ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||
SECURITIES EXCHANGE ACT OF 1934 |
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||
SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
(Address of principal executive offices) (Zip Code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Document | Part Into Which Incorporated | |||||||
Portions of the Registrant’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on April 26, 2021 | Part III |
AFS | Available-for-sale | MSRs | Mortgage servicing rights | |||||||||||||||||||||||
ALLL | Allowance for loan losses | NAV | Net asset value | |||||||||||||||||||||||
Allowance | Allowance for loan losses | OCI | Other comprehensive income | |||||||||||||||||||||||
AOCI | Accumulated other comprehensive income | OREO | Other real estate owned | |||||||||||||||||||||||
ASC | Accounting standards codification | OWS | One way sell | |||||||||||||||||||||||
ASU | Accounting standards update | Park | Park National Corporation and its subsidiaries | |||||||||||||||||||||||
CABF | CAB Financial Corporation and its subsidiaries | Park National Bank | The Park National Bank | |||||||||||||||||||||||
CARES Act | Coronavirus Act, Relief, and Economic Security Act | PBRSUs | Performance-based restricted stock units | |||||||||||||||||||||||
Carolina Alliance | CAB Financial Corporation and its subsidiaries | PCI | Purchased credit impaired | |||||||||||||||||||||||
CECL | Current expected credit loss | PNB | The Park National Bank | |||||||||||||||||||||||
COVID-19 | Novel coronavirus | PPP | CARES Act Paycheck Protection Program | |||||||||||||||||||||||
FASB | Financial Accounting Standards Board | ROU | Right-of-use | |||||||||||||||||||||||
Federal Reserve Board | Board of Governors of Federal Reserve System | SARs | Stock appreciation rights | |||||||||||||||||||||||
FHLB | Federal Home Loan Bank | SBA | Small Business Administration | |||||||||||||||||||||||
FRB | Federal Reserve Bank | SEPH | SE Property Holdings, LLC | |||||||||||||||||||||||
GFSC | Guardian Financial Services Company | TBRSUs | Time-based restricted stock units | |||||||||||||||||||||||
HTM | Held-to-maturity | TDRs | Troubled debt restructurings | |||||||||||||||||||||||
IRLC | Interest rate lock commitment | U.S. GAAP | United States Generally Accepted Accounting Principles | |||||||||||||||||||||||
LIBOR | London Inter-bank Offered Rate | U.S. | United States |
Total Return Performance | ||||||||||||||||||||||||||||||||||||||
Period Ending | ||||||||||||||||||||||||||||||||||||||
Index | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | ||||||||||||||||||||||||||||||||
Park National Corporation | 100.00 | 137.63 | 124.08 | 105.31 | 132.59 | 142.76 | ||||||||||||||||||||||||||||||||
NYSE Composite Index | 100.00 | 111.94 | 132.90 | 121.01 | 151.87 | 162.49 | ||||||||||||||||||||||||||||||||
SNL Bank and Thrift Index | 100.00 | 126.25 | 148.45 | 123.32 | 166.67 | 144.61 | ||||||||||||||||||||||||||||||||
SNL U.S. Bank NYSE Index | 100.00 | 123.93 | 150.02 | 124.34 | 171.26 | 146.30 |
Period | Total Number of Common Shares Purchased | Average Price Paid per Common Share | Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Common Shares that May Yet Be Purchased under the Plans or Programs (1) | ||||||||||||||||||||||
October 1 through October 31, 2020 | — | — | — | 1,332,747 | ||||||||||||||||||||||
November 1 through November 30, 2020 | — | — | — | 1,332,747 | ||||||||||||||||||||||
December 1 through December 31, 2020 | — | — | — | 1,332,747 | ||||||||||||||||||||||
Total | — | — | — | 1,332,747 |
Consolidated Five-Year Selected Financial Data | ||||||||||||||||||||||||||||||||
December 31, (Dollars in thousands, except per share data) | 2020 | 2019 (5) | 2018 (4) | 2017 | 2016 | |||||||||||||||||||||||||||
Results of Operations: | ||||||||||||||||||||||||||||||||
Interest income | $ | 357,720 | $ | 360,500 | $ | 310,801 | $ | 286,424 | $ | 276,258 | ||||||||||||||||||||||
Interest expense | 30,090 | 62,763 | 43,903 | 42,665 | 38,172 | |||||||||||||||||||||||||||
Net interest income | 327,630 | 297,737 | 266,898 | 243,759 | 238,086 | |||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 12,054 | 6,171 | 7,945 | 8,557 | (5,101) | |||||||||||||||||||||||||||
Net interest income after provision for (recovery of) loan losses | 315,576 | 291,566 | 258,953 | 235,202 | 243,187 | |||||||||||||||||||||||||||
Non-interest income (1) | 125,664 | 97,193 | 101,101 | 86,429 | 84,039 | |||||||||||||||||||||||||||
Non-interest expense (1) | 286,595 | 263,988 | 228,755 | 203,162 | 204,331 | |||||||||||||||||||||||||||
Net income | 127,923 | 102,700 | 110,387 | 84,242 | 86,135 | |||||||||||||||||||||||||||
Net income available to common shareholders | 127,923 | 102,700 | 110,387 | 84,242 | 86,135 | |||||||||||||||||||||||||||
Per common share: | ||||||||||||||||||||||||||||||||
Net income per common share - basic | $ | 7.85 | $ | 6.33 | $ | 7.13 | $ | 5.51 | $ | 5.62 | ||||||||||||||||||||||
Net income per common share - diluted | 7.80 | 6.29 | 7.07 | 5.47 | 5.59 | |||||||||||||||||||||||||||
Cash dividends declared | 4.28 | 4.24 | 4.07 | 3.76 | 3.76 | |||||||||||||||||||||||||||
Average Balances: | ||||||||||||||||||||||||||||||||
Loans | $ | 6,990,458 | $ | 6,208,496 | $ | 5,460,664 | $ | 5,327,507 | $ | 5,122,862 | ||||||||||||||||||||||
Investment securities | 1,147,118 | 1,360,540 | 1,461,068 | 1,557,156 | 1,504,667 | |||||||||||||||||||||||||||
Money market instruments and other | 280,952 | 169,703 | 73,001 | 262,100 | 198,197 | |||||||||||||||||||||||||||
Total earning assets | 8,418,528 | 7,738,739 | 6,994,733 | 7,146,763 | 6,825,726 | |||||||||||||||||||||||||||
Non-interest bearing deposits | 2,394,717 | 1,875,628 | 1,661,481 | 1,544,986 | 1,414,885 | |||||||||||||||||||||||||||
Interest bearing deposits | 5,238,147 | 5,029,854 | 4,473,467 | 4,348,110 | 4,165,919 | |||||||||||||||||||||||||||
Total deposits | 7,632,864 | 6,905,482 | 6,134,948 | 5,893,096 | 5,580,804 | |||||||||||||||||||||||||||
Short-term borrowings | $ | 278,887 | $ | 215,900 | $ | 217,327 | $ | 229,193 | $ | 240,457 | ||||||||||||||||||||||
Long-term debt | 215,645 | 340,664 | 424,178 | 788,491 | 776,465 | |||||||||||||||||||||||||||
Shareholders' equity | 1,009,102 | 922,174 | 784,140 | 755,839 | 737,737 | |||||||||||||||||||||||||||
Common shareholders' equity | 1,009,102 | 922,174 | 784,140 | 755,839 | 737,737 | |||||||||||||||||||||||||||
Total assets | 9,241,633 | 8,474,029 | 7,629,269 | 7,741,043 | 7,416,519 |
Consolidated Five-Year Selected Financial Data - continued | ||||||||||||||||||||||||||||||||
2020 | 2019 (5) | 2018 (4) | 2017 | 2016 | ||||||||||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||
Return on average assets (x) | 1.38 | % | 1.21 | % | 1.45 | % | 1.09 | % | 1.16 | % | ||||||||||||||||||||||
Return on average common equity (x) | 12.68 | % | 11.14 | % | 14.08 | % | 11.15 | % | 11.68 | % | ||||||||||||||||||||||
Net interest margin (2) | 3.93 | % | 3.89 | % | 3.84 | % | 3.48 | % | 3.52 | % | ||||||||||||||||||||||
Efficiency ratio (1)(2) | 62.83 | % | 66.35 | % | 61.68 | % | 60.62 | % | 62.96 | % | ||||||||||||||||||||||
Dividend payout ratio (3) | 55.19 | % | 67.66 | % | 57.57 | % | 68.71 | % | 67.29 | % | ||||||||||||||||||||||
Average shareholders' equity to average total assets | 10.92 | % | 10.88 | % | 10.28 | % | 9.76 | % | 9.95 | % | ||||||||||||||||||||||
Common equity tier 1 capital ratio | 11.72 | % | 12.11 | % | 13.04 | % | 12.94 | % | 12.83 | % | ||||||||||||||||||||||
Leverage ratio | 9.63 | % | 9.64 | % | 10.04 | % | 9.44 | % | 9.56 | % | ||||||||||||||||||||||
Tier 1 capital ratio | 11.92 | % | 12.33 | % | 13.30 | % | 13.22 | % | 13.11 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 15.43 | % | 13.19 | % | 14.19 | % | 14.14 | % | 14.63 | % | ||||||||||||||||||||||
(1) During the first quarter of 2018, Park adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, pursuant to which an employer is required to report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. All other components of net benefit cost are required to be presented in the income statement separately from the service cost. For Park, this resulted in an increase in non-interest income and an offsetting increase in non-interest expense with no change to net income as well as an increase to the efficiency ratio. This ASU is required to be applied retrospectively to all periods presented and therefore non-interest income, non-interest expense and the efficiency ratio for the annual periods ended December 31, 2017 and December 31, 2016 shown in the table above have been adjusted from the figures presented in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. | ||||||||||||||||||||||||||||||||
(2) Calculated utilizing fully taxable equivalent net interest income which includes the effects of taxable equivalent adjustments using a 21% federal corporate income tax rate for 2020, 2019 and 2018 and a 35% federal corporate income tax rate for 2017 and 2016. The taxable equivalent adjustments were $2.9 million for 2020, $3.0 million for 2019, $2.9 million for 2018, $5.0 million for 2017, and $2.4 million for 2016 | ||||||||||||||||||||||||||||||||
(3) Cash dividends paid divided by net income. | ||||||||||||||||||||||||||||||||
(4) NewDominion Bank was acquired July 1, 2018. Financial data for 2018 reflects the six months that the NewDominion business was a division of Park National Bank. | ||||||||||||||||||||||||||||||||
(5) Carolina Alliance was acquired April 1, 2019. Financial data for 2019 reflects the nine months that the Carolina Alliance business was a division of Park National Bank. | ||||||||||||||||||||||||||||||||
(x) Reported measure uses net income available to common shareholders |
Table 1 - COVID-19 Modifications | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2020 Total Balance | December 31, 2020 Balance Modified | Percent Modified | |||||||||||||||||
Commercial | $ | 4,116,124 | $ | 563,707 | 13.7 | % | ||||||||||||||
Home equity | 182,131 | 3,512 | 1.9 | % | ||||||||||||||||
Installment | 1,650,620 | 44,582 | 2.7 | % | ||||||||||||||||
Real estate | 1,213,820 | 53,713 | 4.4 | % | ||||||||||||||||
Guardian Financial Service Company ("GFSC") | 11,545 | 1,740 | 15.1 | % | ||||||||||||||||
Other | 3,545 | — | — | % | ||||||||||||||||
Total Loans | $ | 7,177,785 | $ | 667,254 | 9.3 | % |
Table 2 - Commercial COVID-19 Modifications | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2020 Total Balance | December 31, 2020 Balance Modified | Percent Modified | |||||||||||||||||
Non-bank consumer finance companies | $ | 281,902 | $ | — | — | % | ||||||||||||||
Hotel and accommodations | 213,912 | 158,691 | 74.2 | % | ||||||||||||||||
Restaurants and food service | 47,967 | 10,654 | 22.2 | % | ||||||||||||||||
Arts and recreation | 43,738 | 13,304 | 30.4 | % | ||||||||||||||||
Healthcare and social assistance | 251,582 | 35,869 | 14.3 | % | ||||||||||||||||
Strip shopping centers | 248,736 | 70,186 | 28.2 | % | ||||||||||||||||
Other real estate rental and leasing | 1,189,978 | 158,229 | 13.3 | % | ||||||||||||||||
PPP loans | 337,090 | — | — | % | ||||||||||||||||
Other commercial loans | 1,501,219 | 116,774 | 7.8 | % | ||||||||||||||||
Total commercial loans | $ | 4,116,124 | $ | 563,707 | 13.7 | % |
Table 3 - Multiple COVID-19 Modifications | ||||||||||||||
(Dollars in thousands) | December 31, 2020 Balance - Multiple Modifications | Weighted Average Risk Grade (1) | ||||||||||||
Hotel and accommodations | $ | 61,602 | 4.95 | |||||||||||
Restaurants and food service | 1,162 | 4.24 | ||||||||||||
Arts and recreation | 3,974 | 4.51 | ||||||||||||
Strip shopping centers | 1,884 | 4.00 | ||||||||||||
Other real estate rental and leasing | 6,166 | 5.87 | ||||||||||||
Other commercial loans | 18,436 | 5.16 | ||||||||||||
Total commercial loans | $ | 93,224 | 5.00 | |||||||||||
Home equity | $ | 254 | N.A. | |||||||||||
Installment | 6,338 | N.A. | ||||||||||||
Real estate | 15,489 | N.A. | ||||||||||||
GFSC | 974 | N.A. | ||||||||||||
Other | — | N.A. | ||||||||||||
Total loans | $ | 116,279 | N.A. |
Table 4 - Status of COVID-19 Modifications | ||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2020 Balance - Out of Deferral | December 31, 2020 Balance - In Deferral | Loans in Deferral as a Percent of Total Deferred | Loans in Deferral as a Percent of Total Loans | ||||||||||||||||||||||
Hotel and accommodations | $ | 129,485 | $ | 29,206 | 18.4 | % | 13.7 | % | ||||||||||||||||||
Restaurants and food service | 10,582 | 72 | 0.7 | % | 0.2 | % | ||||||||||||||||||||
Arts and recreation | 12,550 | 754 | 5.7 | % | 1.7 | % | ||||||||||||||||||||
Healthcare and social assistance | 35,691 | 178 | 0.5 | % | 0.1 | % | ||||||||||||||||||||
Strip shopping centers | 70,186 | — | — | % | — | % | ||||||||||||||||||||
Other real estate rental and leasing | 153,089 | 5,140 | 3.2 | % | 0.4 | % | ||||||||||||||||||||
Other commercial loans | 105,311 | 11,463 | 9.8 | % | 0.8 | % | ||||||||||||||||||||
Total commercial loans | $ | 516,894 | $ | 46,813 | 8.3 | % | 1.1 | % | ||||||||||||||||||
Home equity | $ | 3,430 | $ | 82 | 2.3 | % | — | % | ||||||||||||||||||
Installment | 43,204 | 1,378 | 3.1 | % | 0.1 | % | ||||||||||||||||||||
Real estate | 49,809 | 3,904 | 7.3 | % | 0.3 | % | ||||||||||||||||||||
GFSC | 1,654 | 86 | 4.7 | % | 0.7 | % | ||||||||||||||||||||
Total loans | $ | 614,991 | $ | 52,263 | 7.8 | % | 0.7 | % |
Table 5 - Net Income (Loss) by Segment | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
PNB | $ | 123,730 | $ | 113,600 | $ | 109,472 | ||||||||||||||
GFSC | 1,139 | 762 | 521 | |||||||||||||||||
All Other | 3,054 | (11,662) | 394 | |||||||||||||||||
Total Park | $ | 127,923 | $ | 102,700 | $ | 110,387 |
Table 6 - PNB Summary Income Statement | |||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||
Net interest income | $ | 326,375 | $ | 293,130 | $ | 258,547 | |||||
Provision for loan losses | 30,813 | 8,356 | 7,569 | ||||||||
Other income | 124,231 | 92,392 | 88,981 | ||||||||
Other expense | 268,938 | 237,433 | 206,843 | ||||||||
Income before income taxes | $ | 150,855 | $ | 139,733 | $ | 133,116 | |||||
Income tax expense | 27,125 | 26,133 | 23,644 | ||||||||
Net income | $ | 123,730 | $ | 113,600 | $ | 109,472 |
Table 7 - PNB Mortgage Loan Originations | |||||||||||||||||
(In thousands) | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | YTD 2020 | ||||||||||||
Mortgage Loan Origination Volume | |||||||||||||||||
Sold | $ | 85,030 | $ | 248,339 | $ | 355,755 | $ | 325,841 | $ | 1,014,965 | |||||||
Portfolio | 56,018 | 64,351 | 61,227 | 99,077 | 280,673 | ||||||||||||
Construction | 33,109 | 33,754 | 40,560 | 29,825 | 137,248 | ||||||||||||
Service released | 3,794 | 2,362 | 2,275 | 2,950 | 11,381 | ||||||||||||
Total mortgage loan originations | $ | 177,951 | $ | 348,806 | $ | 459,817 | $ | 457,693 | $ | 1,444,267 | |||||||
Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | YTD 2019 | |||||||||||||
Mortgage Loan Origination Volume | |||||||||||||||||
Sold | $ | 30,011 | $ | 54,802 | $ | 83,867 | $ | 98,362 | $ | 267,042 | |||||||
Portfolio | 31,492 | 59,613 | 69,351 | 96,490 | 256,946 | ||||||||||||
Construction | 20,481 | 22,245 | 21,280 | 29,518 | 93,524 | ||||||||||||
Service released | 4,407 | 22,818 | 28,408 | 17,206 | 72,839 | ||||||||||||
Total mortgage loan originations | $ | 86,391 | $ | 159,478 | $ | 202,906 | $ | 241,576 | $ | 690,351 |
Table 8 - PNB Other Expense Information | ||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | $ change | % change | ||||||||||
Other expense: | ||||||||||||||
Salaries | $ | 122,586 | $ | 109,362 | $ | 13,224 | 12.1 | % | ||||||
Employee benefits | 36,282 | 36,017 | 265 | 0.7 | % | |||||||||
Occupancy expense | 13,571 | 12,555 | 1,016 | 8.1 | % | |||||||||
Furniture and equipment expense | 18,781 | 16,999 | 1,782 | 10.5 | % | |||||||||
Data processing fees | 11,653 | 10,589 | 1,064 | 10.0 | % | |||||||||
Professional fees and services | 24,444 | 22,056 | 2,388 | 10.8 | % | |||||||||
Marketing | 5,825 | 5,704 | 121 | 2.1 | % | |||||||||
Insurance | 5,804 | 2,489 | 3,315 | 133.2 | % | |||||||||
Communication | 3,985 | 5,193 | (1,208) | (23.3) | % | |||||||||
State tax expense | 3,293 | 3,016 | 277 | 9.2 | % | |||||||||
Amortization of intangible assets | 2,263 | 2,355 | (92) | (3.9) | % | |||||||||
FHLB prepayment penalty | 10,529 | 612 | 9,917 | N.M. | ||||||||||
Foundation contributions | 3,000 | 1,500 | 1,500 | 100.0 | % | |||||||||
Miscellaneous | 6,922 | 8,986 | (2,064) | (23.0) | % | |||||||||
Total other expense | $ | 268,938 | $ | 237,433 | $ | 31,505 | 13.3 | % |
Table 9 - PNB less Carolina Alliance Other Expense Information | ||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | $ change | % change | ||||||||||
Other expense: | ||||||||||||||
Salaries | $ | 113,571 | $ | 102,003 | $ | 11,568 | 11.3 | % | ||||||
Employee benefits | 33,823 | 34,665 | (842) | (2.4) | % | |||||||||
Occupancy expense | 12,000 | 11,294 | 706 | 6.3 | % | |||||||||
Furniture and equipment expense | 17,923 | 16,351 | 1,572 | 9.6 | % | |||||||||
Data processing fees | 11,304 | 9,586 | 1,718 | 17.9 | % | |||||||||
Professional fees and services | 23,427 | 20,784 | 2,643 | 12.7 | % | |||||||||
Marketing | 5,633 | 5,365 | 268 | 5.0 | % | |||||||||
Insurance | 5,166 | 2,262 | 2,904 | 128.4 | % | |||||||||
Communication | 3,853 | 5,037 | (1,184) | (23.5) | % | |||||||||
State tax expense | 3,290 | 3,012 | 278 | 9.2 | % | |||||||||
Amortization of intangible assets | 1,149 | 1,234 | (85) | (6.9) | % | |||||||||
FHLB prepayment penalty | 10,529 | 612 | 9,917 | N.M. | ||||||||||
Foundation contributions | 2,960 | 1,500 | 1,460 | 97.3 | % | |||||||||
Miscellaneous | 4,951 | 7,270 | (2,319) | (31.9) | % | |||||||||
Total other expense | $ | 249,579 | $ | 220,975 | $ | 28,604 | 12.9 | % |
Table 10 - PNB Balance Sheet Information | ||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | % change from 12/31/19 | |||||||||||
Loans | $ | 7,165,840 | $ | 6,481,644 | 10.56 | % | ||||||||
Allowance for loan losses | 84,321 | 54,692 | 54.17 | % | ||||||||||
Net loans | 7,081,519 | 6,426,952 | 10.18 | % | ||||||||||
Investment securities | 1,114,742 | 1,271,817 | (12.35) | % | ||||||||||
Total assets | 9,236,915 | 8,521,537 | 8.39 | % | ||||||||||
Total deposits | 7,820,983 | 7,125,111 | 9.77 | % | ||||||||||
Average assets (1) | 9,198,141 | 8,425,536 | 9.17 | % | ||||||||||
Efficiency ratio (2) | 59.31 | % | 61.12 | % | (2.96) | % | ||||||||
Return on average assets | 1.35 | % | 1.35 | % | — | % |
Table 11 - PNB | |||||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | change from 12/31/19 | % change from 12/31/19 | |||||||||||||
Home equity | $ | 182,131 | $ | 224,857 | $ | (42,726) | (19.0) | % | |||||||||
Installment | 1,650,620 | 1,431,197 | 219,423 | 15.3 | % | ||||||||||||
Real estate | 1,213,820 | 1,275,154 | (61,334) | (4.8) | % | ||||||||||||
Commercial (excluding PPP) | 3,778,634 | 3,545,467 | 233,167 | 6.6 | % | ||||||||||||
PPP loans | 337,090 | — | 337,090 | N.M. | |||||||||||||
Other | 3,545 | 4,969 | (1,424) | (28.7) | % | ||||||||||||
Total loans | $ | 7,165,840 | $ | 6,481,644 | $ | 684,196 | 10.6 | % |
Table 12 - PNB | |||||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | change from 12/31/19 | % change from 12/31/19 | |||||||||||||
Non-interest bearing deposits | $ | 2,978,005 | $ | 2,036,359 | $ | 941,646 | 46.2 | % | |||||||||
Transaction accounts | 1,381,479 | 1,628,741 | (247,262) | (15.2) | % | ||||||||||||
Savings | 2,596,926 | 2,320,880 | 276,046 | 11.9 | % | ||||||||||||
Certificates of deposits | 864,573 | 1,139,131 | (274,558) | (24.1) | % | ||||||||||||
Total deposits | $ | 7,820,983 | $ | 7,125,111 | $ | 695,872 | 9.8 | % |
Table 13 - GFSC Summary Income Statement | |||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||
Net interest income | $ | 3,785 | $ | 5,013 | $ | 5,048 | |||||
Provision for loan losses | 196 | 754 | 1,328 | ||||||||
Other income | 255 | 170 | 187 | ||||||||
Other expense | 2,402 | 3,478 | 3,245 | ||||||||
Income before income taxes | $ | 1,442 | $ | 951 | $ | 662 | |||||
Income tax expense | 303 | 189 | 141 | ||||||||
Net income | $ | 1,139 | $ | 762 | $ | 521 |
Table 14 - GFSC Balance Sheet Information | ||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | % change from 12/31/19 | |||||||||||
Loans | $ | 12,757 | $ | 28,143 | (54.67) | % | ||||||||
Allowance for loan losses | 1,354 | 1,987 | (31.86) | % | ||||||||||
Net loans | 11,403 | 26,156 | (56.40) | % | ||||||||||
Total assets | 12,431 | 27,593 | (54.95) | % | ||||||||||
Average assets (1) | 20,896 | 29,119 | (28.24) | % | ||||||||||
Return on average assets | 5.45 | % | 2.62 | % | 108.02 | % |
Table 15 - All Other Income Statement | |||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||
Net interest (expense) income | $ | (2,530) | $ | (406) | $ | 3,303 | |||||
Recovery of loan losses | (18,955) | (2,939) | (952) | ||||||||
Other income | 1,178 | 4,631 | 11,933 | ||||||||
Other expense | 15,255 | 23,077 | 18,667 | ||||||||
Net income (loss) before income tax benefit | $ | 2,348 | $ | (15,913) | $ | (2,479) | |||||
Income tax benefit | (706) | (4,251) | (2,873) | ||||||||
Net income (loss) | $ | 3,054 | $ | (11,662) | $ | 394 |
Table 16 - Park Summary Income Statement | |||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||
Net interest income | $ | 327,630 | $ | 297,737 | $ | 266,898 | |||||
Provision for loan losses | 12,054 | 6,171 | 7,945 | ||||||||
Other income | 125,664 | 97,193 | 101,101 | ||||||||
Other expense | 286,595 | 263,988 | 228,755 | ||||||||
Income before income taxes | $ | 154,645 | $ | 124,771 | $ | 131,299 | |||||
Income tax expense | 26,722 | 22,071 | 20,912 | ||||||||
Net income | $ | 127,923 | $ | 102,700 | $ | 110,387 |
Table 17 - Year-End Deposits | ||||||||||||||||||||
December 31 (In thousands) | 2020 | 2019 | Change | |||||||||||||||||
Non-interest bearing checking | $ | 2,727,100 | $ | 1,959,935 | $ | 767,165 | ||||||||||||||
Interest bearing transaction accounts | 1,381,479 | 1,628,740 | (247,261) | |||||||||||||||||
Savings | 2,597,827 | 2,323,533 | 274,294 | |||||||||||||||||
All other time deposits | 864,573 | 1,139,131 | (274,558) | |||||||||||||||||
Other | 1,379 | 1,273 | 106 | |||||||||||||||||
Total | $ | 7,572,358 | $ | 7,052,612 | $ | 519,746 |
Table 18 - Maturities of Time Deposits | $100,000 or more | ||||||||||
December 31 (In thousands) | 2020 | 2019 | |||||||||
3 months or less | $ | 91,316 | $ | 154,150 | |||||||
Over 3 months through 6 months | 91,114 | 119,655 | |||||||||
Over 6 months through 12 months | 126,799 | 176,598 | |||||||||
Over 12 months | 125,958 | 144,512 | |||||||||
Total | $ | 435,187 | $ | 594,915 |
Table 19 - Loans by Type | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,588,989 | $ | 1,185,110 | $ | 1,072,786 | $ | 1,053,453 | $ | 994,619 | ||||||||||||||||||||||
Construction real estate | 343,421 | 331,699 | 248,274 | 181,470 | 188,945 | |||||||||||||||||||||||||||
Residential real estate | 1,813,044 | 1,892,726 | 1,793,618 | 1,725,224 | 1,808,497 | |||||||||||||||||||||||||||
Commercial real estate | 1,748,189 | 1,609,413 | 1,283,045 | 1,167,607 | 1,155,703 | |||||||||||||||||||||||||||
Consumer | 1,659,704 | 1,452,375 | 1,292,136 | 1,241,736 | 1,120,850 | |||||||||||||||||||||||||||
Leases | 24,438 | 30,081 | 2,273 | 2,993 | 3,243 | |||||||||||||||||||||||||||
Total loans | $ | 7,177,785 | $ | 6,501,404 | $ | 5,692,132 | $ | 5,372,483 | $ | 5,271,857 |
Table 20 - Selected Loan Maturity Distribution | ||||||||||||||||||||||||||
One Year or Less (1)(2) | Over One Through Five Years | Over Five Years | Total | |||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 252,019 | $ | 1,023,416 | $ | 313,554 | $ | 1,588,989 | ||||||||||||||||||
Construction real estate | 67,911 | 87,569 | 187,941 | 343,421 | ||||||||||||||||||||||
Commercial real estate | 118,175 | 358,466 | 1,271,548 | 1,748,189 | ||||||||||||||||||||||
Total | $ | 438,105 | $ | 1,469,451 | $ | 1,773,043 | $ | 3,680,599 | ||||||||||||||||||
Total of these selected loans due | ||||||||||||||||||||||||||
after one year with: | ||||||||||||||||||||||||||
Fixed interest rate | $ | 634,380 | $ | 397,200 | $ | 1,031,580 | ||||||||||||||||||||
Floating interest rate | 835,071 | 1,375,843 | 2,210,914 |
Table 21 - Investment Securities | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Corporate debt securities | $ | 2,014 | $ | — | $ | — | ||||||||||||||
Obligations of states and political subdivisions | 305,218 | 320,491 | 305,278 | |||||||||||||||||
U.S. Government asset-backed securities | 752,109 | 889,210 | 1,049,951 | |||||||||||||||||
Federal Home Loan Bank stock | 22,090 | 30,060 | 43,388 | |||||||||||||||||
Federal Reserve Bank stock | 14,653 | 14,653 | 8,225 | |||||||||||||||||
Equities | 28,722 | 25,093 | 21,303 | |||||||||||||||||
Total | $ | 1,124,806 | $ | 1,279,507 | $ | 1,428,145 | ||||||||||||||
Investments by category as a percentage of total investment securities | ||||||||||||||||||||
Corporate debt securities | 0.2 | % | — | % | — | % | ||||||||||||||
Obligations of states and political subdivisions | 27.1 | % | 25.0 | % | 21.4 | % | ||||||||||||||
U.S. Government asset-backed securities | 66.9 | % | 69.5 | % | 73.5 | % | ||||||||||||||
Federal Home Loan Bank stock | 2.0 | % | 2.3 | % | 3.0 | % | ||||||||||||||
Federal Reserve Bank stock | 1.2 | % | 1.2 | % | 0.6 | % | ||||||||||||||
Equities | 2.6 | % | 2.0 | % | 1.5 | % | ||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Table 22 - Distribution of Assets, Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||
December 31, | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
(In thousands) | Daily Average | Interest | Average Rate | Daily Average | Interest | Average Rate | Daily Average | Interest | Average Rate | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Loans (1)(2) | $ | 6,990,458 | $ | 329,350 | 4.71 | % | $ | 6,208,496 | $ | 321,961 | 5.19 | % | $ | 5,460,664 | $ | 271,673 | 4.98 | % | |||||||||||
Taxable investment securities | 857,752 | 19,818 | 2.31 | % | 1,051,540 | 26,213 | 2.49 | % | 1,192,339 | 29,479 | 2.47 | % | |||||||||||||||||
Tax-exempt investment securities (3) | 289,366 | 10,679 | 3.69 | % | 309,197 | 11,335 | 3.67 | % | 302,254 | 11,100 | 3.67 | % | |||||||||||||||||
Money market instruments | 280,952 | 739 | 0.26 | % | 169,703 | 3,947 | 2.33 | % | 73,001 | 1,407 | 1.93 | % | |||||||||||||||||
Total interest earning assets | 8,418,528 | 360,586 | 4.28 | % | 7,738,936 | 363,456 | 4.70 | % | 7,028,258 | 313,659 | 4.46 | % |
Table 22 - Distribution of Assets, Liabilities and Shareholders' Equity-continued | |||||||||||||||||||||||||||||
December 31, | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
(In thousands) | Daily Average | Interest | Average Rate | Daily Average | Interest | Average Rate | Daily Average | Interest | Average Rate | ||||||||||||||||||||
Non-interest earning assets: | |||||||||||||||||||||||||||||
Allowance for loan losses | (71,221) | (54,516) | (50,151) | ||||||||||||||||||||||||||
Cash and due from banks | 127,214 | 130,372 | 114,357 | ||||||||||||||||||||||||||
Premises and equipment, net | 81,357 | 69,710 | 57,195 | ||||||||||||||||||||||||||
Other assets | 685,755 | 589,527 | 479,610 | ||||||||||||||||||||||||||
TOTAL | $ | 9,241,633 | $ | 8,474,029 | $ | 7,629,269 | |||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||
Transaction accounts | $ | 1,687,417 | $ | 3,582 | 0.21 | % | $ | 1,648,896 | $ | 13,249 | 0.80 | % | $ | 1,396,869 | $ | 8,097 | 0.58 | % | |||||||||||
Savings deposits | 2,556,475 | 5,560 | 0.22 | % | 2,261,600 | 20,099 | 0.89 | % | 2,019,734 | 11,718 | 0.58 | % | |||||||||||||||||
Time deposits | 994,255 | 12,186 | 1.23 | % | 1,119,358 | 17,494 | 1.56 | % | 1,056,864 | 12,375 | 1.17 | % | |||||||||||||||||
Total interest bearing deposits | 5,238,147 | 21,328 | 0.41 | % | 5,029,854 | 50,842 | 1.01 | % | 4,473,467 | 32,190 | 0.72 | % | |||||||||||||||||
Short-term borrowings | 278,887 | 1,110 | 0.40 | % | 215,900 | 2,476 | 1.15 | % | 217,327 | 1,600 | 0.74 | % | |||||||||||||||||
Long-term debt (4) | 215,645 | 7,652 | 3.55 | % | 340,664 | 9,445 | 2.77 | % | 424,178 | 10,113 | 2.38 | % | |||||||||||||||||
Total interest bearing liabilities | 5,732,679 | 30,090 | 0.52 | % | 5,586,418 | 62,763 | 1.12 | % | 5,114,972 | 43,903 | 0.86 | % | |||||||||||||||||
Non-interest bearing liabilities: | |||||||||||||||||||||||||||||
Demand deposits | 2,394,717 | 1,875,628 | 1,661,481 | ||||||||||||||||||||||||||
Other | 105,135 | 89,809 | 68,676 | ||||||||||||||||||||||||||
Total non-interest bearing liabilities | 2,499,852 | 1,965,437 | 1,730,157 | ||||||||||||||||||||||||||
Shareholders' equity | 1,009,102 | 922,174 | 784,140 | ||||||||||||||||||||||||||
TOTAL | $ | 9,241,633 | $ | 8,474,029 | $ | 7,629,269 | |||||||||||||||||||||||
Tax equivalent net interest income | $ | 330,496 | $ | 300,693 | $ | 269,756 | |||||||||||||||||||||||
Net interest spread | 3.76 | % | 3.58 | % | 3.60 | % | |||||||||||||||||||||||
Net yield on interest earning assets (net interest margin) | 3.93 | % | 3.89 | % | 3.84 | % |
Table 23 - Average Loans and Tax Equivalent Yield | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average balance | Tax equivalent yield | Average balance | Tax equivalent yield | Average balance | Tax equivalent yield | ||||||||||||||||||||||||||||||||
Home equity | $ | 205,492 | 4.04 | % | $ | 229,916 | 5.59 | % | $ | 207,821 | 5.20 | % | ||||||||||||||||||||||||||
Installment loans | 1,548,059 | 5.17 | % | 1,379,111 | 5.34 | % | 1,294,644 | 5.05 | % | |||||||||||||||||||||||||||||
Real estate loans | 1,268,181 | 4.11 | % | 1,246,209 | 4.36 | % | 1,178,887 | 4.13 | % | |||||||||||||||||||||||||||||
Commercial loans (1) | 3,964,853 | 4.75 | % | 3,348,599 | 5.39 | % | 2,774,367 | 5.27 | % | |||||||||||||||||||||||||||||
Other | 3,873 | 10.71 | % | 4,661 | 11.70 | % | 4,945 | 12.01 | % | |||||||||||||||||||||||||||||
Total loans and leases before allowance | $ | 6,990,458 | 4.71 | % | $ | 6,208,496 | 5.19 | % | $ | 5,460,664 | 4.98 | % |
Table 24 - Average Deposits and Cost of Funds | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average balance | Cost of funds | Average balance | Cost of funds | Average balance | Cost of funds | ||||||||||||||||||||||||||||||||
Transaction accounts | $ | 1,687,417 | 0.21 | % | $ | 1,648,896 | 0.80 | % | $ | 1,396,869 | 0.58 | % | ||||||||||||||||||||||||||
Savings deposits and clubs | 2,556,475 | 0.22 | % | 2,261,600 | 0.89 | % | 2,019,734 | 0.58 | % | |||||||||||||||||||||||||||||
Time deposits (1) | 994,255 | 1.23 | % | 1,119,358 | 1.56 | % | 1,056,864 | 1.17 | % | |||||||||||||||||||||||||||||
Total interest bearing deposits (1) | $ | 5,238,147 | 0.41 | % | $ | 5,029,854 | 1.01 | % | $ | 4,473,467 | 0.72 | % |
Table 25 - Quarterly Net Interest Margin | ||||||||||||||||||||||||||
(In thousands) | Average Interest Earning Assets | Net Interest Income (1) | Tax Equivalent Net Interest Income (1) | Tax Equivalent Net Interest Margin (1) | ||||||||||||||||||||||
First Quarter | $ | 7,889,043 | $ | 76,283 | $ | 77,008 | 3.93 | % | ||||||||||||||||||
Second Quarter | 8,571,192 | 81,186 | 81,909 | 3.84 | % | |||||||||||||||||||||
Third Quarter | 8,727,058 | 83,840 | 84,546 | 3.85 | % | |||||||||||||||||||||
Fourth Quarter | 8,503,062 | 86,321 | 87,033 | 4.07 | % | |||||||||||||||||||||
2020 | $ | 8,418,528 | $ | 327,630 | $ | 330,496 | 3.93 | % |
Table 26 - Volume/Rate Variance Analysis | ||||||||||||||||||||||||||||||||||||||
Change from 2019 to 2020 | Change from 2018 to 2019 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||||||||||||||||
Increase (decrease) in: | ||||||||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 40,552 | $ | (33,163) | $ | 7,389 | $ | 37,133 | $ | 13,155 | $ | 50,288 | ||||||||||||||||||||||||||
Taxable investments | (4,830) | (1,565) | (6,395) | (3,482) | 216 | (3,266) | ||||||||||||||||||||||||||||||||
Tax-exempt investments | (727) | 71 | (656) | 255 | (20) | 235 | ||||||||||||||||||||||||||||||||
Money market instruments | 2,587 | (5,795) | (3,208) | 2,265 | 275 | 2,540 | ||||||||||||||||||||||||||||||||
Total interest income | 37,582 | (40,452) | (2,870) | 36,171 | 13,626 | 49,797 | ||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||
Transaction accounts | $ | 310 | $ | (9,977) | $ | (9,667) | $ | 1,461 | $ | 3,691 | $ | 5,152 | ||||||||||||||||||||||||||
Savings accounts | 2,621 | (17,160) | (14,539) | 1403 | 6,978 | 8,381 | ||||||||||||||||||||||||||||||||
Time deposits | (1,955) | (3,353) | (5,308) | 733 | 4,386 | 5,119 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 701 | (2,067) | (1,366) | (11) | 887 | 876 | ||||||||||||||||||||||||||||||||
Long-term debt | (3,467) | 1,674 | (1,793) | (1,991) | 1,323 | (668) | ||||||||||||||||||||||||||||||||
Total interest expense | (1,790) | (30,883) | (32,673) | 1,595 | 17,265 | 18,860 | ||||||||||||||||||||||||||||||||
Net variance | $ | 39,372 | $ | (9,569) | $ | 29,803 | $ | 34,576 | $ | (3,639) | $ | 30,937 |
Table 27 - Other Income | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Income from fiduciary activities | $ | 28,873 | $ | 27,768 | $ | 26,293 | ||||||||||||||
Service charges on deposit accounts | 8,445 | 10,835 | 11,461 | |||||||||||||||||
Other service income | 37,611 | 15,500 | 14,266 | |||||||||||||||||
Debit card fee income | 22,160 | 20,250 | 17,317 | |||||||||||||||||
Bank owned life insurance income | 4,789 | 4,557 | 6,815 | |||||||||||||||||
ATM fees | 1,773 | 1,828 | 1,978 | |||||||||||||||||
Gain (loss) on the sale of OREO, net | 1,207 | (222) | 4,235 | |||||||||||||||||
Net gain (loss) on the sale of debt securities | 3,286 | (421) | (2,271) | |||||||||||||||||
Gain on equity securities, net | 2,182 | 5,118 | 4,616 | |||||||||||||||||
Other components of net periodic benefit income | 7,952 | 4,732 | 6,820 | |||||||||||||||||
Gain on the sale of non-performing loans | — | — | 2,826 | |||||||||||||||||
Miscellaneous | 7,386 | 7,248 | 6,745 | |||||||||||||||||
Total other income | $ | 125,664 | $ | 97,193 | $ | 101,101 |
Table 28 - Other Income breakout | ||||||||||||||||||||||||||
Change from 2019 to 2020 | Change from 2018 to 2019 | |||||||||||||||||||||||||
(In thousands) | Park less ND and CABF | ND and CABF | Total | Park less ND and CABF | ND and CABF | Total | ||||||||||||||||||||
Income from fiduciary activities | $ | 1,061 | $ | 44 | $ | 1,105 | $ | 1,475 | $ | — | $ | 1,475 | ||||||||||||||
Service charges on deposit accounts | (2,444) | 54 | (2,390) | (876) | 250 | (626) | ||||||||||||||||||||
Other service income | 17,868 | 4,243 | 22,111 | (45) | 1,279 | 1,234 | ||||||||||||||||||||
Debit card fee income | 1,711 | 199 | 1,910 | 2,368 | 565 | 2,933 | ||||||||||||||||||||
Bank owned life insurance income | 147 | 85 | 232 | (2,618) | 360 | (2,258) | ||||||||||||||||||||
ATM fees | (101) | 46 | (55) | (118) | (32) | (150) | ||||||||||||||||||||
Gain (loss) on the sale of OREO, net | 1,400 | 29 | 1,429 | (4,457) | — | (4,457) | ||||||||||||||||||||
Net gain (loss) on the sale of debt securities | 3,707 | — | 3,707 | 1,850 | — | 1,850 | ||||||||||||||||||||
Gain on equity securities, net | (2,797) | (139) | (2,936) | 379 | 123 | 502 | ||||||||||||||||||||
Other components of net periodic benefit income | 3,185 | 35 | 3,220 | (2,091) | 3 | (2,088) | ||||||||||||||||||||
Gain on the sale of non-performing loans | — | — | — | (2,826) | — | (2,826) | ||||||||||||||||||||
Miscellaneous | (130) | 268 | 138 | (1,148) | 1,651 | 503 | ||||||||||||||||||||
Total other income | $ | 23,607 | $ | 4,864 | $ | 28,471 | $ | (8,107) | $ | 4,199 | $ | (3,908) |
Table 29 - Other Expense | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Salaries | $ | 128,040 | $ | 119,514 | $ | 103,755 | |||||||||||
Employee benefits | 37,115 | 36,806 | 30,289 | ||||||||||||||
Occupancy expense | 13,802 | 12,815 | 11,251 | ||||||||||||||
Furniture and equipment expense | 18,805 | 17,032 | 16,139 | ||||||||||||||
Data processing fees | 11,659 | 10,750 | 8,477 | ||||||||||||||
Professional fees and services | 31,303 | 33,317 | 28,894 | ||||||||||||||
Marketing | 5,828 | 5,753 | 5,144 | ||||||||||||||
Insurance | 6,423 | 3,130 | 5,289 | ||||||||||||||
Communication | 4,084 | 5,351 | 4,981 | ||||||||||||||
State tax expense | 3,991 | 3,829 | 3,813 | ||||||||||||||
Amortization of intangible assets | 2,263 | 2,355 | 578 | ||||||||||||||
FHLB prepayment penalty | 10,529 | 612 | 197 | ||||||||||||||
Foundation contributions | 3,000 | 1,500 | 3,000 | ||||||||||||||
Miscellaneous | 9,753 | 11,224 | 6,948 | ||||||||||||||
Total other expense | $ | 286,595 | $ | 263,988 | $ | 228,755 | |||||||||||
Full-time equivalent employees | 1,755 | 1,907 | 1,782 |
Table 30 - Other Expense breakout | ||||||||||||||||||||||||||
Change from 2019 to 2020 | Change from 2018 to 2019 | |||||||||||||||||||||||||
(In thousands) | Park less ND and CABF | ND and CABF | Total | Park less ND and CABF | ND and CABF | Total | ||||||||||||||||||||
Salaries | $ | 7,354 | $ | 1,172 | $ | 8,526 | $ | 6,850 | $ | 8,909 | $ | 15,759 | ||||||||||||||
Employee benefits | (657) | 966 | 309 | 4,620 | 1,897 | 6,517 | ||||||||||||||||||||
Occupancy expense | 714 | 273 | 987 | (134) | 1,698 | 1,564 | ||||||||||||||||||||
Furniture and equipment expense | 1,696 | 77 | 1,773 | 58 | 835 | 893 | ||||||||||||||||||||
Data processing fees | 1,603 | (694) | 909 | 1,502 | 771 | 2,273 | ||||||||||||||||||||
Professional fees and services | (1,699) | (315) | (2,014) | 3,065 | 1,358 | 4,423 | ||||||||||||||||||||
Marketing | 300 | (225) | 75 | 144 | 465 | 609 | ||||||||||||||||||||
Insurance | 2,712 | 581 | 3,293 | (2,380) | 221 | (2,159) | ||||||||||||||||||||
Communication | (1,136) | (131) | (1,267) | 145 | 225 | 370 | ||||||||||||||||||||
State tax expense | 166 | (4) | 162 | 35 | (19) | 16 | ||||||||||||||||||||
Amortization of intangible assets | — | (92) | (92) | — | 1,777 | 1,777 | ||||||||||||||||||||
FHLB prepayment penalty | 9,917 | — | 9,917 | 415 | — | 415 | ||||||||||||||||||||
Foundation contributions | 1,455 | 45 | 1,500 | (1,507) | 7 | (1,500) | ||||||||||||||||||||
Miscellaneous | (231) | (1,240) | (1,471) | (1,939) | 3,215 | 1,276 | ||||||||||||||||||||
Total other expense | $ | 22,194 | $ | 413 | $ | 22,607 | $ | 10,874 | $ | 21,359 | $ | 32,233 |
Table 31- Items impacting comparability | Year Ended December 31, | |||||||||||||||||||
(in thousands, except share and per share data) | 2020 | 2019 | 2018 | Affected Line Item | ||||||||||||||||
Net interest income | $ | 327,630 | $ | 297,737 | $ | 266,898 | ||||||||||||||
less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions | 4,443 | 5,193 | 1,096 | Interest and fees on loans | ||||||||||||||||
less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions | 226 | 593 | 287 | Interest on deposits | ||||||||||||||||
less interest income on former Vision Bank relationships | 453 | 256 | 3,429 | Interest and fees on loans | ||||||||||||||||
Net interest income - adjusted | $ | 322,508 | $ | 291,695 | $ | 262,086 | ||||||||||||||
Provision for loan losses | $ | 12,054 | $ | 6,171 | $ | 7,945 | ||||||||||||||
less recoveries on former Vision Bank relationships | (21,982) | (3,042) | (971) | Provision for loan losses | ||||||||||||||||
Provision for loan losses - adjusted | $ | 34,036 | $ | 9,213 | $ | 8,916 | ||||||||||||||
Other income | $ | 125,664 | $ | 97,193 | $ | 101,101 | ||||||||||||||
less net gain (loss) on sale of former Vision Bank OREO properties | 1,208 | (111) | 4,229 | Gain (loss) on the sale of OREO, net | ||||||||||||||||
less gain on 8.55% prior investment in NewDominion | — | — | 3,500 | Gain on equity securities, net | ||||||||||||||||
less other service income related to former Vision Bank relationships | 590 | 52 | 1,081 | Other service income | ||||||||||||||||
less rebranding initiative related expenses | (572) | — | — | Miscellaneous | ||||||||||||||||
less net gain on sale of non-performing loans | — | — | 2,826 | Gain on the sale of non-performing loans | ||||||||||||||||
less net gain (loss) on the sale of debt securities in the ordinary course of business | 3,286 | (421) | (2,271) | Net gain (loss) on the sale of debt securities | ||||||||||||||||
Other income - adjusted | $ | 121,152 | $ | 97,673 | $ | 91,736 |
Table 31- Items impacting comparability | Year Ended December 31, | |||||||||||||||||||
(in thousands, except share and per share data) | 2020 | 2019 | 2018 | Affected Line Item | ||||||||||||||||
Other expense | $ | 286,595 | $ | 263,988 | $ | 228,755 | ||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | 117 | 3,567 | 1,987 | Salaries | ||||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | — | — | 78 | Employee benefits | ||||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | — | 1 | — | Occupancy expense | ||||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | — | 16 | — | Data processing fees | ||||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | 496 | 4,856 | 2,798 | Professional fees and services | ||||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | 16 | 16 | 8 | Insurance | ||||||||||||||||
less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | — | 421 | 313 | Miscellaneous | ||||||||||||||||
less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions | 2,263 | 2,355 | 578 | Amortization of intangible assets | ||||||||||||||||
less Foundation contributions | 3,000 | 1,500 | 3,000 | Foundation contributions | ||||||||||||||||
less severance and restructuring charges | 3,596 | 107 | 451 | Salaries | ||||||||||||||||
less severance and restructuring charges | 847 | — | — | Employee benefits | ||||||||||||||||
less FDIC assessment credit | — | (2,193) | — | Insurance | ||||||||||||||||
less rebranding initiative related expenses | 72 | — | — | Employee benefits | ||||||||||||||||
less rebranding initiative related expenses | 47 | — | — | Occupancy expense | ||||||||||||||||
less rebranding initiative related expenses | 75 | — | — | Furniture and equipment expense | ||||||||||||||||
less rebranding initiative related expenses | 23 | — | — | Marketing | ||||||||||||||||
less rebranding initiative related expenses | 734 | 1,073 | 102 | Professional fees and services | ||||||||||||||||
less rebranding initiative related expenses | 2 | 90 | — | Communication | ||||||||||||||||
less rebranding initiative related expenses (including trade name intangible expense) | 87 | 1,313 | — | Miscellaneous | ||||||||||||||||
less COVID-19 related expenses (bonuses and calamity pay) | 3,622 | — | — | Salaries | ||||||||||||||||
less extra direct compensation related to collection of payments on former Vision Bank loan relationships | 1,900 | — | — | Salaries | ||||||||||||||||
less management and consulting expenses related to collection of payments on former Vision Bank loan relationships | 2,383 | 622 | 1,272 | Professional fees and services | ||||||||||||||||
less one-time incentive expense | — | — | 1,128 | Salaries | ||||||||||||||||
less FHLB prepayment penalty | 10,529 | 612 | 197 | FHLB prepayment penalty | ||||||||||||||||
Other expense - adjusted | $ | 256,786 | $ | 249,632 | $ | 216,843 | ||||||||||||||
Tax effect of adjustments to net income identified above (1) | $ | (379) | $ | 1,208 | $ | (680) | ||||||||||||||
Net income - reported | $ | 127,923 | $ | 102,700 | $ | 110,387 | ||||||||||||||
Net income - adjusted | $ | 126,495 | $ | 107,244 | $ | 107,831 | ||||||||||||||
(1) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate for 2020, 2019 and 2018. |
Table 32 - ALLL Information | |||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||
ALLL, beginning balance | $ | 56,679 | $ | 51,512 | $ | 49,988 | |||||
Charge-offs | 10,304 | 11,177 | 13,552 | ||||||||
Recoveries | (27,246) | (10,173) | (7,131) | ||||||||
Net (recoveries) charge-offs | (16,942) | 1,004 | 6,421 | ||||||||
Provision for loan losses: | 12,054 | 6,171 | 7,945 | ||||||||
ALLL, ending balance | $ | 85,675 | $ | 56,679 | $ | 51,512 | |||||
Average loans | $ | 6,990,458 | $ | 6,208,496 | $ | 5,460,664 | |||||
Net (recoveries) charge-offs as a percentage of average loans | (0.24) | % | 0.02 | % | 0.12 | % |
Table 33 - General Reserve Trends | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Allowance for loan losses, end of period | $ | 85,675 | $ | 56,679 | $ | 51,512 | ||||||||||||||
Allowance on PCI loans | 167 | 268 | — | |||||||||||||||||
Allowance on purchased loans | 678 | — | — | |||||||||||||||||
Specific reserves | 5,434 | 5,230 | 2,273 | |||||||||||||||||
General reserve on originated loans | $ | 79,396 | $ | 51,181 | $ | 49,239 | ||||||||||||||
Total loans | $ | 7,177,785 | $ | 6,501,404 | $ | 5,692,132 | ||||||||||||||
PCI loans (1) | 11,153 | 14,331 | 3,943 | |||||||||||||||||
Purchased loans | 360,056 | 548,436 | 225,029 | |||||||||||||||||
Impaired commercial loans | 108,407 | 77,459 | 48,135 | |||||||||||||||||
Originated loans excluding impaired commercial loans | $ | 6,698,169 | $ | 5,861,178 | $ | 5,415,025 | ||||||||||||||
Allowance for loan losses as a percentage of year-end loans | 1.19 | % | 0.87 | % | 0.90 | % | ||||||||||||||
Allowance for loan losses on originated loans as a percentage of year-end originated loans | 1.25 | % | 0.95 | % | 0.94 | % | ||||||||||||||
Allowance for loan losses on originated loans as a percentage of year-end originated loans (excluding PPP loans) (2) | 1.31 | % | N.A. | N.A. | ||||||||||||||||
General reserves as a percentage of originated total loans less impaired commercial loans | 1.19 | % | 0.87 | % | 0.91 | % | ||||||||||||||
General reserves as a percentage of originated total loans less impaired commercial loans (excluding PPP loans) (2) | 1.24 | % | N.A. | N.A. |
Table 34 - Summary of Loan Loss Experience | ||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Average loans | $ | 6,990,458 | $ | 6,208,496 | $ | 5,460,664 | $ | 5,327,507 | $ | 5,122,862 | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | 56,679 | 51,512 | 49,988 | 50,624 | 56,494 | |||||||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||
Commercial, financial | ||||||||||||||||||||||||||||||||
and agricultural | 1,468 | 2,231 | 2,796 | 6,017 | 5,786 | |||||||||||||||||||||||||||
Construction real estate | 6 | — | 72 | 105 | 1,436 | |||||||||||||||||||||||||||
Residential real estate | 356 | 224 | 441 | 1,208 | 3,014 | |||||||||||||||||||||||||||
Commercial real estate | 1,824 | 415 | 281 | 1,798 | 412 | |||||||||||||||||||||||||||
Consumer | 6,634 | 8,307 | 9,962 | 10,275 | 10,151 | |||||||||||||||||||||||||||
Leases | 16 | — | — | — | — | |||||||||||||||||||||||||||
Total charge-offs | $ | 10,304 | $ | 11,177 | $ | 13,552 | $ | 19,403 | $ | 20,799 | ||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Commercial, financial | ||||||||||||||||||||||||||||||||
and agricultural | $ | 20,765 | $ | 1,241 | $ | 1,221 | $ | 809 | $ | 1,259 | ||||||||||||||||||||||
Construction real estate | 1,122 | 2,682 | 712 | 2,124 | 8,559 | |||||||||||||||||||||||||||
Residential real estate | 991 | 787 | 844 | 1,863 | 2,446 | |||||||||||||||||||||||||||
Commercial real estate | 738 | 720 | 272 | 810 | 3,671 | |||||||||||||||||||||||||||
Consumer | 3,629 | 4,742 | 4,078 | 4,603 | 4,094 | |||||||||||||||||||||||||||
Leases | 1 | 1 | 4 | 1 | 1 | |||||||||||||||||||||||||||
Total recoveries | $ | 27,246 | $ | 10,173 | $ | 7,131 | $ | 10,210 | $ | 20,030 | ||||||||||||||||||||||
Net (recoveries) charge-offs | $ | (16,942) | $ | 1,004 | $ | 6,421 | $ | 9,193 | $ | 769 | ||||||||||||||||||||||
Provision (recovery) included in earnings | 12,054 | 6,171 | 7,945 | 8,557 | (5,101) | |||||||||||||||||||||||||||
Ending balance | $ | 85,675 | $ | 56,679 | $ | 51,512 | $ | 49,988 | $ | 50,624 | ||||||||||||||||||||||
Ratio of net (recoveries) charge-offs to average loans | (0.24) | % | 0.02 | % | 0.12 | % | 0.17 | % | 0.02 | % | ||||||||||||||||||||||
Ratio of allowance for loan losses | ||||||||||||||||||||||||||||||||
to end of year loans | 1.19 | % | 0.87 | % | 0.90 | % | 0.93 | % | 0.96 | % |
Table 35 - Allocation of Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
December 31, | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
(In thousands) | Allowance | Percent of Loans Per Category | Allowance | Percent of Loans Per Category | Allowance | Percent of Loans Per Category | Allowance | Percent of Loans Per Category | Allowance | Percent of Loans Per Category | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 25,608 | 22.14 | % | $ | 20,203 | 18.23 | % | $ | 16,777 | 18.85 | % | $ | 15,022 | 19.61 | % | $ | 13,434 | 18.87 | % | ||||||||||||
Construction real estate | 7,288 | 4.78 | % | 5,311 | 5.10 | % | 4,463 | 4.36 | % | 4,430 | 3.38 | % | 5,247 | 3.58 | % | |||||||||||||||||
Residential real estate | 11,363 | 25.26 | % | 8,610 | 29.11 | % | 8,731 | 31.51 | % | 9,321 | 32.11 | % | 10,958 | 34.31 | % | |||||||||||||||||
Commercial real estate | 23,480 | 24.36 | % | 10,229 | 24.76 | % | 9,768 | 22.54 | % | 9,601 | 21.73 | % | 10,432 | 21.92 | % | |||||||||||||||||
Consumer | 17,418 | 23.12 | % | 12,211 | 22.34 | % | 11,773 | 22.70 | % | 11,614 | 23.11 | % | 10,553 | 21.26 | % | |||||||||||||||||
Leases | 518 | 0.34 | % | 115 | 0.46 | % | — | 0.04 | % | — | 0.06 | % | — | 0.06 | % | |||||||||||||||||
Total | $ | 85,675 | 100.00 | % | $ | 56,679 | 100.00 | % | $ | 51,512 | 100.00 | % | $ | 49,988 | 100.00 | % | $ | 50,624 | 100.00 | % |
Table 36 - Nonperforming Assets | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Nonaccrual loans | $ | 117,368 | $ | 90,080 | $ | 67,954 | $ | 72,056 | $ | 87,822 | ||||||||||||||||||||||
Accruing TDRs | 20,788 | 21,215 | 15,173 | 20,111 | 18,175 | |||||||||||||||||||||||||||
Loans past due 90 days or more and accruing | 1,458 | 2,658 | 2,243 | 1,792 | 2,086 | |||||||||||||||||||||||||||
Total nonperforming loans | $ | 139,614 | $ | 113,953 | $ | 85,370 | $ | 93,959 | $ | 108,083 | ||||||||||||||||||||||
OREO | 1,431 | 4,029 | 4,303 | 14,190 | 13,926 | |||||||||||||||||||||||||||
Other nonperforming assets | 3,164 | 3,599 | 3,464 | 4,849 | — | |||||||||||||||||||||||||||
Total nonperforming assets | $ | 144,209 | $ | 121,581 | $ | 93,137 | $ | 112,998 | $ | 122,009 | ||||||||||||||||||||||
Percentage of nonperforming loans to total loans | 1.95 | % | 1.75 | % | 1.50 | % | 1.75 | % | 2.05 | % | ||||||||||||||||||||||
Percentage of nonperforming assets to total loans | 2.01 | % | 1.87 | % | 1.64 | % | 2.10 | % | 2.31 | % | ||||||||||||||||||||||
Percentage of nonperforming assets to total assets | 1.55 | % | 1.42 | % | 1.19 | % | 1.50 | % | 1.63 | % |
Table 37 - Delinquency Status of Nonaccrual Loans | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||
(In thousands) | Balance | Percent of Total Loans | Balance | Percent of Total Loans | Balance | Percent of Total Loans | ||||||||||||||||||||||||||||||||
Nonaccrual loans - current | $ | 92,600 | 1.29 | % | $ | 66,282 | 1.02 | % | $ | 50,654 | 0.89 | % | ||||||||||||||||||||||||||
Nonaccrual loans - past due | 24,768 | 0.35 | % | 23,798 | 0.37 | % | 17,300 | 0.30 | % | |||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 117,368 | 1.64 | % | $ | 90,080 | 1.39 | % | $ | 67,954 | 1.19 | % |
Table 38 - Commercial Credit Trends | |||||||||||
Commercial loans * (In thousands) | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||
Pass rated | $ | 3,893,205 | $ | 3,418,159 | $ | 2,894,548 | |||||
Special Mention | 102,812 | 27,367 | 16,027 | ||||||||
Substandard | 109 | 973 | 481 | ||||||||
Impaired | 108,407 | 77,459 | 48,135 | ||||||||
Accruing PCI | 10,296 | 13,364 | 3,943 | ||||||||
Total | $ | 4,114,829 | $ | 3,537,322 | $ | 2,963,134 |
Table 39 - Impaired Commercial Loans | |||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Unpaid principal balance | $ | 109,062 | $ | 78,178 | $ | 59,381 | |||||||||||||||||
Prior charge-offs | 655 | 719 | 11,246 | ||||||||||||||||||||
Remaining principal balance | 108,407 | 77,459 | 48,135 | ||||||||||||||||||||
Specific reserves | 5,434 | 5,230 | 2,273 | ||||||||||||||||||||
Book value, after specific reserves | $ | 102,973 | $ | 72,229 | $ | 45,862 |
Table 40 - High Risk Industries Reserve | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | 4-Rated Balance | 4-Rated Balance - Originated | 4-Rated Balance - Purchased | Additional Reserve | |||||||||||||||||||
Hotels and accommodations | $ | 96,909 | $ | 93,090 | $ | 3,819 | $ | 1,391 | |||||||||||||||
Restaurants and food service | 33,409 | 27,880 | 5,529 | 637 | |||||||||||||||||||
Strip shopping centers | 177,706 | 156,605 | 21,101 | 1,731 | |||||||||||||||||||
Total | $ | 308,024 | $ | 277,575 | $ | 30,449 | $ | 3,759 |
Table 41 - Interest Rate Sensitivity | |||||||||||||||||||||||||||||||||||||||||
0-3 | 3-12 | 1-3 | 3-5 | Over 5 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Months | Months | Years | Years | Years | Total | |||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||
Investment securities (1) | $ | 79,137 | $ | 148,845 | $ | 267,816 | $ | 235,992 | $ | 341,509 | $ | 1,073,299 | |||||||||||||||||||||||||||||
Money market instruments | 214,878 | — | — | — | — | 214,878 | |||||||||||||||||||||||||||||||||||
Loans (1) | 2,059,193 | 1,371,030 | 2,206,936 | 1,013,253 | 527,373 | 7,177,785 | |||||||||||||||||||||||||||||||||||
Total interest earning assets | 2,353,208 | 1,519,875 | 2,474,752 | 1,249,245 | 868,882 | 8,465,962 | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
Interest bearing transaction accounts (2) | $ | 406,431 | $ | — | $ | 975,048 | $ | — | $ | — | $ | 1,381,479 | |||||||||||||||||||||||||||||
Savings accounts (2) | 1,218,889 | — | 1,378,938 | — | — | 2,597,827 | |||||||||||||||||||||||||||||||||||
Time deposits | 228,950 | 358,136 | 213,319 | 63,994 | 174 | 864,573 | |||||||||||||||||||||||||||||||||||
Other | — | 1,379 | — | — | — | 1,379 | |||||||||||||||||||||||||||||||||||
Total deposits | 1,854,270 | 359,515 | 2,567,305 | 63,994 | 174 | 4,845,258 | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 317,230 | — | 25,000 | — | — | 342,230 | |||||||||||||||||||||||||||||||||||
Long-term debt | 32,500 | — | — | — | — | 32,500 | |||||||||||||||||||||||||||||||||||
Subordinated notes | 15,000 | — | — | — | 172,774 | 187,774 | |||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 2,219,000 | 359,515 | 2,592,305 | 63,994 | 172,948 | 5,407,762 | |||||||||||||||||||||||||||||||||||
Interest rate sensitivity gap | 134,208 | 1,160,360 | (117,553) | 1,185,251 | 695,934 | 3,058,200 | |||||||||||||||||||||||||||||||||||
Cumulative rate sensitivity gap | 134,208 | 1,294,568 | 1,177,015 | 2,362,266 | 3,058,200 | ||||||||||||||||||||||||||||||||||||
Cumulative gap as a | |||||||||||||||||||||||||||||||||||||||||
percentage of total | |||||||||||||||||||||||||||||||||||||||||
interest earning assets | 1.59 | % | 15.29 | % | 13.90 | % | 27.90 | % | 36.12 | % |
Table 42 - Contractual Obligations (1) | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Payments Due In | |||||||||||||||||||||||||||||||||||||
0-1 | 1-3 | 3-5 | Over 5 | |||||||||||||||||||||||||||||||||||
(In thousands) | Note | Years | Years | Years | Years | Total | ||||||||||||||||||||||||||||||||
Deposits without stated maturity | 13 | $ | 6,707,785 | $ | — | $ | — | $ | — | $ | 6,707,785 | |||||||||||||||||||||||||||
Certificates of deposit | 13 | 557,693 | 242,713 | 63,994 | 173 | 864,573 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 15 | 342,230 | — | — | — | 342,230 | ||||||||||||||||||||||||||||||||
Long-term debt | 16 | — | 32,500 | — | — | 32,500 | ||||||||||||||||||||||||||||||||
Subordinated notes | 17 | — | — | — | 187,774 | 187,774 | ||||||||||||||||||||||||||||||||
Operating leases | 27 | 3,062 | 5,795 | 3,170 | 5,404 | 17,431 | ||||||||||||||||||||||||||||||||
Defined benefit pension plan (2) | 20 | 11,582 | 23,470 | 25,371 | 62,929 | 123,352 | ||||||||||||||||||||||||||||||||
Supplemental Executive Retirement Plan | 20 | 524 | 1,547 | 1,772 | 31,853 | 35,696 | ||||||||||||||||||||||||||||||||
Purchase obligations | 11,522 | — | — | — | 11,522 | |||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 7,634,398 | $ | 306,025 | $ | 94,307 | $ | 288,133 | $ | 8,322,863 |
Table 43 | ||||||||
(In thousands, except share data) | Treasury Shares | Number of Common Shares | ||||||
Balance at January 1, 2018 | $ | (87,079) | 15,288,194 | |||||
Cash payment for fractional shares in dividend reinvestment plan | — | (44) | ||||||
Common shares issued for the acquisition of NewDominion Bank | — | 435,457 | ||||||
Treasury shares repurchased | (5,784) | (50,000) | ||||||
Treasury shares reissued for share-based compensation awards | 1,304 | 12,921 | ||||||
Treasury shares reissued for director grants | 1,186 | 11,650 | ||||||
Balance at December 31, 2018 | $ | (90,373) | 15,698,178 | |||||
Cash payment for fractional shares in dividend reinvestment plan | — | (171) | ||||||
Common shares issued for the acquisition of CAB Financial Corporation | — | 1,037,205 | ||||||
Treasury shares repurchased | (40,535) | (421,253) | ||||||
Treasury shares reissued for share-based compensation awards | 1,926 | 18,983 | ||||||
Treasury shares reissued for director grants | 1,349 | 13,500 | ||||||
Balance at December 31, 2019 | $ | (127,633) | 16,346,442 | |||||
Cash payment for fractional shares in dividend reinvestment plan | — | (36) | ||||||
Treasury shares repurchased | (7,507) | (76,000) | ||||||
Treasury shares reissued for share-based compensation awards | 3,031 | 30,341 | ||||||
Treasury shares reissued for director grants | 1,343 | 13,450 | ||||||
Balance at December 31, 2020 | $ | (130,766) | 16,314,197 |
Table 44 - PNB and Park Capital Ratios | |||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||
Leverage | Tier 1 Risk-Based | Common Equity Tier 1 | Total Risk-Based | ||||||||||||||||||||
PNB | 8.59 | % | 10.66 | % | 10.66 | % | 12.16 | % | |||||||||||||||
Park | 9.63 | % | 11.92 | % | 11.72 | % | 15.43 | % | |||||||||||||||
Adequately capitalized ratio | % | % | % | % | |||||||||||||||||||
Adequately capitalized ratio plus capital conservation buffer | % | % | % | % | |||||||||||||||||||
Well-capitalized ratio - PNB | % | % | % | % | |||||||||||||||||||
Well-capitalized ratio - Park | N/A | 6.00 | % | N/A | 10.00 | % |
As of December 31, 2019 | |||||||||||||||||||||||
Leverage | Tier 1 Risk-Based | Common Equity Tier 1 | Total Risk-Based | ||||||||||||||||||||
PNB | 8.62 | % | 11.05 | % | 11.05 | % | 12.25 | % | |||||||||||||||
Park | 9.64 | % | 12.33 | % | 12.11 | % | 13.19 | % | |||||||||||||||
Adequately capitalized ratio | 4.00 | % | 6.00 | % | 4.50 | % | 8.00 | % | |||||||||||||||
Adequately capitalized ratio plus capital conservation buffer | 4.00 | % | 8.50 | % | 7.00 | % | 10.50 | % | |||||||||||||||
Well-capitalized ratio - PNB | 5.00 | % | 8.00 | % | 6.50 | % | 10.00 | % | |||||||||||||||
Well-capitalized ratio - Park | N/A | 6.00 | % | N/A | 10.00 | % |
/s/ David L. Trautman | /s/ Brady T. Burt | |||||||
David L. Trautman | Brady T. Burt | |||||||
Chairman of the Board and Chief Executive Officer | Chief Financial Officer, Secretary and Treasurer | |||||||
February 26, 2021 |
(In thousands, except share and per share data) | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Money market instruments | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Investment securities: | ||||||||||||||
Debt securities available-for-sale, at fair value (amortized cost of $ | ||||||||||||||
Other investment securities | ||||||||||||||
Total investment securities | ||||||||||||||
Total loans | ||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||
Net loans | ||||||||||||||
Other assets: | ||||||||||||||
Bank owned life insurance | ||||||||||||||
Prepaid assets | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Affordable housing tax credit investments | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Other real estate owned | ||||||||||||||
Mortgage loan servicing rights | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other | ||||||||||||||
Total other assets | ||||||||||||||
Total assets | $ | $ |
(In thousands, except share and per share data) | 2020 | 2019 | ||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest bearing | $ | $ | ||||||||||||
Interest bearing | ||||||||||||||
Total deposits | ||||||||||||||
Borrowings: | ||||||||||||||
Short-term borrowings | ||||||||||||||
Long-term debt | ||||||||||||||
Subordinated notes | ||||||||||||||
Total borrowings | ||||||||||||||
Other liabilities: | ||||||||||||||
Operating lease liability | ||||||||||||||
Accrued interest payable | ||||||||||||||
Unfunded commitments in affordable housing tax credit investments | ||||||||||||||
Other | ||||||||||||||
Total other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred shares ( | $ | $ | ||||||||||||
Common shares, | ||||||||||||||
Accumulated other comprehensive income (loss), net of taxes | ( | |||||||||||||
Retained earnings | ||||||||||||||
Less: Treasury shares ( | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
(In thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Interest and fees on loans | $ | $ | $ | |||||||||||||||||
Interest and dividends on: | ||||||||||||||||||||
Obligations of U.S. Government, its agencies and other securities - taxable | ||||||||||||||||||||
Obligations of states and political subdivisions - tax-exempt | ||||||||||||||||||||
Other interest income | ||||||||||||||||||||
Total interest and dividend income | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on deposits: | ||||||||||||||||||||
Demand and savings deposits | ||||||||||||||||||||
Time deposits | ||||||||||||||||||||
Interest on short-term borrowings | ||||||||||||||||||||
Interest on long-term debt | ||||||||||||||||||||
Total interest expense | ||||||||||||||||||||
Net interest income | ||||||||||||||||||||
Provision for loan losses | ||||||||||||||||||||
Net interest income after provision for loan losses | ||||||||||||||||||||
Other income: | ||||||||||||||||||||
Income from fiduciary activities | ||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||
Other service income | ||||||||||||||||||||
Debit card fee income | ||||||||||||||||||||
Bank owned life insurance income | ||||||||||||||||||||
ATM fees | ||||||||||||||||||||
Gain (loss) on the sale of OREO, net | ( | |||||||||||||||||||
Net gain (loss) on the sale of debt securities | ( | ( | ||||||||||||||||||
Gain on equity securities, net | ||||||||||||||||||||
Other components of net periodic benefit income | ||||||||||||||||||||
Gain on the sale of non-performing loans | ||||||||||||||||||||
Miscellaneous | ||||||||||||||||||||
Total other income | $ | $ | $ |
(In thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Other expense: | ||||||||||||||||||||
Salaries | $ | $ | $ | |||||||||||||||||
Employee benefits | ||||||||||||||||||||
Occupancy expense | ||||||||||||||||||||
Furniture and equipment expense | ||||||||||||||||||||
Data processing fees | ||||||||||||||||||||
Professional fees and services | ||||||||||||||||||||
Marketing | ||||||||||||||||||||
Insurance | ||||||||||||||||||||
Communication | ||||||||||||||||||||
State tax expense | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
FHLB prepayment penalty | ||||||||||||||||||||
Foundation contributions | ||||||||||||||||||||
Miscellaneous | ||||||||||||||||||||
Total other expense | ||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Income taxes | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Earnings per common share: | ||||||||||||||||||||
Basic | $ | $ | $ | |||||||||||||||||
Diluted | $ | $ | $ |
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss), net of income tax: | |||||||||||||||||
Defined benefit pension plan: | |||||||||||||||||
Amortization of net loss, net of income tax effect of $ | |||||||||||||||||
Unrealized net actuarial (loss) gain and prior service credit, net of income tax effect of $( | ( | ( | |||||||||||||||
Change in funded status of defined benefit pension plan, net of income tax effect | ( | ( | |||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Net (gain) loss realized on sale of securities, net of income tax effect of $( | ( | ||||||||||||||||
Unrealized gains on debt securities transferred from HTM to AFS, net of income tax effect of $ | |||||||||||||||||
Change in unrealized securities holding gain (loss), net of income tax effect of $ | ( | ||||||||||||||||
Unrealized net holding gain (loss) on securities available-for-sale, net of income tax effect | ( | ||||||||||||||||
Cash flow hedging derivatives: | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives, net of income tax effect of $( | ( | ( | |||||||||||||||
Unrealized net holding loss on cash flow hedging derivatives, net of income tax effect | ( | ( | |||||||||||||||
Other comprehensive income (loss) | $ | $ | $ | ( | |||||||||||||
Comprehensive income | $ | $ | $ |
Preferred Shares | Common Shares | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | Shares Outstanding | Amount | Shares Outstanding | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2018, as previously presented | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle for marketable equity securities, net of income tax | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018, as adjusted | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Reclassification of disproportionate income tax effects | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends, $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 435,457 common shares for the acquisition of NewDominion Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 18,800 common shares under share-based compensation awards, net of 5,879 common shares withheld to pay employee income taxes | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares reissued for director grants | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle for leases, net of income tax | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018, as adjusted | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends, $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 1,037,205 common shares for the acquisition of CAB Financial Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 27,719 common shares under share-based compensation awards, net of 8,736 common shares withheld to pay employee income taxes | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares reissued for director grants | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( |
Preferred Shares | Common Shares | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | Shares Outstanding | Amount | Shares Outstanding | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends, $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 30,341 common shares under share-based compensation awards, net of 14,038 common shares withheld to pay employee income taxes | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares reissued for director grants | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ |
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for loan losses | ||||||||||||||||||||
Accretion of loan fees and costs, net | ( | ( | ( | |||||||||||||||||
Net accretion of purchase accounting adjustments | ( | ( | ( | |||||||||||||||||
Depreciation of premises and equipment | ||||||||||||||||||||
Amortization of investment securities, net | ||||||||||||||||||||
Borrowing prepayment penalty | ||||||||||||||||||||
(Increase) decrease in deferred income tax | ( | ( | ||||||||||||||||||
Realized net investment securities (gains) losses | ( | |||||||||||||||||||
Gain on equity securities, net | ( | ( | ( | |||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||
Loan originations to be sold in secondary market | ( | ( | ( | |||||||||||||||||
Proceeds from sale of loans in secondary market | ||||||||||||||||||||
Gain on sale of loans in secondary market | ( | ( | ( | |||||||||||||||||
Gain on sale of nonperforming loans | ( | |||||||||||||||||||
(Gain) loss on sale of OREO, net | ( | ( | ||||||||||||||||||
Bank owned life insurance income | ( | ( | ( | |||||||||||||||||
Investment in qualified affordable housing tax credits amortization | ||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Increase in prepaid dealer premiums | ( | ( | ( | |||||||||||||||||
Decrease in other assets | ||||||||||||||||||||
(Decrease) increase in other liabilities | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | |||||||||||||||||
Investing activities: | ||||||||||||||||||||
Proceeds from redemption/repurchase of Federal Home Loan Bank stock | ||||||||||||||||||||
Proceeds from sales of debt securities | ||||||||||||||||||||
Proceeds from calls and maturities of: | ||||||||||||||||||||
HTM debt securities | ||||||||||||||||||||
AFS debt securities | ||||||||||||||||||||
Purchase of: | ||||||||||||||||||||
HTM debt securities | ( | |||||||||||||||||||
AFS debt securities | ( | ( | ||||||||||||||||||
Equity securities | ( | ( | ( | |||||||||||||||||
Federal Reserve Bank stock | ( | |||||||||||||||||||
Net decrease in other investments | ||||||||||||||||||||
Net loan originations, portfolio loans | ( | ( | ( |
Park National Corporation and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
for the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Proceeds from the sale of nonperforming loans | ||||||||||||||||||||
Proceeds from the sale of OREO | ||||||||||||||||||||
Life insurance death benefits | ||||||||||||||||||||
Purchases of bank owned life insurance | ( | |||||||||||||||||||
Investment in qualified affordable housing tax credits | ( | ( | ||||||||||||||||||
Purchases of premises and equipment | ( | ( | ( | |||||||||||||||||
Cash (paid for) received from acquisitions, net | ( | |||||||||||||||||||
Net cash (used in) provided by investing activities | $ | ( | $ | $ | ||||||||||||||||
Financing activities | ||||||||||||||||||||
Net increase in deposits | ||||||||||||||||||||
Net (increase) decrease in OWS deposits | ( | |||||||||||||||||||
Net increase (decrease) in short-term borrowings | ( | ( | ||||||||||||||||||
Proceeds from issuance of long-term debt | ||||||||||||||||||||
Proceeds from issuance of subordinated notes | ||||||||||||||||||||
Repayment of long-term debt | ( | (258,112) | ( | |||||||||||||||||
Value of common shares withheld to pay employee income taxes | ( | ( | ( | |||||||||||||||||
Repurchase of common shares to be held as treasury shares | ( | ( | ( | |||||||||||||||||
Cash dividends paid | ( | ( | ( | |||||||||||||||||
Net cash provided by (used in) financing activities | $ | $ | ( | $ | ( | |||||||||||||||
Increase (decrease) in cash and cash equivalents | ( | ( | ||||||||||||||||||
Cash and cash equivalents at beginning of year | ||||||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ | |||||||||||||||||
Cash paid for: | ||||||||||||||||||||
Interest | $ | $ | $ | |||||||||||||||||
Federal income taxes | ||||||||||||||||||||
Non cash items: | ||||||||||||||||||||
Transfer of debt securities from HTM to AFS | $ | $ | $ | |||||||||||||||||
Loans transferred to OREO | ||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | ||||||||||||||||||||
Loans transferred to foreclosed assets | ||||||||||||||||||||
New commitments in affordable housing tax credit investments |
Buildings | |||||
Building improvements | |||||
Equipment, furniture and fixtures | |||||
Leasehold improvements | Shorter of the remaining lease period or the estimated useful life of the improvement |
(in thousands) | |||||
Consideration | |||||
Cash | $ | ||||
Park common shares | |||||
Fair value of total consideration transferred | $ | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | ||||
Securities | |||||
Loans | |||||
Premises and equipment | |||||
Core deposit intangibles | |||||
Other assets | |||||
Total assets acquired | $ | ||||
Deposits | $ | ||||
Other liabilities | |||||
Total liabilities assumed | |||||
Net identifiable assets | |||||
Goodwill | $ |
(in thousands) | Book Balance | Fair Value | |||||||||
Commercial, financial and agricultural | $ | $ | |||||||||
Commercial real estate | |||||||||||
Construction real estate: | |||||||||||
Commercial | |||||||||||
Mortgage | |||||||||||
Residential real estate: | |||||||||||
Commercial | |||||||||||
Mortgage | |||||||||||
HELOC | |||||||||||
Consumer | |||||||||||
Leases | |||||||||||
Purchased credit impaired | |||||||||||
Total loans | $ | $ |
Twelve months ended December 31, | |||||||||||
(dollars in thousands, except per share data) | 2019 | 2018 | |||||||||
Net interest income | $ | $ | |||||||||
Net income | |||||||||||
Basic earnings per share | |||||||||||
Diluted earnings per share |
(In thousands) | Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | — | $ | |||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | ||||||||||||||||||||||||||
Corporate debt securities | — | |||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||
2019: | ||||||||||||||||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | $ | $ | — | $ | |||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||
2019: | ||||||||||||||||||||||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(In thousands) | Amortized Cost | Fair Value | Tax Equivalent Yield (1) | |||||||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||
Due five through ten years | $ | $ | % | |||||||||||||||||
Obligations of states and political subdivisions | ||||||||||||||||||||
Due five through ten years | $ | $ | % | |||||||||||||||||
Due greater than ten years | % | |||||||||||||||||||
Total | $ | $ | % | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | $ | $ | % |
(In thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||
FHLB stock | $ | $ | ||||||||||||
FRB stock | ||||||||||||||
Equity investments carried at fair value | ||||||||||||||
Equity investments carried at modified cost (1) | ||||||||||||||
Equity investments carried at net asset value | ||||||||||||||
Total other investment securities | $ | $ |
12/31/2020 | 12/31/2019 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Loan Balance | Accrued Interest Receivable | Recorded Investment | Loan Balance | Accrued Interest Receivable | Recorded Investment | |||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural * | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Commercial real estate * | |||||||||||||||||||||||||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
HELOC | |||||||||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
12/31/2020 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans | Accruing TDRs | Loans Past Due 90 Days or More and Accruing | Total Nonperforming Loans | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
12/31/2019 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans | Accruing TDRs | Loans Past Due 90 Days or More and Accruing | Total Nonperforming Loans | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
12/31/2020 | 12/31/2019 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Nonaccrual and Accruing TDRs | Loans Individually Evaluated for Impairment | Loans Collectively Evaluated for Impairment | Nonaccrual and Accruing TDRs | Loans Individually Evaluated for Impairment | Loans Collectively Evaluated for Impairment | |||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Mortgage | |||||||||||||||||||||||||||||||||||||||||
HELOC | |||||||||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
12/31/2020 | 12/31/2019 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | — | $ | $ | $ | — | |||||||||||||||||||||||||||||||||
Commercial real estate | — | — | |||||||||||||||||||||||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | |||||||||||||||||||||||||||||||||||||||
Leases | — | — | — | — | |||||||||||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Year ended December 31, 2020 | ||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2020 | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||
Leases | — | |||||||||||||||||||
Total | $ | $ | $ |
Year ended December 31, 2019 | ||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2019 | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||
Leases | — | |||||||||||||||||||
Total | $ | $ | $ |
Year ended December 31, 2018 | ||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2018 | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||
Leases | — | — | — | |||||||||||||||||
Total | $ | $ | $ |
12/31/2020 | ||||||||||||||||||||||||||||||||
(In thousands) | Accruing Loans Past Due 30-89 Days | Past Due Nonaccrual Loans and Loans Past Due 90 Days or More and Accruing (1) | Total Past Due | Total Current (2) | Total Recorded Investment | |||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||||||||
Commercial | — | |||||||||||||||||||||||||||||||
Mortgage | — | |||||||||||||||||||||||||||||||
Installment | — | |||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
12/31/2019 | ||||||||||||||||||||||||||||||||
(In thousands) | Accruing Loans Past Due 30-89 Days | Past Due, Nonaccrual Loans and Loans Past Due 90 Days or More and Accruing (1) | Total Past Due | Total Current (2) | Total Recorded Investment | |||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||||||||||
Mortgage | — | |||||||||||||||||||||||||||||||
Installment | — | |||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
Commercial | — | |||||||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
12/31/2020 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Nonaccrual and Accruing TDRs | Purchased Credit Impaired (1) | Pass-Rated | Recorded Investment | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural* | $ | $ | — | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Commercial real estate* | $ | |||||||||||||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial | — | $ | ||||||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial | $ | |||||||||||||||||||||||||||||||||||||
Leases | — | $ | ||||||||||||||||||||||||||||||||||||
Total Commercial Loans | $ | $ | $ | $ | $ | $ |
12/31/2019 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Nonaccrual and Accruing TDRs | Purchased Credit Impaired (1) | Pass Rated | Recorded Investment | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural* | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial real estate* | ||||||||||||||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Leases | — | — | ||||||||||||||||||||||||||||||||||||
Total Commercial Loans | $ | $ | $ | $ | $ | $ |
Year ended December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||
Commercial real estate | — | |||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||||
Mortgage | — | |||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total loans | $ | $ | $ |
Year ended December 31, 2019 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Commercial | — | |||||||||||||||||||||||||
Mortgage | — | |||||||||||||||||||||||||
Installment | — | — | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | — | |||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total loans | $ | $ | $ |
Year ended December 31, 2018 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||||
Mortgage | — | — | ||||||||||||||||||||||||
Installment | — | |||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Total loans | $ | $ | $ |
Year ended December 31, 2020 | Year ended December 31, 2019 | Year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | ||||||||||||||||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||||||||||||||||||||
Mortgage | — | — | ||||||||||||||||||||||||||||||||||||
Installment | — | — | ||||||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial | — | — | ||||||||||||||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||||||||||||||||
HELOC | — | |||||||||||||||||||||||||||||||||||||
Installment | — | |||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Leases | — | — | ||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | 4-Rated Balance | 4-Rated Balance - Originated | 4-Rated Balance - Purchased | Additional Reserve | |||||||||||||||||||
Hotels and accommodations | $ | $ | $ | $ | |||||||||||||||||||
Restaurants and food service | |||||||||||||||||||||||
Strip shopping centers | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net (recoveries) charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
(Recovery) Provision | ( | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Provision (Recovery) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ |
Year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Charge-offs | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Provision (Recovery) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Commercial, financial, and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | |||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loan balance: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||||||||||||||||
Total ending loan balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Total | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Recorded investment: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | |||||||||||||||||||||||||||||||||||||||||
Total ending recorded investment | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Commercial, financial, and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Acquired with deteriorated credit quality | |||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loan balance: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | |||||||||||||||||||||||||||||||||||||||||
Total ending loan balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Total | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Recorded investment: | |||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | |||||||||||||||||||||||||||||||||||||||||
Total ending recorded investment | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | Goodwill | Other Intangible Assets | Total | |||||||||||||||||
January 1, 2018 | $ | $ | $ | |||||||||||||||||
Acquired goodwill and other intangible assets | ||||||||||||||||||||
Amortization | — | |||||||||||||||||||
December 31, 2018 | $ | $ | $ | |||||||||||||||||
Acquired goodwill and other intangible assets | ||||||||||||||||||||
Amortization | — | |||||||||||||||||||
Trade name intangible impairment | — | |||||||||||||||||||
December 31, 2019 | $ | $ | $ | |||||||||||||||||
Acquired goodwill and other intangible assets | ||||||||||||||||||||
Amortization | — | |||||||||||||||||||
December 31, 2020 | $ | $ | $ |
2020 | 2019 | ||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization/Impairment | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||
Other intangible assets: | |||||||||||||||||||||||
Core deposit intangibles | $ | $ | $ | $ | |||||||||||||||||||
Trade name intangible | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(in thousands) | Total | |||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 |
(In thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||
OREO: | ||||||||||||||
Commercial real estate | $ | $ | ||||||||||||
Construction real estate | ||||||||||||||
Residential real estate | ||||||||||||||
Total OREO | $ | $ | ||||||||||||
Loans in process of foreclosure: | ||||||||||||||
Residential real estate | $ | $ |
December 31 (In thousands) | 2020 | 2019 | ||||||||||||
Land | $ | $ | ||||||||||||
Buildings | ||||||||||||||
Equipment, furniture and fixtures | ||||||||||||||
Leasehold improvements | ||||||||||||||
Total | $ | $ | ||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Premises and equipment, net | $ | $ |
December 31 (In thousands) | 2020 | 2019 | ||||||||||||
Equipment | $ | $ | ||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Leased assets, net | $ | $ |
(In thousands) | December 31, 2020 | December 31, 2019 | |||||||||
Affordable housing tax credit investments | $ | $ | |||||||||
Unfunded commitments |
December 31 (In thousands) | 2020 | 2019 | ||||||||||||
Non-interest bearing | $ | $ | ||||||||||||
Interest bearing | ||||||||||||||
Total | $ | $ |
(In thousands) | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
After 5 years | ||||||||
Total | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(In thousands) | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 days | 30 - 90 days | Greater than 90 days | Total | ||||||||||||||||||||||||||||
U.S. government and agency securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
(In thousands) | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 days | 30 - 90 days | Greater than 90 days | Total | ||||||||||||||||||||||||||||
U.S. government and agency securities | $ | $ | $ | $ | $ |
December 31 (In thousands) | 2020 | 2019 | ||||||||||||
Securities sold under agreements to repurchase | $ | $ | ||||||||||||
FHLB advances | ||||||||||||||
Total short-term borrowings | $ | $ |
(In thousands) | Repurchase agreements | FHLB Advances | ||||||||||||
2020 | ||||||||||||||
Ending balance | $ | $ | ||||||||||||
Highest month-end balance | ||||||||||||||
Average daily balance | ||||||||||||||
Weighted-average interest rate: | ||||||||||||||
As of year-end | % | % | ||||||||||||
Paid during the year | % | % | ||||||||||||
2019 | ||||||||||||||
Ending balance | $ | $ | ||||||||||||
Highest month-end balance | ||||||||||||||
Average daily balance | ||||||||||||||
Weighted-average interest rate: | ||||||||||||||
As of year-end | % | % | ||||||||||||
Paid during the year | % | % |
December 31, | 2020 | 2019 | ||||||||||||||||||||||||
(In thousands) | Outstanding Balance | Interest Rate | Outstanding Balance | Interest Rate | ||||||||||||||||||||||
Total Federal Home Loan Bank advances by year of maturity: | ||||||||||||||||||||||||||
2020 | $ | — | — | % | $ | % | ||||||||||||||||||||
2021 | % | % | ||||||||||||||||||||||||
2022 | % | % | ||||||||||||||||||||||||
2023 | % | % | ||||||||||||||||||||||||
2024 | % | % | ||||||||||||||||||||||||
2025 | % | % | ||||||||||||||||||||||||
Thereafter | % | % | ||||||||||||||||||||||||
Total | $ | % | $ | % | ||||||||||||||||||||||
Total U.S. Bank term note by year of maturity: | ||||||||||||||||||||||||||
2022 | $ | % | % | |||||||||||||||||||||||
Total | $ | % | % | |||||||||||||||||||||||
Total combined long-term debt by year of maturity: | ||||||||||||||||||||||||||
2020 | $ | — | — | % | % | |||||||||||||||||||||
2021 | % | % | ||||||||||||||||||||||||
2022 | % | % | ||||||||||||||||||||||||
2023 | % | % | ||||||||||||||||||||||||
2024 | % | % | ||||||||||||||||||||||||
2025 | % | % | ||||||||||||||||||||||||
Thereafter | % | % | ||||||||||||||||||||||||
Total | $ | % | $ | % |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||
(In thousands, except weighted average data) | Borrowing Derivatives | Loan Derivatives | Borrowing Derivatives | Loan Derivatives | ||||||||||||||||
Notional amounts | $ | $ | $ | $ | ||||||||||||||||
Weighted average pay rates | % | % | % | % | ||||||||||||||||
Weighted average receive rates | % | % | % | % | ||||||||||||||||
Weighted average maturity (years) | ||||||||||||||||||||
Unrealized losses | $ | $ | $ | $ |
Year ended December 31, 2020 | ||||||||||||||
(In thousands) | Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Amount of Gain (Loss) Reclassified from OCI to Interest Income | Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) | |||||||||||
Interest rate contracts | $ | ( | $ | $ |
Year ended December 31, 2019 | ||||||||||||||
(In thousands) | Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Amount of Gain (Loss) Reclassified from OCI to Interest Income | Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) | |||||||||||
Interest rate contracts | $ | ( | $ | $ |
Year ended December 31, 2018 | ||||||||||||||
(In thousands) | Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Amount of Gain (Loss) Reclassified from OCI to Interest Income | Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) | |||||||||||
Interest rate contracts | $ | $ | $ |
(In thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||
Included in other assets: | ||||||||||||||||||||||||||
Borrowing derivatives - interest rate swaps related to FHLB advances | $ | $ | $ | $ | ||||||||||||||||||||||
Loan derivatives - instruments associated with loans | ||||||||||||||||||||||||||
Matched interest rate swaps with borrower | ||||||||||||||||||||||||||
Matched interest rate swaps with counterparty | ||||||||||||||||||||||||||
Total included in other assets | $ | $ | $ | $ | ||||||||||||||||||||||
Included in other liabilities: | ||||||||||||||||||||||||||
Borrowing derivatives - interest rate swaps related to FHLB advances | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Loan derivatives - instruments associated with loans | ||||||||||||||||||||||||||
Matched interest rate swaps with borrower | ( | |||||||||||||||||||||||||
Matched interest rate swaps with counterparty | ( | ( | ||||||||||||||||||||||||
Total included in other liabilities | $ | $ | ( | $ | $ | ( |
Common shares subject to PBRSUs and TBRSUs | |||||
Nonvested at January 1, 2019 | |||||
Granted | |||||
Vested | ( | ||||
Forfeited | ( | ||||
Adjustment for performance conditions of PBRSUs (1) | ( | ||||
Nonvested at January 1, 2020 | |||||
Granted | |||||
Vested | ( | ||||
Forfeited | ( | ||||
Adjustment for performance conditions of PBRSUs (1) | ( | ||||
Nonvested at December 31, 2020 (2) |
(In thousands) | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Total | $ |
(In thousands) | 2020 | 2019 | ||||||||||||
Change in fair value of plan assets | ||||||||||||||
Fair value at beginning of measurement period | $ | $ | ||||||||||||
Actual return on plan assets | ||||||||||||||
Employer contributions | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Fair value at end of measurement period | $ | $ | ||||||||||||
Change in benefit obligation | ||||||||||||||
Projected benefit obligation at beginning of measurement period | $ | $ | ||||||||||||
Service cost | ||||||||||||||
Interest cost | ||||||||||||||
Plan amendments | ( | |||||||||||||
Actuarial loss | ||||||||||||||
Benefits paid | ( | ( | ||||||||||||
Projected benefit obligation at the end of measurement period | $ | $ | ||||||||||||
Funded status at end of year (fair value of plan assets less benefit obligation) | $ | $ |
Percentage of Plan Assets | ||||||||||||||||||||
Asset category | Target Allocation | 2020 | 2019 | |||||||||||||||||
Equity securities | 50% - 100% | % | % | |||||||||||||||||
Fixed income and cash equivalents | remaining balance | % | % | |||||||||||||||||
Total | % | % |
2020 | 2019 | 2018 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Rate of compensation increase | ||||||||||||||||||||
Under age 30 | % | % | % | |||||||||||||||||
Ages 30-39 | % | % | % | |||||||||||||||||
Ages 40-49 | % | % | % | |||||||||||||||||
Ages 50-54 | % | % | % | |||||||||||||||||
Ages 55-59 | % | % | % | |||||||||||||||||
Ages 60-64 | % | % | % | |||||||||||||||||
Ages 65 and over | % | % | % |
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026-2030 | |||||
Total | $ |
(In thousands) | 2020 | 2019 | ||||||||||||
Prior service credit | $ | $ | ||||||||||||
Net actuarial loss | ( | ( | ||||||||||||
Total | ( | ( | ||||||||||||
Deferred taxes | ||||||||||||||
Accumulated other comprehensive loss | $ | ( | $ | ( |
(In thousands) | 2020 | 2019 | 2018 | Affected Line Item in the Consolidated Statements of Income | |||||||||||||||||||
Components of net periodic benefit income (loss) and other amounts recognized in other comprehensive income (loss) | |||||||||||||||||||||||
Service cost | $ | ( | $ | ( | $ | ( | Employee benefits | ||||||||||||||||
Interest cost | ( | ( | ( | Other components of net periodic benefit income | |||||||||||||||||||
Expected return on plan assets | Other components of net periodic benefit income | ||||||||||||||||||||||
Recognized net actuarial loss and prior service cost | ( | ( | ( | Other components of net periodic benefit income | |||||||||||||||||||
Net periodic benefit (loss) income | $ | ( | $ | ( | $ | ||||||||||||||||||
Net actuarial (loss) gain and prior service cost | $ | ( | $ | $ | ( | ||||||||||||||||||
Amortization of net loss | |||||||||||||||||||||||
Total recognized in other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Total recognized in net benefit (loss) income and other comprehensive (loss) income | $ | ( | $ | $ | ( |
2020 | 2019 | 2018 | ||||||||||||||||||
Discount rate | % | % | % | |||||||||||||||||
Rate of compensation increase | ||||||||||||||||||||
Under age 30 | % | % | % | |||||||||||||||||
Ages 30-39 | % | % | % | |||||||||||||||||
Ages 40-49 | % | % | % | |||||||||||||||||
Ages 50 and over | % | % | % | |||||||||||||||||
Expected long-term return on plan assets | % | % | % |
December 31 (In thousands) | 2020 | 2019 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for loan losses | $ | $ | ||||||||||||
Accumulated other comprehensive loss – Pension Plan | ||||||||||||||
Accumulated other comprehensive loss – Unrealized losses on swaps | ||||||||||||||
Deferred compensation | ||||||||||||||
OREO valuation adjustments | ||||||||||||||
Net deferred loan fees | ||||||||||||||
Deferred contract bonus | ||||||||||||||
Nonvested equity-based compensation | ||||||||||||||
Net operating loss ("NOL") carryforward | ||||||||||||||
Operating lease liability | ||||||||||||||
Other | ||||||||||||||
Total deferred tax assets | $ | $ | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Accumulated other comprehensive loss - Unrealized gains on securities | $ | $ | ||||||||||||
Fixed assets | ||||||||||||||
Deferred investment income | ||||||||||||||
Pension Plan | ||||||||||||||
MSRs | ||||||||||||||
Partnership adjustments | ||||||||||||||
Purchase accounting adjustments | ||||||||||||||
Operating lease right-of-use asset | ||||||||||||||
Lessor adjustments | ||||||||||||||
Other | ||||||||||||||
Total deferred tax liabilities | $ | $ | ||||||||||||
Net deferred tax liability | $ | ( | $ | ( | ||||||||||
December 31, (In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Currently payable | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Amortization of qualified affordable housing projects | ||||||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | ( | ( | ||||||||||||||||||
State | ( | |||||||||||||||||||
Total | $ | $ | $ |
2020 | 2019 | 2018 | ||||||||||||||||||
Statutory federal corporate income tax rate | % | % | % | |||||||||||||||||
Changes in rates resulting from: | ||||||||||||||||||||
Tax exempt interest income, net of disallowed interest | ( | % | ( | % | ( | % | ||||||||||||||
Bank owned life insurance | ( | % | ( | % | ( | % | ||||||||||||||
Investments in qualified affordable housing projects, net of tax benefits | ( | % | ( | % | ( | % | ||||||||||||||
KSOP dividend deduction | ( | % | ( | % | ( | % | ||||||||||||||
Non-taxable gain on NewDominion common stock | % | % | ( | % | ||||||||||||||||
Other | % | % | % | |||||||||||||||||
Effective Tax Rate | % | % | % |
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
January 1 Balance | $ | $ | $ | |||||||||||||||||
Additions based on tax positions related to the current year | ||||||||||||||||||||
Additions for tax positions of prior years | ||||||||||||||||||||
Reductions for tax positions of prior years | ( | |||||||||||||||||||
Reductions due to statute of limitations | ( | ( | ( | |||||||||||||||||
December 31 Balance | $ | $ | $ |
Year ended December 31, (in thousands) | Changes in Pension Plan assets and benefit obligations | Unrealized gains (losses) on AFS debt securities | Unrealized net holding loss on cash flow hedge | Total | |||||||||||||||||||||||||
Beginning balance at January 1, 2020 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | $ | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (income) | ( | $ | ( | ||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||
Ending balance at December 31, 2020 | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||
Beginning balance at January 1, 2019 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications (1) | ( | $ | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | $ | ||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Ending balance at December 31, 2019 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Beginning balance at January 1, 2018, as previously presented | $ | ( | $ | ( | $ | — | $ | ( | |||||||||||||||||||||
Cumulative effect of change in accounting principle for marketable equity securities, net of tax | — | ( | — | ( | |||||||||||||||||||||||||
Beginning balance at January 1, 2018, as adjusted | ( | ( | — | ( | |||||||||||||||||||||||||
Reclassification of disproportionate income tax effects | ( | ( | — | ( | |||||||||||||||||||||||||
Net current period activity | |||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | — | ( | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | ||||||||||||||||||||||||||||
Net current period other comprehensive loss | ( | ( | — | ( | |||||||||||||||||||||||||
Ending balance at December 31, 2018 | $ | ( | $ | ( | $ | — | $ | ( |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||||||||
Amortization of net loss | $ | Employee benefits | |||||||||||||||||||||
Income before income taxes | Income before income taxes | ||||||||||||||||||||||
Income taxes | Income taxes | ||||||||||||||||||||||
Net of income tax | $ | $ | $ | Net income | |||||||||||||||||||
Unrealized gains & losses on AFS debt securities | |||||||||||||||||||||||
(Gain) loss on the sale of debt securities | $ | ( | $ | $ | Net gain (loss) on the sale of debt securities | ||||||||||||||||||
(Income) loss before income taxes | ( | Income before income taxes | |||||||||||||||||||||
Income tax (benefit) expense | ( | Income taxes | |||||||||||||||||||||
Net of income (benefit) tax | $ | ( | $ | $ | Net income |
Year ended December 31 (In thousands, except share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Denominator: | ||||||||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||
Effect of dilutive PBRSUs and TBRSUs | ||||||||||||||||||||
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs | ||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | |||||||||||||||||
Diluted earnings per common share | $ | $ | $ |
December 31 (In thousands) | 2020 | 2019 | ||||||||||||
Loan commitments | $ | $ | ||||||||||||
Standby letters of credit |
December 31 (In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
MSRs: | ||||||||||||||||||||
Carrying amount, net, beginning of year | $ | $ | $ | |||||||||||||||||
Additions | ||||||||||||||||||||
Amortization | ( | ( | ( | |||||||||||||||||
Change in valuation allowance | ( | ( | ||||||||||||||||||
Carrying amount, net, end of year | $ | $ | $ | |||||||||||||||||
Valuation allowance: | ||||||||||||||||||||
Beginning of year | $ | $ | $ | |||||||||||||||||
Change in valuation allowance | ( | |||||||||||||||||||
End of year | $ | $ | $ |
(Dollars in thousands) | Year ended December 31, 2020 | Year ended December 31, 2019 | |||||||||
Lease cost | |||||||||||
Operating lease cost | $ | $ | |||||||||
Sublease income | ( | ( | |||||||||
Total lease cost | $ | $ | |||||||||
Other information | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
ROU assets obtained in exchange for new operating lease liabilities | |||||||||||
Reductions to ROU assets resulting from reductions to lease obligations | $ | ( | $ | ( |
(in thousands) | December 31, 2020 | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total undiscounted minimum lease payments | $ | ||||
Less: imputed interest | ( | ||||
Total lease liabilities | $ |
Fair Value Measurements at December 31, 2020 using: | ||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | $ | — | $ | ||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | — | ||||||||||||||||||||||||
Corporate debt securities | — | — | $ | |||||||||||||||||||||||
Equity securities | — | |||||||||||||||||||||||||
Mortgage loans held for sale | — | — | ||||||||||||||||||||||||
Mortgage IRLCs | — | — | ||||||||||||||||||||||||
Loan interest rate swaps | — | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Fair value swap | $ | — | $ | — | $ | $ | ||||||||||||||||||||
Borrowing interest rate swap | — | — | $ | |||||||||||||||||||||||
Loan interest rate swaps | — | — | $ |
Fair Value Measurements at December 31, 2019 using: | ||||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2019 | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | $ | |||||||||||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | $ | — | $ | $ | — | $ | ||||||||||||||||||||||||||
Equity securities | — | |||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | ||||||||||||||||||||||||||||||
Mortgage IRLCs | — | — | ||||||||||||||||||||||||||||||
Loan interest rate swaps | — | — | $ | |||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Fair value swap | $ | — | $ | — | $ | $ | ||||||||||||||||||||||||||
Borrowing interest rate swap | — | — | $ | |||||||||||||||||||||||||||||
Loan interest rate swaps | — | — | $ |
Level 3 Fair Value Measurements | ||||||||||||||
(In thousands) | Equity Securities | Fair Value Swap | ||||||||||||
Balance at January 1, 2020 | $ | $ | ( | |||||||||||
Total Gains (Losses) | ||||||||||||||
Included in other income | ||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | |||||||||||
Balance at January 1, 2019 | $ | $ | ( | |||||||||||
Total Gains (Losses) | ||||||||||||||
Included in other income | ||||||||||||||
Balance at December 31, 2019 | $ | $ | ( |
Fair Value Measurements at December 31, 2020 Using: | ||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||
Impaired loans recorded at fair value: | ||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | $ | ||||||||||||||||||||
Residential real estate | — | — | ||||||||||||||||||||||||
Total impaired loans recorded at fair value | $ | — | $ | — | $ | $ | ||||||||||||||||||||
MSRs | $ | — | $ | $ | — | $ | ||||||||||||||||||||
OREO recorded at fair value: | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Total OREO recorded at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Other repossessed assets | $ | $ | $ | $ |
Fair Value Measurements at December 31, 2019 Using: | ||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2019 | ||||||||||||||||||||||
Impaired loans recorded at fair value: | ||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | $ | ||||||||||||||||||||
Residential real estate | — | — | ||||||||||||||||||||||||
Total impaired loans recorded at fair value | $ | — | $ | — | $ | $ | ||||||||||||||||||||
MSRs | $ | — | $ | $ | — | $ | ||||||||||||||||||||
OREO recorded at fair value: | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||
Total OREO recorded at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Other repossessed assets | $ | — | $ | — | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Prior Charge-Offs | Specific Valuation Allowance | Carrying Balance | ||||||||||||||||||||||
Impaired loans recorded at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Remaining impaired loans | ||||||||||||||||||||||||||
Total impaired loans | $ | $ | $ | $ |
December 31, 2019 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Prior Charge-Offs | Specific Valuation Allowance | Carrying Balance | ||||||||||||||||||||||
Impaired loans recorded at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Remaining impaired loans | ||||||||||||||||||||||||||
Total impaired loans | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | ||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||
Commercial real estate | $ | Sales comparison approach | Adj to comparables | |||||||||||||||||||||||
Income approach | Capitalization rate | |||||||||||||||||||||||||
Cost approach | Entrepreneurial profit | |||||||||||||||||||||||||
Cost approach | Accumulated depreciation | |||||||||||||||||||||||||
Residential real estate | $ | Sales comparison approach | Adj to comparables | |||||||||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||
Residential real estate | $ | Sales comparison approach | Adj to comparables |
December 31, 2019 | ||||||||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | ||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||
Commercial real estate | $ | Sales comparison approach | Adj to comparables | |||||||||||||||||||||||
Cost approach | Accumulated depreciation | |||||||||||||||||||||||||
Residential real estate | $ | Sales comparison approach | Adj to comparables | |||||||||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||
Commercial real estate | $ | Sales comparison approach | Adj to comparables | |||||||||||||||||||||||
Income approach | Capitalization rate | |||||||||||||||||||||||||
Residential real estate | $ | Sales comparison approach | Adj to comparables | |||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and money market instruments | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||
Investment securities (1) | — | — | ||||||||||||||||||||||||||||||
Other investment securities (2) | — | |||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | ||||||||||||||||||||||||||||||
Mortgage IRLCs | ||||||||||||||||||||||||||||||||
Impaired loans carried at fair value | — | — | ||||||||||||||||||||||||||||||
Other loans, net | — | — | ||||||||||||||||||||||||||||||
Loans receivable, net | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Time deposits | $ | $ | — | $ | $ | — | $ | |||||||||||||||||||||||||
Other | — | — | ||||||||||||||||||||||||||||||
Deposits (excluding demand deposits) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Short-term borrowings | $ | $ | — | $ | $ | — | $ | |||||||||||||||||||||||||
Long-term debt | — | — | ||||||||||||||||||||||||||||||
Subordinated notes | — | — | ||||||||||||||||||||||||||||||
Derivative financial instruments - assets: | ||||||||||||||||||||||||||||||||
Loan interest rate swaps | ||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities: | ||||||||||||||||||||||||||||||||
Fair value swap | $ | $ | — | $ | — | $ | $ | |||||||||||||||||||||||||
Borrowing interest rate swap | — | |||||||||||||||||||||||||||||||
Loan interest rate swaps | — | — |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and money market instruments | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||
Investment securities (1) | — | — | ||||||||||||||||||||||||||||||
Other investment securities (2) | — | |||||||||||||||||||||||||||||||
Loans held for sale | — | — | ||||||||||||||||||||||||||||||
Mortgage IRLCs | ||||||||||||||||||||||||||||||||
Impaired loans carried at fair value | — | — | ||||||||||||||||||||||||||||||
Other loans, net | — | — | ||||||||||||||||||||||||||||||
Loans receivable, net | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Time deposits | $ | $ | — | $ | $ | — | $ | |||||||||||||||||||||||||
Other | — | — | ||||||||||||||||||||||||||||||
Deposits (excluding demand deposits) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Short-term borrowings | $ | $ | — | $ | $ | — | $ | |||||||||||||||||||||||||
Long-term debt | — | — | ||||||||||||||||||||||||||||||
Subordinated notes | — | — | ||||||||||||||||||||||||||||||
Derivative financial instruments - assets: | ||||||||||||||||||||||||||||||||
Loan interest rate swaps | — | — | ||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities: | ||||||||||||||||||||||||||||||||
Fair value swap | $ | $ | — | $ | — | $ | $ | |||||||||||||||||||||||||
Borrowing interest rate swap | — | |||||||||||||||||||||||||||||||
Loan interest rate swaps | — | — |
As of December 31, 2020 | |||||||||||||||||||||||
Leverage | Tier 1 Risk-Based | Common Equity Tier 1 | Total Risk-Based | ||||||||||||||||||||
PNB | % | % | % | % | |||||||||||||||||||
Park | % | % | % | % | |||||||||||||||||||
Adequately capitalized ratio | % | % | % | % | |||||||||||||||||||
Adequately capitalized ratio plus capital conservation buffer | % | % | % | % | |||||||||||||||||||
Well-capitalized ratio - PNB | % | % | % | % | |||||||||||||||||||
Well-capitalized ratio - Park | N/A | % | N/A | % |
As of December 31, 2019 | |||||||||||||||||||||||
Leverage | Tier 1 Risk-Based | Common Equity Tier 1 | Total Risk-Based | ||||||||||||||||||||
PNB | % | % | % | % | |||||||||||||||||||
Park | % | % | % | % | |||||||||||||||||||
Adequately capitalized ratio | % | % | % | % | |||||||||||||||||||
Adequately capitalized ratio plus capital conservation buffer | % | % | % | % | |||||||||||||||||||
Well-capitalized ratio - PNB | % | % | % | % | |||||||||||||||||||
Well-capitalized ratio - Park | N/A | % | N/A | % |
To Be Adequately Capitalized | To Be Well-Capitalized | |||||||||||||||||||||||||||||||||||||
(In thousands) | Actual Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | % | |||||||||||||||||||||||||||||||||||
Leverage Ratio (to average total assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | % | |||||||||||||||||||||||||||||||||||
Leverage Ratio (to average total assets) | ||||||||||||||||||||||||||||||||||||||
PNB | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Park | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
PNB | % | % | % | |||||||||||||||||||||||||||||||||||
Park | % | % | N/A | N/A |
Operating results for the year ended December 31, 2020 (In thousands) | |||||||||||||||||||||||||||||
PNB | GFSC | All Other | Total | ||||||||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | ||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||
Other expense | |||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||||||||
Balances at December 31, 2020 | |||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | |||||||||||||||||||||||||
Loans | ( | ||||||||||||||||||||||||||||
Deposits | ( |
Operating results for the year ended December 31, 2019 (In thousands) | |||||||||||||||||||||||||||||
PNB | GFSC | All Other | Total | ||||||||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | ||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||
Other expense | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Balances at December 31, 2019 | |||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | |||||||||||||||||||||||||
Loans | ( | ||||||||||||||||||||||||||||
Deposits | ( |
Operating results for the year ended December 31, 2018 (In thousands) | |||||||||||||||||||||||||||||
PNB | GFSC | All Other | Total | ||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | |||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | ||||||||||||||||||||||||||||
Other income | |||||||||||||||||||||||||||||
Other expense | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ( | ||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||||||||
Balances at December 31, 2018 | |||||||||||||||||||||||||||||
Assets | $ | $ | $ | $ | |||||||||||||||||||||||||
Loans | ( | ||||||||||||||||||||||||||||
Deposits | ( |
2020 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | ||||||||||||||||||||||||||||||||
Totals for reportable segments | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Elimination of intersegment items | ( | ( | ||||||||||||||||||||||||||||||||||||
All other totals - not eliminated | ( | ( | ||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ | $ |
2019 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | ||||||||||||||||||||||||||||||||
Totals for reportable segments | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Elimination of intersegment items | ( | ( | ||||||||||||||||||||||||||||||||||||
All other totals - not eliminated | ( | ( | ||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ | $ |
2018 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | ||||||||||||||||||||||||||||||||
Totals for reportable segments | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Elimination of intersegment items | ( | ( | ||||||||||||||||||||||||||||||||||||
All other totals - not eliminated | ( | |||||||||||||||||||||||||||||||||||||
Totals | $ | $ | $ | $ | $ | $ |
Condensed Balance Sheets | ||||||||||||||
December 31, 2020 and 2019 | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Assets: | ||||||||||||||
Cash | $ | $ | ||||||||||||
Investment in subsidiaries | ||||||||||||||
Debentures receivable from PNB | ||||||||||||||
Other receivables from subsidiaries | ||||||||||||||
Other investments | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||
Long-term debt | $ | $ | ||||||||||||
Subordinated notes | ||||||||||||||
Other payables to subsidiaries | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
Total shareholders’ equity | $ | $ | ||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Condensed Statements of Income | ||||||||||||||||||||
for the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from subsidiaries | $ | $ | $ | |||||||||||||||||
Interest and dividends | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total income | ||||||||||||||||||||
Expense: | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||
Other, net | ||||||||||||||||||||
Total expense | ||||||||||||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | $ | $ | $ | |||||||||||||||||
Income tax benefit | ||||||||||||||||||||
Income before equity in undistributed income of subsidiaries | ||||||||||||||||||||
Equity in undistributed income of subsidiaries | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive income (loss) (1) | ( | |||||||||||||||||||
Comprehensive income | $ | $ | $ |
Statements of Cash Flows | ||||||||||||||||||||
for the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Undistributed income of subsidiaries | ( | ( | ( | |||||||||||||||||
Compensation expense for issuance of treasury shares to directors | ||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||
Gain (loss) on equity securities, net | ( | ( | ||||||||||||||||||
Decrease (increase) in other assets | ( | ( | ||||||||||||||||||
(Decrease) increase in other liabilities | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing activities: | ||||||||||||||||||||
Outlays for business acquisitions | ( | ( | ||||||||||||||||||
Other, net | ( | |||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
Financing activities: | ||||||||||||||||||||
Cash dividends paid | ( | ( | ( | |||||||||||||||||
Proceeds from issuance of long-term debt | ||||||||||||||||||||
Repayment of long-term debt | ( | ( | ||||||||||||||||||
Repurchase of treasury shares | ( | ( | ( | |||||||||||||||||
Cash payment for fractional shares | ( | ( | ( | |||||||||||||||||
Value of common shares withheld to pay employee income taxes | ( | ( | ( | |||||||||||||||||
Net cash provided by (used) in financing activities | ( | ( | ||||||||||||||||||
Increase (decrease) in cash | ( | ( | ||||||||||||||||||
Cash at beginning of year | ||||||||||||||||||||
Cash at end of year | $ | $ | $ |
Year ended December 31, 2020 | ||||||||||||||||||||||||||
Revenue by Operating Segment (in thousands) | PNB | GFSC | All Other | Total | ||||||||||||||||||||||
Income from fiduciary activities | ||||||||||||||||||||||||||
Personal trust and agency accounts | $ | $ | $ | $ | ||||||||||||||||||||||
Employee benefit and retirement-related accounts | ||||||||||||||||||||||||||
Investment management and investment advisory agency accounts | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Non-sufficient funds (NSF) fees | ||||||||||||||||||||||||||
Demand deposit account (DDA) charges | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Other service income (1) | ||||||||||||||||||||||||||
Credit card | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Debit card fee income | ||||||||||||||||||||||||||
Bank owned life insurance income (2) | ||||||||||||||||||||||||||
ATM fees | ||||||||||||||||||||||||||
Gain on the sale of OREO, net | ||||||||||||||||||||||||||
Net gain on the sale of investment securities (2) | ||||||||||||||||||||||||||
Gain (loss) on equity securities, net (2) | ( | |||||||||||||||||||||||||
Other components of net periodic pension benefit income (2) | ||||||||||||||||||||||||||
Miscellaneous (3) | ||||||||||||||||||||||||||
Total other income | $ | $ | $ | $ |
Year ended December 31, 2019 | ||||||||||||||||||||||||||
Revenue by Operating Segment (in thousands) | PNB | GFSC | All Other | Total | ||||||||||||||||||||||
Income from fiduciary activities | ||||||||||||||||||||||||||
Personal trust and agency accounts | $ | $ | $ | $ | ||||||||||||||||||||||
Employee benefit and retirement-related accounts | ||||||||||||||||||||||||||
Investment management and investment advisory agency accounts | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Non-sufficient funds (NSF) fees | ||||||||||||||||||||||||||
Demand deposit account (DDA) charges | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Other service income (1) | ||||||||||||||||||||||||||
Credit card | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ( | |||||||||||||||||||||||||
Real estate | ( | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Debit card fee income | ||||||||||||||||||||||||||
Bank owned life insurance income (2) | ||||||||||||||||||||||||||
ATM fees | ||||||||||||||||||||||||||
Loss on the sale of OREO, net | ( | ( | ( | |||||||||||||||||||||||
Net loss on sale of investment securities (2) | ( | ( | ||||||||||||||||||||||||
Gain on equity securities, net (2) | ||||||||||||||||||||||||||
Other components of net periodic pension benefit income (2) | ||||||||||||||||||||||||||
Miscellaneous (3) | ||||||||||||||||||||||||||
Total other income | $ | $ | $ | $ |
Year ended December 31, 2018 | ||||||||||||||||||||||||||
Revenue by Operating Segment (in thousands) | PNB | GFSC | All Other | Total | ||||||||||||||||||||||
Income from fiduciary activities | ||||||||||||||||||||||||||
Personal trust and agency accounts | $ | $ | $ | $ | ||||||||||||||||||||||
Employee benefit and retirement-related accounts | ||||||||||||||||||||||||||
Investment management and investment advisory agency accounts | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Non-sufficient funds (NSF) fees | ||||||||||||||||||||||||||
Demand deposit account (DDA) charges | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Other service income (1) | ||||||||||||||||||||||||||
Credit card | ||||||||||||||||||||||||||
HELOC | ||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Debit card fee income | ||||||||||||||||||||||||||
Bank owned life insurance income (2) | ||||||||||||||||||||||||||
ATM fees | ||||||||||||||||||||||||||
Gain on the sale of OREO, net | ||||||||||||||||||||||||||
Net gain on sale of investment securities (2) | ( | ( | ||||||||||||||||||||||||
Gain on equity securities, net (2) | ||||||||||||||||||||||||||
Other components of net periodic pension benefit income (2) | ||||||||||||||||||||||||||
Gain on sale of non-performing loans | ||||||||||||||||||||||||||
Miscellaneous (3) | ( | |||||||||||||||||||||||||
Total other income | $ | $ | $ | $ |
Three Months Ended | ||||||||||||||||||||||||||
(Dollars in thousands, except share data) | March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | |||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Per common share data: | ||||||||||||||||||||||||||
Net income per common share - basic | ||||||||||||||||||||||||||
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PARK NATIONAL CORPORATION | ||||||||
Date: February 26, 2021 | By: | /s/ David L. Trautman | ||||||
David L. Trautman, | ||||||||
Chairman of the Board and Chief Executive Officer |
Name | Capacity | ||||
/s/ David L. Trautman David L. Trautman | Chairman of the Board, Chief Executive Officer and Director | ||||
/s/ Matthew R. Miller Matthew R. Miller | President and Director | ||||
/s/ Brady T. Burt Brady T. Burt | Chief Financial Officer, Secretary and Treasurer | ||||
/s/ Kelly A. Herreman Kelly A. Herreman | Chief Accounting Officer | ||||
/s/ Donna M. Alvarado* Donna M. Alvarado | Director | ||||
/s/ C. Daniel DeLawder C. Daniel DeLawder | Director | ||||
/s/ F. William Englefield IV* F. William Englefield IV | Director | ||||
/s/ Alicia J. Hupp* Alicia J. Hupp | Director | ||||
/s/ Jason N. Judd* Jason N. Judd | Director | ||||
/s/ Stephen J. Kambeitz* Stephen J. Kambeitz | Director | ||||
/s/ Timothy S. McLain* Timothy S. McLain | Director |
Name | Capacity | ||||
/s/ Robert E. O’Neill* Robert E. O’Neill | Director | ||||
/s/ Mark R. Ramser* Mark R. Ramser | Director | ||||
/s/ Julia A. Sloat* Julia A. Sloat | Director | ||||
/s/ Leon Zazworsky* Leon Zazworsky | Director |
* | The undersigned, by signing his name hereto, does hereby sign this Annual Report on Form 10-K on behalf of each of the directors of the Registrant identified above pursuant to Powers of Attorney executed by the directors of the Registrant identified above, which Powers of Attorney are filed with this Annual Report on Form 10-K in Exhibit 24. |
By: | /s/ David L. Trautman | ||||
David L. Trautman | |||||
Chairman of the Board and Chief Executive Officer | |||||
Attorney-in-Fact |
Meeting Fees: | ||||||||
Each meeting of Board of Directors attended (1) | $ | 1,200 | ||||||
Each meeting of Executive Committee attended | $ | 900 | ||||||
Each meeting of Audit Committee attended | $ | 900 | ||||||
Each meeting of each other Board Committee attended | $ | 750 | ||||||
Annual Retainers: (2) | ||||||||
Annual Retainer for Committee Chairs: | ||||||||
Audit Committee | $ | 10,000 | ||||||
Compensation Committee | $ | 7,000 | ||||||
Nominating and Corporate Governance Committee | $ | 7,000 | ||||||
Risk Committee | $ | 7,000 | ||||||
Annual Retainer for Other Committee Members: | ||||||||
Executive Committee | $ | 5,000 | ||||||
Audit Committee | $ | 5,000 | ||||||
Compensation Committee | $ | 3,500 | ||||||
Nominating and Corporate Governance Committee | $ | 3,500 | ||||||
Risk Committee | $ | 3,500 | ||||||
Lead Director Additional Annual Retainer | $ | 15,000 |
Name of Director | Subsidiary of Park which is a Party to Split-Dollar Agreement | Date of Split- Dollar Agreement | ||||||
Donna M. Alvarado | The Park National Bank | December 28, 2007 | ||||||
F. William Englefield IV | The Park National Bank | December 28, 2007 | ||||||
Robert E. O’Neill | The Park National Bank | December 28, 2007 | ||||||
Mark R. Ramser | The Park National Bank (as successor by merger to The First-Knox National Bank of Mount Vernon) | December 28, 2007 | ||||||
Leon Zazworsky | The Park National Bank | December 28, 2007 |
Name of Subsidiary | Jurisdiction of Incorporation or Formation | ||||||||||
The Park National Bank (“PNB”) | United States (federally-chartered national banking association) | ||||||||||
• | Park Investments, Inc. (NOTE: is a wholly-owned subsidiary of PNB) | Delaware | |||||||||
• | Scope Leasing, Inc. (NOTE: is a wholly-owned subsidiary of PNB) [Also does business under “Scope Aircraft Finance”] | Ohio | |||||||||
• | Park ABQ, LLC (NOTE: PNB is sole member) | Ohio | |||||||||
• | River Park Properties, LLC (NOTE: PNB is sole member) | Ohio | |||||||||
• | NSCB 2 LLC (NOTE: PNB is sole member) | South Carolina | |||||||||
Guardian Financial Services Company [Also does business under “Guardian Finance Company”] | Ohio |
SE Property Holdings, LLC ("SEPH") | Ohio | ||||||||||
• | Vision-Park Properties, LLC (NOTE: SEPH is sole member) | Florida | |||||||||
• | Alabama Apartment Holdings, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
• | 87A Orange Beach, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
• | Morningside Holding, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
• | Swindall Holdings, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
• | Swindall Partnership Holdings, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
• | Marina Holdings Z, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
• | Marina Holding WE, LLC (NOTE: SEPH is sole member) | Ohio | |||||||||
Vision Bancshares Trust I (NOTE: Park holds all of the common securities as successor Depositor; floating rate preferred securities are held by institutional investors) | Delaware |
Name and Position(s) | Signature | |||||||
Donna M. Alvarado | /s/ Donna M. Alvarado | |||||||
Director | ||||||||
C. Daniel DeLawder | /s/ C. Daniel DeLawder | |||||||
Director | ||||||||
F. William Englefield IV | /s/ F. William Englefield IV | |||||||
Director |
Alicia J. Hupp | /s/ Alicia J. Hupp | |||||||
Director | ||||||||
Jason N. Judd | /s/ Jason N. Judd | |||||||
Director | ||||||||
Stephen J. Kambeitz | /s/ Stephen J. Kambeitz | |||||||
Director | ||||||||
Timothy S. McLain | /s/ Timothy S. McLain | |||||||
Director | ||||||||
Matthew R. Miller | /s/ Matthew R. Miller | |||||||
Director and Officer | ||||||||
Robert E. O'Neill | /s/ Robert E. O'Neill | |||||||
Director | ||||||||
Mark R. Ramser | /s/ Mark R. Ramser | |||||||
Director | ||||||||
Julie A. Sloat | /s/ Julie A. Sloat | |||||||
Director | ||||||||
David L. Trautman | /s/ David L. Trautman | |||||||
Director and Officer | ||||||||
Lee Zazworsky | /s/ Lee Zazworsky | |||||||
Director | ||||||||
Brady T. Burt | /s/ Brady T. Burt | |||||||
Officer | ||||||||
Kelly A. Herreman | /s/ Kelly A. Herreman | |||||||
Officer |
Date: February 26, 2021 | By: | /s/ David L. Trautman | ||||||
Printed Name: David L. Trautman | ||||||||
Title: Chairman of the Board and Chief Executive Officer |
Date: February 26, 2021 | By: | /s/ Brady T. Burt | ||||||
Printed Name: Brady T. Burt | ||||||||
Title: Chief Financial Officer, Secretary and Treasurer |
/s/ David L. Trautman | /s/ Brady T. Burt | |||||||
David L. Trautman | Brady T. Burt | |||||||
Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer) | |||||||
Dated: February 26, 2021 | Dated: February 26, 2021 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,007,834 | $ 1,187,499 |
Preferred Stock, Shares Authorized | 200,000 | 200,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 17,623,163 | 17,623,199 |
Treasury Stock, Shares | 1,308,966 | 1,276,757 |
Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | $ 247 | $ 395 | $ 286 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (2,306) | 402 | (1,076) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (690) | 88 | 538 |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Tax | 5,076 | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 6,844 | 4,845 | $ (4,674) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ (65) | $ (121) |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements: Principles of Consolidation The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”), unless the context otherwise requires. Material intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The COVID-19 pandemic has caused significant, unprecedented disruption around the world that has affected daily living and negatively impacted the global economy. The effects of the COVID-19 pandemic may meaningfully impact significant estimates such as the allowance for loan losses, goodwill, mortgage servicing rights, and pension plan obligations and related expenses. Additionally, the pandemic may particularly impact certain loan concentrations in the hotel and accommodations, restaurant and food service, and strip shopping center industries. Reclassifications Certain prior year amounts have been reclassified to conform with the current presentation. These reclassifications had no impact on net income or shareholders' equity. Restrictions on Cash and Due from Banks The Corporation’s national bank subsidiary, The Park National Bank ("PNB"), previously was required to maintain average reserve balances with the Federal Reserve Bank of Cleveland. The Federal Reserve Board announced on March 15, 2020 that the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. The average required reserve balance was approximately $89.2 million at December 31, 2019. No other compensating balance arrangements were in existence at December 31, 2020. Investment Securities Debt securities are classified upon acquisition into one of three categories: HTM, AFS, or trading (see Note 5 - Investment Securities). HTM securities are those debt securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. AFS securities are those debt securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. AFS securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income (loss), net of applicable income taxes. The Corporation did not hold any trading securities during any period presented. Equity securities, included within "Other investment securities" on the Consolidated Balance Sheets, are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. Debt securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not that Park will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income (loss), net of income tax. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Interest income from investment securities includes amortization of purchase premium or discount. Premiums and discounts on investment securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification method. Federal Home Loan Bank and Federal Reserve Bank of Cleveland Stock PNB is a member of the FHLB and the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within "Other investment securities" on the Consolidated Balance Sheets. Impairment is evaluated based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. Bank Owned Life Insurance Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized). Loans Held for Sale Park has elected the fair value option for mortgage loans held for sale, which are carried at their fair value as of each balance sheet date. Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair value of these mortgage derivatives is estimated based on the change in mortgage interest rates from the date the interest on the loan is locked. The fair value of these derivatives is included in "Loans" in the Consolidated Balance Sheets. Changes in the fair values of these derivatives are included in "Other service income" in the Consolidated Statements of Income. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any nonaccrual interest payments applied to principal, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Late charges on loans are recognized as income when they are collected. Net loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the construction real estate loan segment; (4) those commercial loans in the residential real estate loan segment; and (5) leases. Consumer loans include: (1) mortgage and installment loans included in the construction real estate segment; (2) mortgage, home equity lines of credit ("HELOCs"), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment. Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Commercial loans placed on nonaccrual status are considered impaired (see Note 6 - Loans). Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off when collection is in doubt or it is probable a loss has been incurred and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due. For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when Park expects to receive the entire recorded investment of the loan. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below: Commercial, financial and agricultural: Commercial, financial and agricultural ("C&I") loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial properties, financing for equipment, inventory and accounts receivable, acquisition financing, commercial leasing, and to consumer finance companies. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. Risk of loss on C&I loans largely depends upon general economic cycles, as they may adversely impact certain industries, competency of the borrower's management team, the quality of the underlying assets supporting the loans including accounts receivable, inventory, and equipment, and the accuracy of the borrower's financial reporting. Such risks are mitigated by generally requiring the borrower's owners to guaranty the loans. Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. Risk of loss on CRE loans largely depends upon the cash flow of the properties which is influenced by the amount of vacancy experienced by the underlying real estate, the credit capacity of the tenants occupying the underlying real estate, and general economic trends as they may adversely impact the value of the property. These risks are mitigated by generally requiring personal guaranties of the owners of the properties and by requiring appraisals pursuant to government regulations. Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or a short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, Park may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, Park may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event that a default on a construction loan occurs and foreclosure follows, Park must take control of the project and attempt to either arrange for completion of construction or dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. Park attempts to reduce such risks on loans to developers by generally requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residences or second mortgages of individuals’ primary residences in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and a current independent third-party appraisal providing the market value of the real estate securing the loan. Residential real estate loans typically have longer terms and higher balances with lower yields as compared to consumer loans, but generally carry lower risks of default. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires creditors to make a reasonable and good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling. Documentation and verification of income within defined time frames and not-to-exceed limits are bases for affirming ability to repay. Risk of loss largely depends upon factors affecting the borrower's ability to repay as well as the general economic trends as they may adversely impact the value of the property. These risks are mitigated by completing a comprehensive underwriting of the borrower and by requiring appraisals pursuant to government regulations. Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans, to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances. Leases: The Company originates financing leases primarily for the purchase of commercial vehicles, operating/manufacturing equipment, and municipal vehicles/equipment. Repayment terms are structured such that the lease will be repaid within the economic useful life of the leased asset. Risk of losses on financing leases largely depends upon general economic cycles, as they may adversely impact certain industries, competency of the borrower’s management team, the quality and residual value of the leased asset, and the accuracy of the borrower’s financial reporting. These risks are mitigated by underwriting leases considering primary and secondary sources of repayment and requiring guaranteed residual values. Concentration of Credit Risk Park's commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 26 Ohio counties, three North Carolina counties, four South Carolina counties and one Kentucky county where PNB operates, with the exception of nationwide aircraft loans and nationwide asset-based lending to consumer finance companies. The primary industries represented by these customers include real estate rental and leasing, finance and insurance, construction, agriculture, forestry, fishing and hunting, manufacturing, retail trade, health care, accommodation and food services and other services. Purchased Credit Impaired Loans The Company has purchased loans, some of which have shown evidence of credit deterioration since origination. These PCI loans are recorded at fair value at inception, such that there is no carryover of the sellers' allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. PCI loans are accounted for individually or aggregated into pools of loans based on common characteristics. The Company estimates the amount and timing of expected cash flows for each loan or pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s or pool's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries. The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”). Included in the statistical allocation is a reserve for TDRs within the consumer loan portfolio. Management performs a periodic evaluation to ensure the reserve calculated utilizing the statistical allocation is consistent with a reserve calculated under Accounting Standards Codification ("ASC") 310-10 - Receivables. In calculating the allowance for loan losses, management believes it is appropriate to consider historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. As such, a year is added to the look back period each time historical losses are updated, until the economic cycle is complete, as defined by a period of rising charge-offs, considering both internal and industry trends. In updating the historical loss rates to incorporate 2020 losses, management considered if the economic deterioration as a result of the COVID-19 pandemic represented the end of a cycle for the purposes of the allowance for loan loss calculation, but, due to the historically low level of charge-offs, determined 2020 should be included in the cycle beginning in 2010. For the historical loss factor at December 31, 2020, the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2010 through 2020 within the individual segments of the commercial and consumer loan categories. U.S. GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in credit scores; and (4) global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the balance of the loan, plus accrued interest receivable. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment. Loans acquired as part of the acquisition of NewDominion Bank were recorded at fair value on the date of acquisition, July 1, 2018. Loans acquired as part of the acquisition of Carolina Alliance Bank were recorded at fair value on the date of acquisition, April 1, 2019. An allowance is only established on acquired NewDominion Bank loans and Carolina Alliance Bank loans as a result of credit deterioration post acquisition. As of December 31, 2020, there was a $678,000 allowance related to performing acquired NewDominion Bank loans and Carolina Alliance Bank loans. Troubled Debt Restructurings ("TDRs") Management classifies loans as TDRs when a borrower is experiencing financial difficulty and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. Additionally, Park is working with borrowers impacted by the COVID-19 pandemic and providing modifications to include either interest only deferral or principal and interest deferral, in each case, for initial periods up to 90 days. As necessary, Park is making available a second 90-day interest only deferral or principal and interest deferral bringing the total potential deferral period to six months. A majority of these modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. In accordance with this guidance, such modified loans will be considered current and will continue to accrue interest during the deferral period. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception, or if a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. Commercial TDRs are separately identified for impairment disclosures. Premises and Equipment Land is carried at cost and is not subject to depreciation. Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. The range of depreciable lives over which premises and equipment are being depreciated are:
Other Real Estate Owned Management transfers a loan to OREO at the time that Park takes deed/title to the asset. OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent changes in the value of real estate are classified as OREO valuation adjustments, are reported as adjustments to the carrying amount of OREO and are recorded within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense". Foreclosed Assets Foreclosed assets include non-real estate assets where Park, as creditor, has received physical possession of a borrower’s assets, regardless of whether formal foreclosure proceedings take place. Additionally, TDRs in which Park obtains one of more of the debtor’s non-real estate assets in place of all or part of the receivable are accounted for as foreclosed assets. Foreclosed assets are initially recorded as fair value less costs to sell when acquired, establishing a new cost basis. Operating costs after acquisition are expensed as incurred. As of December 31, 2020 and 2019, Park had $3.6 million and $4.2 million, respectively, of foreclosed assets included within “Other assets.” Mortgage Servicing Rights When Park sells mortgage loans with servicing retained, MSRs are recorded at fair value with the income statement effect recorded in "Other service income." Capitalized MSRs are amortized in proportion to and over the period of the estimated future servicing income of the underlying loan and are included within “Other service income”. MSRs are assessed for impairment quarterly, based on fair value, with any impairment recognized through a valuation allowance. The fair value of MSRs is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 26 - Loan Servicing.) Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The amortization of MSRs is netted against loan servicing fee income, recorded in "Other service income". Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Goodwill is not amortized to expense, but is subject to impairment tests annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the performance of additional analysis is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess, not to exceed the total goodwill allocated to the reporting unit. Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the qualitative analysis performed as of April 1, 2020, the Company determined that goodwill for PNB was not impaired. During each of the second, third and fourth quarters of 2020, management determined that the deterioration in general economic conditions as a result of the COVID-19 pandemic and responses thereto represented a triggering event prompting an evaluation of goodwill for impairment. Based on the qualitative analysis performed during each of the second, third and fourth quarters of 2020, the Company determined that goodwill was not impaired. Management continues to monitor economic factors to evaluate goodwill impairment. (See Note 8 - Goodwill and Other Intangible Assets and Note 30 - Segment Information for operating segment results.) Other intangible assets consist of core deposit intangibles and a trade name intangible. Core deposit intangibles are amortized on an accelerated basis over a period of ten years. The trade name intangible when initially recorded, assumed an indefinite useful life. During 2019, the trade name intangible was deemed impaired, and a $1.3 million charge was recorded in "other expense". (See Note 8 - Goodwill and Other Intangible Assets.) Consolidated Statements of Cash Flows Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. Income Taxes The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and deferred tax liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense. Treasury Shares The purchase of Park’s common shares to be held in treasury is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued. Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by a bank to its parent holding company or by the parent holding company to its shareholders. (See Note 24 - Dividend Restrictions and Note 29 - Capital Ratios.) Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on debt securities available for sale, changes in the funded status of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges which are also recognized as separate components of equity. Share-Based Compensation Compensation cost is recognized for restricted stock units and stock awards issued to employees and directors, respectively, based on the fair value of these awards at the date of grant. The market price of Park’s common shares at the date of grant is used to estimate the fair value of restricted stock units and stock awards. Compensation cost is recognized on a straight-line basis over the required service period, generally defined as the vesting period and is recorded in "Salaries" expense. (See Note 19 - Share-Based Compensation.) The Company's accounting policy is to recognize forfeitures as they occur. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Fair Value Measurement Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 28 - Fair Value. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Derivatives At the inception of a derivative contract, Park designates the derivative as one of three types based on its intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). Park does not have any fair value hedges. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non- interest income. Cash flows on hedges are classified in the Consolidated Statements of Cash Flow under the same item as the cash flows of the items being hedged. Park formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets. Park also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. Park discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting cash flows of the hedged item, the derivative is settled or terminates, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods that the hedged transactions will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is party settle monthly or quarterly. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The service cost component of pension expense is recorded within "Employee benefits" on the Consolidated Statements of Income. All other components of pension expense are recorded within "Other components of net periodic benefit income" on the Consolidated Statements of Income. Employee KSOP plan expense is the amount of matching contributions to Park's Employees Stock Ownership Plan. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (See Note 20 - Benefit Plans.) Earnings Per Common Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under restricted stock unit awards. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements. (See Note 19 - Share-Based Compensation and Note 23 - Earnings Per Common Share.) Operating Segments The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio) and GFSC.
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Adoption of New Accounting Pronouncements and Issued Not Yet Effective Accounting Standards |
12 Months Ended |
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Dec. 31, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards The following is a summary of new accounting pronouncements impacting Park's consolidated financial statements, and accounting standards that have been issued but are not effective for Park as of December 31, 2020: Adoption of New Accounting Pronouncements ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement by removing, modifying and adding certain requirements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not have an impact on Park’s consolidated financial statements, but did impact disclosures. ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are effective from March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on Park's consolidated financial statements, but Park will consider this guidance as contracts are transitioned from LIBOR to another reference rate. ASU 2021-01 - Reference Rate Reform (Topic 848): Scope: In January 2021, the FASB issued ASU 2021-01 - Reference Rate Reform (Topic 848): Scope. This ASU clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. The amendments in this ASU are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in this ASU are effective immediately for all entities. The adoption of this guidance did not have a material impact on Park's consolidated financial statements, but Park will consider this guidance as contracts are transitioned from LIBOR to another reference rate. Issued But Not Yet Effective Accounting Standards ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new accounting guidance in this ASU replaces the incurred loss methodology with an expected loss methodology, which is referred to as the current expected credit loss ("CECL") methodology. The CECL methodology is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, HTM debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The CECL methodology requires an entity to estimate credit losses over the life of an asset or off-balance sheet credit exposure. The new accounting guidance was to have been effective for Park for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2019. Section 4014 of the CARES Act provided financial institutions with optional temporary relief from having to comply with ASU 2016-13 ("Measurement of Credit Losses on Financial Instruments") including the CECL methodology for estimating the allowance for credit losses. This temporary relief was set to expire on the earlier of the date on which the national emergency concerning COVID-19 terminated or December 31, 2020, with adoption being effective retrospectively as of January 1, 2020. Section 540 of the Consolidated Appropriations Act, 2021, amended Section 4014 of the CARES Act by extending the relief period provided in the CARES Act. The Consolidated Appropriations Act, 2021, modifies the CARES Act so that the temporary relief will expire on the earlier of the first day of the fiscal year that begins after the date on which the national emergency concerning COVID-19 terminates or January 1, 2022. Park elected to delay the implementation of CECL following the approval of the CARES Act. The CECL standard requires financial institutions to calculate an allowance utilizing a reasonable and supportable forecast period which Park has established as a one-year period. In the unprecedented circumstances surrounding the COVID-19 pandemic and the response thereto, Park believes that adopting the CECL methodology in the first quarter of 2020 would have added an unnecessary level of subjectivity and volatility to the calculation of the allowance for credit losses. With the approval of the Consolidated Appropriations Act, 2021, management has elected to further delay adoption of CECL to January 1, 2021. This will allow Park to utilize the CECL standard for the entire year of adoption. Park formed a cross-functional CECL Committee and engaged a third party vendor to assist with the adoption of ASU 2016-13. The Company currently intends to use a blend of multiple economic forecasts to estimate expected credit losses over a one year reasonable and supportable forecast period and then revert, over a one year period to longer term historical loss experience to arrive at lifetime expected losses. Based on preliminary modeling results, management estimates that the reserve will increase to between $90 million and $100 million upon adoption, with the day 1 increase being recorded through a one-time cumulative-effect adjustment to retained earnings as of January 1, 2021. The actual impact from adopting this guidance may be subject to change based upon refinement and finalization of the model and associated assumptions, the refinement and finalization of qualitative factors, the implementation and testing of certain internal controls ensuring model effectiveness and management's judgment. Park expects the Allowance for Credit Losses for unfunded commitments to increase to between $3.5 million and $4.5 million upon adoption of ASU 2016-13, with the day 1 increase being recorded through a one-time cumulative-effect adjustment to retained earnings as of January 1, 2021. At adoption, Park did not have any securities classified as HTM debt securities. No allowance was recorded related to AFS debt securities at the date of adoption, January 1, 2021. While it is expected that the adoption of ASU 2016-13 will increase the allowance for credit losses, many factors will determine the ultimate calculation at January 1, 2021. The adoption of ASU 2016-13 will not, however, change the overall credit risk in the Company's loan, lease and investment securities portfolios or the ultimate losses with respect thereto. The transition adjustment to increase the allowance will primarily result in a decrease to shareholders' equity, net of income taxes. The ultimate impact of the adoption of ASU 2016-13 will depend on the composition of the loan, lease and investment securities portfolios, finalization of credit loss models, and macroeconomic conditions and forecasts that exist at the date of adoption. ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that are no longer considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. The amendments in ASU 2018-14 are effective for fiscal years ending after December 15, 2020. The adoption of this guidance on January 1, 2021 did not have an impact on Park’s consolidated financial statements, but will impact disclosures. ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses: In November 2018, the FASB issued ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The amendment in ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Impairment of receivables arising from operating leases are to be accounted for in accordance with Topic 842, Leases. Park will consider this clarification in determining the appropriate adoption of ASU 2016-13. ASU 2019-04 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments: In April 2019, the FASB issued ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU 2019-04 includes amendments that clarify or address specific issues about certain aspects of the amendments in ASU 2016-01, Financial Instruments - Overall (Subtopic 925-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Park has already adopted ASU 2016-01. As a result, certain provisions in the amendments within ASU 2019-04 related to the same topics as ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the provisions related to the same topics as ASU 2016-01 on January 1, 2020, did not have a material effect on Park's consolidated financial statements. For the amendments related to Topic 326 that clarify or address specific aspects of ASU 2016-13, Park will consider these clarifications in determining the appropriate adoption of ASU 2016-13. Park has already adopted ASU 2017-12. As a result, the amendments within ASU 2019-04 were effective as of January 1, 2020. This ASU allows entities, like Park, that did not reclassify debt securities from HTM to AFS upon the adoption of ASU 2017-12 to reclassify these securities as of the adoption of ASU 2019-04. Park considered this option and, effective September 1, 2019, reclassified all HTM debt securities to AFS. The transfer occurred at fair value and resulted in an unrealized gain, net of taxes, of $19.1 million being recorded in other comprehensive income. ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326): In May 2019, the FASB issued ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326). The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments - Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. Park will consider this amendment in determining the appropriate adoption of ASU 2016-13. ASU 2019-11 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses: In November 2019, the FASB issued ASU 2019-11 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2019-11 represents changes to clarify, correct errors in, or improve the ASC related to five topics. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Park will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ASU 2019-20 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued ASU 2019-20 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-20 includes amendments to simplify accounting for income taxes by removing certain exceptions and adding requirements with the intention of simplifying and clarifying existing guidance. The amendments in ASU 2019-20 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance on January 1, 2021, did not have a material impact on Park's consolidated financial statements. ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: In January 2020, the FASB issued ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. ASU 2020-01 represents changes to clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these transactions. The amendments in ASU 2020-01 are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2021 did not have a material impact on Park's consolidated financial statements. ASU 2020-02 - Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842): In February 2020, the FASB issued ASU 2020-02 - Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). ASU 2020-02 represents changes to clarify or improve the ASC. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. It also addresses transition and open effective date information for Topic 842. Park will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ASU 2020-03 - Codification Improvements to Financial Instruments: In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. ASU 2020-03 represents changes to clarify or improve the ASC related to seven topics. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Issues 1, 2, 3, 4 and 5 are conforming amendments and for public entities were effective upon the issuance of the standard. Issues 6 and 7 are amendments that affect the guidance in ASU 2016-13. Park will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs: In October 2020, the FASB issued ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. ASU 2020-08 clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in ASU 2020-08 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application was not permitted. The adoption of this guidance on January 1, 2021, did not have a material impact on Park's consolidated financial statements.
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Organization |
12 Months Ended |
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Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Park National Corporation is a financial holding company headquartered in Newark, Ohio. Through PNB, Park is engaged in a general commercial banking and trust business, primarily in Ohio, Kentucky, North Carolina, and South Carolina, with the exception of nationwide aircraft loans and nationwide asset-based lending to consumer finance companies. PNB is headquartered in Newark, Ohio. A wholly-owned subsidiary of Park, GFSC is a consumer finance company located in Central Ohio. Through February 16, 2012, Park operated a second banking subsidiary, Vision Bank ("Vision"), which was engaged in a general commercial banking business, primarily in Baldwin County, Alabama and the panhandle of Florida. Promptly following the sale of the Vision business to Centennial Bank (a wholly-owned subsidiary of Home BancShares, Inc.), Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. Vision (the Florida corporation) merged with and into a wholly-owned, non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH also holds OREO that had previously been transferred to SEPH from Vision. SEPH's assets consist primarily of nonperforming loans and OREO. This non-bank subsidiary represents a run off portfolio of the legacy Vision assets. PNB provides the following principal services: the acceptance of deposits for demand, savings and time accounts; commercial, industrial, consumer and real estate lending, including installment loans, credit cards (which are largely offered through a third party), home equity lines of credit and commercial leasing; trust and wealth management services; cash management; safe deposit operations; electronic funds transfers and a variety of additional banking-related services. See Note 30 - Segment Information for financial information on the Corporation’s operating segments.
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | Business Combinations CAB Financial Corporation On April 1, 2019, CAB Financial Corporation, a South Carolina corporation, merged with and into Park, with Park continuing as the surviving entity pursuant to the Agreement and Plan of Merger and Reorganization (the "CABF Merger Agreement"), dated as of September 12, 2018, by and between Park and CABF. Immediately following the CABF merger into Park, Carolina Alliance Bank, a South Carolina state-chartered bank and a wholly-owned subsidiary of CABF, was merged with and into PNB, with PNB as the surviving bank. In accordance with the CABF Merger Agreement, CABF shareholders were to receive for each share of their CABF common stock (i) $3.80 in cash (the cash consideration) and (ii) 0.1378 of a Park common share (the stock consideration). CABF stock options and restricted stock awards were fully vested (with any performance-based vesting condition deemed satisfied) and canceled and converted automatically into the right to receive merger consideration. Purchase consideration consisted of 1,037,205 Park common shares, valued at $98.3 million, and $28.6 million in cash to acquire 100% of CABF's outstanding shares of common stock. The acquisition is expected to provide additional revenue growth and geographic diversification. Carolina Alliance's results of operations were included in Park's results beginning April 1, 2019. For the years ended December 31, 2020 and 2019, Park recorded merger-related expenses of $603,000 and $8.8 million, respectively, associated with the Carolina Alliance acquisition. Goodwill of $46.9 million arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of PNB and Carolina Alliance. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange. The following table summarizes the consideration paid for Carolina Alliance and the amounts of the assets acquired and liabilities assumed at their fair value:
Park accounted for the Carolina Alliance acquisition using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date, in accordance with FASB ASC Topic 805, Business Combinations. The fair value of net assets acquired includes fair value adjustments to loans that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, Park believes that all contractual cash flows related to these loans will be collected. As such, these loans were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans which have shown evidence of credit deterioration since origination. Loans acquired that were not subject to these requirements included non-impaired loans with a fair value and gross contractual amounts receivable of $560.2 million and $572.6 million, respectively, on the date of acquisition. The table below presents information with respect to the fair value of acquired loans as well as their book balance at the acquisition date.
The following table presents supplemental pro forma information as if the Carolina Alliance acquisitions had occurred as of January 1, 2018. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the respective transactions, depreciation expense on property acquired, interest expense on deposits acquired, and the related tax effects. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed date.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Securities | Investment Securities The amortized cost and fair value of investment securities are shown in the following tables. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. During 2020, 2019 and 2018, there were no investment securities deemed to be other-than-temporarily impaired. Debt Securities Investment securities at December 31, 2020 and December 31, 2019 were as follows:
The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2020 and December 31, 2019:
Management does not believe any individual unrealized loss as of December 31, 2020 or 2019 represented an other-than-temporary impairment. The unrealized loss on agency issued debt securities are primarily the result of interest rate changes. These conditions will not prohibit Park from receiving its contractual principal and interest payments on these debt securities. The fair value of these debt securities is expected to recover as payments are received on these securities and they approach maturity. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss attributable to credit will be recognized in net income in the period the other-than-temporary impairment is identified. The amortized cost and estimated fair value of investments in debt securities at December 31, 2020, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.
(1) The tax equivalent yield for obligations of states and political subdivisions includes the effects of a taxable equivalent adjustment using a 21% federal corporate income tax rate. At December 31, 2020, investment securities with an amortized cost of $329 million were pledged for government and trust department deposits, $349 million were pledged to secure repurchase agreements and $14 million were pledged as collateral for FHLB advance borrowings. At December 31, 2019, investment securities with an amortized cost of $370 million were pledged for government and trust department deposits, $197 million were pledged to secure repurchase agreements and $18 million were pledged as collateral for FHLB advance borrowings. At December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. During 2020, Park sold certain AFS debt securities with a book value of $112.5 million at a gross loss of $64,000, and sold certain AFS debt securities with a book value of $196.4 million at a gross gain of $3.4 million. During 2019, Park sold certain AFS debt securities with a book value of $62.4 million at a gross loss of $692,000, and sold certain AFS debt securities with a book value of $29.1 million at a gross gain of $271,000. During 2018, Park sold certain AFS debt securities with a book value of $245.0 million at a gross loss of $2.6 million, sold certain AFS debt securities with a book value of $2.0 million at a gross gain of $60,000, and sold certain HTM debt securities with a book value of $7.4 million at a gross gain of $0.3 million. These HTM debt securities had been paid down by 96.3% of the principal outstanding at acquisition. On September 1, 2019, Park adopted the portion of ASU 2019-04 which allowed for a one-time reclassification of securities from HTM to AFS. On that date, Park transferred HTM securities with a fair value of $373.9 million to the AFS classification. The transfer occurred at fair value and had a related unrealized gain, net of taxes, of $19.1 million recorded in other comprehensive income. Other Investment Securities Other investment securities (as shown on the Consolidated Balance Sheets) consist of stock investments in the FHLB, the FRB, and equity securities. The FHLB and FRB restricted stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the net asset value practical expedient in accordance with ASC 820. The carrying amount of other investment securities at December 31, 2020 and 2019 was as follows:
(1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost. During the year ended December 31, 2020, the FHLB repurchased 79,697 shares of FHLB stock with a book value of $8.0 million. No shares of FRB stock were purchased or sold in 2020. During the year ended December 31, 2019, the FHLB repurchased 133,281 shares of FHLB stock with a book value of $13.3 million. Additionally, during 2019, Park acquired Carolina Alliance's FHLB shares which were subsequently repurchased by the FHLB. Park purchased 128,553 shares of FRB stock with a book value of $6.4 million in 2019. For the years ended December 31, 2020, 2019 and 2018, $(239,000), $345,000 and $(287,000), respectively, of unrealized (losses) gains on equity investments carried at fair value were recorded within "Gain on equity securities, net" on the Consolidated Statements of Income. An additional $3.5 million gain recorded within "Gain on equity securities, net" on the Consolidated Statement of Income for the year ended December 31, 2018 relates to Park's 8.55% investment in NewDominion Bank which merged with Park National Bank on July 1, 2018. For the years ended December 31, 2020, 2019 and 2018, $2.4 million, $4.8 million and $1.4 million, respectively, of gains on equity investments carried at NAV were recorded within "Gain on equity securities, net" on the Consolidated Statements of Income.
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Loans |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The composition of the loan portfolio, by class of loan, as of December 31, 2020 and December 31, 2019 was as follows:
* Included within commercial, financial and agricultural loans and commercial real estate loans was an immaterial amount of consumer loans that were not broken out by class. In order to support customers, Park participated in the CARES Act Paycheck Protection Program ("PPP"), approving and funding 4,439 loans totaling $543.1 million under the PPP. Included within commercial, financial and agricultural loans are $337.1 million of PPP loans at December 31, 2020. For its assistance in originating and retaining these loans, Park received an aggregate of $20.2 million in fees from the SBA. Of this $20.2 million of PPP fees, Park recognized $13.7 million during the year ended December 31, 2020. Loans are shown net of deferred origination fees, costs and unearned income of $23.6 million at December 31, 2020 and of $16.3 million at December 31, 2019, which represented a net deferred income position in both years. At December 31, 2020, included in the net deferred origination fees, costs and unearned income of $23.6 million were $6.5 million in net origination fees related to PPP loans. At December 31, 2020 and December 31, 2019, loans included purchase accounting adjustments of $7.2 million and $11.7 million, respectively, which represented a net deferred income position at each date. This fair market value purchase accounting adjustment related to loans which are not PCI is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans. Overdrawn deposit accounts of $2.0 million and $2.2 million had been reclassified to loans at December 31, 2020 and December 31, 2019, respectively, and are included in the commercial, financial and agricultural loan class above. Credit Quality The following table presents the recorded investment in nonaccrual loans, accruing TDRs, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2020 and December 31, 2019:
The following table provides additional information regarding those nonaccrual and accruing TDR loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2020 and December 31, 2019.
All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or the present value of expected future cash flows as the measurement method. The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2020 and December 31, 2019.
Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. At December 31, 2020 and December 31, 2019, there were $0.6 million and $0.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $16,000 and $210,000, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated. The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at December 31, 2020 and 2019 of $5.4 million and $5.2 million, respectively. These loans with specific reserves had a recorded investment of $13.9 million and $12.7 million as of December 31, 2020 and 2019, respectively. Interest income on nonaccrual loans individually evaluated for impairment is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. Interest income on accruing TDRs individually evaluated for impairment continues to be recorded on an accrual basis. The following table presents the average recorded investment and interest income recognized subsequent to impairment on loans individually evaluated for impairment as of and for the years ended December 31, 2020, 2019, and 2018:
The following tables present the aging of the recorded investment in past due loans as of December 31, 2020 and December 31, 2019 by class of loan.
(1) Includes an aggregate of $1.6 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $92.6 million of nonaccrual loans which are current in regards to contractual principal and interest payments.
(1) Includes an aggregate of $2.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $66.3 million of nonaccrual loans which are current in regards to contractual principal and interest payments. Credit Quality Indicators Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information as of December 31, 2020 and 2019 is included in the tables above. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) consumer loans. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans on a scale from 1 to 8. Credit grades are continuously monitored by the responsible loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass rated (graded a 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that require management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of Park’s credit position at some future date. Commercial loans graded a 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or the value of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Park will sustain some loss if the deficiencies are not corrected. Commercial loans graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the impaired category. A loan is deemed impaired when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged off. The tables below present the recorded investment by loan grade at December 31, 2020 and December 31, 2019 for all commercial loans:
* Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. (1) There were no loans acquired with deteriorated credit quality which were nonaccrual or TDRs at December 31, 2020.
* Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. (1) Excludes loans acquired with deteriorated credit quality which are nonaccrual or TDRs due to additional credit deterioration or modification post acquisition. These loans had a recorded investment of $6,000 at December 31, 2019. Loans and Leases Acquired with Deteriorated Credit Quality In conjunction with the NewDominion acquisition, Park acquired loans with a book value of $277.9 million as of the July 1, 2018 acquisition date. These loans were recorded at the initial fair value of $272.8 million. Loans acquired with deteriorated credit quality with a book value of $5.1 million were recorded at the initial fair value of $4.9 million. The carrying amount of loans acquired with deteriorated credit quality at December 31, 2020 and December 31, 2019 was $1.6 million and $3.0 million, respectively, while the outstanding customer balance was $1.7 million and $3.2 million, respectively. At December 31, 2020 and December 31, 2019, an allowance for loan losses of $1,000 and $101,000, respectively, had been recognized related to the acquired impaired loans. In conjunction with the Carolina Alliance acquisition, Park acquired loans and leases with a book value of $589.7 million as of the April 1, 2019 acquisition date. These loans and leases were recorded at the initial fair value of $578.6 million. Loans and leases acquired with deteriorated credit quality with a book value of $19.9 million were recorded at the initial fair value of $18.4 million. The carrying amount of loans and leases acquired with deteriorated credit quality at December 31, 2020 and December 31, 2019 was $9.5 million and $11.3 million, respectively, while the outstanding customer balance was $11.8 million and $13.8 million, respectively. At December 31, 2020 and December 31, 2019, an allowance for loan losses of $166,000 and $167,000, respectively, had been recognized related to the acquired impaired loans. Troubled Debt Restructurings Management typically classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession to the borrower as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. Additionally, Park is working with borrowers impacted by the COVID-19 pandemic and providing modifications to include either interest only deferral or principal and interest deferral, in each case, for initial periods up to 90 days. As necessary, Park is making available a second 90-day interest only deferral or principal and interest deferral bringing the total potential deferral period to six months. A majority of these modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. In accordance with this guidance, such modified loans will be considered current and will continue to accrue interest during the deferral period. Certain loans which were modified during the years ended December 31, 2020 and December 31, 2019 did not meet the definition of a TDR as the modification was a delay in a payment that was considered to be insignificant. Management considers a forbearance period of up to three months or a delay in payment of up to 30 days to be insignificant. TDRs may be classified as accruing if the borrower has been current for a period of at least six months with respect to loan payments and management expects that the borrower will be able to continue to make payments in accordance with the terms of the restructured note. Management reviews all accruing TDRs quarterly to ensure payments continue to be made in accordance with the modified terms. At December 31, 2020 and 2019, there were $25.8 million and $34.3 million, respectively, of TDRs included in the nonaccrual loan totals. At December 31, 2020 and 2019, $12.9 million and $23.2 million, respectively, of these nonaccrual TDRs were performing in accordance with the terms of the restructured notes. At December 31, 2020 and 2019, loans with a recorded investment of $20.9 million and $21.3 million, respectively, were included in accruing TDR loan totals. Management will continue to review the restructured loans and may determine it is appropriate to move certain nonaccrual TDRs to accrual status in the future. At December 31, 2020 and 2019, Park had commitments to lend $6.7 million and $7.9 million, respectively, of additional funds to borrowers whose outstanding loan terms had been modified in a TDR. At December 31, 2020 and 2019, there were $0.2 million and $2.2 million, respectively, of specific reserves related to TDRs. Modifications made in 2020 and 2019 were largely the result of renewals and extending the maturity date of the loans at terms consistent with the original notes. These modifications were deemed to be TDRs primarily due to Park’s conclusion that the borrower would likely not have qualified for similar terms through another lender. Many of the modifications deemed to be TDRs were previously identified as impaired loans, and thus were also previously evaluated for impairment under ASC 310. Additional specific reserves of $7,000 were recorded during the year ended December 31, 2020, as a result of TDRs identified in the 2020 year. Additional specific reserves of $1,300 were recorded during the year ended December 31, 2019, as a result of TDRs identified in the 2019 year. Additional specific reserves of $0.2 million were recorded during the year ended December 31, 2018, as a result of TDRs identified in the 2018 year. Quarterly, management reviews renewals/modifications of loans previously identified as TDRs to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification did not contain a concessionary interest rate or other concessionary terms and the terms of the renewal/modification are considered to be market terms based on the current risk characteristics of the borrower, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed if the borrower has complied with the terms of the loan at the date of the renewal/modification and there was a reasonable expectation that the borrower would continue to comply with the terms of the loan subsequent to the date of the renewal/modification. The majority of these TDRs were originally considered restructurings in a prior year as a result of a renewal/modification with an interest rate that was not commensurate with the risk of the underlying loan at the time of the renewal/modification. During the years ended December 31, 2020 and 2019, Park removed the TDR classification on $2.3 million and $38,000, respectively, of loans that met the requirements discussed above. The terms of certain other loans were modified during the years ended December 31, 2020 and 2019 that did not meet the definition of a TDR. Excluding COVID-19 related modifications, there were $0.2 million of substandard commercial loans modified during the year ended December 31, 2020 which did not meet the definition of a TDR. There were $0.6 million of substandard commercial loans modified during the year ended December 31, 2019 which did not meet the definition of a TDR. Excluding COVID-19 related modifications, consumer loans modified during 2020 which did not meet the definition of a TDR had a total recorded investment as of December 31, 2020 of $57.9 million. Consumer loans modified during 2019 which did not meet the definition of a TDR had a total recorded investment as of December 31, 2019 of $36.2 million. Many of these loans were to borrowers who were not experiencing financial difficulties but who were looking to reduce their cost of funds. During the year ended December 31, 2020, Park modified 5,005 consumer loans, with an aggregate balance of $103.5 million, and modified 1,399 commercial loans, with an aggregate balance of $563.7 million, in each case related to a hardship caused by the COVID-19 pandemic and responses thereto. Of the $103.5 million in consumer COVID-19 related modifications, $2.1 million were already classified as TDRs due to previous modifications and $949,000 were classified as TDRs due to the COVID-19 modification. Of the $563.7 million in commercial COVID-19 related modifications, $6.3 million were already classified as TDRs due to previous modifications and $109,000 were classified as TDRs due to the COVID-19 modification. The remaining loans met the exclusion criteria for TDR accounting either in Section 4013 of the CARES Act or in applicable interagency guidance. The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2020, 2019 and 2018 as well as the recorded investment of these contracts at December 31, 2020, 2019, and 2018. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal.
Of those loans which were modified and determined to be a TDR during the year ended December 31, 2020, $0.4 million were on nonaccrual status as of December 31, 2019. Of those loans which were modified and determined to be a TDR during the year ended December 31, 2019, $2.1 million were on nonaccrual status as of December 31, 2018. Of those loans which were modified and determined to be a TDR during the year ended December 31, 2018, $0.5 million were on nonaccrual status as of December 31, 2017. The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2020, December 31, 2019, and December 31, 2018. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial.
Of the $4.4 million in modified TDRs which defaulted during the year ended December 31, 2020, $706,000 were accruing loans and $3.7 million were nonaccrual loans. Of the $1.4 million in modified TDRs which defaulted during the year ended December 31, 2019, $350,000 were accruing loans and $1.0 million were nonaccrual loans. Of the $1.3 million in modified TDRs which defaulted during the year ended December 31, 2018, $86,000 were accruing loans and $1.2 million were nonaccrual loans. Certain of the Corporation’s executive officers, directors and related entities of directors are loan customers of PNB. As of December 31, 2020 and 2019, credit exposure aggregating approximately $51.3 million and $44.3 million, respectively, was outstanding to such parties. Of this total exposure, approximately $32.0 million and $28.7 million was outstanding at December 31, 2020 and 2019, respectively, with the remaining balance representing available credit. During 2020, new loans and advances on existing loans were made to these executive officers, directors and related entities of directors totaling $0.6 million and $12.4 million, respectively. These extensions of credit were offset by principal payments of $9.7 million. During 2019, new loans and advances on existing loans were $9.2 million and $8.9 million, respectively. These extensions of credit were offset by principal payments of $15.3 million.
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Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including the overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 - Summary of Significant Accounting Policies. Loss factors are reviewed quarterly and updated at least annually to reflect recent loan loss history and incorporate current risks and trends which may not be recognized in historical data. For all loan types, management considers the following factors in determining loan collectability and the appropriate level of the allowance: •Changes in the nature and volume of the portfolio and in the terms of loans, including: ◦Trends (e.g., growth, reduction) in specific categories of the loan portfolio, as well as adjustments to the types of loans offered by PNB and GFSC. ◦Level of and trend in loan delinquencies, troubled loans, commercial watch list and impaired loans. ◦Level of and trend in new nonaccrual loans. ◦Level of and trend in loan charge-offs and recoveries. •Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices. •Changes in national and local economic and business conditions and developments that affect the collectability of the portfolio. •The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated losses in Park's existing portfolio. Commercial Loans The following are factors management reviews specifically for commercial loans on a quarterly or annual basis. •Historical Loss Factor: In calculating the allowance for loan losses, management believes it is appropriate to consider historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. As such, a year is added to the look back period each time historical losses are updated, until the economic cycle is complete, as defined by a period of rising charge-offs, considering both internal and industry trends. In updating the historical loss rates to incorporate 2020 losses, management considered if the economic deterioration as a result of the COVID-19 pandemic represented the end of a cycle for the purposes of the allowance for loan loss calculation, but, due to the historically low level of charge-offs, determined 2020 should be included in the cycle beginning in 2010. For the historical loss factor at December 31, 2020, the Company utilized an annual loss rate, calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2010 through 2020 within the individual segments of the commercial and consumer loan categories. •Loss Emergence Period Factor: Typically, management calculates the loss emergence period for each commercial loan segment on an annual basis. The loss emergence period is calculated based upon the average period of time it takes from the probable occurrence of a loss event to the loan being moved to nonaccrual. If the loss emergence period for any commercial loan segment is greater than one year, management applies additional general reserves to all performing loans within that segment of the commercial loan portfolio. The loss emergence period was last updated in the fourth quarter of 2019. Management did not update the loss emergence period calculation in 2020. Due to the COVID-19 pandemic, management performed a timely analysis into its commercial loan portfolio to identify loans negatively impacted by the pandemic. This resulted in the downgrade of numerous loans to nonaccrual status within months of the loss event (the COVID-19 pandemic). Including these loans artificially lowers the loss emergence period for 2020. Management does not believe this is reflective of what is expected as the loss emergence period for the remaining portfolio. During the third quarter of 2020, Park made the decision to extend the loss emergence period on all commercial loan types by six months. Management believes that the start of the COVID-19 pandemic in March 2020 represents the loss event. Management continues to refine its estimate of incurred losses as a result of this March 2020 loss event. Approximately nine months following the start of the pandemic, Park has experienced very little, if any, increase in delinquencies and charge-offs. Management believes that this is due to the unprecedented level of economic stimulus, CARES Act accommodations, and Consolidated Appropriations Act, 2021 accommodations provided by the U.S. government which has delayed loan defaults and losses. •Loss Migration Factor: Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases, and accordingly, management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. Annually, management calculates a loss migration factor for each commercial loan segment for special mention and substandard credits based on a review of losses over the period of time a loan takes to migrate from pass-rated to impaired. The loss migration factor was last updated in the fourth quarter of 2020. •Environmental Loss Factor: Management has identified certain macroeconomic factors that trend in accordance with losses in Park’s commercial loan portfolio. Certain environmental loss factors have been determined to correlate with higher charge-offs while other adjustments are based on a subjective evaluation of other environmental loss factors. Environmental factors applicable to the commercial loan portfolio include: the Ohio unemployment rate, percent change in Ohio GDP, the consumer confidence index, the prevalence of fixed rate loans in the portfolio and other environmental factors. In evaluating the ongoing relevance and amount of the other environmental factors, management considers: changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices, changes in national and local economic and business conditions, and developments that affect the collectability of the portfolio, and the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated losses in Park's existing portfolio. All of these factors are evaluated in relation to the historical look back period. At both December 31, 2020 and December 31, 2019, such subjective environmental loss factor inputs accounted for 42% of the allowance for loan losses driven by environmental loss factors. These macroeconomic factors are reviewed quarterly and the adjustments made to the environmental loss factor impacting each segment in the performing commercial loan portfolio correlate to changes in the macroeconomic environment in relation to the historical loss period. The environmental loss factors were updated in each quarter of 2020 to consider the economic impact of the COVID-19 pandemic. These factors were increased from 0.60% of applicable loans at December 31, 2019 to 0.675% of applicable loans at March 31, 2020, to 0.75% of applicable loans at June 30, 2020, to 0.825% at September 30, 2020, and to 0.855% at December 31, 2020. The increases in the first and second quarters of 2020 were the result of upward adjustments to the factors for Ohio unemployment, percent change in Ohio GDP and consumer confidence. The increase in the third quarter of 2020 was due to the increased uncertainty in the overall economic environment, the unknown length and severity of the pandemic and the limitations in the incurred loss model to capture all probable incurred losses during such uncertain times. The increase in the fourth quarter was a result of consideration of the other environmental factors in relation to the extended 132-month historical loss period. Management will continue to evaluate this estimate of incurred losses as new information becomes available. In addition to the increases in the environmental loss factor, in the second quarter, Park added additional reserves for three industries at particularly high risk due to the pandemic: hotels and accommodations, restaurants and food service, and strip shopping centers. These industries have had high levels of deferrals and have been particularly impacted by shut downs of non-essential businesses, increased health department regulations, and changes in consumer behavior. Management expects that a high percentage of the 4-rated credits in these portfolios will eventually migrate to special mention, substandard, or impaired status. As a result, additional reserves totaling $3.8 million were added for these portfolios on top of that already calculated. This amount was calculated by applying the loss factor for special mention credits to all 4-rated loans in these portfolios. A breakout of the 4-rated balances and additional reserve related to these portfolios is detailed in the following table.
Additionally, management applied a 1% reserve to all hotels and accommodations loans in the general reserve population to account for increased valuation risk. At December 31, 2020, Park's originated hotels and accommodation loans had a balance of $181.4 million with an additional reserve related to valuation risks of $1.8 million. As of December 31, 2020, Park had $337.1 million of PPP loans which are included in the commercial, financial and agricultural portfolio segment. These loans are guaranteed by the SBA and thus have not been reserved for using the same methodology as the rest of Park’s loan portfolio. A 10 basis point reserve was calculated for these loans to reflect minimal credit risk. Consumer Loans For the consumer portfolio, a specific COVID-19 factor was added to each segment equal to 75% of the 132-month historical loss factor (representing 9 months of charge-off delay). This increase considers the payment deferrals being provided to consumer loan customers and unprecedented level of government stimulus as well as the likely delays in delinquencies and charge-offs as a result. Much is still unknown about the economic impact of COVID-19, including the duration of the pandemic, future government programs that may be established as a result of the pandemic, and the resiliency of the U.S. economy. Management will continue to evaluate this estimate of incurred losses as new information becomes available. Given uncertainty about the magnitude and length of the COVID-19 pandemic and related economic shutdown, additional loan loss provisions may be required that would adversely impact earnings in future periods. Purchased Loans Loans acquired as part of the acquisitions of NewDominion and Carolina Alliance were recorded at fair value on the respective dates of acquisition. An allowance is only established on these loans as a result of credit deterioration post acquisition. At December 31, 2020, there was a $678,000 allowance related to performing acquired loans. At December 31, 2020, a reserve of $167,000 had been established related to PCI loans. At December 31, 2019, there was no allowance related to performing acquired loans, and a reserve of $268,000 related to PCI loans. The activity in the allowance for loan losses for the years ended December 31, 2020, 2019, and 2018 is summarized in the following tables.
Loans collectively evaluated for impairment in the following tables include all performing loans at December 31, 2020 and 2019, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at December 31, 2020 and 2019, which are evaluated for impairment in accordance with U.S. GAAP (see Note 1 - Summary of Significant Accounting Policies). The composition of the allowance for loan losses at December 31, 2020 and 2019 was as follows:
(1) Excludes loans acquired with deteriorated credit quality which are individually evaluated for impairment due to additional credit deterioration post acquisition. These loans had a balance of $5,000, a recorded investment of $6,000, and no allowance as of December 31, 2019.
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Goodwill and Other Intangible Assets |
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Goodwill and Other Intangibles | Goodwill and Other Intangible Assets The following table shows the activity in goodwill and other intangible assets for the years ended December 31, 2020, 2019 and 2018.
Goodwill impairment exists when a reporting unit's carrying value exceeds its fair value. Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. At April 1, 2020, the Company's reporting unit, PNB, had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. During each of the second, third and fourth quarters of 2020, management determined that the deterioration in general economic conditions as a result of the COVID-19 pandemic and responses thereto represented a triggering event prompting an evaluation of goodwill impairment. Based on the qualitative analysis performed during each of the second, third and fourth quarters of 2020, the Company determined that goodwill was not impaired. Management continues to monitor economic factors to evaluate goodwill impairment. Acquired Intangible Assets The following table shows the balance of acquired intangible assets as of December 31, 2020 and 2019.
During 2019, Park announced its 2020 rebranding initiative to operate all 12 banking divisions of PNB under one name. The NewDominion trade name intangible was initially recorded assuming an indefinite useful life. Considering Park's rebranding initiative, Park concluded that the trade name intangible represented a definite life asset, and impairment was recorded during 2019. Core deposit intangibles are being amortized, on an accelerated basis, over a period of ten years. Amortization expense for the core deposit intangibles was $2.3 million, $2.4 million and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following is a schedule of estimated amortization expense for each of the next five years:
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Mortgage Loans Held for Sale |
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Loans Held for Sale [Abstract] | |
Loans Held For Sale Disclosure [Text Block] | . Loans Held for Sale Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $31.7 million and $12.3 million at December 31, 2020 and 2019, respectively. These amounts are included in "Loans" on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 6 - Loans and Note 7 - Allowance for Loan Losses. The contractual balance was $30.9 million and $12.1 million at December 31, 2020 and 2019, respectively. The gain expected upon sale was $753,000 and $153,000 at December 31, 2020 and 2019, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2020 or 2019. During 2020, Park transferred a non-performing loan held for investment, with a book balance of $4.4 million, to the loans held for sale portfolio, and subsequently completed the sale of this non-performing loan held for sale, recognizing no gain or loss on sale. During 2018, Park transferred certain non-performing loans held for investment, with a book balance of $174,000, to the loans held for sale portfolio, and subsequently completed the sale of these non-performing loans held for sale, recognizing a net gain on sale of $2.8 million. No non-performing loans were held for sale or sold during 2019.
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Foreclosed and Repossessed Assets |
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Real Estate Owned [Text Block] | Foreclosed and Repossessed Assets Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amount of foreclosed properties held at December 31, 2020 and December 31, 2019 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.
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Premises and Equipment |
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Premises and Equipment | Premises and Equipment The major categories of premises and equipment and accumulated depreciation are summarized as follows:
Depreciation expense amounted to $10.8 million, $9.1 million and $8.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Park records leased assets where Park acts as the lessor within "Other assets" on the Consolidated Balance Sheets. Equipment subject to lease agreements at December 31, 2020 and 2019 is summarized below:
Depreciation expense on operating lease assets of $1.8 million, $1.3 million, and $26,000 was recorded for the years ended December 31, 2020, 2019 and 2018, respectively.
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Investments in Qualified Affordable Housing |
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Investments in Affordable Housing Projects [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program | Investments in Qualified Affordable Housing Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act. As permitted by ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, Park has elected the proportional amortization method of accounting. Under the proportional amortization method, amortization expense and tax benefits are recognized through the provision for income taxes. The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of December 31, 2020 and 2019.
Commitments are funded when capital calls are made by the general partner. Park expects that the commitments as of December 31, 2020 will be funded between 2021 and 2031. During the years ended December 31, 2020, 2019 and 2018, Park recognized amortization expense of $7.0 million, $6.9 million and $7.3 million, respectively, which was included within the provision for income taxes. For the years ended December 31, 2020, 2019 and 2018, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $8.7 million, $8.8 million and $9.0 million, respectively.
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits At December 31, 2020 and 2019, non-interest bearing and interest bearing deposits were as follows:
At December 31, 2020, the maturities of time deposits were as follows:
At December 31, 2020 and 2019, respectively, Park had approximately $20.2 million and $17.7 million of deposits received from Park's executive officers, Park directors and related entities of Park directors. Time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2020 and 2019 were $77.2 million and $96.0 million, respectively.
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Repurchase Agreement Borrowings |
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Transfers of Financial Assets Accounted for as Secured Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block] | Repurchase Agreement Borrowings Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in short-term borrowings on the Consolidated Balance Sheets. All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the client and are accounted for as secured borrowings. Park's repurchase agreements consisted of customer accounts and securities which are pledged on an individual security basis. At December 31, 2020 and December 31, 2019, Park's repurchase agreement borrowings totaled $317 million and $176 million, respectively. These borrowings were collateralized with U.S. government and agency securities with a fair value of $366 million and $200 million at December 31, 2020 and December 31, 2019, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of December 31, 2020 and December 31, 2019, Park had $439 million and $756 million, respectively, of available unpledged securities. The following table presents the carrying value of Park's repurchase agreement borrowings by remaining contractual maturity and collateral pledged at December 31, 2020 and December 31, 2019:
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Short Term Borrowings |
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Short-Term Borrowings | Short-Term Borrowings Short-term borrowings were as follows:
The outstanding balances for all short-term borrowings as of December 31, 2020 and 2019 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:
During 2019 and 2020, outstanding FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2020 and December 31, 2019, $14 million and $18 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2020 and December 31, 2019, $1,521 million and $1,566 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. See Note 14 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt is listed below:
Park had no long-term debt at December 31, 2020 with a contractual maturity longer than five years. On February 18, 2020, Park prepaid $50 million of FHLB advances, incurring a $1.8 million prepayment penalty recognized within "FHLB prepayment penalty" on the Consolidated Statement of Income for the year ended December 31, 2020. These advances had an average interest rate of 3.01% and maturity dates of March 14, 2022 and September 15, 2022. On December 3, 2020, Park prepaid $100 million of FHLB advances, incurring an $8.7 million prepayment penalty recognized within "FHLB prepayment penalty" on the Consolidated Statement of Income for the year ended December 31, 2020. These advances had an interest rate of 3.40% and a maturity date of December 1, 2023. At December 31, 2020 and December 31, 2019, FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2020 and December 31, 2019, $14 million and $18 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2020 and December 31, 2019, $1,521 million and $1,566 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. On June 20, 2019, Park issued a $50 million term note to U.S. Bank National Association. This term note has a maturity date of June 21, 2022 and accrues interest at a floating rate of one-month LIBOR plus 1.65%. As of December 31, 2020, Park was in compliance with the covenants in the credit agreement related to the term note.
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Subordinated Notes |
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Dec. 31, 2020 | |
Long-term Debt, Unclassified [Abstract] | |
Subordinated Debentures/Notes | Subordinated Notes As part of the acquisition of Vision's parent bank holding company ("Vision Parent") on March 9, 2007, Park became the successor to Vision Parent under (i) the Amended and Restated Trust Agreement of Vision Bancshares Trust I (the “Trust”), dated as of December 5, 2005, (ii) the Junior Subordinated Indenture, dated as of December 5, 2005, and (iii) the Guarantee Agreement, also dated as of December 5, 2005. On December 1, 2005, Vision Parent formed a wholly-owned Delaware statutory business trust, Vision Bancshares Trust I (“Trust I”), which issued $15.0 million of Trust I's floating rate preferred securities (the “Trust Preferred Securities”) to institutional investors. These Trust Preferred Securities qualify as Tier I capital under FRB guidelines. All of the common securities of Trust I are owned by Park. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by Trust I to purchase $15.5 million of junior subordinated notes, which carry a floating rate based on three-month LIBOR plus 148 basis points. The junior subordinated notes represent the sole asset of Trust I. The Trust Preferred Securities accrue and pay distributions at a floating rate of three-month LIBOR plus 148 basis points per annum. The Trust Preferred Securities are mandatorily redeemable upon maturity of the junior subordinated notes in December 2035, or upon earlier redemption as provided in the junior subordinated notes. Since December 30, 2010, Park has had the right to redeem the junior subordinated notes purchased by Trust I in whole or in part. As specified in the indenture, if the junior subordinated notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest. In accordance with U.S. GAAP, Trust I is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability. On August 20, 2020, Park completed the issuance and sale of $175 million aggregate principal amount of its 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Subordinated Notes"). The Subordinated Notes initially bear a fixed interest rate of 4.50% per year, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2021. Commencing on September 1, 2025, the Subordinated Notes will bear interest at a floating rate per annum equal to the Benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 439 basis points for each quarterly interest period during the floating rate period, payable quarterly in arrears; provided, however, that if the Benchmark rate is less than zero, then the Benchmark rate shall be deemed to be zero. The Company may, at its option, beginning with the interest payment date of September 1, 2025 and on any interest payment date thereafter, redeem the Subordinated Notes, in whole or in part, from time to time, subject to obtaining the prior approval of the holders of the Company’s senior indebtedness and of the Federal Reserve Board to the extent the approval of the Federal Reserve Board is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Subordinated Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption. The issuance costs of the Subordinated Notes totaled $2.4 million, which is being amortized through the Subordinated Note call date. The Subordinated Notes, net of unamortized issuance costs, totaled $172.8 million at December 31, 2020, and qualifies as Tier 2 capital for Park under the Federal Reserve Board capital adequacy rules.
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | Derivatives Park uses certain derivative financial instruments (or "derivatives") to meet the needs of its clients while managing the interest rate risk associated with certain transactions. Park does not use derivatives for speculative purposes. A summary of derivative instruments utilized by Park follows. Interest Rate Swaps Park utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position and as a means to meet the financing, interest rate and other risk management needs of qualifying commercial banking customers. The notional amount of the interest rate swaps does not represent the amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Borrowing Derivatives: Interest rate swaps with notional amounts totaling $25.0 million at both December 31, 2020 and December 31, 2019 were designated as cash flow hedges of certain FHLB advances. Loan Derivatives: In conjunction with the Carolina Alliance acquisition, Park acquired interest rate swaps related to certain commercial loans. These interest rate swaps were simultaneously hedged by offsetting interest rate swaps that Carolina Alliance executed with a third party, such that Carolina Alliance minimized its net interest rate risk exposure resulting from such transactions. These interest rate swaps had a notional amount totaling $33.3 million and $35.5 million as of December 31, 2020 and December 31, 2019, respectively. All of the Company's interest rate swaps were determined to be fully effective during the years ended December 31, 2020 and 2019. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swaps is recorded in other assets and other liabilities with changes in fair value recorded in other comprehensive income. The amount included in accumulated other comprehensive income would be reclassified to current earnings should the hedges no longer be considered effective. Park expects the hedges to remain fully effective during the remaining respective terms of the swaps. Summary information about Park's interest rate swaps as of December 31, 2020 and December 31, 2019 was as follows:
Interest expense recorded on swap transactions was $423,000 and $42,000 for the years ended December 31, 2020 and 2019, respectively. No interest income or expense related to swap transactions was recorded during the year ended December 31, 2018. Interest Rate Swaps The following table presents the net gains (losses), net of income taxes, recorded in AOCI and the Consolidated Statements of Income related to interest rate swaps for the years ended December 31, 2020, 2019 and 2018.
The following table reflects the interest rate swaps included in the Consolidated Balance Sheets as of December 31, 2020 and 2019.
Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. These mortgage banking derivatives are not designated in hedge relationships. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. Fair values of these mortgage banking derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in "Other service income" in the Consolidated Statements of Income. At December 31, 2020 and December 31, 2019, Park had $58.2 million and $15.9 million, respectively, of interest rate lock commitments. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $1.5 million and $221,000 at December 31, 2020 and December 31, 2019, respectively. Other Derivatives In connection with the sale of Park’s Class B Visa shares during 2009, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. At both December 31, 2020 and 2019, the fair value of the swap liability of $226,000 was an estimate of the exposure based upon probability-weighted potential Visa litigation losses.
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Share Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Plan | Share-Based CompensationThe Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan") was adopted by the Board of Directors of Park on January 28, 2013 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 22, 2013. The 2013 Incentive Plan made equity-based awards and cash-based awards available for grant to participants (who could have been employees or non-employee directors) in the form of incentive stock options, nonqualified stock options, SARs, restricted common shares (“Restricted Stock”), restricted stock unit awards that may be settled in common shares, cash or a combination of the two (“Restricted Stock Units”), unrestricted common shares (“Other Stock-Based Awards”) and cash-based awards. Under the 2013 Incentive Plan, 600,000 common shares were authorized to be delivered in connection with grants under the 2013 Incentive Plan. The common shares to be delivered under the 2013 Incentive Plan are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At December 31, 2020, there were 18,695 common shares subject to unvested PBRSUs issued under the 2013 Incentive Plan, which represented the only awards outstanding under the 2013 Incentive Plan. The Park National Corporation 2017 Long-Term Incentive Plan for Employees (the "2017 Employees LTIP") was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Employees LTIP makes equity-based awards and cash-based awards available for grant to employee participants in the form of incentive stock options, nonqualified stock options, SARs, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards and cash-based awards. Under the 2017 Employees LTIP, 750,000 common shares are authorized to be delivered in connection with grants under the 2017 Employees LTIP. The common shares to be delivered under the 2017 Employees LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At December 31, 2020, 525,000 common shares were available for future grants under the 2017 Employee LTIP. The Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors (the "2017 Non-Employee Directors LTIP") was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Non-Employee Directors LTIP makes equity-based awards and cash-based awards available for grant to non-employee director participants in the form of nonqualified stock options, SARs, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, and cash-based awards. Under the 2017 Non-Employee Directors LTIP, 150,000 common shares are authorized to be delivered in connection with grants under the 2017 Non-Employee Directors LTIP. The common shares to be delivered under the 2017 Non-Employee Directors LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At December 31, 2020, 100,250 common shares were available for future grants under the 2017 Non-Employee Directors LTIP. The 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP have replaced the provisions of the 2013 Incentive Plan with respect to the grant of future awards. As a result of the approval of the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP, Park has not granted and will not grant any additional awards under the 2013 Incentive Plan after April 24, 2017. Awards made under the 2013 Incentive Plan prior to April 24, 2017 will remain in effect in accordance with their respective terms. During 2020, 2019 and 2018, Park granted 13,450, 13,500 and 11,650 common shares, respectively, to directors of Park and to directors of PNB (and its divisions) under the 2017 Non-Employee Directors LTIP. The common shares granted to directors were not subject to a vesting period and resulted in expense of $1.3 million, $1.3 million, and $1.1 million in 2020, 2019, and 2018, respectively, which is included in professional fees and services on the Consolidated Statements of Income. During 2020, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 62,265 common shares to certain employees of Park and its subsidiaries. During 2019, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 58,740 of common shares to certain employees of Park and its subsidiaries. Additionally, during 2019, Park granted awards of TBRSUs, under the 2017 Employees LTIP, covering an aggregate of 15,700 shares to Carolina Alliance Division employees. During 2018, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs covering an aggregate of 48,053 common shares, under the 2017 Employees LTIP, to certain employees of Park and its subsidiaries. Additionally, during 2018, Park granted 13,637 TBRSUs to certain NewDominion Division employees. The number of PBRSUs earned or settled will depend on the level of achievement with respect to certain performance criteria and are also subject to subsequent service-based vesting. The number of TBRSUs earned or settled are subject to service-based vesting. A summary of changes in the common shares subject to nonvested PBRSUs and TBRSUs for the years ended December 31, 2020 and 2019 follows:
(1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed. (2) Nonvested amount herein represents the maximum number of nonvested PBRSUs and TBRSUs. As of December 31, 2020, an aggregate of 186,331 PBRSUs and TBRSUs are expected to vest. During the year ended December 31, 2020, an aggregate of 7,705 of the TBRSUs granted in 2018 and 2019 vested in full due to the satisfaction of the service-based vesting requirement. A total of 2,392 common shares were withheld to satisfy employee income tax obligations. This resulted in a net number of 5,313 common shares being issued to employees of Park. Additionally, during the year ended December 31, 2020, an aggregate of 36,674 of the PBRSUs granted in 2016 and 2017 vested in full due to the level of achievement with respect to certain performance criteria and the satisfaction of the service-based vesting requirement. A total of 11,646 common shares were withheld to satisfy employee income tax withholding obligations. This resulted in a net number of 25,028 common shares being issued to employees of Park. During the three months ended March 31, 2019, 27,719 PBRSUs granted in 2015 and 2016 vested in full due to the level of achievement with respect to certain performance criteria and the satisfaction of the service-based vesting requirement. A total of 8,736 common shares were withheld to pay employee income taxes. This resulted in a net number of 18,983 common shares being issued to employees of Park. Share-based compensation expense of $6.0 million, $5.0 million and $4.0 million was recognized for the years ended December 31, 2020, 2019 and 2018, respectively, related to PBRSU and TBRSU awards to employees. The following table details expected additional share-based compensation expense related to PBRSUs and TBRSUs currently outstanding:
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Benefit Plan |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans The Corporation has a noncontributory Defined Benefit Pension Plan (the “Pension Plan”) covering substantially all of the employees of the Corporation and its subsidiaries. The Pension Plan provides benefits based on an employee’s years of service and compensation. There was no pension contribution in 2020 or 2019 and there is no contribution expected to be made in 2021. Using accrual measurement dates of December 31, 2020 and 2019, plan assets and benefit obligation activity for the Pension Plan are listed below:
The increase in the projected benefit obligation ("PBO") from $154.4 million as of December 31, 2019 to $184.4 million as of December 31, 2020, was largely the result of a decrease in the discount rate from 3.53% to 3.00%. Additionally, the PBO increased due to updated assumptions for withdrawal rates, retirement rates, optional payment form elections, and salary increases as well as assumptions for lump sum determinations. These losses were partially offset by the adoption of the MP 2020 mortality projection scale. The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:
The investment policy, as established by the Retirement Plan Committee, is to invest assets according to the target allocation stated above. Assets will be reallocated periodically based on the investment strategy of the Retirement Plan Committee. The investment policy is reviewed periodically. The expected long-term rate of return on plan assets used to measure the benefit obligation was 7.00% at both December 31, 2020 and December 31, 2019. This return was based on the expected long-term return of each of the asset categories, weighted based on the median of the target allocation for each class. The accumulated benefit obligation for the Pension Plan was $149.5 million and $129.3 million at December 31, 2020 and 2019, respectively. On November 17, 2009, the Park Pension Plan completed the purchase of 115,800 common shares of Park for $7.0 million or $60.45 per share. At December 31, 2020 and 2019, the fair value of the 115,800 common shares held by the Pension Plan was $12.2 million, or $105.01 per share and $11.9 million, or $102.38 per share, respectively. The weighted average assumptions used to determine benefit obligations at December 31, 2020, 2019 and 2018 were as follows:
The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2020 and 2019.
Using actuarial measurement dates of December 31 for 2020, 2019 and 2018, components of net periodic benefit income and other amounts recognized in other comprehensive income were as follows:
There are $16,000 in estimated prior service costs for the Pension Plan to be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next year. The estimated net actuarial loss expected to be recognized in the next year is $2.2 million. The weighted average assumptions used to determine net periodic benefit income (loss) for the years ended December 31, 2020, 2019 and 2018 are listed below:
The Pension Plan maintains cash in a PNB savings account. The Pension Plan cash balance was $2.5 million at December 31, 2020. U.S. GAAP defines fair value as the price that would be received by Park for an asset or paid by Park to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date, using the most advantageous market for the asset or liability. The fair values of equity securities, consisting of mutual fund investments and common stock (U.S. large cap) held by the Pension Plan and the fixed income and cash equivalents, are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). The fair value of Pension Plan assets at December 31, 2020 was $230.4 million. At December 31, 2020, $195.0 million of equity investments and cash in the Pension Plan were categorized as Level 1 inputs; $35.4 million of Pension Plan investments in corporate (U.S. large cap), U.S. Government sponsored entity bonds and marketable CDs were categorized as Level 2 inputs, as fair value was based on quoted market prices of comparable instruments; and no investments were categorized as Level 3 inputs. The fair value of Pension Plan assets was $210.6 million at December 31, 2019. At December 31, 2019, $180.0 million of investments in the Pension Plan were categorized as Level 1 inputs; $30.6 million were categorized as Level 2; and no investments were categorized as Level 3. Salary Deferral Plan The Corporation has a voluntary salary deferral plan (the Corporation's Employees Stock Ownership Plan) covering substantially all of the employees of the Corporation and its subsidiaries. Eligible employees may contribute a portion of their compensation subject to a maximum statutory limitation. The Corporation provides a matching contribution established annually by the Corporation. Contribution expense for the Corporation was $4.2 million, $3.9 million, and $3.0 million for 2020, 2019 and 2018, respectively. Supplemental Executive Retirement Plan The Corporation has entered into Supplemental Executive Retirement Plan Agreements (the "SERP Agreements") with certain key officers of the Corporation and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal income tax law. The accrued benefit cost for the SERP Agreements totaled $12.3 million and $11.0 million for 2020 and 2019, respectively. The expense for the Corporation was $2.1 million for 2020, $1.3 million for 2019 and $1.0 million for 2018.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows:
As of December 31, 2020 and 2019, Park had a net deferred tax asset balance related to federal NOL carryforwards of approximately $3.1 million and $3.5 million, respectively, which expire at various dates from 2031-2039. Park also had a net deferred tax asset balance related to state NOL carryforwards of approximately $0.5 million and $0.6 million at December 31, 2020 and 2019, respectively, which expire at various dates from 2030-2039. Park performs an analysis to determine if a valuation allowance against deferred tax assets is required in accordance with U.S. GAAP. Management determined that it was not required to establish a valuation allowance against the December 31, 2020 or 2019 deferred tax assets in accordance with U.S. GAAP since it was more likely than not that the deferred tax asset will be fully utilized in future periods. The components of the provision for federal income taxes are shown below:
The following is a reconciliation of income tax expense to the amount computed at the statutory federal corporate income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018.
Park and its subsidiaries do not pay state income tax to the state of Ohio, but pay a franchise tax based on equity. The franchise tax expense is included in "State tax expense" on Park’s Consolidated Statements of Income. Park is also subject to state income tax in various states, including North Carolina and South Carolina. State income tax expense is included in “Income taxes” on Park’s Consolidated Statements of Income. Park’s state income tax expense was $1.1 million and $1.2 million for the years ended December 31, 2020 and 2019, respectively. Unrecognized Tax Benefits The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.
The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in the future periods at December 31, 2020, 2019 and 2018 was $0.6 million, $0.9 million and $1.1 million, respectively. Park does not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the next year. The income (expense) related to interest and penalties recorded on unrecognized tax benefits in the Consolidated Statements of Income for the years ended December 31, 2020, 2019, and 2018 was $35,000, $7,500, and $(79,500), respectively. The amount accrued for interest and penalties at December 31, 2020, 2019 and 2018 was $111,000, $146,000 and $153,500, respectively. Park and its subsidiaries are subject to U.S. federal income tax and income tax in various state jurisdictions. The Corporation is subject to routine audits of tax returns by the Internal Revenue Service and states in which we conduct business. No material adjustments have been made on closed federal and state tax audits. Generally, all tax years ended prior to December 31, 2017 are closed to examination by federal and state taxing authorities.
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Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) components, net of income tax, are shown in the following table for the years ended December 31, 2020, 2019 and 2018.
(1) During the year ended December 31, 2019, Park transferred HTM securities with a fair value of $373.9 million to AFS classification. The transfer occurred at fair value and had a related unrealized gain of $24.2 million ($19.1 million net of taxes), recorded in other comprehensive income. The following table provides information concerning amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018:
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share U.S. GAAP requires the reporting of basic and diluted earnings per common share. Basic earnings per common share excludes any dilutive effects of PBRSUs and TBRSUs. The following table sets forth the computation of basic and diluted earnings per common share:
Park awarded 62,265, 58,740 and 48,053 PBRSUs to certain employees during the years ended December 31, 2020, 2019 and 2018, respectively. Park awarded 15,700 TBRSUs to Carolina Alliance Division employees during the year ended December 31, 2019 and awarded 13,637 TBRSUs to NewDominion Division employees during the year ended December 31, 2018. On April 1, 2019, Park issued 1,037,205 common shares to complete its acquisition of Carolina Alliance. On July 1, 2018, Park issued 435,457 common shares to complete its acquisition of NewDominion. These common shares are included in average common shares outstanding beginning on those dates. During the years ended December 31, 2020, 2019 and 2018, Park repurchased 76,000, 86,650 and 50,000 common shares, respectively, to fund the PBRSUs, TBRSUs and common shares awarded to directors of Park and to directors of PNB (and its divisions) and repurchased 334,603 common shares during the year ended December 31, 2019 pursuant to Park's previously announced stock repurchase authorizations.
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Dividend Restrictions |
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Dec. 31, 2020 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Restrictions | Dividend RestrictionsBank regulators limit the amount of dividends a subsidiary bank can declare in any calendar year without obtaining prior approval. At December 31, 2020, approximately $101.8 million of the total shareholders’ equity of PNB was available for the payment of dividends to the Corporation, without approval by the applicable regulatory authorities. |
Financial Instruments With Off-Balance Sheet Risk and Financial Instruments With Concentrations of Credit Risk |
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Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentration of Credit Risk | Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk The Corporation is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers. The total amounts of off-balance sheet financial instruments with credit risk were as follows:
The loan commitments are generally for variable rates of interest. The Corporation grants retail, commercial and commercial real estate loans to customers primarily located in Ohio, Kentucky, North Carolina and South Carolina with the exception of nationwide aircraft loans and nationwide asset-based lending to consumer finance companies. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon the extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and real estate. Although the Corporation has a diversified loan portfolio, a substantial portion of the borrowers’ ability to honor their contracts is dependent upon the economic conditions the borrowers' respective geographic locations and industries.
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Loan Servicing |
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Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Servicing | Loan Servicing Park serviced sold mortgage loans of $1,972 million at December 31, 2020, compared to $1,447 million at December 31, 2019 and $1,389 million at December 31, 2018. At December 31, 2020, $1.7 million of the sold mortgage loans were sold with recourse compared to $2.3 million at December 31, 2019 and $2.5 million at December 31, 2018. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. As of December 31, 2020 and 2019, management had established a reserve of $30,000 and $25,000, respectively, to account for future loan repurchases. When Park sells mortgage loans with servicing rights retained, servicing rights are initially recorded at fair value. Park selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income of the underlying loan. At the end of each reporting period, the carrying value of MSRs is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of MSRs is included within other service income in the Consolidated Statements of Income. Activity for MSRs and the related valuation allowance follows:
The fair value of MSRs was $12.2 million and $10.1 million at December 31, 2020 and 2019, respectively. The fair value of MSRs at December 31, 2020 was established using a discount rate of 12% and constant prepayment speeds ranging from 13.20% to 27.54%. The fair value of MSRs at December 31, 2019 was established using a discount rate of 12% and constant prepayment speeds ranging from 6.60% to 18.42%. Servicing fees included in other service income were $4.1 million, $3.6 million and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | Leases Park is a lessee in several noncancellable operating lease arrangements, primarily for retail branches, administrative and warehouse buildings, ATMs, and certain office equipment within its Ohio, North Carolina, South Carolina, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one year to five years. Park’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments plus, for many of Park’s real estate leases, variable payments such as Park's proportionate share of property taxes, insurance, and common area maintenance. The Company adopted ASU 2016-02, Leases (ASC 842), using the modified retrospective method as of the date of adoption, January 1, 2019, as permitted by the amendments in ASU 2018-11. As a result, the Company was not required to adjust its comparative period financial information for effects of the adoption of the standard or make the new required lease disclosures for periods prior to the effective date. Upon adoption of this accounting guidance on January 1, 2019, Park recorded an initial ROU asset of $11.0 million, and a lease liability of $11.8 million, and reclassified an existing deferred rent liability of $0.6 million. The impact to the Company's retained earnings, net of the tax impact, was $143,000. Management elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) the lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. The Company did not elect the practical expedient to use hindsight for leases existing at the adoption date. Park elected the practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease components. Additionally, Park has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a cash basis. Management determines if an arrangement is or contains a lease at contract inception. If an arrangement is determined to be or contain a lease, Park recognizes a ROU asset and a lease liability at the lease commencement date. Leases are classified as operating or finance leases at the lease commencement date. At December 31, 2020 and 2019, all of Park's leases were classified as operating leases. Park’s lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments related to the lease liability include how management determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) lease payments. •ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, management cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, Park utilizes its incremental borrowing rate as the discount rate for leases. Park’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. To manage its capital and liquidity needs, Park periodically obtains wholesale funding from the FHLB on an over-collateralized basis. The impact of utilizing an interest rate on an over-collateralized borrowing versus a fully collateralized borrowing is not material. Therefore, the FHLB yield curve was selected by management as a baseline to determine Park’s discount rates for leases. •The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by either Park's option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. If a lease contract contains multiple renewal options, management generally models lease cash flows through the first renewal option period unless the contract contains economic incentives or other conditions that increase or decrease the likelihood that additional renewals are reasonably certain to be exercised. •Lease payments included in the measurement of the lease liability are comprised of the following: –Fixed payments, including in-substance fixed payments, owed over the lease term; –For certain of Park's gross real estate leases, non-lease components such as real estate taxes, insurance, and common area maintenance; and –Variable lease payments that depend on an index or rate, initially measured using the index or rate at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Park's operating lease ROU asset and lease liability are presented in “Operating lease right-of-use asset" and "Operating lease liability," respectively, on Park's Consolidated Balance Sheets. The carrying amounts of Park's ROU asset and lease liability at December 31, 2020 were $15.1 million and $16.1 million, respectively. At December 31, 2019, the carrying amounts of Park's ROU assets and lease liability were $13.7 million and $14.5 million, respectively. Park's operating lease expense is recorded in "Occupancy expense" on the Company's Consolidated Statements of Income. Other information related to operating leases for the years ended December 31, 2020 and 2019 follows:
At both December 31, 2020 and 2019, Park's operating leases had a weighted average remaining term of 7.2 years. The weighted average discount rate of Park's operating leases was 2.3% and 3.1% at December 31, 2020 and 2019, respectively. Undiscounted cash flows included in lease liabilities at December 31, 2020 have expected contractual payments as follows:
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values | Fair Value The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date. •Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices. •Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals in accordance with Park's valuation requirements under its commercial and real estate loan policies. Assets and Liabilities Measured at Fair Value on a Recurring Basis: The following table presents assets and liabilities measured at fair value on a recurring basis:
The following methods and assumptions were used by the Company in determining the fair value of the financial assets and liabilities discussed above: Interest rate swaps: The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows (Level 3). Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses. Mortgage Interest Rate Lock Commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2. The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3:
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis: The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis as described below: Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Collateral dependent impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated independent valuations are obtained annually for all impaired loans in accordance with Company policy. OREO: Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals received by the Company: real estate appraisals, income approach appraisals, and lot development loan appraisals. These are discussed below: •Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties. •Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs). •Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs. Other repossessed assets: Other repossessed assets are initially recorded at fair value less costs to sell when acquired. The carrying value of other repossessed assets is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. As of December 31, 2020 and 2019, other repossessed assets primarily consisted of aircraft acquired as part of a loan workout. Fair value is based on Aircraft Bluebook and VREF Aircraft Value Reference values based on the model of aircraft and adjustments for flight hours, features and other variables. Such adjustments result in a Level 3 classification of the inputs for determining fair value. MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2. The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of December 31, 2020 and 2019, there were no PCI loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.
The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.
The expense from credit adjustments related to impaired loans carried at fair value for the years ended December 31, 2020, 2019 and 2018 was $4.7 million, $0.2 million, and $0.4 million, respectively. MSRs totaled $12.2 million at December 31, 2020. Of this $12.2 million MSR carrying balance, $12.2 million was recorded at fair value and included a valuation allowance of $3.2 million. The remaining $31,000 was recorded at cost, as the fair value exceeded cost at December 31, 2020. At December 31, 2019, MSRs totaled $10.1 million. Of this $10.1 million MSR carrying balance, $5.8 million was recorded at fair value and included a valuation allowance of $0.8 million. The remaining $4.3 million was recorded at cost, as the fair value exceeded cost at December 31, 2019. The (expense) income related to MSRs carried at fair value for the years ended December 31, 2020, 2019 and 2018 was $(2.4) million, $(0.6) million and $0.4 million, respectively. Total OREO held by Park at December 31, 2020 and 2019 was $1.4 million and $4.0 million, respectively. Approximately 51% and 75% of OREO held by Park at December 31, 2020 and 2019, respectively, was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. At December 31, 2020 and 2019, OREO held at fair value, less estimated selling costs, amounted to $735,000 and $3.0 million, respectively. The net income (expense) related to OREO fair value adjustments was $0.1 million, $(0.2) million and $(0.5) million for the years ended December 31, 2020, 2019 and 2018, respectively. Other repossessed assets totaled $3.6 million at December 31, 2020, of which $3.2 million were recorded at fair value. Other repossessed asset totaled $4.2 million at December 31, 2019, of which $3.6 million were recorded at fair value. The net expense related to other repossessed asset fair value adjustments was $435,000 for the year ended December 31, 2020. There was no expense related to fair value adjustments on other repossessed assets for the year ended December 31, 2019. The net expense related to other repossessed asset fair value adjustments was $269,000 for the year ended December 31, 2018. The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020 and December 31, 2019:
Assets Measured at Net Asset Value: Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820. As of December 31, 2020 and December 31, 2019, Park had Partnerships Investments with a NAV of $15.4 million and $11.9 million, respectively. As of December 31, 2020 and December 31, 2019, Park had $6.2 million and $8.5 million in unfunded commitments related to these Partnership Investments. For the years ended December 31, 2020, 2019 and 2018, Park recognized income of $2.4 million, $4.8 million and $1.4 million, respectively, related to these Partnership Investments. The fair value of financial instruments at December 31, 2020 and December 31, 2019, was as follows:
(1) Includes AFS debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
(1) Includes AFS debt securities and HTM debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
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Capital Ratios |
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Capital Ratios | Capital Ratios Financial institution regulators have established guidelines for minimum capital ratios for banks, thrifts and bank holding companies. During the first quarter of 2015, Park adopted the Basel III regulatory capital framework as approved by the federal banking agencies. The adoption of this framework modified the calculation of the various capital ratios, added an additional ratio, common equity tier 1, and revised the adequately and well-capitalized thresholds under the prompt corrective action regulations applicable to PNB. Additionally, under this framework, in order to avoid limitations on capital distributions, including dividend payments and stock repurchases, Park must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer was fully phased in at 2.50% on January 1, 2019. The following amount shown as the adequately capitalized ratio plus the capital conservation buffer includes the 2.50% buffer. The Federal Reserve Board also adopted requirements Park must maintain to be deemed "well-capitalized" and to remain a financial holding company. Each of PNB and Park met all of the well-capitalized ratio guidelines applicable to it at December 31, 2020. The following table indicates the capital ratios for PNB and Park at December 31, 2020 and 2019.
The following table reflects various measures of capital for Park and PNB:
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Segment Reporting |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are PNB and GFSC. "All Other", which primarily consists of Park as the "Parent Company" and SEPH, is shown to reconcile the segment totals to the consolidated statements of income. U.S. GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with U.S. GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision-maker.
The operating results in the "All Other" column are used to reconcile the segment totals to the Consolidated Statements of Income. The reconciling amounts for consolidated total assets, loans and deposits consist of the elimination of intersegment borrowings, intersegment loans, intersegment deposits, and the assets of the Parent Company and SEPH which were not eliminated. The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals:
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Parent Company Statements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent Company Statements | Parent Company Statements The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below. Investments in subsidiaries are accounted for using the equity method of accounting. Cash represents non-interest bearing deposits with PNB. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $6.8 million, $4.1 million and $3.9 million in 2020, 2019 and 2018, respectively.
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
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Revenue from Contract with Customer |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers All of Park's revenue from contracts with customers within the scope of ASC 606 is recognized within "Other income" in the Consolidated Statements of Income. The following table presents the Corporation's sources of other income by revenue stream and operating segment for the years ended December 31, 2020, December 31, 2019 and December 31, 2018.
(1) Of the $37.6 million of revenue included within "Other service income", approximately $5.2 million is within the scope of ASC 606, with the remaining $32.4 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $7.4 million, all of which are within the scope of ASC 606.
(1) Of the $15.5 million of revenue included within "Other service income", approximately $4.9 million is within the scope of ASC 606, with the remaining $10.6 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $7.2 million, all of which are within the scope of ASC 606.
(1) Of the $14.3 million of revenue included within "Other service income", approximately $5.5 million is within the scope of ASC 606, with the remaining $8.8 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $6.7 million, all of which are within the scope of ASC 606. A description of Park's material revenue streams accounted for under ASC 606 follows: Income from fiduciary activities (gross): Park earns fiduciary fee income and investment brokerage fees from its contracts with trust customers for various fiduciary and investment-related services. These fees are earned over time as the Company provides the contracted monthly and quarterly services and are generally assessed based on the market value of the trust assets. Service charges on deposit accounts and ATM fees: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are generally recognized at the end of the month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer's account balance. Other service income: Other service income includes income from (1) the sale and servicing of loans sold to the secondary market, (2) incentive income from third-party credit card issuers, and (3) loan customers for various loan-related activities and services. Income related to the sale and servicing of loans sold to the secondary market is included within Other service income, but is not within the scope of ASC 606. Services that fall within the scope of ASC 606 are recognized as revenue when the Company satisfies its performance obligation to the customer. Debit card fee income: Park earns interchange fees from debit cardholder transactions conducted primarily through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, net of card network fees, concurrently with the transaction processing services provided to the cardholder. Gain or loss on sale of OREO, net: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of delivery of an executed deed. When Park finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform the buyer's obligation under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.
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Quarterly Financial Data (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Data (Unaudited) The following table is a summary of selected quarterly results of operations for the years ended December 31, 2020 and 2019.
The sum of the quarterly earnings per share data presented in the table may not equal the annual results due to rounding and the impact of dilutive common shares on the annual versus the quarterly earnings per share calculation.
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Summary of Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”), unless the context otherwise requires. Material intercompany accounts and transactions have been eliminated.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The COVID-19 pandemic has caused significant, unprecedented disruption around the world that has affected daily living and negatively impacted the global economy. The effects of the COVID-19 pandemic may meaningfully impact significant estimates such as the allowance for loan losses, goodwill, mortgage servicing rights, and pension plan obligations and related expenses. Additionally, the pandemic may particularly impact certain loan concentrations in the hotel and accommodations, restaurant and food service, and strip shopping center industries.
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Reclassifications | ReclassificationsCertain prior year amounts have been reclassified to conform with the current presentation. These reclassifications had no impact on net income or shareholders' equity. | ||||||||||||||||||||||||||||||
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from Banks The Corporation’s national bank subsidiary, The Park National Bank ("PNB"), previously was required to maintain average reserve balances with the Federal Reserve Bank of Cleveland. The Federal Reserve Board announced on March 15, 2020 that the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. The average required reserve balance was approximately $89.2 million at December 31, 2019. No other compensating balance arrangements were in existence at December 31, 2020.
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Investment Securities | Investment Securities Debt securities are classified upon acquisition into one of three categories: HTM, AFS, or trading (see Note 5 - Investment Securities). HTM securities are those debt securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. AFS securities are those debt securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. AFS securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income (loss), net of applicable income taxes. The Corporation did not hold any trading securities during any period presented. Equity securities, included within "Other investment securities" on the Consolidated Balance Sheets, are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. Debt securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not that Park will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income (loss), net of income tax. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Interest income from investment securities includes amortization of purchase premium or discount. Premiums and discounts on investment securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification method.
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Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | Federal Home Loan Bank and Federal Reserve Bank of Cleveland Stock PNB is a member of the FHLB and the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within "Other investment securities" on the Consolidated Balance Sheets. Impairment is evaluated based on the ultimate recovery of par value. Both cash and stock dividends are reported as income.
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Bank Owned Life Insurance | Bank Owned Life Insurance Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized).
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Mortgage Loans Held For Sale | Loans Held for Sale Park has elected the fair value option for mortgage loans held for sale, which are carried at their fair value as of each balance sheet date.
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Mortgage Banking Derivatives | Mortgage Banking DerivativesCommitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair value of these mortgage derivatives is estimated based on the change in mortgage interest rates from the date the interest on the loan is locked. The fair value of these derivatives is included in "Loans" in the Consolidated Balance Sheets. Changes in the fair values of these derivatives are included in "Other service income" in the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any nonaccrual interest payments applied to principal, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Late charges on loans are recognized as income when they are collected. Net loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the construction real estate loan segment; (4) those commercial loans in the residential real estate loan segment; and (5) leases. Consumer loans include: (1) mortgage and installment loans included in the construction real estate segment; (2) mortgage, home equity lines of credit ("HELOCs"), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment. Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Commercial loans placed on nonaccrual status are considered impaired (see Note 6 - Loans). Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off when collection is in doubt or it is probable a loss has been incurred and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due. For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when Park expects to receive the entire recorded investment of the loan. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below: Commercial, financial and agricultural: Commercial, financial and agricultural ("C&I") loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial properties, financing for equipment, inventory and accounts receivable, acquisition financing, commercial leasing, and to consumer finance companies. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. Risk of loss on C&I loans largely depends upon general economic cycles, as they may adversely impact certain industries, competency of the borrower's management team, the quality of the underlying assets supporting the loans including accounts receivable, inventory, and equipment, and the accuracy of the borrower's financial reporting. Such risks are mitigated by generally requiring the borrower's owners to guaranty the loans. Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. Risk of loss on CRE loans largely depends upon the cash flow of the properties which is influenced by the amount of vacancy experienced by the underlying real estate, the credit capacity of the tenants occupying the underlying real estate, and general economic trends as they may adversely impact the value of the property. These risks are mitigated by generally requiring personal guaranties of the owners of the properties and by requiring appraisals pursuant to government regulations. Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or a short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, Park may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, Park may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event that a default on a construction loan occurs and foreclosure follows, Park must take control of the project and attempt to either arrange for completion of construction or dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. Park attempts to reduce such risks on loans to developers by generally requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residences or second mortgages of individuals’ primary residences in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and a current independent third-party appraisal providing the market value of the real estate securing the loan. Residential real estate loans typically have longer terms and higher balances with lower yields as compared to consumer loans, but generally carry lower risks of default. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires creditors to make a reasonable and good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling. Documentation and verification of income within defined time frames and not-to-exceed limits are bases for affirming ability to repay. Risk of loss largely depends upon factors affecting the borrower's ability to repay as well as the general economic trends as they may adversely impact the value of the property. These risks are mitigated by completing a comprehensive underwriting of the borrower and by requiring appraisals pursuant to government regulations. Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans, to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances. Leases: The Company originates financing leases primarily for the purchase of commercial vehicles, operating/manufacturing equipment, and municipal vehicles/equipment. Repayment terms are structured such that the lease will be repaid within the economic useful life of the leased asset. Risk of losses on financing leases largely depends upon general economic cycles, as they may adversely impact certain industries, competency of the borrower’s management team, the quality and residual value of the leased asset, and the accuracy of the borrower’s financial reporting. These risks are mitigated by underwriting leases considering primary and secondary sources of repayment and requiring guaranteed residual values.
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Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Park's commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 26 Ohio counties, three North Carolina counties, four South Carolina counties and one Kentucky county where PNB operates, with the exception of nationwide aircraft loans and nationwide asset-based lending to consumer finance companies. The primary industries represented by these customers include real estate rental and leasing, finance and insurance, construction, agriculture, forestry, fishing and hunting, manufacturing, retail trade, health care, accommodation and food services and other services.
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Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Purchased Credit Impaired Loans The Company has purchased loans, some of which have shown evidence of credit deterioration since origination. These PCI loans are recorded at fair value at inception, such that there is no carryover of the sellers' allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. PCI loans are accounted for individually or aggregated into pools of loans based on common characteristics. The Company estimates the amount and timing of expected cash flows for each loan or pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s or pool's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income.
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Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries. The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”). Included in the statistical allocation is a reserve for TDRs within the consumer loan portfolio. Management performs a periodic evaluation to ensure the reserve calculated utilizing the statistical allocation is consistent with a reserve calculated under Accounting Standards Codification ("ASC") 310-10 - Receivables. In calculating the allowance for loan losses, management believes it is appropriate to consider historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. As such, a year is added to the look back period each time historical losses are updated, until the economic cycle is complete, as defined by a period of rising charge-offs, considering both internal and industry trends. In updating the historical loss rates to incorporate 2020 losses, management considered if the economic deterioration as a result of the COVID-19 pandemic represented the end of a cycle for the purposes of the allowance for loan loss calculation, but, due to the historically low level of charge-offs, determined 2020 should be included in the cycle beginning in 2010. For the historical loss factor at December 31, 2020, the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2010 through 2020 within the individual segments of the commercial and consumer loan categories. U.S. GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in credit scores; and (4) global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the balance of the loan, plus accrued interest receivable. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment. Loans acquired as part of the acquisition of NewDominion Bank were recorded at fair value on the date of acquisition, July 1, 2018. Loans acquired as part of the acquisition of Carolina Alliance Bank were recorded at fair value on the date of acquisition, April 1, 2019. An allowance is only established on acquired NewDominion Bank loans and Carolina Alliance Bank loans as a result of credit deterioration post acquisition. As of December 31, 2020, there was a $678,000 allowance related to performing acquired NewDominion Bank loans and Carolina Alliance Bank loans.
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Troubled Debt Restructuring (TDRs) | Troubled Debt Restructurings ("TDRs") Management classifies loans as TDRs when a borrower is experiencing financial difficulty and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. Additionally, Park is working with borrowers impacted by the COVID-19 pandemic and providing modifications to include either interest only deferral or principal and interest deferral, in each case, for initial periods up to 90 days. As necessary, Park is making available a second 90-day interest only deferral or principal and interest deferral bringing the total potential deferral period to six months. A majority of these modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. In accordance with this guidance, such modified loans will be considered current and will continue to accrue interest during the deferral period. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception, or if a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. Commercial TDRs are separately identified for impairment disclosures.
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Premises and Equipment | Premises and Equipment Land is carried at cost and is not subject to depreciation. Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. The range of depreciable lives over which premises and equipment are being depreciated are:
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Other Real Estate Owned (OREO) | Other Real Estate Owned Management transfers a loan to OREO at the time that Park takes deed/title to the asset. OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent changes in the value of real estate are classified as OREO valuation adjustments, are reported as adjustments to the carrying amount of OREO and are recorded within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense".
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Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block] | Foreclosed Assets Foreclosed assets include non-real estate assets where Park, as creditor, has received physical possession of a borrower’s assets, regardless of whether formal foreclosure proceedings take place. Additionally, TDRs in which Park obtains one of more of the debtor’s non-real estate assets in place of all or part of the receivable are accounted for as foreclosed assets. Foreclosed assets are initially recorded as fair value less costs to sell when acquired, establishing a new cost basis. Operating costs after acquisition are expensed as incurred. As of December 31, 2020 and 2019, Park had $3.6 million and $4.2 million, respectively, of foreclosed assets included within “Other assets.”
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Mortgage Loan Servicing Rights | Mortgage Servicing Rights When Park sells mortgage loans with servicing retained, MSRs are recorded at fair value with the income statement effect recorded in "Other service income." Capitalized MSRs are amortized in proportion to and over the period of the estimated future servicing income of the underlying loan and are included within “Other service income”. MSRs are assessed for impairment quarterly, based on fair value, with any impairment recognized through a valuation allowance. The fair value of MSRs is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 26 - Loan Servicing.) |
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Goodwill is not amortized to expense, but is subject to impairment tests annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the performance of additional analysis is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess, not to exceed the total goodwill allocated to the reporting unit. Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the qualitative analysis performed as of April 1, 2020, the Company determined that goodwill for PNB was not impaired. During each of the second, third and fourth quarters of 2020, management determined that the deterioration in general economic conditions as a result of the COVID-19 pandemic and responses thereto represented a triggering event prompting an evaluation of goodwill for impairment. Based on the qualitative analysis performed during each of the second, third and fourth quarters of 2020, the Company determined that goodwill was not impaired. Management continues to monitor economic factors to evaluate goodwill impairment. (See Note 8 - Goodwill and Other Intangible Assets and Note 30 - Segment Information for operating segment results.) Other intangible assets consist of core deposit intangibles and a trade name intangible. Core deposit intangibles are amortized on an accelerated basis over a period of ten years. The trade name intangible when initially recorded, assumed an indefinite useful life. During 2019, the trade name intangible was deemed impaired, and a $1.3 million charge was recorded in "other expense". (See Note 8 - Goodwill and Other Intangible Assets.)
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Consolidated Statement of Cash Flows | Consolidated Statements of Cash Flows Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods.
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Loss Contingencies and Guarantees | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements.
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Income Tax, Policy [Policy Text Block] | Income Taxes The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and deferred tax liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense.
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Treasury Shares | Treasury Shares The purchase of Park’s common shares to be held in treasury is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued.
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Policyholders' Dividend [Policy Text Block] | Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by a bank to its parent holding company or by the parent holding company to its shareholders. (See Note 24 - Dividend Restrictions and Note 29 - Capital Ratios.)
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Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on debt securities available for sale, changes in the funded status of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges which are also recognized as separate components of equity.
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Stock Based Compensation | Share-Based Compensation Compensation cost is recognized for restricted stock units and stock awards issued to employees and directors, respectively, based on the fair value of these awards at the date of grant. The market price of Park’s common shares at the date of grant is used to estimate the fair value of restricted stock units and stock awards. Compensation cost is recognized on a straight-line basis over the required service period, generally defined as the vesting period and is recorded in "Salaries" expense. (See Note 19 - Share-Based Compensation.) The Company's accounting policy is to recognize forfeitures as they occur.
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Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial InstrumentsFinancial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | ||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 28 - Fair Value. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.
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Derivatives, Policy | Derivatives At the inception of a derivative contract, Park designates the derivative as one of three types based on its intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). Park does not have any fair value hedges. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non- interest income. Cash flows on hedges are classified in the Consolidated Statements of Cash Flow under the same item as the cash flows of the items being hedged. Park formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets. Park also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. Park discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting cash flows of the hedged item, the derivative is settled or terminates, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods that the hedged transactions will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is party settle monthly or quarterly.
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Transfers and Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
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Retirement Plans | Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The service cost component of pension expense is recorded within "Employee benefits" on the Consolidated Statements of Income. All other components of pension expense are recorded within "Other components of net periodic benefit income" on the Consolidated Statements of Income. Employee KSOP plan expense is the amount of matching contributions to Park's Employees Stock Ownership Plan. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. (See Note 20 - Benefit Plans.)
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Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under restricted stock unit awards. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements. (See Note 19 - Share-Based Compensation and Note 23 - Earnings Per Common Share.)
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Segment Reporting, Policy [Policy Text Block] | Operating Segments The Corporation is a financial holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio) and GFSC.
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Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Schedule of depreciable lives of premises and equipment | The range of depreciable lives over which premises and equipment are being depreciated are:
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Business Combination (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid for Carolina Alliance and the amounts of the assets acquired and liabilities assumed at their fair value:
The table below presents information with respect to the fair value of acquired loans as well as their book balance at the acquisition date.
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Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents supplemental pro forma information as if the Carolina Alliance acquisitions had occurred as of January 1, 2018. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the respective transactions, depreciation expense on property acquired, interest expense on deposits acquired, and the related tax effects. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed date.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of marketable securities | Debt Securities Investment securities at December 31, 2020 and December 31, 2019 were as follows:
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Schedule of unrealized loss on investments | The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2020 and December 31, 2019:
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Schedule of contractual maturity of debt securities | The amortized cost and estimated fair value of investments in debt securities at December 31, 2020, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.
(1) The tax equivalent yield for obligations of states and political subdivisions includes the effects of a taxable equivalent adjustment using a 21% federal corporate income tax rate.
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Cost and Equity Method Investments Disclosure [Text Block] | The carrying amount of other investment securities at December 31, 2020 and 2019 was as follows:
(1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost.
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Loans (Tables) |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of composition of loan portfolio by class of loan | The composition of the loan portfolio, by class of loan, as of December 31, 2020 and December 31, 2019 was as follows:
* Included within commercial, financial and agricultural loans and commercial real estate loans was an immaterial amount of consumer loans that were not broken out by class.
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Schedule of recorded investment in nonaccrual restructured and loans past due 90 days or more and accruing | The following table presents the recorded investment in nonaccrual loans, accruing TDRs, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2020 and December 31, 2019:
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Schedule of loans individually evaluated for impairment and loans collectively evaluated for impairment | The following table provides additional information regarding those nonaccrual and accruing TDR loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2020 and December 31, 2019.
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Schedule of loans individually evaluated for impairment by class of loan | The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2020 and December 31, 2019.
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Schedule of average recorded investment and interest income recognized on loans individually evaluated for impairment | The following table presents the average recorded investment and interest income recognized subsequent to impairment on loans individually evaluated for impairment as of and for the years ended December 31, 2020, 2019, and 2018:
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Schedule of aging of the recorded investment in past due loans | The following tables present the aging of the recorded investment in past due loans as of December 31, 2020 and December 31, 2019 by class of loan.
(1) Includes an aggregate of $1.6 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $92.6 million of nonaccrual loans which are current in regards to contractual principal and interest payments.
(1) Includes an aggregate of $2.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. (2) Includes an aggregate of $66.3 million of nonaccrual loans which are current in regards to contractual principal and interest payments.
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Schedule of recorded investment by loan grade | The tables below present the recorded investment by loan grade at December 31, 2020 and December 31, 2019 for all commercial loans:
* Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. (1) There were no loans acquired with deteriorated credit quality which were nonaccrual or TDRs at December 31, 2020.
* Included within commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that were not broken out by class. (1) Excludes loans acquired with deteriorated credit quality which are nonaccrual or TDRs due to additional credit deterioration or modification post acquisition. These loans had a recorded investment of $6,000 at December 31, 2019.
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Schedule of troubled debt restructurings on financing receivables | The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2020, 2019 and 2018 as well as the recorded investment of these contracts at December 31, 2020, 2019, and 2018. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal.
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Schedule Of Financing Receivable, Loans Modified As T D R Within Previous Twelve Months That Subsequently Defaulted [Table text Block] | The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2020, December 31, 2019, and December 31, 2018. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial.
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Allowance for Loan Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Allowance For Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | The activity in the allowance for loan losses for the years ended December 31, 2020, 2019, and 2018 is summarized in the following tables.
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Schedule of the composition of the allowance for loan losses | The composition of the allowance for loan losses at December 31, 2020 and 2019 was as follows:
(1) Excludes loans acquired with deteriorated credit quality which are individually evaluated for impairment due to additional credit deterioration post acquisition. These loans had a balance of $5,000, a recorded investment of $6,000, and no allowance as of December 31, 2019.
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Financing Receivable - High Risk Industries COVID 19 Additional Reserves | A breakout of the 4-rated balances and additional reserve related to these portfolios is detailed in the following table.
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table shows the activity in goodwill and other intangible assets for the years ended December 31, 2020, 2019 and 2018.
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Schedule of Finite-Lived Intangible Assets | The following table shows the balance of acquired intangible assets as of December 31, 2020 and 2019.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following is a schedule of estimated amortization expense for each of the next five years:
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Foreclosed and Repossessed Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Table Text Block] [Text Block] | Foreclosed and Repossessed Assets Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amount of foreclosed properties held at December 31, 2020 and December 31, 2019 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates.
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Premises and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of major categories of premises and equipment | The major categories of premises and equipment and accumulated depreciation are summarized as follows:
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Schedule of Property Subject to or Available for Operating Lease | Park records leased assets where Park acts as the lessor within "Other assets" on the Consolidated Balance Sheets. Equipment subject to lease agreements at December 31, 2020 and 2019 is summarized below:
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Investments in Qualified Affordable Housing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affordable Housing Projects [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Affordable Housing Program Obligation | The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of December 31, 2020 and 2019.
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Deposits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of non-interest bearing and interest bearing deposits | At December 31, 2020 and 2019, non-interest bearing and interest bearing deposits were as follows:
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Schedule of maturities of time deposits | At December 31, 2020, the maturities of time deposits were as follows:
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Repurchase Agreement Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers of Financial Assets Accounted for as Secured Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] | The following table presents the carrying value of Park's repurchase agreement borrowings by remaining contractual maturity and collateral pledged at December 31, 2020 and December 31, 2019:
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Short Term Borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of short-term debt | Short-Term Borrowings Short-term borrowings were as follows:
The outstanding balances for all short-term borrowings as of December 31, 2020 and 2019 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of maturities of long-term debt | Long-term debt is listed below:
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Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | Summary information about Park's interest rate swaps as of December 31, 2020 and December 31, 2019 was as follows:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the net gains (losses), net of income taxes, recorded in AOCI and the Consolidated Statements of Income related to interest rate swaps for the years ended December 31, 2020, 2019 and 2018.
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table reflects the interest rate swaps included in the Consolidated Balance Sheets as of December 31, 2020 and 2019.
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Share Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Restricted Stock Unit, Activity | A summary of changes in the common shares subject to nonvested PBRSUs and TBRSUs for the years ended December 31, 2020 and 2019 follows:
(1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed. (2) Nonvested amount herein represents the maximum number of nonvested PBRSUs and TBRSUs. As of December 31, 2020, an aggregate of 186,331 PBRSUs and TBRSUs are expected to vest.
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Share-based Payment Arrangement, Nonvested Award, Cost | The following table details expected additional share-based compensation expense related to PBRSUs and TBRSUs currently outstanding:
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Benefit Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of plan assets and benefit obligation activity | Using accrual measurement dates of December 31, 2020 and 2019, plan assets and benefit obligation activity for the Pension Plan are listed below:
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Schedule of allocation of plan assets | The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:
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Schedule of assumptions used to determine benefit obligations | The weighted average assumptions used to determine benefit obligations at December 31, 2020, 2019 and 2018 were as follows:
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Schedule of estimated future pension benefit Payments | The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):
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Schedule of balances of accumulated other comprehensive income loss | The following table shows ending balances of accumulated other comprehensive loss at December 31, 2020 and 2019.
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Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) | Using actuarial measurement dates of December 31 for 2020, 2019 and 2018, components of net periodic benefit income and other amounts recognized in other comprehensive income were as follows:
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Schedule of assumptions used to determine costs | The weighted average assumptions used to determine net periodic benefit income (loss) for the years ended December 31, 2020, 2019 and 2018 are listed below:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows:
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Federal and state income taxes | The components of the provision for federal income taxes are shown below:
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Schedule of income tax rate reconciliation | The following is a reconciliation of income tax expense to the amount computed at the statutory federal corporate income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018.
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Reconciliation of unrecognized tax benefits | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.
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Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of other comprehensive income (loss) | Other comprehensive income (loss) components, net of income tax, are shown in the following table for the years ended December 31, 2020, 2019 and 2018.
(1) During the year ended December 31, 2019, Park transferred HTM securities with a fair value of $373.9 million to AFS classification. The transfer occurred at fair value and had a related unrealized gain of $24.2 million ($19.1 million net of taxes), recorded in other comprehensive income. The following table provides information concerning amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018:
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Earnings Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share:
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Financial Instruments With Off-Balance Sheet Risk and Financial Instruments With Concentrations of Credit Risk (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of off-balance sheet financial instruments with credit risk | The total amounts of off-balance sheet financial instruments with credit risk were as follows:
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Loan Servicing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of servicing assets at amortized value | Activity for MSRs and the related valuation allowance follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | Other information related to operating leases for the years ended December 31, 2020 and 2019 follows:
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Lessee, Operating Lease, Liability, Maturity | At both December 31, 2020 and 2019, Park's operating leases had a weighted average remaining term of 7.2 years. The weighted average discount rate of Park's operating leases was 2.3% and 3.1% at December 31, 2020 and 2019, respectively. Undiscounted cash flows included in lease liabilities at December 31, 2020 have expected contractual payments as follows:
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets and liabilities measured on a recurring basis | The following table presents assets and liabilities measured at fair value on a recurring basis:
The following methods and assumptions were used by the Company in determining the fair value of the financial assets and liabilities discussed above: Interest rate swaps: The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows (Level 3). Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses. Mortgage Interest Rate Lock Commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2.
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Schedule of reconciliation of level 3 input for financial instruments measured on recurring basis | The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3:
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Schedule of assets and liabilities measured at fair value on a nonrecurring basis |
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Impaired Financing Receivables [Table Text Block] | The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.
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Schedule of qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020 and December 31, 2019:
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Fair value, by balance sheet grouping | The fair value of financial instruments at December 31, 2020 and December 31, 2019, was as follows:
(1) Includes AFS debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
(1) Includes AFS debt securities and HTM debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
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Capital Ratios (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Banking Regulation, Total Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of compliance with regulatory capital requirements under banking regulations | The following table indicates the capital ratios for PNB and Park at December 31, 2020 and 2019.
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Schedule of various measures of capital ratio | The following table reflects various measures of capital for Park and PNB:
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Segment Reporting (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating results by Segment |
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Schedule of reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals | The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals:
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Parent Company Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheets |
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Statements of Income |
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
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Statements of Cash Flows |
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Revenue from Contract with Customer (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table presents the Corporation's sources of other income by revenue stream and operating segment for the years ended December 31, 2020, December 31, 2019 and December 31, 2018.
(1) Of the $37.6 million of revenue included within "Other service income", approximately $5.2 million is within the scope of ASC 606, with the remaining $32.4 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $7.4 million, all of which are within the scope of ASC 606.
(1) Of the $15.5 million of revenue included within "Other service income", approximately $4.9 million is within the scope of ASC 606, with the remaining $10.6 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $7.2 million, all of which are within the scope of ASC 606.
(1) Of the $14.3 million of revenue included within "Other service income", approximately $5.5 million is within the scope of ASC 606, with the remaining $8.8 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $6.7 million, all of which are within the scope of ASC 606.
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Quarterly Financial Data (unaudited) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | The following table is a summary of selected quarterly results of operations for the years ended December 31, 2020 and 2019.
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Summary of Significant Accounting Policies (Details) - USD ($) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounting Policies [Line Items] | ||
Average required reserve balance | $ 89,200,000 | |
Compensating Balance, Amount | $ 0 | |
Other Repossessed Assets | 3,600,000 | 4,200,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 6,496,000 | 4,233,000 |
Financing Receivable, Allowance for credit loss on acquired performing credit | 678,000 | |
Trade Names [Member] | ||
Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,300,000 | $ 1,300,000 |
Summary of Significant Accounting Policies - Depreciable Lives of Premises and Equipment (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Minimum | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 30 years |
Minimum | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 3 years |
Minimum | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 5 years |
Maximum | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 30 years |
Maximum | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 12 years |
Maximum | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, depreciable lives | 10 years |
Adoption of New Accounting Pronouncements and Issued Not Yet Effective Accounting Standards (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $ 0 | $ 19,095 | $ 0 |
Business Combination - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 304,540 | $ 295,656 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 111,463 | $ 118,679 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 6.76 | $ 7.18 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 6.72 | $ 7.12 |
Goodwill and Other Intangible Assets Schedule of Goodwill and Intangibles (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 159,595 | $ 159,595 | $ 112,739 | $ 72,334 |
Other Intangible Assets, Net | 9,260 | 11,523 | 6,971 | 0 |
Intangible Assets, Net (Including Goodwill) | 168,855 | 171,118 | 119,710 | $ 72,334 |
Goodwill, Acquired During Period | 0 | 46,856 | 40,405 | |
Indefinite-lived Intangible Assets Acquired | 0 | 8,207 | 7,549 | |
Acquired goodwill and intangibles | 0 | 55,063 | 47,954 | |
Amortization of Intangible Assets | $ 2,263 | 2,355 | $ 578 | |
Impairment of Intangible Assets, Finite-lived | $ 1,300 |
Goodwill and Other Intangible Assets Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 14,456 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 6,496 | 4,233 | |
Intangible Assets, Gross (Excluding Goodwill) | 15,756 | 15,756 | |
Amortization of Intangible Assets | 2,263 | 2,355 | $ 578 |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 14,456 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,196 | 2,933 | |
Amortization of Intangible Assets | 2,300 | 2,400 | $ 600 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 1,300 | 1,300 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,300 | $ 1,300 |
Goodwill and Other Intangible Assets Future amortization expense (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 1,798 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,487 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,323 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,215 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,042 |
Mortgage Loans Held for Sale (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgages Held-for-sale, Fair Value Disclosure | $ 31,666,000 | $ 12,278,000 | |
Gain (Loss) on Sale of Mortgage Loans | 753,000 | 153,000 | |
Loans held for sale - lower of cost or market | 0 | ||
Real Estate Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 30,900,000 | $ 12,100,000 | |
Impaired [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale - lower of cost or market | 4,400,000 | $ 174,000 | |
Gain (Loss) on Sale of Loans and Leases | $ 0 | $ 2,800,000 |
Foreclosed and Repossessed Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other real estate owned | $ 1,431 | $ 4,029 |
Commercial Real Estate [Member] | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other real estate owned | 625 | 2,295 |
Construction Real Estate [Member] | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other real estate owned | 0 | 879 |
Residential real estate | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other real estate owned | 806 | 855 |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,643 | $ 3,959 |
Investments in Qualified Affordable Housing (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Investment [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 56,024 | $ 53,070 | |
Affordable Housing Program Obligation | 29,298 | 25,894 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 7,046 | 6,927 | $ 7,322 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 8,700 | 8,800 | $ 9,000 |
Qualified Affordable Housing [Domain] | |||
Investment [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 56,024 | $ 53,070 |
Deposits Summary of Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Deposits [Abstract] | |||
Non-interest bearing | $ 2,727,100 | $ 1,959,935 | |
Interest-bearing Deposit Liabilities | 4,845,258 | 5,092,677 | |
Total deposits | $ 7,572,358 | $ 7,052,612 | $ 6,260,860 |
Deposits Maturity of time deposits (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Deposits [Abstract] | |
Time Deposit Maturities, Next Twelve Months | $ 557,693 |
Time Deposit Maturities, Year Two | 209,375 |
Time Deposit Maturities, Year Three | 33,338 |
Time Deposit Maturities, Year Four | 29,578 |
Time Deposit Maturities, Year Five | 34,416 |
Time Deposit Maturities, after Year Five | 173 |
Time Deposits | $ 864,573 |
Deposits (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits [Abstract] | ||
Deposits received from executive officers, directors, and their related interests | $ 20.2 | $ 17.7 |
Time Deposits, $250,000 or more | $ 77.2 | $ 96.0 |
Subordinated Notes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Aug. 20, 2020 |
Dec. 31, 2019 |
|
Subordinated Borrowing [Line Items] | |||
Basis spread on variable rate (percent) | 1.48% | ||
Long-term Debt, Gross | $ 175,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Long-term Debt | $ 32,500 | $ 192,500 | |
Debt Issuance Costs, Gross | $ 2,400 | ||
Subordinated debt | |||
Subordinated Borrowing [Line Items] | |||
Basis spread on variable rate (percent) | 4.39% | ||
Long-term Debt | $ 172,800 | ||
Trust I | |||
Subordinated Borrowing [Line Items] | |||
Preferred securities issued | 15,000 | ||
Junior subordinated notes | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debt purchased by Trust I | $ 15,500 |
Derivatives Schedule of derivatives (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Derivative [Line Items] | ||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 885 | $ 575 |
Borrowing Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 25,000 | $ 25,000 |
Derivative, Average Fixed Interest Rate | 2.595% | 2.595% |
Derivative, Average Variable Interest Rate | 0.218% | 2.002% |
Derivative, Average Remaining Maturity | 1 year 6 months | 2 years 6 months |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 885 | $ 575 |
Loan Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 33,310 | $ 35,503 |
Derivative, Average Fixed Interest Rate | 4.695% | 4.695% |
Derivative, Average Variable Interest Rate | 4.695% | 4.695% |
Derivative, Average Remaining Maturity | 9 years 3 months 18 days | 10 years 2 months 12 days |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 0 | $ 0 |
Derivatives included in AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ (244) | $ (454) | $ 0 |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0 | 0 | 0 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | $ 0 | $ 0 |
Derivatives (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative [Line Items] | |||
Interest Income on Interest-rate Swap | $ 423,000 | $ 42,000 | $ 0 |
Derivative Asset | 1,545,000 | 221,000 | |
Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Asset | 1,870,000 | ||
Swaps, fair value | 226,000 | 226,000 | |
Borrowing Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 25,000,000 | 25,000,000 | |
Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 33,310,000 | 35,503,000 | |
Interest Rate Lock Commitment [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 58,200,000 | $ 15,900,000 |
Benefit Plan Schedule of plan assets and benefit obligation activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 230,442 | $ 210,623 | $ 177,077 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 27,800 | 42,402 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 7,981 | 8,856 | |
Defined Benefit Plan, Benefit Obligation | 184,410 | 154,419 | 123,528 |
Defined Benefit Plan, Service Cost | 8,319 | 5,873 | 6,547 |
Defined Benefit Plan, Interest Cost | 5,283 | 5,491 | $ 5,236 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | (168) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 24,370 | 28,551 | |
Benefits paid | 7,981 | 8,856 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 46,032 | $ 56,204 |
Benefit Plan Schedule of allocation of plan assets (Details) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 84.00% | 81.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 16.00% | 19.00% |
Benefit Plan Schedule of estimated future pension benefit payments (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months | $ 11,582 |
Defined Benefit Plan Expected Future Benefit Payments Year Two | 11,798 |
Defined Benefit Plan Expected Future Benefit Payments Year Three | 11,672 |
Defined Benefit Plan Expected Future Benefit Payments Year Four | 12,613 |
Defined Benefit Plan Expected Future Benefit Payments Year Five | 12,758 |
Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter | 62,929 |
Defined Benefit Plan, Expected Future Benefit Payments, Total | $ 123,352 |
Benefit Plan Schedule of balances of AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | $ 152 | $ 168 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 43,723 | 33,933 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (43,571) | (33,765) |
Deferred Tax Assets, Tax Deferred Expense, Other | 9,150 | 7,091 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (34,421) | $ (26,674) |
Income Taxes Federal and State income taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 22,769 | $ 14,797 | $ 12,700 |
Current State and Local Tax Expense (Benefit) | 1,432 | 1,191 | 352 |
Other Tax Expense (Benefit) | 7,046 | 6,927 | 7,322 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | (4,812) | (815) | 481 |
Deferred State and Local Income Tax Expense (Benefit) | 287 | (29) | 57 |
Income taxes | $ 26,722 | $ 22,071 | $ 20,912 |
Income Taxes Schedule of income tax rate reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 1.50% | 2.00% | 1.80% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance, Percent | 0.70% | 0.80% | 1.10% |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | 1.10% | 1.50% | 1.30% |
Effective Income Tax Rate Reconciliation, Deduction, Employee Stock Ownership Plan Dividend, Percent | 0.60% | 0.60% | 0.60% |
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent | 0.00% | 0.00% | (0.60%) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.20%) | (1.60%) | (0.30%) |
Effective Income Tax Rate Reconciliation, Percent | 17.30% | 17.70% | 15.90% |
Income Taxes Reconciliation of unrecognized tax benefits (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 954,000 | $ 1,226,000 | $ 664,000 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 12,000 | 12,000 | 10,000 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 2,000 | 781,000 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 3,000 | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 333,000 | 283,000 | 229,000 |
Unrecognized Tax Benefits, Ending Balance | 633,000 | 954,000 | 1,226,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 600,000 | 900,000 | 1,100,000 |
Income Tax Examination, Penalties and Interest Expense | (35,000) | (7,500) | (79,500) |
Income Tax Examination, Penalties and Interest Accrued | $ 111,000 | $ 146,000 | $ 153,500 |
Earnings Per Share Summary of Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 127,923 | $ 102,700 | $ 110,387 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 16,310,551,000 | 16,300,720,000 | 16,296,427,000 | 16,303,602,000 | 16,342,485,000 | 16,382,798,000 | 16,560,545,000 | 15,651,541,000 | 16,302,825 | 16,234,342 | 15,488,982 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 104,677 | 95,114 | 122,507 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 16,434,812,000 | 16,393,792,000 | 16,375,434,000 | 16,425,881,000 | 16,454,553,000 | 16,475,741,000 | 16,642,571,000 | 15,744,777,000 | 16,407,502 | 16,329,456 | 15,611,489 |
Basic (in dollars per share) | $ 2.77 | $ 1.89 | $ 1.81 | $ 1.37 | $ 1.46 | $ 1.90 | $ 1.34 | $ 1.63 | $ 7.85 | $ 6.33 | $ 7.13 |
Diluted (in dollars per share) | $ 2.75 | $ 1.88 | $ 1.80 | $ 1.36 | $ 1.45 | $ 1.89 | $ 1.33 | $ 1.62 | $ 7.80 | $ 6.29 | $ 7.07 |
Dividend Restrictions (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 101.8 |
Financial Instruments With Off-Balance Sheet Risk and Financial Instruments With Concentrations of Credit Risk (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Risks and Uncertainties [Abstract] | ||
Unused Commitments to Extend Credit | $ 1,372,182 | $ 1,309,896 |
Letters of Credit Outstanding, Amount | $ 17,015 | $ 17,195 |
Leases, Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | ||
Operating Lease, Cost | $ 3,463 | $ 3,165 |
Sublease Income | 352 | 383 |
Lease, Cost, Total | 3,111 | 2,782 |
Operating Lease, Payments | 3,553 | 3,192 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7,821 | 505 |
reductions to right of use assets resulting from reduction in lease obligations | $ 3,084 | $ 2,855 |
Leases, Operating lease liabilities payments due (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 3,062 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,955 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,840 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,755 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,415 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 5,404 | ||
Lessee, Operating Lease, Liability, Payments, Due | 17,431 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 1,378 | ||
Operating Lease, Liability | 16,053 | $ 14,482 | |
Other Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 16,053 | $ 14,500 | $ 11,800 |
Fair Value Reconciliation of Level 3 Input for Financial Instruments measured on recurring basis (Details) - Fair Value, Inputs, Level 3 [Member] - Recurring basis - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 485 | $ 456 | $ 424 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 29 | 32 | |
Swap [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (226) | (226) | $ (226) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | $ 86,321 | $ 83,840 | $ 81,186 | $ 76,283 | $ 77,009 | $ 77,101 | $ 75,851 | $ 67,776 | $ 327,630 | $ 297,737 | $ 266,898 |
Provision for loan losses | (19,159) | 13,836 | 12,224 | 5,153 | (213) | 1,967 | 1,919 | 2,498 | 12,054 | 6,171 | 7,945 |
Other Income (Loss) and Security Gains | 125,664 | 97,193 | 101,101 | ||||||||
Noninterest Expense | 286,595 | 263,988 | 228,755 | ||||||||
Income before income taxes | 55,475 | 36,703 | 35,127 | 27,340 | 30,215 | 37,532 | 26,548 | 30,476 | 154,645 | 124,771 | 131,299 |
Income taxes | 26,722 | 22,071 | 20,912 | ||||||||
Net Income (Loss) Attributable to Parent | 45,200 | $ 30,846 | $ 29,505 | $ 22,372 | 23,936 | $ 31,146 | $ 22,163 | $ 25,455 | 127,923 | 102,700 | 110,387 |
Assets | 9,279,021 | 8,558,377 | 9,279,021 | 8,558,377 | 7,804,308 | ||||||
Total loans | 7,177,785 | 6,501,404 | 7,177,785 | 6,501,404 | 5,692,132 | ||||||
Total deposits | 7,572,358 | 7,052,612 | 7,572,358 | 7,052,612 | 6,260,860 | ||||||
Depreciation, Amortization and Accretion, Net | 10,814 | 9,112 | 8,585 | ||||||||
Other Noninterest Expense | 275,781 | 254,876 | 220,170 | ||||||||
Totals For Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 330,160 | 298,143 | 263,595 | ||||||||
Income taxes | 27,428 | 26,322 | 23,785 | ||||||||
Assets | 9,249,346 | 8,549,130 | 9,249,346 | 8,549,130 | 7,785,236 | ||||||
Total deposits | 7,823,256 | 7,129,030 | 7,823,256 | 7,129,030 | 6,338,938 | ||||||
Depreciation, Amortization and Accretion, Net | 10,814 | 9,112 | 8,585 | ||||||||
Other Noninterest Expense | 260,526 | 231,799 | 201,503 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 1,250 | 1,250 | 1,275 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Assets | (1,458) | (19,231) | (1,458) | (19,231) | (13,482) | ||||||
Total deposits | (250,898) | (76,418) | (250,898) | (76,418) | (78,078) | ||||||
Depreciation, Amortization and Accretion, Net | 0 | 0 | 0 | ||||||||
Other Noninterest Expense | 0 | 0 | 0 | ||||||||
Parent Co Gfsc Totals Not Eliminated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | (3,780) | (1,656) | 2,028 | ||||||||
Income taxes | (706) | (4,251) | (2,873) | ||||||||
Assets | 31,133 | 28,478 | 31,133 | 28,478 | 32,554 | ||||||
Total deposits | 0 | 0 | 0 | 0 | 0 | ||||||
Depreciation, Amortization and Accretion, Net | 0 | 0 | 0 | ||||||||
Other Noninterest Expense | 15,255 | 23,077 | 18,667 | ||||||||
Pnb Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 326,375 | 293,130 | 258,547 | ||||||||
Provision for loan losses | 30,813 | 8,356 | 7,569 | ||||||||
Other Income (Loss) and Security Gains | 124,231 | 92,392 | 88,981 | ||||||||
Noninterest Expense | 268,938 | 237,433 | 206,843 | ||||||||
Income before income taxes | 150,855 | 139,733 | 133,116 | ||||||||
Income taxes | 27,125 | 26,133 | 23,644 | ||||||||
Net Income (Loss) Attributable to Parent | 123,730 | 113,600 | 109,472 | ||||||||
Assets | 9,236,915 | 8,521,537 | 9,236,915 | 8,521,537 | 7,753,848 | ||||||
Total loans | 7,165,840 | 6,481,644 | 7,165,840 | 6,481,644 | 5,671,173 | ||||||
Total deposits | 7,820,983 | 7,125,111 | 7,820,983 | 7,125,111 | 6,334,796 | ||||||
GFSC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 3,785 | 5,013 | 5,048 | ||||||||
Provision for loan losses | 196 | 754 | 1,328 | ||||||||
Other Income (Loss) and Security Gains | 255 | 170 | 187 | ||||||||
Noninterest Expense | 2,402 | 3,478 | 3,245 | ||||||||
Income before income taxes | 1,442 | 951 | 662 | ||||||||
Income taxes | 303 | 189 | 141 | ||||||||
Net Income (Loss) Attributable to Parent | 1,139 | 762 | 521 | ||||||||
Assets | 12,431 | 27,593 | 12,431 | 27,593 | 31,388 | ||||||
Total loans | 12,757 | 28,143 | 12,757 | 28,143 | 32,664 | ||||||
Total deposits | 2,273 | 3,919 | 2,273 | 3,919 | 4,142 | ||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | (2,530) | (406) | 3,303 | ||||||||
Provision for loan losses | (18,955) | (2,939) | (952) | ||||||||
Other Income (Loss) and Security Gains | 1,178 | 4,631 | 11,933 | ||||||||
Noninterest Expense | 15,255 | 23,077 | 18,667 | ||||||||
Income before income taxes | 2,348 | (15,913) | (2,479) | ||||||||
Income taxes | (706) | (4,251) | (2,873) | ||||||||
Net Income (Loss) Attributable to Parent | 3,054 | (11,662) | 394 | ||||||||
Assets | 29,675 | 9,247 | 29,675 | 9,247 | 19,072 | ||||||
Total loans | (812) | (8,383) | (812) | (8,383) | (11,705) | ||||||
Total deposits | $ (250,898) | $ (76,418) | $ (250,898) | $ (76,418) | $ (78,078) |
Parent Company Statements (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Parent Company | |||
Income Taxes Paid, Net | $ 6.8 | $ 4.1 | $ 3.9 |
Parent Company Statements of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Interest and Dividend Income, Operating | $ 91,800 | $ 89,566 | $ 87,445 | $ 88,909 | $ 91,829 | $ 94,589 | $ 92,226 | $ 81,856 | $ 357,720 | $ 360,500 | $ 310,801 |
Interest Expense | 5,479 | 5,726 | 6,259 | 12,626 | 14,820 | 17,488 | 16,375 | 14,080 | 30,090 | 62,763 | 43,903 |
Income taxes | 26,722 | 22,071 | 20,912 | ||||||||
Net Income (Loss) Attributable to Parent | $ 45,200 | $ 30,846 | $ 29,505 | $ 22,372 | $ 23,936 | $ 31,146 | $ 22,163 | $ 25,455 | 127,923 | 102,700 | 110,387 |
Other Comprehensive Income (Loss), Net of Tax | 15,160 | 40,199 | (18,533) | ||||||||
Parent Company | |||||||||||
Dividends From Subsidiaries | 97,000 | 97,500 | 100,000 | ||||||||
Interest and Dividend Income, Operating | 1,250 | 1,250 | 1,275 | ||||||||
Other Income | 98 | 4,634 | 6,068 | ||||||||
Revenues | 98,348 | 103,384 | 107,343 | ||||||||
Interest Expense | 4,311 | 1,950 | 617 | ||||||||
Other Expenses | 12,234 | 19,804 | 14,619 | ||||||||
Operating Expenses | 16,545 | 21,754 | 15,236 | ||||||||
Income Before Taxes And Equity In Undistributed Losses Of Subsidiaries | 81,803 | 81,630 | 92,107 | ||||||||
Income taxes | (4,390) | (4,242) | (4,010) | ||||||||
Income Before Equity In Undistributed Losses Of Subsidiaries | 86,193 | 85,872 | 96,117 | ||||||||
Equity In Undistributed Losses Of Subsidiaries | (41,730) | (16,828) | (14,270) | ||||||||
Net Income (Loss) Attributable to Parent | 127,923 | 102,700 | 110,387 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 15,160 | 40,199 | (18,533) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 143,083 | $ 142,899 | $ 91,854 |
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and Dividend Income, Operating | $ 91,800 | $ 89,566 | $ 87,445 | $ 88,909 | $ 91,829 | $ 94,589 | $ 92,226 | $ 81,856 | $ 357,720 | $ 360,500 | $ 310,801 |
Interest Expense | 5,479 | 5,726 | 6,259 | 12,626 | 14,820 | 17,488 | 16,375 | 14,080 | 30,090 | 62,763 | 43,903 |
Interest Income (Expense), Net | 86,321 | 83,840 | 81,186 | 76,283 | 77,009 | 77,101 | 75,851 | 67,776 | 327,630 | 297,737 | 266,898 |
Provision for loan losses | (19,159) | 13,836 | 12,224 | 5,153 | (213) | 1,967 | 1,919 | 2,498 | 12,054 | 6,171 | 7,945 |
Income before income taxes | 55,475 | 36,703 | 35,127 | 27,340 | 30,215 | 37,532 | 26,548 | 30,476 | 154,645 | 124,771 | 131,299 |
Net Income (Loss) Attributable to Parent | $ 45,200 | $ 30,846 | $ 29,505 | $ 22,372 | $ 23,936 | $ 31,146 | $ 22,163 | $ 25,455 | $ 127,923 | $ 102,700 | $ 110,387 |
Basic (in dollars per share) | $ 2.77 | $ 1.89 | $ 1.81 | $ 1.37 | $ 1.46 | $ 1.90 | $ 1.34 | $ 1.63 | $ 7.85 | $ 6.33 | $ 7.13 |
Diluted (in dollars per share) | $ 2.75 | $ 1.88 | $ 1.80 | $ 1.36 | $ 1.45 | $ 1.89 | $ 1.33 | $ 1.62 | $ 7.80 | $ 6.29 | $ 7.07 |
Weighted Average Number of Shares Outstanding, Basic | 16,310,551,000 | 16,300,720,000 | 16,296,427,000 | 16,303,602,000 | 16,342,485,000 | 16,382,798,000 | 16,560,545,000 | 15,651,541,000 | 16,302,825 | 16,234,342 | 15,488,982 |
Weighted Average Number of Shares Outstanding, Diluted | 16,434,812,000 | 16,393,792,000 | 16,375,434,000 | 16,425,881,000 | 16,454,553,000 | 16,475,741,000 | 16,642,571,000 | 15,744,777,000 | 16,407,502 | 16,329,456 | 15,611,489 |
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