | ||||||||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 709 | $ 0 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 681 | 0 | ||||||||||
Total Difference in Recorded Investment | [2] | $ (28) | $ 0 | ||||||||||
Commercial Construction | Maturity date extension | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 2 | 5 | 2 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 813 | $ 1,357 | $ 813 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 812 | 1,302 | 812 | ||||||||
Total Difference in Recorded Investment | $ 0 | $ (1) | $ (55) | $ (1) | |||||||||
Commercial Construction | Principal deferral | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 1 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 104 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 0 | ||||||||||
Total Difference in Recorded Investment | $ 0 | $ (104) | |||||||||||
Residential Mortgage | Maturity date extension | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 1 | 1 | 1 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 180 | $ 483 | $ 180 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 180 | 483 | 180 | ||||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Residential Mortgage | Principal deferral | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 0 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 3,273 | $ 0 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 3,273 | 0 | ||||||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | |||||||||||
Residential Mortgage | Chapter 7 bankruptcy | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 3 | [1] | 2 | [2] | 7 | [2] | 2 | [2] | |||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 153 | $ 74 | $ 439 | $ 74 | ||||||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 152 | 74 | 433 | 74 | ||||||||
Total Difference in Recorded Investment | [2] | $ (1) | $ 0 | $ (6) | $ 0 | ||||||||
Residential Mortgage | Maturity date extension and interest rate reduction | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 0 | 1 | 2 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 280 | $ 0 | $ 280 | $ 225 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 280 | 0 | 280 | 229 | ||||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ 4 | |||||||||
Home Equity | Maturity date extension | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 4 | 1 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 274 | $ 71 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 272 | 70 | ||||||||||
Total Difference in Recorded Investment | $ (2) | $ (1) | |||||||||||
Home Equity | Principal deferral | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 1 | 0 | |||||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 47 | $ 0 | ||||||||||
Post-Modification Outstanding Recorded Investment | [1] | 46 | 0 | ||||||||||
Total Difference in Recorded Investment | $ (1) | $ 0 | |||||||||||
Home Equity | Chapter 7 bankruptcy | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | [2] | 7 | 5 | 16 | 17 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 163 | $ 115 | $ 481 | $ 428 | ||||||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 161 | 110 | 470 | 389 | ||||||||
Total Difference in Recorded Investment | [2] | $ (2) | $ (5) | $ (11) | $ (39) | ||||||||
Home Equity | Maturity date extension and interest rate reduction | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | 0 | 2 | 1 | 2 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 138 | $ 130 | $ 138 | ||||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 138 | 128 | 138 | ||||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | $ (2) | $ 0 | |||||||||
Installment and Other Consumer | Chapter 7 bankruptcy | |||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||
Number of Loans | contract | [2] | 1 | 2 | 1 | |||||||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 9 | $ 16 | $ 9 | |||||||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 4 | 13 | 4 | |||||||||
Total Difference in Recorded Investment | [2] | $ (5) | $ (3) | $ (5) | |||||||||
|
Loans and Loans Held for Sale - Summary of Nonperforming Assets of Defaulted TDRs (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
contract
|
Sep. 30, 2015
USD ($)
contract
|
Sep. 30, 2016
USD ($)
contract
|
Sep. 30, 2015
USD ($)
contract
|
|
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 307 |
Commercial and Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 183 |
Home Equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 124 |
Installment and Other Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Defaults | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Loans Held for Sale - Summary of Nonperforming Assets (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Nonperforming Assets | ||
Nonaccrual loans | $ 25,398 | $ 27,723 |
Nonaccrual TDRs | 15,095 | 7,659 |
Total nonaccrual loans | 40,493 | 35,382 |
OREO | 512 | 354 |
Total Nonperforming Assets | $ 41,005 | $ 35,736 |
Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | $ 5,372,840 | $ 5,002,925 |
Total nonaccrual loans | 40,493 | 35,382 |
Total past due | 57,088 | 60,008 |
Total Loans | 5,429,928 | 5,062,933 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 1,327,898 | 1,244,802 |
Total nonaccrual loans | 11,890 | 9,279 |
Total past due | 16,399 | 12,028 |
Total Loans | 1,344,297 | 1,256,830 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 2,413,004 | 2,145,655 |
Total nonaccrual loans | 7,551 | 8,719 |
Total past due | 14,160 | 20,948 |
Total Loans | 2,427,164 | 2,166,603 |
Commercial Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 394,812 | 401,084 |
Total nonaccrual loans | 6,653 | 8,753 |
Total past due | 7,312 | 12,360 |
Total Loans | 402,124 | 413,444 |
Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 679,237 | 631,085 |
Total nonaccrual loans | 11,400 | 5,629 |
Total past due | 13,337 | 8,287 |
Total Loans | 692,574 | 639,372 |
Home Equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 478,389 | 465,055 |
Total nonaccrual loans | 2,955 | 2,902 |
Total past due | 5,546 | 5,790 |
Total Loans | 483,935 | 470,845 |
Installment and Other Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 61,954 | 73,486 |
Total nonaccrual loans | 44 | 100 |
Total past due | 334 | 453 |
Total Loans | 62,288 | 73,939 |
Consumer Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 5,852 | 6,579 |
Total nonaccrual loans | 0 | 0 |
Total past due | 0 | 0 |
Total Loans | 5,852 | 6,579 |
Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 11,694 | 35,179 |
Total nonaccrual loans | 0 | 0 |
Total past due | 0 | 142 |
Total Loans | 11,694 | 35,321 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 10,389 | 22,001 |
30 to 59 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,536 | 2,453 |
30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,286 | 11,602 |
30 to 59 Days Past Due | Commercial Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 456 | 3,517 |
30 to 59 Days Past Due | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 585 | 1,728 |
30 to 59 Days Past Due | Home Equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,321 | 2,365 |
30 to 59 Days Past Due | Installment and Other Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 205 | 242 |
30 to 59 Days Past Due | Consumer Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
30 to 59 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 94 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 6,206 | 2,625 |
60 to 89 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 973 | 296 |
60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,323 | 627 |
60 to 89 Days Past Due | Commercial Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 203 | 90 |
60 to 89 Days Past Due | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,352 | 930 |
60 to 89 Days Past Due | Home Equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 270 | 523 |
60 to 89 Days Past Due | Installment and Other Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 85 | 111 |
60 to 89 Days Past Due | Consumer Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
60 to 89 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 0 | $ 48 |
Allowance for Loan Losses - Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings (Detail) - Commercial - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,173,585 | $ 3,836,877 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 3,975,265 | $ 3,653,344 |
Total percentage of recorded investment in commercial loan | 95.20% | 95.20% |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 81,464 | $ 83,680 |
Total percentage of recorded investment in commercial loan | 2.00% | 2.20% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 116,856 | $ 99,853 |
Total percentage of recorded investment in commercial loan | 2.80% | 2.60% |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,344,297 | $ 1,256,830 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial and Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,253,411 | $ 1,182,685 |
Total percentage of recorded investment in commercial loan | 93.20% | 94.10% |
Commercial and Industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 37,079 | $ 43,896 |
Total percentage of recorded investment in commercial loan | 2.80% | 3.50% |
Commercial and Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 53,807 | $ 30,249 |
Total percentage of recorded investment in commercial loan | 4.00% | 2.40% |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,427,164 | $ 2,166,603 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,346,848 | $ 2,094,851 |
Total percentage of recorded investment in commercial loan | 96.70% | 96.70% |
Commercial Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 30,050 | $ 19,938 |
Total percentage of recorded investment in commercial loan | 1.20% | 0.90% |
Commercial Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 50,266 | $ 51,814 |
Total percentage of recorded investment in commercial loan | 2.10% | 2.40% |
Commercial Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 402,124 | $ 413,444 |
Total percentage of recorded investment in commercial loan | 99.99% | 100.00% |
Commercial Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 375,006 | $ 375,808 |
Total percentage of recorded investment in commercial loan | 93.20% | 90.90% |
Commercial Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 14,335 | $ 19,846 |
Total percentage of recorded investment in commercial loan | 3.60% | 4.80% |
Commercial Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 12,783 | $ 17,790 |
Total percentage of recorded investment in commercial loan | 3.20% | 4.30% |
Allowance for Loan Losses - Additional Information (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Financing Receivable, Impaired [Line Items] | ||
Loans considered nonperforming (in days) | 90 days | |
Evaluation for impairment of substandard and nonaccrual commercial loans | $ 500,000.0 | |
Impaired fiinancing receivables | 38,059,000 | $ 45,650,000 |
Integrity Bancshares, Inc. | ||
Financing Receivable, Impaired [Line Items] | ||
Acquired loans that experienced credit deterioration since acquisition | $ 14,400,000 |
Allowance for Loan Losses - Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status (Detail) - Consumer - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,244,649 | $ 1,190,735 |
Percentage of Total | 100.00% | 100.00% |
Performing Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,230,250 | $ 1,182,104 |
Percentage of Total | 98.80% | 99.30% |
Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 14,399 | $ 8,631 |
Percentage of Total | 1.20% | 0.70% |
Residential Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 692,574 | $ 639,372 |
Percentage of Total | 100.00% | 100.00% |
Residential Mortgage | Performing Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 681,174 | $ 633,743 |
Percentage of Total | 98.40% | 99.10% |
Residential Mortgage | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 11,400 | $ 5,629 |
Percentage of Total | 1.60% | 0.90% |
Home Equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 483,935 | $ 470,845 |
Percentage of Total | 100.00% | 100.00% |
Home Equity | Performing Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 480,980 | $ 467,943 |
Percentage of Total | 99.40% | 99.40% |
Home Equity | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,955 | $ 2,902 |
Percentage of Total | 0.60% | 0.60% |
Installment and Other Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 62,288 | $ 73,939 |
Percentage of Total | 100.00% | 100.00% |
Installment and Other Consumer | Performing Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 62,244 | $ 73,839 |
Percentage of Total | 99.90% | 99.80% |
Installment and Other Consumer | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 44 | $ 100 |
Percentage of Total | 0.10% | 0.20% |
Consumer Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 5,852 | $ 6,579 |
Percentage of Total | 100.00% | 100.00% |
Consumer Construction | Performing Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 5,852 | $ 6,579 |
Percentage of Total | 100.00% | 100.00% |
Consumer Construction | Nonperforming Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 0 | $ 0 |
Percentage of Total | 0.00% | 0.00% |
Allowance for Loan Losses - Investments in Loans Considered to be Impaired and Related Information on Impaired Loans (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Financing Receivable, Impaired [Line Items] | |||||
Without a related allowance recorded, Recorded Investment | $ 35,597 | $ 35,597 | $ 45,032 | ||
Without a related allowance, Unpaid Principal Balance | 41,565 | 41,565 | 50,286 | ||
Without a related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
With a related allowance recorded, Recorded Investment | 2,462 | 2,462 | 618 | ||
With a related allowance recorded, Unpaid Principal Balance | 2,462 | 2,462 | 1,468 | ||
Impaired Financing Receivable, Recorded Investment | 38,059 | 38,059 | 45,650 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 44,027 | 44,027 | 51,754 | ||
Impaired Financing Receivable, Related Allowance | 2,235 | 2,235 | 37 | ||
Without a related allowance recorded, Average Recorded Investment | 34,665 | $ 41,140 | 35,365 | $ 40,631 | |
Without a related allowance recorded, Interest Income Recognized | 298 | 555 | 806 | 1,342 | |
With a related allowance recorded, Average Recorded Investment | 2,467 | 2,098 | 2,523 | 2,103 | |
With a related allowance recorded, Interest Income Recognized | 37 | 9 | 102 | 47 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 37,132 | 43,238 | 37,888 | 42,734 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 335 | 564 | 908 | 1,389 | |
Commercial and Industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Without a related allowance recorded, Recorded Investment | 8,261 | 8,261 | 14,417 | ||
Without a related allowance, Unpaid Principal Balance | 9,730 | 9,730 | 15,220 | ||
Without a related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
With a related allowance recorded, Recorded Investment | 2,433 | 2,433 | 0 | ||
With a related allowance recorded, Unpaid Principal Balance | 2,433 | 2,433 | 0 | ||
Impaired Financing Receivable, Recorded Investment | 10,694 | 10,694 | 14,417 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 12,163 | 12,163 | 15,220 | ||
Impaired Financing Receivable, Related Allowance | 2,206 | 2,206 | 0 | ||
Without a related allowance recorded, Average Recorded Investment | 7,326 | 8,993 | 7,447 | 9,742 | |
Without a related allowance recorded, Interest Income Recognized | 52 | 44 | 156 | 131 | |
With a related allowance recorded, Average Recorded Investment | 2,437 | 1,977 | 2,492 | 1,980 | |
With a related allowance recorded, Interest Income Recognized | 37 | 7 | 100 | 42 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 9,763 | 10,970 | 9,939 | 11,722 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 89 | 51 | 256 | 173 | |
Commercial Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Without a related allowance recorded, Recorded Investment | 7,589 | 7,589 | 12,661 | ||
Without a related allowance, Unpaid Principal Balance | 7,818 | 7,818 | 13,157 | ||
Without a related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
With a related allowance recorded, Recorded Investment | 0 | 0 | 0 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 | 0 | ||
Impaired Financing Receivable, Recorded Investment | 7,589 | 7,589 | 12,661 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 7,818 | 7,818 | 13,157 | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Without a related allowance recorded, Average Recorded Investment | 7,582 | 14,101 | 7,551 | 14,994 | |
Without a related allowance recorded, Interest Income Recognized | 38 | 352 | 106 | 731 | |
With a related allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 7,582 | 14,101 | 7,551 | 14,994 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 38 | 352 | 106 | 731 | |
Commercial Construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Without a related allowance recorded, Recorded Investment | 7,987 | 7,987 | 10,998 | ||
Without a related allowance, Unpaid Principal Balance | 11,547 | 11,547 | 14,200 | ||
Without a related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
With a related allowance recorded, Recorded Investment | 0 | 0 | 500 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 | 1,350 | ||
Impaired Financing Receivable, Recorded Investment | 7,987 | 7,987 | 11,498 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 11,547 | 11,547 | 15,550 | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 3 | ||
Without a related allowance recorded, Average Recorded Investment | 8,039 | 11,034 | 8,498 | 8,920 | |
Without a related allowance recorded, Interest Income Recognized | 49 | 67 | 143 | 200 | |
With a related allowance recorded, Average Recorded Investment | 0 | 0 | 0 | ||
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | ||
Impaired Financing Receivable, Average Recorded Investment, Total | 8,039 | 11,034 | 8,498 | 8,920 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 49 | 67 | 143 | 200 | |
Consumer Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Without a related allowance recorded, Recorded Investment | 11,731 | 11,731 | 6,845 | ||
Without a related allowance, Unpaid Principal Balance | 12,434 | 12,434 | 7,521 | ||
Without a related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
With a related allowance recorded, Recorded Investment | 27 | 27 | 116 | ||
With a related allowance recorded, Unpaid Principal Balance | 27 | 27 | 116 | ||
Impaired Financing Receivable, Recorded Investment | 11,758 | 11,758 | 6,961 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 12,461 | 12,461 | 7,637 | ||
Impaired Financing Receivable, Related Allowance | 27 | 27 | 32 | ||
Without a related allowance recorded, Average Recorded Investment | 11,686 | 6,829 | 11,831 | 6,856 | |
Without a related allowance recorded, Interest Income Recognized | 159 | 92 | 400 | 279 | |
With a related allowance recorded, Average Recorded Investment | 28 | 119 | 29 | 121 | |
With a related allowance recorded, Interest Income Recognized | 0 | 2 | 2 | 5 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 11,714 | 6,948 | 11,860 | 6,977 | |
Impaired Financing Receivable, Interest Income Recognized, Total | 159 | 94 | 402 | 284 | |
Other Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Without a related allowance recorded, Recorded Investment | 29 | 29 | 111 | ||
Without a related allowance, Unpaid Principal Balance | 36 | 36 | 188 | ||
Without a related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
With a related allowance recorded, Recorded Investment | 2 | 2 | 2 | ||
With a related allowance recorded, Unpaid Principal Balance | 2 | 2 | 2 | ||
Impaired Financing Receivable, Recorded Investment | 31 | 31 | 113 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 38 | 38 | 190 | ||
Impaired Financing Receivable, Related Allowance | 2 | 2 | $ 2 | ||
Without a related allowance recorded, Average Recorded Investment | 32 | 183 | 38 | 119 | |
Without a related allowance recorded, Interest Income Recognized | 0 | 0 | 1 | 1 | |
With a related allowance recorded, Average Recorded Investment | 2 | 2 | 2 | 2 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 34 | 185 | 40 | 121 | |
Impaired Financing Receivable, Interest Income Recognized, Total | $ 0 | $ 0 | $ 1 | $ 1 |
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | $ 52,213 | $ 48,814 | $ 48,147 | $ 47,911 |
Charge-offs | (1,500) | (5,641) | (8,623) | (8,847) |
Recoveries | 564 | 3,528 | 1,890 | 4,370 |
Net (Charge-offs)/ Recoveries | (936) | (2,113) | (6,733) | (4,477) |
Provision for loan losses | 2,516 | 3,206 | 12,379 | 6,473 |
Balance at End of Period | 53,793 | 49,907 | 53,793 | 49,907 |
Commercial and Industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 14,771 | 13,308 | 10,853 | 13,668 |
Charge-offs | (414) | (1,121) | (3,244) | (2,819) |
Recoveries | 169 | 272 | 589 | 475 |
Net (Charge-offs)/ Recoveries | (245) | (849) | (2,655) | (2,344) |
Provision for loan losses | (2,232) | 12 | 4,096 | 1,147 |
Balance at End of Period | 12,294 | 12,471 | 12,294 | 12,471 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 15,978 | 19,018 | 15,043 | 20,164 |
Charge-offs | (93) | (2,361) | (1,808) | (2,738) |
Recoveries | 264 | 2,896 | 662 | 3,072 |
Net (Charge-offs)/ Recoveries | 171 | 535 | (1,146) | 334 |
Provision for loan losses | 4,244 | (2,575) | 6,496 | (3,520) |
Balance at End of Period | 20,393 | 16,978 | 20,393 | 16,978 |
Commercial Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 11,701 | 7,671 | 12,625 | 6,093 |
Charge-offs | (163) | (1,247) | (1,108) | (1,247) |
Recoveries | 17 | 129 | 20 | 132 |
Net (Charge-offs)/ Recoveries | (146) | (1,118) | (1,088) | (1,115) |
Provision for loan losses | 1,356 | 4,983 | 1,374 | 6,558 |
Balance at End of Period | 12,911 | 11,536 | 12,911 | 11,536 |
Consumer Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 8,418 | 7,027 | 8,400 | 6,333 |
Charge-offs | (369) | (445) | (891) | (997) |
Recoveries | 44 | 132 | 342 | 379 |
Net (Charge-offs)/ Recoveries | (325) | (313) | (549) | (618) |
Provision for loan losses | (1,760) | 302 | (1,518) | 1,301 |
Balance at End of Period | 6,333 | 7,016 | 6,333 | 7,016 |
Other Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 1,345 | 1,790 | 1,226 | 1,653 |
Charge-offs | (461) | (467) | (1,572) | (1,046) |
Recoveries | 70 | 99 | 277 | 312 |
Net (Charge-offs)/ Recoveries | (391) | (368) | (1,295) | (734) |
Provision for loan losses | 908 | 484 | 1,931 | 987 |
Balance at End of Period | $ 1,862 | $ 1,906 | $ 1,862 | $ 1,906 |
Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investments (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 2,235 | $ 37 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 51,558 | 48,110 | ||||
Total Allowance for Loan Losses | 53,793 | $ 52,213 | 48,147 | $ 49,907 | $ 48,814 | $ 47,911 |
Portfolio Loans, Individually Evaluated for Impairment | 38,059 | 45,650 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 5,380,175 | 4,981,962 | ||||
Total Portfolio Loans | 5,418,234 | 5,027,612 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,206 | 0 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 10,088 | 10,853 | ||||
Total Allowance for Loan Losses | 12,294 | 14,771 | 10,853 | 12,471 | 13,308 | 13,668 |
Portfolio Loans, Individually Evaluated for Impairment | 10,694 | 14,417 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,333,603 | 1,242,413 | ||||
Total Portfolio Loans | 1,344,297 | 1,256,830 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 20,393 | 15,043 | ||||
Total Allowance for Loan Losses | 20,393 | 15,978 | 15,043 | 16,978 | 19,018 | 20,164 |
Portfolio Loans, Individually Evaluated for Impairment | 7,589 | 12,661 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 2,419,575 | 2,153,942 | ||||
Total Portfolio Loans | 2,427,164 | 2,166,603 | ||||
Commercial Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 3 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 12,911 | 12,622 | ||||
Total Allowance for Loan Losses | 12,911 | 11,701 | 12,625 | 11,536 | 7,671 | 6,093 |
Portfolio Loans, Individually Evaluated for Impairment | 7,987 | 11,498 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 394,137 | 401,946 | ||||
Total Portfolio Loans | 402,124 | 413,444 | ||||
Consumer Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 27 | 32 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,306 | 8,368 | ||||
Total Allowance for Loan Losses | 6,333 | 8,418 | 8,400 | 7,016 | 7,027 | 6,333 |
Portfolio Loans, Individually Evaluated for Impairment | 11,758 | 6,961 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,170,603 | 1,109,835 | ||||
Total Portfolio Loans | 1,182,361 | 1,116,796 | ||||
Other Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2 | 2 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,860 | 1,224 | ||||
Total Allowance for Loan Losses | 1,862 | $ 1,345 | 1,226 | $ 1,906 | $ 1,790 | $ 1,653 |
Portfolio Loans, Individually Evaluated for Impairment | 31 | 113 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 62,257 | 73,826 | ||||
Total Portfolio Loans | $ 62,288 | $ 73,939 |
Derivative Instruments and Hedging Activities - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Period for commitments | 60 days |
Derivative Instruments and Hedging Activities - Value of Derivative Assets and Derivative Liabilities (Detail) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Other Assets | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Assets) | $ 15,255 | $ 11,295 | |||
Collateral posted, Derivatives | [1] | 0 | 0 | ||
Other Assets | Interest Rate Swaps | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Assets) | 15,255 | 11,295 | |||
Notional amount, Derivatives (included in Other Assets) | 264,655 | 245,595 | |||
Collateral posted, Derivatives | 0 | 0 | |||
Other Assets | Interest Rate Lock Commitments | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Assets) | 739 | 261 | |||
Notional amount, Derivatives (included in Other Assets) | 21,699 | 9,894 | |||
Other Assets | Forward Sale Contracts | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Assets) | 0 | 0 | |||
Notional amount, Derivatives (included in Other Assets) | 0 | 0 | |||
Other Liabilities | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Liabilities) | 15,202 | 11,276 | |||
Collateral posted, Derivatives | [1] | 14,542 | 12,573 | ||
Other Liabilities | Interest Rate Swaps | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Liabilities) | 15,202 | 11,276 | |||
Notional amount, Derivatives (included in Other Liabilities) | 264,655 | 245,595 | |||
Collateral posted, Derivatives | 14,542 | 12,753 | |||
Other Liabilities | Interest Rate Lock Commitments | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Liabilities) | 0 | 0 | |||
Notional amount, Derivatives (included in Other Liabilities) | 0 | 0 | |||
Other Liabilities | Forward Sale Contracts | |||||
Derivatives not Designated as Hedging Instruments | |||||
Fair value, Derivatives (included in Other Liabilities) | 98 | 5 | |||
Notional amount, Derivatives (included in Other Liabilities) | $ 16,892 | $ 9,800 | |||
|
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Detail) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Other Assets | |||||
Derivative Asset [Abstract] | |||||
Gross amounts recognized | $ 15,255 | $ 11,295 | |||
Gross amounts offset | 0 | 0 | |||
Net amounts presented in the Consolidated Balance Sheets | 15,255 | 11,295 | |||
Net Amount | 15,255 | 11,295 | |||
Derivative Liability [Abstract] | |||||
Gross amounts not offset | [1] | 0 | 0 | ||
Other Liabilities | |||||
Derivative Liability [Abstract] | |||||
Gross amounts recognized | 15,202 | 11,276 | |||
Gross amounts offset | 0 | 0 | |||
Net amounts presented in the Consolidated Balance Sheets | 15,202 | 11,276 | |||
Gross amounts not offset | [1] | (14,542) | (12,573) | ||
Net Amount | $ 660 | $ (1,297) | |||
|
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Detail) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain | $ 116 | $ 94 | $ 419 | $ 290 |
Interest Rate Swap Contracts - Commercial Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain | (87) | 29 | 34 | 20 |
Interest Rate Lock Commitments - Mortgage Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain | 97 | 208 | 478 | 339 |
Forward Sale Contracts - Mortgage Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain | $ 106 | $ (143) | $ (93) | $ (69) |
Borrowings - Additional Information (Detail) - USD ($) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 18, 2015 |
Mar. 05, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Mar. 04, 2015 |
|
Long Term And Short Term Debt [Line Items] | ||||||
Total long-term debt outstanding at a fixed rate | $ 12,100,000 | |||||
Total long-term debt outstanding at a variable rate | 3,100,000 | |||||
Capital lease | 100,000 | |||||
Repayment of junior subordinated debt | 0 | $ 13,500,000 | ||||
Federal Home Loan Bank Advance | ||||||
Long Term And Short Term Debt [Line Items] | ||||||
Total borrowings | 580,200,000 | $ 473,000,000 | ||||
Short-term borrowings | 565,000,000 | |||||
Long-term borrowings | 15,200,000 | |||||
Maximum borrowing capacity | 2,200,000,000.0 | |||||
Remaining borrowing capacity | 1,400,000,000 | |||||
Borrowing capacity utilized | 802,100,000 | |||||
Letter of credit to collateralize public funds | 221,900,000 | |||||
Junior Subordinated Debt | ||||||
Long Term And Short Term Debt [Line Items] | ||||||
Repayment of junior subordinated debt | $ 5,000,000 | $ 8,500,000 | ||||
Integrity Bancshares, Inc. | Junior Subordinated Debt | ||||||
Long Term And Short Term Debt [Line Items] | ||||||
Debt assumed in acquisition | $ 13,500,000 | |||||
Mortgage Backed Securities | ||||||
Long Term And Short Term Debt [Line Items] | ||||||
Mortgage backed securities pledged as collateral | $ 47,400,000 | $ 67,000,000 |
Borrowings - Summary of Information Pertaining to Borrowings (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings | $ 605,949 | $ 418,086 |
Long-term borrowings | 60,922 | 162,662 |
Total Borrowings | $ 666,871 | $ 580,748 |
Short-term borrowings, Weighted Average Rate | 0.56% | 0.44% |
Long-term borrowings, Weighted Average Rate | 3.06% | 1.39% |
Total Borrowings, Weighted Average Rate | 0.79% | 0.71% |
Securities Sold under Repurchase Agreements | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings | $ 40,949 | $ 62,086 |
Short-term borrowings, Weighted Average Rate | 0.01% | 0.01% |
Short-Term Borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings | $ 565,000 | $ 356,000 |
Short-term borrowings, Weighted Average Rate | 0.60% | 0.52% |
Other Long-Term Borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings | $ 15,303 | $ 117,043 |
Long-term borrowings, Weighted Average Rate | 2.91% | 0.81% |
Junior Subordinated Debt Securities | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings | $ 45,619 | $ 45,619 |
Long-term borrowings, Weighted Average Rate | 3.11% | 2.89% |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Allowance for unfunded commitments | $ 2.6 | $ 2.5 |
Commitments and Contingencies - Commitments and Letters of Credit (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 1,626,345 | $ 1,717,530 |
Commitments to Extend Credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 1,546,164 | 1,619,854 |
Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 80,181 | $ 97,676 |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Pre-Tax Amount | |||||||
Change in net unrealized gains/(losses) on securities available-for-sale | $ (1,921) | $ 5,177 | $ 11,748 | $ 4,288 | |||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income | [1] | 0 | 0 | 0 | 34 | ||
Adjustment to funded status of employee benefit plans | 544 | 647 | 4,889 | 1,839 | |||
Other Comprehensive Income/(Loss) | (1,377) | 5,824 | 16,637 | 6,161 | |||
Tax (Expense) Benefit | |||||||
Change in net unrealized gains/(losses) on securities available-for-sale | 672 | (1,812) | (4,112) | (1,501) | |||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income | [1] | 0 | 0 | 0 | (12) | ||
Adjustment to funded status of employee benefit plans | (190) | (227) | (1,711) | (551) | |||
Other Comprehensive (Loss)/Income | 482 | (2,039) | (5,823) | (2,064) | |||
Net of Tax Amount | |||||||
Change in net unrealized gains/(losses) on securities available-for-sale | (1,249) | 3,365 | 7,636 | 2,787 | |||
Reclassification adjustment for net (gains)/losses on securities available-for-sale included in net income | [1] | 0 | 0 | 0 | 22 | ||
Adjustment to funded status of employee benefit plans | 354 | 420 | 3,178 | 1,288 | |||
Other Comprehensive Income/(Loss) | $ (895) | $ 3,785 | $ 10,814 | $ 4,097 | |||
|
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jan. 01, 2015 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Pension plan curtailment gain | $ 1.0 | ||
Period of unrecognized benefits associated with prior year plan amendments that would have been amortized into income | 7 years | ||
Number of consecutive years of employee's compensation | 5 years | ||
Number of total years of employee's compensation | 10 years | ||
Expected long-term rate of return on plan assets | 7.50% | ||
Lump sum death benefit to unmarried beneficiary as percent of accrued benefit payable (percent) | 80.00% |
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Components of Net Periodic Pension Cost | ||||
Service cost—benefits earned during the period | $ (6) | $ 606 | $ 469 | $ 1,951 |
Interest cost on projected benefit obligation | 1,099 | 1,120 | 3,200 | 3,319 |
Expected return on plan assets | (1,444) | (1,772) | (4,337) | (5,385) |
Amortization of prior service credit | 29 | (34) | (41) | (104) |
Recognized net actuarial loss | 638 | 586 | 1,708 | 1,521 |
Net Periodic Pension Expense | $ 316 | $ 506 | $ 999 | $ 1,302 |
Segments - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segments - Total Assets by Reportable Operating Segment (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 6,718,205 | $ 6,318,354 |
Operating Segments | Community Banking | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 6,706,383 | 6,305,046 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 8,050 | 9,619 |
Operating Segments | Wealth Management | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 3,772 | $ 3,689 |
Segments - Financial Information of Segments (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Interest income | $ 57,808 | $ 53,669 | $ 168,678 | $ 150,195 |
Interest expense | 6,353 | 4,073 | 17,877 | 11,529 |
NET INTEREST INCOME | 51,455 | 49,596 | 150,801 | 138,666 |
Provision for loan losses | 2,516 | 3,206 | 12,379 | 6,473 |
Noninterest income | 13,448 | 12,481 | 41,713 | 37,948 |
Noninterest expense | 32,780 | 32,138 | 102,641 | 98,014 |
Depreciation expense | 1,284 | 1,211 | 3,723 | 3,540 |
Amortization of intangible assets | 375 | 480 | 1,243 | 1,345 |
Provision for income taxes | 7,367 | 6,407 | 18,795 | 17,584 |
Net Income | 20,581 | 18,635 | 53,733 | 49,658 |
Operating Segments | Community Banking | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Interest income | 57,804 | 53,625 | 168,661 | 150,108 |
Interest expense | 6,433 | 4,200 | 18,085 | 12,144 |
NET INTEREST INCOME | 51,371 | 49,425 | 150,576 | 137,964 |
Provision for loan losses | 2,516 | 3,206 | 12,379 | 6,473 |
Noninterest income | 9,548 | 8,651 | 28,468 | 25,056 |
Noninterest expense | 28,889 | 28,941 | 90,499 | 87,542 |
Depreciation expense | 1,269 | 1,192 | 3,678 | 3,482 |
Amortization of intangible assets | 359 | 460 | 1,189 | 1,283 |
Provision for income taxes | 7,347 | 6,139 | 18,364 | 16,534 |
Net Income | 20,539 | 18,138 | 52,935 | 47,706 |
Operating Segments | Insurance | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Interest income | 1 | 1 | 2 | 2 |
NET INTEREST INCOME | 1 | 1 | 2 | 2 |
Noninterest income | 1,119 | 1,197 | 3,836 | 4,079 |
Noninterest expense | 1,097 | 1,098 | 3,455 | 3,288 |
Depreciation expense | 11 | 13 | 33 | 39 |
Amortization of intangible assets | 12 | 13 | 37 | 38 |
Provision for income taxes | (1) | 26 | 110 | 250 |
Net Income | 1 | 48 | 203 | 466 |
Operating Segments | Wealth Management | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Interest income | 98 | 108 | 343 | 406 |
NET INTEREST INCOME | 98 | 108 | 343 | 406 |
Noninterest income | 2,563 | 2,806 | 7,936 | 8,639 |
Noninterest expense | 2,591 | 2,210 | 7,334 | 6,716 |
Depreciation expense | 4 | 6 | 12 | 19 |
Amortization of intangible assets | 4 | 7 | 17 | 24 |
Provision for income taxes | 21 | 242 | 321 | 800 |
Net Income | 41 | 449 | 595 | 1,486 |
Eliminations | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Interest income | (95) | (65) | (328) | (321) |
Interest expense | (80) | (127) | (208) | (615) |
NET INTEREST INCOME | (15) | 62 | (120) | 294 |
Noninterest income | 218 | (173) | 1,473 | 174 |
Noninterest expense | $ 203 | $ (111) | $ 1,353 | $ 468 |
Qualified Affordable Housing Projects (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Investments in Affordable Housing Projects [Abstract] | |||||
Investment in qualified affordable housing projects | $ 12,600,000 | $ 12,600,000 | $ 15,000,000 | ||
Open commitments | 0 | 0 | $ 0 | ||
Amortization expense included in noninterest expense | 800,000 | $ 900,000 | 2,500,000 | $ 2,800,000 | |
Tax credits | $ 900,000 | $ 1,000,000 | $ 2,700,000 | $ 3,000,000 |
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