x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended JUNE 30, 2016 or |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. |
RHODE ISLAND | 05-0404671 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
23 BROAD STREET | ||
WESTERLY, RHODE ISLAND | 02891 | |
(Address of principal executive offices) | (Zip Code) |
(401) 348-1200 |
(Registrant’s telephone number, including area code) |
Large accelerated filer o | Accelerated filer x | |
Non-accelerated filer o | Smaller reporting company o | |
(Do not check if a smaller reporting company) |
FORM 10-Q | |
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES | |
For the Quarter Ended June 30, 2016 | |
TABLE OF CONTENTS | |
Page Number | |
Consolidated Balance Sheets (unaudited) | (Dollars in thousands, except par value) |
June 30, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Cash and due from banks | $116,658 | $93,222 | |||||
Short-term investments | 3,255 | 4,409 | |||||
Mortgage loans held for sale (including $38,554 at June 30, 2016 and $33,969 at December 31, 2015 measured at fair value) | 38,554 | 38,554 | |||||
Securities: | |||||||
Available for sale, at fair value | 401,749 | 375,044 | |||||
Held to maturity, at amortized cost (fair value $18,595 at June 30, 2016 and $20,516 at December 31, 2015) | 17,917 | 20,023 | |||||
Total securities | 419,666 | 395,067 | |||||
Federal Home Loan Bank stock, at cost | 34,303 | 24,316 | |||||
Loans: | |||||||
Commercial | 1,732,220 | 1,654,547 | |||||
Residential real estate | 1,005,036 | 1,013,555 | |||||
Consumer | 343,628 | 345,025 | |||||
Total loans | 3,080,884 | 3,013,127 | |||||
Less allowance for loan losses | 25,826 | 27,069 | |||||
Net loans | 3,055,058 | 2,986,058 | |||||
Premises and equipment, net | 29,590 | 29,593 | |||||
Investment in bank-owned life insurance | 65,036 | 65,501 | |||||
Goodwill | 64,059 | 64,059 | |||||
Identifiable intangible assets, net | 10,814 | 11,460 | |||||
Other assets | 80,088 | 59,365 | |||||
Total assets | $3,917,081 | $3,771,604 | |||||
Liabilities: | |||||||
Deposits: | |||||||
Demand deposits | $512,307 | $537,298 | |||||
NOW accounts | 414,532 | 412,602 | |||||
Money market accounts | 675,896 | 823,490 | |||||
Savings accounts | 342,579 | 326,967 | |||||
Time deposits | 844,036 | 833,898 | |||||
Total deposits | 2,789,350 | 2,934,255 | |||||
Federal Home Loan Bank advances | 640,010 | 378,973 | |||||
Junior subordinated debentures | 22,681 | 22,681 | |||||
Other liabilities | 76,708 | 60,307 | |||||
Total liabilities | 3,528,749 | 3,396,216 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Common stock of $.0625 par value; authorized 60,000,000 shares at June 30, 2016 and 30,000,000 at December 31, 2015; issued and outstanding 17,081,124 shares at June 30, 2016 and 17,019,578 shares at December 31, 2015 | 1,068 | 1,064 | |||||
Paid-in capital | 112,314 | 110,949 | |||||
Retained earnings | 282,666 | 273,074 | |||||
Accumulated other comprehensive loss | (7,716 | ) | (9,699 | ) | |||
Total shareholders’ equity | 388,332 | 375,388 | |||||
Total liabilities and shareholders’ equity | $3,917,081 | $3,771,604 |
Consolidated Statements of Income (unaudited) | (Dollars and shares in thousands, except per share amounts) |
Three months | Six months | |||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $29,122 | $28,739 | $59,120 | $57,092 | ||||||||||||
Interest on securities: | Taxable | 2,487 | 2,176 | 4,857 | 4,435 | |||||||||||
Nontaxable | 280 | 402 | 607 | 837 | ||||||||||||
Dividends on Federal Home Loan Bank stock | 231 | 164 | 441 | 329 | ||||||||||||
Other interest income | 70 | 29 | 134 | 54 | ||||||||||||
Total interest and dividend income | 32,190 | 31,510 | 65,159 | 62,747 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 2,981 | 3,348 | 5,949 | 6,737 | ||||||||||||
Federal Home Loan Bank advances | 2,313 | 1,891 | 4,465 | 3,793 | ||||||||||||
Junior subordinated debentures | 119 | 241 | 231 | 482 | ||||||||||||
Other interest expense | 1 | 2 | 3 | 5 | ||||||||||||
Total interest expense | 5,414 | 5,482 | 10,648 | 11,017 | ||||||||||||
Net interest income | 26,776 | 26,028 | 54,511 | 51,730 | ||||||||||||
Provision for loan losses | 450 | 100 | 950 | 100 | ||||||||||||
Net interest income after provision for loan losses | 26,326 | 25,928 | 53,561 | 51,630 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 9,481 | 8,912 | 18,655 | 17,347 | ||||||||||||
Mortgage banking revenues | 2,710 | 2,741 | 4,908 | 5,329 | ||||||||||||
Service charges on deposit accounts | 935 | 973 | 1,842 | 1,908 | ||||||||||||
Card interchange fees | 860 | 826 | 1,657 | 1,540 | ||||||||||||
Income from bank-owned life insurance | 1,090 | 492 | 1,589 | 982 | ||||||||||||
Loan related derivative income | 508 | 717 | 1,153 | 1,362 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (89 | ) | (69 | ) | (177 | ) | (155 | ) | ||||||||
Other income | 419 | 669 | 921 | 968 | ||||||||||||
Total noninterest income | 15,914 | 15,261 | 30,548 | 29,281 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 17,405 | 15,506 | 33,785 | 31,000 | ||||||||||||
Net occupancy | 1,803 | 1,669 | 3,610 | 3,555 | ||||||||||||
Equipment | 1,503 | 1,376 | 3,004 | 2,716 | ||||||||||||
Outsourced services | 1,294 | 1,277 | 2,657 | 2,524 | ||||||||||||
Legal, audit and professional fees | 662 | 610 | 1,291 | 1,286 | ||||||||||||
FDIC deposit insurance costs | 491 | 436 | 984 | 909 | ||||||||||||
Advertising and promotion | 420 | 578 | 685 | 845 | ||||||||||||
Amortization of intangibles | 322 | 156 | 645 | 311 | ||||||||||||
Debt prepayment penalties | — | — | 431 | — | ||||||||||||
Acquisition related expenses | — | 433 | — | 433 | ||||||||||||
Other expenses | 2,130 | 2,258 | 4,388 | 4,251 | ||||||||||||
Total noninterest expense | 26,030 | 24,299 | 51,480 | 47,830 | ||||||||||||
Income before income taxes | 16,210 | 16,890 | 32,629 | 33,081 | ||||||||||||
Income tax expense | 5,153 | 5,387 | 10,637 | 10,568 | ||||||||||||
Net income | $11,057 | $11,503 | $21,992 | $22,513 | ||||||||||||
Weighted average common shares outstanding - basic | 17,067 | 16,811 | 17,045 | 16,785 | ||||||||||||
Weighted average common shares outstanding - diluted | 17,194 | 16,989 | 17,185 | 16,977 | ||||||||||||
Per share information: | Basic earnings per common share | $0.65 | $0.68 | $1.29 | $1.34 | |||||||||||
Diluted earnings per common share | $0.64 | $0.68 | $1.28 | $1.32 | ||||||||||||
Cash dividends declared per share | $0.36 | $0.34 | $0.72 | $0.68 |
Consolidated Statements of Comprehensive Income (unaudited) | (Dollars in thousands) |
Three Months | Six Months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net income | $11,057 | $11,503 | $21,992 | $22,513 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Net change in fair value of securities available for sale | 1,378 | (1,701 | ) | 1,742 | (1,037 | ) | |||||||||
Cash flow hedges: | |||||||||||||||
Change in fair value of cash flow hedges | (24 | ) | (1 | ) | (90 | ) | (9 | ) | |||||||
Net cash flow hedge losses reclassified into earnings | — | 90 | — | 183 | |||||||||||
Net change in fair value of cash flow hedges | (24 | ) | 89 | (90 | ) | 174 | |||||||||
Defined benefit plan obligation adjustment | 165 | 354 | 331 | 589 | |||||||||||
Total other comprehensive income (loss), net of tax | 1,519 | (1,258 | ) | 1,983 | (274 | ) | |||||||||
Total comprehensive income | $12,576 | $10,245 | $23,975 | $22,239 |
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | (Dollars and shares in thousands) |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | |||||||||||||||||
Balance at January 1, 2016 | 17,020 | $1,064 | $110,949 | $273,074 | ($9,699 | ) | $375,388 | |||||||||||||||
Net income | 21,992 | 21,992 | ||||||||||||||||||||
Total other comprehensive income, net of tax | 1,983 | 1,983 | ||||||||||||||||||||
Cash dividends declared | (12,400 | ) | (12,400 | ) | ||||||||||||||||||
Share-based compensation | 1,109 | 1,109 | ||||||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards and related tax benefit | 61 | 4 | 256 | 260 | ||||||||||||||||||
Balance at June 30, 2016 | 17,081 | $1,068 | $112,314 | $282,666 | ($7,716 | ) | $388,332 |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | |||||||||||||||||
Balance at January 1, 2015 | 16,746 | $1,047 | $101,204 | $252,837 | ($8,809 | ) | $346,279 | |||||||||||||||
Net income | 22,513 | 22,513 | ||||||||||||||||||||
Total other comprehensive loss, net of tax | (274 | ) | (274 | ) | ||||||||||||||||||
Cash dividends declared | (11,560 | ) | (11,560 | ) | ||||||||||||||||||
Share-based compensation | 1,156 | 1,156 | ||||||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards and related tax benefit | 88 | 5 | 1,048 | 1,053 | ||||||||||||||||||
Balance at June 30, 2015 | 16,834 | $1,052 | $103,408 | $263,790 | ($9,083 | ) | $359,167 |
Consolidated Statement of Cash Flows (unaudited) | (Dollars in thousands) |
Six months ended June 30, | 2016 | 2015 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $21,992 | $22,513 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for loan losses | 950 | 100 | ||||||
Depreciation of premises and equipment | 1,790 | 1,715 | ||||||
Net amortization of premium and discount | 977 | 777 | ||||||
Amortization of intangibles | 645 | 311 | ||||||
Share-based compensation | 1,109 | 1,156 | ||||||
Income from bank-owned life insurance | (1,589 | ) | (982 | ) | ||||
Net gains on loan sales and commissions on loans originated for others | (4,938 | ) | (5,333 | ) | ||||
Net gain on sale of portfolio loans | (135 | ) | — | |||||
Equity in losses of unconsolidated subsidiaries | 177 | 155 | ||||||
Proceeds from sales of loans | 222,098 | 244,302 | ||||||
Loans originated for sale | (217,682 | ) | (232,179 | ) | ||||
(Increase) decrease in other assets | (21,194 | ) | 627 | |||||
Increase (decrease) in other liabilities | 16,450 | (4,288 | ) | |||||
Net cash provided by operating activities | 20,650 | 28,874 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of: | Mortgage-backed securities available for sale | (62,497 | ) | — | ||||
Other investment securities available for sale | (40,495 | ) | (30,228 | ) | ||||
Maturities and principal payments of: | Mortgage-backed securities available for sale | 23,696 | 26,274 | |||||
Other investment securities available for sale | 54,681 | 8,162 | ||||||
Mortgage-backed securities held to maturity | 2,008 | 2,573 | ||||||
Purchase of Federal Home Loan Bank stock | (9,987 | ) | — | |||||
Net increase in loans | (53,972 | ) | (66,792 | ) | ||||
Net proceeds from sale of portfolio loans | 510 | — | ||||||
Purchases of loans | (17,079 | ) | (2,160 | ) | ||||
Proceeds from the sale of property acquired through foreclosure or repossession | 254 | 240 | ||||||
Purchases of premises and equipment | (1,816 | ) | (2,344 | ) | ||||
Proceeds from bank-owned life insurance | 2,054 | — | ||||||
Net cash used in investing activities | (102,643 | ) | (64,275 | ) | ||||
Cash flows from financing activities: | ||||||||
Net decrease in deposits | (144,905 | ) | (15,699 | ) | ||||
Proceeds from Federal Home Loan Bank advances | 640,000 | 323,000 | ||||||
Repayment of Federal Home Loan Bank advances | (378,963 | ) | (257,976 | ) | ||||
Proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered | (26 | ) | 586 | |||||
Tax benefit from stock option exercises and other equity awards | 286 | 467 | ||||||
Cash dividends paid | (12,117 | ) | (11,234 | ) | ||||
Net cash provided by financing activities | 104,275 | 39,144 | ||||||
Net increase in cash and cash equivalents | 22,282 | 3,743 | ||||||
Cash and cash equivalents at beginning of period | 97,631 | 80,350 | ||||||
Cash and cash equivalents at end of period | $119,913 | $84,093 |
Noncash Investing and Financing Activities: | |||||||
Loans charged off | $2,335 | $676 | |||||
Loans transferred to property acquired through foreclosure or repossession | 1,045 | 491 | |||||
Supplemental Disclosures: | |||||||
Interest payments | $10,467 | $11,175 | |||||
Income tax payments | 9,872 | 9,665 |
(Dollars in thousands) | |||||||||||||||
June 30, 2016 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
Securities Available for Sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $72,653 | $170 | $— | $72,823 | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 267,025 | 9,268 | (29 | ) | 276,264 | ||||||||||
Obligations of states and political subdivisions | 25,844 | 313 | — | 26,157 | |||||||||||
Individual name issuer trust preferred debt securities | 29,833 | — | (5,339 | ) | 24,494 | ||||||||||
Corporate bonds | 1,961 | 50 | — | 2,011 | |||||||||||
Total securities available for sale | $397,316 | $9,801 | ($5,368 | ) | $401,749 | ||||||||||
Held to Maturity: | |||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | $17,917 | $678 | $— | $18,595 | |||||||||||
Total securities held to maturity | $17,917 | $678 | $— | $18,595 | |||||||||||
Total securities | $415,233 | $10,479 | ($5,368 | ) | $420,344 |
(Dollars in thousands) | |||||||||||||||
December 31, 2015 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
Securities Available for Sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $77,330 | $73 | ($388 | ) | $77,015 | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 228,908 | 6,398 | (450 | ) | 234,856 | ||||||||||
Obligations of states and political subdivisions | 35,353 | 727 | — | 36,080 | |||||||||||
Individual name issuer trust preferred debt securities | 29,815 | — | (4,677 | ) | 25,138 | ||||||||||
Corporate bonds | 1,970 | 5 | (20 | ) | 1,955 | ||||||||||
Total securities available for sale | $373,376 | $7,203 | ($5,535 | ) | $375,044 | ||||||||||
Held to Maturity: | |||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | $20,023 | $493 | $— | $20,516 | |||||||||||
Total securities held to maturity | $20,023 | $493 | $— | $20,516 | |||||||||||
Total securities | $393,399 | $7,696 | ($5,535 | ) | $395,560 |
(Dollars in thousands) | Available for Sale | Held to Maturity | |||||||||||||
June 30, 2016 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Due in one year or less | $64,530 | $66,714 | $5,100 | $5,293 | |||||||||||
Due after one year to five years | 149,238 | 153,975 | 9,696 | 10,063 | |||||||||||
Due after five years to ten years | 131,935 | 134,032 | 2,774 | 2,879 | |||||||||||
Due after ten years | 51,613 | 47,028 | 347 | 360 | |||||||||||
Total securities | $397,316 | $401,749 | $17,917 | $18,595 |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||
June 30, 2016 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 1 | 9,583 | (29 | ) | — | — | — | 1 | 9,583 | (29 | ) | ||||||||||||||||||
Individual name issuer trust preferred debt securities | — | — | — | 10 | 24,494 | (5,339 | ) | 10 | 24,494 | (5,339 | ) | ||||||||||||||||||
Total temporarily impaired securities | 1 | $9,583 | ($29 | ) | 10 | $24,494 | ($5,339 | ) | 11 | $34,077 | ($5,368 | ) |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||
December 31, 2015 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | 4 | $34,767 | ($388 | ) | — | $— | $— | 4 | $34,767 | ($388 | ) | ||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 9 | 61,764 | (450 | ) | — | — | — | 9 | 61,764 | (450 | ) | ||||||||||||||||||
Individual name issuer trust preferred debt securities | — | — | — | 10 | 25,138 | (4,677 | ) | 10 | 25,138 | (4,677 | ) | ||||||||||||||||||
Corporate bonds | 3 | 1,235 | (20 | ) | — | — | — | 3 | 1,235 | (20 | ) | ||||||||||||||||||
Total temporarily impaired securities | 16 | $97,766 | ($858 | ) | 10 | $25,138 | ($4,677 | ) | 26 | $122,904 | ($5,535 | ) |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % | Amount | % | ||||||||||
Commercial: | |||||||||||||
Mortgages (1) | $1,074,747 | 35 | % | $931,953 | 31 | % | |||||||
Construction & development (2) | 81,812 | 3 | 122,297 | 4 | |||||||||
Commercial & industrial (3) | 575,661 | 18 | 600,297 | 20 | |||||||||
Total commercial | 1,732,220 | 56 | 1,654,547 | 55 | |||||||||
Residential real estate: | |||||||||||||
Mortgages | 978,399 | 32 | 984,437 | 33 | |||||||||
Homeowner construction | 26,637 | 1 | 29,118 | 1 | |||||||||
Total residential real estate | 1,005,036 | 33 | 1,013,555 | 34 | |||||||||
Consumer: | |||||||||||||
Home equity lines | 260,541 | 8 | 255,565 | 8 | |||||||||
Home equity loans | 39,572 | 1 | 46,649 | 2 | |||||||||
Other (4) | 43,515 | 2 | 42,811 | 1 | |||||||||
Total consumer | 343,628 | 11 | 345,025 | 11 | |||||||||
Total loans (5) | $3,080,884 | 100 | % | $3,013,127 | 100 | % |
(1) | Loans primarily secured by income producing property. |
(2) | Loans for construction of commercial properties, loans to developers for construction of residential properties and loans for land development. |
(3) | Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate. |
(4) | Loans to individuals secured by general aviation aircraft and other personal installment loans. |
(5) | Includes net unamortized loan origination costs of $2.6 million at both June 30, 2016 and December 31, 2015 and net unamortized premiums on purchased loans of $171 thousand and $84 thousand, respectively, at June 30, 2016 and December 31, 2015. |
(Dollars in thousands) | Jun 30, 2016 | Dec 31, 2015 | |||||
Commercial: | |||||||
Mortgages | $4,054 | $5,711 | |||||
Construction & development | — | — | |||||
Commercial & industrial | 1,204 | 3,018 | |||||
Residential real estate: | |||||||
Mortgages | 10,409 | 10,666 | |||||
Homeowner construction | — | — | |||||
Consumer: | |||||||
Home equity lines | 315 | 528 | |||||
Home equity loans | 1,152 | 1,124 | |||||
Other | 114 | — | |||||
Total nonaccrual loans | $17,248 | $21,047 | |||||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||
June 30, 2016 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $8 | $— | $4,054 | $4,062 | $1,070,685 | $1,074,747 | |||||||||||||||||
Construction & development | — | — | — | — | 81,812 | 81,812 | |||||||||||||||||
Commercial & industrial | 46 | 735 | 1,197 | 1,978 | 573,683 | 575,661 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
Mortgages | 3,853 | 1,113 | 3,927 | 8,893 | 969,506 | 978,399 | |||||||||||||||||
Homeowner construction | — | — | — | — | 26,637 | 26,637 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 458 | 101 | 34 | 593 | 259,948 | 260,541 | |||||||||||||||||
Home equity loans | 513 | 666 | 300 | 1,479 | 38,093 | 39,572 | |||||||||||||||||
Other | 11 | 8 | 110 | 129 | 43,386 | 43,515 | |||||||||||||||||
Total loans | $4,889 | $2,623 | $9,622 | $17,134 | $3,063,750 | $3,080,884 |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||
December 31, 2015 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $51 | $— | $4,504 | $4,555 | $927,398 | $931,953 | |||||||||||||||||
Construction & development | — | — | — | — | 122,297 | 122,297 | |||||||||||||||||
Commercial & industrial | 405 | 9 | 48 | 462 | 599,835 | 600,297 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
Mortgages | 3,028 | 2,964 | 3,294 | 9,286 | 975,151 | 984,437 | |||||||||||||||||
Homeowner construction | — | — | — | — | 29,118 | 29,118 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 883 | 373 | 518 | 1,774 | 253,791 | 255,565 | |||||||||||||||||
Home equity loans | 748 | 490 | 222 | 1,460 | 45,189 | 46,649 | |||||||||||||||||
Other | 22 | — | — | 22 | 42,789 | 42,811 | |||||||||||||||||
Total loans | $5,137 | $3,836 | $8,586 | $17,559 | $2,995,568 | $3,013,127 |
(Dollars in thousands) | Recorded Investment (1) | Unpaid Principal | Related Allowance | ||||||||||||||||||||
Jun 30, 2016 | Dec 31, 2015 | Jun 30, 2016 | Dec 31, 2015 | Jun 30, 2016 | Dec 31, 2015 | ||||||||||||||||||
No Related Allowance Recorded: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $— | $4,292 | $— | $5,101 | $— | $— | |||||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||||
Commercial & industrial | 1,524 | 1,849 | 1,640 | 1,869 | — | — | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
Mortgages | 12,243 | 8,441 | 12,337 | 8,826 | — | — | |||||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 305 | 6 | 305 | 64 | — | — | |||||||||||||||||
Home equity loans | 794 | 530 | 800 | 539 | — | — | |||||||||||||||||
Other | 110 | — | 110 | — | — | — | |||||||||||||||||
Subtotal | 14,976 | 15,118 | 15,192 | 16,399 | — | — | |||||||||||||||||
With Related Allowance Recorded: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $13,505 | $10,873 | $14,325 | $10,855 | $714 | $1,633 | |||||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||||
Commercial & industrial | 484 | 2,024 | 534 | 2,248 | 23 | 771 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
Mortgages | 2,107 | 2,895 | 2,171 | 2,941 | 223 | 156 | |||||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 10 | 522 | 10 | 522 | — | 2 | |||||||||||||||||
Home equity loans | 440 | 679 | 453 | 783 | 46 | 21 | |||||||||||||||||
Other | 35 | 145 | 34 | 144 | 5 | — | |||||||||||||||||
Subtotal | 16,581 | 17,138 | 17,527 | 17,493 | 1,011 | 2,583 | |||||||||||||||||
Total impaired loans | $31,557 | $32,256 | $32,719 | $33,892 | $1,011 | $2,583 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $15,513 | $19,038 | $16,499 | $20,073 | $737 | $2,404 | |||||||||||||||||
Residential real estate | 14,350 | 11,336 | 14,508 | 11,767 | 223 | 156 | |||||||||||||||||
Consumer | 1,694 | 1,882 | 1,712 | 2,052 | 51 | 23 | |||||||||||||||||
Total impaired loans | $31,557 | $32,256 | $32,719 | $33,892 | $1,011 | $2,583 |
(1) | The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. |
(Dollars in thousands) | Average Recorded Investment | Interest Income Recognized | |||||||||||||
Three months ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Commercial: | |||||||||||||||
Mortgages | $13,677 | $14,556 | $87 | $76 | |||||||||||
Construction & development | — | — | — | — | |||||||||||
Commercial & industrial | 3,290 | 3,077 | 10 | 41 | |||||||||||
Residential real estate: | |||||||||||||||
Mortgages | 10,903 | 3,251 | 98 | 24 | |||||||||||
Homeowner construction | — | — | — | — | |||||||||||
Consumer: | |||||||||||||||
Home equity lines | 315 | 278 | 6 | — | |||||||||||
Home equity loans | 1,216 | 78 | 11 | 1 | |||||||||||
Other | 151 | 191 | 2 | 2 | |||||||||||
Totals | $29,552 | $21,431 | $214 | $144 |
(Dollars in thousands) | Average Recorded Investment | Interest Income Recognized | |||||||||||||
Six months ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Commercial: | |||||||||||||||
Mortgages | $14,208 | $14,748 | $180 | $155 | |||||||||||
Construction & development | — | — | — | — | |||||||||||
Commercial & industrial | 3,545 | 3,057 | 21 | 60 | |||||||||||
Residential real estate: | |||||||||||||||
Mortgages | 10,986 | 3,354 | 167 | 40 | |||||||||||
Homeowner construction | — | — | — | — | |||||||||||
Consumer: | |||||||||||||||
Home equity lines | 493 | 263 | 8 | — | |||||||||||
Home equity loans | 1,195 | 76 | 24 | 1 | |||||||||||
Other | 148 | 169 | 4 | 5 | |||||||||||
Totals | $30,575 | $21,667 | $404 | $261 |
(Dollars in thousands) | Outstanding Recorded Investment (1) | ||||||||||||||||||||
# of Loans | Pre-Modifications | Post-Modifications | |||||||||||||||||||
Three months ended June 30, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Mortgages | — | — | $— | $— | $— | $— | |||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||
Commercial & industrial | 1 | 2 | 133 | 284 | 133 | 284 | |||||||||||||||
Residential real estate: | |||||||||||||||||||||
Mortgages | 1 | — | 3,550 | — | 3,550 | — | |||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity lines | — | — | — | — | — | — | |||||||||||||||
Home equity loans | — | 1 | — | 70 | — | 70 | |||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||
Totals | 2 | 3 | $3,683 | $354 | $3,683 | $354 |
(1) | The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred |
(Dollars in thousands) | Outstanding Recorded Investment (1) | ||||||||||||||||||||
# of Loans | Pre-Modifications | Post-Modifications | |||||||||||||||||||
Six months ended June 30, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Mortgages | — | — | $— | $— | $— | $— | |||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||
Commercial & industrial | 1 | 3 | 133 | 584 | 133 | 584 | |||||||||||||||
Residential real estate: | |||||||||||||||||||||
Mortgages | 1 | 1 | 3,550 | 93 | 3,550 | 93 | |||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity lines | — | — | — | — | — | — | |||||||||||||||
Home equity loans | — | 1 | — | 70 | — | 70 | |||||||||||||||
Other | — | 1 | — | 35 | — | 35 | |||||||||||||||
Totals | 2 | 6 | $3,683 | $782 | $3,683 | $782 |
(1) | The recorded investment in troubled debt restructurings consists of unpaid principal balance, net of charge-offs and unamortized deferred |
(Dollars in thousands) | |||||||||||||||
Three months | Six months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Below-market interest rate concession | $— | $— | $— | $— | |||||||||||
Payment deferral | — | 284 | — | 619 | |||||||||||
Maturity / amortization concession | 133 | 70 | 133 | 163 | |||||||||||
Interest only payments | 3,550 | — | 3,550 | — | |||||||||||
Total | $3,683 | $354 | $3,683 | $782 |
(Dollars in thousands) | Pass | Special Mention | Classified | ||||||||||||||||||||
Jun 30, 2016 | Dec 31, 2015 | Jun 30, 2016 | Dec 31, 2015 | Jun 30, 2016 | Dec 31, 2015 | ||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $1,061,090 | $914,774 | $1,106 | $3,035 | $12,551 | $14,144 | |||||||||||||||||
Construction & development | 81,812 | 122,297 | — | — | — | — | |||||||||||||||||
Commercial & industrial | 550,465 | 577,036 | 15,863 | 12,012 | 9,333 | 11,249 | |||||||||||||||||
Total commercial loans | $1,693,367 | $1,614,107 | $16,969 | $15,047 | $21,884 | $25,393 |
(Dollars in thousands) | Current and Under 90 Days Past Due | Over 90 Days Past Due | |||||||||||||
Jun 30, 2016 | Dec 31, 2015 | Jun 30, 2016 | Dec 31, 2015 | ||||||||||||
Residential real estate: | |||||||||||||||
Accruing mortgages | $967,990 | $973,771 | $— | $— | |||||||||||
Nonaccrual mortgages | 6,482 | 7,372 | 3,927 | 3,294 | |||||||||||
Homeowner construction | 26,637 | 29,118 | — | — | |||||||||||
Total residential loans | $1,001,109 | $1,010,261 | $3,927 | $3,294 | |||||||||||
Consumer: | |||||||||||||||
Home equity lines | $260,507 | $255,047 | $34 | $518 | |||||||||||
Home equity loans | 39,272 | 46,427 | 300 | 222 | |||||||||||
Other | 43,405 | 42,811 | 110 | — | |||||||||||
Total consumer loans | $343,184 | $344,285 | $444 | $740 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Total | |||||||||||||||||||||
Beginning Balance | $8,586 | $1,643 | $8,261 | $18,490 | $5,363 | $2,284 | $26,137 | ||||||||||||||||||||
Charge-offs | (78 | ) | — | (746 | ) | (824 | ) | (4 | ) | (32 | ) | (860 | ) | ||||||||||||||
Recoveries | 13 | — | 62 | 75 | 2 | 22 | 99 | ||||||||||||||||||||
Provision | 1,892 | (739 | ) | (1,057 | ) | 96 | 108 | 246 | 450 | ||||||||||||||||||
Ending Balance | $10,413 | $904 | $6,520 | $17,837 | $5,469 | $2,520 | $25,826 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Total | |||||||||||||||||||||
Beginning Balance | $9,140 | $1,758 | $8,202 | $19,100 | $5,460 | $2,509 | $27,069 | ||||||||||||||||||||
Charge-offs | (1,331 | ) | — | (754 | ) | (2,085 | ) | (140 | ) | (110 | ) | (2,335 | ) | ||||||||||||||
Recoveries | 17 | — | 88 | 105 | 4 | 33 | 142 | ||||||||||||||||||||
Provision | 2,587 | (854 | ) | (1,016 | ) | 717 | 145 | 88 | 950 | ||||||||||||||||||
Ending Balance | $10,413 | $904 | $6,520 | $17,837 | $5,469 | $2,520 | $25,826 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Un-allocated | Total | ||||||||||||||||||||||||
Beginning Balance | $8,331 | $1,229 | $7,803 | $17,363 | $5,355 | $2,731 | $2,361 | $27,810 | |||||||||||||||||||||||
Charge-offs | (200 | ) | — | (44 | ) | (244 | ) | (6 | ) | (105 | ) | — | (355 | ) | |||||||||||||||||
Recoveries | 4 | — | 18 | 22 | 2 | 8 | — | 32 | |||||||||||||||||||||||
Provision | 394 | 455 | (767 | ) | 82 | 54 | 49 | (85 | ) | 100 | |||||||||||||||||||||
Ending Balance | $8,529 | $1,684 | $7,010 | $17,223 | $5,405 | $2,683 | $2,276 | $27,587 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Un-allocated | Total | ||||||||||||||||||||||||
Beginning Balance | $8,202 | $1,300 | $7,987 | $17,489 | $5,430 | $2,713 | $2,391 | $28,023 | |||||||||||||||||||||||
Charge-offs | (400 | ) | — | (51 | ) | (451 | ) | (54 | ) | (171 | ) | — | (676 | ) | |||||||||||||||||
Recoveries | 84 | — | 32 | 116 | 4 | 20 | — | 140 | |||||||||||||||||||||||
Provision | 643 | 384 | (958 | ) | 69 | 25 | 121 | (115 | ) | 100 | |||||||||||||||||||||
Ending Balance | $8,529 | $1,684 | $7,010 | $17,223 | $5,405 | $2,683 | $2,276 | $27,587 |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||||
Loans | Related Allowance | Loans | Related Allowance | ||||||||||||
Loans Individually Evaluated for Impairment: | |||||||||||||||
Commercial: | |||||||||||||||
Mortgages | $13,480 | $714 | $15,141 | $1,633 | |||||||||||
Construction & development | — | — | — | — | |||||||||||
Commercial & industrial | 2,006 | 23 | 3,871 | 771 | |||||||||||
Residential real estate | 14,338 | 223 | 11,333 | 156 | |||||||||||
Consumer | 1,692 | 51 | 1,881 | 23 | |||||||||||
Subtotal | 31,516 | 1,011 | 32,226 | 2,583 | |||||||||||
Loans Collectively Evaluated for Impairment: | |||||||||||||||
Commercial: | |||||||||||||||
Mortgages | $1,061,267 | $9,699 | $916,812 | $7,507 | |||||||||||
Construction & development | 81,812 | 904 | 122,297 | 1,758 | |||||||||||
Commercial & industrial | 573,655 | 6,497 | 596,426 | 7,431 | |||||||||||
Residential real estate | 990,698 | 5,246 | 1,002,222 | 5,304 | |||||||||||
Consumer | 341,936 | 2,469 | 343,144 | 2,486 | |||||||||||
Subtotal | 3,049,368 | 24,815 | 2,980,901 | 24,486 | |||||||||||
Total | $3,080,884 | $25,826 | $3,013,127 | $27,069 |
(Dollars in thousands) | Total Outstanding | Weighted Average Rate | ||||
July 1, 2016 to December 31, 2016 | $377,330 | 0.71 | % | |||
2017 | 27,575 | 2.24 | ||||
2018 | 53,134 | 1.45 | ||||
2019 | 33,258 | 2.84 | ||||
2020 | 32,733 | 2.36 | ||||
2021 and thereafter | 115,980 | 3.30 | ||||
Balance at June 30, 2016 | $640,010 | 1.50 | % |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be “Well Capitalized” Under Prompt Corrective Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
June 30, 2016 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $375,899 | 12.43 | % | $241,929 | 8.00 | % | N/A | N/A | ||||||||||||
Bank | 375,919 | 12.43 | 241,876 | 8.00 | $302,345 | 10.00 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 349,891 | 11.57 | 181,447 | 6.00 | N/A | N/A | ||||||||||||||
Bank | 349,911 | 11.57 | 181,407 | 6.00 | 241,876 | 8.00 | ||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 327,892 | 10.84 | 136,085 | 4.50 | N/A | N/A | ||||||||||||||
Bank | 349,911 | 11.57 | 136,055 | 4.50 | 196,524 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): (1) | ||||||||||||||||||||
Corporation | 349,891 | 9.21 | 151,949 | 4.00 | N/A | N/A | ||||||||||||||
Bank | 349,911 | 9.22 | 151,874 | 4.00 | 189,843 | 5.00 | ||||||||||||||
December 31, 2015 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 367,443 | 12.58 | 233,739 | 8.00 | N/A | N/A | ||||||||||||||
Bank | 366,676 | 12.55 | 233,676 | 8.00 | 292,095 | 10.00 | ||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 340,130 | 11.64 | 175,304 | 6.00 | N/A | N/A | ||||||||||||||
Bank | 339,363 | 11.62 | 175,257 | 6.00 | 233,676 | 8.00 | ||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 318,131 | 10.89 | 131,478 | 4.50 | N/A | N/A | ||||||||||||||
Bank | 339,363 | 11.62 | 131,443 | 4.50 | 189,861 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): (1) | ||||||||||||||||||||
Corporation | 340,130 | 9.37 | 145,191 | 4.00 | N/A | N/A | ||||||||||||||
Bank | 339,363 | 9.36 | 145,103 | 4.00 | 181,378 | 5.00 |
(1) | Leverage ratio. |
(Dollars in thousands) | Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance Sheet Location | Jun 30, 2016 | Dec 31, 2015 | Balance Sheet Location | Jun 30, 2016 | Dec 31, 2015 | ||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||
Interest rate caps | Other assets | $44 | $187 | Other liabilities | $— | $— | |||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||
Forward loan commitments: | |||||||||||||||||
Interest rate lock commitments | Other assets | 2,966 | 1,220 | Other liabilities | — | — | |||||||||||
Commitments to sell mortgage loans | Other assets | — | — | Other liabilities | 4,192 | 2,012 | |||||||||||
Loan related derivative contracts: | |||||||||||||||||
Interest rate swaps with customers | Other assets | 22,321 | 8,027 | Other liabilities | — | — | |||||||||||
Mirror swaps with counterparties | Other assets | — | — | Other liabilities | 23,517 | 8,266 | |||||||||||
Risk participation agreements | Other assets | 121 | 56 | Other liabilities | 140 | 69 | |||||||||||
Total | $25,452 | $9,490 | $27,849 | $10,347 |
(Dollars in thousands) | Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | Location of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Gain (Loss) Recognized in Income (Ineffective Portion) | ||||||||||||||||||||||||||||||
Three months | Six months | Three months | Six months | ||||||||||||||||||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||||||||||||||||
Interest rate swap contracts | $— | $89 | $— | $174 | Interest Expense | $— | $— | $— | $— | ||||||||||||||||||||||||
Interest rate caps | (24 | ) | — | (90 | ) | — | Interest Expense | — | — | — | — | ||||||||||||||||||||||
Total | ($24 | ) | $89 | ($90 | ) | $174 | $— | $— | $— | $— |
(Dollars in thousands) | Amount of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||
Three months | Six months | |||||||||||||||
Periods ended June 30, | Statement of Income Location | 2016 | 2015 | 2016 | 2015 | |||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||||
Forward loan commitments: | ||||||||||||||||
Interest rate lock commitments | Mortgage banking revenues | $501 | ($432 | ) | $1,746 | $139 | ||||||||||
Commitments to sell mortgage loans | Mortgage banking revenues | (1,174 | ) | 1,410 | (2,180 | ) | 470 | |||||||||
Customer related derivative contracts: | ||||||||||||||||
Interest rate swaps with customers | Loan related derivative income | 7,130 | (1,365 | ) | 17,032 | 2,268 | ||||||||||
Mirror swaps with counterparties | Loan related derivative income | (6,526 | ) | 2,118 | (15,777 | ) | (718 | ) | ||||||||
Risk participation agreements | Loan related derivative income | (96 | ) | (36 | ) | (102 | ) | (188 | ) | |||||||
Total | ($165 | ) | $1,695 | $719 | $1,971 |
• | Level 1 – Quoted prices for identical assets or liabilities in active markets. |
• | Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
• | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Corporation’s market assumptions. |
(Dollars in thousands) | |||||||||||||||
Three months | Six months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Mortgage loans held for sale | $659 | ($910 | ) | $495 | ($569 | ) | |||||||||
Interest rate lock commitments | 501 | (432 | ) | 1,746 | 139 | ||||||||||
Commitments to sell mortgage loans | (1,174 | ) | 1,410 | (2,180 | ) | 470 | |||||||||
Total changes in fair value | ($14 | ) | $68 | $61 | $40 |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
June 30, 2016 | |||||||||||||||
Assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $72,823 | $— | $72,823 | $— | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 276,264 | — | 276,264 | — | |||||||||||
Obligations of states and political subdivisions | 26,157 | — | 26,157 | — | |||||||||||
Individual name issuer trust preferred debt securities | 24,494 | — | 24,494 | — | |||||||||||
Corporate bonds | 2,011 | — | 2,011 | — | |||||||||||
Mortgage loans held for sale | 38,554 | — | 38,554 | — | |||||||||||
Derivative assets (1) | 25,452 | — | 25,452 | — | |||||||||||
Total assets at fair value on a recurring basis | $465,755 | $— | $465,755 | $— | |||||||||||
Liabilities: | |||||||||||||||
Derivative liabilities (2) | $27,849 | $— | $27,849 | $— | |||||||||||
Contingent consideration liability (3) | 2,986 | — | — | 2,986 | |||||||||||
Total liabilities at fair value on a recurring basis | $30,835 | $— | $27,849 | $2,986 |
(1) | Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. |
(2) | Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. |
(3) | The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
December 31, 2015 | |||||||||||||||
Assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $77,015 | $— | $77,015 | $— | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 234,856 | — | 234,856 | — | |||||||||||
Obligations of states and political subdivisions | 36,080 | — | 36,080 | — | |||||||||||
Individual name issuer trust preferred debt securities | 25,138 | — | 25,138 | — | |||||||||||
Corporate bonds | 1,955 | — | 1,955 | — | |||||||||||
Mortgage loans held for sale | 33,969 | — | 33,969 | — | |||||||||||
Derivative assets (1) | 9,490 | — | 9,490 | — | |||||||||||
Total assets at fair value on a recurring basis | $418,503 | $— | $418,503 | $— | |||||||||||
Liabilities: | |||||||||||||||
Derivative liabilities (2) | $10,347 | $— | $10,347 | $— | |||||||||||
Contingent Consideration Liability (3) | 2,945 | — | — | 2,945 | |||||||||||
Total liabilities at fair value on a recurring basis | $13,292 | $— | $10,347 | $2,945 |
(1) | Derivative assets include interest rate risk management agreements, interest rate swap contracts with customers, risk participation-out agreements and forward loan commitments and are included in other assets in the Consolidated Balance Sheets. |
(2) | Derivative liabilities include mirror swaps with counterparties, risk participation-in agreements and forward loan commitments and are included in other liabilities in the Consolidated Balance Sheets. |
(3) | The contingent consideration liability is included in other liabilities in the Consolidated Balance Sheets. |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets: | |||||||||||||||
Collateral dependent impaired loans | $12,996 | $— | $— | $12,996 | |||||||||||
Loan servicing rights | 3,286 | — | — | 3,286 | |||||||||||
Property acquired through foreclosure or repossession | 1,045 | — | — | 1,045 | |||||||||||
Total assets at fair value on a nonrecurring basis | $17,327 | $— | $— | $17,327 |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets: | |||||||||||||||
Collateral dependent impaired loans | $10,545 | $— | $— | $10,545 | |||||||||||
Property acquired through foreclosure or repossession | 270 | — | — | 270 | |||||||||||
Total assets at fair value on a nonrecurring basis | $10,815 | $— | $— | $10,815 |
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range of Inputs Utilized (Weighted Average) | ||
June 30, 2016 | ||||||
Collateral dependent impaired loans | $12,996 | Appraisals of collateral | Discount for costs to sell | 0% - 20% (6%) | ||
Loan servicing rights | $3,286 | Discounted Cash Flow | Discount rates | 10% - 14% (11%) | ||
Prepayment rates | 12% - 22% (16%) | |||||
Property acquired through foreclosure or repossession | $1,045 | Appraisals of collateral | Discount for costs to sell | 10% - 12% (11%) | ||
Appraisal adjustments (1) | 6% - 32% (20%) |
(1) | Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. |
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range of Inputs Utilized (Weighted Average) | ||
December 31, 2015 | ||||||
Collateral dependent impaired loans | $10,545 | Appraisals of collateral | Discount for costs to sell | 0% - 20% (2%) | ||
Property acquired through foreclosure or repossession | $270 | Appraisals of collateral | Discount for costs to sell | 12% | ||
Appraisal adjustments (1) | 32% |
(1) | Management may adjust appraisal values to reflect market value declines or other discounts resulting from its knowledge of the property. |
(Dollars in thousands) | |||||||||||||||||||
June 30, 2016 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Financial Assets: | |||||||||||||||||||
Securities held to maturity | $17,917 | $18,595 | $— | $18,595 | $— | ||||||||||||||
Loans, net of allowance for loan losses | 3,055,058 | 3,078,244 | — | — | 3,078,244 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Time deposits | $844,036 | $848,525 | $— | $848,525 | $— | ||||||||||||||
FHLBB advances | 640,010 | 655,330 | — | 655,330 | — | ||||||||||||||
Junior subordinated debentures | 22,681 | 15,877 | — | 15,877 | — |
(Dollars in thousands) | |||||||||||||||||||
December 31, 2015 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Financial Assets: | |||||||||||||||||||
Securities held to maturity | $20,023 | $20,516 | $— | $20,516 | $— | ||||||||||||||
Loans, net of allowance for loan losses | 2,986,058 | 3,004,782 | — | — | 3,004,782 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Time deposits | $833,898 | $834,574 | $— | $834,574 | $— | ||||||||||||||
FHLBB advances | 378,973 | 388,275 | — | 388,275 | — | ||||||||||||||
Junior subordinated debentures | 22,681 | 16,468 | — | 16,468 | — |
(Dollars in thousands) | Qualified Pension Plan | Non-Qualified Retirement Plans | |||||||||||||||||||||||||||||
Three months | Six months | Three months | Six months | ||||||||||||||||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||||||||||||
Service cost | $537 | $614 | $1,074 | $1,229 | $31 | $19 | $61 | $39 | |||||||||||||||||||||||
Interest cost | 644 | 732 | 1,288 | 1,464 | 108 | 123 | 216 | 245 | |||||||||||||||||||||||
Expected return on plan assets | (1,159 | ) | (1,128 | ) | (2,317 | ) | (2,257 | ) | — | — | — | — | |||||||||||||||||||
Amortization of prior service (credit) cost | (5 | ) | (5 | ) | (11 | ) | (11 | ) | — | — | — | — | |||||||||||||||||||
Recognized net actuarial loss | 207 | 312 | 414 | 624 | 61 | 61 | 123 | 122 | |||||||||||||||||||||||
Net periodic benefit cost | $224 | $525 | $448 | $1,049 | $200 | $203 | $400 | $406 |
Qualified Pension Plan | Non-Qualified Retirement Plans | ||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||
Measurement date | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2014 | |||
Discount rate | N/A | 4.125% | N/A | 3.90% | |||
Equivalent single discount rate for benefit obligations | 4.48% | N/A | 4.19% | N/A | |||
Equivalent single discount rate for service cost | 4.63 | N/A | 4.59 | N/A | |||
Equivalent single discount rate for interest cost | 3.88 | N/A | 3.44 | N/A | |||
Expected long-term return on plan assets | 6.75 | 7.25 | N/A | N/A | |||
Rate of compensation increase | 3.75 | 3.75 | 3.75 | 3.75 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | |||||||||||||||||||||||
Three months ended June 30, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Net interest income (expense) | $21,947 | $21,212 | ($17 | ) | ($9 | ) | $4,846 | $4,825 | $26,776 | $26,028 | |||||||||||||||||
Provision for loan losses | 450 | 100 | — | — | — | — | 450 | 100 | |||||||||||||||||||
Net interest income (expense) after provision for loan losses | 21,497 | 21,112 | (17 | ) | (9 | ) | 4,846 | 4,825 | 26,326 | 25,928 | |||||||||||||||||
Noninterest income | 5,290 | 5,588 | 9,481 | 8,912 | 1,143 | 761 | 15,914 | 15,261 | |||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||
Depreciation and amortization expense | 697 | 638 | 470 | 299 | 57 | 51 | 1,224 | 988 | |||||||||||||||||||
Other noninterest expenses (1) | 15,038 | 13,868 | 6,701 | 6,465 | 3,067 | 2,978 | 24,806 | 23,311 | |||||||||||||||||||
Total noninterest expenses | 15,735 | 14,506 | 7,171 | 6,764 | 3,124 | 3,029 | 26,030 | 24,299 | |||||||||||||||||||
Income before income taxes | 11,052 | 12,194 | 2,293 | 2,139 | 2,865 | 2,557 | 16,210 | 16,890 | |||||||||||||||||||
Income tax expense | 3,767 | 3,993 | 871 | 838 | 515 | 556 | 5,153 | 5,387 | |||||||||||||||||||
Net income | $7,285 | $8,201 | $1,422 | $1,301 | $2,350 | $2,001 | $11,057 | $11,503 | |||||||||||||||||||
Total assets at period end | $3,238,789 | $3,058,410 | $65,423 | $53,236 | $612,869 | $532,831 | $3,917,081 | $3,644,477 | |||||||||||||||||||
Expenditures for long-lived assets | 306 | 943 | 104 | 87 | 229 | 88 | 639 | 1,118 |
(1) | Other noninterest expenses for the Wealth Management Services segment includes $433 thousand of acquisition related expenses for the three months ended June 30, 2015. |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | |||||||||||||||||||||||
Six months ended June 30, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Net interest income (expense) | $44,554 | $41,837 | ($35 | ) | ($23 | ) | $9,992 | $9,916 | $54,511 | $51,730 | |||||||||||||||||
Provision for loan losses | 950 | 100 | — | — | — | — | 950 | 100 | |||||||||||||||||||
Net interest income (expense) after provision for loan losses | 43,604 | 41,737 | (35 | ) | (23 | ) | 9,992 | 9,916 | 53,561 | 51,630 | |||||||||||||||||
Noninterest income | 10,230 | 10,666 | 18,655 | 17,347 | 1,663 | 1,268 | 30,548 | 29,281 | |||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||
Depreciation and amortization expense | 1,384 | 1,310 | 939 | 605 | 112 | 111 | 2,435 | 2,026 | |||||||||||||||||||
Other noninterest expenses (1) | 29,029 | 27,454 | 13,500 | 12,380 | 6,516 | 5,970 | 49,045 | 45,804 | |||||||||||||||||||
Total noninterest expenses | 30,413 | 28,764 | 14,439 | 12,985 | 6,628 | 6,081 | 51,480 | 47,830 | |||||||||||||||||||
Income before income taxes | 23,421 | 23,639 | 4,181 | 4,339 | 5,027 | 5,103 | 32,629 | 33,081 | |||||||||||||||||||
Income tax expense | 8,022 | 7,723 | 1,604 | 1,682 | 1,011 | 1,163 | 10,637 | 10,568 | |||||||||||||||||||
Net income | $15,399 | $15,916 | $2,577 | $2,657 | $4,016 | $3,940 | $21,992 | $22,513 | |||||||||||||||||||
Total assets at period end | $3,238,789 | $3,058,410 | $65,423 | $53,236 | $612,869 | $532,831 | $3,917,081 | $3,644,477 | |||||||||||||||||||
Expenditures for long-lived assets | 1,325 | 2,010 | 188 | 201 | 303 | 133 | 1,816 | 2,344 |
(1) | Other noninterest expenses for the Wealth Management Services segment includes $433 thousand of acquisition related expenses for the six months ended June 30, 2015. |
Three months ended June 30, | 2016 | 2015 | |||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||
Net change in fair value of securities available for sale | $2,187 | $809 | $1,378 | ($2,614 | ) | ($913 | ) | ($1,701 | ) | ||||||||||
Cash flow hedges: | |||||||||||||||||||
Change in fair value of cash flow hedges | 10 | 34 | (24 | ) | 26 | 27 | (1 | ) | |||||||||||
Net cash flow hedge losses reclassified into earnings (1) | — | — | — | 141 | 51 | 90 | |||||||||||||
Net change in fair value of cash flow hedges | 10 | 34 | (24 | ) | 167 | 78 | 89 | ||||||||||||
Defined benefit plan obligation adjustment (2) | 263 | 98 | 165 | 368 | 14 | 354 | |||||||||||||
Total other comprehensive income (loss) | $2,460 | $941 | $1,519 | ($2,079 | ) | ($821 | ) | ($1,258 | ) |
(1) | Included in interest expense on junior subordinated debentures in the Consolidated Statements of Income. |
(2) | Included in salaries and employee benefits expense in the Consolidated Statements of Income. |
Six months ended June 30, | 2016 | 2015 | |||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||
Net change in fair value of securities available for sale | $2,765 | $1,023 | $1,742 | ($1,562 | ) | ($525 | ) | ($1,037 | ) | ||||||||||
Cash flow hedges: | |||||||||||||||||||
Change in fair value of cash flow hedges | (114 | ) | (24 | ) | (90 | ) | (6 | ) | 3 | (9 | ) | ||||||||
Net cash flow hedge losses reclassified into earnings (1) | — | — | — | 286 | 103 | 183 | |||||||||||||
Net change in fair value of cash flow hedges | (114 | ) | (24 | ) | (90 | ) | 280 | 106 | 174 | ||||||||||
Defined benefit plan obligation adjustment (2) | 526 | 195 | 331 | 735 | 146 | 589 | |||||||||||||
Total other comprehensive income (loss) | $3,177 | $1,194 | $1,983 | ($547 | ) | ($273 | ) | ($274 | ) |
(1) | Included in interest expense on junior subordinated debentures in the Consolidated Statements of Income. |
(2) | Included in salaries and employee benefits expense in the Consolidated Statements of Income. |
(Dollars in thousands) | Net Unrealized Gains on Available For Sale Securities | Net Unrealized Losses on Cash Flow Hedges | Pension Benefit Adjustment | Total | |||||||||||
Balance at December 31, 2015 | $1,051 | ($43 | ) | ($10,707 | ) | ($9,699 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 1,742 | (90 | ) | — | 1,652 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 331 | 331 | |||||||||||
Net other comprehensive income (loss) | 1,742 | (90 | ) | 331 | 1,983 | ||||||||||
Balance at June 30, 2016 | $2,793 | ($133 | ) | ($10,376 | ) | ($7,716 | ) |
(Dollars in thousands) | Net Unrealized Gains on Available For Sale Securities | Net Unrealized Losses on Cash Flow Hedges | Pension Benefit Adjustment | Total | |||||||||||
Balance at December 31, 2014 | $4,222 | ($287 | ) | ($12,744 | ) | ($8,809 | ) | ||||||||
Other comprehensive loss before reclassifications | (1,037 | ) | (9 | ) | — | (1,046 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 183 | 589 | 772 | |||||||||||
Net other comprehensive (loss) income | (1,037 | ) | 174 | 589 | (274 | ) | |||||||||
Balance at June 30, 2015 | $3,185 | ($113 | ) | ($12,155 | ) | ($9,083 | ) |
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||
Three Months | Six months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Earnings per common share - basic: | |||||||||||||||
Net income | $11,057 | $11,503 | $21,992 | $22,513 | |||||||||||
Less dividends and undistributed earnings allocated to participating securities | (22 | ) | (34 | ) | (47 | ) | (73 | ) | |||||||
Net income applicable to common shareholders | $11,035 | $11,469 | $21,945 | $22,440 | |||||||||||
Weighted average common shares | 17,067 | 16,811 | 17,045 | 16,785 | |||||||||||
Earnings per common share - basic | $0.65 | $0.68 | $1.29 | $1.34 | |||||||||||
Earnings per common share - diluted: | |||||||||||||||
Net income | $11,057 | $11,503 | $21,992 | $22,513 | |||||||||||
Less dividends and undistributed earnings allocated to participating securities | (22 | ) | (33 | ) | (47 | ) | (72 | ) | |||||||
Net income applicable to common shareholders | $11,035 | $11,470 | $21,945 | $22,441 | |||||||||||
Weighted average common shares | 17,067 | 16,811 | 17,045 | 16,785 | |||||||||||
Dilutive effect of common stock equivalents | 127 | 178 | 140 | 192 | |||||||||||
Weighted average diluted common shares | 17,194 | 16,989 | 17,185 | 16,977 | |||||||||||
Earnings per common share - diluted | $0.64 | $0.68 | $1.28 | $1.32 |
(Dollars in thousands) | Jun 30, 2016 | Dec 31, 2015 | |||||
Financial instruments whose contract amounts represent credit risk: | |||||||
Commitments to extend credit: | |||||||
Commercial loans | $358,423 | $360,795 | |||||
Home equity lines | 221,235 | 219,427 | |||||
Other loans | 48,530 | 44,164 | |||||
Standby letters of credit | 5,706 | 5,629 | |||||
Financial instruments whose notional amounts exceed the amount of credit risk: | |||||||
Forward loan commitments: | |||||||
Interest rate lock commitments | 92,574 | 49,712 | |||||
Commitments to sell mortgage loans | 129,901 | 87,498 | |||||
Loan related derivative contracts: | |||||||
Interest rate swaps with customers | 414,368 | 302,142 | |||||
Mirror swaps with counterparties | 414,368 | 302,142 | |||||
Risk participation-in agreements | 21,474 | 21,474 |
(Dollars in thousands) | |||
July 1, 2016 to December 31, 2016 | $1,739 | ||
2017 | 3,345 | ||
2018 | 3,023 | ||
2019 | 2,751 | ||
2020 | 2,138 | ||
2021 and thereafter | 27,274 | ||
Total minimum lease payments | $40,270 |
• | In June 2016, the Corporation received life insurance proceeds, resulting in a non-taxable gain of $589 thousand, or $0.03 per diluted share, which is included in income from bank-owned life insurance (“BOLI”). |
• | In the second quarter of 2016, the Corporation incurred $425 thousand, after-tax $268 thousand, or $0.02 per diluted share, of severance costs, which are classified in salaries and employee benefits expense. |
• | In March 2016, the Corporation incurred debt prepayment penalty expense of $431 thousand, after tax $272 thousand, or $0.02 per diluted share. See additional discussion regarding debt prepayment penalty expense in the “Borrowings” section under the caption “Sources of Funds and Other Liabilities.” |
• | In the second quarter of 2015, the Corporation received a settlement payment for a trust preferred debt security previously held by Washington Trust, totaling $255 thousand, after-tax $161 thousand, or $0.01 per diluted share. |
• | The Corporation incurred acquisition related expenses totaling $433 thousand, after-tax $403 thousand, or $0.02 per diluted share in the second quarter of 2015. |
Three months ended June 30, | 2016 | 2015 | |||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||
Assets: | |||||||||||||||
Commercial mortgages | $1,019,290 | $8,992 | 3.55 | $873,212 | $7,779 | 3.57 | |||||||||
Construction & development | 117,204 | 985 | 3.38 | 99,435 | 773 | 3.12 | |||||||||
Commercial & industrial | 591,893 | 6,408 | 4.35 | 601,536 | 7,378 | 4.92 | |||||||||
Total commercial loans | 1,728,387 | 16,385 | 3.81 | 1,574,183 | 15,930 | 4.06 | |||||||||
Residential real estate loans, including mortgage loans held for sale | 1,024,653 | 9,980 | 3.92 | 1,025,029 | 10,102 | 3.95 | |||||||||
Consumer loans | 342,866 | 3,311 | 3.88 | 338,809 | 3,183 | 3.77 | |||||||||
Total loans | 3,095,906 | 29,676 | 3.86 | 2,938,021 | 29,215 | 3.99 | |||||||||
Cash, federal funds sold and short-term investments | 69,839 | 70 | 0.40 | 63,858 | 29 | 0.18 | |||||||||
FHLBB stock | 31,723 | 231 | 2.93 | 37,730 | 164 | 1.74 | |||||||||
Taxable debt securities | 396,428 | 2,487 | 2.52 | 320,643 | 2,176 | 2.72 | |||||||||
Nontaxable debt securities | 28,531 | 433 | 6.10 | 40,886 | 627 | 6.15 | |||||||||
Total securities | 424,959 | 2,920 | 2.76 | 361,529 | 2,803 | 3.11 | |||||||||
Total interest-earning assets | 3,622,427 | 32,897 | 3.65 | 3,401,138 | 32,211 | 3.80 | |||||||||
Noninterest-earning assets | 247,081 | 221,577 | |||||||||||||
Total assets | $3,869,508 | $3,622,715 | |||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||
Interest-bearing demand deposits | $42,952 | $7 | 0.07 | $38,129 | $3 | 0.03 | |||||||||
NOW accounts | 403,136 | 53 | 0.05 | 363,434 | 53 | 0.06 | |||||||||
Money market accounts | 710,075 | 459 | 0.26 | 820,887 | 941 | 0.46 | |||||||||
Savings accounts | 338,504 | 49 | 0.06 | 298,286 | 50 | 0.07 | |||||||||
Time deposits (in-market) | 542,621 | 1,345 | 1.00 | 554,839 | 1,390 | 1.00 | |||||||||
Wholesale brokered time deposits | 302,707 | 1,068 | 1.42 | 285,844 | 911 | 1.28 | |||||||||
FHLBB advances | 587,395 | 2,313 | 1.58 | 391,152 | 1,891 | 1.94 | |||||||||
Junior subordinated debentures | 22,681 | 119 | 2.11 | 22,681 | 241 | 4.26 | |||||||||
Other | 66 | 1 | 6.09 | 116 | 2 | 6.92 | |||||||||
Total interest-bearing liabilities | 2,950,137 | 5,414 | 0.74 | 2,775,368 | 5,482 | 0.79 | |||||||||
Non-interest bearing demand deposits | 473,731 | 441,355 | |||||||||||||
Other liabilities | 60,923 | 48,627 | |||||||||||||
Shareholders’ equity | 384,717 | 357,365 | |||||||||||||
Total liabilities and shareholders’ equity | $3,869,508 | $3,622,715 | |||||||||||||
Net interest income | $27,483 | $26,729 | |||||||||||||
Interest rate spread | 2.91 | 3.01 | |||||||||||||
Net interest margin | 3.05 | 3.15 |
(Dollars in thousands) | ||||||
Three months ended June 30, | 2016 | 2015 | ||||
Commercial loans | $554 | $476 | ||||
Nontaxable debt securities | 153 | 225 | ||||
Total | $707 | $701 |
Six months ended June 30, | 2016 | 2015 | |||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||
Assets: | |||||||||||||||
Commercial mortgages | $976,619 | $17,207 | 3.54 | $862,638 | $15,496 | 3.62 | |||||||||
Construction & development | 123,209 | 2,093 | 3.42 | 91,911 | 1,439 | 3.16 | |||||||||
Commercial & industrial | 598,203 | 14,089 | 4.74 | 604,984 | 14,307 | 4.77 | |||||||||
Commercial loans | 1,698,031 | 33,389 | 3.95 | 1,559,533 | 31,242 | 4.04 | |||||||||
Residential real estate loans, including mortgage loans held for sale | 1,027,956 | 20,135 | 3.94 | 1,027,509 | 20,416 | 4.01 | |||||||||
Consumer loans | 343,193 | 6,704 | 3.93 | 337,578 | 6,351 | 3.79 | |||||||||
Total loans | 3,069,180 | 60,228 | 3.95 | 2,924,620 | 58,009 | 4.00 | |||||||||
Cash, federal funds sold and short-term investments | 69,164 | 134 | 0.39 | 57,492 | 54 | 0.19 | |||||||||
FHLBB stock | 28,660 | 441 | 3.09 | 37,730 | 329 | 1.76 | |||||||||
Taxable debt securities | 377,744 | 4,857 | 2.59 | 321,602 | 4,435 | 2.78 | |||||||||
Nontaxable debt securities | 30,922 | 940 | 6.11 | 42,762 | 1,291 | 6.09 | |||||||||
Total securities | 408,666 | 5,797 | 2.85 | 364,364 | 5,726 | 3.17 | |||||||||
Total interest-earning assets | 3,575,670 | 66,600 | 3.75 | 3,384,206 | 64,118 | 3.82 | |||||||||
Noninterest-earning assets | 243,597 | 221,686 | |||||||||||||
Total assets | $3,819,267 | $3,605,892 | |||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||
Interest-bearing demand deposits | $46,828 | $20 | 0.09 | $37,991 | $11 | 0.06 | |||||||||
NOW accounts | 394,812 | 110 | 0.06 | 346,605 | 100 | 0.06 | |||||||||
Money market accounts | 748,354 | 975 | 0.26 | 810,519 | 1,825 | 0.45 | |||||||||
Savings accounts | 333,339 | 96 | 0.06 | 296,117 | 96 | 0.07 | |||||||||
Time deposits (in-market) | 540,328 | 2,659 | 0.99 | 560,917 | 2,859 | 1.03 | |||||||||
Wholesale brokered time deposits | 299,754 | 2,089 | 1.40 | 290,230 | 1,846 | 1.28 | |||||||||
FHLBB advances | 520,207 | 4,465 | 1.73 | 397,925 | 3,793 | 1.92 | |||||||||
Junior subordinated debentures | 22,681 | 231 | 2.05 | 22,681 | 482 | 4.29 | |||||||||
Other | 73 | 3 | 8.26 | 122 | 5 | 8.26 | |||||||||
Total interest-bearing liabilities | 2,906,376 | 10,648 | 0.74 | 2,763,107 | 11,017 | 0.80 | |||||||||
Demand deposits | 472,757 | 440,136 | |||||||||||||
Other liabilities | 57,605 | 48,342 | |||||||||||||
Shareholders’ equity | 382,529 | 354,307 | |||||||||||||
Total liabilities and shareholders’ equity | $3,819,267 | $3,605,892 | |||||||||||||
Net interest income | $55,952 | $53,101 | |||||||||||||
Interest rate spread | 3.01 | 3.02 | |||||||||||||
Net interest margin | 3.15 | 3.16 |
(Dollars in thousands) | ||||||
Six months ended June 30, | 2016 | 2015 | ||||
Commercial loans | $1,108 | $917 | ||||
Nontaxable debt securities | 333 | 454 | ||||
Total | $1,441 | $1,371 |
(Dollars in thousands) | Three months | Six months | |||||||||||||||||
June 30, 2016 vs. 2015 | June 30, 2016 vs. 2015 | ||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | ||||||||||||||||||
Volume | Rate | Net Change | Volume | Rate | Net Change | ||||||||||||||
Interest on Interest-Earning Assets: | |||||||||||||||||||
Commercial mortgages | $1,279 | ($66 | ) | $1,213 | $2,016 | ($305 | ) | $1,711 | |||||||||||
Construction & development | 146 | 66 | 212 | 523 | 131 | 654 | |||||||||||||
Commercial & industrial | (116 | ) | (854 | ) | (970 | ) | (166 | ) | (52 | ) | (218 | ) | |||||||
Total commercial loans | 1,309 | (854 | ) | 455 | 2,373 | (226 | ) | 2,147 | |||||||||||
Residential real estate loans, including mortgage loans held for sale | (4 | ) | (118 | ) | (122 | ) | 9 | (290 | ) | (281 | ) | ||||||||
Consumer loans | 40 | 88 | 128 | 104 | 249 | 353 | |||||||||||||
Cash, federal funds sold and other short-term investments | 3 | 38 | 41 | 13 | 67 | 80 | |||||||||||||
FHLBB stock | (30 | ) | 97 | 67 | (93 | ) | 205 | 112 | |||||||||||
Taxable debt securities | 486 | (175 | ) | 311 | 730 | (308 | ) | 422 | |||||||||||
Nontaxable debt securities | (187 | ) | (7 | ) | (194 | ) | (359 | ) | 8 | (351 | ) | ||||||||
Total interest income | 1,617 | (931 | ) | 686 | 2,777 | (295 | ) | 2,482 | |||||||||||
Interest on Interest-Bearing Liabilities: | |||||||||||||||||||
Interest-bearing demand deposits | — | 4 | 4 | 3 | 6 | 9 | |||||||||||||
NOW accounts | 7 | (7 | ) | — | 10 | — | 10 | ||||||||||||
Money market accounts | (114 | ) | (368 | ) | (482 | ) | (131 | ) | (719 | ) | (850 | ) | |||||||
Savings accounts | 7 | (8 | ) | (1 | ) | 14 | (14 | ) | — | ||||||||||
Time deposits (in-market) | (40 | ) | (5 | ) | (45 | ) | (101 | ) | (99 | ) | (200 | ) | |||||||
Wholesale brokered time deposits | 56 | 101 | 157 | 62 | 181 | 243 | |||||||||||||
FHLBB advances | 824 | (402 | ) | 422 | 1,068 | (396 | ) | 672 | |||||||||||
Junior subordinated debentures | — | (122 | ) | (122 | ) | — | (251 | ) | (251 | ) | |||||||||
Other | (1 | ) | — | (1 | ) | (2 | ) | — | (2 | ) | |||||||||
Total interest expense | 739 | (807 | ) | (68 | ) | 923 | (1,292 | ) | (369 | ) | |||||||||
Net interest income | $878 | ($124 | ) | $754 | $1,854 | $997 | $2,851 |
(Dollars in thousands) | Three months | Six months | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Periods ended June 30, | 2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Wealth management revenues | $9,481 | $8,912 | $569 | 6 | % | $18,655 | $17,347 | $1,308 | 8 | % | |||||||||||||||||||
Mortgage banking revenues | 2,710 | 2,741 | (31 | ) | (1 | ) | 4,908 | 5,329 | (421 | ) | (8 | ) | |||||||||||||||||
Service charges on deposit accounts | 935 | 973 | (38 | ) | (4 | ) | 1,842 | 1,908 | (66 | ) | (3 | ) | |||||||||||||||||
Card interchange fees | 860 | 826 | 34 | 4 | 1,657 | 1,540 | 117 | 8 | |||||||||||||||||||||
Income from bank-owned life insurance | 1,090 | 492 | 598 | 122 | 1,589 | 982 | 607 | 62 | |||||||||||||||||||||
Loan related derivative income | 508 | 717 | (209 | ) | (29 | ) | 1,153 | 1,362 | (209 | ) | (15 | ) | |||||||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (89 | ) | (69 | ) | (20 | ) | (29 | ) | (177 | ) | (155 | ) | (22 | ) | (14 | ) | |||||||||||||
Other income | 419 | 669 | (250 | ) | (37 | ) | 921 | 968 | (47 | ) | (5 | ) | |||||||||||||||||
Total noninterest income | $15,914 | $15,261 | $653 | 4 | % | $30,548 | $29,281 | $1,267 | 4 | % |
(Dollars in thousands) | Three months | Six months | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Periods ended June 30, | 2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||
Wealth management revenues: | |||||||||||||||||||||||||||||
Trust and investment management fees | $8,195 | $7,238 | $957 | 13 | % | $16,260 | $14,380 | $1,880 | 13 | % | |||||||||||||||||||
Mutual fund fees | 812 | 1,032 | (220 | ) | (21 | ) | 1,655 | 2,068 | (413 | ) | (20 | ) | |||||||||||||||||
Asset-based revenues | 9,007 | 8,270 | 737 | 9 | 17,915 | 16,448 | 1,467 | 9 | |||||||||||||||||||||
Transaction-based revenues | 474 | 642 | (168 | ) | (26 | ) | 740 | 899 | (159 | ) | (18 | ) | |||||||||||||||||
Total wealth management revenues | $9,481 | $8,912 | $569 | 6 | % | $18,655 | $17,347 | $1,308 | 8 | % |
(Dollars in thousands) | |||||||||||||||
Three months | Six months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Wealth management assets under administration: | |||||||||||||||
Balance at the beginning of period | $5,878,967 | $5,159,663 | $5,844,636 | $5,069,966 | |||||||||||
Net investment appreciation & income | 71,447 | (13,932 | ) | 93,835 | 66,940 | ||||||||||
Net client asset flows | (45,395 | ) | 65,817 | (33,452 | ) | 74,642 | |||||||||
Balance at the end of period | $5,905,019 | $5,211,548 | $5,905,019 | $5,211,548 |
(Dollars in thousands) | Three months | Six months | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Periods ended June 30, | 2016 | 2015 | $ | % | 2016 | 2015 | $ | % | |||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||
Salaries and employee benefits | $17,405 | $15,506 | $1,899 | 12 | % | $33,785 | $31,000 | $2,785 | 9 | % | |||||||||||||||||||
Net occupancy | 1,803 | 1,669 | 134 | 8 | 3,610 | 3,555 | 55 | 2 | |||||||||||||||||||||
Equipment | 1,503 | 1,376 | 127 | 9 | 3,004 | 2,716 | 288 | 11 | |||||||||||||||||||||
Outsourced services | 1,294 | 1,277 | 17 | 1 | 2,657 | 2,524 | 133 | 5 | |||||||||||||||||||||
Legal, audit and professional fees | 662 | 610 | 52 | 9 | 1,291 | 1,286 | 5 | — | |||||||||||||||||||||
FDIC deposit insurance costs | 491 | 436 | 55 | 13 | 984 | 909 | 75 | 8 | |||||||||||||||||||||
Advertising and promotion | 420 | 578 | (158 | ) | (27 | ) | 685 | 845 | (160 | ) | (19 | ) | |||||||||||||||||
Amortization of intangibles | 322 | 156 | 166 | 106 | 645 | 311 | 334 | 107 | |||||||||||||||||||||
Debt prepayment penalties | — | — | — | — | 431 | — | 431 | — | |||||||||||||||||||||
Acquisition related expenses | — | 433 | (433 | ) | (100 | ) | — | 433 | (433 | ) | (100 | ) | |||||||||||||||||
Other | 2,130 | 2,258 | (128 | ) | (6 | ) | 4,388 | 4,251 | 137 | 3 | |||||||||||||||||||
Total noninterest expense | $26,030 | $24,299 | $1,731 | 7 | % | $51,480 | $47,830 | $3,650 | 8 | % |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % | Amount | % | ||||||||||
Securities Available for Sale: | |||||||||||||
Obligations of U.S. government-sponsored enterprises | $72,823 | 18 | % | $77,015 | 21 | % | |||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 276,264 | 68 | 234,856 | 61 | |||||||||
Obligations of states and political subdivisions | 26,157 | 7 | 36,080 | 10 | |||||||||
Individual name issuer trust preferred debt securities | 24,494 | 6 | 25,138 | 7 | |||||||||
Corporate bonds | 2,011 | 1 | 1,955 | 1 | |||||||||
Total securities available for sale | $401,749 | 100 | % | $375,044 | 100 | % |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % | Amount | % | ||||||||||
Securities Held to Maturity: | |||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | $17,917 | 100 | % | $20,023 | 100 | % | |||||||
Total securities held to maturity | $17,917 | 100 | % | $20,023 | 100 | % |
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
June 30, 2016 | |||||||||||||||
New Jersey | $16,600 | $216 | $— | $16,816 | |||||||||||
New York | 3,281 | 44 | — | 3,325 | |||||||||||
Pennsylvania | 1,963 | 14 | — | 1,977 | |||||||||||
Arizona | 1,290 | — | — | 1,290 | |||||||||||
Other | 2,710 | 39 | — | 2,749 | |||||||||||
Total | $25,844 | $313 | $— | $26,157 |
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
June 30, 2016 | |||||||||||||||
General obligations | $23,531 | $285 | $— | $23,816 | |||||||||||
Revenue obligations (1) | 2,313 | 28 | — | 2,341 | |||||||||||
Total | $25,844 | $313 | $— | $26,157 |
(1) | Includes water and sewer districts, tax revenue obligations and other. |
(Dollars in thousands) | June 30, 2016 | Credit Ratings | |||||||||||||||||||
June 30, 2016 | Form 10-Q Filing Date | ||||||||||||||||||||
Named Issuer (parent holding company) | (i) | Amortized Cost | Fair Value | Unrealized Losses | Moody’s | S&P | Moody’s | S&P | |||||||||||||
JPMorgan Chase & Co. | 2 | $9,783 | $7,780 | ($2,003 | ) | Baa2 | BBB- | Baa2 | BBB- | ||||||||||||
Bank of America Corporation | 2 | 4,806 | 3,998 | (808 | ) | Ba1 (ii) | BB+ (ii) | Ba1 (ii) | BB+ (ii) | ||||||||||||
Wells Fargo & Company | 2 | 5,157 | 4,423 | (734 | ) | A1/Baa1 | BBB+/BBB | A1/Baa1 | BBB+/BBB | ||||||||||||
SunTrust Banks, Inc. | 1 | 4,177 | 3,329 | (848 | ) | Baa2 | BB+ (ii) | Baa2 | BB+ (ii) | ||||||||||||
Northern Trust Corporation | 1 | 1,987 | 1,740 | (247 | ) | A3 | BBB+ | A3 | BBB+ | ||||||||||||
State Street Corporation | 1 | 1,979 | 1,705 | (274 | ) | A3 | BBB | A3 | BBB | ||||||||||||
Huntington Bancshares Incorporated | 1 | 1,944 | 1,519 | (425 | ) | Baa2 | BB (ii) | Baa2 | BB (ii) | ||||||||||||
Totals | 10 | $29,833 | $24,494 | ($5,339 | ) |
(i) | Number of separate issuances, including issuances of acquired institutions. |
(ii) | Rating is below investment grade. |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
Rhode Island, Connecticut, Massachusetts | $1,073,506 | 93 | % | $959,883 | 91 | % | |||||||
New York, New Jersey, Pennsylvania | 69,872 | 6 | 80,989 | 8 | |||||||||
New Hampshire | 13,181 | 1 | 13,377 | 1 | |||||||||
Total | $1,156,559 | 100 | % | $1,054,249 | 100 | % |
(Dollars in thousands) | |||||||||||||||
Three Months | Six Months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Originations for retention in portfolio | $54,080 | $65,134 | $101,626 | $119,809 | |||||||||||
Originations for sale to the secondary market (1) | 154,043 | 134,360 | 244,501 | 263,356 | |||||||||||
Total | $208,123 | $199,494 | $346,127 | $383,165 |
(1) | Also includes loans originated in a broker capacity. |
(Dollars in thousands) | |||||||||||||||
Three Months | Six Months | ||||||||||||||
Periods ended June 30, | 2016 | 2015 | 2016 | 2015 | |||||||||||
Loans sold with servicing rights retained | $45,804 | $32,693 | $72,258 | $79,949 | |||||||||||
Loans sold with servicing rights released (1) | 93,239 | 110,484 | 172,746 | 191,125 | |||||||||||
Total | $139,043 | $143,177 | $245,004 | $271,074 |
(1) | Also includes loans originated in a broker capacity. |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
Rhode Island, Connecticut, Massachusetts | $989,085 | 98.5 | % | $995,743 | 98.2 | % | |||||||
New Hampshire, Vermont | 9,500 | 0.9 | 10,186 | 1.0 | |||||||||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 3,434 | 0.3 | 4,163 | 0.4 | |||||||||
Ohio | 1,132 | 0.1 | 1,557 | 0.2 | |||||||||
Other | 1,885 | 0.2 | 1,906 | 0.2 | |||||||||
Total | $1,005,036 | 100.0 | % | $1,013,555 | 100.0 | % |
(Dollars in thousands) | Jun 30, 2016 | Dec 31, 2015 | |||||
Nonaccrual loans: | |||||||
Commercial mortgages | $4,054 | $5,711 | |||||
Commercial construction & development | — | — | |||||
Commercial & industrial | 1,204 | 3,018 | |||||
Residential real estate mortgages | 10,409 | 10,666 | |||||
Consumer | 1,581 | 1,652 | |||||
Total nonaccrual loans | 17,248 | 21,047 | |||||
Property acquired through foreclosure or repossession, net | 1,515 | 716 | |||||
Total nonperforming assets | $18,763 | $21,763 | |||||
Nonperforming assets to total assets | 0.48 | % | 0.58 | % | |||
Nonperforming loans to total loans | 0.56 | % | 0.70 | % | |||
Total past due loans to total loans | 0.56 | % | 0.58 | % | |||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||
Days Past Due | Days Past Due | ||||||||||||||||||||||||||
Over 90 | Under 90 | Total | % (1) | Over 90 | Under 90 | Total | % (1) | ||||||||||||||||||||
Commercial mortgages | $4,054 | $— | $4,054 | 0.38 | % | $4,504 | $1,207 | $5,711 | 0.61 | % | |||||||||||||||||
Commercial construction & development | — | — | — | — | — | — | — | — | |||||||||||||||||||
Commercial & industrial | 1,197 | 7 | 1,204 | 0.21 | 48 | 2,970 | 3,018 | 0.50 | |||||||||||||||||||
Residential real estate mortgages | 3,927 | 6,482 | 10,409 | 1.04 | 3,294 | 7,372 | 10,666 | 1.05 | |||||||||||||||||||
Consumer | 444 | 1,137 | 1,581 | 0.46 | 740 | 912 | 1,652 | 0.48 | |||||||||||||||||||
Total nonaccrual loans | $9,622 | $7,626 | $17,248 | 0.56 | % | $8,586 | $12,461 | $21,047 | 0.70 | % |
(1) | Percentage of nonaccrual loans to the total loans outstanding within the respective category. |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||
Commercial mortgages | $4,062 | 0.38 | % | $4,555 | 0.49 | % | |||||||
Commercial construction & development | — | — | — | — | |||||||||
Commercial & industrial | 1,978 | 0.34 | 462 | 0.08 | |||||||||
Residential real estate mortgages | 8,893 | 0.88 | 9,286 | 0.92 | |||||||||
Consumer loans | 2,201 | 0.64 | 3,256 | 0.94 | |||||||||
Total past due loans | $17,134 | 0.56 | % | $17,559 | 0.58 | % |
(1) | Percentage of past due loans to the total loans outstanding within the respective category. |
(Dollars in thousands) | Jun 30, 2016 | Dec 31, 2015 | |||||
Accruing troubled debt restructured loans: | |||||||
Commercial mortgages | $9,427 | $9,430 | |||||
Commercial & industrial | 802 | 853 | |||||
Residential real estate mortgages | 3,928 | 669 | |||||
Consumer | 111 | 228 | |||||
Accruing troubled debt restructured loans | 14,268 | 11,180 | |||||
Nonaccrual troubled debt restructured loans: | |||||||
Commercial mortgages | 4,054 | 5,296 | |||||
Commercial & industrial | 1,010 | 1,371 | |||||
Residential real estate mortgages | 575 | 596 | |||||
Consumer | 110 | — | |||||
Nonaccrual troubled debt restructured loans | 5,749 | 7,263 | |||||
Total troubled debt restructured loans | $20,017 | $18,443 |
(Dollars in thousands) | Jun 30, 2016 | Dec 31, 2015 | |||||
Collateral dependent impaired loans (1) | $28,210 | $26,998 | |||||
Impaired loans measured on discounted cash flow method (2) | 3,306 | 5,228 | |||||
Total impaired loans | $31,516 | $32,226 |
(1) | Net of partial charge-offs of $1.1 million and $1.4 million, respectively, at June 30, 2016 and December 31, 2015. |
(2) | Net of partial charge-offs of $20 thousand and $114 thousand, respectively, at June 30, 2016 and December 31, 2015. |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||||||
Loans | Related Allowance | Allowance / Loans | Loans | Related Allowance | Allowance / Loans | ||||||||||||
Impaired loans individually evaluated for impairment | $31,516 | $1,011 | 3.21 | % | $32,226 | $2,583 | 8.02 | % | |||||||||
Loans collectively evaluated for impairment | 3,049,368 | 24,815 | 0.81 | 2,980,901 | 24,486 | 0.82 | |||||||||||
Total | $3,080,884 | $25,826 | 0.84 | % | $3,013,127 | $27,069 | 0.90 | % |
(Dollars in thousands) | June 30, 2016 | December 31, 2015 | |||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||
Commercial: | |||||||||||||
Mortgages | $10,413 | 35 | % | $9,140 | 31 | % | |||||||
Construction & development | 904 | 3 | 1,758 | 4 | |||||||||
Commercial & industrial | 6,520 | 18 | 8,202 | 20 | |||||||||
Residential real estate: | |||||||||||||
Mortgage | 5,292 | 32 | 5,265 | 33 | |||||||||
Homeowner construction | 177 | 1 | 195 | 1 | |||||||||
Consumer | 2,520 | 11 | 2,509 | 11 | |||||||||
Balance at end of period | $25,826 | 100 | % | $27,069 | 100 | % |
(1) | Percentage of loans within the respective category to total loans outstanding. |
June 30, 2016 | December 31, 2015 | ||||||
Months 1 - 12 | Months 13 - 24 | Months 1 - 12 | Months 13 - 24 | ||||
100 basis point rate decrease | (2.97)% | (7.28)% | (2.43)% | (7.13)% | |||
100 basis point rate increase | 2.75 | 3.26 | 1.92 | 3.02 | |||
200 basis point rate increase | 6.08 | 7.13 | 4.93 | 8.18 | |||
300 basis point rate increase | 9.27 | 10.71 | 8.00 | 13.26 |
(Dollars in thousands) | |||||||
Security Type | Down 100 Basis Points | Up 200 Basis Points | |||||
U.S. government sponsored enterprise securities (callable) | $645 | ($6,034 | ) | ||||
Obligations of states and political subdivisions | 105 | (3,828 | ) | ||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 11,089 | (17,757 | ) | ||||
Trust preferred debt and other corporate debt securities | (354 | ) | 598 | ||||
Total change in market value as of June 30, 2016 | $11,485 | ($27,021 | ) | ||||
Total change in market value as of December 31, 2015 | $6,350 | ($26,362 | ) |
Exhibit Number | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith. |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith. |
32.1 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Furnished herewith. (1) |
101 | The following materials from Washington Trust Bancorp, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these financial statements - Filed herewith. |
(1) | These certifications are not “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Securities Exchange Act. |
WASHINGTON TRUST BANCORP, INC. | ||||
(Registrant) | ||||
Date: | August 5, 2016 | By: | /s/ Joseph J. MarcAurele | |
Joseph J. MarcAurele | ||||
Chairman and Chief Executive Officer | ||||
(principal executive officer) | ||||
Date: | August 5, 2016 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer | ||||
(principal financial and accounting officer) |
Exhibit Number | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith. |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Filed herewith. |
32.1 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Furnished herewith. (1) |
101 | The following materials from Washington Trust Bancorp, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these financial statements - Filed herewith. |
(1) | These certifications are not “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Securities Exchange Act. |
1. | I have reviewed this quarterly report on Form 10-Q, for the period ended June 30, 2016, of Washington Trust Bancorp, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries (except such disclosure controls and procedures and internal control over financial reporting of Halsey Associates, Inc., which was acquired by the Registrant during 2015), is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: | August 5, 2016 | By: | /s/ Joseph J. MarcAurele | |
Joseph J. MarcAurele | ||||
Chairman and Chief Executive Officer | ||||
(principal executive officer) |
1. | I have reviewed this quarterly report on Form 10-Q, for the period ended June 30, 2016, of Washington Trust Bancorp, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries (except such disclosure controls and procedures and internal control over financial reporting of Halsey Associates, Inc., which was acquired by the Registrant during 2015), is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: | August 5, 2016 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer | ||||
(principal financial and accounting officer) |
Date: | August 5, 2016 | By: | /s/ Joseph J. MarcAurele | |
Joseph J. MarcAurele | ||||
Chairman and Chief Executive Officer | ||||
(principal executive officer) |
Date: | August 5, 2016 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer | ||||
(principal financial and accounting officer) |
DOCUMENT AND ENTITY INFORMATION - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jul. 31, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Washington Trust Bancorp Inc | |
Entity Central Index Key | 0000737468 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,081,505 |
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Assets: | ||||
Cash and due from banks | $ 116,658 | $ 93,222 | ||
Short-term investments | 3,255 | 4,409 | ||
Mortgage loans held for sale | 38,554 | 38,554 | ||
Securities: | ||||
Available for sale, at fair value | 401,749 | 375,044 | ||
Held to maturity, at amortized cost | 17,917 | 20,023 | ||
Total securities | 419,666 | 395,067 | ||
Federal Home Loan Bank stock, at cost | 34,303 | 24,316 | ||
Loans: | ||||
Commercial | 1,732,220 | 1,654,547 | ||
Residential real estate | 1,005,036 | 1,013,555 | ||
Consumer | 343,628 | 345,025 | ||
Total loans | [1] | 3,080,884 | 3,013,127 | |
Less allowance for loan losses | 25,826 | 27,069 | ||
Net loans | 3,055,058 | 2,986,058 | ||
Premises and equipment, net | 29,590 | 29,593 | ||
Investment in bank-owned life insurance | 65,036 | 65,501 | ||
Goodwill | 64,059 | 64,059 | ||
Identifiable intangible assets, net | 10,814 | 11,460 | ||
Other assets | 80,088 | 59,365 | ||
Total assets | 3,917,081 | 3,771,604 | ||
Liabilities: | ||||
Demand deposits | 512,307 | 537,298 | ||
NOW accounts | 414,532 | 412,602 | ||
Money market accounts | 675,896 | 823,490 | ||
Savings accounts | 342,579 | 326,967 | ||
Time deposits | 844,036 | 833,898 | ||
Total deposits | 2,789,350 | 2,934,255 | ||
Federal Home Loan Bank advances | 640,010 | 378,973 | ||
Junior subordinated debentures | 22,681 | 22,681 | ||
Other liabilities | 76,708 | 60,307 | ||
Total liabilities | 3,528,749 | 3,396,216 | ||
Commitments and contingencies | ||||
Shareholders' Equity: | ||||
Common stock | 1,068 | 1,064 | ||
Paid-in capital | 112,314 | 110,949 | ||
Retained earnings | 282,666 | 273,074 | ||
Accumulated other comprehensive loss | (7,716) | (9,699) | ||
Total shareholders' equity | 388,332 | 375,388 | ||
Total liabilities and shareholders’ equity | $ 3,917,081 | $ 3,771,604 | ||
|
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Mortgage loans held for sale, measured at fair value | $ 38,554 | $ 33,969 |
Securities held to maturity, fair value | $ 18,595 | $ 20,516 |
Common stock, par value | $ 0.0625 | $ 0.0625 |
Common stock, shares authorized | 60,000,000 | 30,000,000 |
Common stock, shares issued | 17,081,124 | 17,019,578 |
Common stock, shares outstanding | 17,081,124 | 17,019,578 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Statement of Comprehensive Income [Abstract] | |||||||||
Net income | $ 11,057 | $ 11,503 | $ 21,992 | $ 22,513 | |||||
Other comprehensive income (loss), net of tax: | |||||||||
Net change in fair value of securities available for sale | 1,378 | (1,701) | 1,742 | (1,037) | |||||
Cash flow hedges: | |||||||||
Change in fair value of cash flow hedges | (24) | (1) | (90) | (9) | |||||
Net cash flow hedge losses reclassified into earnings | [1] | 0 | 90 | 0 | 183 | ||||
Net change in fair value of cash flow hedges | (24) | 89 | (90) | 174 | |||||
Defined benefit plan obligation adjustment | [2] | 165 | 354 | 331 | 589 | ||||
Total other comprehensive income (loss), net of tax | 1,519 | (1,258) | 1,983 | (274) | |||||
Total comprehensive income | $ 12,576 | $ 10,245 | $ 23,975 | $ 22,239 | |||||
|
General Information |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information Washington Trust Bancorp, Inc. (the “Bancorp”) is a publicly-owned registered bank holding company and financial holding company. The Bancorp owns all of the outstanding common stock of The Washington Trust Company, of Westerly (the “Bank”), a Rhode Island chartered commercial bank founded in 1800. Through its subsidiaries, the Bancorp offers a complete product line of financial services including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management services through its offices in Rhode Island, eastern Massachusetts and Connecticut. The consolidated financial statements include the accounts of the Bancorp and its subsidiaries (collectively, the “Corporation” or “Washington Trust”). All significant intercompany transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to current year’s presentation. The accounting and reporting policies of the Corporation conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices of the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The unaudited consolidated financial statements of the Corporation presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2015. |
Recently Issued Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Revenue from Contracts with Customers - Topic 606 Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), was issued in May 2014 and provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, Accounting Standards Update No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”) was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. In 2016, Accounting Standards Update No. 2016-08, “Principal versus Agent Considerations” (“ASU 2016-08”), Accounting Standards Update No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”) and Accounting Standards Update No. 2016-12, “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) were issued. These ASUs do not change the core principle for revenue recognition in Topic 606; instead, the amendments provide more detailed guidance in a few areas and additional implementation guidance and examples, which are expected to reduce the degree of judgment necessary to comply with Topic 606. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 are the same as those provided by ASU 2015-14. The Corporation is currently evaluating the impact that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Corporation has not yet selected a transition method nor has it determined the effect of ASU 2014-09 on its ongoing financial reporting. Business Combinations - Topic 805 Accounting Standards Update No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), was issued in September 2015 and eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of ASU 2015-16 is not expected to have a material impact on the Corporation’s consolidated financial statements. Financial Instruments - Topic 825 Accounting Standards Update No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), was issued in January 2016 and provides revised guidance related to the accounting for and reporting of financial instruments. Some of the main provisions include: requiring most equity securities to be reported at fair value with unrealized gains and losses reported in the income statement; requiring separate presentation of financial assets and liabilities by measurement category and form (i.e. securities or loans); clarifying that entities must assess valuation allowances on a deferred tax asset related to available for sale debt securities in combination with their other deferred tax assets; and eliminating the requirement to disclose the method and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Corporation has not yet determined the effect of ASU 2016-01 on its ongoing financial reporting. Leases - Topic 842 Accounting Standards Update No. 2016-02, “Leases” (“ASU 2016-02”), was issued in February 2016 and provides revised guidance related to the accounting and reporting of leases. ASU 2016-02 requires lessees to recognize most leases on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. ASU 2016-02 requires a modified retrospective transition, with a number of practical expedients that entities may elect to apply. ASU 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Corporation has not yet determined the effect of ASU 2016-02 on its ongoing financial reporting. Stock Compensation - Topic 718 Accounting Standards Update No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), was issued in March 2016. ASU 2016-09 includes multiple provisions intended to simplify several aspects of the accounting for share-based payment transactions, including income tax consequences and the classification of certain tax-related transactions on the statement of cash flows. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted in any interim or annual period. Amendments should be applied using the appropriate transition method as detailed by the provisions of ASU 2016-09. The Corporation has not yet determined the effect of ASU 2016-09 on its ongoing financial reporting. Derivatives and Hedging - Topic 815 Accounting Standards Update No. 2016-05, “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships” (“ASU 2016-05”), was issued in March 2016. ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 allows for either a prospective approach or modified retrospective approach for adoption. ASU 2016-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. ASU 2016-05 is not expected to have a material impact on the Corporation’s financial reporting. Accounting Standards Update No. 2016-06, “Contingent Put and Call Options in Debt Instruments” (“ASU 2016-06”), was issued in March 2016. ASU 2016-06 clarifies the requirements for assessing whether contingent call or put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts by providing a four-step decision sequence to assess whether the economic characteristics of the embedded call and put options are clearly and closely related to the economic characteristics of their debt hosts. ASU 2016-06 allows for a modified retrospective approach for adoption. ASU 2016-06 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. ASU 2016-06 is not expected to have a material impact on the Corporation’s financial reporting. Credit Losses - Topic 326 Accounting Standards Update No. 2016-13, “Financial Instruments - Credit Losses” (“ASU 2016-13”), was issued in June 2016. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 provides for a modified retrospective transition, resulting in a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is effective, except for debt securities for which an other-than-temporary impairment has previously been recognized. For these debt securities, a prospective transition approach will be adopted in order to maintain the same amortized cost prior to and subsequent to the effective date of ASU 2016-13. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, for annual periods and interim periods within those annual periods, beginning after December 15, 2018. The Corporation has not yet determined the effect of ASU 2016-13 on its ongoing financial reporting. |
Cash and Due from Banks |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Cash and Due from Banks The Bank maintains certain average reserve balances to meet the requirements of the Board of Governors of the Federal Reserve System (“FRB”). Some or all of these reserve requirements may be satisfied with vault cash. Reserve balances amounted to $10.7 million at June 30, 2016 and $10.5 million at December 31, 2015 and were included in cash and due from banks in the Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, cash and due from banks included interest-bearing deposits in other banks of $74.4 million and $48.2 million, respectively. |
Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security:
At June 30, 2016 and December 31, 2015, securities available for sale and held to maturity with a fair value of $354.6 million and $346.1 million, respectively, were pledged as collateral for Federal Home Loan Bank of Boston (“FHLBB”) borrowings, potential borrowings with the FRB, certain public deposits and for other purposes. See Note 7 for additional disclosure on FHLBB borrowings. The schedule of maturities of debt securities available for sale and held to maturity is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.
Included in the above table are debt securities with an amortized cost balance of $127.3 million and a fair value of $122.4 million at June 30, 2016 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 8 months to 21 years, with call features ranging from 1 month to 5 years. Other-Than-Temporary Impairment Assessment Washington Trust assesses whether the decline in fair value of investment securities is other-than-temporary on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates impairments in value both qualitatively and quantitatively to assess whether they are other-than-temporary. The following tables summarize temporarily impaired securities, segregated by length of time the securities have been in a continuous unrealized loss position:
Further deterioration in credit quality of the underlying issuers of the securities, further deterioration in the condition of the financial services industry, a continuation or worsening of the current economic environment, or additional declines in real estate values, among other things, may further affect the fair value of these securities and increase the potential that certain unrealized losses be designated as other-than-temporary in future periods, and the Corporation may incur write-downs. Unrealized losses on temporarily impaired securities as of June 30, 2016 were concentrated in variable rate trust preferred debt securities. Trust Preferred Debt Securities of Individual Name Issuers Included in debt securities in an unrealized loss position at June 30, 2016 were 10 trust preferred security holdings issued by 7 individual companies in the banking sector. Management believes the unrealized loss position in these holdings was attributable to the general widening of spreads for this category of debt securities issued by financial services companies since the time these securities were purchased. Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities held in our portfolio continue to accrue and make payments as expected with no payment deferrals or defaults on the part of the issuers. As of June 30, 2016, individual name issuer trust preferred debt securities with an amortized cost of $10.9 million and unrealized losses of $2.1 million were rated below investment grade by Standard & Poors, Inc. (“S&P”). Management reviewed the collectibility of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date as well as credit rating changes between the reporting period date and the filing date of this report, and other information. We noted no additional downgrades to below investment grade between June 30, 2016 and the filing date of this report. Based on these analyses, management concluded that it expects to recover the entire amortized cost basis of these securities. Furthermore, Washington Trust does not intend to sell these securities and it is not more-likely-than-not that Washington Trust will be required to sell these securities before recovery of their cost basis, which may be maturity. Therefore, management does not consider these investments to be other-than-temporarily impaired at June 30, 2016. |
Loans |
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Loans | Loans The following is a summary of loans:
At June 30, 2016 and December 31, 2015, there were $1.5 billion and $1.3 billion, respectively, of loans pledged as collateral to the FHLBB under a blanket pledge agreement and to the FRB for the discount window. See Note 7 for additional disclosure regarding borrowings. Nonaccrual Loans Loans, with the exception of certain well-secured loans that are in the process of collection, are placed on nonaccrual status and interest recognition is suspended when such loans are 90 days or more overdue with respect to principal and/or interest, or sooner if considered appropriate by management. Well-secured loans are permitted to remain on accrual status provided that full collection of principal and interest is assured and the loan is in the process of collection. Loans are also placed on nonaccrual status when, in the opinion of management, full collection of principal and interest is doubtful. Interest previously accrued but not collected on such loans is reversed against current period income. Subsequent interest payments received on nonaccrual loans are applied to the outstanding principal balance of the loan or recognized as interest income depending on management’s assessment of the ultimate collectability of the loan. Loans are removed from nonaccrual status when they have been current as to principal and interest for approximately 6 months, the borrower has demonstrated an ability to comply with repayment terms, and when, in management’s opinion, the loans are considered to be fully collectible. The following is a summary of nonaccrual loans, segregated by class of loans:
As of June 30, 2016 and December 31, 2015, loans secured by one- to four-family residential property amounting to $5.3 million and $2.6 million, respectively, were in process of foreclosure. Nonaccrual loans of $4.0 million and $7.4 million, respectively, were current as to the payment of principal and interest at June 30, 2016 and December 31, 2015. There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at June 30, 2016. Past Due Loans Past due status is based on the contractual payment terms of the loan. The following tables present an age analysis of past due loans, segregated by class of loans:
Included in past due loans as of June 30, 2016 and December 31, 2015, were nonaccrual loans of $13.2 million and $13.6 million, respectively. All loans 90 days or more past due at June 30, 2016 and December 31, 2015 were classified as nonaccrual. Impaired Loans Impaired loans are loans for which it is probable that the Corporation will not be able to collect all amounts due according to the contractual terms of the loan agreements and loans restructured in a troubled debt restructuring. The following is a summary of impaired loans:
The following tables present the average recorded investment balance of impaired loans and interest income recognized on impaired loans segregated by loan class. Prior to the third quarter of 2015, the Corporation had defined impaired loans to include nonaccrual commercial loans, troubled debt restructured loans and certain other loans that were individually evaluated for impairment. In the third quarter of 2015, the Corporation redefined impaired loans to include nonaccrual loans and troubled debt restructured loans. The redefinition of impaired loans resulted in well-secured nonaccrual residential real estate mortgage loans and consumer loans being classified as impaired loans in the third quarter of 2015. See further discussion on the redefinition of impaired loans in Washington Trust’s Form 10-K for the fiscal year ended December 31, 2015.
Troubled Debt Restructurings Loans are considered restructured in a troubled debt restructuring when the Corporation has granted concessions to a borrower due to the borrower’s financial condition that it otherwise would not have considered. These concessions may include modifications of the terms of the debt such as deferral of payments, extension of maturity, reduction of principal balance, reduction of the stated interest rate other than normal market rate adjustments, or a combination of these concessions. Debt may be bifurcated with separate terms for each tranche of the restructured debt. Restructuring a loan in lieu of aggressively enforcing the collection of the loan may benefit the Corporation by increasing the ultimate probability of collection. Restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectibility of the loan. Loans which are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately 6 months before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term. Troubled debt restructurings are reported as such for at least one year from the date of the restructuring. In years after the restructuring, troubled debt restructured loans are removed from this classification if the restructuring did not involve a below-market rate concession and the loan is not deemed to be impaired based on the terms specified in the restructuring agreement. Troubled debt restructurings are classified as impaired loans. The Corporation identifies loss allocations for impaired loans on an individual loan basis. The recorded investment in troubled debt restructurings was $20.1 million and $18.5 million, respectively, at June 30, 2016 and December 31, 2015. These amounts included insignificant balances of accrued interest. The allowance for loan losses included specific reserves for these troubled debt restructurings of $848 thousand and $1.8 million, respectively, at June 30, 2016 and December 31, 2015. As of June 30, 2016, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured. The following tables present loans modified as a troubled debt restructuring:
loan origination fees and costs, at the time of the restructuring. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest.
loan origination fees and costs, at the time of the restructuring. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest. The following table presents information on how loans were modified as a troubled debt restructuring:
In the three and six months ended June 30, 2016 and 2015, there were an insignificant amount of loans modified in a troubled debt restructuring within the previous 12 months for which there were payment defaults. Credit Quality Indicators Commercial The Corporation utilizes an internal rating system to assign a risk to each of its commercial loans. Loans are rated on a scale of 1 to 10. This scale can be assigned to three broad categories including “pass” for ratings 1 through 6, “special mention” for 7-rated loans, and “classified” for loans rated 8, 9 or 10. The loan rating system takes into consideration parameters including the borrower’s financial condition, the borrower’s performance with respect to loan terms, the adequacy of collateral, the adequacy of guarantees and other credit quality characteristics. The weighted average risk rating of the Corporation’s commercial loan portfolio was 4.69 at June 30, 2016 and 4.68 at December 31, 2015. For non-impaired loans, the Corporation takes the risk rating into consideration along with other credit attributes in the establishment of an appropriate allowance for loan losses. See Note 6 for additional information. A description of the commercial loan categories are as follows: Pass - Loans with acceptable credit quality, defined as ranging from superior or very strong to a status of lesser stature. Superior or very strong credit quality is characterized by a high degree of cash collateralization or strong balance sheet liquidity. Lesser stature loans have an acceptable level of credit quality but exhibit some weakness in various credit metrics such as collateral adequacy, cash flow, secondary sources of repayment, or performance inconsistency or may be in an industry or of a loan type known to have a higher degree of risk. Special Mention - Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s position as creditor at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Examples of these conditions include but are not limited to outdated or poor quality financial data, strains on liquidity and leverage, losses or negative trends in operating results, marginal cash flow, weaknesses in occupancy rates or trends in the case of commercial real estate and frequent delinquencies. Classified - Loans identified as “substandard”, “doubtful” or “loss” based on criteria consistent with guidelines provided by banking regulators. A “substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. The loans are closely watched and are either already on nonaccrual status or may be placed on nonaccrual status when management determines there is uncertainty of collectibility. A “doubtful” loan is placed on non-accrual status and has a high probability of loss, but the extent of the loss is difficult to quantify due to dependency upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. A loan in the “loss” category is considered generally uncollectible or the timing or amount of payments cannot be determined. “Loss” is not intended to imply that the loan has no recovery value but rather it is not practical or desirable to continue to carry the asset. The Corporation’s procedures call for loan ratings and classifications to be revised whenever information becomes available that indicates a change is warranted. The criticized loan portfolio, which consists of commercial loans that are risk rated special mention or worse, are reviewed by management on a quarterly basis, focusing on the current status and strategies to improve the credit. An annual loan review program is conducted by a third party to provide an independent evaluation of the creditworthiness of the commercial loan portfolio, the quality of the underwriting and credit risk management practices and the appropriateness of the risk rating classifications. This review is supplemented with selected targeted internal reviews of the commercial loan portfolio. The following table presents the commercial loan portfolio, segregated by category of credit quality indicator:
Residential and Consumer The residential and consumer portfolios are monitored on an ongoing basis by the Corporation using delinquency information and loan type as credit quality indicators. These credit quality indicators are assessed on an aggregate basis in these relatively homogeneous portfolios. For non-impaired loans, the Corporation assigns loss allocation factors to each respective loan type. See Note 6 for additional information. Various other techniques are utilized to monitor indicators of credit deterioration in the portfolios of residential real estate mortgages and home equity lines and loans. Among these techniques is the periodic tracking of loans with an updated FICO score and an estimated loan to value (“LTV”) ratio. LTV ratio is determined via statistical modeling analyses. The indicated LTV levels are estimated based on such factors as the location, the original LTV ratio, and the date of origination of the loan and do not reflect actual appraisal amounts. The results of these analyses and other loan review procedures are taken into consideration in the determination of loss allocation factors for residential mortgage and home equity consumer credits. See Note 6 for additional information. The following table presents the residential and consumer loan portfolios, segregated by category of credit quality indicator:
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is management’s best estimate of inherent risk of loss in the loan portfolio as of the balance sheet date. The Corporation uses a methodology to systematically measure the amount of estimated loan loss exposure inherent in the loan portfolio for purposes of establishing a sufficient allowance for loan losses. The methodology includes: (1) the identification of loss allocations for individual loans deemed to be impaired and (2) the application of loss allocation factors for non-impaired loans based on historical loss experience and estimated loss emergence period, with adjustments for various exposures that management believes are not adequately represented by historical loss experience. Prior to December 31, 2015, an unallocated allowance was maintained for measurement imprecision associated with impaired and nonaccrual loans. As a result of further enhancement and refinement of the allowance methodology to provide a more precise quantification of probable losses in the loan portfolio, management concluded that the potential risks anticipated by the unallocated allowance have been incorporated into the allocated component of the methodology, eliminating the need for the unallocated allowance in the fourth quarter of 2015. The following table presents the activity in the allowance for loan losses for the three months ended June 30, 2016:
(1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the six months ended June 30, 2016:
(1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the three months ended June 30, 2015:
(1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the six months ended June 30, 2015:
(1) Commercial & industrial loans. The following table presents the Corporation’s loan portfolio and associated allowance for loan loss by portfolio segment and by impairment methodology:
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Borrowings |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings Federal Home Loan Bank Advances Advances payable to the FHLBB amounted to $640.0 million and $379.0 million, respectively, at June 30, 2016 and December 31, 2015. The following table presents maturities and weighted average interest rates on FHLBB advances outstanding as of June 30, 2016:
As of June 30, 2016 and December 31, 2015, the Bank had access to a $40.0 million unused line of credit with the FHLBB and also had remaining available borrowing capacity of $523.3 million and $644.8 million, respectively. The Bank pledges certain qualified investment securities and loans as collateral to the FHLBB. |
Shareholders' Equity |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | Shareholders’ Equity Regulatory Capital Requirements Capital levels at both June 30, 2016 and December 31, 2015 exceeded the regulatory minimum levels to be considered well-capitalized. The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods:
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally to manage the Corporation’s interest rate risk. Additionally, the Corporation enters into interest rate derivatives to accommodate the business requirements of its customers. All derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and resulting designation. Interest Rate Risk Management Agreements Interest rate swaps and caps are used from time to time as part of the Corporation’s interest rate risk management strategy. Interest rate swaps are agreements in which the Corporation and another party agree to exchange interest payments (e.g., fixed-rate for variable-rate payments) computed on a notional principal amount. Interest rate caps represent options purchased by the Corporation to manage the interest rate paid throughout the term of the option contract. The credit risk associated with these transactions is the risk of default by the counterparty. To minimize this risk, the Corporation enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure. Cash Flow Hedging Instruments As of June 30, 2016 and December 31, 2015, the Bancorp had two interest rate caps with a notional amount of $22.7 million that were designated as cash flow hedges to hedge the interest rate risk associated with our variable rate junior subordinated debentures. In the fourth quarter of 2015, the Corporation entered into the interest rate cap contracts and paid a premium totaling $257 thousand to obtain the right to receive the difference between 3-month LIBOR and a 4.5% strike for both of the interest rate caps. The caps mature in 2020. Prior to December 31, 2015, the Bancorp had two interest rate swap contracts designated as cash flow hedges to hedge the interest rate risk associated with the junior subordinated debentures noted above. During 2015, both interest rate swaps contracts matured. The effective portion of the changes in fair value of derivatives designated as cash flow hedges is recorded in other comprehensive income and subsequently reclassified to earnings when gains or losses are realized. The ineffective portion of changes in fair value of the derivatives is recognized directly in earnings as interest expense. Loan Related Derivative Contracts Interest Rate Swap Contracts with Customers The Corporation has entered into interest rate swap contracts to help commercial loan borrowers manage their interest rate risk. The interest rate swap contracts with commercial loan borrowers allow them to convert floating-rate loan payments to fixed-rate loan payments. When we enter into an interest rate swap contract with a commercial loan borrower, we simultaneously enter into a “mirror” swap contract with a third party. The third party exchanges the client’s fixed-rate loan payments for floating-rate loan payments. We retain the risk that is associated with the potential failure of counterparties and the risk inherent in originating loans. As of June 30, 2016 and December 31, 2015, Washington Trust had interest rate swap contracts with commercial loan borrowers with notional amounts of $414.4 million and $302.1 million, respectively, and equal amounts of “mirror” swap contracts with third-party financial institutions. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Risk Participation Agreements The Corporation has entered into risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Under a risk participation-out agreement, a derivative asset, the Corporation participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Corporation assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower, for a fee received from the other bank. At June 30, 2016 and December 31, 2015, the notional amounts of risk participation-out agreements were $38.6 million and $25.3 million, respectively. The notional amounts of risk participation-in agreements at both June 30, 2016 and December 31, 2015 were $21.5 million. Loan Commitments Interest rate lock commitments are extended to borrowers and relate to the origination of residential real estate mortgage loans held for sale. To mitigate the interest rate risk inherent in these rate locks, as well as closed residential real estate mortgage loans held for sale, forward commitments are established to sell individual residential real estate mortgage loans. Both interest rate lock commitments and commitments to sell residential real estate mortgage loans are derivative financial instruments, but do not meet criteria for hedge accounting and, as such are treated as derivatives not designated as hedging instruments. The changes in fair value of these commitments are reflected in earnings in the period of change. The Corporation has elected to carry certain closed residential real estate mortgage loans held for sale at fair value, as changes in fair value in these loans held for sale generally offset changes in interest rate lock and forward sale commitments. The following table presents the fair values of derivative instruments in the Corporation’s Consolidated Balance Sheets:
The following tables present the effect of derivative instruments in the Corporation’s Consolidated Statements of Income and Changes in Shareholders’ Equity:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. As of June 30, 2016 and December 31, 2015, securities available for sale, certain residential real estate mortgage loans held for sale, derivatives and the contingent consideration liability are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent impaired loans, property acquired through foreclosure or repossession, certain residential real estate mortgage loans held for sale and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Fair value is a market-based measurement, not an entity-specific measurement. Fair value measurements are determined based on the assumptions the market participants would use in pricing the asset or liability. In addition, GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Corporation’s market assumptions. These two types of inputs have created the following fair value hierarchy:
Fair Value Option Election GAAP allows for the irrevocable option to elect fair value accounting for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected the fair value option for certain residential real estate mortgage loans held for sale to better match changes in fair value of the loans with changes in the fair value of the derivative loan sale contracts used to economically hedge them. The aggregate principal amount of the residential real estate mortgage loans held for sale recorded at fair value was $37.3 million and $33.2 million, respectively, at June 30, 2016 and December 31, 2015. The aggregate fair value of these loans as of the same dates was $38.6 million and $34.0 million, respectively. As of June 30, 2016 and December 31, 2015, the aggregate fair value of residential real estate mortgage loans held for sale exceeded the aggregate principal amount by $1.2 million and $731 thousand, respectively. There were no residential real estate mortgage loans held for sale 90 days or more past due as of June 30, 2016 and December 31, 2015. The following table presents the changes in fair value related to mortgage loans held for sale, interest rate lock commitments and commitments to sell residential real estate mortgage loans, for which the fair value option was elected. Changes in fair values are reported as a component of mortgage banking revenues in the Consolidated Statements of Income.
Valuation Techniques Securities Securities available for sale are recorded at fair value on a recurring basis. When available, the Corporation uses quoted market prices to determine the fair value of securities; such items are classified as Level 1. There were no Level 1 securities held at June 30, 2016 and December 31, 2015. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category includes obligations of U.S. government-sponsored enterprises, mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises, obligations of states and political subdivisions, individual name issuer trust preferred debt securities and corporate bonds. Securities not actively traded whose fair value is determined through the use of cash flows utilizing inputs that are unobservable are classified as Level 3. There were no Level 3 securities held at June 30, 2016 and December 31, 2015. Mortgage Loans Held for Sale The fair value of mortgage loans held for sale is estimated based on current market prices for similar loans in the secondary market and therefore are classified as Level 2 assets. Collateral Dependent Impaired Loans Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. For collateral dependent loans for which repayment is dependent on the sale of the collateral, management adjusts the fair value for estimated costs to sell. For collateral dependent loans for which repayment is dependent on the operation of the collateral, such as accruing troubled debt restructured loans, estimated costs to sell are not incorporated into the measurement. Management may also adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3. Loan Servicing Rights Loans sold with the retention of servicing result in the recognition of loan servicing rights. Loan servicing rights are included in other assets in the Consolidated Balance Sheets and are amortized as an offset to mortgage banking revenues over the estimated period of servicing. Loan servicing rights are evaluated quarterly for impairment based on their fair value. Impairment exists if the carrying value exceeds the estimated fair value. Impairment is measured on an aggregated basis by stratifying the loan servicing rights based on homogeneous characteristics such as note rate and loan type. The fair value is estimated using an independent valuation model that estimates the present value of expected cash flows, incorporating assumptions for discount rates and prepayment rates. Any impairment is recognized through a valuation allowance and as a reduction to mortgage banking revenues. Loan servicing rights are categorized as Level 3. Property Acquired Through Foreclosure or Repossession Property acquired through foreclosure or repossession included in other assets in the Consolidated Balance Sheets is adjusted to fair value less costs to sell upon transfer out of loans through a charge to allowance for loan losses. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Such subsequent valuation charges are charged through earnings. Fair value is generally based upon appraised values of the collateral. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3. Derivatives Interest rate swap and cap contracts are traded in over-the-counter markets where quoted market prices are not readily available. Fair value measurements are determined using independent pricing models that utilize primarily market observable inputs, such as swap rates of different maturities and LIBOR rates. The Corporation also evaluates the credit risk of its counterparties as well as that of the Corporation. Accordingly, Washington Trust considers factors such as the likelihood of default by the Corporation and its counterparties, its net exposures and remaining contractual life, among other factors, in determining if any fair value adjustments related to credit risk are required. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position. Although the Corporation has determined that the majority of the inputs used to value its interest rate swap and cap contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with interest rate contracts and risk participation agreements utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Corporation and its counterparties. However, as of June 30, 2016 and December 31, 2015, the Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Corporation has classified its derivative valuations in their entirety as Level 2. Fair value measurements of forward loan commitments (interest rate lock commitments and commitments to sell residential real estate mortgages) are estimated based on current market prices for similar assets in the secondary market and therefore are classified as Level 2 assets. Contingent Consideration Liability A contingent consideration liability was recognized upon the completion of the Halsey Associates, Inc. (“Halsey”) acquisition on August 1, 2015 and represents the estimated present value of future earn-outs to be paid based on the future revenue growth of the acquired business during the 5-year period following the acquisition. The liability's valuation is based upon unobservable inputs, therefore, the contingent liability is classified within Level 3 of the fair value hierarchy. The unobservable inputs include probability estimates regarding the likelihood of achieving revenue growth targets and the discount rates utilized the discounted cash flow calculations applied to the estimates earn-outs to be paid. The discount rates used ranged from 3% to 4%. The fair value of the contingency represents the estimated price to transfer the liability between market participants at the measurement date under current market conditions. Items Recorded at Fair Value on a Recurring Basis The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:
It is the Corporation’s policy to review and reflect transfers between Levels as of the financial statement reporting date. During the six months ended June 30, 2016 and 2015, there were no transfers in and/or out of Level 1, 2 or 3. Items Recorded at Fair Value on a Nonrecurring Basis The following table presents the carrying value of assets held at June 30, 2016, which were written down to fair value during the six months ended June 30, 2016:
The allowance for loan losses on collateral dependent impaired loans amounted to $857 thousand at June 30, 2016. The following table presents the carrying value of assets held at December 31, 2015, which were written down to fair value during the year ended December 31, 2015:
The allowance for loan losses on collateral dependent impaired loans amounted to $2.4 million at December 31, 2015. The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:
Valuation of Other Financial Instruments The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or nonrecurring basis are discussed above. The methodologies for other financial instruments are discussed below. Loans Fair values are estimated for categories of loans with similar financial characteristics. Loans are segregated by type and are then further segmented into fixed-rate and adjustable-rate interest terms to determine their fair value. The fair value of fixed-rate commercial and consumer loans is calculated by discounting scheduled cash flows through the estimated maturity of the loan using interest rates offered at the measurement date that reflect the credit and interest rate risk inherent in the loan. The estimate of maturity is based on the Corporation’s historical repayment experience. For residential mortgages, fair value is estimated by using market prices for sales of similar loans on the secondary market. The fair value of floating rate commercial and consumer loans approximates carrying value. Fair value for impaired loans is estimated using a discounted cash flow method based upon the loan’s contractual effective interest rate, or at the loan’s observable market price, or if the loan is collateral dependent, at the fair value of the collateral. Loans are classified within Level 3 of the fair value hierarchy. Time Deposits The discounted values of cash flows using the rates currently offered for deposits of similar remaining maturities were used to estimate the fair value of time deposits. Time deposits are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Advances Rates currently available to the Corporation for advances with similar terms and remaining maturities are used to estimate fair value of existing advances. FHLBB advances are categorized as Level 2. Junior Subordinated Debentures The fair value of the junior subordinated debentures is estimated using rates currently available to the Corporation for debentures with similar terms and maturities. Junior subordinated debentures are categorized as Level 2. The following tables present the carrying amount, estimated fair value and placement in the fair value hierarchy of the Corporation’s financial instruments. The tables exclude financial instruments for which the carrying value approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB stock, accrued interest receivable and bank-owned life insurance. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits and accrued interest payable.
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Defined Benefit Pension Plans |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Defined Benefit Pension Plans The Corporation maintains a tax-qualified defined benefit pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. The Corporation also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. The defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period ending in December 2023. The defined benefit pension plan is funded on a current basis, in compliance with the requirements of ERISA. Pension benefit costs and benefit obligations incorporate various actuarial and other assumptions, including discount rates, mortality, rates of return on plan assets and compensation increases. Washington Trust evaluates these assumptions annually. Prior to 2016, a single weighted-average discount rate was used to calculate interest and service cost components of net periodic benefit cost. For 2016, Washington Trust utilizes a "spot rate approach" in the calculation of interest and service cost. The spot rate approach applies separate discount rates for each projected benefit payment in the calculation of interest and service cost. This approach provides a more precise measurement of interest and service cost by improving the correlation between projected benefit cash flows and their corresponding spot rates. This change was made in conjunction with the annual evaluation of assumptions and did not affect the measurement of the Corporation’s defined benefit obligations at December 31, 2015. It is considered a change in accounting estimate and, accordingly, was accounted for prospectively starting in 2016. The composition of net periodic benefit cost was as follows:
The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost:
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Share-Based Compensation Arrangements |
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Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Arrangements | Share-Based Compensation Arrangements During the six months ended June 30, 2016, the Corporation granted equity awards, which included performance share awards and nonvested share units. The performance share awards were granted to certain executive officers providing the opportunity to earn shares of common stock of the Corporation. The performance share awards were valued at fair market value as of January 20, 2016 (the award date), or $36.11, and will be earned over a 3-year performance period. The number of shares earned will range from zero to 200% of the target number of shares dependent upon the Corporation’s core return on equity and core earnings per share growth ranking compared to an industry peer group. The current assumption based on the most recent peer group information available results in shares earned at 142% of the target, or 51,618 shares. The Corporation granted 8,400 nonvested share units to non-employee directors with 3-year cliff vesting. The nonvested share units were valued at fair market value as of May 10, 2016 (the award date), or $36.10. |
Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments Washington Trust segregates financial information in assessing its results among its Commercial Banking and Wealth Management Services operating segments. The amounts in the Corporate unit include activity not related to the segments. Management uses certain methodologies to allocate income and expenses to the business lines. A funds transfer pricing methodology is used to assign interest income and interest expense to each interest-earning asset and interest-bearing liability on a matched maturity funding basis. Certain indirect expenses are allocated to segments. These include support unit expenses such as technology, operations and other support functions. Commercial Banking The Commercial Banking segment includes commercial, residential and consumer lending activities; equity in losses of unconsolidated investments in real estate limited partnerships; mortgage banking activities; deposit generation; cash management activities; and direct banking activities, which include the operation of ATMs, telephone and Internet banking services and customer support and sales. Wealth Management Services Wealth Management Services includes investment management; financial planning; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; and settlement of decedents’ estates. Institutional trust services are also provided, including fiduciary services. Corporate Corporate includes the Treasury Unit, which is responsible for managing the wholesale investment portfolio and wholesale funding needs. It also includes income from bank-owned life insurance, as well as administrative and executive expenses not allocated to the operating segments and the residual impact of methodology allocations such as funds transfer pricing offsets. The following tables present the statement of operations and total assets for Washington Trust’s reportable segments:
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Other Comprehensive Income (Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the activity in other comprehensive income (loss):
The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax:
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share The following table presents the calculation of earnings per common share:
Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 69,025 and 27,169, respectively, for the three months ended June 30, 2016 and 2015. These amounts were 70,132 and 75,913, respectively for the six months ended June 30, 2016 and 2015. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to manage the Corporation’s exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, standby letters of credit, interest rate swap agreements and interest rate lock commitments and commitments to sell residential real estate mortgage loans. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Corporation’s Consolidated Balance Sheets. The contract or notional amounts of these instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. The Corporation’s credit policies with respect to interest rate swap agreements with commercial borrowers, commitments to extend credit and financial guarantees are similar to those used for loans. The interest rate swaps with other counterparties are generally subject to bilateral collateralization terms. The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk:
See Note 9 for additional disclosure pertaining to derivative financial instruments. Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there are no violations of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Each borrower’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the borrower. Standby Letters of Credit Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support the financing needs of the Bank’s commercial customers. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The collateral supporting those commitments is essentially the same as for other commitments. Most standby letters of credit extend for 1 year. As of June 30, 2016 and December 31, 2015, the maximum potential amount of undiscounted future payments, not reduced by amounts that may be recovered, totaled $5.7 million and $5.6 million, respectively. At June 30, 2016 and December 31, 2015, there were no liabilities to beneficiaries resulting from standby letters of credit. Fee income on standby letters of credit was insignificant for the three and six months ended June 30, 2016 and 2015. Forward Loan Commitments Interest rate lock commitments are extended to borrowers and relate to the origination of residential real estate mortgage loans held for sale. To mitigate the interest rate risk inherent in these rate locks, as well as closed residential real estate mortgage loans held for sale, forward commitments are established to sell individual residential real estate mortgage loans. Both interest rate lock commitments and commitments to sell residential real estate mortgage loans are derivative financial instruments. Leases At June 30, 2016, the Corporation was committed to rent premises used in banking operations under non-cancellable operating leases. Rental expense under the operating leases amounted to $1.0 million and $2.0 million for the three and six months ended June 30, 2016, compared to $744 thousand and $1.5 million for the same periods in 2015. The following table presents the minimum annual lease payments under the terms of these leases, exclusive of renewal provisions:
Lease expiration dates range from 3 months to 25 years, with renewal options on certain leases of 6 months to 25 years. |
General Information (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of the Bancorp and its subsidiaries (collectively, the “Corporation” or “Washington Trust”). All significant intercompany transactions have been eliminated. |
Basis of Accounting | Certain previously reported amounts have been reclassified to conform to current year’s presentation. The accounting and reporting policies of the Corporation conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices of the banking industry. |
Use of Estimates | In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. |
Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments | The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security:
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Securities by Contractual Maturity | The schedule of maturities of debt securities available for sale and held to maturity is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.
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Securities in a Continuous Unrealized Loss Position | The following tables summarize temporarily impaired securities, segregated by length of time the securities have been in a continuous unrealized loss position:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans | The following is a summary of loans:
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Nonaccrual Loans | The following is a summary of nonaccrual loans, segregated by class of loans:
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Past Due Loans | Past due status is based on the contractual payment terms of the loan. The following tables present an age analysis of past due loans, segregated by class of loans:
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Impaired Loans | The following is a summary of impaired loans:
The following tables present the average recorded investment balance of impaired loans and interest income recognized on impaired loans segregated by loan class. Prior to the third quarter of 2015, the Corporation had defined impaired loans to include nonaccrual commercial loans, troubled debt restructured loans and certain other loans that were individually evaluated for impairment. In the third quarter of 2015, the Corporation redefined impaired loans to include nonaccrual loans and troubled debt restructured loans. The redefinition of impaired loans resulted in well-secured nonaccrual residential real estate mortgage loans and consumer loans being classified as impaired loans in the third quarter of 2015. See further discussion on the redefinition of impaired loans in Washington Trust’s Form 10-K for the fiscal year ended December 31, 2015.
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Troubled Debt Restructurings on Financing Receivables | The following tables present loans modified as a troubled debt restructuring:
loan origination fees and costs, at the time of the restructuring. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest.
loan origination fees and costs, at the time of the restructuring. For accruing troubled debt restructured loans, the recorded investment also includes accrued interest. |
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Schedule of How Loans Were Modified as Troubled Debt Restructuring | The following table presents information on how loans were modified as a troubled debt restructuring:
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Credit Quality Indicators - Commercial | The following table presents the commercial loan portfolio, segregated by category of credit quality indicator:
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Credit Quality Indicators Residential & Consumer | The following table presents the residential and consumer loan portfolios, segregated by category of credit quality indicator:
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Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses Rollforward Analysis | The following table presents the activity in the allowance for loan losses for the three months ended June 30, 2016:
(1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the six months ended June 30, 2016:
(1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the three months ended June 30, 2015:
(1) Commercial & industrial loans. The following table presents the activity in the allowance for loan losses for the six months ended June 30, 2015:
(1) Commercial & industrial loans. |
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Schedule of Allowance for Loan Loss by Segment & Impairment Methodology | The following table presents the Corporation’s loan portfolio and associated allowance for loan loss by portfolio segment and by impairment methodology:
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Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances Maturities | The following table presents maturities and weighted average interest rates on FHLBB advances outstanding as of June 30, 2016:
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Shareholders' Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods:
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives by Balance Sheet Location | The following table presents the fair values of derivative instruments in the Corporation’s Consolidated Balance Sheets:
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Derivative Instruments Effect in Statements of Income and Changes in Shareholders' Equity | The following tables present the effect of derivative instruments in the Corporation’s Consolidated Statements of Income and Changes in Shareholders’ Equity:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value Mortgage Loans Held For Sale, Interest Rate Lock Commitments and Commitments to Sell Disclosures | The following table presents the changes in fair value related to mortgage loans held for sale, interest rate lock commitments and commitments to sell residential real estate mortgage loans, for which the fair value option was elected. Changes in fair values are reported as a component of mortgage banking revenues in the Consolidated Statements of Income.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:
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Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table presents the carrying value of assets held at June 30, 2016, which were written down to fair value during the six months ended June 30, 2016:
The allowance for loan losses on collateral dependent impaired loans amounted to $857 thousand at June 30, 2016. The following table presents the carrying value of assets held at December 31, 2015, which were written down to fair value during the year ended December 31, 2015:
The allowance for loan losses on collateral dependent impaired loans amounted to $2.4 million at December 31, 2015. |
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Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:
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Carrying Amounts and Estimated Fair Values of Financial Instruments | The following tables present the carrying amount, estimated fair value and placement in the fair value hierarchy of the Corporation’s financial instruments. The tables exclude financial instruments for which the carrying value approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB stock, accrued interest receivable and bank-owned life insurance. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits and accrued interest payable.
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Defined Benefit Pension Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The composition of net periodic benefit cost was as follows:
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Schedule of Assumptions Used for Net Periodic Benefit Cost | The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost:
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Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Operations and Total Assets by Reportable Segment | The following tables present the statement of operations and total assets for Washington Trust’s reportable segments:
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Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Other Comprehensive Income (Loss) | The following tables present the activity in other comprehensive income (loss):
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Components of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax:
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Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Earnings Per Share | The following table presents the calculation of earnings per common share:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments with Off Balance Sheet Risk | The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk:
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Schedule of Future Minimum Annual Lease Payments | The following table presents the minimum annual lease payments under the terms of these leases, exclusive of renewal provisions:
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Cash and Due from Banks (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Average reserve deposited with the Board of Governors of the Federal Reserve Bank | $ 10.7 | $ 10.5 |
Interest-bearing deposits in other banks | $ 74.4 | $ 48.2 |
Loans (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Loans Receivable Net Deferred Cost Originated | $ 2,600 | $ 2,600 |
Loans Receivable Net Deferred Premium on Purchased Loans | 171 | 84 |
Loans Pledged as Collateral | 1,500,000 | 1,300,000 |
Mortgage Loans in Process of Foreclosure | 5,300 | 2,600 |
Past due loans included in nonaccrual loans | $ 13,200 | $ 13,600 |
Loans (Narrative - Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Troubled Debt Restructuring, Recorded Investment | $ 20,100 | $ 18,500 |
Specific Reserves on Troubled Debt Restructurings | $ 848 | $ 1,800 |
Loans (Narrative - Credit Quality Indicators) (Details) - rating |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Weighted Average Commercial Loan Portfolio Risk Rating | 4.69 | 4.68 |
Loans (Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 17,248 | $ 21,047 |
Accruing loans 90 days or more past due | 0 | 0 |
Current Payment Status [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans current on payment | 4,000 | 7,400 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 4,054 | 5,711 |
Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 1,204 | 3,018 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 10,409 | 10,666 |
Homeowner Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Home Equity Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 315 | 528 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 1,152 | 1,124 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 114 | $ 0 |
Loans (Past Due Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | $ 17,134 | $ 17,559 | ||
Current | 3,063,750 | 2,995,568 | ||
Total loans | [1] | 3,080,884 | 3,013,127 | |
Commercial Mortgages [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 4,062 | 4,555 | ||
Current | 1,070,685 | 927,398 | ||
Total loans | 1,074,747 | 931,953 | ||
Commercial Construction & Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
Current | 81,812 | 122,297 | ||
Total loans | 81,812 | 122,297 | ||
Commercial & Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 1,978 | 462 | ||
Current | 573,683 | 599,835 | ||
Total loans | 575,661 | 600,297 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 8,893 | 9,286 | ||
Current | 969,506 | 975,151 | ||
Total loans | 978,399 | 984,437 | ||
Homeowner Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
Current | 26,637 | 29,118 | ||
Total loans | 26,637 | 29,118 | ||
Home Equity Lines [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 593 | 1,774 | ||
Current | 259,948 | 253,791 | ||
Total loans | 260,541 | 255,565 | ||
Home Equity Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 1,479 | 1,460 | ||
Current | 38,093 | 45,189 | ||
Total loans | 39,572 | 46,649 | ||
Other Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 129 | 22 | ||
Current | 43,386 | 42,789 | ||
Total loans | 43,515 | 42,811 | ||
30-59 | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 4,889 | 5,137 | ||
30-59 | Commercial Mortgages [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 8 | 51 | ||
30-59 | Commercial Construction & Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
30-59 | Commercial & Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 46 | 405 | ||
30-59 | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 3,853 | 3,028 | ||
30-59 | Homeowner Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
30-59 | Home Equity Lines [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 458 | 883 | ||
30-59 | Home Equity Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 513 | 748 | ||
30-59 | Other Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 11 | 22 | ||
60-89 | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 2,623 | 3,836 | ||
60-89 | Commercial Mortgages [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
60-89 | Commercial Construction & Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
60-89 | Commercial & Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 735 | 9 | ||
60-89 | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 1,113 | 2,964 | ||
60-89 | Homeowner Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
60-89 | Home Equity Lines [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 101 | 373 | ||
60-89 | Home Equity Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 666 | 490 | ||
60-89 | Other Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 8 | 0 | ||
Over 90 | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 9,622 | 8,586 | ||
Over 90 | Commercial Mortgages [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 4,054 | 4,504 | ||
Over 90 | Commercial Construction & Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
Over 90 | Commercial & Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 1,197 | 48 | ||
Over 90 | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 3,927 | 3,294 | ||
Over 90 | Homeowner Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 0 | 0 | ||
Over 90 | Home Equity Lines [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 34 | 518 | ||
Over 90 | Home Equity Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | 300 | 222 | ||
Over 90 | Other Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total past due | $ 110 | $ 0 | ||
|
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | $ 14,976 | $ 15,118 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 16,581 | 17,138 | ||
Total Recorded Investment of Impaired Loans | [1] | 31,557 | 32,256 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 15,192 | 16,399 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 17,527 | 17,493 | |||
Total Unpaid Principal of Impaired Loans | 32,719 | 33,892 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 1,011 | 2,583 | |||
Commercial Mortgages [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 0 | 4,292 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 13,505 | 10,873 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 0 | 5,101 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 14,325 | 10,855 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 714 | 1,633 | |||
Commercial Construction & Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 0 | 0 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 0 | 0 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 0 | 0 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 0 | 0 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 0 | 0 | |||
Commercial & Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 1,524 | 1,849 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 484 | 2,024 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 1,640 | 1,869 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 534 | 2,248 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 23 | 771 | |||
Residential Mortgage [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 12,243 | 8,441 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 2,107 | 2,895 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 12,337 | 8,826 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 2,171 | 2,941 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 223 | 156 | |||
Homeowner Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 0 | 0 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 0 | 0 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 0 | 0 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 0 | 0 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 0 | 0 | |||
Home Equity Lines [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 305 | 6 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 10 | 522 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 305 | 64 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 10 | 522 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 0 | 2 | |||
Home Equity Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 794 | 530 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 440 | 679 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 800 | 539 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 453 | 783 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 46 | 21 | |||
Other Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment of Impaired Loans with No Related Allowance | [1] | 110 | 0 | ||
Recorded Investment of Impaired Loans with Related Allowance | [1] | 35 | 145 | ||
Unpaid Principal of Impaired Loans with No Related Allowance | 110 | 0 | |||
Unpaid Principal of Impaired Loans with Related Allowance | 34 | 144 | |||
No Related Allowance on Impaired Loans | 0 | 0 | |||
Related Allowance on Impaired Loans | 5 | 0 | |||
Commercial Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total Recorded Investment of Impaired Loans | [1] | 15,513 | 19,038 | ||
Total Unpaid Principal of Impaired Loans | 16,499 | 20,073 | |||
Related Allowance on Impaired Loans | 737 | 2,404 | |||
Residential Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total Recorded Investment of Impaired Loans | [1] | 14,350 | 11,336 | ||
Total Unpaid Principal of Impaired Loans | 14,508 | 11,767 | |||
Related Allowance on Impaired Loans | 223 | 156 | |||
Consumer Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total Recorded Investment of Impaired Loans | [1] | 1,694 | 1,882 | ||
Total Unpaid Principal of Impaired Loans | 1,712 | 2,052 | |||
Related Allowance on Impaired Loans | $ 51 | $ 23 | |||
|
Loans (Impaired Loans Interest Income Recognized) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | $ 29,552 | $ 21,431 | $ 30,575 | $ 21,667 |
Interest Income Recognized on Impaired Loans | 214 | 144 | 404 | 261 |
Commercial Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 13,677 | 14,556 | 14,208 | 14,748 |
Interest Income Recognized on Impaired Loans | 87 | 76 | 180 | 155 |
Commercial Construction & Development [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 0 | 0 | 0 | 0 |
Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 |
Commercial & Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 3,290 | 3,077 | 3,545 | 3,057 |
Interest Income Recognized on Impaired Loans | 10 | 41 | 21 | 60 |
Residential Mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 10,903 | 3,251 | 10,986 | 3,354 |
Interest Income Recognized on Impaired Loans | 98 | 24 | 167 | 40 |
Homeowner Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 0 | 0 | 0 | 0 |
Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 |
Home Equity Lines [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 315 | 278 | 493 | 263 |
Interest Income Recognized on Impaired Loans | 6 | 0 | 8 | 0 |
Home Equity Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 1,216 | 78 | 1,195 | 76 |
Interest Income Recognized on Impaired Loans | 11 | 1 | 24 | 1 |
Other Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment of Impaired Loans | 151 | 191 | 148 | 169 |
Interest Income Recognized on Impaired Loans | $ 2 | $ 2 | $ 4 | $ 5 |
Loans (Troubled Debt Restructuring) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
loan
|
Jun. 30, 2015
USD ($)
loan
|
Jun. 30, 2016
USD ($)
loan
|
Jun. 30, 2015
USD ($)
loan
|
||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 2 | 3 | 2 | 6 | |||
Pre-Modification Recorded Investment | [1] | $ 3,683 | $ 354 | $ 3,683 | $ 782 | ||
Post-Modification Recorded Investment | [1] | $ 3,683 | $ 354 | $ 3,683 | $ 782 | ||
Commercial Mortgages [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | 0 | 0 | |||
Pre-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Commercial Construction & Development [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | 0 | 0 | |||
Pre-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Commercial & Industrial [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 1 | 2 | 1 | 3 | |||
Pre-Modification Recorded Investment | [1] | $ 133 | $ 284 | $ 133 | $ 584 | ||
Post-Modification Recorded Investment | [1] | $ 133 | $ 284 | $ 133 | $ 584 | ||
Residential Mortgage [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 1 | 0 | 1 | 1 | |||
Pre-Modification Recorded Investment | [1] | $ 3,550 | $ 0 | $ 3,550 | $ 93 | ||
Post-Modification Recorded Investment | [1] | $ 3,550 | $ 0 | $ 3,550 | $ 93 | ||
Homeowner Construction [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | 0 | 0 | |||
Pre-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Home Equity Lines [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | 0 | 0 | |||
Pre-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
Home Equity Loans [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 0 | 1 | 0 | 1 | |||
Pre-Modification Recorded Investment | [1] | $ 0 | $ 70 | $ 0 | $ 70 | ||
Post-Modification Recorded Investment | [1] | $ 0 | $ 70 | $ 0 | $ 70 | ||
Other Consumer [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of loans modified as a troubled debt restructuring | loan | 0 | 0 | 0 | 1 | |||
Pre-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 35 | ||
Post-Modification Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 35 | ||
|
Loans Loans (Troubled Debt Restructurings Type of Modification) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|||
Financing Receivable, Modifications [Line Items] | ||||||
Pre-Modification Recorded Investment | [1] | $ 3,683 | $ 354 | $ 3,683 | $ 782 | |
Below market interest rate concession [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Pre-Modification Recorded Investment | 0 | 0 | 0 | 0 | ||
Payment Deferral [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Pre-Modification Recorded Investment | 0 | 284 | 0 | 619 | ||
Maturity / amortization concession [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Pre-Modification Recorded Investment | 133 | 70 | 133 | 163 | ||
Interest only payments [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Pre-Modification Recorded Investment | $ 3,550 | $ 0 | $ 3,550 | $ 0 | ||
|
Loans (Credit Quality Indicators - Commercial) (Details) $ in Thousands |
Jun. 30, 2016
USD ($)
rating
|
Dec. 31, 2015
USD ($)
rating
|
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Weighted Average Commercial Loan Portfolio Risk Rating | rating | 4.69 | 4.68 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 1,693,367 | $ 1,614,107 |
Pass [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,061,090 | 914,774 |
Pass [Member] | Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 81,812 | 122,297 |
Pass [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 550,465 | 577,036 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 16,969 | 15,047 |
Special Mention [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,106 | 3,035 |
Special Mention [Member] | Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Special Mention [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 15,863 | 12,012 |
Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 21,884 | 25,393 |
Classified [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 12,551 | 14,144 |
Classified [Member] | Commercial Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Classified [Member] | Commercial & Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 9,333 | $ 11,249 |
Loans (Credit Quality Indicators - Residential, Consumer) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Under 90 Days Past Due [Member] | Accruing Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 967,990 | $ 973,771 |
Under 90 Days Past Due [Member] | Nonaccrual Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 6,482 | 7,372 |
Under 90 Days Past Due [Member] | Homeowner Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 26,637 | 29,118 |
Under 90 Days Past Due [Member] | Residential Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 1,001,109 | 1,010,261 |
Under 90 Days Past Due [Member] | Home Equity Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 260,507 | 255,047 |
Under 90 Days Past Due [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 39,272 | 46,427 |
Under 90 Days Past Due [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 43,405 | 42,811 |
Under 90 Days Past Due [Member] | Consumer Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 343,184 | 344,285 |
Over 90 Days Past Due [Member] | Accruing Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Over 90 Days Past Due [Member] | Nonaccrual Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 3,927 | 3,294 |
Over 90 Days Past Due [Member] | Homeowner Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 0 | 0 |
Over 90 Days Past Due [Member] | Residential Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 3,927 | 3,294 |
Over 90 Days Past Due [Member] | Home Equity Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 34 | 518 |
Over 90 Days Past Due [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 300 | 222 |
Over 90 Days Past Due [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | 110 | 0 |
Over 90 Days Past Due [Member] | Consumer Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable | $ 444 | $ 740 |
Allowance for Loan Losses Allowance for Loan Losses (Allowance for Loan Losses Rollforward Analysis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | $ 26,137 | $ 27,810 | $ 27,069 | $ 28,023 |
Charge-offs | (860) | (355) | (2,335) | (676) |
Recoveries | 99 | 32 | 142 | 140 |
Provision | 450 | 100 | 950 | 100 |
Allowance, Ending Balance | 25,826 | 27,587 | 25,826 | 27,587 |
Commercial Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 8,586 | 8,331 | 9,140 | 8,202 |
Charge-offs | (78) | (200) | (1,331) | (400) |
Recoveries | 13 | 4 | 17 | 84 |
Provision | 1,892 | 394 | 2,587 | 643 |
Allowance, Ending Balance | 10,413 | 8,529 | 10,413 | 8,529 |
Commercial Construction & Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 1,643 | 1,229 | 1,758 | 1,300 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision | (739) | 455 | (854) | 384 |
Allowance, Ending Balance | 904 | 1,684 | 904 | 1,684 |
Commercial & Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 8,261 | 7,803 | 8,202 | 7,987 |
Charge-offs | (746) | (44) | (754) | (51) |
Recoveries | 62 | 18 | 88 | 32 |
Provision | (1,057) | (767) | (1,016) | (958) |
Allowance, Ending Balance | 6,520 | 7,010 | 6,520 | 7,010 |
Commercial Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 18,490 | 17,363 | 19,100 | 17,489 |
Charge-offs | (824) | (244) | (2,085) | (451) |
Recoveries | 75 | 22 | 105 | 116 |
Provision | 96 | 82 | 717 | 69 |
Allowance, Ending Balance | 17,837 | 17,223 | 17,837 | 17,223 |
Residential Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 5,363 | 5,355 | 5,460 | 5,430 |
Charge-offs | (4) | (6) | (140) | (54) |
Recoveries | 2 | 2 | 4 | 4 |
Provision | 108 | 54 | 145 | 25 |
Allowance, Ending Balance | 5,469 | 5,405 | 5,469 | 5,405 |
Consumer Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 2,284 | 2,731 | 2,509 | 2,713 |
Charge-offs | (32) | (105) | (110) | (171) |
Recoveries | 22 | 8 | 33 | 20 |
Provision | 246 | 49 | 88 | 121 |
Allowance, Ending Balance | $ 2,520 | 2,683 | $ 2,520 | 2,683 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance, Beginning Balance | 2,361 | 2,391 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | (85) | (115) | ||
Allowance, Ending Balance | $ 2,276 | $ 2,276 |
Allowance for Loan Losses (Allowance for Loan Losses by Segment & Impairment Methodology) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | $ 31,516 | $ 32,226 | ||
Loans related allowance individually evaluated for impairment | 1,011 | 2,583 | ||
Loans collectively evaluated for impairment | 3,049,368 | 2,980,901 | ||
Loans related allowance collectively evaluated for impairment | 24,815 | 24,486 | ||
Total loans | [1] | 3,080,884 | 3,013,127 | |
Allowance | 25,826 | 27,069 | ||
Commercial Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 13,480 | 15,141 | ||
Loans related allowance individually evaluated for impairment | 714 | 1,633 | ||
Loans collectively evaluated for impairment | 1,061,267 | 916,812 | ||
Loans related allowance collectively evaluated for impairment | 9,699 | 7,507 | ||
Total loans | 1,074,747 | 931,953 | ||
Commercial Construction & Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans related allowance individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 81,812 | 122,297 | ||
Loans related allowance collectively evaluated for impairment | 904 | 1,758 | ||
Total loans | 81,812 | 122,297 | ||
Commercial & Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 2,006 | 3,871 | ||
Loans related allowance individually evaluated for impairment | 23 | 771 | ||
Loans collectively evaluated for impairment | 573,655 | 596,426 | ||
Loans related allowance collectively evaluated for impairment | 6,497 | 7,431 | ||
Total loans | 575,661 | 600,297 | ||
Residential Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 14,338 | 11,333 | ||
Loans related allowance individually evaluated for impairment | 223 | 156 | ||
Loans collectively evaluated for impairment | 990,698 | 1,002,222 | ||
Loans related allowance collectively evaluated for impairment | 5,246 | 5,304 | ||
Consumer Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 1,692 | 1,881 | ||
Loans related allowance individually evaluated for impairment | 51 | 23 | ||
Loans collectively evaluated for impairment | 341,936 | 343,144 | ||
Loans related allowance collectively evaluated for impairment | $ 2,469 | $ 2,486 | ||
|
Borrowings (Narrative Federal Home Loan Bank Advances) (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 640,010,000 | $ 378,973,000 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | 640,010,000 | 379,000,000 |
Unused line of credit with FHLBB | 40,000,000 | 40,000,000 |
Unused remaining available borrowing capacity with FHLBB | $ 523,300,000 | $ 644,800,000 |
Borrowings (Federal Home Loan Bank Advances Maturity Schedule) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 640,010 | $ 378,973 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Scheduled maturity through the end of the current year | $ 377,330 | |
Weighted average rate for scheduled maturity through the end of the current year | 0.71% | |
Scheduled maturity in year two | $ 27,575 | |
Weighted average rate for scheduled maturity in year two | 2.24% | |
Scheduled maturity in year three | $ 53,134 | |
Weighted average rate for scheduled maturity in year three | 1.45% | |
Scheduled maturity in year four | $ 33,258 | |
Weighted average rate for scheduled maturity in year four | 2.84% | |
Scheduled maturity in year five | $ 32,733 | |
Weighted average rate for scheduled maturity in year five | 2.36% | |
Scheduled maturity after year five | $ 115,980 | |
Weighted average rate for scheduled maturity after year five | 3.30% | |
Federal Home Loan Bank advances | $ 640,010 | $ 379,000 |
Total weighted average rate | 1.50% |
Shareholders' Equity (Regulatory Captial Requirements) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Corporation [Member] | |||||
Total Capital (to Risk-Weighted Assets): | |||||
Total Capital | $ 375,899 | $ 367,443 | |||
Total Capital to Risk-Weighted Assets | 12.43% | 12.58% | |||
Total Capital for Capital Adequacy Purposes | $ 241,929 | $ 233,739 | |||
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 8.00% | 8.00% | |||
Tier 1 Capital (to Risk-Weighted Assets): | |||||
Tier 1 Capital | $ 349,891 | $ 340,130 | |||
Tier 1 Capital to Risk Weighted-Assets | 11.57% | 11.64% | |||
Tier 1 Capital Required For Capital Adequacy Purposes | $ 181,447 | $ 175,304 | |||
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 6.00% | 6.00% | |||
Common Equity Tier 1 Capital [Abstract] | |||||
Common Equity Tier 1 Capital | $ 327,892 | $ 318,131 | |||
Common Equity Tier 1 Capital to Risk Weighted Assets | 10.84% | 10.89% | |||
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 136,085 | $ 131,478 | |||
Common Equity Tier 1 Capital for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | |||
Tier 1 Capital (to Average Assets): | |||||
Tier 1 Leverage Capital | [1] | $ 349,891 | $ 340,130 | ||
Tier 1 Leverage Capital to Average Assets | [1] | 9.21% | 9.37% | ||
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 151,949 | $ 145,191 | ||
Tier 1 Leverage Capital Required for Capital Adequacy Purposes to Average Assets | [1] | 4.00% | 4.00% | ||
Bank [Member] | |||||
Total Capital (to Risk-Weighted Assets): | |||||
Total Capital | $ 375,919 | $ 366,676 | |||
Total Capital to Risk-Weighted Assets | 12.43% | 12.55% | |||
Total Capital for Capital Adequacy Purposes | $ 241,876 | $ 233,676 | |||
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 8.00% | 8.00% | |||
Total Capital To Be Well Capitalized | $ 302,345 | $ 292,095 | |||
Total Capital To Be Well Capitalized to Risk Weighted-Assets | 10.00% | 10.00% | |||
Tier 1 Capital (to Risk-Weighted Assets): | |||||
Tier 1 Capital | $ 349,911 | $ 339,363 | |||
Tier 1 Capital to Risk Weighted-Assets | 11.57% | 11.62% | |||
Tier 1 Capital Required For Capital Adequacy Purposes | $ 181,407 | $ 175,257 | |||
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 6.00% | 6.00% | |||
Tier 1 Capital Required To Be Well Capitalized | $ 241,876 | $ 233,676 | |||
Tier 1 Capital Required To Be Well Capitalized to Risk Weighted-Assets | 8.00% | 8.00% | |||
Common Equity Tier 1 Capital [Abstract] | |||||
Common Equity Tier 1 Capital | $ 349,911 | $ 339,363 | |||
Common Equity Tier 1 Capital to Risk Weighted Assets | 11.57% | 11.62% | |||
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 136,055 | $ 131,443 | |||
Common Equity Tier 1 Capital for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | |||
Common Equity Tier 1 Capital Required to be Well Capitalized | $ 196,524 | $ 189,861 | |||
Common Equity Tier 1 Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | |||
Tier 1 Capital (to Average Assets): | |||||
Tier 1 Leverage Capital | [1] | $ 349,911 | $ 339,363 | ||
Tier 1 Leverage Capital to Average Assets | [1] | 9.22% | 9.36% | ||
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 151,874 | $ 145,103 | ||
Tier 1 Leverage Capital Required for Capital Adequacy Purposes to Average Assets | [1] | 4.00% | 4.00% | ||
Tier 1 Leverage Capital Required To Be Well Capitalized | [1] | $ 189,843 | $ 181,378 | ||
Tier 1 Leverage Capital Required To Be Well Capitalized to Average Assets | [1] | 5.00% | 5.00% | ||
|
Derivative Financial Instruments (Narrative) (Details) $ in Thousands |
Jun. 30, 2016
USD ($)
derivative_instrument
|
Dec. 31, 2015
USD ($)
derivative_instrument
|
---|---|---|
Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 414,368 | $ 302,142 |
Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 414,368 | 302,142 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 21,474 | $ 21,474 |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Cap [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Number of Instruments Held | derivative_instrument | 2 | 2 |
Notional Amount | $ 22,700 | $ 22,700 |
Interest rate cap premium | $ 257 | |
Derivative, Cap Interest Rate | 4.50% | |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Number of Instruments Held | derivative_instrument | 2 | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 414,400 | $ 302,100 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 414,368 | 302,142 |
Not Designated as Hedging Instrument [Member] | Risk participation-out agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 38,600 | 25,300 |
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 21,500 | $ 21,474 |
Derivative Financial Instruments (Fair Value of Derivatives by Balance Sheet Location) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||
Total derivative assets | [1] | $ 25,452 | $ 9,490 | ||||
Total derivative liabilities | [2] | 27,849 | 10,347 | ||||
Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Total derivative assets | 25,452 | 9,490 | |||||
Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Total derivative liabilities | 27,849 | 10,347 | |||||
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Cap [Member] | Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset designated as a cash flow hedge | 44 | 187 | |||||
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest Rate Cap [Member] | Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability designated as a cash flow hedge | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | Interest Rate Commitments [Member] | Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset not designated | 2,966 | 1,220 | |||||
Not Designated as Hedging Instrument [Member] | Interest Rate Commitments [Member] | Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability not designated | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | Commitments to sell mortgage loans [Member] | Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset not designated | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | Commitments to sell mortgage loans [Member] | Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability not designated | 4,192 | 2,012 | |||||
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset not designated | 22,321 | 8,027 | |||||
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability not designated | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset not designated | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability not designated | 23,517 | 8,266 | |||||
Not Designated as Hedging Instrument [Member] | Risk participation-out agreement [Member] | Other assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative asset not designated | 121 | 56 | |||||
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | Other liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative liability not designated | $ 140 | $ 69 | |||||
|
Derivative Financial Instruments (Derivatives in Cash Flow Hedging Relationships, Effect in Statements of Income and Changes in Shareholders' Equity) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | $ (24) | $ 89 | $ (90) | $ 174 |
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Rate Swaps [Member] | Cash Flow Hedge [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Rate Swaps [Member] | Cash Flow Hedge [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | 0 | 89 | 0 | 174 |
Interest Rate Cap [Member] | Cash Flow Hedge [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Rate Cap [Member] | Cash Flow Hedge [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | $ (24) | $ 0 | $ (90) | $ 0 |
Derivative Financial Instruments (Derivatives not Designated as Hedging Instruments, Effect in Statements of Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ 0 | $ 0 | $ 0 | $ 0 |
Interest Rate Commitments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 501 | (432) | 1,746 | 139 |
Commitments to sell mortgage loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | (1,174) | 1,410 | (2,180) | 470 |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | (165) | 1,695 | 719 | 1,971 |
Not Designated as Hedging Instrument [Member] | Interest Rate Commitments [Member] | Mortgage banking revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 501 | (432) | 1,746 | 139 |
Not Designated as Hedging Instrument [Member] | Commitments to sell mortgage loans [Member] | Mortgage banking revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | (1,174) | 1,410 | (2,180) | 470 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Loan related derivative income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 7,130 | (1,365) | 17,032 | 2,268 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Loan related derivative income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | (6,526) | 2,118 | (15,777) | (718) |
Not Designated as Hedging Instrument [Member] | Risk participation agreements [Member] | Loan related derivative income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ (96) | $ (36) | $ (102) | $ (188) |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Aug. 01, 2015 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Allowance For Loan Loss Allocation on Collateral Dependent Impaired Loans | $ 857 | $ 2,400 | |
Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earn-out period post acquisition | 5 years | ||
Contingent Consideration [Member] | Minimum [Member] | Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 3.00% | ||
Contingent Consideration [Member] | Maximum [Member] | Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 4.00% |
Fair Value Measurements (Fair Value Mortgage Loans Held For Sale Disclosures) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Mortgage loans held for sale, amortized cost | $ 37,300 | $ 33,200 |
Mortgage loans held for sale, measured at fair value | 38,554 | 33,969 |
Mortgage Loans Held for Sale Difference between Fair Value and Principal Amount | $ 1,200 | $ 731 |
Fair Value Measurements (Fair Value Mortgage Loans Held For Sale, Interest Rate Lock Commitments And Commitments to Sell Mortgage Loans Changes in Fair Value Disclosures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on mortgage loans held for sale | $ 659 | $ (910) | $ 495 | $ (569) |
Gain (Loss) Recognized in Income | 0 | 0 | 0 | 0 |
Total change in fair value | (14) | 68 | 61 | 40 |
Interest Rate Commitments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 501 | (432) | 1,746 | 139 |
Commitments to sell mortgage loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ (1,174) | $ 1,410 | $ (2,180) | $ 470 |
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | $ 401,749 | $ 375,044 | |||||||
Mortgage loans held for sale, measured at fair value | 38,554 | 33,969 | |||||||
Derivative assets | [1] | 25,452 | 9,490 | ||||||
Derivative liabilities | [2] | 27,849 | 10,347 | ||||||
Contingent consideration liability | [3] | 2,986 | 2,945 | ||||||
Obligations of U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 72,823 | 77,015 | |||||||
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 276,264 | 234,856 | |||||||
Obligations of states and political subdivisions [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 26,157 | 36,080 | |||||||
Individual name issuer trust preferred debt securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 24,494 | 25,138 | |||||||
Corporate bonds [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 2,011 | 1,955 | |||||||
Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative assets | [1] | 0 | 0 | ||||||
Derivative liabilities | [2] | 0 | 0 | ||||||
Contingent consideration liability | [3] | 0 | 0 | ||||||
Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative assets | [1] | 25,452 | 9,490 | ||||||
Derivative liabilities | [2] | 27,849 | 10,347 | ||||||
Contingent consideration liability | [3] | 0 | 0 | ||||||
Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative assets | [1] | 0 | 0 | ||||||
Derivative liabilities | [2] | 0 | 0 | ||||||
Contingent consideration liability | [3] | 2,986 | 2,945 | ||||||
Recurring [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Mortgage loans held for sale, measured at fair value | 38,554 | 33,969 | |||||||
Total assets at fair value on a recurring basis | 465,755 | 418,503 | |||||||
Total liabilities at fair value on a recurring basis | 30,835 | 13,292 | |||||||
Recurring [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 72,823 | 77,015 | |||||||
Recurring [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 276,264 | 234,856 | |||||||
Recurring [Member] | Obligations of states and political subdivisions [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 26,157 | 36,080 | |||||||
Recurring [Member] | Individual name issuer trust preferred debt securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 24,494 | 25,138 | |||||||
Recurring [Member] | Corporate bonds [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 2,011 | 1,955 | |||||||
Recurring [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Mortgage loans held for sale, measured at fair value | 0 | 0 | |||||||
Total assets at fair value on a recurring basis | 0 | 0 | |||||||
Total liabilities at fair value on a recurring basis | 0 | 0 | |||||||
Recurring [Member] | Level 1 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 1 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 1 [Member] | Obligations of states and political subdivisions [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 1 [Member] | Individual name issuer trust preferred debt securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Mortgage loans held for sale, measured at fair value | 38,554 | 33,969 | |||||||
Total assets at fair value on a recurring basis | 465,755 | 418,503 | |||||||
Total liabilities at fair value on a recurring basis | 27,849 | 10,347 | |||||||
Recurring [Member] | Level 2 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 72,823 | 77,015 | |||||||
Recurring [Member] | Level 2 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 276,264 | 234,856 | |||||||
Recurring [Member] | Level 2 [Member] | Obligations of states and political subdivisions [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 26,157 | 36,080 | |||||||
Recurring [Member] | Level 2 [Member] | Individual name issuer trust preferred debt securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 24,494 | 25,138 | |||||||
Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 2,011 | 1,955 | |||||||
Recurring [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Mortgage loans held for sale, measured at fair value | 0 | 0 | |||||||
Total assets at fair value on a recurring basis | 0 | 0 | |||||||
Total liabilities at fair value on a recurring basis | 2,986 | 2,945 | |||||||
Recurring [Member] | Level 3 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 3 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 3 [Member] | Obligations of states and political subdivisions [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 3 [Member] | Individual name issuer trust preferred debt securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | 0 | 0 | |||||||
Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available for sale securities | $ 0 | $ 0 | |||||||
|
Fair Value Measurements (Asset and Liabilities Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent impaired loans | [1] | $ 16,581 | $ 17,138 | |
Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent impaired loans | 12,996 | 10,545 | ||
Loan servicing rights | 3,286 | |||
Property acquired through foreclosure or repossession | 1,045 | 270 | ||
Total assets at fair value on a nonrecurring basis | 17,327 | 10,815 | ||
Nonrecurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent impaired loans | 0 | 0 | ||
Loan servicing rights | 0 | |||
Property acquired through foreclosure or repossession | 0 | 0 | ||
Total assets at fair value on a nonrecurring basis | 0 | 0 | ||
Nonrecurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent impaired loans | 0 | 0 | ||
Loan servicing rights | 0 | |||
Property acquired through foreclosure or repossession | 0 | 0 | ||
Total assets at fair value on a nonrecurring basis | 0 | 0 | ||
Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent impaired loans | 12,996 | 10,545 | ||
Loan servicing rights | 3,286 | |||
Property acquired through foreclosure or repossession | 1,045 | 270 | ||
Total assets at fair value on a nonrecurring basis | $ 17,327 | $ 10,815 | ||
|
Fair Value Measurements (Qualitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Collateral dependent impaired loans | [1] | $ 16,581 | $ 17,138 | |||||
Nonrecurring [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Collateral dependent impaired loans | 12,996 | 10,545 | ||||||
Loan servicing rights | 3,286 | |||||||
Property acquired through foreclosure or repossession | 1,045 | 270 | ||||||
Nonrecurring [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Collateral dependent impaired loans | 12,996 | 10,545 | ||||||
Loan servicing rights | 3,286 | |||||||
Property acquired through foreclosure or repossession | $ 1,045 | $ 270 | ||||||
Nonrecurring [Member] | Minimum [Member] | Collateral Dependent Impaired Loans [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount for costs to sell | 0.00% | 0.00% | ||||||
Appraisal adjustments | [2] | |||||||
Nonrecurring [Member] | Minimum [Member] | Loan Servicing Rights [Member] | Discounted Cash Flow [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount rates | 10.00% | |||||||
Prepayment rates | 12.00% | |||||||
Nonrecurring [Member] | Minimum [Member] | Property Acquired Through Foreclosure Or Repossession [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount for costs to sell | 10.00% | 12.00% | ||||||
Appraisal adjustments | [2] | 6.00% | 32.00% | |||||
Nonrecurring [Member] | Maximum [Member] | Collateral Dependent Impaired Loans [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount for costs to sell | 20.00% | 20.00% | ||||||
Nonrecurring [Member] | Maximum [Member] | Loan Servicing Rights [Member] | Discounted Cash Flow [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount rates | 14.00% | |||||||
Prepayment rates | 22.00% | |||||||
Nonrecurring [Member] | Maximum [Member] | Property Acquired Through Foreclosure Or Repossession [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount for costs to sell | 12.00% | 12.00% | ||||||
Appraisal adjustments | [2] | 32.00% | 32.00% | |||||
Nonrecurring [Member] | Weighted Average [Member] | Collateral Dependent Impaired Loans [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount for costs to sell | 6.00% | 2.00% | ||||||
Nonrecurring [Member] | Weighted Average [Member] | Loan Servicing Rights [Member] | Discounted Cash Flow [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount rates | 11.00% | |||||||
Prepayment rates | 16.00% | |||||||
Nonrecurring [Member] | Weighted Average [Member] | Property Acquired Through Foreclosure Or Repossession [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | ||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
Discount for costs to sell | 11.00% | 12.00% | ||||||
Appraisal adjustments | [2] | 20.00% | 32.00% | |||||
|
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | $ 17,917 | $ 20,023 |
Loans, net of allowance of loan losses | 3,055,058 | 2,986,058 |
Time deposits | 844,036 | 833,898 |
Federal Home Loan Bank advances | 640,010 | 378,973 |
Junior subordinated debentures | 22,681 | 22,681 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 17,917 | 20,023 |
Loans, net of allowance of loan losses | 3,055,058 | 2,986,058 |
Time deposits | 844,036 | 833,898 |
Federal Home Loan Bank advances | 640,010 | 378,973 |
Junior subordinated debentures | 22,681 | 22,681 |
Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 18,595 | 20,516 |
Loans, net of allowance of loan losses | 3,078,244 | 3,004,782 |
Time deposits | 848,525 | 834,574 |
Federal Home Loan Bank advances | 655,330 | 388,275 |
Junior subordinated debentures | 15,877 | 16,468 |
Fair Value Measurement [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 0 | 0 |
Loans, net of allowance of loan losses | 0 | 0 |
Time deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value Measurement [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 18,595 | 20,516 |
Loans, net of allowance of loan losses | 0 | 0 |
Time deposits | 848,525 | 834,574 |
Federal Home Loan Bank advances | 655,330 | 388,275 |
Junior subordinated debentures | 15,877 | 16,468 |
Fair Value Measurement [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to maturity securities | 0 | 0 |
Loans, net of allowance of loan losses | 3,078,244 | 3,004,782 |
Time deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | $ 0 | $ 0 |
Defined Benefit Pension Plans (Narrative) (Details) |
120 Months Ended |
---|---|
Dec. 30, 2023 | |
Scenario, Forecast [Member] | |
Transition Period Pension Plan Amendment | 10 years |
Defined Benefit Pension Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Qualified Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 537 | $ 614 | $ 1,074 | $ 1,229 |
Interest cost | 644 | 732 | 1,288 | 1,464 |
Expected return on plan assets | (1,159) | (1,128) | (2,317) | (2,257) |
Amortization of prior service (credit) cost | (5) | (5) | (11) | (11) |
Recognized net actuarial loss | 207 | 312 | 414 | 624 |
Net periodic benefit cost | 224 | 525 | 448 | 1,049 |
Non-Qualified Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 31 | 19 | 61 | 39 |
Interest cost | 108 | 123 | 216 | 245 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 61 | 61 | 123 | 122 |
Net periodic benefit cost | $ 200 | $ 203 | $ 400 | $ 406 |
Defined Benefit Pension Plans (Weighted-Average Assumptions Used) (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Qualified Pension Plan [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.125% | |
Equivalent single discount rate for benefit obligations | 4.48% | |
Equivalent single discount rate for service cost | 4.63% | |
Equivalent single discount rate for interest cost | 3.88% | |
Expected long-term return on plan assets | 6.75% | 7.25% |
Rate of compensation increase | 3.75% | 3.75% |
Non-Qualified Retirement Plans [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.90% | |
Equivalent single discount rate for benefit obligations | 4.19% | |
Equivalent single discount rate for service cost | 4.59% | |
Equivalent single discount rate for interest cost | 3.44% | |
Rate of compensation increase | 3.75% | 3.75% |
Share-Based Compensation Arrangements (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2016
$ / shares
shares
| |
Performance Based Nonvested Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Grant date fair value | $ / shares | $ 36.11 |
Performance share awards, shares vesting percentage | 142.00% |
Performance share awards, shares vesting | shares | 51,618 |
Performance share awards, minimum target percentage | 0.00% |
Performance share awards, maximum target percentage | 200.00% |
Time Based Nonvested Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Grant date fair value | $ / shares | $ 36.10 |
Nonvested share units granted in period | shares | 8,400 |
Business Segments (Statement of Operations and Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (expense) | $ 26,776 | $ 26,028 | $ 54,511 | $ 51,730 | |||||||
Provision for loan losses | 450 | 100 | 950 | 100 | |||||||
Net interest income after provision for loan losses | 26,326 | 25,928 | 53,561 | 51,630 | |||||||
Noninterest income | 15,914 | 15,261 | 30,548 | 29,281 | |||||||
Depreciation and amortization expense | 1,224 | 988 | 2,435 | 2,026 | |||||||
Other noninterest expenses related to segments | 24,806 | 23,311 | 49,045 | 45,804 | |||||||
Total noninterest expense | 26,030 | 24,299 | 51,480 | 47,830 | |||||||
Income before income taxes | 16,210 | 16,890 | 32,629 | 33,081 | |||||||
Income tax expense | 5,153 | 5,387 | 10,637 | 10,568 | |||||||
Net income | 11,057 | 11,503 | 21,992 | 22,513 | |||||||
Total assets | 3,917,081 | 3,644,477 | 3,917,081 | 3,644,477 | $ 3,771,604 | ||||||
Expenditures for long-lived assets | 639 | 1,118 | 1,816 | 2,344 | |||||||
Commercial Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (expense) | 21,947 | 21,212 | 44,554 | 41,837 | |||||||
Provision for loan losses | 450 | 100 | 950 | 100 | |||||||
Net interest income after provision for loan losses | 21,497 | 21,112 | 43,604 | 41,737 | |||||||
Noninterest income | 5,290 | 5,588 | 10,230 | 10,666 | |||||||
Depreciation and amortization expense | 697 | 638 | 1,384 | 1,310 | |||||||
Other noninterest expenses related to segments | 15,038 | 13,868 | 29,029 | 27,454 | |||||||
Total noninterest expense | 15,735 | 14,506 | 30,413 | 28,764 | |||||||
Income before income taxes | 11,052 | 12,194 | 23,421 | 23,639 | |||||||
Income tax expense | 3,767 | 3,993 | 8,022 | 7,723 | |||||||
Net income | 7,285 | 8,201 | 15,399 | 15,916 | |||||||
Total assets | 3,238,789 | 3,058,410 | 3,238,789 | 3,058,410 | |||||||
Expenditures for long-lived assets | 306 | 943 | 1,325 | 2,010 | |||||||
Wealth Management Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (expense) | (17) | (9) | (35) | (23) | |||||||
Provision for loan losses | 0 | 0 | 0 | 0 | |||||||
Net interest income after provision for loan losses | (17) | (9) | (35) | (23) | |||||||
Noninterest income | 9,481 | 8,912 | 18,655 | 17,347 | |||||||
Depreciation and amortization expense | 470 | 299 | 939 | 605 | |||||||
Other noninterest expenses related to segments | 6,701 | 6,465 | [1] | 13,500 | 12,380 | [2] | |||||
Total noninterest expense | 7,171 | 6,764 | 14,439 | 12,985 | |||||||
Income before income taxes | 2,293 | 2,139 | 4,181 | 4,339 | |||||||
Income tax expense | 871 | 838 | 1,604 | 1,682 | |||||||
Net income | 1,422 | 1,301 | 2,577 | 2,657 | |||||||
Total assets | 65,423 | 53,236 | 65,423 | 53,236 | |||||||
Expenditures for long-lived assets | 104 | 87 | 188 | 201 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (expense) | 4,846 | 4,825 | 9,992 | 9,916 | |||||||
Provision for loan losses | 0 | 0 | 0 | 0 | |||||||
Net interest income after provision for loan losses | 4,846 | 4,825 | 9,992 | 9,916 | |||||||
Noninterest income | 1,143 | 761 | 1,663 | 1,268 | |||||||
Depreciation and amortization expense | 57 | 51 | 112 | 111 | |||||||
Other noninterest expenses related to segments | 3,067 | 2,978 | 6,516 | 5,970 | |||||||
Total noninterest expense | 3,124 | 3,029 | 6,628 | 6,081 | |||||||
Income before income taxes | 2,865 | 2,557 | 5,027 | 5,103 | |||||||
Income tax expense | 515 | 556 | 1,011 | 1,163 | |||||||
Net income | 2,350 | 2,001 | 4,016 | 3,940 | |||||||
Total assets | 612,869 | 532,831 | 612,869 | 532,831 | |||||||
Expenditures for long-lived assets | $ 229 | $ 88 | $ 303 | $ 133 | |||||||
|
Other Comprehensive Income (Loss) (Activity in Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||||||||
Net change in fair value of securities available for sale, before tax | $ 2,187 | $ (2,614) | $ 2,765 | $ (1,562) | |||||
Net change in fair value of securities available for sale, tax | 809 | (913) | 1,023 | (525) | |||||
Net change in fair value of securities available for sale | 1,378 | (1,701) | 1,742 | (1,037) | |||||
Change in fair value of cash flow hedges, before tax | 10 | 26 | (114) | (6) | |||||
Change in fair value of cash flow hedges, tax | 34 | 27 | (24) | 3 | |||||
Change in fair value of cash flow hedges | (24) | (1) | (90) | (9) | |||||
Net cash flow hedge losses reclassified into earnings, before tax | [1] | 0 | 141 | 0 | 286 | ||||
Net cash flow hedge losses reclassified into earnings, tax | [1] | 0 | 51 | 0 | 103 | ||||
Net cash flow hedge losses reclassified into earnings | [1] | 0 | 90 | 0 | 183 | ||||
Net change in fair value of cash flow hedges, before tax | 10 | 167 | (114) | 280 | |||||
Net change in fair value of cash flow hedges, tax | 34 | 78 | (24) | 106 | |||||
Net change in fair value of cash flow hedges | (24) | 89 | (90) | 174 | |||||
Defined benefit plan obligation adjustment, before tax | [2] | 263 | 368 | 526 | 735 | ||||
Defined benefit plan obligation adjustment, tax | [2] | 98 | 14 | 195 | 146 | ||||
Defined benefit plan obligation adjustment, net of tax | [2] | 165 | 354 | 331 | 589 | ||||
Total other comprehensive income (loss), before tax | 2,460 | (2,079) | 3,177 | (547) | |||||
Total other comprehensive income (loss), tax | 941 | (821) | 1,194 | (273) | |||||
Total other comprehensive income (loss), net of tax | $ 1,519 | $ (1,258) | $ 1,983 | $ (274) | |||||
|
Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Accumulated other comprehensive income (loss), beginning balance | $ (9,699) | $ (8,809) | ||
Other comprehensive income (loss) before reclassifications | 1,652 | (1,046) | ||
Amounts reclassed from accumulated other comprehensive income | 331 | 772 | ||
Total other comprehensive income (loss), net of tax | $ 1,519 | $ (1,258) | 1,983 | (274) |
Accumulated other comprehensive income (loss), ending balance | (7,716) | (9,083) | (7,716) | (9,083) |
Net Unrealized Gains on AFS Securities [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | 1,051 | 4,222 | ||
Other comprehensive income (loss) before reclassifications | 1,742 | (1,037) | ||
Amounts reclassed from accumulated other comprehensive income | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 1,742 | (1,037) | ||
Accumulated other comprehensive income (loss), ending balance | 2,793 | 3,185 | 2,793 | 3,185 |
Net Unrealized Losses on Cash Flow Hedges [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | (43) | (287) | ||
Other comprehensive income (loss) before reclassifications | (90) | (9) | ||
Amounts reclassed from accumulated other comprehensive income | 0 | 183 | ||
Total other comprehensive income (loss), net of tax | (90) | 174 | ||
Accumulated other comprehensive income (loss), ending balance | (133) | (113) | (133) | (113) |
Pension Benefit Adjustment [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | (10,707) | (12,744) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassed from accumulated other comprehensive income | 331 | 589 | ||
Total other comprehensive income (loss), net of tax | 331 | 589 | ||
Accumulated other comprehensive income (loss), ending balance | $ (10,376) | $ (12,155) | $ (10,376) | $ (12,155) |
Earning Per Common Share (Calculation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 11,057 | $ 11,503 | $ 21,992 | $ 22,513 |
Less dividends and undistributed earnings allocated to participating securities | (22) | (34) | (47) | (73) |
Net income applicable to common shareholders | $ 11,035 | $ 11,469 | $ 21,945 | $ 22,440 |
Weighted average common shares outstanding - basic | 17,067,000 | 16,811,000 | 17,045,000 | 16,785,000 |
Basic earnings per common share | $ 0.65 | $ 0.68 | $ 1.29 | $ 1.34 |
Less dividends and undistributed earnings allocated to participating securities | $ (22) | $ (33) | $ (47) | $ (72) |
Net income available to common shareholders | $ 11,035 | $ 11,470 | $ 21,945 | $ 22,441 |
Dilutive effect of common stock equivalents | 127,000 | 178,000 | 140,000 | 192,000 |
Weighted average common shares outstanding - diluted | 17,194,000 | 16,989,000 | 17,185,000 | 16,977,000 |
Diluted earnings per common share | $ 0.64 | $ 0.68 | $ 1.28 | $ 1.32 |
Antidilutive common stock equivalents | 69,025 | 27,169 | 70,132 | 75,913 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Commitments and Contingencies Disclosure [Line Items] | |||||
Operating leases rental expense | $ 1,000 | $ 744 | $ 2,000 | $ 1,500 | |
Minimum [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease expiration period | 3 months | ||||
Lease expiration period, renewal option | 6 months | ||||
Maximum [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease expiration period | 25 years | ||||
Lease expiration period, renewal option | 25 years | ||||
Commitments to extend credit on standby letters of credit [Member] | Commitments to Extend Credit [Member] | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Contract amount | $ 5,706 | $ 5,706 | $ 5,629 |
Commitments and Contingencies (Financial Instruments with Off Balance Sheet Risk) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Interest Rate Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 92,574 | $ 49,712 |
Commitments to sell mortgage loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 129,901 | 87,498 |
Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 414,368 | 302,142 |
Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 414,368 | 302,142 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 21,474 | 21,474 |
Commitments to extend credit on commerical loans [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 358,423 | 360,795 |
Commitments to extend credit on home equity lines [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 221,235 | 219,427 |
Commitments to extend credit on other loans [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 48,530 | 44,164 |
Commitments to extend credit on standby letters of credit [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 5,706 | 5,629 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 414,400 | 302,100 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | 414,368 | 302,142 |
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 21,500 | $ 21,474 |
Commitments and Contingencies (Schedule of Future Minimum Operating Lease Payments) (Details) $ in Thousands |
Jun. 30, 2016
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases, Future Minimum Payments Due Through End of Current Year | $ 1,739 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,345 |
Operating Leases, Future Minimum Payments, Due in Three Years | 3,023 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,751 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,138 |
Operating Leases, Future Minimum Payments, Due Thereafter | 27,274 |
Operating Leases, Future Minimum Payments Due | $ 40,270 |
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