ý | 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 | 25-1450605 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Large accelerated filer | ¨ | Accelerated filer | ý | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of Class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, no par value | CCNE | The NASDAQ Stock Market LLC |
Page Number | ||
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
28 | ||
37 | ||
38 | ||
PART II. OTHER INFORMATION | ||
39 | ||
39 | ||
39 | ||
39 | ||
39 | ||
39 | ||
40 | ||
41 |
(unaudited) March 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 52,833 | $ | 43,327 | |||
Interest bearing deposits with other banks | 2,449 | 2,236 | |||||
Total cash and cash equivalents | 55,282 | 45,563 | |||||
Securities available for sale | 500,608 | 516,863 | |||||
Trading securities | 8,642 | 7,786 | |||||
Loans held for sale | 2,952 | 367 | |||||
Loans | 2,530,761 | 2,479,348 | |||||
Less: unearned discount | (4,671 | ) | (4,791 | ) | |||
Less: allowance for loan losses | (20,346 | ) | (19,704 | ) | |||
Net loans | 2,505,744 | 2,454,853 | |||||
FHLB, other equity, and restricted equity interests | 23,129 | 24,508 | |||||
Premises and equipment, net | 51,331 | 49,920 | |||||
Operating lease assets | 16,222 | 0 | |||||
Bank owned life insurance | 56,805 | 56,443 | |||||
Mortgage servicing rights | 1,498 | 1,495 | |||||
Goodwill | 38,730 | 38,730 | |||||
Core deposit intangible | 562 | 727 | |||||
Accrued interest receivable and other assets | 25,819 | 24,266 | |||||
Total Assets | $ | 3,287,324 | $ | 3,221,521 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Non-interest bearing deposits | $ | 345,386 | $ | 356,797 | |||
Interest bearing deposits | 2,311,973 | 2,253,989 | |||||
Total deposits | 2,657,359 | 2,610,786 | |||||
Short-term borrowings | 0 | 0 | |||||
FHLB and other long term borrowings | 240,005 | 245,117 | |||||
Subordinated debentures | 70,620 | 70,620 | |||||
Operating lease liabilities | 17,109 | 0 | |||||
Accrued interest payable and other liabilities | 27,272 | 32,168 | |||||
Total liabilities | 3,012,365 | 2,958,691 | |||||
Common stock, $0 par value; authorized 50,000,000 shares; issued 15,308,378 shares at March 31, 2019 and December 31, 2018 | 0 | 0 | |||||
Additional paid in capital | 97,139 | 97,602 | |||||
Retained earnings | 178,662 | 171,780 | |||||
Treasury stock, at cost (69,007 shares at March 31, 2019 and 101,097 shares at December 31, 2018) | (1,702 | ) | (2,556 | ) | |||
Accumulated other comprehensive income (loss) | 860 | (3,996 | ) | ||||
Total shareholders’ equity | 274,959 | 262,830 | |||||
Total Liabilities and Shareholders’ Equity | $ | 3,287,324 | $ | 3,221,521 | |||
Three months ended March 31, | |||||||
2019 | 2018 | ||||||
INTEREST AND DIVIDEND INCOME: | |||||||
Loans including fees | $ | 32,824 | $ | 26,457 | |||
Securities: | |||||||
Taxable | 2,978 | 1,984 | |||||
Tax-exempt | 697 | 694 | |||||
Dividends | 254 | 252 | |||||
Total interest and dividend income | 36,753 | 29,387 | |||||
INTEREST EXPENSE: | |||||||
Deposits | 6,587 | 2,924 | |||||
Borrowed funds | 1,410 | 1,488 | |||||
Subordinated debentures (includes $6 and $58 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2019 and 2018, respectively) | 998 | 875 | |||||
Total interest expense | 8,995 | 5,287 | |||||
NET INTEREST INCOME | 27,758 | 24,100 | |||||
PROVISION FOR LOAN LOSSES | 1,306 | 1,631 | |||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 26,452 | 22,469 | |||||
NON-INTEREST INCOME: | |||||||
Service charges on deposit accounts | 1,481 | 1,247 | |||||
Other service charges and fees | 646 | 618 | |||||
Wealth and asset management fees | 1,042 | 1,030 | |||||
Net realized gains on available-for-sale securities (includes $148 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2019 and 2018, respectively) | 148 | 0 | |||||
Net realized and unrealized gains on trading securities | 800 | 14 | |||||
Mortgage banking | 239 | 208 | |||||
Bank owned life insurance | 361 | 400 | |||||
Card processing and interchange income | 1,029 | 971 | |||||
Other | 407 | 263 | |||||
Total non-interest income | 6,153 | 4,751 | |||||
NON-INTEREST EXPENSES: | |||||||
Salaries and benefits | 10,900 | 9,535 | |||||
Net occupancy expense | 2,866 | 2,496 | |||||
Amortization of core deposit intangible | 165 | 248 | |||||
Data processing | 1,185 | 1,074 | |||||
State and local taxes | 768 | 853 | |||||
Legal, professional, and examination fees | 553 | 508 | |||||
Advertising | 411 | 597 | |||||
FDIC insurance premiums | 422 | 298 | |||||
Card processing and interchange expenses | 747 | 734 | |||||
Other | 3,158 | 2,656 | |||||
Total non-interest expenses | 21,175 | 18,999 | |||||
INCOME BEFORE INCOME TAXES | 11,430 | 8,221 | |||||
INCOME TAX EXPENSE (includes $30 and ($12) income tax expense (benefit) from reclassification items in 2019 and 2018, respectively) | 1,957 | 1,124 | |||||
NET INCOME | $ | 9,473 | $ | 7,097 | |||
EARNINGS PER SHARE: | |||||||
Basic | $ | 0.62 | $ | 0.46 | |||
Diluted | $ | 0.62 | $ | 0.46 | |||
DIVIDENDS PER SHARE: | |||||||
Cash dividends per share | $ | 0.170 | $ | 0.165 | |||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
NET INCOME | $ | 9,473 | $ | 7,097 | |||
Other comprehensive income (loss), net of tax: | |||||||
Net change in fair value of interest rate swap agreements designated as cash flow hedges: | |||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $26 and ($4), respectively | (100 | ) | 16 | ||||
Reclassification adjustment for losses recognized in earnings, net of tax of ($1) and ($12), respectively | 5 | 46 | |||||
(95 | ) | 62 | |||||
Net change in unrealized gains on securities available for sale: | |||||||
Unrealized holding gains (losses) arising during the period, net of tax of ($1,348) and $1,053, respectively | 5,068 | (3,964 | ) | ||||
Reclassification adjustment for realized gains included in net income, net of tax of $31 and $0, respectively | (117 | ) | 0 | ||||
4,951 | (3,964 | ) | |||||
Other comprehensive income (loss) | 4,856 | (3,902 | ) | ||||
COMPREHENSIVE INCOME | $ | 14,329 | $ | 3,195 | |||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 9,473 | $ | 7,097 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Provision for loan losses | 1,306 | 1,631 | |||||
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights | 1,509 | 1,236 | |||||
Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income | (409 | ) | (427 | ) | |||
Net realized gains on sales of available-for-sale securities | (148 | ) | 0 | ||||
Net realized and unrealized gains on trading securities | (800 | ) | (14 | ) | |||
Proceeds from sale of trading securities | 236 | 0 | |||||
Purchase of trading securities | (144 | ) | (92 | ) | |||
Gain on sale of loans | (84 | ) | (105 | ) | |||
Net gains on dispositions of premises and equipment and foreclosed assets | 0 | (4 | ) | ||||
Proceeds from sale of loans | 4,569 | 4,270 | |||||
Origination of loans held for sale | (7,118 | ) | (4,824 | ) | |||
Income on bank owned life insurance | (361 | ) | (400 | ) | |||
Stock-based compensation expense | 592 | 677 | |||||
Changes in: | |||||||
Accrued interest receivable and other assets | (707 | ) | (4,137 | ) | |||
Accrued interest payable, lease liabilities, and other liabilities | (6,520 | ) | (766 | ) | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,394 | 4,142 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from maturities, prepayments and calls of available-for-sale securities | 20,152 | 7,780 | |||||
Proceeds from sales of available-for-sale securities | 11,403 | 0 | |||||
Purchase of available-for-sale securities | (9,252 | ) | (21,634 | ) | |||
Loan origination and payments, net | (51,635 | ) | (130,059 | ) | |||
Redemption (purchase) of FHLB, other equity, and restricted equity interests | 1,379 | (5,047 | ) | ||||
Purchase of premises and equipment | (2,399 | ) | (397 | ) | |||
Proceeds from the sale of premises and equipment and foreclosed assets | 8 | 166 | |||||
NET CASH USED BY INVESTING ACTIVITIES | (30,344 | ) | (149,191 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Net change in: | |||||||
Checking, money market and savings accounts | 88,105 | 30,391 | |||||
Certificates of deposit | (41,532 | ) | 11,849 | ||||
Purchase of treasury stock | (201 | ) | (448 | ) | |||
Cash dividends paid | (2,591 | ) | (2,523 | ) | |||
Repayment of long-term borrowings | (5,112 | ) | (7,554 | ) | |||
Proceeds from long-term borrowings | 0 | 50,000 | |||||
Net change in short-term borrowings | 0 | 56,593 | |||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 38,669 | 138,308 | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,719 | (6,741 | ) | ||||
CASH AND CASH EQUIVALENTS, Beginning | 45,563 | 35,345 | |||||
CASH AND CASH EQUIVALENTS, Ending | $ | 55,282 | $ | 28,604 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 8,942 | $ | 5,203 | |||
Income taxes | 1,250 | 0 | |||||
SUPPLEMENTAL NONCASH DISCLOSURES: | |||||||
Transfers to other real estate owned | $ | 66 | $ | 0 | |||
Grant of restricted stock awards from treasury stock | $ | 1,055 | $ | 933 | |||
Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Share- holders’ Equity | |||||||||||||||
Balance, January 1, 2019 | $ | 97,602 | $ | 171,780 | $ | (2,556 | ) | $ | (3,996 | ) | $ | 262,830 | |||||||
Net income | 9,473 | 9,473 | |||||||||||||||||
Other comprehensive income | 4,856 | 4,856 | |||||||||||||||||
Restricted stock award grants (39,790 shares) | (1,055 | ) | 1,055 | 0 | |||||||||||||||
Stock-based compensation expense | 592 | 592 | |||||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (7,700 shares) | (201 | ) | (201 | ) | |||||||||||||||
Cash dividends declared ($0.17 per share) | (2,591 | ) | (2,591 | ) | |||||||||||||||
Balance, March 31, 2019 | $ | 97,139 | $ | 178,662 | $ | (1,702 | ) | $ | 860 | $ | 274,959 | ||||||||
Balance, January 1, 2018 | $ | 97,042 | $ | 148,298 | $ | (1,087 | ) | $ | (343 | ) | $ | 243,910 | |||||||
Net income | 7,097 | 7,097 | |||||||||||||||||
Other comprehensive loss | (3,902 | ) | (3,902 | ) | |||||||||||||||
Restricted stock award grants (37,708 shares) | (933 | ) | 933 | 0 | |||||||||||||||
Stock-based compensation expense | 677 | 677 | |||||||||||||||||
Purchase of treasury stock (10,769 shares) | (286 | ) | (286 | ) | |||||||||||||||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (6,040 shares) | (162 | ) | (162 | ) | |||||||||||||||
Cash dividends declared ($0.165 per share) | (2,523 | ) | (2,523 | ) | |||||||||||||||
Balance, March 31, 2018 | 96,786 | 152,872 | (602 | ) | (4,245 | ) | 244,811 | ||||||||||||
Shares | Per Share Weighted Average Grant Date Fair Value | |||||
Nonvested at beginning of period | 75,889 | $ | 23.20 | |||
Granted | 25,940 | 25.27 | ||||
Vested | (34,060 | ) | 21.58 | |||
Nonvested at end of period | 67,769 | $ | 24.79 |
Fair Value Measurements at March 31, 2019 Using: | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||||
Securities Available For Sale: | |||||||||||||||
U.S. Government sponsored entities | 130,375 | 0 | 130,375 | 0 | |||||||||||
States and political subdivisions | 121,090 | 0 | 121,090 | 0 | |||||||||||
Residential and multi-family mortgage | 207,491 | 0 | 207,491 | 0 | |||||||||||
Corporate notes and bonds | 11,904 | 0 | 11,904 | 0 | |||||||||||
Pooled SBA | 28,801 | 0 | 28,801 | 0 | |||||||||||
Other | 947 | 947 | 0 | 0 | |||||||||||
Total Securities Available For Sale | $ | 500,608 | $ | 947 | $ | 499,661 | $ | 0 | |||||||
Interest Rate swaps | $ | 906 | $ | 0 | $ | 906 | $ | 0 | |||||||
Trading Securities: | |||||||||||||||
Corporate equity securities | $ | 6,947 | $ | 6,947 | 0 | 0 | |||||||||
Mutual funds | 871 | 871 | 0 | 0 | |||||||||||
Certificates of deposit | 179 | 179 | 0 | 0 | |||||||||||
Corporate notes and bonds | 594 | 594 | 0 | 0 | |||||||||||
U.S. Government sponsored entities | 51 | 0 | 51 | 0 | |||||||||||
Total Trading Securities | $ | 8,642 | $ | 8,591 | $ | 51 | $ | 0 | |||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | (1,227 | ) | $ | 0 | $ | (1,227 | ) | $ | 0 | |||||
Fair Value Measurements at December 31, 2018 Using: | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||||
Securities Available For Sale: | |||||||||||||||
U.S. Government sponsored entities | $ | 132,694 | $ | 0 | $ | 132,694 | $ | 0 | |||||||
States and political subdivisions | 136,031 | 0 | 136,031 | 0 | |||||||||||
Residential and multi-family mortgage | 206,053 | 0 | 206,053 | 0 | |||||||||||
Corporate notes and bonds | 11,777 | 0 | 11,777 | 0 | |||||||||||
Pooled SBA | 29,374 | 0 | 29,374 | 0 | |||||||||||
Other | 934 | 934 | 0 | 0 | |||||||||||
Total Securities Available For Sale | $ | 516,863 | $ | 934 | $ | 515,929 | $ | 0 | |||||||
Interest Rate swaps | $ | 485 | $ | 0 | $ | 485 | $ | 0 | |||||||
Trading Securities: | |||||||||||||||
Corporate equity securities | 5,828 | 5,828 | 0 | 0 | |||||||||||
Mutual funds | 1,058 | 1,058 | 0 | 0 | |||||||||||
Certificates of deposit | 268 | 268 | 0 | 0 | |||||||||||
Corporate notes and bonds | 581 | 581 | 0 | 0 | |||||||||||
U.S. Government sponsored entities | 51 | 0 | 51 | 0 | |||||||||||
Total Trading Securities | $ | 7,786 | $ | 7,735 | 51 | 0 | |||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | (686 | ) | $ | 0 | $ | (686 | ) | $ | 0 |
Fair Value Measurements at March 31, 2019 Using: | |||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | |||||||||||||
Impaired loans: | |||||||||||||
Commercial, industrial, and agricultural | $ | 540 | 0 | 0 | $ | 540 | |||||||
Commercial mortgages | $ | 1,166 | 0 | 0 | $ | 1,166 | |||||||
Fair Value Measurements at December 31, 2018 Using | |||||||||||||
Quoted Prices in | Significant | ||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | |||||||||||||
Impaired loans: | |||||||||||||
Commercial, industrial, and agricultural | $ | 2,055 | 0 | 0 | $ | 2,055 | |||||||
Commercial mortgages | $ | 679 | 0 | 0 | $ | 679 |
Fair value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||
Impaired loans – commercial, industrial, and agricultural | $540 | Valuation of third party appraisal on underlying collateral | Loss severity rates | 39%-78% (63%) | |||
Impaired loans – commercial mortgages | $1,166 | Valuation of third party appraisal on underlying collateral | Loss severity rates | 15-90% (37%) |
Fair value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||
Impaired loans – commercial, industrial, and agricultural | $2,055 | Valuation of third party appraisal on underlying collateral | Loss severity rates | 20%-60% (34%) | |||
Impaired loans – commercial mortgages | $679 | Valuation of third party appraisal on underlying collateral | Loss severity rates | 15%-39% (33%) |
Carrying | Fair Value Measurement Using: | Total | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 55,282 | $ | 55,282 | $ | 0 | $ | 0 | $ | 55,282 | |||||||||
Securities available for sale | 500,608 | 947 | 499,661 | 0 | 500,608 | ||||||||||||||
Trading securities | 8,642 | 8,591 | 51 | 0 | 8,642 | ||||||||||||||
Loans held for sale | 2,952 | 0 | 2,957 | 0 | 2,957 | ||||||||||||||
Net loans | 2,505,744 | 0 | 0 | 2,483,864 | 2,483,864 | ||||||||||||||
FHLB and other restricted interests | 23,129 | n/a | n/a | n/a | n/a | ||||||||||||||
Interest rate swaps | 906 | 0 | 906 | 0 | 906 | ||||||||||||||
Accrued interest receivable | 11,862 | 7 | 3,567 | 8,288 | 11,862 | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | (2,657,359 | ) | $ | (2,303,454 | ) | $ | (354,791 | ) | $ | 0 | $ | (2,658,245 | ) | |||||
FHLB and other borrowings | (240,005 | ) | 0 | (240,503 | ) | 0 | (240,503 | ) | |||||||||||
Subordinated debentures | (70,620 | ) | 0 | (65,325 | ) | 0 | (65,325 | ) | |||||||||||
Interest rate swaps | (1,227 | ) | 0 | (1,227 | ) | 0 | (1,227 | ) | |||||||||||
Accrued interest payable | (916 | ) | 0 | (916 | ) | 0 | (916 | ) |
Carrying | Fair Value Measurement Using: | Total | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 45,563 | $ | 45,563 | $ | 0 | $ | 0 | $ | 45,563 | |||||||||
Securities available for sale | 516,863 | 934 | 515,929 | 0 | 516,863 | ||||||||||||||
Trading securities | 7,786 | 7,735 | 51 | 0 | 7,786 | ||||||||||||||
Loans held for sale | 367 | 0 | 368 | 0 | 368 | ||||||||||||||
Net loans | 2,454,853 | 0 | 0 | 2,433,417 | 2,433,417 | ||||||||||||||
FHLB and other restricted interests | 24,508 | n/a | n/a | n/a | n/a | ||||||||||||||
Interest rate swaps | 485 | 0 | 485 | 0 | 485 | ||||||||||||||
Accrued interest receivable | 10,843 | 6 | 3,368 | 7,469 | 10,843 | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | (2,610,786 | ) | $ | (2,215,349 | ) | $ | (397,370 | ) | $ | 0 | $ | (2,612,719 | ) | |||||
FHLB and other borrowings | (245,117 | ) | 0 | (242,592 | ) | 0 | (242,592 | ) | |||||||||||
Subordinated debentures | (70,620 | ) | 0 | (65,794 | ) | 0 | (65,794 | ) | |||||||||||
Interest rate swaps | (686 | ) | 0 | (686 | ) | 0 | (686 | ) | |||||||||||
Accrued interest payable | (863 | ) | 0 | (863 | ) | 0 | (863 | ) |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Fair | Amortized | Unrealized | Fair | ||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||||||||
U.S. Gov’t sponsored entities | $ | 129,993 | $ | 1,127 | $ | (745 | ) | $ | 130,375 | $ | 134,010 | $ | 254 | $ | (1,570 | ) | $ | 132,694 | |||||||||||||
State & political subdivisions | 118,673 | 2,595 | (178 | ) | 121,090 | 134,662 | 1,942 | (573 | ) | 136,031 | |||||||||||||||||||||
Residential & multi-family mortgage | 207,588 | 1,711 | (1,808 | ) | 207,491 | 209,126 | 500 | (3,573 | ) | 206,053 | |||||||||||||||||||||
Corporate notes & bonds | 12,354 | 26 | (476 | ) | 11,904 | 12,356 | 22 | (601 | ) | 11,777 | |||||||||||||||||||||
Pooled SBA | 29,186 | 196 | (581 | ) | 28,801 | 30,163 | 135 | (924 | ) | 29,374 | |||||||||||||||||||||
Other | 1,020 | 0 | (73 | ) | 947 | 1,020 | 0 | (86 | ) | 934 | |||||||||||||||||||||
Total | $ | 498,814 | $ | 5,655 | $ | (3,861 | ) | $ | 500,608 | $ | 521,337 | $ | 2,853 | $ | (7,327 | ) | $ | 516,863 |
March 31, 2019 | December 31, 2018 | ||||||
Corporate equity securities | $ | 6,947 | $ | 5,828 | |||
Mutual funds | 871 | 1,058 | |||||
Certificates of deposit | 179 | 268 | |||||
Corporate notes and bonds | 594 | 581 | |||||
U.S. Government sponsored entities | 51 | 51 | |||||
Total | $ | 8,642 | $ | 7,786 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
U.S. Gov’t sponsored entities | $ | 4,963 | $ | (2 | ) | $ | 69,440 | $ | (743 | ) | $ | 74,403 | $ | (745 | ) | ||||||||
State & political subdivisions | 994 | (13 | ) | 10,389 | (165 | ) | 11,383 | (178 | ) | ||||||||||||||
Residential & multi-family mortgage | 3,186 | (10 | ) | 87,606 | (1,798 | ) | 90,792 | (1,808 | ) | ||||||||||||||
Corporate notes & bonds | 0 | 0 | 9,528 | (476 | ) | 9,528 | (476 | ) | |||||||||||||||
Pooled SBA | 0 | 0 | 19,035 | (581 | ) | 19,035 | (581 | ) | |||||||||||||||
Other | 0 | 0 | 947 | (73 | ) | 947 | (73 | ) | |||||||||||||||
$ | 9,143 | $ | (25 | ) | $ | 196,945 | $ | (3,836 | ) | $ | 206,088 | $ | (3,861 | ) |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. Gov’t sponsored entities | $ | 14,786 | $ | (41 | ) | $ | 70,676 | $ | (1,529 | ) | $ | 86,462 | $ | (1,570 | ) | ||||||||
State & political subdivisions | 13,834 | (62 | ) | 21,080 | (511 | ) | 34,914 | (573 | ) | ||||||||||||||
Residential & multi-family mortgage | 69,015 | (656 | ) | 87,286 | (2,917 | ) | 156,301 | (3,573 | ) | ||||||||||||||
Corporate notes & bonds | 0 | 0 | 9,759 | (601 | ) | 9,759 | (601 | ) | |||||||||||||||
Pooled SBA | 760 | (7 | ) | 20,795 | (917 | ) | 21,555 | (924 | ) | ||||||||||||||
Other | 0 | 0 | 934 | (86 | ) | 934 | (86 | ) | |||||||||||||||
$ | 98,395 | $ | (766 | ) | $ | 210,530 | $ | (6,561 | ) | $ | 309,925 | $ | (7,327 | ) |
• | There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities. |
• | All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received. |
Proceeds | Gross Gains | Gross Losses | |||||||||
Three months ended March 31, 2019 | $ | 11,403 | $ | 152 | $ | 4 | |||||
Three months ended March 31, 2018 | $ | 0 | $ | 0 | $ | 0 |
Amortized Cost | Fair Value | ||||||
1 year or less | $ | 58,770 | $ | 58,412 | |||
1 year – 5 years | 131,226 | 131,749 | |||||
5 years – 10 years | 65,503 | 67,547 | |||||
After 10 years | 5,521 | 5,661 | |||||
261,020 | 263,369 | ||||||
Residential and multi-family mortgage | 207,588 | 207,491 | |||||
Pooled SBA | 29,186 | 28,801 | |||||
Other | 1,020 | 947 | |||||
Total debt securities | $ | 498,814 | $ | 500,608 |
3/31/2019 | 12/31/2018 | ||||||
Commercial, industrial, and agricultural | $ | 950,865 | $ | 916,297 | |||
Commercial mortgages | 709,726 | 697,776 | |||||
Residential real estate | 775,599 | 771,309 | |||||
Consumer | 86,780 | 86,035 | |||||
Credit cards | 7,341 | 7,623 | |||||
Overdrafts | 450 | 308 | |||||
Less: unearned discount | (4,671 | ) | (4,791 | ) | |||
allowance for loan losses | (20,346 | ) | (19,704 | ) | |||
Loans, net | $ | 2,505,744 | $ | 2,454,853 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses, January 1, 2019 | $ | 7,341 | $ | 7,490 | $ | 2,156 | $ | 2,377 | $ | 103 | $ | 237 | $ | 19,704 | |||||||||||||
Charge-offs | 0 | (17 | ) | (98 | ) | (549 | ) | (26 | ) | (128 | ) | (818 | ) | ||||||||||||||
Recoveries | 4 | — | 65 | 46 | 5 | 34 | 154 | ||||||||||||||||||||
Provision (benefit) for loan losses | 442 | 1,373 | (740 | ) | 166 | 23 | 42 | 1,306 | |||||||||||||||||||
Allowance for loan losses, March 31, 2019 | $ | 7,787 | $ | 8,846 | $ | 1,383 | $ | 2,040 | $ | 105 | $ | 185 | $ | 20,346 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses, January 1, 2018 | $ | 6,160 | $ | 9,007 | $ | 2,033 | $ | 2,179 | $ | 120 | $ | 194 | $ | 19,693 | |||||||||||||
Charge-offs | (31 | ) | 0 | 0 | (590 | ) | (19 | ) | (86 | ) | (726 | ) | |||||||||||||||
Recoveries | 68 | 0 | 3 | 49 | 7 | 31 | 158 | ||||||||||||||||||||
Provision (benefit) for loan losses | 85 | 1,013 | 16 | 427 | 15 | 75 | 1,631 | ||||||||||||||||||||
Allowance for loan losses, March 31, 2018 | $ | 6,282 | $ | 10,020 | $ | 2,052 | $ | 2,065 | $ | 123 | $ | 214 | $ | 20,756 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 330 | $ | 312 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 642 | |||||||||||||
Collectively evaluated for impairment | 7,350 | 3,775 | 1,383 | 2,040 | 105 | 185 | 14,838 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 107 | 4,759 | 0 | 0 | 0 | 0 | 4,866 | ||||||||||||||||||||
Total ending allowance balance | $ | 7,787 | $ | 8,846 | $ | 1,383 | $ | 2,040 | $ | 105 | $ | 185 | $ | 20,346 | |||||||||||||
Loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,754 | $ | 1,468 | $ | 498 | $ | 0 | $ | 0 | $ | 0 | $ | 3,720 | |||||||||||||
Collectively evaluated for impairment | 945,710 | 698,004 | 775,101 | 86,780 | 7,341 | 450 | 2,513,386 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 556 | 0 | 0 | 0 | 0 | 556 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 3,401 | 9,698 | 0 | 0 | 0 | 0 | 13,099 | ||||||||||||||||||||
Total ending loans balance | $ | 950,865 | $ | 709,726 | $ | 775,599 | $ | 86,780 | $ | 7,341 | $ | 450 | $ | 2,530,761 |
Commercial, Industrial, and Agricultural | Commercial Mortgages | Residential Real Estate | Consumer | Credit Cards | Overdrafts | Total | |||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 54 | $ | 4 | $ | 100 | $ | 0 | $ | 0 | $ | 10 | $ | 168 | |||||||||||||
Collectively evaluated for impairment | 7,183 | 3,036 | 2,056 | 2,377 | 103 | 227 | 14,982 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 104 | 4,450 | 0 | 0 | 0 | 0 | 4,554 | ||||||||||||||||||||
Total ending allowance balance | $ | 7,341 | $ | 7,490 | $ | 2,156 | $ | 2,377 | $ | 103 | $ | 237 | $ | 19,704 | |||||||||||||
Loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,334 | 1,446 | 502 | 0 | 0 | 10 | $ | 3,292 | ||||||||||||||||||
Collectively evaluated for impairment | 910,386 | 685,714 | 770,807 | 86,035 | 7,623 | 298 | 2,460,863 | ||||||||||||||||||||
Acquired with deteriorated credit quality | 0 | 567 | 0 | 0 | 0 | 0 | 567 | ||||||||||||||||||||
Modified in a troubled debt restructuring | 4,577 | 10,049 | 0 | 0 | 0 | 0 | 14,626 | ||||||||||||||||||||
Total ending loans balance | $ | 916,297 | 697,776 | 771,309 | 86,035 | 7,623 | 308 | $ | 2,479,348 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||
With an allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | $ | 2,840 | $ | 1,278 | $ | 437 | |||||
Commercial mortgage | 8,205 | 7,824 | 5,071 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
With no related allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | 4,556 | 3,877 | 0 | ||||||||
Commercial mortgage | 4,225 | 3,342 | 0 | ||||||||
Residential real estate | 498 | 498 | 0 | ||||||||
Total | $ | 20,324 | $ | 16,819 | $ | 5,508 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||
With an allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | $ | 3,053 | $ | 3,037 | $ | 158 | |||||
Commercial mortgage | 10,799 | 6,709 | 4,454 | ||||||||
Residential real estate | 502 | 502 | 100 | ||||||||
Overdrafts | 10 | 10 | 10 | ||||||||
With no related allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | 3,684 | 2,874 | 0 | ||||||||
Commercial mortgage | 5,659 | 4,786 | 0 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
Overdrafts | 0 | 0 | 0 | ||||||||
Total | $ | 23,707 | $ | 17,918 | $ | 4,722 |
Three Months Ended March 31, 2019 | |||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||
With an allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | $ | 2,158 | $ | 38 | $ | 38 | |||||
Commercial mortgage | 7,267 | 40 | 40 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
With no related allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | 3,376 | 54 | 54 | ||||||||
Commercial mortgage | 4,065 | 18 | 18 | ||||||||
Residential real estate | 500 | 7 | 7 | ||||||||
Total | $ | 17,366 | $ | 157 | $ | 157 |
Three Months Ended March 31, 2018 | |||||||||||
Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||
With an allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | $ | 1,884 | $ | 22 | $ | 22 | |||||
Commercial mortgage | 9,234 | 18 | 18 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
With no related allowance recorded: | |||||||||||
Commercial, industrial, and agricultural | 4,600 | 46 | 46 | ||||||||
Commercial mortgage | 3,753 | 13 | 13 | ||||||||
Residential real estate | 0 | 0 | 0 | ||||||||
Total | $ | 19,491 | $ | 99 | $ | 99 |
March 31, 2019 | December 31, 2018 | ||||||||||||||
Nonaccrual | Past Due Over 90 Days Still on Accrual | Nonaccrual | Past Due Over 90 Days Still on Accrual | ||||||||||||
Commercial, industrial, and agricultural | $ | 3,414 | $ | 529 | $ | 2,839 | $ | 489 | |||||||
Commercial mortgages | 7,724 | 0 | 7,694 | 53 | |||||||||||
Residential real estate | 5,821 | 285 | 6,023 | 299 | |||||||||||
Consumer | 491 | 24 | 683 | 44 | |||||||||||
Credit cards | 0 | 28 | 0 | 5 | |||||||||||
Total | $ | 17,450 | $ | 866 | $ | 17,239 | $ | 890 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 1,917 | $ | 310 | $ | 2,834 | $ | 5,061 | $ | 945,804 | $ | 950,865 | |||||||||||
Commercial mortgages | 387 | 3,532 | 1,702 | 5,621 | 704,105 | 709,726 | |||||||||||||||||
Residential real estate | 1,453 | 1,039 | 3,546 | 6,038 | 769,561 | 775,599 | |||||||||||||||||
Consumer | 286 | 182 | 353 | 821 | 85,959 | 86,780 | |||||||||||||||||
Credit cards | 16 | 33 | 28 | 77 | 7,264 | 7,341 | |||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | 450 | 450 | |||||||||||||||||
Total | $ | 4,059 | $ | 5,096 | $ | 8,463 | $ | 17,618 | $ | 2,513,143 | $ | 2,530,761 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 2,379 | $ | 16 | $ | 2,341 | $ | 4,736 | $ | 911,561 | $ | 916,297 | |||||||||||
Commercial mortgages | 858 | 3,058 | 297 | 4,213 | 693,563 | 697,776 | |||||||||||||||||
Residential real estate | 4,064 | 1,319 | 4,494 | 9,877 | 761,432 | 771,309 | |||||||||||||||||
Consumer | 474 | 283 | 367 | 1,124 | 84,911 | 86,035 | |||||||||||||||||
Credit cards | 59 | 15 | 5 | 79 | 7,544 | 7,623 | |||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | 308 | 308 | |||||||||||||||||
Total | $ | 7,834 | $ | 4,691 | $ | 7,504 | $ | 20,029 | $ | 2,459,319 | $ | 2,479,348 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||
Number of Loans | Loan Balance | Specific Reserve | Number of Loans | Loan Balance | Specific Reserve | ||||||||||||||||
Commercial, industrial, and agricultural | 10 | $ | 3,401 | $ | 107 | 10 | $ | 4,577 | $ | 104 | |||||||||||
Commercial mortgages | 15 | 9,698 | 4,759 | 15 | 10,049 | 4,450 | |||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Credit cards | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total | 25 | $ | 13,099 | $ | 4,866 | 25 | $ | 14,626 | $ | 4,554 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Commercial, industrial, and agricultural | $ | 922,618 | $ | 10,149 | $ | 18,098 | $ | 0 | $ | 950,865 | |||||||||
Commercial mortgages | 689,587 | 9,037 | 11,102 | 0 | 709,726 | ||||||||||||||
Total | $ | 1,612,205 | $ | 19,186 | $ | 29,200 | $ | 0 | $ | 1,660,591 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Commercial, industrial, and agricultural | $ | 889,547 | $ | 10,519 | $ | 16,231 | $ | 0 | $ | 916,297 | |||||||||
Commercial mortgages | 683,413 | 3,241 | 11,122 | 0 | 697,776 | ||||||||||||||
Total | $ | 1,572,960 | $ | 13,760 | $ | 27,353 | $ | 0 | $ | 1,614,073 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Residential Real Estate | Consumer | Credit Cards | Residential Real Estate | Consumer | Credit Cards | ||||||||||||||||||
Performing | $ | 769,493 | $ | 86,265 | $ | 7,313 | $ | 764,987 | $ | 85,308 | $ | 7,618 | |||||||||||
Nonperforming | 6,106 | 515 | 28 | 6,322 | 727 | 5 | |||||||||||||||||
Total | $ | 775,599 | $ | 86,780 | $ | 7,341 | $ | 771,309 | $ | 86,035 | $ | 7,623 |
3/31/2019 | 12/31/2018 | ||||||
Consumer | $ | 25,897 | $ | 26,568 | |||
Less: unearned discount | (4,671 | ) | (4,791 | ) | |||
Total | $ | 21,226 | $ | 21,777 |
3/31/2019 | 12/31/2018 | Percentage Change | ||||||||
Checking, non-interest bearing | $ | 345,386 | $ | 356,797 | (3.2 | )% | ||||
Checking, interest bearing | 583,653 | 600,046 | (2.7 | )% | ||||||
Savings accounts | 1,374,415 | 1,258,506 | 9.2 | % | ||||||
Certificates of deposit | 353,905 | 395,437 | (10.5 | )% | ||||||
$ | 2,657,359 | $ | 2,610,786 | 1.8 | % |
Three months ended March 31, | |||||||
2019 | 2018 | ||||||
Basic earnings per common share computation: | |||||||
Net income per consolidated statements of income | $ | 9,473 | $ | 7,097 | |||
Net earnings allocated to participating securities | (39 | ) | (34 | ) | |||
Net earnings allocated to common stock | $ | 9,434 | $ | 7,063 | |||
Distributed earnings allocated to common stock | $ | 2,579 | $ | 2,509 | |||
Undistributed earnings allocated to common stock | 6,855 | 4,554 | |||||
Net earnings allocated to common stock | $ | 9,434 | $ | 7,063 | |||
Weighted average common shares outstanding, including shares considered participating securities | 15,229 | 15,273 |
Less: Average participating securities | (62 | ) | (72 | ) | |||
Weighted average shares | 15,167 | 15,201 | |||||
Basic earnings per common share | $ | 0.62 | $ | 0.46 | |||
Diluted earnings per common share computation: | |||||||
Net earnings allocated to common stock | $ | 9,434 | $ | 7,063 | |||
Weighted average common shares outstanding for basic earnings per common share | 15,167 | 15,201 | |||||
Add: Dilutive effects of assumed exercises of stock options | 0 | 0 | |||||
Weighted average shares and dilutive potential common shares | 15,167 | 15,201 | |||||
Diluted earnings per common share | $ | 0.62 | $ | 0.46 |
Fair value as of | |||||||||
Balance Sheet Location | 3/31/2019 | 12/31/2018 | |||||||
Interest rate contracts | Accrued interest and other liabilities | $ | (321 | ) | $ | (201 | ) |
For the Three Months Ended March 31, 2019 | (a) | (b) | (c) | (d) | (e) | ||||||||||
Interest rate contracts | $ | (95 | ) | Interest expense – subordinated debentures | $ | (6 | ) | Other income | $ | 0 | |||||
For the Three Months Ended March 31, 2018 | (a) | (b) | (c) | (d) | (e) | ||||||||||
Interest rate contracts | $ | 62 | Interest expense – subordinated debentures | $ | (58 | ) | Other income | $ | 0 |
(a) | Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax |
(b) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) |
(c) | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) |
(d) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
(e) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
Notional Amount | Weighted Average Maturity (in years) | Weighted Average Fixed Rate | Weighted Average Variable Rate | Fair Value | ||||||||||||
March 31, 2019 | ||||||||||||||||
3rd Party interest rate swaps | $ | 23,014 | 7.1 | 3.85 | % | 1 month LIBOR + 2.24% | $ | 906 | (a) | |||||||
Customer interest rate swaps | (23,014 | ) | 7.1 | 3.85 | % | 1 month LIBOR + 2.24% | (906 | ) | (b) | |||||||
December 31, 2018 | ||||||||||||||||
3rd Party interest rate swaps | $ | 23,152 | 7.2 | 3.85 | % | 1 month LIBOR + 2.24% | $ | 485 | (a) | |||||||
Customer interest rate swaps | (23,152 | ) | 7.2 | 3.85 | % | 1 month LIBOR + 2.24 | (485 | ) | (b) |
(a) | Reported in accrued interest receivable and other assets within the consolidated balance sheets |
(b) | Reported in accrued interest payable and other liabilities within the consolidated balance sheets |
Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | ||||||
Non-interest Income | |||||||
Service charges on deposit accounts | $ | 1,481 | $ | 1,247 | |||
Wealth and asset management fees | 1,042 | 1,030 | |||||
Mortgage banking (1) | 239 | 208 | |||||
Card processing and interchange income | 1,029 | 971 | |||||
Net gains (losses) on sales of securities (1) | 148 | 0 | |||||
Other income | 2,214 | 1,295 | |||||
Total non-interest income | $ | 6,153 | $ | 4,751 |
(1) | Not within scope of ASU 2014-9 |
Leases | Classification | March 31, 2019 | ||||
Assets: | ||||||
Operating lease assets | Operating lease assets | $ | 16,222 | |||
Finance lease assets | Premises and equipment, net (1) | 554 | ||||
Total leased assets | $ | 16,776 | ||||
Liabilities: | ||||||
Operating lease liabilities | Operating lease liabilities | $ | 17,109 | |||
Finance lease liabilities | Accrued interest payable and other liabilities | 685 | ||||
Total leased liabilities | $ | 17,794 |
Three Months Ended | ||||||
Lease Cost | Classification | March 31, 2019 | ||||
Operating lease cost | Net occupancy expense | $ | 405 | |||
Variable lease cost | Net occupancy expense | 34 | ||||
Finance lease cost: | ||||||
Amortization of leased assets | Net occupancy expense | 18 | ||||
Interest on lease liabilities | Interest expense - borrowed funds | 8 | ||||
Sublease income (1) | Net occupancy expense | (21 | ) | |||
Net lease cost | $ | 444 |
Maturity of Lease Liabilities as of March 31, 2019 | Operating Leases (1) | Finance Leases | Total | |||||||||
2019 | $ | 1,309 | $ | 79 | $ | 1,388 | ||||||
2020 | 1,405 | 105 | 1,510 | |||||||||
2021 | 1,458 | 105 | 1,563 | |||||||||
2022 | 1,478 | 105 | 1,583 | |||||||||
2023 | 1,413 | 105 | 1,518 | |||||||||
After 2023 | 16,623 | 315 | 16,938 | |||||||||
Total lease payments | 23,686 | 814 | 24,500 | |||||||||
Less: Interest | 6,577 | 129 | 6,706 | |||||||||
Present value of lease liabilities | $ | 17,109 | $ | 685 | $ | 17,794 |
Lease Term and Discount Rate | March 31, 2019 | ||
Weighted-average remaining lease term (years) | |||
Operating leases | 17.3 | ||
Finance leases | 7.8 | ||
Weighted-average discount rate | |||
Operating leases | 3.66 | % | |
Finance leases | 4.54 | % |
Other Information | March 31, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ | 192 | ||
Leased assets obtained in exchange from new operating lease liabilities | 16,478 |
Three months ending March 31, 2019 | Year ending December 31, 2018 | Three months ending March 31, 2018 | |||||||||
Balance at beginning of period | $ | 19,704 | $ | 19,693 | $ | 19,693 | |||||
Charge-offs: | |||||||||||
Commercial, industrial, and agricultural | 0 | (253 | ) | (31 | ) | ||||||
Commercial mortgages | (17 | ) | (3,337 | ) | 0 | ||||||
Residential real estate | (98 | ) | (315 | ) | 0 | ||||||
Consumer | (549 | ) | (2,279 | ) | (590 | ) | |||||
Credit cards | (26 | ) | (90 | ) | (19 | ) | |||||
Overdrafts | (128 | ) | (319 | ) | (86 | ) | |||||
(818 | ) | (6,593 | ) | (726 | ) | ||||||
Recoveries: | |||||||||||
Commercial, industrial, and agricultural | 4 | 171 | 68 | ||||||||
Commercial mortgages | 0 | 30 | 0 | ||||||||
Residential real estate | 65 | 67 | 3 | ||||||||
Consumer | 46 | 141 | 49 | ||||||||
Credit cards | 5 | 33 | 7 | ||||||||
Overdraft deposit accounts | 34 | 90 | 31 | ||||||||
154 | 532 | 158 | |||||||||
Net charge-offs | (664 | ) | (6,061 | ) | (568 | ) | |||||
Provision for loan losses | 1,306 | 6,072 | 1,631 | ||||||||
Balance at end of period | $ | 20,346 | $ | 19,704 | $ | 20,756 | |||||
Loans, net of unearned | $ | 2,526,090 | $ | 2,474,557 | $ | 2,276,124 | |||||
Allowance to net loans | 0.81 | % | 0.80 | % | 0.91 | % | |||||
Net charge-offs to average loans (annualized) | 0.11 | % | 0.26 | % | 0.10 | % | |||||
Nonperforming assets | $ | 18,790 | $ | 18,547 | $ | 20,419 | |||||
Nonperforming % of total assets | 0.57 | % | 0.58 | % | 0.70 | % |
• | Commercial, industrial, and agricultural |
• | Commercial mortgages |
• | Residential real estate |
• | Consumer |
• | Credit cards |
• | Overdrafts |
• | levels of and trends in delinquencies, non-accrual loans, and classified loans; |
• | trends in volume and terms of loans; |
• | effects of any changes in lending policies and procedures; |
• | experience and ability of management; |
• | national and local economic trends and conditions; and |
• | concentrations of credit. |
March 31, 2019 | December 31, 2018 | ||||||
Total risk-based capital ratio | 13.18 | % | 13.21 | % | |||
Tier 1 capital ratio | 10.35 | % | 10.33 | % | |||
Common equity tier 1 ratio | 9.54 | % | 9.50 | % | |||
Leverage ratio | 8.01 | % | 7.87 | % | |||
Tangible common equity/tangible assets (1) | 7.26 | % | 7.02 | % | |||
Book value per share | $ | 18.04 | $ | 17.28 | |||
Tangible book value per share (1) | $ | 15.46 | $ | 14.69 |
(1) | Tangible common equity, tangible assets and tangible book value per share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of stockholders’ equity. Tangible assets is calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. The Corporation believes that these non-GAAP financial measures provide information to investors that is useful in understanding its financial condition. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below. |
March 31, 2019 | December 31, 2018 | ||||||
Shareholders’ equity | $ | 274,959 | $ | 262,830 | |||
Less goodwill | 38,730 | 38,730 | |||||
Less core deposit intangible | 562 | 727 | |||||
Tangible common equity | $ | 235,667 | $ | 223,373 | |||
Total assets | $ | 3,287,324 | $ | 3,221,521 | |||
Less goodwill | 38,730 | 38,730 | |||||
Less core deposit intangible | 562 | 727 | |||||
Tangible assets | $ | 3,248,032 | $ | 3,182,064 | |||
Ending shares outstanding | 15,239,371 | 15,207,281 | |||||
Tangible book value per share | $ | 15.46 | $ | 14.69 | |||
Tangible common equity/tangible assets | 7.26 | % | 7.02 | % |
March 31, 2019 | December 31, 2018 | ||||||||||||||
Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||
Commitments to make loans | $ | 47,597 | $ | 183,246 | $ | 46,265 | $ | 191,803 | |||||||
Unused lines of credit | 15,956 | 426,752 | 14,390 | 429,456 | |||||||||||
Standby letters of credit | 10,510 | 1,473 | 14,831 | 1,479 |
March 31, 2019 | March 31, 2018 | |||||||||||||||||||||
Average Balance | Annual Rate | Interest Inc./Exp. | Average Balance | Annual Rate | Interest Inc./Exp. | |||||||||||||||||
ASSETS: | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||
Taxable (1) | $ | 414,286 | 2.85 | % | $ | 2,978 | $ | 292,450 | 2.69 | % | $ | 1,984 | ||||||||||
Tax-Exempt (1,2) | 98,588 | 3.46 | % | 841 | 97,846 | 3.51 | % | 850 | ||||||||||||||
Equity Securities (1,2) | 18,603 | 6.02 | % | 280 | 29,414 | 3.97 | % | 292 | ||||||||||||||
Total securities | 531,477 | 3.07 | % | 4,099 | 419,710 | 2.96 | % | 3,126 | ||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial (2) | 932,819 | 5.29 | % | 12,329 | 768,968 | 4.54 | % | 8,732 | ||||||||||||||
Mortgage (2) | 1,481,543 | 4.95 | % | 18,319 | 1,356,569 | 4.69 | % | 15,901 | ||||||||||||||
Consumer | 87,745 | 10.92 | % | 2,395 | 82,745 | 9.66 | % | 1,999 | ||||||||||||||
Total loans (3) | 2,502,107 | 5.28 | % | 33,043 | 2,208,282 | 4.82 | % | 26,632 | ||||||||||||||
Total earning assets | 3,033,584 | 4.89 | % | $ | 37,142 | 2,627,992 | 4.53 | % | $ | 29,758 | ||||||||||||
Non interest-bearing assets: | ||||||||||||||||||||||
Cash and due from banks | 29,970 | 26,142 | ||||||||||||||||||||
Premises and equipment | 66,376 | 50,441 | ||||||||||||||||||||
Other assets | 135,995 | 146,935 | ||||||||||||||||||||
Allowance for loan losses | (19,866 | ) | (20,175 | ) | ||||||||||||||||||
Total non interest-bearing assets | 212,475 | 203,343 | ||||||||||||||||||||
TOTAL ASSETS | $ | 3,246,059 | $ | 2,831,335 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||
Demand—interest-bearing | $ | 559,003 | 0.42 | % | $ | 582 | $ | 568,970 | 0.37 | % | $ | 523 | ||||||||||
Savings | 1,325,893 | 1.29 | % | 4,290 | 917,385 | 0.51 | % | 1,171 | ||||||||||||||
Time | 369,621 | 1.86 | % | 1,715 | 375,554 | 1.31 | % | 1,230 | ||||||||||||||
Total interest-bearing deposits | 2,254,517 | 1.17 | % | 6,587 | 1,861,909 | 0.63 | % | 2,924 | ||||||||||||||
Short-term borrowings | 20,462 | 2.91 | % | 149 | 74,112 | 1.68 | % | 311 | ||||||||||||||
Long-term borrowings | 242,198 | 2.08 | % | 1,261 | 240,601 | 1.96 | % | 1,177 | ||||||||||||||
Subordinated debentures | 70,620 | 5.65 | % | 998 | 70,620 | 4.96 | % | 875 | ||||||||||||||
Total interest-bearing liabilities | 2,587,797 | 1.39 | % | $ | 8,995 | 2,247,242 | 0.94 | % | $ | 5,287 | ||||||||||||
Demand—non interest-bearing | 345,688 | 311,595 | ||||||||||||||||||||
Other liabilities | 46,401 | 28,062 | ||||||||||||||||||||
Total liabilities | 2,979,886 | 2,586,899 | ||||||||||||||||||||
Shareholders’ equity | 266,173 | 244,436 | ||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,246,059 | $ | 2,831,335 | ||||||||||||||||||
Interest income/Earning assets | 4.89 | % | $ | 37,142 | 4.53 | % | $ | 29,758 | ||||||||||||||
Interest expense/Interest-bearing liabilities | 1.39 | % | 8,995 | 0.94 | % | 5,287 | ||||||||||||||||
Net interest spread | 3.50 | % | $ | 28,147 | 3.59 | % | $ | 24,471 | ||||||||||||||
Interest income/Earning assets | 4.89 | % | 37,142 | 4.53 | % | 29,758 | ||||||||||||||||
Interest expense/Earning assets | 1.19 | % | 8,995 | 0.80 | % | 5,287 | ||||||||||||||||
Net interest margin | 3.70 | % | $ | 28,147 | 3.72 | % | $ | 24,471 |
(1) | Includes unamortized discounts and premiums. Average balance is computed using the amortized cost of securities. The average yield has been computed using the historical amortized cost average balance for available for sale securities. |
(2) | Average yields are stated on a fully taxable equivalent basis. |
(3) | Average outstanding includes the average balance outstanding of all non-accrual loans. Loans consist of the average of total loans less average unearned income. The amount of loan fees included in the interest income on loans is not material. |
March 31, 2019 | ||
Change in Basis Points | % Change in Net Interest Income | |
400 | 9.0% | |
300 | 7.0% | |
200 | 5.4% | |
100 | 5.2% | |
(100) | (3.1)% | |
(200) | (4.6)% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate dollar value) of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||
January 1 – 31, 2019 | 0 | $ | 0 | 0 | 289,731 | |||||||
February 1 – 28, 2019 | 0 | 0 | 0 | 289,731 | ||||||||
March 1 – 31, 2019 | 0 | 0 | 0 | 289,731 |
(1) | The Corporation’s stock repurchase program, which was announced on November 12, 2014, authorizes the repurchase of up to 500,000 shares of common stock. The program will remain in effect until fully utilized or until modified, suspended or terminated. As of March 31, 2019, there were 289,731 shares remaining in the program. |
Exhibit No. | Description | |
3.1 | ||
3.2 | ||
10.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
CNB FINANCIAL CORPORATION | ||||||
(Registrant) | ||||||
DATE: May 9, 2019 | /s/ Joseph B. Bower, Jr. | |||||
Joseph B. Bower, Jr. | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
DATE: May 9, 2019 | /s/ Brian W. Wingard | |||||
Brian W. Wingard | ||||||
Treasurer | ||||||
(Principal Financial and Accounting Officer) |
/s/ Joseph B. Bower, Jr. |
Joseph B. Bower, Jr. |
President and Chief Executive Officer |
(Principal Executive Officer) |
/s/ Brian W. Wingard |
Brian W. Wingard |
Treasurer |
(Principal Financial Officer) |
/s/ Joseph B. Bower, Jr. |
Joseph B. Bower, Jr. |
President and Chief Executive Officer |
/s/ Brian W. Wingard |
Brian W. Wingard |
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
May 06, 2019 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CCNE | |
Entity Registrant Name | CNB FINANCIAL CORP/PA | |
Entity Central Index Key | 0000736772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 15,239,371 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,308,378 | 15,308,378 |
Treasury stock, shares (in shares) | 69,007 | 101,097 |
Consolidated Statements of Income (unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Statement [Abstract] | ||
Accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements | $ 6 | $ 58 |
Accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities | 148 | 0 |
Income tax expense from reclassification | $ 30 | $ (12) |
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on interest rate swaps, tax | $ 26 | $ (4) |
Reclassification adjustment for losses recognized in earnings, tax | (1) | (12) |
Unrealized (losses) gains on other securities available for sale arising during the period, tax | (1,348) | 1,053 |
Reclassification adjustment for realized gains included in net income, tax | $ 31 | $ 0 |
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands |
Total |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Restricted Stock |
Restricted Stock
Treasury Stock
|
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2017 | $ 243,910 | $ 97,042 | $ 148,298 | $ (1,087) | $ (343) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 7,097 | 7,097 | |||||
Other comprehensive income | (3,902) | (3,902) | |||||
Restricted stock award grants | 0 | (933) | 933 | ||||
Stock-based compensation expense | 677 | 677 | |||||
Purchase of treasury stock | (286) | (286) | $ (162) | $ (162) | |||
Cash dividends declared | (2,523) | (2,523) | |||||
Ending balance at Mar. 31, 2018 | 244,811 | 96,786 | 152,872 | (602) | (4,245) | ||
Beginning balance at Dec. 31, 2018 | 262,830 | 97,602 | 171,780 | (2,556) | (3,996) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 9,473 | 9,473 | |||||
Other comprehensive income | 4,856 | 4,856 | |||||
Restricted stock award grants | 0 | (1,055) | 1,055 | ||||
Stock-based compensation expense | 592 | 592 | |||||
Purchase of treasury stock | $ (201) | $ (201) | |||||
Cash dividends declared | (2,591) | (2,591) | |||||
Ending balance at Mar. 31, 2019 | $ 274,959 | $ 97,139 | $ 178,662 | $ (1,702) | $ 860 |
Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Restricted stock award grants (in shares) | 37,708,000 | 39,790,000 |
Purchase of treasury stock (in shares) | 10,769,000 | |
Cash dividends declared (in dollars per share) | $ 165.000 | $ 170.00 |
Restricted Stock | ||
Purchase of treasury stock (in shares) | 6,040,000 | 7,700,000 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared pursuant to rules and regulations of the SEC and in compliance with accounting principles generally accepted in the United States of America (“GAAP”). Because this report is based on an interim period, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management of the registrant, the accompanying consolidated financial statements as of March 31, 2019 and for the three month periods ended March 31, 2019 and 2018 include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results of operations for the periods presented. The financial performance reported for CNB Financial Corporation (the “Corporation”) for the three month period ended March 31, 2019 is not necessarily indicative of the results to be expected for the full year. This information should be read in conjunction with the Corporation’s Annual Report on Form 10-K for the period ended December 31, 2018 (the “2018 Form 10-K”). All dollar amounts are stated in thousands, except share and per share data and other amounts as indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Stock Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | STOCK COMPENSATION The Corporation has a stock incentive plan, which is administered by a committee of the Board of Directors and which permits the Corporation to provide various types of stock-based compensation to its key employees, directors, and/or consultants, including time-based and performance-based shares of restricted stock. The Corporation previously maintained its 2009 Stock Incentive Plan, which terminated in accordance with its terms on February 10, 2019, and currently maintains its 2019 Stock Incentive Plan, which was approved by the Corporation’s shareholders and became effective on April 16, 2019. For key employees, the vesting of time-based restricted stock is one-third, one-fourth, or one-fifth of the granted restricted shares per year, beginning one year after the grant date, with 100% vesting on the third, fourth or fifth anniversary of the grant date, respectively. Prior to 2018, for non-employee directors, the vesting schedule is one-third of the granted restricted shares per year, beginning one year after the grant date, with 100% vested on the third anniversary of the grant date. Beginning in 2018, stock compensation received by non-employee directors vests immediately. At March 31, 2019, there was no unrecognized compensation cost related to stock-based compensation awarded under this plan and, except for the time-based and performance-based restricted stock awards disclosed below and in previous filings, no other stock-based compensation was granted during the three month periods ended March 31, 2019 and 2018. In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards (“PBRSAs”) to key employees. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting. In 2019, awards with a maximum of 16,681 shares in aggregate were granted to key employees. In 2018, awards with a maximum of 15,657 shares in aggregate were granted to key employees. In 2017, an award with a maximum of 7,109 shares was granted to a key employee. Compensation expense for the restricted stock awards is recognized over the requisite service period noted above based on the fair value of the shares at the date of grant. Nonvested restricted stock awards are recorded as a reduction of additional paid-in-capital in shareholders’ equity until earned. Compensation expense resulting from these restricted stock awards was $592 and $677 for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there was $1,185 of total unrecognized compensation cost related to unvested restricted stock awards. A summary of changes in time-based nonvested restricted stock awards for the three months ended March 31, 2019 follows:
The above table excludes 13,850 shares in restricted stock awards that were granted at a weighted average fair value of $25.27 and immediately vested. Compensation expense resulting from the immediately vested shares was $350 for the three months ended March 31, 2019, and is included in the previously disclosed $592 above. The fair value of shares vested was $1,227 and $1,462 during the three months ended March 31, 2019 and 2018, respectively. |
Fair Value |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | FAIR VALUE Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has also been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs are used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of most trading securities and securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Corporation’s derivative instruments are interest rate swaps that are similar to those that trade in liquid markets. As such, significant fair value inputs can generally be verified and do not typically involve significant management judgments (Level 2 inputs). The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals prepared by third-parties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also adjusts appraised values based on the length of time that has passed since the appraisal date and other factors. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2019 and December 31, 2018:
Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2019 and December 31, 2018:
Impaired loans, measured for impairment using the fair value of collateral for collateral dependent loans, had a recorded investment of $4,244 with a valuation allowance of $2,538 as of March 31, 2019, resulting in a provision for loan losses of $777 for the corresponding three month period. Impaired loans had a recorded investment of $3,918 with a valuation allowance of $1,184 as of December 31, 2018. Impaired loans carried at fair value resulted in a provision for loan losses of $272 for the three months ended March 31, 2018. The estimated fair values of impaired collateral dependent loans, such as commercial or residential mortgages, are determined primarily through third-party appraisals. When a collateral dependent loan, such as a commercial or residential mortgage loan, becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal, and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral and a further reduction for estimated costs to sell the property is applied, which results in an amount that is considered to be the estimated fair value. If a loan becomes impaired and the appraisal of related loan collateral is outdated, management applies an appropriate adjustment factor based on its experience with current valuations of similar collateral in determining the loan’s estimated fair value and resulting allowance for loan losses. Third-party appraisals are not customarily obtained in respect of unimpaired loans, unless in management’s view changes in circumstances warrant obtaining an updated appraisal. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2019:
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2018:
Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments at March 31, 2019:
The following table presents the carrying amount and fair value of financial instruments at December 31, 2018:
In accordance with our adoption of ASU 2016-01 in 2018, the methods utilized to measure the fair value of financial instruments at March 31, 2019 and December 31, 2018 represent an approximation of exit price; however, an actual exit price may differ. While estimates of fair value are based on management’s judgment of the most appropriate factors as of the balance sheet date, there is no assurance that the estimated fair values would have been realized if the assets had been disposed of or the liabilities settled at that date, since market values may differ depending on various circumstances. The estimated fair values would also not apply to subsequent dates. The fair value of other equity interests is based on the net asset values provided by the underlying investment partnership. Accounting Standards Updated ("ASU") 2015-7 removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures.In addition, other assets and liabilities that are not financial instruments, such as premises and equipment, are not included in the disclosures. Also, non-financial assets such as, among other things, the estimated earnings power of core deposits, the earnings potential of trust accounts, the trained workforce, and customer goodwill, which typically are not recognized on the balance sheet, may have value but are not included in the fair value disclosures. |
Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | SECURITIES Securities available for sale at March 31, 2019 and December 31, 2018 are as follows:
At March 31, 2019 and December 31, 2018, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities. Trading securities at March 31, 2019 and December 31, 2018 are as follows:
Securities with unrealized losses at March 31, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: March 31, 2019
December 31, 2018
The Corporation evaluates securities for other-than-temporary impairment on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation. At March 31, 2019 and December 31, 2018, management performed an assessment for possible other-than-temporary impairment of the Corporation’s debt securities, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. Based on the results of the assessment, management believes impairment of these debt securities at March 31, 2019 and December 31, 2018 to be temporary. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities for other-than-temporary impairment. For financial institution issuers, management monitors information from quarterly “call” report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate given the following considerations. When reviewing securities for other-than-temporary impairment, management considers the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Management also considers the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. As of March 31, 2019 and December 31, 2018, management concluded that the securities described in the previous paragraph were not other-than-temporarily impaired for the following reasons:
The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis. On March 31, 2019 and December 31, 2018, securities carried at $269,591 and $290,717, respectively, were pledged to secure public deposits and for other purposes as provided by law. Information pertaining to security sales on available for sale securities is as follows:
The tax provision related to these net realized gains was $31 and $0, respectively. The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at March 31, 2019:
Mortgage and asset backed securities and pooled SBA securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral. |
Loans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | LOANS Total net loans at March 31, 2019 and December 31, 2018 are summarized as follows:
At March 31, 2019 and December 31, 2018, net unamortized loan fees of $3,158 and $3,175, respectively, have been included in the carrying value of loans. The Corporation’s outstanding loans and related unfunded commitments are primarily concentrated within central and northwest Pennsylvania, central and northeast Ohio, and western New York. The Bank attempts to limit concentrations within specific industries by utilizing dollar limitations to single industries or customers, and by entering into participation agreements with third parties. Collateral requirements are established based on management’s assessment of the customer. The Corporation maintains lending policies to control the quality of the loan portfolio. These policies delegate the authority to extend loans under specific guidelines and underwriting standards. These policies are prepared by the Corporation’s management and reviewed and ratified annually by the Corporation’s Board of Directors. Pursuant to the Corporation’s lending policies, management considers a variety of factors when determining whether to extend credit to a customer, including loan-to-value ratios, FICO scores, quality of the borrower’s financial statements, and the ability to obtain personal guarantees. Commercial, industrial, and agricultural loans comprised 38% and 37% of the Corporation’s total loan portfolio at March 31, 2019 and December 31, 2018, respectively. Commercial mortgage loans comprised 28% of the Corporation’s total loan portfolio at both March 31, 2019 and December 31, 2018. Management assigns a risk rating to all commercial loans at loan origination. The loan-to-value policy guidelines for commercial, industrial, and agricultural loans are generally a maximum of 80% of the value of business equipment, a maximum of 75% of the value of accounts receivable, and a maximum of 60% of the value of business inventory at loan origination. The loan-to-value policy guideline for commercial mortgage loans is generally a maximum of 85% of the appraised value of the real estate. Residential real estate loans comprised 31% of the Corporation’s total loan portfolio at both March 31, 2019 and December 31, 2018. The loan-to-value policy guidelines for residential real estate loans vary depending on the collateral position and the specific type of loan. Higher loan-to-value terms may be approved with the appropriate private mortgage insurance coverage. The Corporation also originates and prices loans for sale into the secondary market. Loans so originated are classified as loans held for sale and are excluded from residential real estate loans reported above. The rationale for these sales is to mitigate interest rate risk associated with holding lower rate, long-term residential mortgages in the loan portfolio and to generate fee revenue from sales and servicing the loan. The Corporation also offers a variety of unsecured and secured consumer loan and credit card products which represent less than 4% of the total loan portfolio at both March 31, 2019 and December 31, 2018. Terms and collateral requirements vary depending on the size and nature of the loan. Transactions in the allowance for loan losses for the three months ended March 31, 2019 were as follows:
Transactions in the allowance for loan losses for the three months ended March 31, 2018 were as follows:
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and is based on the Corporation’s impairment method as of March 31, 2019 and December 31, 2018. The recorded investment in loans excludes accrued interest and unearned discounts due to their insignificance. March 31, 2019
December 31, 2018
The following tables present information related to loans individually evaluated for impairment, including loans modified in troubled debt restructurings, by portfolio segment as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018: March 31, 2019
December 31, 2018
The unpaid principal balance of impaired loans includes the Corporation’s recorded investment in the loan and amounts that have been charged off.
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still accruing interest by class of loans as of March 31, 2019 and December 31, 2018:
Nonaccrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of March 31, 2019 and December 31, 2018 by class of loans. March 31, 2019
December 31, 2018
Troubled Debt Restructurings The terms of certain loans have been modified as troubled debt restructurings. The modification of the terms of such loans included either or both of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. The following table presents the number of loans, loan balances, and specific reserves for loans that have been restructured in a troubled debt restructuring as of March 31, 2019 and December 31, 2018.
There were no loans modified as troubled debt restructurings during the three months ended March 31, 2019 or March 31, 2018. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. All loans modified in troubled debt restructurings are performing in accordance with their modified terms as of March 31, 2019 and December 31, 2018 and no principal balances were forgiven in connection with the loan restructurings. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without a loan modification. This evaluation is performed using the Corporation’s internal underwriting policies. The Corporation has no further loan commitments to customers whose loans are classified as a troubled debt restructuring. Generally, nonperforming troubled debt restructurings are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Credit Quality Indicators The Corporation classifies commercial, industrial, and agricultural loans and commercial mortgage loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Corporation’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not rated as special mention, substandard, or doubtful are considered to be pass rated loans. All loans included in the following tables have been assigned a risk rating within 12 months of the balance sheet date. March 31, 2019
December 31, 2018
The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential real estate, consumer, and credit card loan classes, the Corporation also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential, consumer, and credit card loans based on payment activity as of March 31, 2019 and December 31, 2018:
The Corporation’s portfolio of residential real estate and consumer loans maintained within Holiday Financial Services Corporation (“Holiday”) are considered to be subprime loans. Holiday is a subsidiary that offers small balance unsecured and secured loans primarily collateralized by automobiles and equipment, to borrowers with higher risk characteristics than are typical in the Bank’s consumer loan portfolio. Holiday’s loan portfolio is summarized as follows at March 31, 2019 and December 31, 2018:
|
Deposits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | DEPOSITS Total deposits at March 31, 2019 and December 31, 2018 are summarized as follows:
|
Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three months ended March 31, 2019 and 2018, there were no outstanding stock options to include in the diluted earnings per share calculations. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Corporation has determined that its outstanding unvested stock awards are participating securities. The computation of basic and diluted earnings per share is shown below:
|
Derivative Instruments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS On September 7, 2018, the Corporation executed an interest rate swap agreement with a 5-year term and an effective date of September 15, 2018 in order to hedge cash flows associated with $10 million of a subordinated note that was issued by the Corporation during 2007 and elected cash flow hedge accounting for the agreement. The Corporation’s objective in using this derivative is to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2018 to September 15, 2023 without the exchange of the underlying notional amount. At March 31, 2019, the variable rate on the subordinated debt was 4.16% (LIBOR plus 155 basis points) and the Corporation was paying 4.53% (2.98% fixed rate plus 155 basis points). In order to hedge cash flows associated with $10 million of a subordinated note discussed above, on May 3, 2011, the Corporation executed an interest rate swap agreement with a 5-year term and an effective date of September 15, 2013 that expired in September 2018. The Corporation’s objective in using this derivative was to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involved the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2013 to September 15, 2018 without exchange of the underlying notional amount. As of March 31, 2019 and December 31, 2018, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Corporation does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s consolidated balance sheet and statement of income as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018:
Amounts reported in accumulated other comprehensive loss related to the interest rate swap will be reclassified to interest expense as interest payments are made on the subordinated debentures. Such amounts reclassified from accumulated other comprehensive loss to interest expense in the next twelve months are expected to be $36. As of March 31, 2019 and December 31, 2018, a cash collateral balance in the amount of $400 and $200, respectively, was maintained with a counterparty to the interest rate swaps. These balances are included in interest bearing deposits with other banks on the consolidated balance sheet. The Corporation entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Corporation enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Corporation agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. Concurrently, the Corporation agrees 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 the Corporation’s customers to effectively convert a variable rate loan to a fixed rate. Because the Corporation acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Corporation’s results of operations. The Corporation pledged cash collateral to another financial institution with a balance $950 as of March 31, 2019 and $750 as of December 31, 2018. This balance is included in interest bearing deposits with other banks on the consolidated balance sheets. The Corporation does not require its customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is included in the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Corporation is permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Corporation may be required to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s consolidated balance sheet as of March 31, 2019 and December 31, 2018:
|
Revenue from Contracts with Customers |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. The following table presents the Corporation's non-interest income by revenue stream and reportable segment for the three months ended March 31, 2019 and 2018. Items outside the scope of ASC 606 are noted as such.
Management determined that the primary sources of revenue emanating from interest and dividend income on loans and investment securities along with non-interest revenue resulting from security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit card fees, gains (losses) on sale of other real estate owned not financed by the Corporation, is not within the scope of ASU 2014-9. As a result, no changes were made during the period related to these sources of revenue, which comprised 90.2% and 88.7% of the total revenue of the Corporation for the three months ended March 31, 2019 and 2018, respectively. The types of non-interest income within the scope of the standard that are material to the consolidated financial statements are services charges on deposit accounts, wealth and asset management fee income, card processing and interchange income, and other income. Service charges on deposit accounts: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed, as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Services charges on deposits are withdrawn from the customer’s account balance. Wealth and asset management fees: The Corporation earns wealth and asset management fees from its contracts with trust and brokerage customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month end. Fees for these services are billed to customers on a monthly or quarterly basis and are recorded as revenue at the end of the period for which the wealth and asset management services have been performed. Other performance obligations, such as the delivery of account statements to customers, are generally considered immaterial to the overall transaction price. Card processing and interchange income: The Corporation earns interchange fees from check card and credit card transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Other income: The Corporation's other income includes sources such as bank owned life insurance, certain service fees, gains (losses) on sales of fixed assets, and gains (losses) on sale of other real estate owned. The service fees are recognized in the same manner as the service charges mentioned above. While gains on the sale of other real estate owned are generally within the scope of ASU 2014-9, the Corporation does not finance the sale of transactions and as such there is no change in revenue recognition. |
Leases |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES As of January 1, 2019, the Corporation adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update ("ASU") 2016-02 and subsequent updates. This guidance requires a lessee to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model. The Corporation adopted the provisions of ASU 2016-02 on January 1, 2019, and elected several practical expedients made available by the FASB. Specifically, the Corporation elected the transition practical expedient to not recast comparative periods upon the adoption of the new guidance. In addition, the Corporation elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) initial direct costs for any existing leases. As a result, the Corporation recognized approximately $12.5 million of right of use assets, approximately $800 thousand in prepaid rent, and $13.3 million of related lease liabilities as of January 1, 2019. Operating lease assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease cost, which is comprised of amortization of the operating lease asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in net occupancy expense in the consolidated statements of income. The Corporation leases certain full-serve branch offices, land and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include one or more options to renew and the exercise of the lease renewal options are at the Corporation's sole discretion. Certain lease agreements of the Corporation include rental payments adjusted periodically for changes in the consumer price index.
(1) Finance lease assets are recorded net of accumulated amortization of $662 as of March 31, 2019. The components of the Corporation's net lease expense for the three months ended March 31, 2019 were as follows:
(1) Sublease income excludes rental income from owned properties. The following table sets forth future minimum rental payments under noncancelable leases with terms in excess of one year as of March 31, 2019:
(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $2,960 of legally binding minimum lease payments for leases signed, but not yet commenced. Other information related to the Corporation's lease liabilities as of and for the three months ended March 31, 2019 was as follows:
|
Contingency |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | CONTINGENCY On March 28, 2018, the Corporation received a notice of assessment from the Pennsylvania Department of Revenue that reported a sales tax assessment amount of $824 plus interest and penalties of $339 resulting in a total assessed balance of $1,163. The notice of assessment covers the period from January 1, 2013 through July 31, 2016. The Corporation has evaluated the specific items on which sales tax has been assessed in conjunction with its legal counsel and has determined that it is probable that the Corporation has some liability based on a review of the Pennsylvania tax laws that apply to the assessed items. The Corporation’s reasonable estimate of this liability is $96, which has been accrued and previously reported in state and local tax expense in the consolidated statement of income during the year ended December 31, 2018. The remaining balance that has not been accrued relates primarily to sales tax assessments associated with data processing and banking equipment maintenance, which the Corporation’s management and legal counsel have concluded were improperly assessed based on current Pennsylvania sales tax law. The Corporation appealed the notice of assessment to the Pennsylvania Board of Appeals and is awaiting a decision. The ultimate resolution of this matter, which may take in excess of one year, could result in an additional expense up to the total amount assessed. |
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued ASU 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 amends ASC 715-20, "Compensation - Retirement Benefits - Defined Benefit Plans - General." The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated Other Comprehensive Income ("OCI") expected to be recognized in net periodic benefit costs over the next fiscal year, and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The update will be effective for annual reporting periods beginning after December 15, 2020, with early adoption permitted for annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact of the adoption of ASU 2018-14 on the Corporation’s footnote disclosures included in the financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies disclosure requirements on fair value measurements based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact of the adoption of ASU 2018-13 on the Corporation’s footnote disclosures included in the financial statements. In June 2016, the FASB issued an update (ASU 2016-13, Financial Instruments – Credit Losses) which will require recognition of an entity’s current estimate of all expected credit losses for assets measured at amortized cost. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold in current GAAP. In addition, the amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually, such as loans. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Corporation has formed a committee comprised of individuals from different disciplines, including credit administration, finance, loan servicing and information technology, to evaluate the requirements of the new standard and the impact it will have on current processes. Management has performed a loss driver analysis with the assistance of software vendor, and is reviewing the assumptions and methods used in the analysis and results. The new guidance is expected to be heavily influenced by an assessment of the composition, characteristics, and credit quality of the Corporation's loan and investment securities portfolio as well as the economic conditions in effect at the adoption date. The impact to the financial statements is yet to be determined. In March 2019, the FASB issued an amendment (ASU 2019-01, Leases (Topic 842) Codification Improvements) which provides clarifications to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing essential information about leasing transactions. Specifically, ASU 2019-01 (i) allows the fair value of the underlying asset reported by lessors that are not manufacturers or dealers to continue to be its cost and not fair value as measured under the fair value definition, (ii) allows for the cash flows received for sales-type and direct financing leases to continue to be presented as results from investing, and (iii) clarifies that entities do not have to disclose the effect of the lease standard on adoption year interim amounts. The amendment will be effective for annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2019-01 will have any material impact on the Corporation’s financial statements. |
Recent Accounting Pronouncements (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued ASU 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 amends ASC 715-20, "Compensation - Retirement Benefits - Defined Benefit Plans - General." The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated Other Comprehensive Income ("OCI") expected to be recognized in net periodic benefit costs over the next fiscal year, and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The update will be effective for annual reporting periods beginning after December 15, 2020, with early adoption permitted for annual reporting periods beginning after December 15, 2019. Management is currently evaluating the impact of the adoption of ASU 2018-14 on the Corporation’s footnote disclosures included in the financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies disclosure requirements on fair value measurements based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact of the adoption of ASU 2018-13 on the Corporation’s footnote disclosures included in the financial statements. In June 2016, the FASB issued an update (ASU 2016-13, Financial Instruments – Credit Losses) which will require recognition of an entity’s current estimate of all expected credit losses for assets measured at amortized cost. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold in current GAAP. In addition, the amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually, such as loans. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. The Corporation has formed a committee comprised of individuals from different disciplines, including credit administration, finance, loan servicing and information technology, to evaluate the requirements of the new standard and the impact it will have on current processes. Management has performed a loss driver analysis with the assistance of software vendor, and is reviewing the assumptions and methods used in the analysis and results. The new guidance is expected to be heavily influenced by an assessment of the composition, characteristics, and credit quality of the Corporation's loan and investment securities portfolio as well as the economic conditions in effect at the adoption date. The impact to the financial statements is yet to be determined. In March 2019, the FASB issued an amendment (ASU 2019-01, Leases (Topic 842) Codification Improvements) which provides clarifications to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing essential information about leasing transactions. Specifically, ASU 2019-01 (i) allows the fair value of the underlying asset reported by lessors that are not manufacturers or dealers to continue to be its cost and not fair value as measured under the fair value definition, (ii) allows for the cash flows received for sales-type and direct financing leases to continue to be presented as results from investing, and (iii) clarifies that entities do not have to disclose the effect of the lease standard on adoption year interim amounts. The amendment will be effective for annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2019-01 will have any material impact on the Corporation’s financial statements. |
Stock Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Nonvested Restricted Stock Awards | A summary of changes in time-based nonvested restricted stock awards for the three months ended March 31, 2019 follows:
|
Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2019 and December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2019 and December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2019:
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments at March 31, 2019:
The following table presents the carrying amount and fair value of financial instruments at December 31, 2018:
|
Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities available for sale at March 31, 2019 and December 31, 2018 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities | Trading securities at March 31, 2019 and December 31, 2018 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position | Securities with unrealized losses at March 31, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: March 31, 2019
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Pertaining to Security Sales | Information pertaining to security sales on available for sale securities is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities | The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at March 31, 2019:
|
Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Loans | Total net loans at March 31, 2019 and December 31, 2018 are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Transactions in the allowance for loan losses for the three months ended March 31, 2019 were as follows:
Transactions in the allowance for loan losses for the three months ended March 31, 2018 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and is based on the Corporation’s impairment method as of March 31, 2019 and December 31, 2018. The recorded investment in loans excludes accrued interest and unearned discounts due to their insignificance. March 31, 2019
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment Including Loans Modified in Troubled Debt Restructurings by Portfolio Segment | The following tables present information related to loans individually evaluated for impairment, including loans modified in troubled debt restructurings, by portfolio segment as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018: March 31, 2019
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables with Related and not Related Allowances | The unpaid principal balance of impaired loans includes the Corporation’s recorded investment in the loan and amounts that have been charged off.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans and Loans Past Due over 90 Days Still Accruing Interest by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still accruing interest by class of loans as of March 31, 2019 and December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of March 31, 2019 and December 31, 2018 by class of loans. March 31, 2019
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructured in Troubled Debt | The following table presents the number of loans, loan balances, and specific reserves for loans that have been restructured in a troubled debt restructuring as of March 31, 2019 and December 31, 2018.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan Assigned Risk Rating within 12 Months of Balance Sheet Date | March 31, 2019
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity | The following table presents the recorded investment in residential, consumer, and credit card loans based on payment activity as of March 31, 2019 and December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Holiday's Loan Portfolio | Holiday’s loan portfolio is summarized as follows at March 31, 2019 and December 31, 2018:
|
Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits | Total deposits at March 31, 2019 and December 31, 2018 are summarized as follows:
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per share is shown below:
|
Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges within Corporation's Consolidated Balance Sheet and Statement of Income | The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s consolidated balance sheet and statement of income as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts and Locations of Activity Related to Back-to-Back Interest Rate Swaps within Corporation's Consolidated Balance Sheet | The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s consolidated balance sheet as of March 31, 2019 and December 31, 2018:
|
Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue Derived from Contracts with Customers | The following table presents the Corporation's non-interest income by revenue stream and reportable segment for the three months ended March 31, 2019 and 2018. Items outside the scope of ASC 606 are noted as such.
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Operating And Finance Lease Liabilities |
(1) Finance lease assets are recorded net of accumulated amortization of $662 as of March 31, 2019. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Lease Cost | The components of the Corporation's net lease expense for the three months ended March 31, 2019 were as follows:
(1) Sublease income excludes rental income from owned properties.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease, Liability, Maturity | The following table sets forth future minimum rental payments under noncancelable leases with terms in excess of one year as of March 31, 2019:
(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $2,960 of legally binding minimum lease payments for leases signed, but not yet commenced. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | The following table sets forth future minimum rental payments under noncancelable leases with terms in excess of one year as of March 31, 2019:
(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $2,960 of legally binding minimum lease payments for leases signed, but not yet commenced. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Lease Term and Discount Rate | Other information related to the Corporation's lease liabilities as of and for the three months ended March 31, 2019 was as follows:
|
Stock Compensation - Summary of Changes in Time-based Nonvested Restricted Stock Awards (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
shares
| |
Shares | |
Nonvested at beginning of period, Shares (in shares) | shares | 75,889 |
Granted, shares (in shares) | shares | 25,940 |
Vested, Shares (in shares) | shares | (34,060) |
Nonvested at end of period, Shares (in shares) | shares | 67,769 |
Per Share Weighted Average Grant Date Fair Value | |
Nonvested at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 23.20 |
Granted, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | 25.27 |
Vested, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | 21.58 |
Nonvested at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 24.79 |
Fair Value - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans, recorded investment | $ 16,819 | $ 17,918 | |
Impaired loans allowance | 5,508 | 4,722 | |
Collateral Dependent Loans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans, recorded investment | 4,244 | 3,918 | |
Impaired loans allowance | 2,538 | $ 1,184 | |
Impaired loans, positive (negative) provisions | $ 777 | $ 272 |
Securities - Additional Information (Detail) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019
USD ($)
security
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
security
|
|
Debt and Equity Securities, FV-NI [Line Items] | |||
Number of securities holdings | security | 0 | 0 | |
Shareholders' equity percentage | 10.00% | 10.00% | |
Tax provision related to net realized gains | $ 31 | $ 0 | |
Collateral Pledged | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities, trading, restricted | $ 269,591 | $ 290,717 |
Securities - Trading Securities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 8,642 | $ 7,786 |
Corporate equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 6,947 | 5,828 |
Mutual funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 871 | 1,058 |
Certificates of deposit | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 179 | 268 |
Corporate notes and bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 594 | 581 |
U.S. Gov’t sponsored entities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 51 | $ 51 |
Securities - Information Pertaining to Security Sales (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 11,403 | $ 0 |
Gross Gains | 152 | 0 |
Gross Losses | $ 4 | $ 0 |
Loans - Summary of Holiday's Loan Portfolio (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer | $ 2,530,761 | $ 2,479,348 |
Less: unearned discount | 3,158 | 3,175 |
Net loans | 2,505,744 | 2,454,853 |
Holiday Financial Services Corporation | Residential Real Estate And Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer | 25,897 | 26,568 |
Less: unearned discount | (4,671) | (4,791) |
Net loans | $ 21,226 | $ 21,777 |
Deposits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Banking and Thrift [Abstract] | ||
Checking, non-interest bearing | $ 345,386 | $ 356,797 |
Checking, interest bearing | 583,653 | 600,046 |
Savings accounts | 1,374,415 | 1,258,506 |
Certificates of deposit | 353,905 | 395,437 |
Total deposits | $ 2,657,359 | $ 2,610,786 |
Percentage Change, Checking, non-interest bearing | (3.20%) | |
Percentage Change, Checking, interest bearing | (2.70%) | |
Percentage Change, Savings accounts | 9.20% | |
Percentage Change, Certificates of deposit | (10.50%) | |
Percentage Change | 1.80% |
Earnings Per Share - Additional Information (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||
Dilutive effects of assumed exercises of stock options (in shares) | 0 | 0 |
Derivative Instruments - Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges within Corporation's Consolidated Balance Sheet and Statement of Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Derivative [Line Items] | |||
Interest expense – subordinated debentures | $ (95) | $ 62 | |
Accrued interest and other liabilities | |||
Derivative [Line Items] | |||
Interest rate contracts | (321) | $ (201) | |
Interest expense – subordinated debentures | |||
Derivative [Line Items] | |||
Interest expense, fair value | (6) | (58) | |
Other income | |||
Derivative [Line Items] | |||
Other income | $ 0 | $ 0 |
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Non-interest Income | ||
Service charges on deposit accounts | $ 1,481 | $ 1,247 |
Wealth and asset management fees | 1,042 | 1,030 |
Mortgage banking | 239 | 208 |
Card processing and interchange income | 1,029 | 971 |
Net gains (losses) on sales of securities | 148 | 0 |
Other income | 2,214 | 1,295 |
Total non-interest income | $ 6,153 | $ 4,751 |
Revenue from Contracts with Customers - Additional Information (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Revenue from Contract with Customer [Abstract] | ||
Percentage of primary source of revenue | 90.20% | 88.70% |
Leases - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Operating Leased Assets [Line Items] | |||
Operating lease assets | $ 16,222 | $ 0 | |
Operating lease liabilities | $ 17,109 | $ 0 | |
Accounting Standards Update 2016-02 | |||
Operating Leased Assets [Line Items] | |||
Operating lease assets | $ 12,500 | ||
Prepaid rent | 800 | ||
Operating lease liabilities | $ 13,300 |
Leases - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets: | ||
Operating lease assets | $ 16,222 | $ 0 |
Finance lease assets | 554 | |
Total leased assets | 16,776 | |
Liabilities: | ||
Operating lease liabilities | 17,109 | $ 0 |
Finance lease liabilities | 685 | |
Total leased liabilities | 17,794 | |
Finance lease, net of accumulated amortization | $ 662 |
Leases - Schedule of Lease Cost (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating lease cost | $ 405 |
Variable lease cost | 34 |
Finance lease cost: | |
Amortization of leased assets | 18 |
Interest on lease liabilities | 8 |
Sublease income | (21) |
Net lease cost | 444 |
Operating cash flows from operating leases | 192 |
Leased assets obtained in exchange from new operating lease liabilities | $ 16,478 |
Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Leases [Abstract] | ||
Operating lease payments excluding amount of legally binding lease payments | $ 2,960 | |
Operating Leases | ||
2019 | 1,309 | |
2020 | 1,405 | |
2021 | 1,458 | |
2022 | 1,478 | |
2023 | 1,413 | |
After 2023 | 16,623 | |
Total lease payments | 23,686 | |
Less: Interest | 6,577 | |
Operating lease liabilities | 17,109 | $ 0 |
Finance Leases | ||
2019 | 79 | |
2020 | 105 | |
2021 | 105 | |
2022 | 105 | |
2023 | 105 | |
After 2023 | 315 | |
Total lease payments | 814 | |
Less: Interest | 129 | |
Present value of lease liabilities | 685 | |
Total | ||
2019 | 1,388 | |
2020 | 1,510 | |
2021 | 1,563 | |
2022 | 1,583 | |
2023 | 1,518 | |
After 2023 | 16,938 | |
Total lease payments | 24,500 | |
Less: Interest | 6,706 | |
Present value of lease liabilities | $ 17,794 |
Leases - Schedule of Weighted Average Lease Term and Discount Rate (Details) |
Mar. 31, 2019 |
---|---|
Weighted-average remaining lease term (years) | |
Operating leases | 17 years 3 months 18 days |
Finance leases | 7 years 9 months 18 days |
Weighted-average discount rate | |
Operating leases | 3.66% |
Finance leases | 4.54% |
Contingency (Detail) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Mar. 28, 2018 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Sales tax examination excluding penalties and interest accrued | $ 824 | |
Sales tax examination penalties and interest accrued | 339 | |
Sales tax examination liability refund adjustment from settlement with tax authority | $ 1,163 | |
Sales tax contingent liabilities | $ 96 |
U_A,D!, ? )4";3P-P#D 2D)V=34/]N1JJ]:IK3XONO%K':DP*?8]Q
M,I_'A]/<3?^+H^WCT_ ^UB2H0,9+5Q*<(D5: 96Q>;D1"V=8=0$8OP_",T
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MKDT$$2>X<3P.D+5+.\MY/T79X> *11") N9F!4.5 !B.3\-Q:A*.3_Y.5)-+\3[5
MF&!Q( $&$M+$.L$#1#A !#.9X/ I)E$&9Z;,I"+O@\.AB,+P*C ;?Q;*!X0/
M1.$F4;@F\BRB<)7("P.\#^*]1?0!X0-1M$D4K8FLJW2*5HFB \;6E
8MV60'P"XQ/=EDRT99+$URZ=%&VUB%P6&)44.DFU
M$R>D>B>78(@UC'P[Z<-H'"1].U6&2-!;K
M<:M5[$P6F"44X64?J7F6!5I# 7"0;H\B!^G!BS,YPD#%C@-C3! RC\3:C95N
M6,]I2Y%T@U19%G"#@41&NXFE&Z/J<4ZN0B#*0FPC##?2=,LDW6;-337.Q=*,
M5L43E0%9
MY6>'%2-D^DKY@3+BC"$,5@9@#1*L#,%JU8 !6? ^]_$'4Y4!58.D*FM>RK0'
M2+PQN327,5(9(#5(I/)G;^Z3&2WQA:\R0^4P3QW@:9 \=1J67!;J'0G(+)=L
M,K/98:PZ@-4@L>HT+JM@E2&4S :7P8_#2'4@395[[
X=?;^F[R*_0.05B)Q ]$^+ATV+/DSB-XF])K%'X'YCXL-\\IL
D*W2>DVB@Y">#2@ Z9I
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MB2OJ?MUU8T->,PF&D U<2D:Q2X[8BL35[ 38Y&XHAU@E_:TZ(D*UM%'*D*L
M2@*\2D:Q_I?8C,35]+_$:"2NJ/]U:6]K8YH $0P%$[Q9$?4$T
M*0"=,MOJ9Z+(.A>\]43WMAIB_A3P,=)F[LVB]<[>T]U*O7I9(QSGX&*(>LQ3
MAPE'F/ :L7$@L@$"M(!!1>A4$=KZ:*PB2=T$D9,@L@1H1!!-N^@@B874%I(F
M:-K('(1QFKB5(*<2-%."\ )!["2([_.+%'!2GX8(2
M[%2"'5Y@-T'J)$CO]R)S$F2WO