☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Pennsylvania | 25-1434426 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | ( | |||||||||||||
800 Philadelphia Street | Indiana | PA | 15701 | |||||||||||
(Address of principal executive offices) | ( |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $2.50 per share | STBA | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
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Actual | Minimum Regulatory Capital Requirements | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
As of December 31, 2017 | |||||||||||||||||
Leverage Ratio | |||||||||||||||||
S&T | $ | 582,155 | 8.98 | % | $ | 259,170 | 4.00 | % | $ | 323,963 | 5.00 | % | |||||
S&T Bank | 542,048 | 8.39 | % | 258,460 | 4.00 | % | 323,075 | 5.00 | % | ||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||
S&T | 562,155 | 10.04 | % | 252,079 | 4.50 | % | 364,114 | 6.50 | % | ||||||||
S&T Bank | 542,048 | 9.71 | % | 251,213 | 4.50 | % | 362,864 | 6.50 | % | ||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||
S&T | 582,155 | 10.39 | % | 336,105 | 6.00 | % | 448,140 | 8.00 | % | ||||||||
S&T Bank | 542,048 | 9.71 | % | 334,951 | 6.00 | % | 446,601 | 8.00 | % | ||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||
S&T | 664,184 | 11.86 | % | 448,140 | 8.00 | % | 560,175 | 10.00 | % | ||||||||
S&T Bank | 622,469 | 11.15 | % | 446,602 | 8.00 | % | 558,252 | 10.00 | % |
Actual | Minimum Regulatory Capital Requirements | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
S&T | $ | 825,515 | 9.43 % | $ | 350,311 | 4.00 % | $ | 437,889 | 5.00 % | ||||||||||||||||||||||||||
S&T Bank | 810,636 | 9.27 % | 349,739 | 4.00 % | 437,174 | 5.00 % | |||||||||||||||||||||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 796,515 | 11.33 % | 316,338 | 4.50 % | 456,933 | 6.50 % | |||||||||||||||||||||||||||||
S&T Bank | 810,636 | 11.55 % | 315,792 | 4.50 % | 456,144 | 6.50 % | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 825,515 | 11.74 % | 421,784 | 6.00 % | 562,379 | 8.00 % | |||||||||||||||||||||||||||||
S&T Bank | 810,636 | 11.55 % | 421,056 | 6.00 % | 561,408 | 8.00 % | |||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 944,686 | 13.44 % | 562,379 | 8.00 % | 702,974 | 10.00 % | |||||||||||||||||||||||||||||
S&T Bank | 922,007 | 13.14 % | 561,408 | 8.00 % | 701,760 | 10.00 % |
Price Range of Common Stock | Cash Dividends Declared | ||||||||||
2017 | Low | High | |||||||||
Fourth quarter | $ | 38.16 | $ | 43.17 | $ | 0.22 | |||||
Third quarter | 33.92 | 39.94 | 0.20 | ||||||||
Second quarter | 32.48 | 37.94 | 0.20 | ||||||||
First quarter | 31.72 | 39.84 | 0.20 | ||||||||
2016 | |||||||||||
Fourth quarter | $ | 25.85 | $ | 39.65 | $ | 0.20 | |||||
Third quarter | 27.93 | 29.15 | 0.19 | ||||||||
Second quarter | 23.19 | 24.47 | 0.19 | ||||||||
First quarter | 25.60 | 26.05 | 0.19 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plan (1) | Approximate dollar value of shares that may yet be purchased under the plan | ||||||||||||||||||||||||||||
10/1/2020 - 10/31/2020 | — | $ | — | — | $ | 37,441,683 | ||||||||||||||||||||||||||
11/1/2020 - 11/30/2020 | — | — | — | 37,441,683 | ||||||||||||||||||||||||||||
12/1/2020 - 12/31/2020 | — | — | — | 37,441,683 | ||||||||||||||||||||||||||||
Total | — | $ | — | — | $ | 37,441,683 |
Period Ending | |||||||||||||||||||||||||||||||||||
Index | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | |||||||||||||||||||||||||||||
S&T Bancorp, Inc. | 100.00 | 130.40 | 135.91 | 132.27 | 144.82 | 93.56 | |||||||||||||||||||||||||||||
NASDAQ Composite(1) | 100.00 | 108.92 | 141.36 | 137.39 | 187.87 | 272.51 | |||||||||||||||||||||||||||||
NASDAQ Bank(2) | 100.00 | 137.97 | 145.50 | 121.96 | 151.69 | 140.31 |
Period Ending | |||||||||||||||||
Index | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | |||||||||||
S&T Bancorp, Inc. | 100.00 | 144.15 | 174.46 | 184.85 | 240.57 | 250.87 | |||||||||||
NASDAQ Composite | 100.00 | 140.15 | 160.90 | 172.33 | 187.75 | 243.54 | |||||||||||
NASDAQ Bank | 100.00 | 141.69 | 148.65 | 161.80 | 223.14 | 235.28 |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,060,255 | $ | 6,943,053 | $ | 6,318,354 | $ | 4,964,686 | $ | 4,533,190 | Total assets | $ | 8,967,897 | $ | 8,764,649 | $ | 7,252,221 | $ | 7,060,255 | $ | 6,943,053 | |||||||||||||||||||||||||||
Securities available-for-sale, at fair value | 698,291 | 693,487 | 660,963 | 640,273 | 509,425 | |||||||||||||||||||||||||||||||||||||||||||
Securities, at fair value | Securities, at fair value | 773,693 | 784,283 | 684,872 | 698,291 | 693,487 | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 4,485 | 3,793 | 35,321 | 2,970 | 2,136 | Loans held for sale | 18,528 | 5,256 | 2,371 | 4,485 | 3,793 | |||||||||||||||||||||||||||||||||||||
Portfolio loans, net of unearned income | 5,761,449 | 5,611,419 | 5,027,612 | 3,868,746 | 3,566,199 | Portfolio loans, net of unearned income | 7,225,860 | 7,137,152 | 5,946,648 | 5,761,449 | 5,611,419 | |||||||||||||||||||||||||||||||||||||
Goodwill | 291,670 | 291,670 | 291,764 | 175,820 | 175,820 | Goodwill | 373,424 | 371,621 | 287,446 | 291,670 | 291,670 | |||||||||||||||||||||||||||||||||||||
Total deposits | 5,427,891 | 5,272,377 | 4,876,611 | 3,908,842 | 3,672,308 | Total deposits | 7,420,538 | 7,036,576 | 5,673,922 | 5,427,891 | 5,272,377 | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 50,161 | 50,832 | 62,086 | 30,605 | 33,847 | Securities sold under repurchase agreements | 65,163 | 19,888 | 18,383 | 50,161 | 50,832 | |||||||||||||||||||||||||||||||||||||
Short-term borrowings | 540,000 | 660,000 | 356,000 | 290,000 | 140,000 | Short-term borrowings | 75,000 | 281,319 | 470,000 | 540,000 | 660,000 | |||||||||||||||||||||||||||||||||||||
Long-term borrowings | 47,301 | 14,713 | 117,043 | 19,442 | 21,810 | Long-term borrowings | 23,681 | 50,868 | 70,314 | 47,301 | 14,713 | |||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | 45,619 | 45,619 | 45,619 | Junior subordinated debt securities | 64,083 | 64,277 | 45,619 | 45,619 | 45,619 | |||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 884,031 | 841,956 | 792,237 | 608,389 | 571,306 | Total shareholders’ equity | 1,154,711 | 1,191,998 | 935,761 | 884,031 | 841,956 |
Years Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Interest income | $ | 320,464 | $ | 320,484 | $ | 289,826 | $ | 260,642 | $ | 227,774 | |||||||||||||||||||
Interest expense | 41,076 | 73,693 | 55,388 | 34,909 | 24,515 | ||||||||||||||||||||||||
Provision for credit losses | 131,424 | 14,873 | 14,995 | 13,883 | 17,965 | ||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 147,964 | 231,918 | 219,443 | 211,850 | 185,294 | ||||||||||||||||||||||||
Noninterest income | 59,719 | 52,558 | 49,181 | 55,462 | 54,635 | ||||||||||||||||||||||||
Noninterest expense | 186,644 | 167,116 | 145,445 | 147,907 | 143,232 | ||||||||||||||||||||||||
Net Income Before Taxes | 21,039 | 117,360 | 123,179 | 119,405 | 96,697 | ||||||||||||||||||||||||
Provision for income taxes | (1) | 19,126 | 17,845 | 46,437 | 25,305 | ||||||||||||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 | $ | 72,968 | $ | 71,392 | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Interest income | $ | 260,642 | $ | 227,774 | $ | 203,548 | $ | 160,523 | $ | 153,756 | |||||||||
Interest expense | 34,909 | 24,515 | 15,997 | 12,481 | 14,563 | ||||||||||||||
Provision for loan losses | 13,883 | 17,965 | 10,388 | 1,715 | 8,311 | ||||||||||||||
Net Interest Income After Provision for Loan Losses | 211,850 | 185,294 | 177,163 | 146,327 | 130,882 | ||||||||||||||
Noninterest income | 55,462 | 54,635 | 51,033 | 46,338 | 51,527 | ||||||||||||||
Noninterest expense | 147,907 | 143,232 | 136,717 | 117,240 | 117,392 | ||||||||||||||
Net Income Before Taxes | 119,405 | 96,697 | 91,479 | 75,425 | 65,017 | ||||||||||||||
Provision for income taxes | 46,437 | 25,305 | 24,398 | 17,515 | 14,478 | ||||||||||||||
Net Income | $ | 72,968 | $ | 71,392 | $ | 67,081 | $ | 57,910 | $ | 50,539 |
December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Per Share Data | |||||||||||||||||||
Earnings per common share—basic | $ | 2.09 | $ | 2.06 | $ | 1.98 | $ | 1.95 | $ | 1.70 | |||||||||
Earnings per common share—diluted | 2.09 | 2.05 | 1.98 | 1.95 | 1.70 | ||||||||||||||
Dividends declared per common share | 0.82 | 0.77 | 0.73 | 0.68 | 0.61 | ||||||||||||||
Dividend payout ratio | 39.15 | % | 37.52 | % | 36.47 | % | 34.89 | % | 35.89 | % | |||||||||
Common book value | $ | 25.28 | $ | 24.12 | $ | 22.76 | $ | 20.42 | $ | 19.21 | |||||||||
Common tangible book value (non-GAAP) | 16.87 | 15.67 | 14.26 | 14.46 | 13.22 | ||||||||||||||
Profitability Ratios | |||||||||||||||||||
Common return on average assets | 1.03 | % | 1.08 | % | 1.13 | % | 1.22 | % | 1.12 | % | |||||||||
Common return on average equity | 8.37 | % | 8.67 | % | 8.94 | % | 9.71 | % | 9.21 | % | |||||||||
Common return on average tangible common equity (non-GAAP) | 12.77 | % | 13.71 | % | 14.39 | % | 14.02 | % | 13.94 | % | |||||||||
Capital Ratios | |||||||||||||||||||
Common equity/assets | 12.52 | % | 12.13 | % | 12.54 | % | 12.25 | % | 12.60 | % | |||||||||
Tangible common equity/tangible assets (non-GAAP) | 8.72 | % | 8.23 | % | 8.24 | % | 9.00 | % | 9.03 | % | |||||||||
Tier 1 leverage ratio | 9.17 | % | 8.98 | % | 8.96 | % | 9.80 | % | 9.75 | % | |||||||||
Common equity tier 1 | 10.71 | % | 10.04 | % | 9.77 | % | 11.81 | % | 11.79 | % | |||||||||
Risk-based capital—tier 1 | 11.06 | % | 10.39 | % | 10.15 | % | 12.34 | % | 12.37 | % | |||||||||
Risk-based capital—total | 12.55 | % | 11.86 | % | 11.60 | % | 14.27 | % | 14.36 | % | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonaccrual loans/loans | 0.42 | % | 0.76 | % | 0.70 | % | 0.32 | % | 0.63 | % | |||||||||
Nonperforming assets/loans plus OREO | 0.42 | % | 0.77 | % | 0.71 | % | 0.33 | % | 0.64 | % | |||||||||
Allowance for loan losses/total portfolio loans | 0.98 | % | 0.94 | % | 0.96 | % | 1.24 | % | 1.30 | % | |||||||||
Allowance for loan losses/nonperforming loans | 236 | % | 124 | % | 136 | % | 385 | % | 206 | % | |||||||||
Net loan charge-offs/average loans | 0.18 | % | 0.25 | % | 0.22 | % | 0.00 | % | 0.25 | % |
December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share—basic | $ | 0.54 | $ | 2.84 | $ | 3.03 | $ | 2.10 | $ | 2.06 | ||||||||||||||||||||||||||||||||||
Earnings per common share—diluted | $ | 0.53 | $ | 2.82 | $ | 3.01 | $ | 2.09 | $ | 2.05 | ||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 1.12 | $ | 1.09 | $ | 0.99 | $ | 0.82 | $ | 0.77 | ||||||||||||||||||||||||||||||||||
Dividend payout ratio | 200.89 | % | 38.03 | % | 32.79 | % | 39.15 | % | 37.52 | % | ||||||||||||||||||||||||||||||||||
Common book value | $ | 29.38 | $ | 30.13 | $ | 26.98 | $ | 25.28 | $ | 24.12 | ||||||||||||||||||||||||||||||||||
Common tangible book value (non-GAAP) | $ | 19.71 | $ | 20.52 | $ | 18.63 | $ | 16.87 | $ | 15.67 | ||||||||||||||||||||||||||||||||||
Profitability Ratios | ||||||||||||||||||||||||||||||||||||||||||||
Common return on average assets | 0.23 | % | 1.32 | % | 1.50 | % | 1.03 | % | 1.08 | % | ||||||||||||||||||||||||||||||||||
Common return on average equity | 1.80 | % | 9.98 | % | 11.60 | % | 8.37 | % | 8.67 | % | ||||||||||||||||||||||||||||||||||
Common return on average tangible common equity (non-GAAP) | 2.92 | % | 14.41 | % | 17.14 | % | 12.77 | % | 13.71 | % | ||||||||||||||||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||||||||||||||||||||||
Common equity/assets | 12.88 | % | 13.60 | % | 12.90 | % | 12.52 | % | 12.13 | % | ||||||||||||||||||||||||||||||||||
Tangible common equity/tangible assets (non-GAAP) | 9.02 | % | 9.68 | % | 9.28 | % | 8.72 | % | 8.23 | % | ||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 9.43 | % | 10.29 | % | 10.05 | % | 9.17 | % | 8.98 | % | ||||||||||||||||||||||||||||||||||
Common equity tier 1 | 11.33 | % | 11.43 | % | 11.38 | % | 10.71 | % | 10.04 | % | ||||||||||||||||||||||||||||||||||
Risk-based capital—tier 1 | 11.74 | % | 11.84 | % | 11.72 | % | 11.06 | % | 10.39 | % | ||||||||||||||||||||||||||||||||||
Risk-based capital—total | 13.44 | % | 13.22 | % | 13.21 | % | 12.55 | % | 11.86 | % | ||||||||||||||||||||||||||||||||||
Asset Quality Ratios | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans/loans | 2.03 | % | 0.76 | % | 0.77 | % | 0.42 | % | 0.76 | % | ||||||||||||||||||||||||||||||||||
Nonperforming assets/loans plus OREO | 2.06 | % | 0.81 | % | 0.83 | % | 0.42 | % | 0.77 | % | ||||||||||||||||||||||||||||||||||
Allowance for credit losses/total portfolio loans | 1.63 | % | 0.87 | % | 1.03 | % | 0.98 | % | 0.94 | % | ||||||||||||||||||||||||||||||||||
Allowance for credit losses/nonperforming loans | 80 | % | 115 | % | 132 | % | 236 | % | 124 | % | ||||||||||||||||||||||||||||||||||
Net loan charge-offs/average loans | 1.40 | % | 0.22 | % | 0.18 | % | 0.18 | % | 0.25 | % |
December 31 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Common tangible book value (non-GAAP) | |||||||||||||||||||||||||||||
Total shareholders' equity | 1,154,711 | 1,191,998 | 935,761 | 884,031 | 841,956 | ||||||||||||||||||||||||
Less: goodwill and other intangible assets | (382,099) | (382,540) | (290,047) | (295,347) | (296,580) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 1,822 | 2,293 | 546 | 1,287 | 1,719 | ||||||||||||||||||||||||
Tangible common equity (non-GAAP) | 774,434 | 811,751 | 646,260 | 589,971 | 547,095 | ||||||||||||||||||||||||
Common shares outstanding | 39,298 | 39,560 | 34,684 | 34,972 | 34,913 | ||||||||||||||||||||||||
Common tangible book value (non-GAAP) | 19.71 | 20.52 | 18.63 | 16.87 | 15.67 | ||||||||||||||||||||||||
Common return on average tangible common shareholders' equity (non-GAAP) | |||||||||||||||||||||||||||||
Net income | 21,040 | 98,234 | 105,334 | 72,968 | 71,392 | ||||||||||||||||||||||||
Plus: amortization of intangibles | 2,532 | 836 | 861 | 1,233 | 1,615 | ||||||||||||||||||||||||
Tax effect of amortization of intangibles | (532) | (176) | (181) | (432) | (565) | ||||||||||||||||||||||||
Net income before amortization of intangibles | 23,040 | 98,894 | 106,014 | 73,769 | 72,442 | ||||||||||||||||||||||||
Total average shareholders’ equity (GAAP Basis) | 1,169,489 | 983,908 | 908,355 | 872,130 | 823,607 | ||||||||||||||||||||||||
Less: average goodwill and average other intangible assets | (382,907) | (298,228) | (290,380) | (295,937) | (297,377) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 2,061 | 639 | 614 | 1,493 | 1,992 | ||||||||||||||||||||||||
Tangible average common shareholders' equity (non-GAAP) | 788,643 | 686,319 | 618,589 | 577,686 | 528,222 | ||||||||||||||||||||||||
Common return on average tangible common shareholders' equity (non-GAAP) | 2.92 | % | 14.41 | % | 17.14 | % | 12.77 | % | 13.71 | % | |||||||||||||||||||
Efficiency Ratio (non-GAAP) | |||||||||||||||||||||||||||||
Noninterest expense | 186,644 | 167,116 | 145,445 | 147,907 | 143,232 | ||||||||||||||||||||||||
Less: merger related expenses | (2,342) | (11,350) | — | — | — | ||||||||||||||||||||||||
Noninterest expense excluding nonrecurring items | 184,302 | 155,766 | 145,445 | 147,907 | 143,232 | ||||||||||||||||||||||||
Net interest income per Consolidated Statements of Net Income | 279,388 | 246,791 | 234,438 | 225,733 | 203,259 | ||||||||||||||||||||||||
Plus: taxable equivalent adjustment | 3,202 | 3,757 | 3,804 | 7,493 | 7,043 | ||||||||||||||||||||||||
Noninterest income | 59,719 | 52,558 | 49,181 | 55,462 | 54,635 | ||||||||||||||||||||||||
Less: securities (gains) losses, net | (142) | 26 | — | (3,000) | — | ||||||||||||||||||||||||
Net interest income (FTE) (non-GAAP) plus noninterest income | 342,167 | 303,132 | 287,423 | 285,688 | 264,938 | ||||||||||||||||||||||||
Efficiency ratio (non-GAAP) | 53.86 | % | 51.39 | % | 50.60 | % | 51.77 | % | 54.06 | % | |||||||||||||||||||
Tangible common equity (non-GAAP) | |||||||||||||||||||||||||||||
Total shareholders' equity (GAAP basis) | 1,154,711 | 1,191,998 | 935,761 | 884,031 | 841,956 | ||||||||||||||||||||||||
Less: goodwill and other intangible assets | (382,099) | (382,540) | (290,047) | (295,347) | (296,580) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 1,822 | 2,293 | 546 | 1,287 | 1,719 | ||||||||||||||||||||||||
Tangible common equity (non-GAAP) | 774,434 | 811,751 | 646,260 | 589,971 | 547,095 | ||||||||||||||||||||||||
Total assets (GAAP basis) | 8,967,897 | 8,764,649 | 7,252,221 | 7,060,255 | 6,943,053 | ||||||||||||||||||||||||
Less: goodwill and other intangible assets | (382,099) | (382,540) | (290,047) | (295,347) | (296,580) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 1,822 | 2,293 | 546 | 1,287 | 1,719 | ||||||||||||||||||||||||
Tangible assets (non-GAAP) | 8,587,620 | 8,384,402 | 6,962,720 | 6,766,195 | 6,648,192 | ||||||||||||||||||||||||
Tangible common shareholders' equity/tangible assets (non-GAAP) | 9.02 | % | 9.68 | % | 9.28 | % | 8.72 | % | 8.23 | % |
December 31 | |||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Common tangible book value (non-GAAP) | |||||||||||||||||||
Total shareholders' equity | $ | 884,031 | $ | 841,956 | $ | 792,237 | $ | 608,389 | $ | 571,306 | |||||||||
Less: goodwill and other intangible assets | (295,347 | ) | (296,580 | ) | (298,289 | ) | (178,451 | ) | (179,580 | ) | |||||||||
Tax effect of other intangible assets | 1,287 | 1,719 | 2,284 | 921 | 1,316 | ||||||||||||||
Tangible common equity (non-GAAP) | 589,971 | 547,095 | 496,232 | 430,859 | 393,042 | ||||||||||||||
Common shares outstanding | 34,972 | 34,913 | 34,810 | 29,796 | 29,734 | ||||||||||||||
Common tangible book value (non-GAAP) | $ | 16.87 | $ | 15.67 | $ | 14.26 | $ | 14.46 | $ | 13.22 | |||||||||
Common return on average tangible common equity (non-GAAP) | |||||||||||||||||||
Net income | $ | 72,968 | $ | 71,392 | $ | 67,081 | $ | 57,910 | $ | 50,539 | |||||||||
Plus: amortization of intangibles | 1,233 | 1,615 | 1,818 | 1,129 | 1,590 | ||||||||||||||
Tax effect of amortization of intangibles | (432 | ) | (565 | ) | (636 | ) | (395 | ) | (556 | ) | |||||||||
Net income before amortization of intangibles | 73,769 | 72,442 | 68,263 | 58,644 | 51,573 | ||||||||||||||
Total average shareholders’ equity (GAAP Basis) | 872,130 | 823,607 | 750,069 | 596,155 | 548,771 | ||||||||||||||
Less: average goodwill and average other intangible assets | (295,937 | ) | (297,377 | ) | (278,130 | ) | (178,990 | ) | (180,338 | ) | |||||||||
Tax effect of other intangible assets | 1,493 | 1,992 | 2,283 | 1,109 | 1,581 | ||||||||||||||
Tangible average common equity (non-GAAP) | $ | 577,686 | $ | 528,222 | $ | 474,222 | $ | 418,274 | $ | 370,014 | |||||||||
Common return on average tangible common equity (non-GAAP) | 12.77 | % | 13.71 | % | 14.39 | % | 14.02 | % | 13.94 | % | |||||||||
Efficiency Ratio (non-GAAP) | |||||||||||||||||||
Noninterest expense | 147,907 | 143,232 | 136,717 | 117,240 | 117,392 | ||||||||||||||
Net interest income per consolidated statements of net income | 225,733 | 203,259 | 187,551 | 148,042 | 139,193 | ||||||||||||||
Plus: taxable equivalent adjustment | 7,493 | 7,043 | 6,123 | 5,461 | 4,850 | ||||||||||||||
Noninterest income | 55,462 | 54,635 | 51,033 | 46,338 | 51,527 | ||||||||||||||
Less: securities (gains) losses, net | (3,000 | ) | — | 34 | (41 | ) | (5 | ) | |||||||||||
Net interest income (FTE) (non-GAAP) plus noninterest income | 285,688 | 264,938 | 244,742 | 199,801 | 195,566 | ||||||||||||||
Efficiency ratio (non-GAAP) | 51.77 | % | 54.06 | % | 55.86 | % | 58.68 | % | 60.03 | % | |||||||||
Tangible common equity (non-GAAP) | |||||||||||||||||||
Total shareholders' equity (GAAP basis) | $ | 884,031 | $ | 841,956 | $ | 792,237 | $ | 608,389 | $ | 571,306 | |||||||||
Less: goodwill and other intangible assets | (295,347 | ) | (296,580 | ) | (298,289 | ) | (178,451 | ) | (179,580 | ) | |||||||||
Tax effect of other intangible assets | 1,287 | 1,719 | 2,284 | 921 | 1,316 | ||||||||||||||
Tangible common equity (non-GAAP) | 589,971 | 547,095 | 496,232 | 430,859 | 393,042 | ||||||||||||||
Total assets (GAAP basis) | 7,060,255 | 6,943,053 | 6,318,354 | 4,964,686 | 4,533,190 | ||||||||||||||
Less: goodwill and other intangible assets | (295,347 | ) | (296,580 | ) | (298,289 | ) | (178,451 | ) | (179,580 | ) | |||||||||
Tax effect of other intangible assets | 1,287 | 1,719 | 2,284 | 921 | 1,316 | ||||||||||||||
Tangible assets (non-GAAP) | $ | 6,766,195 | $ | 6,648,192 | $ | 6,022,349 | $ | 4,787,156 | $ | 4,354,926 | |||||||||
Tangible common equity/tangible assets (non-GAAP) | 8.72 | % | 8.23 | % | 8.24 | % | 9.00 | % | 9.03 | % |
December 31, | ||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||
Diluted Earnings Per Share | ||||||||||||||
Net income | $ | 21,040 | $ | 98,234 | ||||||||||
Adjust for merger related expenses | 2,342 | 11,350 | ||||||||||||
Tax effect of merger related expenses | (492) | (2,106) | ||||||||||||
Net income excluding merger related expenses (non-GAAP) | $ | 22,890 | $ | 107,478 | ||||||||||
Average shares outstanding - diluted | 39,070 | 34,723 | ||||||||||||
Diluted adjusted earnings per share (non-GAAP) | $ | 0.59 | $ | 3.09 | ||||||||||
Common Return on Average Tangible Common Shareholders' Equity (non-GAAP) | ||||||||||||||
Net income | $ | 21,040 | $ | 98,234 | ||||||||||
Adjust for merger related expenses | 2,342 | 11,350 | ||||||||||||
Tax effect of merger related expenses | (492) | (2,106) | ||||||||||||
Net income excluding merger related expenses | 22,890 | 107,478 | ||||||||||||
Plus: amortization of intangibles | 2,532 | 836 | ||||||||||||
Tax effect of amortization of intangibles | (532) | (176) | ||||||||||||
Adjusted net income | 24,890 | 108,138 | ||||||||||||
Total average shareholders’ equity (GAAP Basis) | 1,169,489 | 983,908 | ||||||||||||
Less: average goodwill and average other intangible assets | (382,907) | (298,228) | ||||||||||||
Tax effect of other intangible assets | 2,061 | 639 | ||||||||||||
Tangible average common shareholders' equity (non-GAAP) | $ | 788,643 | $ | 686,319 | ||||||||||
Common return on average tangible common shareholders' equity (non-GAAP) | 3.16 | % | 15.76 | % | ||||||||||
Return on Average Assets (non-GAAP) | ||||||||||||||
Net income excluding merger related expenses | $ | 22,890 | $ | 107,478 | ||||||||||
Average total assets | 9,152,747 | 7,435,536 | ||||||||||||
Return on average assets (non-GAAP) | 0.25 | % | 1.45 | % | ||||||||||
Return on Average Shareholders' Equity (non-GAAP) | ||||||||||||||
Net income excluding merger related expenses | $ | 22,890 | $ | 107,478 | ||||||||||
Average total shareholders' equity | 1,169,489 | 983,908 | ||||||||||||
Return on average shareholders' equity (non-GAAP) | 1.96 | % | 10.92 | % |
(dollars in thousands) | 2017 | ||
Diluted Earnings Per Share | |||
Net Income | $ | 72,968 | |
Plus: DTA re-measurement | 13,433 | ||
Adjusted net Income (non-GAAP) | $ | 86,401 | |
Average shares outstanding - diluted | 34,955 | ||
Diluted adjusted earnings per share (non-GAAP) | $ | 2.47 | |
Return on Average Assets | |||
Net income | $ | 72,968 | |
Plus: DTA re-measurement | 13,433 | ||
Adjusted net Income (non-GAAP) | $ | 86,401 | |
Average assets | $ | 7,060,232 | |
Plus: DTA re-measurement | 589 | ||
Adjusted average assets (non-GAAP) | $ | 7,060,821 | |
Adjusted return on average assets (non-GAAP) | 1.22 | % | |
Return on Average Shareholders' Equity | |||
Net income | $ | 72,968 | |
Plus: DTA re-measurement | 13,433 | ||
Adjusted net Income (non-GAAP) | $ | 86,401 | |
Total average shareholders’ equity (GAAP Basis) | $ | 872,130 | |
Less: DTA re-measurement | 589 | ||
Adjusted average equity (non-GAAP) | $ | 872,719 | |
Adjusted return on average equity (non-GAAP) | 9.90 | % | |
Return on Average Tangible Shareholders' Equity | |||
Net income | $ | 72,968 | |
Plus: DTA re-measurement | 13,433 | ||
Adjusted net Income (non-GAAP) | $ | 86,401 | |
Plus: amortization of intangibles | 1,233 | ||
Tax effect of amortization of intangibles | (432 | ) | |
Adjusted net income before amortization of intangibles | $ | 87,202 | |
Average total shareholders' equity | $ | 872,130 | |
Plus: DTA re-measurement | 589 | ||
Less: average goodwill and other intangible assets | (295,937 | ) | |
Tax effect of average goodwill and other intangible assets | 1,493 | ||
Adjusted average tangible equity (non-GAAP) | $ | 578,275 | |
Adjusted return on average tangible shareholders' equity (non-GAAP) | 15.08 | % |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Total interest income | $ | 320,464 | $ | 320,484 | $ | 289,826 | |||||||||||
Total interest expense | 41,076 | 73,693 | 55,388 | ||||||||||||||
Net interest income per Consolidated Statements of Net Income | 279,388 | 246,791 | 234,438 | ||||||||||||||
Adjustment to FTE basis | 3,202 | 3,757 | 3,803 | ||||||||||||||
Net Interest Income (FTE) (non-GAAP) | $ | 282,590 | $ | 250,548 | $ | 238,241 | |||||||||||
Net interest margin | 3.34 | % | 3.58 | % | 3.58 | % | |||||||||||
Adjustment to FTE basis | 0.04 | 0.06 | 0.06 | ||||||||||||||
Net Interest Margin (FTE) (non-GAAP) | 3.38 | % | 3.64 | % | 3.64 | % |
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Total interest income | $ | 260,642 | $ | 227,774 | $ | 203,548 | |||||
Total interest expense | 34,909 | 24,515 | 15,997 | ||||||||
Net interest income per consolidated statements of net income | 225,733 | 203,259 | 187,551 | ||||||||
Adjustment to FTE basis | 7,493 | 7,043 | 6,123 | ||||||||
Net Interest Income (FTE) (non-GAAP) | $ | 233,226 | $ | 210,302 | $ | 193,674 | |||||
Net interest margin | 3.45 | % | 3.35 | % | 3.45 | % | |||||
Adjustment to FTE basis | 0.11 | 0.12 | 0.11 | ||||||||
Net Interest Margin (FTE) (non-GAAP) | 3.56 | % | 3.47 | % | 3.56 | % |
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | (dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 56,344 | $ | 578 | 1.03 | % | $ | 41,810 | $ | 207 | 0.50 | % | $ | 66,101 | $ | 165 | 0.25 | % | Interest-bearing deposits with banks | $ | 179,887 | $ | 515 | 0.29 | % | $ | 59,941 | $ | 1,233 | 2.06 | % | $ | 56,210 | $ | 1,042 | 1.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale, at fair value | 698,460 | 17,320 | 2.48 | % | 676,696 | 16,306 | 2.41 | % | 654,655 | 16,246 | 2.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities at fair value(2)(3) | Securities at fair value(2)(3) | 764,311 | 19,011 | 2.49 | % | 678,069 | 17,876 | 2.64 | % | 682,806 | 17,860 | 2.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 14,607 | 581 | 3.98 | % | 14,255 | 814 | 5.71 | % | 8,272 | 349 | 4.22 | % | Loans held for sale | 5,105 | 160 | 3.13 | % | 2,169 | 84 | 3.88 | % | 1,515 | 85 | 5.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,638,766 | 114,484 | 4.34 | % | 2,344,050 | 96,814 | 4.13 | % | 2,026,206 | 83,469 | 4.12 | % | Commercial real estate | 3,347,234 | 140,288 | 4.19 | % | 2,945,278 | 144,877 | 4.92 | % | 2,779,096 | 132,139 | 4.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,425,421 | 61,976 | 4.35 | % | 1,348,287 | 53,629 | 3.98 | % | 1,209,020 | 46,175 | 3.82 | % | Commercial and industrial | 2,018,318 | 77,752 | 3.85 | % | 1,575,485 | 79,429 | 5.04 | % | 1,441,560 | 67,770 | 4.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 426,574 | 17,384 | 4.08 | % | 400,997 | 14,788 | 3.69 | % | 330,821 | 13,249 | 4.00 | % | Commercial construction | 442,088 | 16,702 | 3.78 | % | 278,665 | 14,237 | 5.11 | % | 314,265 | 15,067 | 4.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 4,490,761 | 193,844 | 4.32 | % | 4,093,334 | 165,231 | 4.04 | % | 3,566,047 | 142,893 | 4.01 | % | Total commercial loans | 5,807,640 | 234,742 | 4.04 | % | 4,799,428 | 238,543 | 4.97 | % | 4,534,921 | 214,976 | 4.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 699,843 | 28,741 | 4.11 | % | 668,236 | 27,544 | 4.12 | % | 577,294 | 24,458 | 4.24 | % | Residential mortgage | 964,740 | 40,998 | 4.25 | % | 765,604 | 33,889 | 4.43 | % | 696,849 | 29,772 | 4.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 484,023 | 20,866 | 4.31 | % | 477,011 | 19,213 | 4.03 | % | 451,755 | 18,139 | 4.02 | % | Home equity | 539,461 | 21,469 | 3.98 | % | 475,149 | 25,208 | 5.31 | % | 474,538 | 22,981 | 4.84 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | 69,163 | 4,521 | 6.54 | % | 64,960 | 4,136 | 6.37 | % | 82,972 | 5,764 | 6.95 | % | Installment and other consumer | 80,032 | 5,248 | 6.56 | % | 72,283 | 5,173 | 7.16 | % | 67,047 | 4,594 | 6.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer construction | 4,631 | 201 | 4.35 | % | 7,038 | 287 | 4.08 | % | 6,092 | 256 | 4.21 | % | Consumer construction | 13,484 | 594 | 4.40 | % | 10,896 | 593 | 5.44 | % | 5,336 | 267 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 1,257,660 | 54,329 | 4.32 | % | 1,217,245 | 51,180 | 4.20 | % | 1,118,113 | 48,617 | 4.35 | % | Total consumer loans | 1,597,717 | 68,309 | 4.28 | % | 1,323,932 | 64,863 | 4.90 | % | 1,243,770 | 57,614 | 4.63 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | 5,748,421 | 248,173 | 4.32 | % | 5,310,579 | 216,411 | 4.08 | % | 4,684,160 | 191,510 | 4.09 | % | Total portfolio loans | 7,405,357 | 303,051 | 4.09 | % | 6,123,360 | 303,406 | 4.95 | % | 5,778,691 | 272,590 | 4.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 5,763,028 | $ | 248,754 | 4.32 | % | $ | 5,324,834 | $ | 217,225 | 4.08 | % | $ | 4,692,432 | $ | 191,859 | 4.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans(1)(2) | Total Loans(1)(2) | 7,410,462 | 303,211 | 4.09 | % | 6,125,529 | 303,490 | 4.95 | % | 5,780,206 | 272,675 | 4.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 31,989 | 1,483 | 4.64 | % | 23,811 | 1,079 | 4.53 | % | 19,672 | 1,401 | 7.12 | % | Federal Home Loan Bank and other restricted stock | 18,234 | 929 | 5.10 | % | 21,833 | 1,642 | 7.52 | % | 30,457 | 2,052 | 6.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-earning Assets | 6,549,821 | 268,135 | 4.09 | % | 6,067,151 | 234,817 | 3.87 | % | 5,432,860 | 209,671 | 3.86 | % | Total Interest-earning Assets | 8,372,894 | 304,140 | 3.87 | % | 6,885,372 | 324,241 | 4.71 | % | 6,549,679 | 293,629 | 4.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 510,411 | 521,104 | 509,236 | Noninterest-earning assets | 779,853 | 550,164 | 494,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 7,060,232 | $ | 6,588,255 | $ | 5,942,096 | Total Assets | $ | 9,152,747 | $ | 7,435,536 | $ | 7,043,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 637,526 | $ | 1,418 | 0.22 | % | $ | 651,118 | $ | 1,088 | 0.17 | % | $ | 623,232 | $ | 888 | 0.14 | % | Interest-bearing demand | $ | 961,823 | $ | 2,681 | 0.28 | % | $ | 641,403 | $ | 3,915 | 0.61 | % | $ | 570,459 | $ | 1,883 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 994,783 | 7,853 | 0.79 | % | 735,159 | 3,222 | 0.44 | % | 574,102 | 1,229 | 0.21 | % | Money market | 2,040,116 | 11,645 | 0.57 | % | 1,691,910 | 30,236 | 1.79 | % | 1,299,185 | 18,228 | 1.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 988,504 | 2,081 | 0.21 | % | 1,039,664 | 2,002 | 0.19 | % | 1,072,683 | 1,712 | 0.16 | % | Savings | 899,717 | 972 | 0.11 | % | 766,142 | 1,928 | 0.25 | % | 836,747 | 1,773 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,439,711 | 13,978 | 0.97 | % | 1,472,613 | 13,380 | 0.91 | % | 1,252,798 | 9,115 | 0.73 | % | Certificates of deposit | 1,517,643 | 20,688 | 1.36 | % | 1,396,706 | 26,947 | 1.93 | % | 1,328,985 | 18,972 | 1.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing deposits | 4,060,524 | 25,330 | 0.62 | % | 3,898,554 | 19,692 | 0.51 | % | 3,522,815 | 12,944 | 0.37 | % | Total Interest-bearing deposits | 5,419,299 | 35,986 | 0.66 | % | 4,496,161 | 63,026 | 1.40 | % | 4,035,376 | 40,856 | 1.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 46,662 | 54 | 0.12 | % | 51,021 | 5 | 0.01 | % | 44,394 | 4 | 0.01 | % | Securities sold under repurchase agreements | 57,673 | 169 | 0.29 | % | 16,863 | 110 | 0.65 | % | 45,992 | 221 | 0.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 644,864 | 7,399 | 1.15 | % | 414,426 | 2,713 | 0.65 | % | 257,117 | 932 | 0.36 | % | Short-term borrowings | 155,753 | 1,434 | 0.92 | % | 255,264 | 6,416 | 2.51 | % | 525,172 | 11,082 | 2.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 18,057 | 463 | 2.57 | % | 50,257 | 670 | 1.33 | % | 83,648 | 790 | 0.94 | % | Long-term borrowings | 47,953 | 1,201 | 2.50 | % | 66,392 | 1,831 | 2.76 | % | 47,986 | 1,129 | 2.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 1,663 | 3.65 | % | 45,619 | 1,435 | 3.14 | % | 47,071 | 1,327 | 2.82 | % | Junior subordinated debt securities | 64,092 | 2,286 | 3.57 | % | 47,934 | 2,310 | 4.82 | % | 45,619 | 2,100 | 4.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowings | 755,202 | 9,579 | 1.27 | % | 561,323 | 4,823 | 0.86 | % | 432,230 | 3,053 | 0.71 | % | Total borrowings | 325,471 | 5,090 | 1.56 | % | 386,453 | 10,667 | 2.76 | % | 664,769 | 14,532 | 2.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | 4,815,726 | 34,909 | 0.72 | % | 4,459,877 | 24,515 | 0.55 | % | 3,955,045 | 15,997 | 0.40 | % | Total Interest-bearing Liabilities | 5,744,770 | 41,076 | 0.72 | % | 4,882,614 | 73,693 | 1.51 | % | 4,700,145 | 55,388 | 1.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 1,372,376 | 1,304,771 | 1,236,984 | Noninterest-bearing liabilities | 2,238,488 | 1,569,014 | 1,435,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 872,130 | 823,607 | 750,069 | Shareholders’ equity | 1,169,489 | 983,908 | 908,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,060,232 | 34,909 | $ | 6,588,255 | $ | 5,942,098 | Total Liabilities and Shareholders’ Equity | $ | 9,152,747 | $ | 7,435,536 | $ | 7,043,828 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (2)(3) | $ | 233,226 | $ | 210,302 | $ | 193,674 | Net Interest Income (2)(3) | $ | 282,590 | $ | 250,548 | $ | 238,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (2)(3) | 3.56 | % | 3.47 | % | 3.56 | % | Net Interest Margin (2)(3) | 3.38 | % | 3.64 | % | 3.64 | % |
2020 Compared to 2019 Increase (Decrease) Due to | 2019 Compared to 2018 Increase (Decrease) Due to | ||||||||||||||||||||||
(dollars in thousands) | Volume(4) | Rate(4) | Net | Volume(4) | Rate(4) | Net | |||||||||||||||||
Interest earned on: | |||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 2,467 | $ | (3,185) | $ | (718) | $ | 69 | $ | 122 | $ | 191 | |||||||||||
Securities at fair value(2)(3) | 2,274 | (1,139) | 1,135 | (124) | 140 | 16 | |||||||||||||||||
Loans held for sale | 114 | (38) | 76 | 37 | (38) | (1) | |||||||||||||||||
Commercial real estate | 19,772 | (24,361) | (4,589) | 7,902 | 4,836 | 12,738 | |||||||||||||||||
Commercial and industrial | 22,326 | (24,003) | (1,677) | 6,296 | 5,363 | 11,659 | |||||||||||||||||
Commercial construction | 8,349 | (5,884) | 2,465 | (1,707) | 877 | (830) | |||||||||||||||||
Total commercial loans | 50,447 | (54,248) | (3,801) | 12,491 | 11,076 | 23,567 | |||||||||||||||||
Residential mortgage | 8,815 | (1,706) | 7,109 | 2,937 | 1,180 | 4,117 | |||||||||||||||||
Home equity | 3,412 | (7,151) | (3,739) | 30 | 2,197 | 2,227 | |||||||||||||||||
Installment and other consumer | 555 | (480) | 75 | 359 | 220 | 579 | |||||||||||||||||
Consumer construction | 141 | (140) | 1 | 278 | 48 | 326 | |||||||||||||||||
Total consumer loans | 12,923 | (9,477) | 3,446 | 3,604 | 3,645 | 7,249 | |||||||||||||||||
Total portfolio loans | 63,370 | (63,725) | (355) | 16,095 | 14,721 | 30,816 | |||||||||||||||||
Total loans (1)(2) | 63,484 | (63,763) | (279) | 16,132 | 14,683 | 30,815 | |||||||||||||||||
Federal Home Loan Bank and other restricted stock | (271) | (442) | (713) | (581) | 171 | (410) | |||||||||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 67,954 | $ | (68,529) | $ | (575) | $ | 15,496 | $ | 15,116 | $ | 30,612 | |||||||||||
Interest paid on: | |||||||||||||||||||||||
Interest-bearing demand | $ | 1,956 | $ | (3,190) | $ | (1,234) | $ | 234 | $ | 1,798 | $ | 2,032 | |||||||||||
Money market | 6,223 | (24,814) | (18,591) | 5,510 | 6,498 | 12,008 | |||||||||||||||||
Savings | 336 | (1,292) | (956) | (150) | 305 | 155 | |||||||||||||||||
Certificates of deposit | 2,333 | (8,592) | (6,259) | 967 | 7,008 | 7,975 | |||||||||||||||||
Total interest-bearing deposits | 10,848 | (37,888) | (27,040) | 6,561 | 15,609 | 22,170 | |||||||||||||||||
Securities sold under repurchase agreements | 266 | (207) | 59 | (140) | 29 | (111) | |||||||||||||||||
Short-term borrowings | (2,501) | (2,481) | (4,982) | (5,696) | 1,030 | (4,666) | |||||||||||||||||
Long-term borrowings | (509) | (121) | (630) | 433 | 269 | 702 | |||||||||||||||||
Junior subordinated debt securities | 779 | (803) | (24) | 107 | 103 | 210 | |||||||||||||||||
Total borrowings | (1,965) | (3,612) | (5,577) | (5,296) | 1,431 | (3,865) | |||||||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | $ | 8,883 | $ | (41,500) | $ | (32,617) | $ | 1,265 | $ | 17,040 | $ | 18,305 | |||||||||||
Change in Net Interest Income | $ | 59,071 | $ | (27,029) | $ | 32,042 | $ | 14,231 | $ | (1,924) | $ | 12,307 |
2017 Compared to 2016 Increase (Decrease) Due to | 2016 Compared to 2015 Increase (Decrease) Due to | ||||||||||||||||||
(dollars in thousands) | Volume(4) | Rate(4) | Net | Volume(4) | Rate(4) | Net | |||||||||||||
Interest earned on: | |||||||||||||||||||
Interest-bearing deposits with banks | $ | 72 | $ | 299 | $ | 371 | $ | (61 | ) | $ | 103 | $ | 42 | ||||||
Securities available-for-sale, at fair value(2)(3) | 524 | 490 | 1,014 | 547 | (487 | ) | 60 | ||||||||||||
Loans held for sale | 20 | (253 | ) | (233 | ) | 252 | 213 | 465 | |||||||||||
Commercial real estate | 12,172 | 5,498 | 17,670 | 13,093 | 252 | 13,345 | |||||||||||||
Commercial and industrial | 3,068 | 5,279 | 8,347 | 5,319 | 2,135 | 7,454 | |||||||||||||
Commercial construction | 943 | 1,653 | 2,596 | 2,810 | (1,271 | ) | 1,539 | ||||||||||||
Total commercial loans | 16,183 | 12,430 | 28,613 | 21,222 | 1,116 | 22,338 | |||||||||||||
Residential mortgage | 1,303 | (106 | ) | 1,197 | 3,853 | (767 | ) | 3,086 | |||||||||||
Home equity | 282 | 1,371 | 1,653 | 1,014 | 60 | 1,074 | |||||||||||||
Installment and other consumer | 268 | 117 | 385 | (1,251 | ) | (377 | ) | (1,628 | ) | ||||||||||
Consumer construction | (98 | ) | 12 | (86 | ) | 40 | (9 | ) | 31 | ||||||||||
Total consumer loans | 1,755 | 1,394 | 3,149 | 3,656 | (1,093 | ) | 2,563 | ||||||||||||
Total portfolio loans | 17,938 | 13,824 | 31,762 | 24,878 | 23 | 24,901 | |||||||||||||
Total loans (1)(2) | 17,958 | 13,571 | 31,529 | 25,130 | 236 | 25,366 | |||||||||||||
Federal Home Loan Bank and other restricted stock | 371 | 33 | 404 | 295 | (617 | ) | (322 | ) | |||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 18,925 | $ | 14,393 | $ | 33,318 | $ | 25,911 | $ | (765 | ) | $ | 25,146 | ||||||
Interest paid on: | |||||||||||||||||||
Interest-bearing demand | $ | (23 | ) | $ | 353 | $ | 330 | $ | 40 | $ | 160 | $ | 200 | ||||||
Money market | 1,138 | 3,493 | 4,631 | 345 | 1,648 | 1,993 | |||||||||||||
Savings | (99 | ) | 178 | 79 | (53 | ) | 343 | 290 | |||||||||||
Certificates of deposit | (299 | ) | 897 | 598 | 1,599 | 2,666 | 4,265 | ||||||||||||
Total interest-bearing deposits | 717 | 4,921 | 5,638 | 1,931 | 4,817 | 6,748 | |||||||||||||
Securities sold under repurchase agreements | — | 49 | 49 | 1 | — | 1 | |||||||||||||
Short-term borrowings | 1,509 | 3,177 | 4,686 | 570 | 1,211 | 1,781 | |||||||||||||
Long-term borrowings | (429 | ) | 222 | (207 | ) | (315 | ) | 195 | (120 | ) | |||||||||
Junior subordinated debt securities | — | 228 | 228 | (41 | ) | 149 | 108 | ||||||||||||
Total borrowings | 1,080 | 3,676 | 4,756 | 215 | 1,555 | 1,770 | |||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | $ | 1,797 | $ | 8,597 | $ | 10,394 | $ | 2,146 | $ | 6,372 | $ | 8,518 | |||||||
Change in Net Interest Income | $ | 17,128 | $ | 5,796 | $ | 22,924 | $ | 23,765 | $ | (7,137 | ) | $ | 16,628 |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | $ Change | % Change | (dollars in thousands) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||
Securities gains, net | $ | 3,000 | $ | — | $ | 3,000 | NM | Securities gains, net | $ | 142 | $ | (26) | $ | 168 | NM | ||||||||||||||||||||||
Debit and credit card | Debit and credit card | 15,093 | 13,405 | 1,688 | 12.6 | % | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | 12,458 | 12,512 | (54 | ) | (0.4 | )% | Service charges on deposit accounts | 11,704 | 13,316 | (1,612) | (12.1) | % | |||||||||||||||||||||||||
Debit and credit card | 12,029 | 11,943 | 86 | 0.7 | % | ||||||||||||||||||||||||||||||||
Mortgage banking | Mortgage banking | 10,923 | 2,491 | 8,432 | 338.5 | % | |||||||||||||||||||||||||||||||
Wealth management | 9,758 | 10,456 | (698 | ) | (6.7 | )% | Wealth management | 9,957 | 8,623 | 1,334 | 15.5 | % | |||||||||||||||||||||||||
Insurance | 5,418 | 5,253 | 165 | 3.1 | % | ||||||||||||||||||||||||||||||||
Mortgage banking | 2,915 | 2,879 | 36 | 1.3 | % | ||||||||||||||||||||||||||||||||
Bank owned life insurance | 2,756 | 2,122 | 634 | 29.9 | % | ||||||||||||||||||||||||||||||||
Gain on sale of credit card portfolio | — | 2,066 | (2,066 | ) | NM | ||||||||||||||||||||||||||||||||
Other Income: | |||||||||||||||||||||||||||||||||||||
Letter of credit origination | 1,018 | 1,154 | (136 | ) | (11.8 | )% | |||||||||||||||||||||||||||||||
Interest rate swap | 503 | 977 | (474 | ) | (48.5 | )% | |||||||||||||||||||||||||||||||
Curtailment gain | — | 1,017 | (1,017 | ) | NM | ||||||||||||||||||||||||||||||||
Commercial loan swap income | Commercial loan swap income | 4,740 | 5,503 | (763) | (13.9) | % | |||||||||||||||||||||||||||||||
Other | 5,607 | 4,256 | 1,351 | 31.7 | % | Other | 7,160 | 9,246 | (2,086) | (22.6) | % | ||||||||||||||||||||||||||
Total Other Noninterest Income | 7,128 | 7,404 | (276 | ) | (3.7 | )% | |||||||||||||||||||||||||||||||
Total Noninterest Income | $ | 55,462 | $ | 54,635 | $ | 827 | 1.5 | % | Total Noninterest Income | $ | 59,719 | $ | 52,558 | $ | 7,161 | 13.6 | % |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | $ Change | % Change | (dollars in thousands) | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 80,776 | $ | 77,325 | $ | 3,451 | 4.5 | % | Salaries and employee benefits | $ | 90,115 | $ | 83,986 | $ | 6,129 | 7.3 | % | ||||||||||||||||||||
Data processing and information technology | Data processing and information technology | 15,499 | 14,468 | 1,031 | 7.1 | % | |||||||||||||||||||||||||||||||
Net occupancy | 10,994 | 11,057 | (63 | ) | (0.6 | )% | Net occupancy | 14,529 | 12,103 | 2,426 | 20.0 | % | |||||||||||||||||||||||||
Data processing | 8,801 | 8,837 | (36 | ) | (0.4 | )% | |||||||||||||||||||||||||||||||
Merger-related expenses | Merger-related expenses | 2,342 | 11,350 | (9,008) | NM | ||||||||||||||||||||||||||||||||
Furniture, equipment and software | 7,946 | 7,290 | 656 | 9.0 | % | Furniture, equipment and software | 11,050 | 8,958 | 2,092 | 23.4 | % | ||||||||||||||||||||||||||
Marketing | Marketing | 5,996 | 4,631 | 1,365 | 29.5 | % | |||||||||||||||||||||||||||||||
Professional services and legal | Professional services and legal | 6,394 | 4,244 | 2,150 | 50.7 | % | |||||||||||||||||||||||||||||||
Other taxes | Other taxes | 6,622 | 3,364 | 3,258 | 96.8 | % | |||||||||||||||||||||||||||||||
FDIC insurance | 4,543 | 3,984 | 559 | 14.0 | % | FDIC insurance | 5,089 | 758 | 4,331 | 571.4 | % | ||||||||||||||||||||||||||
Other taxes | 4,509 | 4,050 | 459 | 11.3 | % | ||||||||||||||||||||||||||||||||
Professional services and legal | 4,096 | 3,466 | 630 | 18.2 | % | ||||||||||||||||||||||||||||||||
Marketing | 3,659 | 3,713 | (54 | ) | (1.5 | )% | |||||||||||||||||||||||||||||||
Other expenses: | Other expenses: | ||||||||||||||||||||||||||||||||||||
Loan related expenses | Loan related expenses | 5,044 | 3,250 | 1,794 | 55.2 | % | |||||||||||||||||||||||||||||||
Joint venture amortization | 3,048 | 3,283 | (235 | ) | (7.2 | )% | Joint venture amortization | 3,215 | 2,648 | 567 | 21.4 | % | |||||||||||||||||||||||||
Telecommunications | 2,572 | 2,693 | (121 | ) | (4.5 | )% | |||||||||||||||||||||||||||||||
Loan related expenses | 2,547 | 1,752 | 795 | 45.4 | % | ||||||||||||||||||||||||||||||||
Amortization of intangibles | 1,247 | 1,615 | (368 | ) | (22.8 | )% | |||||||||||||||||||||||||||||||
Supplies | 1,233 | 1,350 | (117 | ) | (8.7 | )% | Supplies | 1,318 | 1,159 | 159 | 13.7 | % | |||||||||||||||||||||||||
Postage | 1,128 | 1,118 | 10 | 0.9 | % | Postage | 1,262 | 1,082 | 180 | 16.6 | % | ||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 2,531 | 836 | 1,695 | 202.8 | % | |||||||||||||||||||||||||||||||
Other | 10,808 | 11,699 | (891 | ) | (7.6 | )% | Other | 15,638 | 14,279 | 1,359 | 9.5 | % | |||||||||||||||||||||||||
Total Other Noninterest Expense | 22,583 | 23,510 | (927 | ) | (3.9 | )% | Total Other Noninterest Expense | 29,008 | 23,254 | 5,754 | 24.7 | % | |||||||||||||||||||||||||
Total Noninterest Expense | $ | 147,907 | $ | 143,232 | $ | 4,675 | 3.3 | % | Total Noninterest Expense | $ | 186,644 | $ | 167,116 | $ | 19,528 | 11.7 | % |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Total interest income | $ | 320,484 | $ | 289,826 | $ | 260,642 | |||||||||||
Total interest expense | 73,693 | 55,388 | 34,909 | ||||||||||||||
Net interest income per Consolidated Statements of Net Income | 246,791 | 234,438 | 225,733 | ||||||||||||||
Adjustment to FTE basis | 3,757 | 3,803 | 7,493 | ||||||||||||||
Net Interest Income (FTE) (non-GAAP) | $ | 250,548 | $ | 238,241 | $ | 233,226 | |||||||||||
Net interest margin | 3.58 | % | 3.58 | % | 3.45 | % | |||||||||||
Adjustment to FTE basis | 0.06 | 0.06 | 0.11 | ||||||||||||||
Net Interest Margin (FTE) (non-GAAP) | 3.64 | % | 3.64 | % | 3.56 | % |
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2016 | 2015 | 2014 | ||||||||
Total interest income | $ | 227,774 | $ | 203,549 | $ | 160,523 | |||||
Total interest expense | 24,515 | 15,998 | 12,481 | ||||||||
Net interest income per consolidated statements of net income | 203,259 | 187,551 | 148,042 | ||||||||
Adjustment to FTE basis | 7,043 | 6,123 | 5,461 | ||||||||
Net Interest Income (FTE) (non-GAAP) | $ | 210,302 | $ | 193,674 | $ | 153,503 | |||||
Net interest margin | 3.35 | % | 3.45 | % | 3.38 | % | |||||
Adjustment to FTE basis | 0.12 | % | 0.11 | % | 0.12 | % | |||||
Net Interest Margin (FTE) (non-GAAP) | 3.47 | % | 3.56 | % | 3.50 | % |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 59,941 | $ | 1,233 | 2.06 | % | $ | 56,210 | $ | 1,042 | 1.85 | % | $ | 56,344 | $ | 578 | 1.03 | % | |||||||||||||||||||||||||||||||||||
Securities, at fair value(1)(2) | 678,069 | 17,876 | 2.64 | % | 682,806 | 17,860 | 2.62 | % | 698,460 | 17,320 | 2.48 | % | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 2,169 | 84 | 3.88 | % | 1,515 | 85 | 5.60 | % | 14,607 | 581 | 3.98 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,945,278 | 144,877 | 4.92 | % | 2,779,096 | 132,139 | 4.75 | % | 2,638,766 | 114,484 | 4.34 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,575,485 | 79,429 | 5.04 | % | 1,441,560 | 67,770 | 4.70 | % | 1,425,421 | 61,976 | 4.35 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial construction | 278,665 | 14,237 | 5.11 | % | 314,265 | 15,067 | 4.79 | % | 426,574 | 17,384 | 4.08 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 4,799,428 | 238,543 | 4.97 | % | 4,534,921 | 214,976 | 4.74 | % | 4,490,761 | 193,844 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 765,604 | 33,889 | 4.43 | % | 696,849 | 29,772 | 4.27 | % | 699,843 | 28,741 | 4.11 | % | |||||||||||||||||||||||||||||||||||||||||
Home equity | 475,149 | 25,208 | 5.31 | % | 474,538 | 22,981 | 4.84 | % | 484,023 | 20,866 | 4.31 | % | |||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | 72,283 | 5,173 | 7.16 | % | 67,047 | 4,594 | 6.85 | % | 69,163 | 4,521 | 6.54 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer construction | 10,896 | 593 | 5.44 | % | 5,336 | 267 | 5.00 | % | 4,631 | 201 | 4.35 | % | |||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 1,323,932 | 64,863 | 4.90 | % | 1,243,770 | 57,614 | 4.63 | % | 1,257,660 | 54,329 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | 6,123,360 | 303,406 | 4.95 | % | 5,778,691 | 272,590 | 4.72 | % | 5,748,421 | 248,173 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Total Loans(1)(2) | 6,125,529 | 303,490 | 4.95 | % | 5,780,206 | 272,675 | 4.72 | % | 5,763,028 | 248,754 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 21,833 | 1,642 | 7.52 | % | 30,457 | 2,052 | 6.74 | % | 31,989 | 1,483 | 4.64 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-earning Assets | 6,885,372 | 324,241 | 4.71 | % | 6,549,679 | 293,629 | 4.48 | % | 6,549,821 | 268,135 | 4.09 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 550,164 | 494,149 | 510,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 7,435,536 | $ | 7,043,828 | $ | 7,060,232 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 641,403 | $ | 3,915 | 0.61 | % | $ | 570,459 | $ | 1,883 | 0.33 | % | $ | 637,526 | $ | 1,418 | 0.22 | % | |||||||||||||||||||||||||||||||||||
Money market | 1,691,910 | 30,236 | 1.79 | % | 1,299,185 | 18,228 | 1.40 | % | 994,783 | 7,853 | 0.79 | % | |||||||||||||||||||||||||||||||||||||||||
Savings | 766,142 | 1,928 | 0.25 | % | 836,747 | 1,773 | 0.21 | % | 988,504 | 2,081 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,396,706 | 26,947 | 1.93 | % | 1,328,985 | 18,972 | 1.43 | % | 1,439,711 | 13,978 | 0.97 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing deposits | 4,496,161 | 63,026 | 1.40 | % | 4,035,376 | 40,856 | 1.01 | % | 4,060,524 | 25,330 | 0.62 | % | |||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 16,863 | 110 | 0.65 | % | 45,992 | 221 | 0.48 | % | 46,662 | 54 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 255,264 | 6,416 | 2.51 | % | 525,172 | 11,082 | 2.11 | % | 644,864 | 7,399 | 1.15 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 66,392 | 1,831 | 2.76 | % | 47,986 | 1,129 | 2.35 | % | 18,057 | 463 | 2.57 | % | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | 47,934 | 2,310 | 4.82 | % | 45,619 | 2,100 | 4.60 | % | 45,619 | 1,663 | 3.65 | % | |||||||||||||||||||||||||||||||||||||||||
Total borrowings | 386,453 | 10,667 | 2.76 | % | 664,769 | 14,532 | 2.19 | % | 755,202 | 9,579 | 1.27 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | 4,882,614 | 73,693 | 1.51 | % | 4,700,145 | 55,388 | 1.18 | % | 4,815,726 | 34,909 | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 1,569,014 | 1,435,328 | 1,372,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 983,908 | 908,355 | 872,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,435,536 | $ | 7,043,828 | $ | 7,060,232 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (2)(3) | $ | 250,548 | $ | 238,241 | $ | 233,226 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (2)(3) | 3.64 | % | 3.64 | % | 3.56 | % |
2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 41,810 | $ | 207 | 0.50 | % | $ | 66,101 | $ | 165 | 0.25 | % | $ | 93,645 | $ | 234 | 0.25 | % | ||||||||||||||
Securities available-for-sale, at fair value | 676,696 | 16,306 | 2.41 | % | 654,655 | 16,246 | 2.48 | % | 571,263 | 14,736 | 2.58 | % | ||||||||||||||||||||
Loans held for sale | 14,255 | 814 | 5.71 | % | 8,272 | 349 | 4.22 | % | 1,436 | 82 | 5.69 | % | ||||||||||||||||||||
Commercial real estate | 2,344,050 | 96,814 | 4.13 | % | 2,026,206 | 83,469 | 4.12 | % | 1,635,099 | 64,030 | 3.92 | % | ||||||||||||||||||||
Commercial and industrial | 1,348,287 | 53,629 | 3.98 | % | 1,209,020 | 46,175 | 3.82 | % | 920,665 | 37,701 | 4.09 | % | ||||||||||||||||||||
Commercial construction | 400,997 | 14,788 | 3.69 | % | 330,821 | 13,249 | 4.00 | % | 177,912 | 5,572 | 3.13 | % | ||||||||||||||||||||
Total commercial loans | 4,093,334 | 165,231 | 4.04 | % | 3,566,047 | 142,893 | 4.01 | % | 2,733,676 | 107,303 | 3.93 | % | ||||||||||||||||||||
Residential mortgage | 668,236 | 27,544 | 4.12 | % | 577,294 | 24,458 | 4.24 | % | 489,294 | 20,089 | 4.11 | % | ||||||||||||||||||||
Home equity | 477,011 | 19,213 | 4.03 | % | 451,755 | 18,139 | 4.02 | % | 414,905 | 17,875 | 4.31 | % | ||||||||||||||||||||
Installment and other consumer | 64,960 | 4,136 | 6.37 | % | 82,972 | 5,764 | 6.95 | % | 65,604 | 5,059 | 7.71 | % | ||||||||||||||||||||
Consumer construction | 7,038 | 287 | 4.08 | % | 6,092 | 256 | 4.21 | % | 2,893 | 123 | 4.25 | % | ||||||||||||||||||||
Total consumer loans | 1,217,245 | 51,180 | 4.20 | % | 1,118,113 | 48,617 | 4.35 | % | 972,696 | 43,146 | 4.44 | % | ||||||||||||||||||||
Total portfolio loans | 5,310,579 | 216,411 | 4.08 | % | 4,684,160 | 191,510 | 4.09 | % | 3,706,372 | 150,449 | 4.06 | % | ||||||||||||||||||||
Total Loans | $ | 5,324,834 | $ | 217,225 | 4.08 | % | $ | 4,692,432 | $ | 191,859 | 4.09 | % | $ | 3,707,808 | $ | 150,531 | 4.06 | % | ||||||||||||||
Federal Home Loan Bank and other restricted stock | 23,811 | 1,079 | 4.53 | % | 19,672 | 1,401 | 7.12 | % | 14,083 | 483 | 3.43 | % | ||||||||||||||||||||
Total Interest-earning Assets | 6,067,151 | 234,817 | 3.87 | % | 5,432,860 | 209,671 | 3.86 | % | 4,386,799 | 165,984 | 3.78 | % | ||||||||||||||||||||
Noninterest-earning assets | 521,104 | 509,236 | 375,564 | |||||||||||||||||||||||||||||
Total Assets | $ | 6,588,255 | $ | 5,942,096 | $ | 4,762,363 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 651,118 | $ | 1,088 | 0.17 | % | $ | 623,232 | $ | 888 | 0.14 | % | $ | 322,036 | $ | 70 | 0.02 | % | ||||||||||||||
Money market | 735,159 | 3,222 | 0.44 | % | 574,102 | 1,229 | 0.21 | % | 327,119 | 521 | 0.16 | % | ||||||||||||||||||||
Savings | 1,039,664 | 2,002 | 0.19 | % | 1,072,683 | 1,712 | 0.16 | % | 1,033,482 | 1,607 | 0.16 | % | ||||||||||||||||||||
Certificates of deposit | 1,472,613 | 13,380 | 0.91 | % | 1,252,798 | 9,115 | 0.73 | % | 1,125,561 | 7,930 | 0.70 | % | ||||||||||||||||||||
Total Interest-bearing deposits | 3,898,554 | 19,692 | 0.51 | % | 3,522,815 | 12,944 | 0.37 | % | 2,808,198 | 10,128 | 0.36 | % | ||||||||||||||||||||
Securities sold under repurchase agreements | 51,021 | 5 | 0.01 | % | 44,394 | 4 | 0.01 | % | 28,372 | 3 | 0.01 | % | ||||||||||||||||||||
Short-term borrowings | 414,426 | 2,713 | 0.65 | % | 257,117 | 932 | 0.36 | % | 164,811 | 511 | 0.31 | % | ||||||||||||||||||||
Long-term borrowings | 50,257 | 670 | 1.33 | % | 83,648 | 790 | 0.94 | % | 20,571 | 617 | 3.00 | % | ||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 1,435 | 3.14 | % | 47,071 | 1,327 | 2.82 | % | 45,619 | 1,222 | 2.68 | % | ||||||||||||||||||||
Total borrowings | 561,323 | 4,823 | 0.86 | % | 432,230 | 3,053 | 0.71 | % | 259,373 | 2,353 | 0.91 | % | ||||||||||||||||||||
Total Interest-bearing Liabilities | 4,459,877 | 24,515 | 0.55 | % | 3,955,045 | 15,997 | 0.40 | % | 3,067,571 | 12,481 | 0.41 | % | ||||||||||||||||||||
Noninterest-bearing liabilities | 1,304,771 | 1,236,984 | 1,098,637 | |||||||||||||||||||||||||||||
Shareholders’ equity | 823,607 | 750,069 | 596,155 | |||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 6,588,255 | $ | 5,942,098 | $ | 4,762,363 | ||||||||||||||||||||||||||
Net Interest Income (2)(3) | $ | 210,302 | $ | 193,674 | $ | 153,503 | ||||||||||||||||||||||||||
Net Interest Margin (2)(3) | 3.47 | % | 3.56 | % | 3.50 | % |
2019 Compared to 2018 Increase (Decrease) Due to | 2018 Compared to 2017 Increase (Decrease) Due to | ||||||||||||||||||||||
(dollars in thousands) | Volume(4) | Rate(4) | Net | Volume(4) | Rate(4) | Net | |||||||||||||||||
Interest earned on: | |||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 69 | $ | 122 | $ | 191 | $ | (1) | $ | 465 | $ | 464 | |||||||||||
Securities, at fair value(2)(3) | (124) | 140 | 16 | (388) | 928 | 540 | |||||||||||||||||
Loans held for sale | 37 | (38) | (1) | (521) | 25 | (496) | |||||||||||||||||
Commercial real estate | 7,902 | 4,836 | 12,738 | 6,088 | 11,567 | 17,655 | |||||||||||||||||
Commercial and industrial | 6,296 | 5,363 | 11,659 | 702 | 5,092 | 5,794 | |||||||||||||||||
Commercial construction | (1,707) | 877 | (830) | (4,577) | 2,260 | (2,317) | |||||||||||||||||
Total commercial loans | 12,491 | 11,076 | 23,567 | 2,213 | 18,919 | 21,132 | |||||||||||||||||
Residential mortgage | 2,937 | 1,180 | 4,117 | (123) | 1,154 | 1,031 | |||||||||||||||||
Home equity | 30 | 2,197 | 2,227 | (409) | 2,524 | 2,115 | |||||||||||||||||
Installment and other consumer | 359 | 220 | 579 | (138) | 211 | 73 | |||||||||||||||||
Consumer construction | 278 | 48 | 326 | 31 | 35 | 66 | |||||||||||||||||
Total consumer loans | 3,604 | 3,645 | 7,249 | (639) | 3,924 | 3,285 | |||||||||||||||||
Total portfolio loans | 16,095 | 14,721 | 30,816 | 1,574 | 22,843 | 24,417 | |||||||||||||||||
Total loans (1)(2) | 16,132 | 14,683 | 30,815 | 1,053 | 22,868 | 23,921 | |||||||||||||||||
Federal Home Loan Bank and other restricted stock | (581) | 171 | (410) | (71) | 640 | 569 | |||||||||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 15,496 | $ | 15,116 | $ | 30,612 | $ | 593 | $ | 24,901 | $ | 25,494 | |||||||||||
Interest paid on: | |||||||||||||||||||||||
Interest-bearing demand | $ | 234 | $ | 1,798 | $ | 2,032 | $ | (149) | $ | 614 | $ | 465 | |||||||||||
Money market | 5,510 | 6,498 | 12,008 | 2,403 | 7,972 | 10,375 | |||||||||||||||||
Savings | (150) | 305 | 155 | (319) | 11 | (308) | |||||||||||||||||
Certificates of deposit | 967 | 7,008 | 7,975 | (1,075) | 6,069 | 4,994 | |||||||||||||||||
Total interest-bearing deposits | 6,561 | 15,609 | 22,170 | 860 | 14,666 | 15,526 | |||||||||||||||||
Securities sold under repurchase agreements | (140) | 29 | (111) | (1) | 168 | 167 | |||||||||||||||||
Short-term borrowings | (5,696) | 1,030 | (4,666) | (1,373) | 5,056 | 3,683 | |||||||||||||||||
Long-term borrowings | 433 | 269 | 702 | 767 | (101) | 666 | |||||||||||||||||
Junior subordinated debt securities | 107 | 103 | 210 | — | 437 | 437 | |||||||||||||||||
Total borrowings | (5,296) | 1,431 | (3,865) | (607) | 5,560 | 4,953 | |||||||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | $ | 1,265 | $ | 17,040 | $ | 18,305 | $ | 253 | $ | 20,226 | $ | 20,479 | |||||||||||
Change in Net Interest Income | $ | 14,231 | $ | (1,924) | $ | 12,307 | $ | 340 | $ | 4,675 | $ | 5,015 |
2016 Compared to 2015 Increase (Decrease) Due to | 2015 Compared to 2014 Increase (Decrease) Due to | ||||||||||||||||||
(dollars in thousands) | Volume(4) | Rate(4) | Net | Volume(4) | Rate(4) | Net | |||||||||||||
Interest earned on: | |||||||||||||||||||
Interest-bearing deposits with banks | $ | (61 | ) | $ | 103 | $ | 42 | $ | (69 | ) | $ | — | $ | (69 | ) | ||||
Securities available-for-sale, at fair value(2)(3) | 547 | (487 | ) | 60 | 2,151 | (641 | ) | 1,510 | |||||||||||
Loans held for sale | 252 | 213 | 465 | 390 | (123 | ) | 267 | ||||||||||||
Commercial real estate | 13,093 | 252 | 13,345 | 15,316 | 4,123 | 19,439 | |||||||||||||
Commercial and industrial | 5,319 | 2,135 | 7,454 | 11,808 | (3,334 | ) | 8,474 | ||||||||||||
Commercial construction | 2,810 | (1,271 | ) | 1,539 | 4,789 | 2,888 | 7,677 | ||||||||||||
Total commercial loans | 21,222 | 1,116 | 22,338 | 31,913 | 3,677 | 35,590 | |||||||||||||
Residential mortgage | 3,853 | (767 | ) | 3,086 | 3,613 | 756 | 4,369 | ||||||||||||
Home equity | 1,014 | 60 | 1,074 | 1,588 | (1,324 | ) | 264 | ||||||||||||
Installment and other consumer | (1,251 | ) | (377 | ) | (1,628 | ) | 1,339 | (634 | ) | 705 | |||||||||
Consumer construction | 40 | (9 | ) | 31 | 136 | (3 | ) | 133 | |||||||||||
Total consumer loans | 3,656 | (1,093 | ) | 2,563 | 6,676 | (1,205 | ) | 5,471 | |||||||||||
Total portfolio loans | 24,878 | 23 | 24,901 | 38,589 | 2,472 | 41,061 | |||||||||||||
Total loans (1)(2) | 25,130 | 236 | 25,366 | 38,979 | 2,349 | 41,328 | |||||||||||||
Federal Home Loan Bank and other restricted stock | 295 | (617 | ) | (322 | ) | 192 | 726 | 918 | |||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 25,911 | $ | (765 | ) | $ | 25,146 | $ | 41,253 | $ | 2,434 | $ | 43,687 | ||||||
Interest paid on: | |||||||||||||||||||
Interest-bearing demand | $ | 40 | $ | 160 | $ | 200 | $ | 65 | $ | 753 | $ | 818 | |||||||
Money market | 345 | 1,648 | 1,993 | 393 | 315 | 708 | |||||||||||||
Savings | (53 | ) | 343 | 290 | 61 | 44 | 105 | ||||||||||||
Certificates of deposit | 1,599 | 2,666 | 4,265 | 896 | 289 | 1,185 | |||||||||||||
Total interest-bearing deposits | 1,931 | 4,817 | 6,748 | 1,416 | 1,400 | 2,816 | |||||||||||||
Securities sold under repurchase agreements | 1 | — | 1 | 2 | (1 | ) | 1 | ||||||||||||
Short-term borrowings | 570 | 1,211 | 1,781 | 286 | 135 | 421 | |||||||||||||
Long-term borrowings | (315 | ) | 195 | (120 | ) | 1,892 | (1,719 | ) | 173 | ||||||||||
Junior subordinated debt securities | (41 | ) | 149 | 108 | 39 | 66 | 105 | ||||||||||||
Total borrowings | 215 | 1,555 | 1,770 | 2,219 | (1,519 | ) | 700 | ||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | 2,146 | 6,372 | 8,518 | 3,635 | (119 | ) | 3,516 | ||||||||||||
Change in Net Interest Income | $ | 23,765 | $ | (7,137 | ) | $ | 16,628 | $ | 37,618 | $ | 2,553 | $ | 40,171 |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||
Securities gains, net | $ | (26) | $ | — | $ | (26) | NM | ||||||||||||||||
Service charges on deposit accounts | 13,316 | 13,096 | 220 | 1.7 | % | ||||||||||||||||||
Debit and credit card | 13,405 | 12,679 | 726 | 5.7 | % | ||||||||||||||||||
Wealth management | 8,623 | 10,084 | (1,461) | (14.5) | % | ||||||||||||||||||
Commercial loan swap income | 5,503 | 1,225 | 4,278 | 349.2 | % | ||||||||||||||||||
Insurance | 355 | 505 | (150) | (29.7) | % | ||||||||||||||||||
Mortgage banking | 2,491 | 2,762 | (271) | (9.8) | % | ||||||||||||||||||
Gain on sale of a majority interest of insurance business | — | 1,873 | (1,873) | NM | |||||||||||||||||||
Other Income: | |||||||||||||||||||||||
Bank owned life insurance | 1,971 | 2,041 | (70) | (3.4) | % | ||||||||||||||||||
Letter of credit origination | 1,058 | 1,064 | (6) | (0.6) | % | ||||||||||||||||||
Other | 5,862 | 3,852 | 2,010 | 52.2 | % | ||||||||||||||||||
Total Other Noninterest Income | 8,891 | 6,957 | 1,934 | 27.8 | % | ||||||||||||||||||
Total Noninterest Income | $ | 52,558 | $ | 49,181 | $ | 3,377 | 6.9 | % |
Years Ended December 31, | ||||||||||||||
(dollars in thousands) | 2016 | 2015 | $ Change | % Change | ||||||||||
Securities gains, net | $ | — | $ | (34 | ) | $ | 34 | NM | ||||||
Wealth management | 10,456 | 11,444 | (988 | ) | (8.6 | )% | ||||||||
Debit and credit card | 11,943 | 12,113 | (170 | ) | (1.4 | )% | ||||||||
Service charges on deposit accounts | 12,512 | 11,642 | 870 | 7.5 | % | |||||||||
Insurance | 5,253 | 5,500 | (247 | ) | (4.5 | )% | ||||||||
Mortgage banking | 2,879 | 2,554 | 325 | 12.7 | % | |||||||||
Gain on sale of credit card portfolio | 2,066 | — | 2,066 | NM | ||||||||||
Other Income: | ||||||||||||||
BOLI income | 2,122 | 2,221 | (99 | ) | (4.5 | )% | ||||||||
Letter of credit origination | 1,154 | 1,242 | (88 | ) | (7.1 | )% | ||||||||
Curtailment gain | 1,017 | — | 1,017 | NM | ||||||||||
Interest rate swap | 977 | 577 | 400 | 69.3 | % | |||||||||
Other | 4,256 | 3,774 | 482 | 12.8 | % | |||||||||
Total Other Noninterest Income | 9,526 | 7,814 | 1,712 | 21.9 | % | |||||||||
Total Noninterest Income | $ | 54,635 | $ | 51,033 | $ | 3,602 | 7.1 | % |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2016 | 2015 | $ Change | % Change | (dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||||||||||||||||||
Salaries and employee benefits(1) | $ | 77,325 | $ | 68,252 | $ | 9,073 | 13.3 | % | |||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 83,986 | $ | 76,108 | $ | 7,878 | 10.4 | % | ||||||||||||||||||||||||||||
Data processing and information technology | Data processing and information technology | 14,468 | 10,633 | 3,835 | 36.1 | % | |||||||||||||||||||||||||||||||
Net occupancy | 11,057 | 10,652 | 405 | 3.8 | % | 12,103 | 11,097 | 1,006 | 9.1 | % | |||||||||||||||||||||||||||
Data processing(1) | 8,837 | 9,560 | (723 | ) | (7.6 | )% | |||||||||||||||||||||||||||||||
Furniture and equipment | 7,290 | 6,093 | 1,197 | 19.6 | % | ||||||||||||||||||||||||||||||||
Professional services and legal(1) | 3,466 | 3,006 | 460 | 15.3 | % | ||||||||||||||||||||||||||||||||
Merger-related expenses | Merger-related expenses | 11,350 | — | 11,350 | NM | ||||||||||||||||||||||||||||||||
Furniture, equipment and software | Furniture, equipment and software | 8,958 | 8,083 | 875 | 10.8 | % | |||||||||||||||||||||||||||||||
Marketing | Marketing | 4,631 | 4,192 | 439 | 10.5 | % | |||||||||||||||||||||||||||||||
Professional services and legal | Professional services and legal | 4,244 | 4,132 | 112 | 2.7 | % | |||||||||||||||||||||||||||||||
Other taxes | 4,050 | 3,616 | 434 | 12.0 | % | Other taxes | 3,364 | 6,183 | (2,819) | (45.6) | % | ||||||||||||||||||||||||||
FDIC insurance | 3,984 | 3,416 | 568 | 16.6 | % | ||||||||||||||||||||||||||||||||
Marketing | 3,713 | 4,224 | (511 | ) | (12.1 | )% | |||||||||||||||||||||||||||||||
Merger-related expense | — | 3,167 | (3,167 | ) | (100.0 | )% | |||||||||||||||||||||||||||||||
FDIC Insurance | FDIC Insurance | 758 | 3,238 | (2,480) | (76.6) | % | |||||||||||||||||||||||||||||||
Other expenses: | Other expenses: | ||||||||||||||||||||||||||||||||||||
Loan related expenses | Loan related expenses | 3,250 | 2,268 | 982 | 43.3 | % | |||||||||||||||||||||||||||||||
Joint venture amortization | 3,283 | 3,615 | (332 | ) | (9.2 | )% | Joint venture amortization | 2,648 | 2,701 | (53) | (2.0) | % | |||||||||||||||||||||||||
Telecommunications | 2,693 | 2,653 | 40 | 1.5 | % | ||||||||||||||||||||||||||||||||
Loan related expenses | 1,752 | 2,938 | (1,186 | ) | (40.4 | )% | |||||||||||||||||||||||||||||||
Amortization of intangibles | 1,615 | 1,818 | (203 | ) | (11.2 | )% | |||||||||||||||||||||||||||||||
Supplies | 1,350 | 1,493 | (143 | ) | (9.6 | )% | Supplies | 1,159 | 1,080 | 79 | 7.3 | % | |||||||||||||||||||||||||
Postage | 1,118 | 1,262 | (144 | ) | (11.4 | )% | Postage | 1,082 | 1,077 | 5 | 0.5 | % | |||||||||||||||||||||||||
Other(1) | 11,699 | 10,952 | 747 | 6.8 | % | ||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 836 | 846 | (10) | (1.2) | % | |||||||||||||||||||||||||||||||
Other | Other | 14,279 | 13,807 | 472 | 3.4 | % | |||||||||||||||||||||||||||||||
Total Other Noninterest Expense | 23,510 | 24,731 | (1,221 | ) | (4.9 | )% | Total Other Noninterest Expense | 23,254 | 21,779 | 1,475 | 6.8 | % | |||||||||||||||||||||||||
Total Noninterest Expense | $ | 143,232 | $ | 136,717 | $ | 6,515 | 4.8 | % | Total Noninterest Expense | $ | 167,116 | $ | 145,445 | $ | 21,671 | 14.9 | % |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted-Average Yield | Balance | Weighted-Average Yield | Balance | Weighted-Average Yield | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,282 | 1.87 | % | $ | 10,040 | 1.87 | % | $ | 9,736 | 1.87 | % | |||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 82,904 | 2.28 | % | 157,697 | 2.20 | % | 128,261 | 2.30 | % | ||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 209,296 | 2.23 | % | 189,348 | 2.68 | % | 148,659 | 2.71 | % | ||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 67,778 | 1.26 | % | 22,418 | 2.95 | % | 24,350 | 3.43 | % | ||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 273,681 | 2.41 | % | 275,870 | 2.42 | % | 246,784 | 2.38 | % | ||||||||||||||||||||||||||
Corporate securities | 2,025 | 3.90 | % | 7,627 | 4.35 | % | — | — | % | ||||||||||||||||||||||||||
Obligations of states and political subdivisions (1) | 124,427 | 3.49 | % | 116,133 | 3.45 | % | 122,266 | 3.43 | % | ||||||||||||||||||||||||||
Marketable equity securities | 3,300 | 2.90 | % | 5,150 | 2.77 | % | 4,816 | 3.02 | % | ||||||||||||||||||||||||||
Total Securities | $ | 773,693 | 2.42 | % | $ | 784,283 | 2.56 | % | $ | 684,872 | 2.65 | % |
2017 | 2016 | 2015 | ||||||||||||||||||
(dollars in thousands) | Balance | Weighted-Average Yield | Balance | Weighted-Average Yield | Balance | Weighted-Average Yield | ||||||||||||||
U.S. Treasury securities | $ | 19,789 | 1.57 | % | $ | 24,811 | 1.49 | % | $ | 14,941 | 1.24 | % | ||||||||
Obligations of U.S. government corporations and agencies | 162,193 | 2.09 | % | 232,179 | 1.68 | % | 263,303 | 1.65 | % | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 108,688 | 2.25 | % | 129,777 | 2.24 | % | 128,835 | 2.26 | % | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 32,854 | 3.52 | % | 37,358 | 2.64 | % | 40,125 | 2.76 | % | |||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 242,221 | 2.34 | % | 125,604 | 2.06 | % | 69,204 | 2.12 | % | |||||||||||
Obligations of states and political subdivisions (1) | 127,402 | 4.06 | % | 132,509 | 4.10 | % | 134,886 | 4.19 | % | |||||||||||
Marketable equity securities | 5,144 | 2.78 | % | 11,249 | 3.38 | % | 9,669 | 3.90 | % | |||||||||||
Total Securities Available-for-Sale | $ | 698,291 | 2.62 | % | $ | 693,487 | 2.39 | % | $ | 660,963 | 2.43 | % |
Maturing | ||||||||||||||||||||||||||||||||||||||||||||
Within One Year | After One But within Five Years | After Five But Within Ten Years | After Ten Years | No Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | 10,282 | 1.87 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 10,152 | 2.17 | % | 72,752 | 2.29 | % | — | — | % | — | — | % | — | —% | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | — | % | 13,947 | 2.51 | % | 89,887 | 2.80 | % | 105,462 | 1.71 | % | — | —% | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | — | % | 744 | 5.06 | % | 5,400 | 2.70 | % | 61,634 | 1.09 | % | — | —% | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | — | % | 190,345 | 2.47 | % | 83,336 | 2.28 | % | — | — | — | —% | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions (1) | 30,854 | 3.90 | % | 26,009 | 3.25 | % | 43,765 | 3.51 | % | 23,799 | 3.13 | % | — | — | % | |||||||||||||||||||||||||||||
Corporate Bonds | 18 | 8.25 | % | 499 | 3.42 | % | 1,508 | 4.01 | % | — | — | % | — | —% | ||||||||||||||||||||||||||||||
Marketable equity securities | — | — | % | — | — | % | — | — | % | — | — | % | 3,300 | 2.90 | % | |||||||||||||||||||||||||||||
Total | $ | 41,024 | $ | 314,578 | $ | 223,896 | $ | 190,895 | $ | 3,300 | ||||||||||||||||||||||||||||||||||
Weighted Average Yield | 3.47 | % | 2.48 | % | 2.75 | % | 1.69 | % | 2.90 | % |
Maturing | |||||||||||||||||||||||||||||
Within One Year | After One But Within Five Years | After Five But Within Ten Years | After Ten Years | No Fixed Maturity | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 9,989 | 1.28 | % | $ | 9,800 | 1.87 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | |||||||||
Obligations of U.S. government corporations and agencies | 47,539 | 1.75 | % | 86,358 | 2.17 | % | 28,296 | 2.41 | % | — | — | % | — | —% | |||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | — | % | — | — | % | 46,041 | 2.40 | % | 62,647 | 2.14 | % | — | —% | |||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 172 | 4.26 | % | 68 | 4.51 | % | 7,991 | 3.75 | % | 24,623 | 3.44 | % | — | —% | |||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | — | % | 64,755 | 2.14 | % | 177,466 | 2.42 | % | — | — | — | —% | ||||||||||||||||
Obligations of states and political subdivisions (1) | 910 | 5.33 | % | 46,702 | 3.93 | % | 43,836 | 3.92 | % | 35,954 | 4.36 | % | — | —% | |||||||||||||||
Marketable equity securities | — | — | % | — | — | % | — | — | % | — | — | % | 5,144 | 2.78 | % | ||||||||||||||
Total | $ | 58,610 | $ | 207,683 | $ | 303,630 | $ | 123,224 | $ | 5,144 | |||||||||||||||||||
Weighted Average Yield | 1.73 | % | 2.54 | % | 2.67 | % | 3.05 | % | 2.78 | % |
2017 | 2016 | 2015 | 2014 | 2013 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | (dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,685,994 | 46.62 | % | $ | 2,498,476 | 44.53 | % | $ | 2,166,603 | 43.09 | % | $ | 1,682,236 | 43.48 | % | $ | 1,607,756 | 45.09 | % | Commercial real estate | $ | 3,244,974 | 44.91 | % | $ | 3,416,518 | 47.87 | % | $ | 2,921,832 | 49.13 | % | $ | 2,685,994 | 44.62 | % | $ | 2,498,476 | 44.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,433,266 | 24.88 | % | 1,401,035 | 24.97 | % | 1,256,830 | 25.00 | % | 994,138 | 25.70 | % | 842,449 | 23.62 | % | Commercial and industrial | 1,954,453 | 27.05 | % | 1,720,833 | 24.11 | % | 1,493,416 | 25.11 | % | 1,433,266 | 24.88 | % | 1,401,035 | 24.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 384,334 | 6.67 | % | 455,884 | 8.12 | % | 413,444 | 8.22 | % | 216,148 | 5.59 | % | 143,675 | 4.03 | % | Commercial construction | 474,280 | 6.56 | % | 375,445 | 5.26 | % | 257,197 | 4.33 | % | 384,334 | 6.67 | % | 455,884 | 8.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Loans | 4,503,594 | 78.17 | % | 4,355,395 | 77.62 | % | 3,836,877 | 76.31 | % | 2,892,522 | 74.77 | % | 2,593,880 | 72.74 | % | Total Commercial Loans | 5,673,707 | 78.52 | % | 5,512,796 | 77.24 | % | 4,672,445 | 78.57 | % | 4,503,594 | 78.17 | % | 4,355,395 | 77.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 698,774 | 12.13 | % | 701,982 | 12.51 | % | 639,372 | 12.72 | % | 489,586 | 12.66 | % | 487,092 | 13.66 | % | Residential mortgage | 918,398 | 12.71 | % | 998,585 | 13.99 | % | 726,679 | 12.22 | % | 698,774 | 12.13 | % | 701,982 | 12.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 487,326 | 8.46 | % | 482,284 | 8.59 | % | 470,845 | 9.37 | % | 418,563 | 10.82 | % | 414,195 | 11.61 | % | Home equity | 535,165 | 7.41 | % | 538,348 | 7.54 | % | 471,562 | 7.93 | % | 487,326 | 8.46 | % | 482,284 | 8.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | 67,204 | 1.16 | % | 65,852 | 1.17 | % | 73,939 | 1.47 | % | 65,567 | 1.69 | % | 67,883 | 1.90 | % | Installment and other consumer | 80,915 | 1.11 | % | 79,033 | 1.10 | % | 67,546 | 1.13 | % | 67,204 | 1.17 | % | 65,852 | 1.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer construction | 4,551 | 0.08 | % | 5,906 | 0.11 | % | 6,579 | 0.13 | % | 2,508 | 0.06 | % | 3,149 | 0.09 | % | Consumer construction | 17,675 | 0.24 | % | 8,390 | 0.12 | % | 8,416 | 0.14 | % | 4,551 | 0.08 | % | 5,906 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 1,257,855 | 21.83 | % | 1,256,024 | 22.38 | % | 1,190,735 | 23.69 | % | 976,224 | 25.23 | % | 972,319 | 27.26 | % | Total Consumer Loans | 1,552,153 | 21.48 | % | 1,624,356 | 22.76 | % | 1,274,203 | 21.43 | % | 1,257,855 | 21.83 | % | 1,256,024 | 22.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | $ | 5,761,449 | 100.00 | % | $ | 5,611,419 | 100.00 | % | $ | 5,027,612 | 100.00 | % | $ | 3,868,746 | 100.00 | % | $ | 3,566,199 | 100.00 | % | Total Portfolio Loans | $ | 7,225,860 | 100.00 | % | $ | 7,137,152 | 100.00 | % | $ | 5,946,648 | 100.00 | % | $ | 5,761,449 | 100.00 | % | $ | 5,611,419 | 100.00 | % |
Maturity | |||||||||||||||||||||||
(dollars in thousands) | Within One Year | After One But Within Five Years | After Five Years | Total | |||||||||||||||||||
Fixed interest rates | $ | 593,709 | $ | 790,383 | $ | 401,829 | $ | 1,785,921 | |||||||||||||||
Variable interest rates | 784,722 | 1,549,532 | 1,553,533 | 3,887,787 | |||||||||||||||||||
Total Commercial Loans | $ | 1,378,431 | $ | 2,339,915 | $ | 1,955,362 | $ | 5,673,708 | |||||||||||||||
Fixed interest rates | 65,145 | 190,800 | 279,026 | 534,971 | |||||||||||||||||||
Variable interest rates | 462,809 | 111,106 | 443,266 | 1,017,181 | |||||||||||||||||||
Total Consumer Loans | $ | 527,954 | $ | 301,906 | $ | 722,292 | $ | 1,552,152 | |||||||||||||||
Total Portfolio Loans | $ | 1,906,385 | $ | 2,641,821 | $ | 2,677,654 | $ | 7,225,860 |
Maturity | |||||||||||||||
(dollars in thousands) | Within One Year | After One But Within Five Years | After Five Years | Total | |||||||||||
Fixed interest rates | $ | 186,203 | $ | 530,427 | $ | 405,227 | $ | 1,121,857 | |||||||
Variable interest rates | 780,453 | 1,087,356 | 1,513,928 | 3,381,737 | |||||||||||
Total Commercial Loans | $ | 966,656 | $ | 1,617,783 | $ | 1,919,155 | $ | 4,503,594 | |||||||
Fixed interest rates | 75,596 | 195,431 | 289,335 | 560,362 | |||||||||||
Variable interest rates | 399,478 | 59,980 | 238,035 | 697,493 | |||||||||||
Total Consumer Loans | $ | 475,074 | $ | 255,411 | $ | 527,370 | $ | 1,257,855 | |||||||
Total Portfolio Loans | $ | 1,441,730 | $ | 1,873,194 | $ | 2,446,525 | $ | 5,761,449 |
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Nonperforming Loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | 87,951 | $ | 22,427 | $ | 11,085 | $ | 2,501 | $ | 15,526 | |||||||||||||||||||
Commercial and industrial | 13,430 | 13,287 | 5,763 | 2,449 | 3,578 | ||||||||||||||||||||||||
Commercial construction | 384 | 737 | 11,780 | 1,460 | 4,497 | ||||||||||||||||||||||||
Residential mortgage | 11,567 | 6,697 | 3,543 | 3,580 | 4,850 | ||||||||||||||||||||||||
Home equity | 4,057 | 1,961 | 2,719 | 2,736 | 2,485 | ||||||||||||||||||||||||
Installment and other consumer | 96 | 36 | 33 | 62 | 101 | ||||||||||||||||||||||||
Consumer construction | — | — | — | — | — | ||||||||||||||||||||||||
Total Nonperforming Loans | 117,485 | 45,145 | 34,923 | 12,788 | 31,037 | ||||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Commercial real estate | 17,062 | 6,713 | 967 | 646 | 3,548 | ||||||||||||||||||||||||
Commercial and industrial | 9,907 | 695 | 3,197 | 4,493 | 1,570 | ||||||||||||||||||||||||
Commercial construction | — | — | 2,413 | 430 | 1,265 | ||||||||||||||||||||||||
Residential mortgage | 1,441 | 822 | 3,585 | 5,068 | 665 | ||||||||||||||||||||||||
Home Equity | 879 | 678 | 979 | 954 | 523 | ||||||||||||||||||||||||
Installment and other consumer | — | 4 | 9 | 7 | 88 | ||||||||||||||||||||||||
Total Nonperforming Troubled Debt Restructurings | 29,289 | 8,912 | 11,150 | 11,598 | 7,659 | ||||||||||||||||||||||||
Total Nonperforming Loans | 146,774 | 54,057 | 46,073 | 24,386 | 38,696 | ||||||||||||||||||||||||
OREO | 2,155 | 3,525 | 3,092 | 469 | 679 | ||||||||||||||||||||||||
Total Nonperforming Assets | $ | 148,929 | $ | 57,582 | $ | 49,165 | $ | 24,855 | $ | 39,375 | |||||||||||||||||||
Nonperforming loans as a percent of total loans | 2.03 | % | 0.76 | % | 0.77 | % | 0.42 | % | 0.76 | % | |||||||||||||||||||
Nonperforming assets as a percent of total loans plus OREO | 2.06 | % | 0.81 | % | 0.83 | % | 0.42 | % | 0.77 | % |
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Nonperforming Loans | |||||||||||||||||||
Commercial real estate | $ | 2,501 | $ | 15,526 | $ | 5,171 | $ | 2,255 | $ | 6,852 | |||||||||
Commercial and industrial | 2,449 | 3,578 | 7,709 | 1,266 | 1,412 | ||||||||||||||
Commercial construction | 1,460 | 4,497 | 7,488 | 105 | 34 | ||||||||||||||
Residential mortgage | 3,580 | 4,850 | 4,964 | 1,877 | 1,982 | ||||||||||||||
Home equity | 2,736 | 2,485 | 2,379 | 1,497 | 2,073 | ||||||||||||||
Installment and other consumer | 62 | 101 | 12 | 21 | 34 | ||||||||||||||
Consumer construction | — | — | — | — | — | ||||||||||||||
Total Nonperforming Loans | 12,788 | 31,037 | 27,723 | 7,021 | 12,387 | ||||||||||||||
Nonperforming Troubled Debt Restructurings | |||||||||||||||||||
Commercial real estate | 967 | 646 | 3,548 | 2,180 | 3,898 | ||||||||||||||
Commercial and industrial | 3,197 | 4,493 | 1,570 | 356 | 1,884 | ||||||||||||||
Commercial construction | 2,413 | 430 | 1,265 | 1,869 | 2,708 | ||||||||||||||
Residential mortgage | 3,585 | 5,068 | 665 | 459 | 1,356 | ||||||||||||||
Home Equity | 979 | 954 | 523 | 562 | 218 | ||||||||||||||
Installment and other consumer | 9 | 7 | 88 | 10 | 3 | ||||||||||||||
Total Nonperforming Troubled Debt Restructurings | 11,150 | 11,598 | 7,659 | 5,436 | 10,067 | ||||||||||||||
Total Nonperforming Loans | 23,938 | 42,635 | 35,382 | 12,457 | 22,454 | ||||||||||||||
OREO | 469 | 679 | 354 | 166 | 410 | ||||||||||||||
Total Nonperforming Assets | $ | 24,407 | $ | 43,314 | $ | 35,736 | $ | 12,623 | $ | 22,864 | |||||||||
Nonperforming loans as a percent of total loans | 0.42 | % | 0.76 | % | 0.70 | % | 0.32 | % | 0.63 | % | |||||||||
Nonperforming assets as a percent of total loans plus OREO | 0.42 | % | 0.77 | % | 0.71 | % | 0.33 | % | 0.64 | % |
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | |||||||||||||||||||
90 days or more: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 3,468 | 0.13 | % | $ | 16,172 | 0.65 | % | $ | 8,719 | 0.40 | % | $ | 4,435 | 0.26 | % | $ | 10,750 | 0.67 | % | |||||||||
Commercial and Industrial | 5,646 | 0.39 | % | 8,071 | 0.58 | % | 9,279 | 0.74 | % | 1,622 | 0.16 | % | 3,296 | 0.39 | % | ||||||||||||||
Commercial construction | 3,873 | 1.01 | % | 4,927 | 1.08 | % | 8,753 | 2.12 | % | 1,974 | 0.91 | % | 2,742 | 1.91 | % | ||||||||||||||
Residential mortgage | 7,165 | 1.03 | % | 9,918 | 1.41 | % | 5,629 | 0.88 | % | 2,336 | 0.48 | % | 3,338 | 0.69 | % | ||||||||||||||
Home equity | 3,715 | 0.76 | % | 3,439 | 0.71 | % | 2,902 | 0.62 | % | 2,059 | 0.49 | % | 2,291 | 0.55 | % | ||||||||||||||
Installment and other consumer | 71 | 0.11 | % | 108 | 0.16 | % | 100 | 0.14 | % | 31 | 0.05 | % | 37 | 0.05 | % | ||||||||||||||
Total Loans | $ | 23,938 | 0.42 | % | $ | 42,635 | 0.76 | % | $ | 35,382 | 0.70 | % | $ | 12,457 | 0.32 | % | $ | 22,454 | 0.63 | % | |||||||||
30 to 89 days: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,131 | 0.04 | % | $ | 2,791 | 0.11 | % | $ | 12,229 | 0.56 | % | $ | 2,871 | 0.17 | % | $ | 1,416 | 0.09 | % | |||||||||
Commercial and industrial | 866 | 0.06 | % | 1,488 | 0.11 | % | 2,749 | 0.22 | % | 1,380 | 0.14 | % | 2,877 | 0.34 | % | ||||||||||||||
Commercial construction | 2,493 | 0.65 | % | 547 | 0.12 | % | 3,607 | 0.87 | % | — | — | % | 1,800 | 1.25 | % | ||||||||||||||
Residential mortgage | 4,414 | 0.63 | % | 2,429 | 0.35 | % | 2,658 | 0.42 | % | 1,785 | 0.36 | % | 2,494 | 0.51 | % | ||||||||||||||
Home equity | 2,655 | 0.54 | % | 1,979 | 0.41 | % | 2,888 | 0.61 | % | 2,201 | 0.53 | % | 3,127 | 0.75 | % | ||||||||||||||
Installment and other consumer | 363 | 0.54 | % | 220 | 0.33 | % | 352 | 0.48 | % | 425 | 0.65 | % | 426 | 0.63 | % | ||||||||||||||
Loans held for sale | — | — | % | — | — | % | 143 | — | % | — | — | % | — | — | % | ||||||||||||||
Total Loans | $ | 11,922 | 0.21 | % | $ | 9,454 | 0.17 | % | $ | 24,626 | 0.49 | % | $ | 8,662 | 0.22 | % | $ | 12,140 | 0.75 | % |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | ||||||||||||||||||||||||||||||||||
90 days or more: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 105,014 | 3.24 | % | $ | 29,140 | 0.85 | % | $ | 12,052 | 0.41 | % | $ | 3,468 | 0.13 | % | $ | 16,172 | 0.65 | % | ||||||||||||||||||||||||
Commercial and Industrial | 23,337 | 1.19 | % | 13,982 | 0.81 | % | 8,960 | 0.60 | % | 5,646 | 0.39 | % | 8,071 | 0.58 | % | |||||||||||||||||||||||||||||
Commercial construction | 384 | 0.08 | % | 737 | 0.20 | % | 14,193 | 5.52 | % | 3,873 | 1.01 | % | 4,927 | 1.08 | % | |||||||||||||||||||||||||||||
Residential mortgage | 13,008 | 1.42 | % | 7,519 | 0.75 | % | 7,128 | 0.98 | % | 7,165 | 1.03 | % | 9,918 | 1.41 | % | |||||||||||||||||||||||||||||
Home equity | 4,935 | 0.92 | % | 2,639 | 0.49 | % | 3,698 | 0.78 | % | 3,715 | 0.76 | % | 3,439 | 0.71 | % | |||||||||||||||||||||||||||||
Installment and other consumer | 96 | 0.12 | % | 40 | 0.05 | % | 42 | 0.06 | % | 71 | 0.11 | % | 108 | 0.16 | % | |||||||||||||||||||||||||||||
Consumer construction | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Total Loans | $ | 146,774 | 2.03 | % | $ | 54,057 | 0.76 | % | $ | 46,073 | 0.77 | % | $ | 23,938 | 0.42 | % | $ | 42,635 | 0.74 | % | ||||||||||||||||||||||||
30 to 89 days: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 415 | 0.01 | % | $ | 10,311 | 0.28 | % | $ | 5,783 | 0.20 | % | $ | 1,131 | 0.04 | % | $ | 2,791 | 0.11 | % | ||||||||||||||||||||||||
Commercial and industrial | 1,161 | 0.04 | % | 4,886 | 0.17 | % | 1,983 | 0.13 | % | 866 | 0.06 | % | 1,488 | 0.11 | % | |||||||||||||||||||||||||||||
Commercial construction | 3,641 | 0.01 | % | 2,119 | 0.25 | % | — | — | % | 2,493 | 0.65 | % | 547 | 0.12 | % | |||||||||||||||||||||||||||||
Residential mortgage | 2,156 | 0.05 | % | 3,743 | 0.20 | % | 2,104 | 0.29 | % | 4,414 | 0.63 | % | 2,429 | 0.35 | % | |||||||||||||||||||||||||||||
Home equity | 1,274 | 0.18 | % | 2,200 | 0.38 | % | 2,712 | 0.58 | % | 2,655 | 0.54 | % | 1,979 | 0.41 | % | |||||||||||||||||||||||||||||
Installment and other consumer | 205 | 0.21 | % | 718 | 0.54 | % | 223 | 0.33 | % | 363 | 0.54 | % | 220 | 0.33 | % | |||||||||||||||||||||||||||||
Consumer construction | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Loans held for sale | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Total Loans | $ | 8,852 | 0.12 | % | $ | 23,977 | 0.34 | % | $ | 12,805 | 0.22 | % | $ | 11,922 | 0.21 | % | $ | 9,454 | 0.16 | % |
Years Ended December 31, | |||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
ALL Balance at Beginning of Year: | $ | 52,775 | $ | 48,147 | $ | 47,911 | $ | 46,255 | $ | 46,484 | |||||||||
Charge-offs: | |||||||||||||||||||
Commercial real estate | (2,304 | ) | (3,114 | ) | (2,787 | ) | (2,041 | ) | (4,601 | ) | |||||||||
Commercial and industrial | (4,709 | ) | (6,810 | ) | (5,463 | ) | (1,267 | ) | (2,714 | ) | |||||||||
Commercial construction | (2,571 | ) | (1,877 | ) | (3,321 | ) | (712 | ) | (4,852 | ) | |||||||||
Consumer real estate | (2,274 | ) | (1,657 | ) | (2,167 | ) | (1,200 | ) | (2,407 | ) | |||||||||
Other consumer | (1,638 | ) | (2,103 | ) | (1,528 | ) | (1,133 | ) | (1,002 | ) | |||||||||
Total | (13,496 | ) | (15,561 | ) | (15,266 | ) | (6,353 | ) | (15,576 | ) | |||||||||
Recoveries: | |||||||||||||||||||
Commercial real estate | 810 | 692 | 3,545 | 1,798 | 3,388 | ||||||||||||||
Commercial and industrial | 654 | 722 | 605 | 3,647 | 2,142 | ||||||||||||||
Commercial construction | 851 | 21 | 143 | 146 | 531 | ||||||||||||||
Consumer real estate | 342 | 433 | 495 | 350 | 651 | ||||||||||||||
Other consumer | 571 | 356 | 326 | 353 | 324 | ||||||||||||||
Total | 3,228 | 2,224 | 5,114 | 6,294 | 7,036 | ||||||||||||||
Net Charge-offs | (10,268 | ) | (13,337 | ) | (10,152 | ) | (59 | ) | (8,540 | ) | |||||||||
Provision for loan losses | 13,883 | 17,965 | 10,388 | 1,715 | 8,311 | ||||||||||||||
ALL Balance at End of Year: | $ | 56,390 | $ | 52,775 | $ | 48,147 | $ | 47,911 | $ | 46,255 |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019(1) | 2018(1) | 2017(1) | |||||||||||||||||||
ACL Balance at Beginning of Year: | $ | 62,224 | $ | 60,996 | $ | 56,390 | $ | 52,775 | |||||||||||||||
Charge-offs: | |||||||||||||||||||||||
(27,512) | (3,664) | (372) | (2,304) | ||||||||||||||||||||
Commercial and industrial | (75,408) | (8,928) | (8,574) | (4,709) | |||||||||||||||||||
Commercial construction | (454) | (406) | (2,630) | (2,571) | |||||||||||||||||||
Consumer real estate | (1,101) | (1,353) | (1,319) | (2,274) | |||||||||||||||||||
Other consumer | (1,890) | (1,838) | (1,694) | (1,638) | |||||||||||||||||||
Total | (106,365) | (16,189) | (14,589) | (13,496) | |||||||||||||||||||
Recoveries: | |||||||||||||||||||||||
Commercial real estate | 348 | 137 | 309 | 810 | |||||||||||||||||||
Commercial and industrial | 1,733 | 1,388 | 1,723 | 654 | |||||||||||||||||||
Commercial construction | 183 | 5 | 1,135 | 851 | |||||||||||||||||||
Consumer real estate | 233 | 637 | 541 | 342 | |||||||||||||||||||
Other consumer | 489 | 377 | 492 | 571 | |||||||||||||||||||
Total | 2,986 | 2,544 | 4,200 | 3,228 | |||||||||||||||||||
Net Charge-offs | (103,379) | (13,645) | (10,389) | (10,268) | |||||||||||||||||||
Impact of CECL adoption | 27,346 | — | — | — | |||||||||||||||||||
Provision for credit losses | 131,421 | 14,873 | 14,995 | 13,883 | |||||||||||||||||||
ACL Balance at End of Year: | $ | 117,612 | $ | 62,224 | $ | 60,996 | $ | 56,390 |
2017 | 2016 | 2015 | 2014 | 2013 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Commercial real estate | 0.03 | % | 0.06 | % | (0.04 | )% | 0.01 | % | 0.08 | % | Commercial real estate | 0.81 | % | 0.10 | % | NM | 0.06 | % | 0.10 | % | |||||||||||||||||||||||
Commercial and industrial | 0.07 | % | 0.11 | % | 0.40 | % | (0.26 | )% | 0.07 | % | Commercial and industrial | 3.65 | % | 0.44 | % | 0.48 | % | 0.28 | % | 0.45 | % | ||||||||||||||||||||||
Commercial construction | 0.03 | % | 0.03 | % | 0.96 | % | 0.32 | % | 2.72 | % | Commercial construction | 0.06 | % | 0.11 | % | 0.48 | % | 0.40 | % | 0.46 | % | ||||||||||||||||||||||
Consumer real estate | 0.03 | % | 0.02 | % | 0.17 | % | 0.09 | % | 0.20 | % | Consumer real estate | 0.06 | % | 0.05 | % | 0.07 | % | 0.16 | % | 0.11 | % | ||||||||||||||||||||||
Other consumer | 0.02 | % | 0.03 | % | 1.37 | % | 1.19 | % | 0.99 | % | Other consumer | 1.75 | % | 1.85 | % | 1.79 | % | 1.54 | % | 2.69 | % | ||||||||||||||||||||||
Net charge-offs to average loans outstanding | 0.18 | % | 0.25 | % | 0.22 | % | — | % | 0.25 | % | Net charge-offs to average loans outstanding | 1.40 | % | 0.22 | % | 0.18 | % | 0.18 | % | 0.25 | % | ||||||||||||||||||||||
Allowance for loan losses as a percentage of total portfolio loans | 0.98 | % | 0.94 | % | 0.96 | % | 1.24 | % | 1.30 | % | |||||||||||||||||||||||||||||||||
Allowance for loan losses to total nonperforming loans | 236 | % | 124 | % | 136 | % | 385 | % | 206 | % | |||||||||||||||||||||||||||||||||
Provision for loan losses as a percentage of net loan charge-offs | 135 | % | 135 | % | 102 | % | NM | 97 | % | ||||||||||||||||||||||||||||||||||
Allowance for credit losses as a percentage of total portfolio loans | Allowance for credit losses as a percentage of total portfolio loans | 1.63 | % | 0.87 | % | 1.03 | % | 0.98 | % | 0.94 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses as a percentage of total portfolio loans excluding PPP | Allowance for credit losses as a percentage of total portfolio loans excluding PPP | 1.74 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses to total nonperforming loans | Allowance for credit losses to total nonperforming loans | 80 | % | 115 | % | 132 | % | 236 | % | 124 | % | ||||||||||||||||||||||||||||||||
Provision for credit losses as a percentage of net loan charge-offs | Provision for credit losses as a percentage of net loan charge-offs | 127 | % | 109 | % | 144 | % | 135 | % | 135 | % |
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 65,656 | 56 | % | $ | 30,577 | 49 | % | $ | 33,707 | 55 | % | $ | 27,235 | 48 | % | $ | 19,976 | 38 | % | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 16,100 | 14 | % | 15,681 | 25 | % | 11,596 | 19 | % | 8,966 | 16 | % | 10,810 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 7,239 | 6 | % | 7,900 | 13 | % | 7,983 | 13 | % | 13,167 | 23 | % | 13,999 | 26 | % | ||||||||||||||||||||||||||||||||||||||||||||
Business banking | 15,917 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | 10,014 | 9 | % | 6,337 | 10 | % | 6,187 | 10 | % | 5,479 | 10 | % | 6,095 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 2,686 | 2 | % | 1,729 | 3 | % | 1,523 | 3 | % | 1,543 | 3 | % | 1,895 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | 117,612 | 100 | % | 62,224 | 100 | % | 60,996 | 100 | % | 56,390 | 100 | % | 52,775 | 100 | % |
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||
Commercial real estate | $ | 27,235 | 48 | % | $ | 19,976 | 38 | % | $ | 15,043 | 31 | % | $ | 20,164 | 42 | % | $ | 18,921 | 41 | % | ||||||||||||||
Commercial and industrial | 8,966 | 16 | % | 10,810 | 20 | % | 10,853 | 23 | % | 13,668 | 28 | % | 14,443 | 31 | % | |||||||||||||||||||
Commercial construction | 13,167 | 23 | % | 13,999 | 26 | % | 12,625 | 26 | % | 6,093 | 13 | % | 5,374 | 12 | % | |||||||||||||||||||
Consumer real estate | 5,479 | 10 | % | 6,095 | 12 | % | 8,400 | 17 | % | 6,333 | 13 | % | 6,362 | 14 | % | |||||||||||||||||||
Other consumer | 1,543 | 3 | % | 1,895 | 4 | % | 1,226 | 3 | % | 1,653 | 4 | % | 1,165 | 2 | % | |||||||||||||||||||
Total | $ | 56,390 | 100 | % | $ | 52,775 | 100 | % | $ | 48,147 | 100 | % | $ | 47,911 | 100 | % | $ | 46,265 | 100 | % |
(dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Collectively Evaluated for Impairment | $ | 56,313 | $ | 51,977 | $ | 48,110 | $ | 47,857 | $ | 46,158 | |||||||||
Individually Evaluated for Impairment | 77 | 798 | 37 | 54 | 97 | ||||||||||||||
Total Allowance for Loan Losses | $ | 56,390 | $ | 52,775 | $ | 48,147 | $ | 47,911 | $ | 46,255 |
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Collectively Evaluated | $ | 104,048 | $ | 60,024 | $ | 59,233 | $ | 56,313 | $ | 51,977 | |||||||||||||||||||
Individually Evaluated | 13,564 | 2,200 | 1,763 | 77 | 798 | ||||||||||||||||||||||||
Total Allowance for Credit Losses | $ | 117,612 | $ | 62,224 | $ | 60,996 | $ | 56,390 | $ | 52,775 |
(dollars in thousands) | 2017 | 2016 | $ Change | (dollars in thousands) | 2020 | 2019 | $ Change | |||||||||||||||||||||
Customer deposits | Customer deposits | |||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,387,712 | $ | 1,263,833 | $ | 123,879 | Noninterest-bearing demand | $ | 2,261,994 | $ | 1,698,082 | $ | 563,912 | |||||||||||||||
Interest-bearing demand | 599,986 | 633,293 | (33,307 | ) | Interest-bearing demand | 864,510 | 762,111 | 102,399 | ||||||||||||||||||||
Money market | 880,330 | 617,961 | 262,369 | Money market | 1,887,051 | 1,849,684 | 37,367 | |||||||||||||||||||||
Savings | 893,119 | 1,050,131 | (157,012 | ) | Savings | 969,508 | 830,919 | 138,589 | ||||||||||||||||||||
Certificates of deposit | 1,286,988 | 1,355,303 | (68,315 | ) | Certificates of deposit | 1,369,239 | 1,535,305 | (166,066) | ||||||||||||||||||||
Total customer deposits | 5,048,135 | 4,920,521 | 127,614 | Total customer deposits | 7,352,302 | 6,676,101 | 676,201 | |||||||||||||||||||||
Brokered deposits | Brokered deposits | |||||||||||||||||||||||||||
Interest-bearing demand | 3,155 | 5,007 | (1,852 | ) | Interest-bearing demand | — | 200,220 | (200,220) | ||||||||||||||||||||
Money market | 265,826 | 318,500 | (52,674 | ) | Money market | 50,012 | 100,127 | (50,115) | ||||||||||||||||||||
Certificates of deposit | 110,775 | 28,349 | 82,426 | Certificates of deposit | 18,224 | 60,128 | (41,904) | |||||||||||||||||||||
Total brokered deposits | $ | 379,756 | $ | 351,856 | $ | 27,900 | Total brokered deposits | 68,236 | 360,475 | (292,239) | ||||||||||||||||||
Total Deposits | $ | 5,427,891 | $ | 5,272,377 | $ | 155,514 | Total Deposits | $ | 7,420,538 | $ | 7,036,576 | $ | 383,962 |
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | (dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,310,814 | $ | 1,232,633 | $ | 1,170,011 | Noninterest-bearing demand | $ | 2,072,310 | $ | 1,475,960 | $ | 1,376,329 | ||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | 630,418 | 0.21 | % | 638,461 | 0.16 | % | 592,301 | 0.13 | % | Interest-bearing demand | 844,331 | 0.19 | % | 561,756 | 0.41 | % | 565,273 | 0.31 | % | ||||||||||||||||||||||||||||||||||||
Money market | 710,149 | 0.65 | % | 506,440 | 0.38 | % | 388,172 | 0.19 | % | Money market | 1,960,741 | 0.57 | % | 1,474,841 | 1.69 | % | 1,040,214 | 1.24 | % | ||||||||||||||||||||||||||||||||||||
Savings | 988,504 | 0.21 | % | 1,039,664 | 0.19 | % | 1,072,683 | 0.16 | % | Savings | 899,717 | 0.11 | % | 766,142 | 0.25 | % | 836,747 | 0.21 | % | ||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,327,001 | 0.97 | % | 1,351,413 | 0.94 | % | 1,093,564 | 0.77 | % | Certificates of deposit | 1,482,127 | 1.34 | % | 1,322,643 | 1.91 | % | 1,202,781 | 1.37 | % | ||||||||||||||||||||||||||||||||||||
Brokered deposits | 404,453 | 1.10 | % | 362,576 | 0.56 | % | 376,095 | 0.35 | % | Brokered deposits | 232,384 | 1.02 | % | 370,779 | 2.32 | % | 390,360 | 2.05 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,371,339 | 0.47 | % | $ | 5,131,187 | 0.38 | % | $ | 4,692,826 | 0.28 | % | Total | $ | 7,491,610 | 0.48 | % | $ | 5,972,121 | 1.06 | % | $ | 5,411,704 | 0.76 | % |
(dollars in thousands) | 2020 | ||||
Three months or less | $ | 276,548 | |||
Over three through six months | 207,059 | ||||
Over six through twelve months | 135,482 | ||||
Over twelve months | 69,089 | ||||
Total | $ | 688,178 |
(dollars in thousands) | 2017 | ||
Three months or less | $ | 117,930 | |
Over three through six months | 41,555 | ||
Over six through twelve months | 42,209 | ||
Over twelve months | 26,350 | ||
Total | $ | 228,044 |
(dollars in thousands) | 2020 | 2019 | $ Change | ||||||||||||||
Securities sold under repurchase agreements, retail | $ | 65,163 | $ | 19,888 | $ | 45,275 | |||||||||||
Short-term borrowings | 75,000 | 281,319 | (206,319) | ||||||||||||||
Long-term borrowings | 23,681 | 50,868 | (27,187) | ||||||||||||||
Junior subordinated debt securities | 64,083 | 64,277 | (194) | ||||||||||||||
Total Borrowings | $ | 227,927 | $ | 416,352 | $ | (188,425) |
(dollars in thousands) | 2017 | 2016 | $ Change | ||||||||
Securities sold under repurchase agreements, retail | $ | 50,161 | $ | 50,832 | $ | (671 | ) | ||||
Short-term borrowings | 540,000 | 660,000 | (120,000 | ) | |||||||
Long-term borrowings | 47,301 | 14,713 | 32,588 | ||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | ||||||||
Total Borrowings | $ | 683,081 | $ | 771,164 | $ | (88,083 | ) |
Securities Sold Under Repurchase Agreements | Securities Sold Under Repurchase Agreements | |||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Balance at December 31 | $ | 50,161 | $ | 50,832 | $ | 62,086 | Balance at December 31 | $ | 65,163 | $ | 19,888 | $ | 18,383 | |||||||||||||||
Average balance during the year | 46,662 | 51,021 | 44,394 | Average balance during the year | $ | 57,673 | $ | 16,863 | $ | 45,992 | ||||||||||||||||||
Average interest rate during the year | 0.12 | % | 0.01 | % | 0.01 | % | Average interest rate during the year | 0.29 | % | 0.65 | % | 0.48 | % | |||||||||||||||
Maximum month-end balance during the year | $ | 53,609 | $ | 68,216 | $ | 62,086 | Maximum month-end balance during the year | $ | 92,159 | $ | 23,427 | $ | 54,579 | |||||||||||||||
Average interest rate at December 31 | 0.39 | % | 0.01 | % | 0.01 | % | Average interest rate at December 31 | 0.25 | % | 0.74 | % | 0.46 | % |
Short-Term Borrowings | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at December 31 | $ | 75,000 | $ | 281,319 | $ | 470,000 | |||||||||||
Average balance during the year | $ | 155,753 | $ | 255,264 | $ | 525,172 | |||||||||||
Average interest rate during the year | 0.92 | % | 2.51 | % | 2.11 | % | |||||||||||
Maximum month-end balance during the year | $ | 410,240 | $ | 425,000 | $ | 690,000 | |||||||||||
Average interest rate at December 31 | 0.19 | % | 1.84 | % | 2.65 | % |
Short-Term Borrowings | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Balance at December 31 | $ | 540,000 | $ | 660,000 | $ | 356,000 | |||||
Average balance during the year | 644,864 | 414,426 | 257,117 | ||||||||
Average interest rate during the year | 1.15 | % | 0.65 | % | 0.36 | % | |||||
Maximum month-end balance during the year | $ | 734,600 | $ | 660,000 | $ | 356,000 | |||||
Average interest rate at December 31 | 1.47 | % | 0.76 | % | 0.52 | % |
Long-Term Borrowings | Long-Term Borrowings | |||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Balance at December 31 | $ | 47,301 | $ | 14,713 | $ | 117,043 | Balance at December 31 | $ | 23,681 | $ | 50,868 | $ | 70,314 | |||||||||||||||
Average balance during the year | 18,057 | 50,256 | 83,648 | Average balance during the year | 47,953 | $ | 66,392 | $ | 47,986 | |||||||||||||||||||
Average interest rate during the year | 2.57 | % | 1.33 | % | 0.94 | % | Average interest rate during the year | $ | — | $ | — | $ | — | |||||||||||||||
Maximum month-end balance during the year | $ | 47,505 | $ | 116,852 | $ | 118,432 | Maximum month-end balance during the year | $ | 50,635 | $ | 70,418 | $ | 70,314 | |||||||||||||||
Average interest rate at December 31 | 1.88 | % | 2.91 | % | 0.81 | % | Average interest rate at December 31 | 2.03 | % | 2.61 | % | 2.84 | % |
Junior Subordinated Debt Securities | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at December 31 | $ | 64,083 | $ | 64,277 | $ | 45,619 | |||||||||||
Average balance during the year | $ | 64,092 | $ | 47,934 | $ | 45,619 | |||||||||||
Average interest rate during the year | 3.57 | % | 4.82 | % | 3.65 | % | |||||||||||
Maximum month-end balance during the year | $ | 64,848 | $ | 64,277 | $ | 45,619 | |||||||||||
Average interest rate at December 31 | 3.01 | % | 4.42 | % | 5.25 | % |
Junior Subordinated Debt Securities | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Balance at December 31 | $ | 45,619 | $ | 45,619 | $ | 45,619 | |||||
Average balance during the year | 45,619 | 45,619 | 47,071 | ||||||||
Average interest rate during the year | 3.65 | % | 3.14 | % | 2.82 | % | |||||
Maximum month-end balance during the year | $ | 45,619 | $ | 45,619 | $ | 45,619 | |||||
Average interest rate at December 31 | 3.78 | % | 3.42 | % | 2.89 | % |
Payments Due In | Payments Due In | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2018 | 2019-2020 | 2021-2022 | Later Years | Total | (dollars in thousands) | 2021 | 2022-2023 | 2024-2025 | Later Years | Total | |||||||||||||||||||||||||||||||||||||
Deposits without a stated maturity(1) | $ | 4,030,128 | $ | — | $ | — | $ | — | $ | 4,030,128 | Deposits without a stated maturity(1) | $ | 6,033,075 | $ | — | $ | — | $ | — | $ | 6,033,075 | |||||||||||||||||||||||||||
Certificates of deposit(1) | 1,015,515 | 277,393 | 98,735 | 6,120 | 1,397,763 | Certificates of deposit(1) | 1,182,938 | 150,421 | 50,564 | 3,540 | 1,387,463 | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements(1) | 50,161 | — | — | — | 50,161 | Securities sold under repurchase agreements(1) | 65,163 | — | — | — | 65,163 | |||||||||||||||||||||||||||||||||||||
Short-term borrowings(1) | 540,000 | — | — | — | 540,000 | Short-term borrowings(1) | 75,000 | — | — | — | 75,000 | |||||||||||||||||||||||||||||||||||||
Long-term borrowings(1) | 2,496 | 39,518 | 1,586 | 3,701 | 47,301 | Long-term borrowings(1) | 1,251 | 8,153 | 13,461 | 816 | 23,681 | |||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities(1) | — | — | — | 45,619 | 45,619 | Junior subordinated debt securities(1) | — | — | — | 64,083 | 64,083 | |||||||||||||||||||||||||||||||||||||
Operating and capital leases | 3,333 | 6,743 | 6,929 | 55,457 | 72,462 | Operating and capital leases | 5,058 | 9,968 | 9,801 | 67,554 | 92,381 | |||||||||||||||||||||||||||||||||||||
Purchase obligations | 12,237 | 25,680 | 27,391 | — | 65,308 | Purchase obligations | 20,643 | 38,141 | 42,619 | — | 101,403 | |||||||||||||||||||||||||||||||||||||
Total | $ | 5,653,870 | $ | 349,334 | $ | 134,641 | $ | 110,897 | $ | 6,248,742 | Total | $ | 7,383,128 | $ | 206,683 | $ | 116,445 | $ | 135,993 | $ | 7,842,249 |
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Commitments to extend credit | $ | 1,420,428 | $ | 1,509,696 | Commitments to extend credit | $ | 2,185,752 | $ | 1,910,805 | |||||||||
Standby letters of credit | 80,918 | 84,534 | Standby letters of credit | 89,095 | 80,040 | |||||||||||||
Total | $ | 1,501,346 | $ | 1,594,230 | Total | $ | 2,274,847 | $ | 1,990,845 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | 1 - 12 Months | 13 - 24 Months | 1 - 12 Months | 13 - 24 Months | ||||||||||||||||||||||||||||||||||||
Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Economic Value of Equity | % Change in Pretax Net Interest Income | % Change in Economic Value of Equity | Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in EVE | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in EVE | ||||||||||||||||||||||||||||||
400 | 400 | 15.8 | % | 28.5 | % | 28.5 | % | 9.6 | % | 14.4 | % | (1.8) | % | ||||||||||||||||||||||||||||
300 | 4.2 | % | (3.6 | )% | 3.4 | (12.3 | ) | 300 | 11.7 | 21.3 | 29.0 | 7.2 | 10.8 | 2.8 | |||||||||||||||||||||||||||
200 | 2.4 | % | 0.3 | % | 1.8 | (6.5 | ) | 200 | 7.7 | 14.3 | 25.6 | 5.0 | 7.6 | 5.5 | |||||||||||||||||||||||||||
100 | 1.3 | % | 1.9 | % | 0.7 | (2.3 | ) | 100 | 4.4 | 8.0 | 17.7 | 2.7 | 4.2 | 5.1 | |||||||||||||||||||||||||||
(100) | (3.6 | )% | (8.0 | )% | (4.4 | ) | (7.3 | ) | (100) | (2.8) | (5.7) | (28.2) | (4.3) | (6.4) | (10.8) |
December 31, | December 31, | |||||||||||||||||||||||
(in thousands, except share and per share data) | 2017 | 2016 | (in thousands, except share and per share data) | 2020 | 2019 | |||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits of $61,965 and $87,201 at December 31, 2017 and 2016 | $ | 117,152 | $ | 139,486 | ||||||||||||||||||||
Securities available-for-sale, at fair value | 698,291 | 693,487 | ||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits of $158,903 and $124,491 at December 31, 2020 and 2019 | Cash and due from banks, including interest-bearing deposits of $158,903 and $124,491 at December 31, 2020 and 2019 | $ | 229,666 | $ | 197,823 | |||||||||||||||||||
Securities, at fair value | Securities, at fair value | 773,693 | 784,283 | |||||||||||||||||||||
Loans held for sale | 4,485 | 3,793 | Loans held for sale | 18,528 | 5,256 | |||||||||||||||||||
Portfolio loans, net of unearned income | 5,761,449 | 5,611,419 | Portfolio loans, net of unearned income | 7,225,860 | 7,137,152 | |||||||||||||||||||
Allowance for loan losses | (56,390 | ) | (52,775 | ) | ||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (117,612) | (62,224) | |||||||||||||||||||||
Portfolio loans, net | 5,705,059 | 5,558,644 | Portfolio loans, net | 7,108,248 | 7,074,928 | |||||||||||||||||||
Bank owned life insurance | 72,150 | 72,081 | Bank owned life insurance | 82,303 | 80,473 | |||||||||||||||||||
Premises and equipment, net | 42,702 | 44,999 | Premises and equipment, net | 55,614 | 56,940 | |||||||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | 29,270 | 31,817 | Federal Home Loan Bank and other restricted stock, at cost | 13,030 | 22,977 | |||||||||||||||||||
Goodwill | 291,670 | 291,670 | Goodwill | 373,424 | 371,621 | |||||||||||||||||||
Other intangible assets, net | 3,677 | 4,910 | Other intangible assets, net | 8,675 | 10,919 | |||||||||||||||||||
Other assets | 95,799 | 102,166 | Other assets | 304,716 | 159,429 | |||||||||||||||||||
Total Assets | $ | 7,060,255 | $ | 6,943,053 | Total Assets | $ | 8,967,897 | $ | 8,764,649 | |||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||||||||
Deposits: | Deposits: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,387,712 | $ | 1,263,833 | Noninterest-bearing demand | $ | 2,261,994 | $ | 1,698,082 | |||||||||||||||
Interest-bearing demand | 603,141 | 638,300 | Interest-bearing demand | 864,510 | 962,331 | |||||||||||||||||||
Money market | 1,146,156 | 936,461 | Money market | 1,937,063 | 1,949,811 | |||||||||||||||||||
Savings | 893,119 | 1,050,131 | Savings | 969,508 | 830,919 | |||||||||||||||||||
Certificates of deposit | 1,397,763 | 1,383,652 | Certificates of deposit | 1,387,463 | 1,595,433 | |||||||||||||||||||
Total Deposits | 5,427,891 | 5,272,377 | Total Deposits | 7,420,538 | 7,036,576 | |||||||||||||||||||
Securities sold under repurchase agreements | 50,161 | 50,832 | Securities sold under repurchase agreements | 65,163 | 19,888 | |||||||||||||||||||
Short-term borrowings | 540,000 | 660,000 | Short-term borrowings | 75,000 | 281,319 | |||||||||||||||||||
Long-term borrowings | 47,301 | 14,713 | Long-term borrowings | 23,681 | 50,868 | |||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | Junior subordinated debt securities | 64,083 | 64,277 | |||||||||||||||||||
Other liabilities | 65,252 | 57,556 | Other liabilities | 164,721 | 119,723 | |||||||||||||||||||
Total Liabilities | 6,176,224 | 6,101,097 | Total Liabilities | 7,813,186 | 7,572,651 | |||||||||||||||||||
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—36,130,480 shares at December 31, 2017 and December 31, 2016 Outstanding—34,971,929 shares at December 31, 2017 and 34,913,023 shares at December 31, 2016 | 90,326 | 90,326 | ||||||||||||||||||||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at December 31, 2020 and 2019 Outstanding—39,298,007 shares at December 31, 2020 and 39,560,304 shares at December 31, 2019 | Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at December 31, 2020 and 2019 Outstanding—39,298,007 shares at December 31, 2020 and 39,560,304 shares at December 31, 2019 | 103,623 | 103,623 | |||||||||||||||||||||
Additional paid-in capital | 216,106 | 213,098 | Additional paid-in capital | 400,668 | 399,944 | |||||||||||||||||||
Retained earnings | 628,107 | 585,891 | Retained earnings | 710,061 | 761,083 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | (18,427 | ) | (13,784 | ) | Accumulated other comprehensive income (loss) | 8,971 | (11,670) | |||||||||||||||||
Treasury stock (1,158,551 shares at December 31, 2017 and 1,217,457 shares at December 31, 2016, at cost) | (32,081 | ) | (33,575 | ) | ||||||||||||||||||||
Treasury stock—2,151,437 shares at December 31, 2020 and 1,889,140 shares at December 31, 2019, at cost | Treasury stock—2,151,437 shares at December 31, 2020 and 1,889,140 shares at December 31, 2019, at cost | (68,612) | (60,982) | |||||||||||||||||||||
Total Shareholders’ Equity | 884,031 | 841,956 | Total Shareholders’ Equity | 1,154,711 | 1,191,998 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,060,255 | $ | 6,943,053 | Total Liabilities and Shareholders’ Equity | $ | 8,967,897 | $ | 8,764,649 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||
Loans, including fees | $ | 300,960 | $ | 300,625 | $ | 269,811 | |||||||||||
Investment securities: | |||||||||||||||||
Taxable | 14,918 | 14,733 | 14,342 | ||||||||||||||
Tax-exempt | 3,497 | 3,302 | 3,449 | ||||||||||||||
Dividends | 1,089 | 1,824 | 2,224 | ||||||||||||||
Total Interest and Dividend Income | 320,464 | 320,484 | 289,826 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||
Deposits | 35,986 | 63,026 | 40,856 | ||||||||||||||
Borrowings and junior subordinated debt securities | 5,090 | 10,667 | 14,532 | ||||||||||||||
Total Interest Expense | 41,076 | 73,693 | 55,388 | ||||||||||||||
NET INTEREST INCOME | 279,388 | 246,791 | 234,438 | ||||||||||||||
Provision for credit losses | 131,424 | 14,873 | 14,995 | ||||||||||||||
Net Interest Income After Provision for Credit Losses | 147,964 | 231,918 | 219,443 | ||||||||||||||
NONINTEREST INCOME | |||||||||||||||||
Net gain (loss) on sale of securities | 142 | (26) | 0 | ||||||||||||||
Debit and credit card | 15,093 | 13,405 | 12,679 | ||||||||||||||
Service charges on deposit accounts | 11,704 | 13,316 | 13,096 | ||||||||||||||
Mortgage banking | 10,923 | 2,491 | 2,762 | ||||||||||||||
Wealth management | 9,957 | 8,623 | 10,084 | ||||||||||||||
Commercial loan swap income | 4,740 | 5,503 | 1,225 | ||||||||||||||
Gain on sale of majority interest of insurance business | 0 | 0 | 1,873 | ||||||||||||||
Other | 7,160 | 9,246 | 7,462 | ||||||||||||||
Total Noninterest Income | 59,719 | 52,558 | 49,181 | ||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||
Salaries and employee benefits | 90,115 | 83,986 | 76,108 | ||||||||||||||
Data processing and information technology | 15,499 | 14,468 | 10,633 | ||||||||||||||
Net occupancy | 14,529 | 12,103 | 11,097 | ||||||||||||||
Furniture, equipment and software | 11,050 | 8,958 | 8,083 | ||||||||||||||
Other taxes | 6,622 | 3,364 | 6,183 | ||||||||||||||
Professional services and legal | 6,394 | 4,244 | 4,132 | ||||||||||||||
Marketing | 5,996 | 4,631 | 4,192 | ||||||||||||||
FDIC insurance | 5,089 | 758 | 3,238 | ||||||||||||||
Merger related expenses | 2,342 | 11,350 | 0 | ||||||||||||||
Other | 29,008 | 23,254 | 21,779 | ||||||||||||||
Total Noninterest Expense | 186,644 | 167,116 | 145,445 | ||||||||||||||
Income Before Taxes | 21,039 | 117,360 | 123,179 | ||||||||||||||
Income taxes (benefit) expense | (1) | 19,126 | 17,845 | ||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 | |||||||||||
Earnings per common share—basic | $ | 0.54 | $ | 2.84 | $ | 3.03 | |||||||||||
Earnings per common share—diluted | $ | 0.53 | $ | 2.82 | $ | 3.01 | |||||||||||
Dividends declared per common share | $ | 1.12 | $ | 1.09 | $ | 0.99 |
Years ended December 31, | |||||||||||
(dollars in thousands, except per share data) | 2017 | 2016 | 2015 | ||||||||
INTEREST INCOME | |||||||||||
Loans, including fees | $ | 243,315 | $ | 212,301 | $ | 188,012 | |||||
Investment Securities: | |||||||||||
Taxable | 11,947 | 10,340 | 9,792 | ||||||||
Tax-exempt | 3,615 | 3,658 | 3,954 | ||||||||
Dividends | 1,765 | 1,475 | 1,790 | ||||||||
Total Interest Income | 260,642 | 227,774 | 203,548 | ||||||||
INTEREST EXPENSE | |||||||||||
Deposits | 25,330 | 19,692 | 12,944 | ||||||||
Borrowings and junior subordinated debt securities | 9,579 | 4,823 | 3,053 | ||||||||
Total Interest Expense | 34,909 | 24,515 | 15,997 | ||||||||
NET INTEREST INCOME | 225,733 | 203,259 | 187,551 | ||||||||
Provision for loan losses | 13,883 | 17,965 | 10,388 | ||||||||
Net Interest Income After Provision for Loan Losses | 211,850 | 185,294 | 177,163 | ||||||||
NONINTEREST INCOME | |||||||||||
Securities gains (losses), net | 3,000 | — | (34 | ) | |||||||
Service charges on deposit accounts | 12,458 | 12,512 | 11,642 | ||||||||
Debit and credit card | 12,029 | 11,943 | 12,113 | ||||||||
Wealth management | 9,758 | 10,456 | 11,444 | ||||||||
Insurance | 5,418 | 5,253 | 5,500 | ||||||||
Mortgage banking | 2,915 | 2,879 | 2,554 | ||||||||
Bank owned life insurance | 2,756 | 2,122 | 2,221 | ||||||||
Gain on sale of credit card portfolio | — | 2,066 | — | ||||||||
Other | 7,128 | 7,404 | 5,593 | ||||||||
Total Noninterest Income | 55,462 | 54,635 | 51,033 | ||||||||
NONINTEREST EXPENSE | |||||||||||
Salaries and employee benefits | 80,776 | 77,325 | 68,252 | ||||||||
Net occupancy | 10,994 | 11,057 | 10,652 | ||||||||
Data processing | 8,801 | 8,837 | 9,560 | ||||||||
Furniture, equipment and software | 7,946 | 7,290 | 6,093 | ||||||||
FDIC insurance | 4,543 | 3,984 | 3,416 | ||||||||
Other taxes | 4,509 | 4,050 | 3,616 | ||||||||
Professional services and legal | 4,096 | 3,466 | 3,006 | ||||||||
Marketing | 3,659 | 3,713 | 4,224 | ||||||||
Merger-related expenses | — | — | 3,167 | ||||||||
Other | 22,583 | 23,510 | 24,731 | ||||||||
Total Noninterest Expense | 147,907 | 143,232 | 136,717 | ||||||||
Income Before Taxes | 119,405 | 96,697 | 91,479 | ||||||||
Provision for income taxes | 46,437 | 25,305 | 24,398 | ||||||||
Net Income | $ | 72,968 | $ | 71,392 | $ | 67,081 | |||||
Earnings per common share—basic | $ | 2.10 | $ | 2.06 | $ | 1.98 | |||||
Earnings per common share—diluted | $ | 2.09 | $ | 2.05 | $ | 1.98 | |||||
Dividends declared per common share | $ | 0.82 | $ | 0.77 | $ | 0.73 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 | |||||||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale securities (1) | 22,683 | 15,793 | (6,794) | ||||||||||||||
Net available-for-sale securities losses reclassified into earnings (2) | 0 | 26 | 0 | ||||||||||||||
Adjustment to funded status of employee benefit plans | 3,549 | (1,282) | 6,297 | ||||||||||||||
Other Comprehensive Income (Loss), Before Tax | 26,232 | 14,537 | (497) | ||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income | (5,591) | (3,100) | 106 | ||||||||||||||
Other Comprehensive Income (Loss), After Tax | 20,641 | 11,437 | (391) | ||||||||||||||
Comprehensive Income | $ | 41,681 | $ | 109,671 | $ | 104,943 |
Years ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Net Income | $ | 72,968 | $ | 71,392 | $ | 67,081 | |||||
Other Comprehensive (Loss) Income, Before Tax: | |||||||||||
Net change in unrealized gains on securities available-for-sale | (1,275 | ) | (2,899 | ) | (663 | ) | |||||
Net available-for-sale securities (gains) losses reclassified into earnings | (3,000 | ) | — | 34 | |||||||
Adjustment to funded status of employee benefit plans | (1,992 | ) | 6,974 | (3,551 | ) | ||||||
Other Comprehensive (Loss) Income, Before Tax | (6,267 | ) | 4,075 | (4,180 | ) | ||||||
Income tax benefit (expense) related to items of other comprehensive income | 1,624 | (1,402 | ) | 1,556 | |||||||
Other Comprehensive (Loss) Income, After Tax | (4,643 | ) | 2,673 | (2,624 | ) | ||||||
Comprehensive Income | $ | 68,325 | $ | 74,065 | $ | 64,457 |
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 90,326 | $ | 216,106 | $ | 628,107 | $ | (18,427) | $ | (32,081) | $ | 884,031 | |||||||||||||||||||||||||||||||||||||||||
Net Income for 2018 | — | — | 105,334 | — | — | 105,334 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | — | — | — | (391) | — | (391) | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of certain tax effects from accumulated other comprehensive income(1) | — | — | 3,427 | (3,427) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized gains on equity securities(2) | — | — | 862 | (862) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of warrant | — | (7,652) | — | — | — | (7,652) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.99 per share) | — | — | (34,539) | — | — | (34,539) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased (321,731 shares) | — | — | — | — | (12,256) | (12,256) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued (33,676 shares, net) | — | — | (1,372) | — | 715 | (657) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 1,891 | — | — | — | 1,891 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 90,326 | $ | 210,345 | $ | 701,819 | $ | (23,107) | $ | (43,622) | $ | 935,761 | |||||||||||||||||||||||||||||||||||||||||
Net Income for 2019 | — | — | 98,234 | — | — | 98,234 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 11,437 | — | 11,437 | |||||||||||||||||||||||||||||||||||||||||||||||
Impact of new lease standard | — | — | 167 | — | — | 167 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.09 per share) | — | — | (37,360) | — | — | (37,360) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance cost | — | (176) | — | — | — | (176) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in acquisition (5,318,962 shares) | 13,297 | 187,334 | — | — | — | 200,631 | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased (470,708 shares) | — | — | — | — | (18,222) | (18,222) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued (28,174 shares, net) | — | — | (1,777) | — | 862 | (915) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 2,441 | — | — | — | 2,441 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 103,623 | $ | 399,944 | $ | 761,083 | $ | (11,670) | $ | (60,982) | $ | 1,191,998 | |||||||||||||||||||||||||||||||||||||||||
Net income for 2020 | — | — | 21,040 | — | — | 21,040 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 20,641 | — | 20,641 | |||||||||||||||||||||||||||||||||||||||||||||||
Impact of adoption of CECL | — | — | (22,590) | — | (22,590) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.12 per share) | — | — | (43,949) | — | — | (43,949) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased (411,430 shares) | — | — | — | — | (12,559) | (12,559) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued (149,133 shares, net) | — | — | (5,523) | — | 4,929 | (594) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 724 | — | — | — | 724 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 103,623 | $ | 400,668 | $ | 710,061 | $ | 8,971 | $ | (68,612) | $ | 1,154,711 |
(in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||
Balance at December 31, 2014 | $ | 77,993 | $ | 78,818 | $ | 504,060 | $ | (13,833 | ) | $ | (38,649 | ) | $ | 608,389 | |||||||||
Net income for 2015 | 67,081 | 67,081 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,624 | ) | (2,624 | ) | |||||||||||||||||||
Cash dividends declared ($0.73 per share) | (24,487 | ) | (24,487 | ) | |||||||||||||||||||
Common stock issued in acquisition (4,933,115 shares) | 12,333 | 130,136 | 142,469 | ||||||||||||||||||||
Treasury stock issued (80,862 shares, net) | (2,426 | ) | 2,244 | (182 | ) | ||||||||||||||||||
Recognition of restricted stock compensation expense | 1,670 | 1,670 | |||||||||||||||||||||
Tax benefit from stock-based compensation | 53 | 53 | |||||||||||||||||||||
Issuance costs | (132 | ) | (132 | ) | |||||||||||||||||||
Balance at December 31, 2015 | $ | 90,326 | $ | 210,545 | $ | 544,228 | $ | (16,457 | ) | $ | (36,405 | ) | $ | 792,237 | |||||||||
Net income for 2016 | 71,392 | 71,392 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 2,673 | 2,673 | |||||||||||||||||||||
Cash dividends declared ($0.77 per share) | (26,784 | ) | (26,784 | ) | |||||||||||||||||||
Treasury stock issued (102,649 shares, net) | (2,945 | ) | 2,830 | (115 | ) | ||||||||||||||||||
Recognition of restricted stock compensation expense | 2,544 | 2,544 | |||||||||||||||||||||
Tax benefit from stock-based compensation | 9 | 9 | |||||||||||||||||||||
Balance at December 31, 2016 | $ | 90,326 | $ | 213,098 | $ | 585,891 | $ | (13,784 | ) | $ | (33,575 | ) | $ | 841,956 | |||||||||
Net income for 2017 | 72,968 | 72,968 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (4,643 | ) | (4,643 | ) | |||||||||||||||||||
Cash dividends declared ($0.82 share) | (28,569 | ) | (28,569 | ) | |||||||||||||||||||
Treasury stock issued (58,906 shares, net) | (2,183 | ) | 1,494 | (689 | ) | ||||||||||||||||||
Recognition of restricted stock compensation expense | 3,008 | 3,008 | |||||||||||||||||||||
Balance at December 31, 2017 | $ | 90,326 | $ | 216,106 | $ | 628,107 | $ | (18,427 | ) | $ | (32,081 | ) | $ | 884,031 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 131,424 | 14,873 | 14,995 | ||||||||||||||
Provision for unfunded loan commitments | 0 | 436 | (54) | ||||||||||||||
Depreciation and amortization | 7,645 | 8,411 | 7,300 | ||||||||||||||
Net amortization of discounts and premiums | 4,205 | 3,243 | 3,180 | ||||||||||||||
Stock-based compensation expense | 724 | 2,441 | 1,891 | ||||||||||||||
Securities (gains) losses | (142) | 26 | 0 | ||||||||||||||
Deferred income taxes | (4,402) | (381) | 3,509 | ||||||||||||||
(Gain) Loss on sale of fixed assets | (23) | 37 | (81) | ||||||||||||||
Gain on the sale of loans, net | (8,998) | (1,887) | (1,537) | ||||||||||||||
Gain on the sale of majority interest of insurance business | 0 | 0 | (1,873) | ||||||||||||||
Pension Contribution | (115) | 0 | (20,420) | ||||||||||||||
Net change in: | |||||||||||||||||
Mortgage loans originated for sale | (361,704) | (109,624) | (90,142) | ||||||||||||||
Proceeds from sale of mortgage loans | 357,613 | 109,082 | 93,793 | ||||||||||||||
Net increase in interest receivable | (2,560) | (3,768) | (1,635) | ||||||||||||||
Net (decrease) increase in interest payable | (3,178) | (2,223) | 2,353 | ||||||||||||||
Net (increase) decrease in other assets | (138,470) | (4,973) | 7,247 | ||||||||||||||
Net increase in other liabilities | 50,392 | 24,496 | 4,157 | ||||||||||||||
Net Cash Provided by Operating Activities | 53,451 | 138,423 | 128,017 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Purchases of securities available-for-sale | (178,389) | (129,973) | (92,597) | ||||||||||||||
Proceeds from maturities, prepayments and calls of securities available-for-sale | 205,606 | 92,412 | 89,833 | ||||||||||||||
Proceeds from sales of securities available-for-sale | 1,349 | 59,934 | 0 | ||||||||||||||
Net proceeds from (purchases of) the redemption of Federal Home Loan Bank stock | 9,947 | 6,615 | (165) | ||||||||||||||
Net increase in loans | (194,768) | (298,741) | (207,233) | ||||||||||||||
Proceeds from the sale of loans not originated for resale | 547 | 520 | 7,695 | ||||||||||||||
Purchases of premises and equipment | (5,416) | (5,153) | (4,172) | ||||||||||||||
Proceeds from the sale of premises and equipment | 23 | 71 | 135 | ||||||||||||||
Net cash acquired from bank acquisitions | 0 | 63,759 | 0 | ||||||||||||||
Proceeds from the sale of majority interest of insurance business | 0 | 0 | 4,540 | ||||||||||||||
Net Cash Used in Investing Activities | (161,101) | (210,556) | (201,964) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net increase in core deposits | 591,932 | 423,203 | 231,756 | ||||||||||||||
Net (decrease) increase in certificates of deposit | (207,106) | (27,632) | 14,397 | ||||||||||||||
Net increase (decrease) in securities sold under repurchase agreements | 45,275 | 1,505 | (31,778) | ||||||||||||||
Net decrease in short-term borrowings | (206,319) | (200,000) | (70,000) | ||||||||||||||
Proceeds from long-term borrowings | 0 | 10,000 | 25,000 | ||||||||||||||
Repayments of long-term borrowings | (27,187) | (35,936) | (1,987) | ||||||||||||||
Treasury shares issued - net | (594) | (915) | (657) | ||||||||||||||
Sale of treasury shares | (12,559) | (18,222) | (12,256) | ||||||||||||||
Costs to issue equity securities | 0 | (176) | 0 | ||||||||||||||
Cash dividends paid to common shareholders | (43,949) | (37,360) | (34,539) | ||||||||||||||
Repurchase warrant | 0 | 0 | (7,652) | ||||||||||||||
Net Cash Provided by Financing Activities | 139,493 | 114,467 | 112,284 | ||||||||||||||
Net increase in cash and cash equivalents | 31,843 | 42,334 | 38,337 | ||||||||||||||
Cash and cash equivalents at beginning of year | 197,823 | 155,489 | 117,152 | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 229,666 | $ | 197,823 | $ | 155,489 |
Years ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net Income | $ | 72,968 | $ | 71,392 | $ | 67,081 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for loan losses | 13,883 | 17,965 | 10,388 | ||||||||
(Recovery) provision for unfunded loan commitments | (410 | ) | 65 | 258 | |||||||
Net depreciation, amortization and accretion | 2,498 | 3,628 | 356 | ||||||||
Net amortization of discounts and premiums on securities | 4,003 | 3,829 | 3,600 | ||||||||
Stock-based compensation expense | 3,008 | 2,544 | 1,636 | ||||||||
Securities (gains) losses, net | (3,000 | ) | — | 34 | |||||||
Gain on sale of bank branch | (1,042 | ) | — | — | |||||||
Net gain on sale of credit card portfolio | — | (2,066 | ) | — | |||||||
Pension plan curtailment gain | — | (1,017 | ) | — | |||||||
Tax benefit from stock-based compensation | — | (9 | ) | (53 | ) | ||||||
Mortgage loans originated for sale | (93,382 | ) | (106,020 | ) | (107,489 | ) | |||||
Proceeds from the sale of loans | 93,991 | 108,209 | 99,458 | ||||||||
Deferred income taxes | 13,832 | 536 | (427 | ) | |||||||
Loss (gain) on sale of fixed assets | 128 | — | (179 | ) | |||||||
Gain on the sale of loans, net | (1,551 | ) | (1,621 | ) | (1,044 | ) | |||||
Net increase in interest receivable | (2,714 | ) | (2,409 | ) | (2,744 | ) | |||||
Net increase (decrease) in interest payable | 1,349 | 1,715 | (193 | ) | |||||||
Net decrease (increase) in other assets | 5,634 | 4,668 | (11,396 | ) | |||||||
Net increase (decrease) in other liabilities | 5,041 | (4,613 | ) | 1,298 | |||||||
Net Cash Provided by Operating Activities | 114,236 | 96,796 | 60,584 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Proceeds from maturities, prepayments and calls of securities available-for-sale | 80,956 | 74,110 | 50,142 | ||||||||
Proceeds from sales of securities available-for-sale | 65,801 | — | 11,119 | ||||||||
Purchases of securities available-for-sale | (156,839 | ) | (113,362 | ) | (74,712 | ) | |||||
Net sales (purchases) of Federal Home Loan Bank stock | 2,547 | (8,784 | ) | (855 | ) | ||||||
Net increase in loans | (211,766 | ) | (599,341 | ) | (383,575 | ) | |||||
Proceeds from the sale of loans not originated for resale | 6,754 | 9,208 | 2,880 | ||||||||
Purchases of premises and equipment | (4,694 | ) | (3,560 | ) | (5,133 | ) | |||||
Proceeds from the sale of premises and equipment | 422 | 57 | 467 | ||||||||
Proceeds from sale of bank branch, net of cash and cash equivalents | 4,404 | — | — | ||||||||
Net cash paid in excess of cash acquired from bank merger | — | — | (16,347 | ) | |||||||
Proceeds from the sale of credit card portfolio | — | 25,019 | — | ||||||||
Proceeds from surrender of bank owned life insurance | — | — | 10,277 | ||||||||
Net Cash Used in Investing Activities | (212,415 | ) | (616,653 | ) | (405,737 | ) | |||||
FINANCING ACTIVITIES | |||||||||||
Net increase in core deposits | 166,054 | 378,323 | 195,589 | ||||||||
Net increase in certificates of deposit | 27,132 | 18,095 | 51,209 | ||||||||
Net (decrease) increase in short-term borrowings | (120,000 | ) | 304,000 | (2,660 | ) | ||||||
Net (decrease) increase in securities sold under repurchase agreements | (671 | ) | (11,254 | ) | 31,481 | ||||||
Proceeds from long-term borrowings | 35,000 | — | 100,000 | ||||||||
Repayments of long-term borrowings | (2,412 | ) | (102,330 | ) | (2,399 | ) | |||||
Repayment of junior subordinated debt | — | — | (13,500 | ) | |||||||
Treasury shares issued-net | (689 | ) | (115 | ) | (182 | ) | |||||
Common stock issuance costs | — | — | (132 | ) | |||||||
Cash dividends paid to common shareholders | (28,569 | ) | (26,784 | ) | (24,487 | ) | |||||
Tax benefit from stock-based compensation | — | 9 | 53 | ||||||||
Net Cash Provided by Financing Activities | 75,845 | 559,944 | 334,972 | ||||||||
Net (decrease) increase in cash and cash equivalents | (22,334 | ) | 40,087 | (10,181 | ) | ||||||
Cash and cash equivalents at beginning of year | 139,486 | 99,399 | 109,580 | ||||||||
Cash and Cash Equivalents at End of Year | $ | 117,152 | $ | 139,486 | $ | 99,399 |
Years ended December 31, | Years ended December 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Supplemental Disclosures | Supplemental Disclosures | |||||||||||||||||||||||||||
Transfers to other real estate owned and other repossessed assets | $ | 2,238 | $ | 1,039 | $ | 843 | ||||||||||||||||||||||
Interest paid | $ | 33,591 | $ | 22,800 | $ | 15,878 | Interest paid | $ | 44,353 | $ | 75,278 | $ | 53,035 | |||||||||||||||
Income taxes paid, net of refunds | $ | 33,814 | $ | 26,743 | $ | 23,175 | Income taxes paid, net of refunds | $ | 6,231 | $ | 14,663 | $ | 15,728 | |||||||||||||||
Loans transferred to held for sale | $ | — | $ | 250 | $ | 23,277 | Loans transferred to held for sale | $ | 640 | $ | 456 | $ | 0 | |||||||||||||||
Loans transferred to portfolio from held for sale | $ | 250 | $ | 7,933 | $ | — | Loans transferred to portfolio from held for sale | $ | 0 | $ | 0 | $ | 7,695 | |||||||||||||||
Net assets from acquisitions, excluding cash and cash equivalents | $ | — | $ | — | $ | 43,433 | ||||||||||||||||||||||
Decrease in cash and cash equivalents from sale of bank branch | $ | 154 | $ | — | $ | — | ||||||||||||||||||||||
Investment commitment payable for an available for sale security | $ | 5,884 | $ | — | $ | — | ||||||||||||||||||||||
Leased right-of-use operating assets and lease liabilities added to Balance Sheet | Leased right-of-use operating assets and lease liabilities added to Balance Sheet | $ | 91 | $ | 49,490 | $ | 0 | |||||||||||||||||||||
Transfer net asset to investment in insurance company partnership | Transfer net asset to investment in insurance company partnership | $ | 0 | $ | 0 | $ | 1,917 | |||||||||||||||||||||
Net assets (liabilities) from acquisitions, excluding cash and cash equivalents | Net assets (liabilities) from acquisitions, excluding cash and cash equivalents | $ | 0 | $ | 43,637 | $ | 0 | |||||||||||||||||||||
Transfers to other real estate owned and other repossessed assets | Transfers to other real estate owned and other repossessed assets | $ | 631 | $ | 2,592 | $ | 870 |
1) Land and Land Improvements | Non-depreciating assets | |||||||
2) Buildings | 25 years | |||||||
3) Furniture and Fixtures | 5 years | |||||||
4) Computer Equipment and Software | 5 years or term of license | |||||||
5) Other Equipment | 5 years | |||||||
6) Vehicles | 5 years | |||||||
7) Leasehold Improvements | Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise |
January 1, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | As Reported Under ASU 2016-13 | Pre-ASU 2016-13 | Impact of ASU 2016-13 Adoption | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Loans held for investment (outstanding balance) | ||||||||||||||||||||||||||
Commercial real estate | $ | 2,946,319 | $ | 3,416,518 | $ | (470,199) | ||||||||||||||||||||
Commercial and industrial | 1,458,541 | 1,720,833 | (262,292) | |||||||||||||||||||||||
Commercial construction | 345,263 | 375,445 | (30,182) | |||||||||||||||||||||||
Business banking | 1,092,908 | 0 | 1,092,908 | |||||||||||||||||||||||
Consumer real estate | 1,235,352 | 1,545,323 | (309,971) | |||||||||||||||||||||||
Other consumer | 58,769 | 79,033 | (20,264) | |||||||||||||||||||||||
Allowance for credit losses on loans | (89,577) | (62,224) | (27,353) | |||||||||||||||||||||||
Total loans held for investment, net | $ | 7,047,575 | $ | 7,074,928 | $ | (27,353) | ||||||||||||||||||||
Net deferred tax asset | $ | 19,317 | $ | 13,206 | $ | 6,111 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Allowance for credit losses on unfunded loan commitments | $ | 4,462 | $ | 3,113 | $ | 1,349 | ||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||
Retained earnings | $ | 738,493 | $ | 761,083 | $ | (22,590) |
November 30, 2019 | November 30, 2020 | ||||||||||||||||||||||||||||
As Recorded by DNB | Fair Value Adjustments | As Recorded by S&T | Measurement Period Adjustments | As Recorded by S&T | |||||||||||||||||||||||||
Fair Value of Assets Acquired | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 64,119 | $ | — | $ | 64,119 | $ | — | $ | 64,119 | |||||||||||||||||||
Securities and other investments | 108,715 | 183 | 108,898 | — | 108,898 | ||||||||||||||||||||||||
Loans | 917,127 | (8,143) | 908,984 | (2,377) | 906,607 | ||||||||||||||||||||||||
Allowance for credit losses | (6,487) | 6,487 | 0 | — | 0 | ||||||||||||||||||||||||
Goodwill | 15,525 | (15,525) | — | — | — | ||||||||||||||||||||||||
Premises and equipment | 6,782 | 8,090 | 14,872 | 0 | 14,872 | ||||||||||||||||||||||||
Accrued interest receivable | 4,138 | — | 4,138 | — | 4,138 | ||||||||||||||||||||||||
Deferred income taxes | 2,017 | (3,298) | (1,281) | 311 | (970) | ||||||||||||||||||||||||
Core deposits and other intangible assets | 269 | (269) | — | — | — | ||||||||||||||||||||||||
Other assets | 24,883 | (4,278) | 20,605 | (116) | 20,489 | ||||||||||||||||||||||||
Total Assets Acquired | 1,137,088 | (16,753) | 1,120,335 | (2,182) | 1,118,153 | ||||||||||||||||||||||||
Fair Value of Liabilities Assumed | |||||||||||||||||||||||||||||
Deposits | 966,263 | 1,002 | 967,265 | — | 967,265 | ||||||||||||||||||||||||
Borrowings | 37,617 | (276) | 37,341 | (257) | 37,084 | ||||||||||||||||||||||||
Accrued interest payable and other liabilities | 11,157 | (3,184) | 7,973 | (122) | 7,851 | ||||||||||||||||||||||||
Total Liabilities Assumed | 1,015,037 | (2,458) | 1,012,579 | (379) | 1,012,200 | ||||||||||||||||||||||||
Total Net Assets Acquired | $ | 122,051 | $ | (14,295) | $ | 107,756 | $ | (1,803) | $ | 105,953 | |||||||||||||||||||
Core Deposit Intangible Asset | $ | 7,288 | $ | 0 | $ | 7,288 | |||||||||||||||||||||||
Wealth Management Intangible Asset | 1,772 | 0 | 1,772 | ||||||||||||||||||||||||||
Total Fair Value of Net Assets Acquired and Identified | $ | 116,816 | $ | (1,803) | $ | 115,013 | |||||||||||||||||||||||
Consideration Paid | |||||||||||||||||||||||||||||
Cash | $ | 360 | $ | — | $ | 360 | |||||||||||||||||||||||
Common stock | 200,631 | — | 200,631 | ||||||||||||||||||||||||||
Fair Value of Total Consideration | $ | 200,991 | $ | — | $ | 200,991 | |||||||||||||||||||||||
Goodwill | $ | 84,175 | $ | 1,803 | $ | 85,978 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands, except share and per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Numerator for Earnings per Common Share—Basic: | |||||||||||||||||
Net income | $ | 21,040 | $ | 98,234 | $ | 105,334 | |||||||||||
Less: Income allocated to participating shares | 68 | 260 | 304 | ||||||||||||||
Net Income Allocated to Common Shareholders | $ | 20,972 | $ | 97,974 | $ | 105,030 | |||||||||||
Numerator for Earnings per Common Share—Diluted: | |||||||||||||||||
Net income | $ | 21,040 | $ | 98,234 | $ | 105,334 | |||||||||||
Denominators: | |||||||||||||||||
Weighted Average Common Shares Outstanding—Basic | 39,070,439 | 34,628,191 | 34,775,784 | ||||||||||||||
Add: Dilutive potential common shares | 43,193 | 94,763 | 199,625 | ||||||||||||||
Denominator for Treasury Stock Method—Diluted | 39,113,632 | 34,722,954 | 34,975,409 | ||||||||||||||
Weighted Average Common Shares Outstanding—Basic | 39,070,439 | 34,628,191 | 34,775,784 | ||||||||||||||
Add: Average participating shares outstanding | 2,780 | 51,287 | 100,733 | ||||||||||||||
Denominator for Two-Class Method—Diluted | 39,073,219 | 34,679,478 | 34,876,517 | ||||||||||||||
Earnings per common share—basic | $ | 0.54 | $ | 2.84 | $ | 3.03 | |||||||||||
Earnings per common share—diluted | $ | 0.53 | $ | 2.82 | $ | 3.01 | |||||||||||
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019(1) | 0 | 0 | 267,106 | ||||||||||||||
Restricted stock considered anti-dilutive excluded from dilutive potential common shares | 1,242 | 12,686 | 81,587 |
Years ended December 31, | |||||||||||
(dollars in thousands, except share and per share data) | 2017 | 2016 | 2015 | ||||||||
Numerator for Earnings per Common Share—Basic: | |||||||||||
Net income | $ | 72,968 | $ | 71,392 | $ | 67,081 | |||||
Less: Income allocated to participating shares | 242 | 225 | 280 | ||||||||
Net Income Allocated to Common Shareholders | $ | 72,726 | $ | 71,167 | $ | 66,801 | |||||
Numerator for Earnings per Common Share—Diluted: | |||||||||||
Net income | $ | 72,968 | $ | 71,392 | $ | 67,081 | |||||
Denominators: | |||||||||||
Weighted Average Common Shares Outstanding—Basic | 34,729,376 | 34,677,738 | 33,812,990 | ||||||||
Add: Dilutive potential common shares | 225,391 | 95,432 | 35,092 | ||||||||
Denominator for Treasury Stock Method—Diluted | 34,954,767 | 34,773,170 | 33,848,082 | ||||||||
Weighted Average Common Shares Outstanding—Basic | 34,729,376 | 34,677,738 | 33,812,990 | ||||||||
Add: Average participating shares outstanding | 115,418 | 109,755 | 141,558 | ||||||||
Denominator for Two-Class Method—Diluted | 34,844,794 | 34,787,493 | 33,954,548 | ||||||||
Earnings per common share—basic | $ | 2.10 | $ | 2.06 | $ | 1.98 | |||||
Earnings per common share—diluted | $ | 2.09 | $ | 2.05 | $ | 1.98 | |||||
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019 | 438,681 | 517,012 | 517,012 | ||||||||
Restricted stock considered anti-dilutive excluded from dilutive potential common shares | 88,578 | 116,749 | 106,466 |
December 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 0 | $ | 10,282 | $ | 0 | $ | 10,282 | |||||||||||||||
Obligations of U.S. government corporations and agencies | 0 | 82,904 | 0 | 82,904 | |||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 0 | 209,296 | 0 | 209,296 | |||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 0 | 67,778 | 0 | 67,778 | |||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 0 | 273,681 | 0 | 273,681 | |||||||||||||||||||
Corporate obligations | 0 | 2,025 | 0 | 2,025 | |||||||||||||||||||
Obligations of states and political subdivisions | 0 | 124,427 | 0 | 124,427 | |||||||||||||||||||
Total Debt Securities Available-for-Sale | 0 | 770,393 | 0 | 770,393 | |||||||||||||||||||
Marketable equity securities | 3,228 | 72 | 0 | 3,300 | |||||||||||||||||||
Total Securities | 3,228 | 770,465 | 0 | 773,693 | |||||||||||||||||||
Securities held in a deferred compensation plan | 6,794 | 0 | 0 | 6,794 | |||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps | 0 | 78,319 | 0 | 78,319 | |||||||||||||||||||
Interest rate lock commitments | 0 | 0 | 2,900 | 2,900 | |||||||||||||||||||
Total Assets | $ | 10,022 | $ | 848,784 | $ | 2,900 | $ | 861,706 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | 0 | $ | 79,033 | $ | 0 | $ | 79,033 | |||||||||||||||
Forward sale contracts | 0 | 385 | 0 | 385 | |||||||||||||||||||
Total Liabilities | $ | 0 | $ | 79,418 | $ | 0 | $ | 79,418 |
December 31, 2019 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 0 | $ | 10,040 | $ | 0 | $ | 10,040 | |||||||||||||||
Obligations of U.S. government corporations and agencies | 0 | 157,697 | 0 | 157,697 | |||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 0 | 189,348 | 0 | 189,348 | |||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 0 | 22,418 | 0 | 22,418 | |||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 0 | 275,870 | 0 | 275,870 | |||||||||||||||||||
Corporate obligations | 0 | 7,627 | 0 | 7,627 | |||||||||||||||||||
Obligations of states and political subdivisions | 0 | 116,133 | 0 | 116,133 | |||||||||||||||||||
Total Debt Securities Available-for-Sale | 0 | 779,133 | 0 | 779,133 | |||||||||||||||||||
Marketable equity securities | 5,078 | 72 | 0 | 5,150 | |||||||||||||||||||
Total Securities | 5,078 | 779,205 | 0 | 784,283 | |||||||||||||||||||
Securities held in a deferred compensation plan | 5,987 | 0 | 0 | 5,987 | |||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps | 0 | 25,647 | 0 | 25,647 | |||||||||||||||||||
Interest rate lock commitments | 0 | 321 | 0 | 321 | |||||||||||||||||||
Forward sale contracts | 0 | 1 | 0 | 1 | |||||||||||||||||||
Total Assets | $ | 11,065 | $ | 805,174 | $ | 0 | $ | 816,239 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | 0 | $ | 25,615 | $ | 0 | $ | 25,615 | |||||||||||||||
Total Liabilities | $ | 0 | $ | 25,615 | $ | 0 | $ | 25,615 |
December 31, 2017 | |||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
ASSETS | |||||||||||||||
Securities available-for-sale: | |||||||||||||||
U.S. Treasury securities | $ | — | $ | 19,789 | $ | — | $ | 19,789 | |||||||
Obligations of U.S. government corporations and agencies | — | 162,193 | — | 162,193 | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 108,688 | — | 108,688 | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 32,854 | — | 32,854 | |||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 242,221 | — | 242,221 | |||||||||||
Obligations of states and political subdivisions | — | 127,402 | — | 127,402 | |||||||||||
Marketable equity securities | — | 5,144 | — | 5,144 | |||||||||||
Total securities available-for-sale | — | 698,291 | — | 698,291 | |||||||||||
Trading securities held in a Rabbi Trust | 5,080 | — | — | 5,080 | |||||||||||
Total securities | 5,080 | 698,291 | — | 703,371 | |||||||||||
Derivative financial assets: | |||||||||||||||
Interest rate swaps | — | 3,074 | — | 3,074 | |||||||||||
Interest rate lock commitments | — | 226 | — | 226 | |||||||||||
Total Assets | $ | 5,080 | $ | 701,591 | $ | — | $ | 706,671 | |||||||
LIABILITIES | |||||||||||||||
Derivative financial liabilities: | |||||||||||||||
Interest rate swaps | $ | — | $ | 3,055 | $ | — | $ | 3,055 | |||||||
Forward sale contracts | — | 5 | — | 5 | |||||||||||
Total Liabilities | $ | — | $ | 3,060 | $ | — | $ | 3,060 |
December 31, 2016 | |||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
ASSETS | |||||||||||||||
Securities available-for-sale: | |||||||||||||||
U.S. Treasury securities | $ | — | $ | 24,811 | $ | — | $ | 24,811 | |||||||
Obligations of U.S. government corporations and agencies | — | 232,179 | — | 232,179 | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 129,777 | — | 129,777 | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 37,358 | — | 37,358 | |||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 125,604 | — | 125,604 | |||||||||||
Obligations of states and political subdivisions | — | 132,509 | — | 132,509 | |||||||||||
Marketable equity securities | — | 11,249 | — | 11,249 | |||||||||||
Total securities available-for-sale | — | 693,487 | — | 693,487 | |||||||||||
Trading securities held in a Rabbi Trust | 4,410 | — | — | 4,410 | |||||||||||
Total securities | 4,410 | 693,487 | — | 697,897 | |||||||||||
Derivative financial assets: | |||||||||||||||
Interest rate swaps | — | 6,960 | — | 6,960 | |||||||||||
Interest rate lock commitments | — | 236 | — | 236 | |||||||||||
Total Assets | $ | 4,410 | $ | 700,683 | $ | — | $ | 705,093 | |||||||
LIABILITIES | |||||||||||||||
Derivative financial liabilities: | |||||||||||||||
Interest rate swaps | $ | — | $ | 6,958 | $ | — | $ | 6,958 | |||||||
Forward sale contracts | — | 27 | — | 27 | |||||||||||
Total Liabilities | $ | — | $ | 6,985 | $ | — | $ | 6,985 |
December 31, 2020 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) (2) (3) | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Loans individually evaluated | $ | 67,402 | Collateral method | Appraisal adjustment | 0% | - | 47% | 16.90% | ||||||||||||||||||||||||||||||
Other real estate owned | 1,953 | Collateral method | Costs to sell | 4% | - | 7.00% | 4.92% | |||||||||||||||||||||||||||||||
Mortgage servicing rights | 4,976 | Discounted cash flow method | Discount rate | 9.24% | - | 12.55% | 9.42% | |||||||||||||||||||||||||||||||
Constant prepayment rates | 8.82% | - | 14.58% | 13.37% | ||||||||||||||||||||||||||||||||||
Loans held for sale | 586 | Collateral method | none | NA | NA | |||||||||||||||||||||||||||||||||
Total Assets | $ | 74,917 | ||||||||||||||||||||||||||||||||||||
December 31, 2019 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) (2) (3) | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Loans individually evaluated | $ | 38,697 | Collateral method | Appraisal adjustment | 0% | - | 20% | 8.55% | ||||||||||||||||||||||||||||||
Discounted cash flow method | Discount rate | 4.75% | - | 5.50% | 5.28% | |||||||||||||||||||||||||||||||||
Other real estate owned | 3,231 | Collateral method | Costs to sell | 7.00% | 7.00% | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | 1,134 | Discounted cash flow method | Discount rate | 9.39% | - | 12.54% | 9.49% | |||||||||||||||||||||||||||||||
Constant prepayment rates | 7.46% | - | 12.74% | 9.73% | ||||||||||||||||||||||||||||||||||
Total Assets | $ | 43,062 | ||||||||||||||||||||||||||||||||||||
(1)Weighted averages for loans individually evaluated were weighted by loan amounts. (2)Weighted averages for other real estate owned were weighted by OREO balances. (3)Weighted averages for mortgage services rights discount rate and prepayment rates were weighted based on note rate tranches. |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,802 | $ | 1,802 | |||||||||||||||
Impaired loans | — | — | 6,759 | 6,759 | — | — | 10,329 | 10,329 | |||||||||||||||||||||||
Other real estate owned | — | — | 444 | 444 | — | — | 396 | 396 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 178 | 178 | — | — | 538 | 538 | |||||||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 7,381 | $ | 7,381 | $ | — | $ | — | $ | 13,065 | $ | 13,065 |
Fair Value Measurements at December 31, 2017 | Fair Value Measurements at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3 | (dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 117,152 | $ | 117,152 | $ | 117,152 | $ | — | $ | — | Cash and due from banks, including interest-bearing deposits | $ | 229,666 | $ | 229,666 | $ | 229,666 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Securities available-for-sale | 698,291 | 698,291 | — | 698,291 | — | |||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | 773,693 | 773,693 | 3,228 | 770,465 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 4,485 | 4,583 | — | — | 4,583 | Loans held for sale | 18,528 | 18,528 | 0 | 0 | 18,528 | |||||||||||||||||||||||||||||||||||||
Portfolio loans, net of unearned income | 5,761,449 | 5,690,292 | — | — | 5,690,292 | |||||||||||||||||||||||||||||||||||||||||||
Portfolio loans, net | Portfolio loans, net | 7,108,248 | 7,028,446 | 0 | 0 | 7,028,446 | ||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 72,150 | 72,150 | — | 72,150 | — | Bank owned life insurance | 82,303 | 82,303 | 0 | 82,303 | 0 | |||||||||||||||||||||||||||||||||||||
FHLB and other restricted stock | 29,270 | 29,270 | — | — | 29,270 | FHLB and other restricted stock | 13,030 | 13,030 | 0 | 0 | 13,030 | |||||||||||||||||||||||||||||||||||||
Trading securities held in a Rabbi Trust | 5,080 | 5,080 | 5,080 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Collateral receivable | Collateral receivable | 77,936 | 77,936 | 77,936 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | Securities held in a deferred compensation plan | 6,794 | 6,794 | 6,794 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 4,133 | 4,571 | — | — | 4,571 | Mortgage servicing rights | 4,976 | 4,976 | 0 | 0 | 4,976 | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | 3,074 | 3,074 | — | 3,074 | — | Interest rate swaps | 78,319 | 78,319 | 0 | 78,319 | 0 | |||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | 226 | 226 | — | 226 | — | Interest rate lock commitments | 2,900 | 2,900 | 0 | 0 | 2,900 | |||||||||||||||||||||||||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 5,427,891 | $ | 5,426,928 | $ | — | $ | — | $ | 5,426,928 | Deposits | $ | 7,420,538 | $ | 7,422,894 | $ | 6,033,075 | $ | 1,389,819 | $ | 0 | |||||||||||||||||||||||||||
Securities sold under repurchase agreements | 50,161 | 50,161 | — | — | 50,161 | Securities sold under repurchase agreements | 65,163 | 65,163 | 65,163 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Short-term borrowings | 540,000 | 540,000 | — | — | 540,000 | Short-term borrowings | 75,000 | 75,000 | 75,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Long-term borrowings | 47,301 | 47,618 | — | — | 47,618 | Long-term borrowings | 23,681 | 24,545 | 4,494 | 20,051 | 0 | |||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | Junior subordinated debt securities | 64,083 | 64,083 | 64,083 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | 3,055 | 3,055 | — | 3,055 | — | Interest rate swaps | 79,033 | 79,033 | 0 | 79,033 | 0 | |||||||||||||||||||||||||||||||||||||
Forward sale contracts | 5 | 5 | — | 5 | — | Forward sale contracts | 385 | 385 | 0 | 385 | 0 |
Fair Value Measurements at December 31, 2019 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 197,823 | $ | 197,823 | $ | 197,823 | $ | 0 | $ | 0 | |||||||||||||||||||
Securities | 784,283 | 784,283 | 5,078 | 779,205 | 0 | ||||||||||||||||||||||||
Loans held for sale | 5,256 | 5,256 | 0 | 0 | 5,256 | ||||||||||||||||||||||||
Portfolio loans, net | 7,074,928 | 6,940,875 | 0 | 0 | 6,940,875 | ||||||||||||||||||||||||
Bank owned life insurance | 80,473 | 80,473 | 0 | 80,473 | 0 | ||||||||||||||||||||||||
FHLB and other restricted stock | 22,977 | 22,977 | 0 | 0 | 22,977 | ||||||||||||||||||||||||
Securities held in a deferred compensation plan | 5,987 | 5,987 | 5,987 | 0 | 0 | ||||||||||||||||||||||||
Mortgage servicing rights | 4,662 | 4,650 | 0 | 0 | 4,650 | ||||||||||||||||||||||||
Interest rate swaps | 25,647 | 25,647 | 0 | 25,647 | 0 | ||||||||||||||||||||||||
Interest rate lock commitments | 321 | 321 | 0 | 321 | 0 | ||||||||||||||||||||||||
Forward sale contracts | 1 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits | $ | 7,036,576 | $ | 7,034,595 | $ | 5,441,143 | $ | 1,593,452 | $ | 0 | |||||||||||||||||||
Securities sold under repurchase agreements | 19,888 | 19,888 | 19,888 | 0 | 0 | ||||||||||||||||||||||||
Short-term borrowings | 281,319 | 281,319 | 281,319 | 0 | 0 | ||||||||||||||||||||||||
Long-term borrowings | 50,868 | 51,339 | 4,678 | 46,661 | 0 | ||||||||||||||||||||||||
Junior subordinated debt securities | 64,277 | 64,277 | 64,277 | 0 | 0 | ||||||||||||||||||||||||
Interest rate swaps | 25,615 | 25,615 | 0 | 25,615 | 0 | ||||||||||||||||||||||||
Fair Value Measurements at December 31, 2016 | |||||||||||||||||||
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 139,486 | $ | 139,486 | $ | 139,486 | $ | — | $ | — | |||||||||
Securities available-for-sale | 693,487 | 693,487 | — | 693,487 | — | ||||||||||||||
Loans held for sale | 3,793 | 3,815 | — | — | 3,815 | ||||||||||||||
Portfolio loans, net of unearned income | 5,611,419 | 5,551,266 | — | — | 5,551,266 | ||||||||||||||
Bank owned life insurance | 72,081 | 72,081 | — | 72,081 | — | ||||||||||||||
FHLB and other restricted stock | 31,817 | 31,817 | — | — | 31,817 | ||||||||||||||
Trading securities held in a Rabbi Trust | 4,410 | 4,410 | 4,410 | — | — | ||||||||||||||
Mortgage servicing rights | 3,744 | 4,098 | — | — | 4,098 | ||||||||||||||
Interest rate swaps | 6,960 | 6,960 | — | 6,960 | — | ||||||||||||||
Interest rate lock commitments | 236 | 236 | — | 236 | — | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | 5,272,377 | $ | 5,276,499 | $ | — | $ | — | $ | 5,276,499 | |||||||||
Securities sold under repurchase agreements | 50,832 | 50,832 | — | — | 50,832 | ||||||||||||||
Short-term borrowings | 660,000 | 660,000 | — | — | 660,000 | ||||||||||||||
Long-term borrowings | 14,713 | 15,267 | — | — | 15,267 | ||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | ||||||||||||||
Interest rate swaps | 6,958 | 6,958 | — | 6,958 | — | ||||||||||||||
Forward sale contracts | 27 | 27 | — | 27 | — |
December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||||||||
Debt securities available-for-sale | $ | 770,393 | $ | 779,133 | |||||||||||||
Marketable equity securities | 3,300 | 5,150 | |||||||||||||||
Total Securities | $ | 773,693 | $ | 784,283 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. Treasury securities | $ | 19,943 | $ | — | $ | (154 | ) | $ | 19,789 | $ | 24,891 | $ | 47 | $ | (127 | ) | $ | 24,811 | |||||||||||||
Obligations of U.S. government corporations and agencies | 162,045 | 341 | (193 | ) | 162,193 | 230,989 | 1,573 | (383 | ) | 232,179 | |||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 109,916 | 93 | (1,321 | ) | 108,688 | 130,046 | 465 | (734 | ) | 129,777 | |||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 32,388 | 679 | (213 | ) | 32,854 | 36,606 | 984 | (232 | ) | 37,358 | |||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies(1) | 244,018 | 247 | (2,044 | ) | 242,221 | 127,311 | 243 | (1,950 | ) | 125,604 | |||||||||||||||||||||
Obligations of states and political subdivisions | 123,159 | 4,285 | (42 | ) | 127,402 | 128,783 | 3,772 | (46 | ) | 132,509 | |||||||||||||||||||||
Debt Securities | 691,469 | 5,645 | (3,967 | ) | 693,147 | 678,626 | 7,084 | (3,472 | ) | 682,238 | |||||||||||||||||||||
Marketable equity securities | 3,815 | 1,330 | (1 | ) | 5,144 | 7,579 | 3,670 | — | 11,249 | ||||||||||||||||||||||
Total | $ | 695,284 | $ | 6,975 | $ | (3,968 | ) | $ | 698,291 | $ | 686,205 | $ | 10,754 | $ | (3,472 | ) | $ | 693,487 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 9,980 | $ | 302 | $ | 0 | $ | 10,282 | $ | 9,969 | $ | 71 | $ | 0 | $ | 10,040 | |||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 78,755 | 4,149 | 0 | 82,904 | 155,969 | 1,773 | (45) | 157,697 | |||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 202,975 | 6,410 | (89) | 209,296 | 186,879 | 2,773 | (304) | 189,348 | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 66,960 | 818 | 0 | 67,778 | 22,120 | 321 | (23) | 22,418 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 258,875 | 14,806 | 0 | 273,681 | 273,771 | 2,680 | (581) | 275,870 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Obligations | 2,021 | 5 | (1) | 2,025 | 7,603 | 24 | 0 | 7,627 | |||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 117,439 | 6,988 | 0 | 124,427 | 112,116 | 4,017 | 0 | 116,133 | |||||||||||||||||||||||||||||||||||||||||||||
Total Debt Securities Available-for-Sale | $ | 737,005 | $ | 33,478 | $ | (90) | $ | 770,393 | $ | 768,427 | $ | 11,659 | $ | (953) | $ | 779,133 |
Years ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Gross realized gains | $ | 3,986 | $ | — | $ | — | |||||
Gross realized losses | (986 | ) | — | (34 | ) | ||||||
Net Realized (Losses) Gains | $ | 3,000 | $ | — | $ | (34 | ) |
Years ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Gross realized gains | $ | 219 | $ | 41 | $ | 0 | ||||||||||||||||||||
Gross realized losses | (77) | (67) | 0 | |||||||||||||||||||||||
Net Realized Gains/(Losses) | $ | 142 | $ | (26) | $ | 0 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars��in thousands) | (dollars��in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 3 | $ | 19,789 | $ | (154 | ) | — | $ | — | $ | — | 3 | $ | 19,789 | $ | (154 | ) | U.S. Treasury securities | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 9 | 63,635 | (144 | ) | 1 | 10,017 | (49 | ) | 10 | 73,652 | (193 | ) | Obligations of U.S. government corporations and agencies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 7 | 47,465 | (248 | ) | 7 | 45,809 | (1,073 | ) | 14 | 93,274 | (1,321 | ) | Collateralized mortgage obligations of U.S. government corporations and agencies | 2 | 35,697 | (89) | 0 | 0 | 0 | 2 | 35,697 | (89) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 1 | 2,333 | (10 | ) | 2 | 8,638 | (203 | ) | 3 | 10,971 | (213 | ) | Residential mortgage-backed securities of U.S. government corporations and agencies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 14 | 128,300 | (775 | ) | 5 | 48,746 | (1,269 | ) | 19 | 177,046 | (2,044 | ) | Commercial mortgage-backed securities of U.S. government corporations and agencies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Obligations | Corporate Obligations | 1 | 499 | (1) | 0 | 0 | 0 | 1 | 499 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2 | 10,330 | (42 | ) | — | — | — | 2 | 10,330 | (42 | ) | Obligations of states and political subdivisions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities | 36 | 271,852 | (1,373 | ) | 15 | 113,210 | (2,594 | ) | 51 | 385,062 | (3,967 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 1 | 70 | (1 | ) | — | — | — | 1 | 70 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Temporarily Impaired Securities | 37 | $ | 271,922 | �� | $ | (1,374 | ) | 15 | $ | 113,210 | $ | (2,594 | ) | 52 | $ | 385,132 | $ | (3,968 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 3 | $ | 36,196 | $ | (90) | 0 | $ | 0 | $ | 0 | 3 | $ | 36,196 | $ | (90) |
December 31, 2016 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | |||||||||||||||||||||||
U.S. Treasury securities | 1 | $ | 9,811 | $ | (127 | ) | — | $ | — | $ | — | 1 | $ | 9,811 | $ | (127 | ) | |||||||||||||||
Obligations of U.S. government corporations and agencies | 7 | 62,483 | (383 | ) | — | — | — | 7 | 62,483 | (383 | ) | |||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 10 | 83,031 | (734 | ) | — | — | — | 10 | 83,031 | (734 | ) | |||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 2 | 10,022 | (232 | ) | — | — | — | 2 | 10,022 | (232 | ) | |||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 10 | 96,576 | (1,950 | ) | — | — | — | 10 | 96,576 | (1,950 | ) | |||||||||||||||||||||
Obligations of states and political subdivisions | 1 | 5,577 | (46 | ) | — | — | — | 1 | 5,577 | (46 | ) | |||||||||||||||||||||
Debt Securities | 31 | 267,500 | (3,472 | ) | — | — | — | 31 | 267,500 | (3,472 | ) | |||||||||||||||||||||
Marketable equity securities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total Temporarily Impaired Securities | 31 | $ | 267,500 | $ | (3,472 | ) | — | $ | — | $ | — | 31 | $ | 267,500 | $ | (3,472 | ) |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 3 | 22,638 | (45) | 0 | 0 | 0 | 3 | 22,638 | (45) | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 6 | 23,393 | (73) | 6 | 25,254 | (231) | 12 | 48,647 | (304) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 1 | 982 | (2) | 1 | 2,534 | (21) | 2 | 3,516 | (23) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 9 | 90,005 | (581) | 0 | 0 | 0 | 9 | 90,005 | (581) | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Obligations (1) | 1 | 79 | 0 | 0 | 0 | 0 | 1 | 79 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 20 | $ | 137,097 | $ | (701) | 7 | $ | 27,788 | $ | (252) | 27 | $ | 164,885 | $ | (953) | ||||||||||||||||||||||||||||||||||||||
(1) Unrealized loss on Corporate Obligations rounded to less than one thousand dollars. |
December 31, 2017 | December 31, 2016 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains (Losses) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains (Losses) | (dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains (Losses) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||||||
Total unrealized gains (losses) on securities available for sale | $ | 6,975 | $ | (3,968 | ) | $ | 3,007 | $ | 10,754 | $ | (3,472 | ) | $ | 7,282 | ||||||||||||||||||||||||||||||||||||||||||||
Total unrealized gains/(losses) on debt securities available-for-sale | Total unrealized gains/(losses) on debt securities available-for-sale | $ | 33,478 | $ | (90) | $ | 33,388 | $ | 11,659 | $ | (953) | $ | 10,706 | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (2,450 | ) | 1,394 | (1,056 | ) | (3,776 | ) | 1,219 | (2,557 | ) | Income tax (expense) benefit | (7,128) | 19 | (7,109) | (2,486) | 203 | (2,283) | |||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses), net of tax included in accumulated other comprehensive income(loss) | $ | 4,525 | $ | (2,574 | ) | $ | 1,951 | $ | 6,978 | $ | (2,253 | ) | $ | 4,725 | ||||||||||||||||||||||||||||||||||||||||||||
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) | Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) | $ | 26,350 | $ | (71) | $ | 26,279 | $ | 9,173 | $ | (750) | $ | 8,423 |
December 31, 2017 | December 31, 2020 | |||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | (dollars in thousands) | Amortized Cost | Fair Value | |||||||||||||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | |||||||||||||||||
Due in one year or less | $ | 58,501 | $ | 58,438 | Due in one year or less | $ | 40,495 | $ | 41,006 | |||||||||
Due after one year through five years | 141,646 | 142,859 | Due after one year through five years | 103,119 | 109,043 | |||||||||||||
Due after five years through ten years | 70,584 | 72,132 | Due after five years through ten years | 41,370 | 43,765 | |||||||||||||
Due after ten years | 34,416 | 35,955 | Due after ten years | 21,190 | 23,799 | |||||||||||||
305,147 | 309,384 | |||||||||||||||||
Debt Securities Available-for-Sale With Maturities | Debt Securities Available-for-Sale With Maturities | 206,174 | 217,613 | |||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 109,916 | 108,688 | Collateralized mortgage obligations of U.S. government corporations and agencies | 202,975 | 209,296 | |||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 32,388 | 32,854 | Residential mortgage-backed securities of U.S. government corporations and agencies | 66,960 | 67,778 | |||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 244,018 | 242,221 | Commercial mortgage-backed securities of U.S. government corporations and agencies | 258,875 | 273,681 | |||||||||||||
Debt Securities | 691,469 | 693,147 | ||||||||||||||||
Marketable equity securities | 3,815 | 5,144 | ||||||||||||||||
Total | $ | 695,284 | $ | 698,291 | ||||||||||||||
Corporate Obligations | Corporate Obligations | 2,021 | 2,025 | |||||||||||||||
Total Debt Securities Available-for-Sale | Total Debt Securities Available-for-Sale | $ | 737,005 | $ | 770,393 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Marketable Equity Securities | |||||||||||||||||
Net market (losses)/gains recognized | $ | (500) | $ | 334 | $ | (328) | |||||||||||
Less: Net gains recognized for equity securities sold | 142 | 0 | 0 | ||||||||||||||
Unrealized (Losses)/Gains on Equity Securities Still Held | $ | (642) | $ | 334 | $ | (328) |
December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Commercial | Commercial | |||||||||||||||||
Commercial real estate | $ | 2,685,994 | $ | 2,498,476 | Commercial real estate | $ | 2,791,947 | $ | 3,059,592 | |||||||||
Commercial and industrial | 1,433,266 | 1,401,035 | Commercial and industrial | 1,559,552 | 1,480,529 | |||||||||||||
Commercial construction | 384,334 | 455,884 | Commercial construction | 466,077 | 370,060 | |||||||||||||
Business banking | Business banking | 1,160,067 | 846,790 | |||||||||||||||
Total Commercial Loans | 4,503,594 | 4,355,395 | Total Commercial Loans | 5,977,643 | 5,756,971 | |||||||||||||
Consumer | Consumer | |||||||||||||||||
Residential mortgage | 698,774 | 701,982 | ||||||||||||||||
Home equity | 487,326 | 482,284 | ||||||||||||||||
Installment and other consumer | 67,204 | 65,852 | ||||||||||||||||
Consumer construction | 4,551 | 5,906 | ||||||||||||||||
Consumer Real Estate | Consumer Real Estate | 1,167,332 | 1,295,207 | |||||||||||||||
Other Consumer | Other Consumer | 80,885 | 84,974 | |||||||||||||||
Total Consumer Loans | 1,257,855 | 1,256,024 | Total Consumer Loans | 1,248,217 | 1,380,181 | |||||||||||||
Total Portfolio Loans | 5,761,449 | 5,611,419 | Total Portfolio Loans | 7,225,860 | 7,137,152 | |||||||||||||
Loans held for sale | 4,485 | 3,793 | Loans held for sale | 18,528 | 5,256 | |||||||||||||
Total Loans | $ | 5,765,934 | $ | 5,615,212 | ||||||||||||||
Total Loans(1) | Total Loans(1) | $ | 7,244,388 | $ | 7,142,408 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | Performing TDRs | Nonperforming TDRs | Total TDRs | |||||||||||||||||
Commercial real estate | $ | 2,579 | $ | 967 | $ | 3,546 | $ | 2,994 | $ | 646 | $ | 3,640 | |||||||||||
Commercial and industrial | 3,946 | 3,197 | 7,143 | 1,387 | 4,493 | 5,880 | |||||||||||||||||
Commercial construction | 2,420 | 2,413 | 4,833 | 2,966 | 430 | 3,396 | |||||||||||||||||
Residential mortgage | 2,039 | 3,585 | 5,624 | 2,375 | 5,068 | 7,443 | |||||||||||||||||
Home equity | 3,885 | 979 | 4,864 | 3,683 | 954 | 4,637 | |||||||||||||||||
Installment and other consumer | 32 | 9 | 41 | 18 | 7 | 25 | |||||||||||||||||
Total | $ | 14,901 | $ | 11,150 | $ | 26,051 | $ | 13,423 | $ | 11,598 | $ | 25,021 |
December 31, 2020 | |||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | ||||||||||||||
Commercial real estate | $ | 14 | $ | 16,654 | $ | 16,668 | |||||||||||
Commercial and industrial | 7,090 | 9,885 | 16,975 | ||||||||||||||
Commercial construction | 3,267 | 0 | 3,267 | ||||||||||||||
Business banking | 1,503 | 430 | 1,933 | ||||||||||||||
Consumer real estate | 5,581 | 2,319 | 7,900 | ||||||||||||||
Other consumer | 5 | 0 | 5 | ||||||||||||||
Total(1) | $ | 17,460 | $ | 29,289 | $ | 46,748 |
December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | ||||||||||||||
Commercial real estate | $ | 22,233 | $ | 6,713 | $ | 28,946 | |||||||||||
Commercial and industrial | 6,909 | 695 | 7,604 | ||||||||||||||
Commercial construction | 1,425 | 0 | 1,425 | ||||||||||||||
Residential mortgage | 2,013 | 822 | 2,835 | ||||||||||||||
Home equity | 4,371 | 678 | 5,049 | ||||||||||||||
Other consumer | 9 | 4 | 13 | ||||||||||||||
Total | $ | 36,960 | $ | 8,912 | $ | 45,872 |
2020 | |||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||||||
Totals by Loan Segment | |||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||
Payment deferral | 1 | 5,292 | 4,791 | (501) | |||||||||||||||||||
Total Commercial Real Estate | 1 | 5,292 | 4,791 | (501) | |||||||||||||||||||
Business Banking | |||||||||||||||||||||||
Maturity date extension | 1 | 333 | 165 | (168) | |||||||||||||||||||
Total Business Banking | 1 | 333 | 165 | (168) | |||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||
Maturity date extension | 1 | 11,195 | 9,605 | (1,590) | |||||||||||||||||||
Maturity date extension and interest rate reduction | 1 | 3,735 | 3,735 | 0 | |||||||||||||||||||
Payment delay and below market interest rate | 2 | 362 | 354 | (8) | |||||||||||||||||||
Payment deferral | 1 | 93 | 22 | (71) | |||||||||||||||||||
Total Commercial and Industrial | 5 | 15,385 | 13,716 | (1,669) | |||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||
Maturity date extension | 3 | 2,592 | 2,329 | (263) | |||||||||||||||||||
Total Commercial Construction | 3 | 2,592 | 2,329 | (263) | |||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||
Consumer bankruptcy(2) | 22 | 988 | 956 | (32) | |||||||||||||||||||
Maturity date extension and reduction in payment | 6 | 670 | 660 | (10) | |||||||||||||||||||
Payment deferral | 1 | 30 | 29 | (1) | |||||||||||||||||||
Total Consumer Real Estate | 29 | 1,688 | 1,645 | (43) | |||||||||||||||||||
Other Consumer | |||||||||||||||||||||||
Consumer bankruptcy(2) | 1 | 5 | 4 | (1) | |||||||||||||||||||
Total Other Consumer | 1 | $ | 5 | $ | 4 | $ | (1) | ||||||||||||||||
Totals by Concession Type | |||||||||||||||||||||||
Payment deferral | 3 | 5,415�� | 4,842 | (573) | |||||||||||||||||||
Maturity date extension | 5 | 14,120 | 12,099 | (2,021) | |||||||||||||||||||
Maturity date extension and interest rate reduction | 1 | 3,735 | 3,735 | 0 | |||||||||||||||||||
Payment delay and below market interest rate | 2 | 362 | 354 | (8) | |||||||||||||||||||
Consumer bankruptcy(2) | 23 | 993 | 960 | (33) | |||||||||||||||||||
Maturity date extension and reduction in payment | 6 | 670 | 660 | (10) | |||||||||||||||||||
Total(3) | 40 | $ | 25,295 | $ | 22,650 | $ | (2,645) | ||||||||||||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. |
2017 | 2016 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | — | $ | — | $ | — | $ | — | 1 | $ | 709 | $ | 646 | $ | (63 | ) | ||||||||||||||
Interest Rate Reduction | — | — | — | — | 1 | 250 | 242 | (8 | ) | ||||||||||||||||||||
Maturity date extension | 1 | 400 | 398 | (2 | ) | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Maturity date extension | 1 | 274 | 777 | 503 | 4 | 4,756 | 3,334 | (1,422 | ) | ||||||||||||||||||||
Maturity date extension and interest rate reduction | 2 | 1,800 | 1,805 | 5 | — | — | — | — | |||||||||||||||||||||
Principal deferral | 2 | 113 | 113 | — | 5 | 985 | 986 | 1 | |||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||
Maturity date extension | — | — | — | — | 3 | 1,251 | 1,151 | (100 | ) | ||||||||||||||||||||
Principal forgiveness | 2 | 1,996 | 1,996 | — | — | — | — | — | |||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | 33 | 31 | (2 | ) | 7 | 439 | 413 | (26 | ) | |||||||||||||||||||
Maturity date extension | — | — | — | — | 1 | 483 | 414 | (69 | ) | ||||||||||||||||||||
Maturity date extension and interest rate reduction | — | — | — | — | 1 | 280 | 279 | (1 | ) | ||||||||||||||||||||
Principal deferral | — | — | — | — | 1 | 3,273 | 3,133 | (140 | ) | ||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 21 | 689 | 643 | (46 | ) | 19 | 676 | 643 | (33 | ) | |||||||||||||||||||
Maturity date extension | 1 | 231 | 231 | — | 5 | 305 | 298 | (7 | ) | ||||||||||||||||||||
Maturity date extension and interest rate reduction | 1 | 173 | 113 | (60 | ) | 2 | 604 | 598 | (6 | ) | |||||||||||||||||||
Principal deferral | — | — | — | — | 1 | 47 | 45 | (2 | ) | ||||||||||||||||||||
Installment and other consumer | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 4 | 48 | 35 | (13 | ) | 2 | 16 | 10 | (6 | ) | |||||||||||||||||||
Total by Concession Type | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 26 | $ | 770 | $ | 709 | $ | (61 | ) | 29 | $ | 1,840 | $ | 1,712 | $ | (128 | ) | |||||||||||||
Interest rate reduction | — | — | — | — | 1 | 250 | 242 | (8 | ) | ||||||||||||||||||||
Maturity date extension | 3 | 905 | 1,406 | 501 | 13 | 6,795 | 5,197 | (1,598 | ) | ||||||||||||||||||||
Maturity date extension and interest rate reduction | 3 | 1,973 | 1,918 | (55 | ) | 3 | 884 | 877 | (7 | ) | |||||||||||||||||||
Principal deferral | 2 | 113 | 113 | — | 7 | 4,305 | 4,164 | (141 | ) | ||||||||||||||||||||
Principal forgiveness | 2 | 1,996 | 1,996 | — | — | — | — | — | |||||||||||||||||||||
Total | 36 | $ | 5,757 | $ | 6,142 | $ | 385 | 53 | $ | 14,074 | $ | 12,192 | $ | (1,882 | ) |
2019 | |||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||||||
Totals by Loan Segment | |||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||
Maturity date extension and interest rate reduction | 1 | 150 | 145 | (6) | |||||||||||||||||||
Principal deferral | 3 | 23,517 | 23,059 | (458) | |||||||||||||||||||
Principal deferral and maturity date extension | 1 | 436 | 436 | 0 | |||||||||||||||||||
Below market interest rate | 2 | 569 | 1,519 | 950 | |||||||||||||||||||
Total Commercial Real Estate | 7 | 24,672 | 25,159 | 486 | |||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||
Maturity date extension and interest rate reduction | 1 | 4,751 | 4,136 | (616) | |||||||||||||||||||
Principal deferral | 1 | 1,250 | 1,250 | 0 | |||||||||||||||||||
Principal deferral and maturity date extension | 1 | 292 | 275 | (17) | |||||||||||||||||||
Total Commercial and Industrial | 3 | 6,294 | 5,661 | (633) | |||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||
Principal deferral and maturity date extension | 3 | 183 | 183 | 0 | |||||||||||||||||||
Consumer bankruptcy(2) | 3 | 165 | 157 | (9) | |||||||||||||||||||
Total Residential Mortgage | 6 | 348 | 340 | (9) | |||||||||||||||||||
Home equity | |||||||||||||||||||||||
Principal deferral and maturity date extension | 2 | 39 | 39 | 0 | |||||||||||||||||||
Interest rate reduction | 2 | 190 | 188 | (2) | |||||||||||||||||||
Consumer bankruptcy(2) | 29 | 886 | 810 | (77) | |||||||||||||||||||
Total Home Equity | 33 | 1,116 | 1,037 | (79) | |||||||||||||||||||
Installment and Other Consumer | |||||||||||||||||||||||
Consumer bankruptcy(2) | 4 | 16 | 11 | (5) | |||||||||||||||||||
Total Installment and Other Consumer | 4 | $ | 16 | $ | 11 | $ | (5) | ||||||||||||||||
Totals by Concession Type | |||||||||||||||||||||||
Maturity date extension and interest rate reduction | 2 | 4,902 | 4,280 | (622) | |||||||||||||||||||
Principal deferral | 4 | 24,767 | 24,309 | (458) | |||||||||||||||||||
Principal deferral and Maturity date extension | 7 | 950 | 933 | (17) | |||||||||||||||||||
Interest rate reduction | 2 | 190 | 188 | (2) | |||||||||||||||||||
Below market interest rate | 2 | 569 | 1,519 | 950 | |||||||||||||||||||
Consumer bankruptcy(2) | 36 | 1,068 | 977 | (91) | |||||||||||||||||||
Total(3) | 53 | $ | 32,446 | $ | 32,206 | $ | (240) | ||||||||||||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. |
December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Nonperforming Assets | Nonperforming Assets | |||||||||||||||||
Nonaccrual loans | $ | 12,788 | $ | 31,037 | Nonaccrual loans | $ | 117,485 | $ | 45,145 | |||||||||
Nonaccrual TDRs | 11,150 | 11,598 | Nonaccrual TDRs | 29,289 | 8,912 | |||||||||||||
Total nonaccrual loans | 23,938 | 42,635 | Total nonaccrual loans | 146,774 | 54,057 | |||||||||||||
OREO | 469 | 679 | OREO | 2,155 | 3,525 | |||||||||||||
Total Nonperforming Assets | $ | 24,407 | $ | 43,314 | Total Nonperforming Assets | $ | 148,929 | $ | 57,582 |
2020 | 2019 | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | ||||||||||||||||
Balance at beginning of year | $ | 25,167 | $ | 24,517 | Balance at beginning of year | $ | 8,225 | $ | 8,682 | |||||||||
New loans | 25,203 | 22,740 | New loans | 3,343 | 2,442 | |||||||||||||
Repayments or no longer considered a related party | (40,300 | ) | (22,090 | ) | Repayments or no longer considered a related party | (5,239) | (2,899) | |||||||||||
$ | 10,070 | $ | 25,167 | |||||||||||||||
Balance at end of year | Balance at end of year | $ | 6,329 | $ | 8,225 |
December 31, 2017 | |||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non- performing | Total Past Due Loans | Total Loans | |||||||||||||||||
Commercial real estate | $ | 2,681,395 | $ | 997 | $ | 134 | $ | 3,468 | $ | 4,599 | $ | 2,685,994 | |||||||||||
Commercial and industrial | 1,426,754 | 420 | 446 | 5,646 | 6,512 | 1,433,266 | |||||||||||||||||
Commercial construction | 377,968 | 2,473 | 20 | 3,873 | 6,366 | 384,334 | |||||||||||||||||
Residential mortgage | 687,195 | 2,975 | 1,439 | 7,165 | 11,579 | 698,774 | |||||||||||||||||
Home equity | 480,956 | 2,065 | 590 | 3,715 | 6,370 | 487,326 | |||||||||||||||||
Installment and other consumer | 66,770 | 193 | 170 | 71 | 434 | 67,204 | |||||||||||||||||
Consumer construction | 4,551 | — | — | — | — | 4,551 | |||||||||||||||||
Loans held for sale | 4,485 | — | — | — | — | 4,485 | |||||||||||||||||
Total | $ | 5,730,074 | $ | 9,123 | $ | 2,799 | $ | 23,938 | $ | 35,860 | $ | 5,765,934 |
December 31, 2016 | |||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non- performing | Total Past Due Loans | Total Loans | |||||||||||||||||
Commercial real estate | $ | 2,479,513 | $ | 2,032 | $ | 759 | $ | 16,172 | $ | 18,963 | $ | 2,498,476 | |||||||||||
Commercial and industrial | 1,391,475 | 1,061 | 428 | 8,071 | 9,560 | 1,401,035 | |||||||||||||||||
Commercial construction | 450,410 | 547 | — | 4,927 | 5,474 | 455,884 | |||||||||||||||||
Residential mortgage | 689,635 | 1,312 | 1,117 | 9,918 | 12,347 | 701,982 | |||||||||||||||||
Home equity | 476,866 | 1,470 | 509 | 3,439 | 5,418 | 482,284 | |||||||||||||||||
Installment and other consumer | 65,525 | 176 | 43 | 108 | 327 | 65,852 | |||||||||||||||||
Consumer construction | 5,906 | — | — | — | — | 5,906 | |||||||||||||||||
Loans held for sale | 3,793 | — | — | — | — | 3,793 | |||||||||||||||||
Total | $ | 5,563,123 | $ | 6,598 | $ | 2,856 | $ | 42,635 | $ | 52,089 | $ | 5,615,212 |
December 31, 2017 | |||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||||||
Pass | $ | 2,588,847 | 96.4 | % | $ | 1,345,810 | 93.9 | % | $ | 368,105 | 95.8 | % | $ | 4,302,762 | 95.5 | % | |||||||||||
Special mention | 66,436 | 2.5 | % | 54,320 | 3.8 | % | 9,345 | 2.4 | % | 130,101 | 2.9 | % | |||||||||||||||
Substandard | 30,711 | 1.1 | % | 33,136 | 2.3 | % | 6,884 | 1.8 | % | 70,731 | 1.6 | % | |||||||||||||||
Total | $ | 2,685,994 | 100.0 | % | $ | 1,433,266 | 100.0 | % | $ | 384,334 | 100.0 | % | $ | 4,503,594 | 100.0 | % |
Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 334,086 | $ | 422,800 | $ | 394,963 | $ | 277,724 | $ | 307,321 | $ | 615,217 | $ | 46,330 | 0 | $ | 2,398,441 | ||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 35,499 | 10,200 | 22,502 | 55,174 | 75,022 | 0 | 0 | 198,397 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 17,259 | 12,781 | 19,914 | 50,700 | 83,792 | 1,500 | 0 | 185,946 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 645 | 0 | 0 | 1,989 | 6,529 | 0 | 0 | 9,163 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | Total Commercial Real Estate | 334,086 | 476,203 | 417,944 | 320,140 | 415,184 | 780,560 | 47,830 | 0 | 2,791,947 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | Commercial and Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 454,131 | 199,453 | 140,049 | 68,607 | 27,645 | 206,782 | 383,082 | 0 | 1,479,749 | ||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 3,697 | 8,211 | 2,628 | 697 | 768 | 1,046 | 23,527 | 0 | 40,574 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 7,793 | 2,613 | 8,544 | 75 | 13,781 | 2,022 | 0 | 34,828 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 4,401 | 0 | 0 | 0 | 0 | 4,401 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and Industrial | Total Commercial and Industrial | 457,828 | 215,457 | 145,290 | 82,249 | 28,488 | 221,609 | 408,631 | 0 | 1,559,552 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Construction | Commercial Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 131,235 | 224,794 | 59,649 | 2,420 | 6,346 | 4,555 | 12,778 | 0 | 441,777 | ||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 1,578 | 2,533 | 3,886 | 0 | 0 | 8,593 | 0 | 0 | 16,590 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 3,580 | 0 | 501 | 0 | 3,629 | 0 | 0 | 7,710 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Construction | Total Commercial Construction | 132,813 | 230,907 | 63,535 | 2,921 | 6,346 | 16,777 | 12,778 | 0 | 466,077 | ||||||||||||||||||||||||||||||||||||||||||||||
Business Banking | Business Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 296,254 | 154,335 | 123,207 | 86,552 | 77,238 | 266,042 | 103,571 | 291 | 1,107,490 | ||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 1,060 | 1,147 | 1,602 | 1,084 | 6,866 | 637 | 123 | 12,519 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 103 | 1,078 | 3,896 | 3,209 | 3,880 | 25,871 | 1,341 | 680 | 40,058 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | Total Business Banking | 296,357 | 156,473 | 128,250 | 91,363 | 82,202 | 298,779 | 105,549 | 1,094 | 1,160,067 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer Real Estate | Consumer Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 120,736 | 122,171 | 67,700 | 63,653 | 73,805 | 243,939 | 438,888 | 22,667 | 1,153,559 | ||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 1,489 | 0 | 0 | 150 | 132 | 0 | 1,771 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 373 | 742 | 1,480 | 2,449 | 6,958 | 0 | 0 | 12,002 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Real Estate | Total Consumer Real Estate | 120,736 | 122,544 | 69,931 | 65,133 | 76,254 | 251,047 | 439,020 | 22,667 | 1,167,332 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 18,849 | 13,162 | 6,784 | 3,395 | 2,082 | 687 | 26,647 | 2,767 | 74,373 | ||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 15 | 0 | 0 | 0 | 0 | 3,367 | 744 | 2,386 | 6,512 | ||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Other Consumer | Total Other Consumer | 18,864 | 13,162 | 6,784 | 3,395 | 2,082 | 4,054 | 27,391 | 5,153 | 80,885 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,423,742 | 97.0 | % | $ | 1,315,507 | 93.9 | % | $ | 430,472 | 94.4 | % | $ | 4,169,721 | 95.7 | % | ||||||||||||||||||||||||||||||||||||||||
Special mention | 33,098 | 1.3 | % | 40,409 | 2.9 | % | 14,691 | 3.2 | % | 88,198 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 41,636 | 1.7 | % | 45,119 | 3.2 | % | 10,721 | 2.4 | % | 97,476 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,498,476 | 100.0 | % | $ | 1,401,035 | 100.0 | % | $ | 455,884 | 100.0 | % | $ | 4,355,395 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Total Loan Balance | Total Loan Balance | $ | 1,360,684 | $ | 1,214,746 | $ | 831,734 | $ | 565,201 | $ | 610,556 | $ | 1,572,826 | $ | 1,041,199 | $ | 28,914 | $ | 7,225,860 |
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Performing | $ | 334,086 | $ | 459,799 | $ | 417,944 | $ | 313,465 | $ | 394,972 | $ | 722,782 | $ | 47,830 | $ | 0 | $ | 2,690,879 | |||||||||||
Nonperforming | 0 | 16,404 | 0 | 6,675 | 20,212 | 57,778 | 0 | 0 | 101,070 | ||||||||||||||||||||
Total Commercial Real Estate | 334,086 | 476,203 | 417,944 | 320,140 | 415,184 | 780,560 | 47,830 | 0 | 2,791,947 | ||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Performing | 457,828 | 214,144 | 143,706 | 69,411 | 28,426 | 220,701 | 408,350 | 0 | 1,542,566 | ||||||||||||||||||||
Nonperforming | 0 | 1,313 | 1,584 | 12,838 | 62 | 908 | 281 | 0 | 16,985 | ||||||||||||||||||||
Total Commercial and Industrial | 457,828 | 215,457 | 145,290 | 82,249 | 28,488 | 221,609 | 408,631 | 0 | 1,559,552 | ||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Performing | 132,813 | 230,907 | 63,535 | 2,921 | 6,346 | 16,393 | 12,778 | 0 | 465,692 | ||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 384 | 0 | 0 | 384 | ||||||||||||||||||||
Total Commercial Construction | 132,813 | 230,907 | 63,535 | 2,921 | 6,346 | 16,777 | 12,778 | 0 | 466,077 | ||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Performing | 296,327 | 156,164 | 126,432 | 90,414 | 80,106 | 286,970 | 105,494 | 1,037 | 1,142,944 | ||||||||||||||||||||
Nonperforming | 30 | 309 | 1,818 | 949 | 2,096 | 11,809 | 55 | 57 | 17,123 | ||||||||||||||||||||
Total Business Banking | 296,357 | 156,473 | 128,250 | 91,363 | 82,202 | 298,779 | 105,549 | 1,094 | 1,160,067 | ||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Performing | 120,736 | 122,315 | 69,225 | 63,647 | 74,690 | 245,331 | 438,702 | 21,572 | 1,156,216 | ||||||||||||||||||||
Nonperforming | 0 | 229 | 706 | 1,486 | 1,564 | 5,716 | 318 | 1,096 | 11,116 | ||||||||||||||||||||
Total Consumer Real Estate | 120,736 | 122,544 | 69,931 | 65,133 | 76,254 | 251,047 | 439,020 | 22,667 | 1,167,332 | ||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Performing | 18,864 | 13,162 | 6,784 | 3,395 | 2,082 | 3,958 | 27,391 | 5,153 | 80,789 | ||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 96 | 0 | 0 | 96 | ||||||||||||||||||||
Total Other Consumer | 18,864 | 13,162 | 6,784 | 3,395 | 2,082 | 4,054 | 27,391 | 5,153 | 80,885 | ||||||||||||||||||||
Performing | 1,360,654 | 1,196,491 | 827,625 | 543,253 | 586,622 | 1,496,135 | 1,040,544 | 27,762 | 7,079,086 | ||||||||||||||||||||
Nonperforming | 30 | 18,254 | 4,108 | 21,948 | 23,934 | 76,691 | 654 | 1,153 | 146,774 | ||||||||||||||||||||
Total Loan Balance | $ | 1,360,684 | $ | 1,214,746 | $ | 831,734 | $ | 565,201 | $ | 610,556 | $ | 1,572,826 | $ | 1,041,199 | $ | 28,914 | $ | 7,225,860 |
December 31, 2020(2) | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days + Past Due(1) | Non- performing | Total Past Due Loans | Total Loans | ||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,690,877 | $ | 0 | $ | 0 | $ | 0 | $ | 101,070 | $ | 101,070 | $ | 2,791,947 | |||||||||||||||||||||||||||
Commercial and industrial | 1,542,567 | 0 | 0 | 0 | 16,985 | 16,985 | 1,559,552 | ||||||||||||||||||||||||||||||||||
Commercial construction | 462,094 | 19 | 3,580 | 0 | 384 | 3,983 | 466,077 | ||||||||||||||||||||||||||||||||||
Business banking | 1,140,581 | 1,614 | 379 | 371 | 17,122 | 19,486 | 1,160,067 | ||||||||||||||||||||||||||||||||||
Consumer real estate | 1,153,028 | 1,087 | 1,968 | 132 | 11,117 | 14,304 | 1,167,332 | ||||||||||||||||||||||||||||||||||
Other consumer | 80,583 | 168 | 37 | 0 | 96 | 302 | 80,885 | ||||||||||||||||||||||||||||||||||
Total | $ | 7,069,730 | $ | 2,888 | $ | 5,965 | $ | 503 | $ | 146,774 | $ | 156,130 | $ | 7,225,860 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days + Past Due | Non- performing | Total Past Due Loans | Total Loans | ||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 3,025,505 | $ | 7,749 | $ | 71 | $ | 911 | $ | 25,356 | $ | 34,087 | $ | 3,059,592 | |||||||||||||||||||||||||||
Commercial and industrial | 1,466,460 | 126 | 1,589 | 1,443 | 10,911 | 14,069 | 1,480,529 | ||||||||||||||||||||||||||||||||||
Commercial construction | 367,204 | 956 | 1,163 | 0 | 737 | 2,856 | 370,060 | ||||||||||||||||||||||||||||||||||
Business banking | 830,735 | 5,093 | 1,099 | 0 | 9,863 | 16,055 | 846,790 | ||||||||||||||||||||||||||||||||||
Consumer real estate | 1,283,591 | 2,620 | 1,758 | 1,175 | 6,063 | 11,616 | 1,295,207 | ||||||||||||||||||||||||||||||||||
Other consumer | 81,866 | 1,448 | 305 | 228 | 1,127 | 3,108 | 84,974 | ||||||||||||||||||||||||||||||||||
Total | $ | 7,055,361 | $ | 17,992 | $ | 5,985 | $ | 3,757 | $ | 54,057 | $ | 81,791 | $ | 7,137,152 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | For the twelve months ended | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Past Due 90+ Days Still Accruing | Interest Income Recognized on Nonaccrual(1) | ||||||||||||||||||||||||||||||
Commercial real estate | $ | 25,356 | $ | 101,070 | $60,401 | $ | 0 | $22 | |||||||||||||||||||||||||||
Commercial and industrial | 10,911 | 16,985 | 6,436 | 0 | 101 | ||||||||||||||||||||||||||||||
Commercial construction | 737 | 384 | 285 | 0 | 0 | ||||||||||||||||||||||||||||||
Business banking | 9,863 | 17,122 | 3,890 | 371 | 275 | ||||||||||||||||||||||||||||||
Consumer real estate | 6,063 | 11,117 | 398 | 132 | 423 | ||||||||||||||||||||||||||||||
Other consumer | 1,127 | 96 | 0 | 0 | 4 | ||||||||||||||||||||||||||||||
Total | $ | 54,057 | $ | 146,774 | $71,410 | $ | 503 | $826 |
December 31, 2020 | |||||||||||||||||||||||
Type of Collateral | |||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Investment/Cash | Other | |||||||||||||||||||
Commercial real estate | $100,450 | $0 | $0 | $0 | |||||||||||||||||||
Commercial and industrial | 1,040 | 15,080 | 0 | 0 | |||||||||||||||||||
Commercial construction | 3,552 | 0 | 0 | 0 | |||||||||||||||||||
Business banking | 3,085 | 1,619 | 0 | 689 | |||||||||||||||||||
Consumer real estate | 398 | 0 | 0 | 0 | |||||||||||||||||||
Total | $108,525 | $16,699 | $0 | $689 |
Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial (2) | Commercial Construction | Business Banking(1) | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 30,577 | $ | 15,681 | $ | 7,900 | $ | 0 | $ | 6,337 | $ | 1,729 | $ | 62,224 | |||||||||||||||||||||||||||
Impact of CECL adoption | 4,810 | 7,853 | (3,376) | 12,898 | 4,525 | 636 | 27,346 | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | 56,489 | 65,288 | 2,986 | 5,303 | (368) | 1,723 | 131,421 | ||||||||||||||||||||||||||||||||||
Charge-offs | (26,460) | (74,282) | (454) | (2,612) | (667) | (1,890) | (106,365) | ||||||||||||||||||||||||||||||||||
Recoveries | 240 | 1,560 | 183 | 328 | 187 | 488 | 2,986 | ||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | (26,220) | (72,722) | (271) | (2,284) | (480) | (1,402) | (103,379) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 65,656 | $ | 16,100 | $ | 7,239 | $ | 15,917 | $ | 10,014 | $ | 2,686 | $ | 117,612 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,270,437 | 95.7 | % | $ | 1,636,314 | 95.1 | % | $ | 347,324 | 92.5 | % | $ | 5,254,056 | 95.3 | % | |||||||||||||||||||||||||||||||
Special mention | 57,285 | 1.7 | % | 36,484 | 2.1 | % | 10,109 | 2.7 | % | 103,878 | 1.9 | % | |||||||||||||||||||||||||||||||||||
Substandard | 86,772 | 2.5 | % | 47,980 | 2.8 | % | 17,899 | 4.8 | % | 152,651 | 2.8 | % | |||||||||||||||||||||||||||||||||||
Doubtful | 2,023 | 0.1 | % | 55 | 0 | % | 133 | 0 | % | 2,211 | 0 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 3,416,518 | 100.0 | % | $ | 1,720,833 | 100.0 | % | $ | 375,445 | 100.0 | % | $ | 5,512,796 | 100.0 | % |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and other consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 991,066 | 99.2 | % | $ | 535,709 | 99.5 | % | $ | 78,993 | 99.9 | % | $ | 8,390 | 100.0 | % | $ | 1,614,158 | 99.4 | % | |||||||||||||||||||||||||||||||||||||||
Nonperforming | 7,519 | 0.8 | % | 2,639 | 0.5 | % | 40 | 0.1 | % | 0 | 0 | % | 10,198 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 998,585 | 100.0 | % | $ | 538,348 | 100.0 | % | $ | 79,033 | 100.0 | % | $ | 8,390 | 100.0 | % | $ | 1,624,356 | 100.0 | % |
December 31, 2017 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and other consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | ||||||||||||||||||||||||
Performing | $ | 691,609 | 99.0 | % | $ | 483,611 | 99.2 | % | $ | 67,133 | 99.9 | % | $ | 4,551 | 100.0 | % | $ | 1,246,904 | 99.1 | % | ||||||||||||||
Nonperforming | 7,165 | 1.0 | % | 3,715 | 0.8 | % | 71 | 0.1 | % | — | — | % | 10,951 | 0.9 | % | |||||||||||||||||||
Total | $ | 698,774 | 100.0 | % | $ | 487,326 | 100.0 | % | $ | 67,204 | 100.0 | % | $ | 4,551 | 100.0 | % | $ | 1,257,855 | 100.0 | % |
December 31, 2016 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and other consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | ||||||||||||||||||||||||
Performing | $ | 692,064 | 98.6 | % | $ | 478,845 | 99.3 | % | $ | 65,744 | 99.8 | % | $ | 5,906 | 100.0 | % | $ | 1,242,559 | 98.9 | % | ||||||||||||||
Nonperforming | 9,918 | 1.4 | % | 3,439 | 0.7 | % | 108 | 0.2 | % | — | — | % | 13,465 | 1.1 | % | |||||||||||||||||||
Total | $ | 701,982 | 100.0 | % | $ | 482,284 | 100.0 | % | $ | 65,852 | 100.0 | % | $ | 5,906 | 100.0 | % | $ | 1,256,024 | 100.0 | % |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Commercial and industrial | 1,735 | 1,787 | 29 | 964 | 2,433 | 771 | |||||||||||||||||
Commercial construction | — | — | — | — | — | — | |||||||||||||||||
Consumer real estate | 21 | 21 | 21 | 26 | 26 | 26 | |||||||||||||||||
Other consumer | 27 | 27 | 27 | 1 | 1 | 1 | |||||||||||||||||
Total with a Related Allowance Recorded | 1,783 | 1,835 | 77 | 991 | 2,460 | 798 | |||||||||||||||||
Without a related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | 3,546 | 3,811 | — | 16,352 | 17,654 | — | |||||||||||||||||
Commercial and industrial | 5,549 | 7,980 | — | 5,902 | 7,699 | — | |||||||||||||||||
Commercial construction | 5,464 | 8,132 | — | 6,613 | 10,306 | — | |||||||||||||||||
Consumer real estate | 10,467 | 11,357 | — | 12,053 | 12,849 | — | |||||||||||||||||
Other consumer | 14 | 22 | — | 24 | 31 | — | |||||||||||||||||
Total without a Related Allowance Recorded | 25,040 | 31,302 | — | 40,944 | 48,539 | — | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial real estate | 3,546 | 3,811 | — | 16,352 | 17,654 | — | |||||||||||||||||
Commercial and industrial | 7,284 | 9,767 | 29 | 6,866 | 10,132 | 771 | |||||||||||||||||
Commercial construction | 5,464 | 8,132 | — | 6,613 | 10,306 | — | |||||||||||||||||
Consumer real estate | 10,488 | 11,378 | 21 | 12,079 | 12,875 | 26 | |||||||||||||||||
Other consumer | 41 | 49 | 27 | 25 | 32 | 1 | |||||||||||||||||
Total | $ | 26,823 | $ | 33,137 | $ | 77 | $ | 41,935 | $ | 50,999 | $ | 798 |
December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||
With a related allowance recorded: | |||||||||||||||||
Commercial real estate | $ | 13,011 | $ | 14,322 | $ | 2,023 | |||||||||||
Commercial and industrial | 10,001 | 10,001 | 55 | ||||||||||||||
Commercial construction | 489 | 489 | 113 | ||||||||||||||
Consumer real estate | 0 | 0 | 0 | ||||||||||||||
Other consumer | 9 | 9 | 9 | ||||||||||||||
Total with a Related Allowance Recorded | 23,510 | 24,821 | 2,200 | ||||||||||||||
Without a related allowance recorded: | |||||||||||||||||
Commercial real estate | 34,909 | 40,201 | — | ||||||||||||||
Commercial and industrial | 7,605 | 10,358 | — | ||||||||||||||
Commercial construction | 1,425 | 2,935 | — | ||||||||||||||
Consumer real estate | 7,884 | 8,445 | — | ||||||||||||||
Other consumer | 4 | 11 | — | ||||||||||||||
Total without a Related Allowance Recorded | 51,827 | 61,950 | — | ||||||||||||||
Total: | |||||||||||||||||
Commercial real estate | 47,920 | 54,523 | 2,023 | ||||||||||||||
Commercial and industrial | 17,606 | 20,359 | 55 | ||||||||||||||
Commercial construction | 1,914 | 3,424 | 113 | ||||||||||||||
Consumer real estate | 7,884 | 8,445 | 0 | ||||||||||||||
Other consumer | 13 | 20 | 9 | ||||||||||||||
Total | $ | 75,337 | $ | 86,771 | $ | 2,200 |
For the Year Ended | For the Year Ended | |||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2019 | ||||||||||||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | (dollars in thousands) | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||
With a related allowance recorded: | With a related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | Commercial real estate | $ | 14,018 | $ | 0 | |||||||||||||
Commercial and industrial | 968 | 52 | 2,438 | — | Commercial and industrial | 10,135 | 576 | |||||||||||||||||||
Commercial construction | — | — | — | — | Commercial construction | 489 | 0 | |||||||||||||||||||
Consumer real estate | 23 | 2 | 28 | 2 | Consumer real estate | 0 | 0 | |||||||||||||||||||
Other consumer | 34 | 2 | 2 | — | Other consumer | 13 | 1 | |||||||||||||||||||
Total with a Related Allowance Recorded | 1,025 | 56 | 2,468 | 2 | Total with a Related Allowance Recorded | 24,655 | 577 | |||||||||||||||||||
Without a related allowance recorded: | Without a related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate | 6,636 | 177 | 17,496 | 144 | Commercial real estate | 35,739 | 943 | |||||||||||||||||||
Commercial and industrial | 9,897 | 257 | 6,141 | 160 | Commercial and industrial | 5,565 | 368 | |||||||||||||||||||
Commercial construction | 6,828 | 253 | 7,723 | 162 | Commercial construction | 1,831 | 131 | |||||||||||||||||||
Consumer real estate | 11,037 | 487 | 11,939 | 523 | Consumer real estate | 8,190 | 397 | |||||||||||||||||||
Other consumer | 23 | — | 35 | 1 | Other consumer | 7 | 0 | |||||||||||||||||||
Total without a Related Allowance Recorded | 34,421 | 1,174 | 43,334 | 990 | Total without a Related Allowance Recorded | 51,332 | 1,839 | |||||||||||||||||||
Total: | Total: | |||||||||||||||||||||||||
Commercial real estate | 6,636 | 177 | 17,496 | 144 | Commercial real estate | 49,757 | 943 | |||||||||||||||||||
Commercial and industrial | 10,865 | 309 | 8,579 | 160 | Commercial and industrial | 15,700 | 944 | |||||||||||||||||||
Commercial construction | 6,828 | 253 | 7,723 | 162 | Commercial construction | 2,320 | 131 | |||||||||||||||||||
Consumer real estate | 11,060 | 489 | 11,967 | 525 | Consumer real estate | 8,190 | 397 | |||||||||||||||||||
Other consumer | 57 | 2 | 37 | 1 | Other consumer | 20 | 1 | |||||||||||||||||||
Total | $ | 35,446 | $ | 1,230 | $ | 45,802 | $ | 992 | Total | $ | 75,987 | $ | 2,416 |
2017 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of year | $ | 19,976 | $ | 10,810 | $ | 13,999 | $ | 6,095 | $ | 1,895 | $ | 52,775 | |||||||||||
Charge-offs | (2,304 | ) | (4,709 | ) | (2,571 | ) | (2,274 | ) | (1,638 | ) | (13,496 | ) | |||||||||||
Recoveries | 810 | 654 | 851 | 342 | 571 | 3,228 | |||||||||||||||||
Net (Charge-offs) Recoveries | (1,494 | ) | (4,055 | ) | (1,720 | ) | (1,932 | ) | (1,067 | ) | (10,268 | ) | |||||||||||
Provision for loan losses | 8,753 | 2,211 | 888 | 1,316 | 715 | 13,883 | |||||||||||||||||
Balance at End of Year | $ | 27,235 | $ | 8,966 | $ | 13,167 | $ | 5,479 | $ | 1,543 | $ | 56,390 |
2016 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of year | $ | 15,043 | $ | 10,853 | $ | 12,625 | $ | 8,400 | $ | 1,226 | $ | 48,147 | |||||||||||
Charge-offs | (3,114 | ) | (6,810 | ) | (1,877 | ) | (1,657 | ) | (2,103 | ) | (15,561 | ) | |||||||||||
Recoveries | 692 | 722 | 21 | 433 | 356 | 2,224 | |||||||||||||||||
Net Recoveries (Charge-offs) | (2,422 | ) | (6,088 | ) | (1,856 | ) | (1,224 | ) | (1,747 | ) | (13,337 | ) | |||||||||||
Provision for loan losses | 7,355 | 6,045 | 3,230 | (1,081 | ) | 2,416 | 17,965 | ||||||||||||||||
Balance at End of Year | $ | 19,976 | $ | 10,810 | $ | 13,999 | $ | 6,095 | $ | 1,895 | $ | 52,775 |
2019 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 33,707 | $ | 11,596 | $ | 7,983 | $ | 6,187 | $ | 1,523 | $ | 60,996 | |||||||||||||||||||||||
Charge-offs | (3,664) | (8,928) | (406) | (1,353) | (1,838) | (16,189) | |||||||||||||||||||||||||||||
Recoveries | 137 | 1,388 | 5 | 637 | 377 | 2,544 | |||||||||||||||||||||||||||||
Net (Charge-offs) | (3,527) | (7,540) | (401) | (716) | (1,461) | (13,645) | |||||||||||||||||||||||||||||
Provision for loan losses | 397 | 11,625 | 318 | 866 | 1,667 | 14,873 | |||||||||||||||||||||||||||||
Balance at End of Year | $ | 30,577 | $ | 15,681 | $ | 7,900 | $ | 6,337 | $ | 1,729 | $ | 62,224 |
2019 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | 2,023 | $ | 28,554 | $ | 30,577 | $ | 47,920 | $ | 3,368,598 | $ | 3,416,518 | |||||||||||||||||||||||
Commercial and industrial | 55 | 15,626 | 15,681 | 17,606 | 1,703,227 | 1,720,833 | |||||||||||||||||||||||||||||
Commercial construction | 113 | 7,787 | 7,900 | 1,914 | 373,531 | 375,445 | |||||||||||||||||||||||||||||
Consumer real estate | 0 | 6,337 | 6,337 | 7,884 | 1,537,439 | 1,545,323 | |||||||||||||||||||||||||||||
Other consumer | 9 | 1,720 | 1,729 | 13 | 79,020 | 79,033 | |||||||||||||||||||||||||||||
Total | $ | 2,200 | $ | 60,024 | $ | 62,224 | $ | 75,337 | $ | 7,061,815 | $ | 7,137,152 |
2017 | |||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||
Commercial real estate | $ | — | $ | 27,235 | $ | 27,235 | $ | 3,546 | $ | 2,682,448 | $ | 2,685,994 | |||||||||||
Commercial and industrial | 29 | 8,937 | 8,966 | 7,284 | 1,425,982 | 1,433,266 | |||||||||||||||||
Commercial construction | — | 13,167 | 13,167 | 5,464 | 378,870 | 384,334 | |||||||||||||||||
Consumer real estate | 21 | 5,458 | 5,479 | 10,488 | 1,180,163 | 1,190,651 | |||||||||||||||||
Other consumer | 27 | 1,516 | 1,543 | 41 | 67,163 | 67,204 | |||||||||||||||||
Total | $ | 77 | $ | 56,313 | $ | 56,390 | $ | 26,823 | $ | 5,734,626 | $ | 5,761,449 |
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Operating lease expense | $ | 5,711 | $ | 4,221 | $ | 3,850 | ||||||||||||||
Amortization of ROU assets - finance leases | 224 | 101 | 44 | |||||||||||||||||
Interest on lease liabilities - finance leases (1) | 84 | 74 | 11 | |||||||||||||||||
Total Lease Expense | $ | 6,019 | $ | 4,396 | $ | 3,905 | ||||||||||||||
(1) Included in borrowings interest expense in our Consolidated Statements of Net Income. All other lease costs in this table are included in net occupancy expense. | ||||||||||||||||||||
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31: | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||||||||
Operating Leases | ||||||||||||||||||||
ROU assets | $ | 46,245 | $ | 47,686 | ||||||||||||||||
Operating cash flows | $ | 6,489 | $ | 5,028 | ||||||||||||||||
Finance Leases | ||||||||||||||||||||
ROU assets | $ | 1,278 | $ | 1,513 | ||||||||||||||||
Operating cash flows | $ | 84 | $ | 47 | ||||||||||||||||
Financing cash flows | $ | 180 | $ | 57 | ||||||||||||||||
Weighted Average Lease Term - Years | ||||||||||||||||||||
Operating leases | 18.70 | 19.18 | ||||||||||||||||||
Finance leases | 12.09 | 12.16 | ||||||||||||||||||
Weighted Average Discount Rate | ||||||||||||||||||||
Operating leases | 5.90 | % | 5.94 | % | ||||||||||||||||
Finance leases | 5.81 | % | 5.73 | % |
(dollars in thousands) | ||||||||||||||||||||
Maturity Analysis | Finance | Operating | Total | |||||||||||||||||
2021 | $ | 269 | $ | 4,789 | $ | 5,058 | ||||||||||||||
2022 | 225 | 4,855 | 5,080 | |||||||||||||||||
2023 | 129 | 4,759 | 4,888 | |||||||||||||||||
2024 | 130 | 4,752 | 4,882 | |||||||||||||||||
2025 | 132 | 4,787 | 4,919 | |||||||||||||||||
Thereafter | 1,145 | 66,409 | 67,554 | |||||||||||||||||
Total | 2,030 | 90,351 | 92,381 | |||||||||||||||||
Less: Present value discount | (636) | (38,402) | (39,038) | |||||||||||||||||
Lease Liabilities | $ | 1,394 | $ | 51,949 | $ | 53,343 |
2016 | |||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||
Commercial real estate | $ | — | $ | 19,976 | $ | 19,976 | $ | 16,352 | $ | 2,482,124 | $ | 2,498,476 | |||||||||||
Commercial and industrial | 771 | 10,039 | 10,810 | 6,866 | 1,394,169 | 1,401,035 | |||||||||||||||||
Commercial construction | — | 13,999 | 13,999 | 6,613 | 449,271 | 455,884 | |||||||||||||||||
Consumer real estate | 26 | 6,069 | 6,095 | 12,079 | 1,178,093 | 1,190,172 | |||||||||||||||||
Other consumer | 1 | 1,894 | 1,895 | 25 | 65,827 | 65,852 | |||||||||||||||||
Total | $ | 798 | $ | 51,977 | $ | 52,775 | $ | 41,935 | $ | 5,569,484 | $ | 5,611,419 |
December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Land | $ | 6,266 | $ | 6,397 | Land | $ | 8,651 | $ | 9,018 | |||||||||
Premises | 51,799 | 52,696 | Premises | 61,299 | 60,767 | |||||||||||||
Furniture and equipment | 34,836 | 32,328 | Furniture and equipment | 45,072 | 41,713 | |||||||||||||
Leasehold improvements | 6,643 | 7,293 | Leasehold improvements | 12,061 | 11,290 | |||||||||||||
99,544 | 98,714 | 127,083 | 122,788 | |||||||||||||||
Accumulated depreciation | (56,842 | ) | (53,715 | ) | Accumulated depreciation | (71,469) | (65,848) | |||||||||||
Total | $ | 42,702 | $ | 44,999 | Total | $ | 55,614 | $ | 56,940 |
(dollars in thousands) | Operating | Capital | Total | ||||||||
2018 | $ | 3,257 | $ | 76 | $ | 3,333 | |||||
2019 | 3,277 | 77 | 3,354 | ||||||||
2020 | 3,312 | 77 | 3,389 | ||||||||
2021 | 3,351 | 76 | 3,427 | ||||||||
2022 | 3,425 | 77 | 3,502 | ||||||||
Thereafter | 55,000 | 457 | 55,457 | ||||||||
Total | $ | 71,622 | $ | 840 | $ | 72,462 |
December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Balance at beginning of year | $ | 291,670 | $ | 291,764 | Balance at beginning of year | $ | 371,621 | $ | 287,446 | |||||||||
Additions | — | — | Additions | 1,803 | 84,175 | |||||||||||||
Other adjustments | — | $ | (94 | ) | ||||||||||||||
Balance at End of Year | $ | 291,670 | $ | 291,670 | Balance at End of Year | $ | 373,424 | $ | 371,621 |
December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Gross carrying amount at beginning of year | $ | 22,114 | $ | 22,114 | Gross carrying amount at beginning of year | $ | 31,052 | $ | 21,898 | |||||||||
Additions | — | — | Additions | 288 | 9,154 | |||||||||||||
Accumulated amortization | (18,437 | ) | (17,204 | ) | Accumulated amortization | (22,665) | (20,133) | |||||||||||
Balance at End of Year | $ | 3,677 | $ | 4,910 | Balance at End of Year | $ | 8,675 | $ | 10,919 |
(dollars in thousands) | Amount | ||||
2021 | $ | 1,780 | |||
2022 | 1,518 | ||||
2023 | 1,319 | ||||
2024 | 1,151 | ||||
2025 | 820 | ||||
Thereafter | 2,087 | ||||
Total | $ | 8,675 |
(dollars in thousands) | Amount | ||
2018 | $ | 1,013 | |
2019 | 655 | ||
2020 | 554 | ||
2021 | 477 | ||
2022 | 359 | ||
Thereafter | 619 | ||
Total | $ | 3,677 |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||||
Interest Rate Swap Contracts—Commercial Loans | Interest Rate Swap Contracts—Commercial Loans | |||||||||||||||||||||||||||||||||||||
Fair value | $ | 3,074 | $ | 6,960 | $ | 3,055 | $ | 6,958 | Fair value | $ | 78,319 | $ | 25,647 | $ | 79,033 | $ | 25,615 | |||||||||||||||||||||
Notional amount | 263,841 | 282,930 | 263,841 | 282,930 | Notional amount | 983,638 | 740,762 | 983,638 | 740,762 | |||||||||||||||||||||||||||||
Collateral posted | — | — | 1,448 | 14,340 | Collateral posted | 0 | 0 | 77,930 | 26,127 | |||||||||||||||||||||||||||||
Interest Rate Lock Commitments—Mortgage Loans | Interest Rate Lock Commitments—Mortgage Loans | |||||||||||||||||||||||||||||||||||||
Fair value | 226 | 236 | — | — | Fair value | 2,900 | 321 | 0 | 0 | |||||||||||||||||||||||||||||
Notional amount | 6,860 | 8,490 | — | — | Notional amount | 51,053 | 9,829 | 0 | 0 | |||||||||||||||||||||||||||||
Forward Sale Contracts—Mortgage Loans | Forward Sale Contracts—Mortgage Loans | |||||||||||||||||||||||||||||||||||||
Fair value | — | — | 5 | 27 | Fair value | 0 | 1 | 385 | 0 | |||||||||||||||||||||||||||||
Notional amount | — | — | 6,580 | 8,216 | Notional amount | 0 | 12,750 | 47,062 | 0 |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||
Gross amounts recognized | $ | 82,655 | $ | 26,146 | $ | 82,626 | $ | 26,114 | |||||||||||||||
Gross amounts offset | (4,336) | (499) | (3,593) | (499) | |||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | 78,319 | 25,647 | 79,033 | 25,615 | |||||||||||||||||||
Gross amounts not offset(1) | 0 | 0 | (77,930) | (26,127) | |||||||||||||||||||
Net Amount | $ | 78,319 | $ | 25,647 | $ | 1,103 | $ | (512) |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||
Gross amounts recognized | $ | 4,974 | $ | 8,590 | $ | 4,955 | $ | 8,588 | |||||||
Gross amounts offset | (1,900 | ) | (1,630 | ) | (1,900 | ) | (1,630 | ) | |||||||
Net amounts presented in the Consolidated Balance Sheets | 3,074 | 6,960 | 3,055 | 6,958 | |||||||||||
Gross amounts not offset(1) | — | — | (1,448 | ) | (14,340 | ) | |||||||||
Net Amount | $ | 3,074 | $ | 6,960 | $ | 1,607 | $ | (7,382 | ) |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||
Interest rate swap contracts—commercial loans | $ | (746) | $ | (132) | $ | 145 | |||||||||||
Interest rate lock commitments—mortgage loans | 1,715 | 70 | 25 | ||||||||||||||
Forward sale contracts—mortgage loans | 478 | (54) | 60 | ||||||||||||||
Total Derivative (Loss)/Gain | $ | 1,447 | $ | (116) | $ | 230 |
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||
Interest rate swap contracts—commercial loans | $ | 17 | $ | (16 | ) | $ | (8 | ) | |||
Interest rate lock commitments—mortgage loans | (11 | ) | (25 | ) | 26 | ||||||
Forward sale contracts—mortgage loans | 52 | (22 | ) | 52 | |||||||
Total Derivative (Loss) Gain | $ | 58 | $ | (63 | ) | $ | 70 |
(dollars in thousands) | Servicing Rights | Valuation Allowance | Net Carrying Value | ||||||||||||||
Balance at December 31, 2018 | $ | 4,518 | $ | (54) | $ | 4,464 | |||||||||||
Additions | 1,086 | — | 1,086 | ||||||||||||||
Amortization | (665) | — | (665) | ||||||||||||||
Temporary recapture | — | (223) | (223) | ||||||||||||||
Balance at December 31, 2019 | $ | 4,939 | $ | (277) | $ | 4,662 | |||||||||||
Additions | 2,887 | — | 2,887 | ||||||||||||||
Amortization | (1,206) | — | (1,206) | ||||||||||||||
Temporary (impairment) | — | (1,354) | (1,354) | ||||||||||||||
Balance at December 31, 2020 | $ | 6,620 | $ | (1,631) | $ | 4,989 |
(dollars in thousands) | Servicing Rights | Valuation Allowance | Net Carrying Value | ||||||||
Balance at December 31, 2015 | $ | 3,426 | $ | (189 | ) | $ | 3,237 | ||||
Additions | 1,047 | — | 1,047 | ||||||||
Amortization | (615 | ) | — | (615 | ) | ||||||
Temporary recapture (impairment) | — | 75 | 75 | ||||||||
Balance at December 31, 2016 | $ | 3,858 | $ | (114 | ) | $ | 3,744 | ||||
Additions | 918 | — | 918 | ||||||||
Amortization | (584 | ) | — | (584 | ) | ||||||
Temporary recapture (impairment) | — | 55 | 55 | ||||||||
Balance at December 31, 2017 | $ | 4,192 | $ | (59 | ) | $ | 4,133 |
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Interest Expense | Balance | Interest Expense | Balance | Interest Expense | (dollars in thousands) | Balance | Interest Expense | Balance | Interest Expense | Balance | Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,387,712 | $ | — | $ | 1,263,833 | $ | — | $ | 1,227,766 | $ | — | Noninterest-bearing demand | $ | 2,261,994 | $ | 0 | $ | 1,698,082 | $ | 0 | $ | 1,421,156 | $ | 0 | |||||||||||||||||||||||||||||||||
Interest-bearing demand | 603,141 | 67 | 638,300 | 111 | 616,188 | 818 | Interest-bearing demand | 864,510 | 2,681 | 962,331 | 3,915 | 573,693 | 93 | |||||||||||||||||||||||||||||||||||||||||||||
Money market | 1,146,156 | 9,204 | 936,461 | 4,199 | 605,184 | 1,299 | Money market | 1,937,063 | 11,645 | 1,949,811 | 30,236 | 1,482,065 | 20,018 | |||||||||||||||||||||||||||||||||||||||||||||
Savings | 893,119 | 2,081 | 1,050,131 | 2,002 | 1,061,265 | 1,712 | Savings | 969,508 | 972 | 830,919 | 1,928 | 784,970 | 1,773 | |||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,397,763 | 13,978 | 1,383,652 | 13,380 | 1,366,208 | 9,115 | Certificates of deposit | 1,387,463 | 20,688 | 1,595,433 | 26,947 | 1,412,038 | 18,972 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,427,891 | $ | 25,330 | $ | 5,272,377 | $ | 19,692 | $ | 4,876,611 | $ | 12,944 | Total | $ | 7,420,538 | $ | 35,986 | $ | 7,036,576 | $ | 63,026 | $ | 5,673,922 | $ | 40,856 |
(dollars in thousands) | Amount | ||||
2021 | $ | 1,182,938 | |||
2022 | 122,596 | ||||
2023 | 27,825 | ||||
2024 | 17,415 | ||||
2025 | 33,149 | ||||
Thereafter | 3,540 | ||||
Total | $ | 1,387,463 |
(dollars in thousands) | Amount | ||
2018 | $ | 1,015,515 | |
2019 | 233,932 | ||
2020 | 43,461 | ||
2021 | 65,563 | ||
2022 | 33,172 | ||
Thereafter | 6,120 | ||
Total | $ | 1,397,763 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted Average Interest Rate | Interest Expense | Balance | Weighted Average Interest Rate | Interest Expense | Balance | Weighted Average Interest Rate | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||
REPOs | $ | 65,163 | 0.25 % | $ | 169 | $ | 19,888 | 0.74 % | $ | 110 | $ | 18,383 | 0.46 % | $ | 222 | ||||||||||||||||||||||||||||||||||||||
FHLB advances | 75,000 | 0.19 % | 1,434 | 281,319 | 1.84 % | 6,416 | 470,000 | 2.65 % | 11,082 | ||||||||||||||||||||||||||||||||||||||||||||
Total Short-term Borrowings | $ | 140,163 | 0.22 % | $ | 1,603 | $ | 301,207 | 1.76 % | $ | 6,526 | $ | 488,383 | 2.57 % | $ | 11,304 |
2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted Average Interest Rate | Interest Expense | Balance | Weighted Average Interest Rate | Interest Expense | Balance | Weighted Average Interest Rate | Interest Expense | |||||||||||||||||||||||
REPOs | $ | 50,161 | 0.39 | % | $ | 54 | $ | 50,832 | 0.01 | % | $ | 5 | $ | 62,086 | 0.01 | % | $ | 4 | ||||||||||||||
FHLB advances | 540,000 | 1.47 | % | 7,399 | 660,000 | 0.76 | % | 2,713 | 356,000 | 0.52 | % | 932 | ||||||||||||||||||||
Total Short-term Borrowings | $ | 590,161 | 1.38 | % | $ | 7,453 | $ | 710,832 | 0.70 | % | $ | 2,718 | $ | 418,086 | 0.44 | % | $ | 936 |
(dollars in thousand) | 2017 | 2016 | 2015 | (dollars in thousand) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Long-term borrowings | $ | 47,301 | $ | 14,713 | $ | 117,043 | Long-term borrowings | $ | 23,681 | $ | 50,868 | $ | 70,314 | |||||||||||||||
Weighted average interest rate | 1.88 | % | 2.91 | % | 0.81 | % | Weighted average interest rate | 2.03 | % | 2.60 | % | 2.84 | % | |||||||||||||||
Interest expense | $ | 463 | $ | 670 | $ | 790 | Interest expense | $ | 1,201 | $ | 1,831 | $ | 1,129 |
(dollars in thousands) | Balance | Average Rate | (dollars in thousands) | Balance | Average Rate | ||||||||||||
2018 | $ | 2,496 | 3.60 | % | |||||||||||||
2019 | 37,514 | 1.60 | % | ||||||||||||||
2020 | 2,004 | 3.22 | % | ||||||||||||||
2021 | 1,057 | 3.44 | % | 2021 | $ | 1,251 | 3.67 | % | |||||||||
2022 | 529 | 4.50 | % | 2022 | 7,689 | 2.27 | % | ||||||||||
2023 | 2023 | 464 | 5.72 | % | |||||||||||||
2024 | 2024 | 13,381 | 1.35 | % | |||||||||||||
2025 | 2025 | 80 | 5.82 | % | |||||||||||||
Thereafter | 3,701 | 1.96 | % | Thereafter | 816 | 6.02 | % | ||||||||||
Total | $ | 47,301 | 1.88 | % | Total | $ | 23,681 | 2.03 | % |
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Interest Expense | Balance | Interest Expense | Balance | Interest Expense | (dollars in thousands) | Balance | Interest Expense | Balance | Interest Expense | Balance | Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||
2006 Junior subordinated debt | $ | 25,000 | $ | 708 | $ | 25,000 | $ | 580 | $ | 25,000 | $ | 554 | ||||||||||||||||||||||||||||||||||||||||||||||
2008 Junior subordinated debt—trust preferred securities | 20,619 | 955 | 20,619 | 854 | 20,619 | 773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | Junior subordinated debt | $ | 34,750 | $ | 1,007 | $ | 34,753 | $ | 1,059 | $ | 25,000 | $ | 951 | |||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt—trust preferred securities | Junior subordinated debt—trust preferred securities | 29,333 | 1,279 | 29,524 | 1,251 | 20,619 | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 45,619 | $ | 1,663 | $ | 45,619 | $ | 1,434 | $ | 45,619 | $ | 1,327 | Total | $ | 64,083 | $ | 2,286 | $ | 64,277 | $ | 2,310 | $ | 45,619 | $ | 2,100 |
(dollars in thousands) | 2001 Trust Preferred Securities | 2005 Trust Preferred Securities | 2015 Junior Subordinated Debt | 2006 Junior Subordinated Debt | 2008 Trust Preferred Securities | ||||||||||||||||||||||||
Junior Subordinated Debt | $— | $— | $9,750 | $25,000 | $— | ||||||||||||||||||||||||
Trust Preferred Securities | 5,155 | 4,124 | — | — | 20,619 | ||||||||||||||||||||||||
Stated Maturity Date | 7/25/2031 | 5/23/2035 | 3/6/2025 | 12/15/2036 | 3/15/2038 | ||||||||||||||||||||||||
Optional redemption date at par | Any time after 7/25/2011 | Any time after 5/23/2010 | Quarterly after 4/1/2020 | Any time after 9/15/2011 | Any time after 3/15/2013 | ||||||||||||||||||||||||
Regulatory Capital | Tier 1 | Tier 1 | Tier 2 | Tier 2 | Tier 1 | ||||||||||||||||||||||||
Interest Rate | 6 Month LIBOR plus 375 bps | 3 Month LIBOR plus 177 bps | fixed at 4.25% until 4/1/2020 then prime plus 100 bps | 3 month LIBOR plus 160 bps | 3 month LIBOR plus 350 bps | ||||||||||||||||||||||||
Interest Rate at December 31, 2020 | 4.06% | 1.98% | 4.25% | 1.82% | 3.72% |
(dollars in thousands) | 2006 Junior Subordinated Debt | 2008 Trust Preferred Securities | |
Junior Subordinated Debt | $25,000 | — | |
Trust Preferred Securities | — | $20,619 | |
Stated Maturity Date | 12/15/2036 | 3/15/2038 | |
Optional redemption date at par | Any time after 9/15/2011 | Any time after 3/15/2013 | |
Regulatory Capital | Tier 2 | Tier 1 | |
Interest Rate | 3 month LIBOR plus 160 bps | 3 month LIBOR plus 350 bps | |
Interest Rate at December 31, 2017 | 2.92% | 4.82% |
December 31, | |||||||
(dollars in thousands) | 2017 | 2016 | |||||
Commitments to extend credit | $ | 1,420,428 | $ | 1,509,696 | |||
Standby letters of credit | 80,918 | 84,534 | |||||
Total | $ | 1,501,346 | $ | 1,594,230 |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Commitments to extend credit | $ | 2,185,752 | $ | 1,910,805 | |||||||
Standby letters of credit | 89,095 | 80,040 | |||||||||
Total | $ | 2,274,847 | $ | 1,990,845 |
(dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||||||||
Balance at beginning of period | $ | 3,112 | $ | 2,139 | |||||||||||||
Impact of adopting ASU 2016-13 at January 1, 2020 | 1,349 | 0 | |||||||||||||||
Balance after adoption of ASU 2016-13 | 4,461 | 2,139 | |||||||||||||||
Provision for credit losses | 6 | 973 | |||||||||||||||
Total | $ | 4,467 | $ | 3,112 |
(dollars in thousands) | Total | ||
2018 | $ | 12,237 | |
2019 | 12,633 | ||
2020 | 13,047 | ||
2021 | 13,465 | ||
2022 | 13,926 | ||
Total | $ | 65,308 |
Years ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Revenue Streams (1) | Point of Revenue Recognition | |||||||||||||||||||
Service charges on deposit accounts | Over a period of time | $ | 1,797 | $ | 1,859 | $ | 1,972 | |||||||||||||
At a point in time | 9,907 | 11,457 | 11,124 | |||||||||||||||||
$ | 11,704 | $ | 13,316 | $ | 13,096 | |||||||||||||||
Debit and credit card | Over a period time | $ | 738 | $ | 723 | $ | 657 | |||||||||||||
At a point in time | 14,355 | 12,682 | 12,022 | |||||||||||||||||
$ | 15,093 | $ | 13,405 | $ | 12,679 | |||||||||||||||
Wealth management | Over a period of time | $ | 7,919 | $ | 6,939 | $ | 7,113 | |||||||||||||
At a point in time | 2,038 | 1,684 | 2,971 | |||||||||||||||||
$ | 9,957 | $ | 8,623 | $ | 10,084 | |||||||||||||||
Other fee revenue | At a point in time | $ | 3,722 | $ | 3,836 | $ | 3,854 |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Federal | |||||||||||||||||
Current | $ | 4,256 | $ | 18,918 | $ | 13,616 | |||||||||||
Deferred | (4,273) | (406) | 3,517 | ||||||||||||||
Total Federal | (17) | 18,512 | 17,133 | ||||||||||||||
State | |||||||||||||||||
Current | 145 | 589 | 720 | ||||||||||||||
Deferred | (129) | 25 | (8) | ||||||||||||||
Total State | 16 | 614 | 712 | ||||||||||||||
Total Federal and State | $ | (1) | $ | 19,126 | $ | 17,845 |
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Federal | |||||||||||
Current | $ | 32,282 | $ | 24,521 | $ | 24,825 | |||||
Deferred | 13,980 | 665 | (427 | ) | |||||||
Total Federal | 46,262 | 25,186 | 24,398 | ||||||||
State | |||||||||||
Current | 323 | 248 | — | ||||||||
Deferred | (148 | ) | (129 | ) | — | ||||||
Total State | 175 | 119 | — | ||||||||
Total Federal and State | $ | 46,437 | $ | 25,305 | $ | 24,398 |
2020 | 2019 | 2018 | |||||||||||||||
Statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Low income housing tax credits | (11.1) | % | (3.3) | % | (2.5) | % | |||||||||||
Tax-exempt interest | (11.9) | % | (2.1) | % | (2.1) | % | |||||||||||
Bank owned life insurance | (1.8) | % | (0.4) | % | (0.4) | % | |||||||||||
Gain on sale of a majority interest of insurance business | 0 | % | 0 | % | 0.7 | % | |||||||||||
Merger related expenses | 0 | % | 0.3 | % | 0 | % | |||||||||||
Other | 3.8 | % | 0.8 | % | 0.3 | % | |||||||||||
Impact of the Tax Act | 0 | % | 0 | % | (2.5) | % | |||||||||||
Effective Tax Rate | 0 | % | 16.3 | % | 14.5 | % |
2017 | 2016 | 2015 | ||||||
Statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Low income housing tax credits | (2.9 | )% | (3.8 | )% | (4.4 | )% | ||
Tax-exempt interest | (4.0 | )% | (4.4 | )% | (4.1 | )% | ||
Bank owned life insurance | (0.8 | )% | (0.8 | )% | (0.8 | )% | ||
Other | 0.3 | % | 0.2 | % | 1.0 | % | ||
Adjustment to net deferred tax assets for enacted changes in tax laws and rates | 11.3 | % | — | % | — | % | ||
Effective Tax Rate | 38.9 | % | 26.2 | % | 26.7 | % |
December 31, | ||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Deferred Tax Assets: | Deferred Tax Assets: | |||||||||||||||||
Allowance for loan losses | 12,440 | 19,446 | ||||||||||||||||
Purchase accounting adjustments | — | 365 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $ | 26,051 | $ | 13,798 | |||||||||||||
Lease liabilities | Lease liabilities | 11,368 | 11,257 | |||||||||||||||
State net operating loss carryforwards | State net operating loss carryforwards | 5,489 | 5,134 | |||||||||||||||
Net adjustment to funded status of pension | Net adjustment to funded status of pension | 4,692 | 5,438 | |||||||||||||||
Low income housing partnerships | Low income housing partnerships | 3,996 | 3,494 | |||||||||||||||
Other employee benefits | 3,095 | 3,983 | Other employee benefits | 2,050 | 3,039 | |||||||||||||
Low income housing partnerships | 3,213 | 4,845 | ||||||||||||||||
Net adjustment to funded status of pension | 6,481 | 10,018 | ||||||||||||||||
Impairment of securities | 300 | 1,318 | ||||||||||||||||
State net operating loss carryforwards | 3,598 | 3,114 | ||||||||||||||||
Other | 2,355 | 4,984 | Other | 3,798 | 1,856 | |||||||||||||
Gross Deferred Tax Assets | 31,482 | 48,073 | Gross Deferred Tax Assets | 57,444 | 44,016 | |||||||||||||
Less: Valuation allowance | (3,598 | ) | (3,114 | ) | Less: Valuation allowance | (5,489) | (5,134) | |||||||||||
Total Deferred Tax Assets | 27,884 | 44,959 | Total Deferred Tax Assets | 51,955 | 38,882 | |||||||||||||
Deferred Tax Liabilities: | Deferred Tax Liabilities: | |||||||||||||||||
Net unrealized holding gains on securities available-for-sale | $ | (638 | ) | $ | (2,557 | ) | ||||||||||||
Right-of-use lease assets | Right-of-use lease assets | (10,141) | (10,476) | |||||||||||||||
Net unrealized gains on securities available-for-sale | Net unrealized gains on securities available-for-sale | (7,125) | (2,570) | |||||||||||||||
Deferred loan income | Deferred loan income | (6,796) | (3,555) | |||||||||||||||
Prepaid pension | (1,749 | ) | (2,770 | ) | Prepaid pension | (5,209) | (5,971) | |||||||||||
Deferred loan income | (2,937 | ) | (3,815 | ) | ||||||||||||||
Purchase accounting adjustments | (100 | ) | — | Purchase accounting adjustments | (1,971) | (1,269) | ||||||||||||
Depreciation on premises and equipment | (480 | ) | (1,239 | ) | Depreciation on premises and equipment | (1,275) | (592) | |||||||||||
Other | (1,401 | ) | (1,766 | ) | Other | (1,245) | (1,243) | |||||||||||
Total Deferred Tax liabilities | (7,305 | ) | (12,147 | ) | Total Deferred Tax liabilities | (33,762) | (25,676) | |||||||||||
Net Deferred Tax Asset | $ | 20,579 | $ | 32,812 | Net Deferred Tax Asset | $ | 18,193 | $ | 13,206 |
(dollars in thousands) | 2017 | 2016 | 2015 | (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Balance at beginning of year | $ | 804 | $ | 1,102 | $ | 284 | Balance at beginning of year | $ | 1,051 | $ | 768 | $ | 909 | |||||||||||||||
Prior period tax positions | Prior period tax positions | (18) | (10) | (251) | ||||||||||||||||||||||||
Increase | — | — | 818 | |||||||||||||||||||||||||
Decrease | (37 | ) | (449 | ) | — | |||||||||||||||||||||||
Current period tax positions | 142 | 151 | — | Current period tax positions | 244 | 293 | 110 | |||||||||||||||||||||
Reductions for statute of limitations expirations | — | — | — | |||||||||||||||||||||||||
Balance at End of Year | $ | 909 | $ | 804 | $ | 1,102 | Balance at End of Year | $ | 1,277 | $ | 1,051 | $ | 768 | |||||||||||||||
Amount That Would Impact the Effective Tax Rate if Recognized | $ | 770 | $ | 610 | $ | 542 | Amount That Would Impact the Effective Tax Rate if Recognized | $ | 1,027 | $ | 848 | $ | 607 |
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||||||
2020 | |||||||||||||||||
Net change in unrealized gains on debt securities available-for sale | $ | 22,683 | $ | (4,827) | $ | 17,856 | |||||||||||
Net available-for-sale securities (gains) losses reclassified into earnings | 0 | 0 | 0 | ||||||||||||||
Adjustment to funded status of employee benefit plans | 3,549 | (764) | 2,785 | ||||||||||||||
Other Comprehensive Income | $ | 26,232 | $ | (5,591) | $ | 20,641 | |||||||||||
2019 | |||||||||||||||||
Net change in unrealized gains on securities available-for-sale | $ | 15,793 | $ | (3,367) | $ | 12,426 | |||||||||||
Net available-for-sale securities (gains) losses reclassified into earnings | 26 | (6) | 20 | ||||||||||||||
Adjustment to funded status of employee benefit plans | (1,282) | 273 | (1,009) | ||||||||||||||
Other Comprehensive Income | $ | 14,537 | $ | (3,100) | $ | 11,437 | |||||||||||
2018 | |||||||||||||||||
Net change in unrealized losses on securities available-for-sale (1) | $ | (6,794) | $ | 1,449 | $ | (5,345) | |||||||||||
Net available-for-sale securities (gains) losses reclassified into earnings | 0 | 0 | 0 | ||||||||||||||
Adjustment to funded status of employee benefit plans | 6,297 | (1,343) | 4,954 | ||||||||||||||
Other Comprehensive Loss | $ | (497) | $ | 106 | $ | (391) |
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||
2017 | |||||||||||
Net change in unrealized gains on securities available-for-sale | $ | (1,275 | ) | $ | 448 | $ | (827 | ) | |||
Net available-for-sale securities losses (gains) reclassified into earnings | (3,000 | ) | 1,054 | (1,946 | ) | ||||||
Adjustment to funded status of employee benefit plans | (1,992 | ) | 122 | (1,870 | ) | ||||||
Other Comprehensive Income (Loss) | $ | (6,267 | ) | $ | 1,624 | $ | (4,643 | ) | |||
2016 | |||||||||||
Net change in unrealized gains on securities available-for-sale | $ | (2,899 | ) | $ | 1,006 | $ | (1,893 | ) | |||
Net available-for-sale securities losses reclassified into earnings | — | — | — | ||||||||
Adjustment to funded status of employee benefit plans | 6,974 | (2,408 | ) | 4,566 | |||||||
Other Comprehensive Income (Loss) | $ | 4,075 | $ | (1,402 | ) | $ | 2,673 | ||||
2015 | |||||||||||
Net change in unrealized gains on securities available-for-sale | $ | (663 | ) | $ | 232 | $ | (431 | ) | |||
Net available-for-sale securities gains reclassified into earnings | 34 | (12 | ) | 22 | |||||||
Adjustment to funded status of employee benefit plans | (3,551 | ) | 1,336 | (2,215 | ) | ||||||
Other Comprehensive Income (Loss) | $ | (4,180 | ) | $ | 1,556 | $ | (2,624 | ) |
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
Change in Projected Benefit Obligation | Change in Projected Benefit Obligation | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 105,834 | $ | 109,747 | Projected benefit obligation at beginning of year | $ | 113,679 | $ | 95,200 | |||||||||
Service cost | — | 463 | ||||||||||||||||
Interest cost | 4,100 | 4,296 | Interest cost | 3,456 | 3,987 | |||||||||||||
Actuarial loss | 4,974 | 3,575 | ||||||||||||||||
Curtailments | — | (6,997 | ) | |||||||||||||||
Actuarial gain/(loss) | Actuarial gain/(loss) | 10,525 | 13,996 | |||||||||||||||
Acquisitions - DNB merger | Acquisitions - DNB merger | 0 | 6,778 | |||||||||||||||
Benefits paid | (8,244 | ) | (5,250 | ) | Benefits paid | (10,154) | (6,282) | |||||||||||
Projected Benefit Obligation at End of Year | $ | 106,664 | $ | 105,834 | Projected Benefit Obligation at End of Year | $ | 117,506 | $ | 113,679 | |||||||||
Change in Plan Assets | Change in Plan Assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 87,711 | $ | 84,585 | Fair value of plan assets at beginning of year | $ | 116,652 | $ | 101,765 | |||||||||
Actual return on plan assets | 7,687 | 8,376 | Actual return on plan assets | 15,731 | 16,358 | |||||||||||||
Employer contributions | Employer contributions | 115 | 0 | |||||||||||||||
Acquisitions - DNB merger | Acquisitions - DNB merger | 0 | 4,811 | |||||||||||||||
Benefits paid | (8,244 | ) | (5,250 | ) | Benefits paid | (10,154) | (6,282) | |||||||||||
Fair Value of Plan Assets at End of Year | $ | 87,154 | $ | 87,711 | Fair Value of Plan Assets at End of Year | $ | 122,344 | $ | 116,652 | |||||||||
Funded Status | $ | (19,510 | ) | $ | (18,123 | ) | Funded Status | $ | 4,838 | $ | 2,973 |
(dollars in thousands) | 2020 | 2019 | |||||||||
Net actuarial loss | (19,572) | (23,106) | |||||||||
Total (Before Tax Effects) | $ | (19,572) | $ | (23,106) |
(dollars in thousands) | 2017 | 2016 | |||||
Prior service credit | $ | — | $ | — | |||
Net actuarial loss | (27,825 | ) | (26,013 | ) | |||
Total (Before Tax Effects) | $ | (27,825 | ) | $ | (26,013 | ) |
2017 | 2016 | 2020 | 2019 | |||||||||||||
Discount rate | 3.75 | % | 4.00 | % | Discount rate | 2.48 % | 3.25 | % | ||||||||
Rate of compensation increase(1) | — | % | — | % | Rate of compensation increase(1) | 0 % | 0 | % |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Components of Net Periodic Pension Cost | |||||||||||||||||
Interest cost on projected benefit obligation | 3,456 | 3,987 | 3,882 | ||||||||||||||
Expected return on plan assets | (3,925) | (4,731) | (6,266) | ||||||||||||||
Amortization of prior service credit - DNB merger | 0 | 7 | 0 | ||||||||||||||
Recognized net actuarial loss | 1,419 | 1,604 | 2,134 | ||||||||||||||
Settlement charge | 833 | 0 | 0 | ||||||||||||||
Net Periodic Pension Expense | $ | 1,783 | $ | 867 | $ | (250) | |||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||||||||||||||||
Net actuarial loss/(gain) | $ | (1,282) | $ | 2,370 | $ | (3,271) | |||||||||||
Recognized net actuarial loss | (1,419) | (1,604) | (2,134) | ||||||||||||||
Settlement loss recognized | (833) | 0 | 0 | ||||||||||||||
Recognized prior service credit | 0 | 0 | 0 | ||||||||||||||
Total (Before Tax Effects) | $ | (3,534) | $ | 766 | $ | (5,405) | |||||||||||
Total Recognized in Net Benefit Cost and Other Comprehensive Income/(Loss) (Before Tax Effects) | $ | (1,751) | $ | 1,633 | $ | (5,655) |
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Components of Net Periodic Pension Cost | |||||||||||
Service cost—benefits earned during the period | $ | — | $ | 463 | $ | 2,601 | |||||
Interest cost on projected benefit obligation | 4,100 | 4,296 | 4,425 | ||||||||
Expected return on plan assets | (6,313 | ) | (5,780 | ) | (7,180 | ) | |||||
Amortization of prior service credit | — | (11 | ) | (138 | ) | ||||||
Recognized net actuarial loss | 1,866 | 2,345 | 2,028 | ||||||||
Curtailment gain | — | (1,017 | ) | — | |||||||
Net Periodic Pension Expense | $ | (347 | ) | $ | 296 | $ | 1,736 | ||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||||||||||
Net actuarial (gain) loss | $ | 3,678 | $ | (6,018 | ) | $ | 5,678 | ||||
Recognized net actuarial loss | (1,866 | ) | (2,345 | ) | (2,028 | ) | |||||
Recognized prior service credit | — | 1,029 | 138 | ||||||||
Total (Before Tax Effects) | $ | 1,812 | $ | (7,334 | ) | $ | 3,788 | ||||
Total Recognized in Net Benefit Cost and Other Comprehensive (Loss)/Income (Before Tax Effects) | $ | 1,465 | $ | (7,038 | ) | $ | 5,524 |
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Discount rate | 4.00 | % | 4.25 | % | 4.00 | % | Discount rate | 3.25 % | 4.31 | % | 3.75 | % | |||||||||||||
Rate of compensation increase(1) | — | % | 3.00 | % | 3.00 | % | Rate of compensation increase(1) | 0 % | 0 | % | 0 | % | |||||||||||||
Expected return on assets | 7.50 | % | 7.50 | % | 8.00 | % | Expected return on assets | 3.45 % | 4.80 | % | 7.50 | % |
(dollars in thousands) | Amount | ||
2018 | $ | 7,175 | |
2019 | 7,090 | ||
2020 | 6,956 | ||
2021 | 7,157 | ||
2022 | 7,106 | ||
2023 - 2027 | 32,658 |
(dollars in thousands) | Amount | ||||
2021 | $ | 8,200 | |||
2022 | 7,535 | ||||
2023 | 7,364 | ||||
2024 | 7,548 | ||||
2025 | 7,020 | ||||
2026 - 2030 | 32,237 |
December 31, 2017 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value Asset Classes(1) | Fair Value Asset Classes(1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | (dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Cash and cash equivalents(2) | $ | — | $ | 1,780 | $ | — | $ | 1,780 | Cash and cash equivalents(2) | $ | 1,563 | $ | 0 | $ | 0 | $ | 1,563 | |||||||||||||||||||||
Fixed income(3) | 27,738 | — | — | 27,738 | Fixed income(3) | 108,583 | 0 | 0 | 108,583 | |||||||||||||||||||||||||||||
Equities: | Equities: | |||||||||||||||||||||||||||||||||||||
Equity index mutual funds—international(4) | 4,016 | — | — | 4,016 | Equity index mutual funds—international(4) | 3,332 | 0 | 0 | 3,332 | |||||||||||||||||||||||||||||
Domestic individual equities(5) | 53,540 | — | — | 53,540 | Domestic individual equities(5) | 8,866 | 0 | 0 | 8,866 | |||||||||||||||||||||||||||||
Total Assets at Fair Value | $ | 85,294 | $ | 1,780 | $ | — | $ | 87,074 | Total Assets at Fair Value | $ | 122,344 | $ | 0 | $ | 0 | $ | 122,344 |
December 31, 2019 | |||||||||||||||||||||||
Fair Value Asset Classes(1) | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash equivalents(2) | $ | 1,831 | $ | 0 | $ | 0 | $ | 1,831 | |||||||||||||||
Fixed income(3) | 101,320 | 0 | 0 | 101,320 | |||||||||||||||||||
Equities: | |||||||||||||||||||||||
Equity index mutual funds—international(4) | 3,066 | 0 | 0 | 3,066 | |||||||||||||||||||
Domestic individual equities(5) | 10,435 | 0 | 0 | 10,435 | |||||||||||||||||||
Total Assets at Fair Value | $ | 116,652 | $ | 0 | $ | 0 | $ | 116,652 |
December 31, 2016 | |||||||||||||||
Fair Value Asset Classes(1) | |||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash and cash equivalents(2) | $ | — | $ | 3,336 | $ | — | $ | 3,336 | |||||||
Fixed income(3) | 27,279 | — | — | 27,279 | |||||||||||
Equities: | |||||||||||||||
Equity index mutual funds—international(4) | 3,362 | — | — | 3,362 | |||||||||||
Domestic individual equities(5) | 53,636 | — | — | 53,636 | |||||||||||
Total Assets at Fair Value | $ | 84,277 | $ | 3,336 | $ | — | $ | 87,613 |
Restricted Stock | Weighted Average Grant Date Fair Value | ||||||||||||||||
Restricted Stock | Weighted Average Grant Date Fair Value | ||||||||||||||||
Non-vested at December 31, 2015 | 150,356 | $ | 26.34 | ||||||||||||||
Non-vested at December 31, 2018 | Non-vested at December 31, 2018 | 206,395 | $ | 30.70 | |||||||||||||
Granted | 110,643 | 25.58 | Granted | 84,882 | 38.67 | ||||||||||||
Vested | 32,164 | 25.03 | Vested | 76,014 | 30.75 | ||||||||||||
Forfeited | 3,335 | 26.04 | Forfeited | 33,228 | 32.50 | ||||||||||||
Non-vested at December 31, 2016 | 225,500 | $ | 26.16 | ||||||||||||||
Non-vested at December 31, 2019 | Non-vested at December 31, 2019 | 182,035 | $ | 34.06 | |||||||||||||
Granted | 90,115 | 35.19 | Granted | 230,703 | 23.43 | ||||||||||||
Vested | 83,958 | 24.82 | Vested | 77,317 | 37.39 | ||||||||||||
Forfeited | 11,089 | 29.56 | Forfeited | 58,741 | 32.77 | ||||||||||||
Non-vested at December 31, 2017 | 220,568 | $ | 30.19 | ||||||||||||||
Non-vested at December 31, 2020 | Non-vested at December 31, 2020 | 276,680 | $ | 24.54 |
December 31, | December 31, | |||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2020 | 2019 | |||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Cash | $ | 21,310 | $ | 17,057 | Cash | $ | 6,585 | $ | 7,509 | |||||||||
Investments in: | Investments in: | |||||||||||||||||
Bank subsidiary | 857,293 | 819,531 | Bank subsidiary | 1,168,831 | 1,198,964 | |||||||||||||
Nonbank subsidiaries | 19,569 | 21,980 | ||||||||||||||||
Non-bank subsidiaries | Non-bank subsidiaries | 10,493 | 16,393 | |||||||||||||||
Other assets | 7,272 | 4,694 | Other assets | 8,614 | 9,741 | |||||||||||||
Total Assets | $ | 905,444 | $ | 863,262 | Total Assets | $ | 1,194,523 | $ | 1,232,607 | |||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||
Long-term debt | $ | 20,619 | $ | 20,619 | Long-term debt | $ | 39,317 | $ | 39,277 | |||||||||
Other liabilities | 794 | 687 | Other liabilities | 495 | 1,332 | |||||||||||||
Total Liabilities | 21,413 | 21,306 | Total Liabilities | 39,812 | 40,609 | |||||||||||||
Total Shareholders’ Equity | 884,031 | 841,956 | Total Shareholders’ Equity | 1,154,711 | 1,191,998 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 905,444 | $ | 863,262 | Total Liabilities and Shareholders’ Equity | $ | 1,194,523 | $ | 1,232,607 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Dividends from subsidiaries | $ | 59,315 | $ | 59,490 | $ | 44,988 | |||||||||||
Investment income | 0 | 1 | 24 | ||||||||||||||
Total Income | 59,315 | 59,491 | 45,012 | ||||||||||||||
Interest expense on long-term debt | 1,696 | 1,285 | 1,149 | ||||||||||||||
Other expenses | 4,464 | 4,325 | 3,988 | ||||||||||||||
Total Expense | 6,160 | 5,610 | 5,137 | ||||||||||||||
Income before income tax and undistributed net income of subsidiaries | 53,155 | 53,881 | 39,875 | ||||||||||||||
Income tax benefit | (1,315) | (1,189) | (1,093) | ||||||||||||||
Income before undistributed net income of subsidiaries | 54,470 | 55,070 | 40,968 | ||||||||||||||
Equity in undistributed net income (distribution in excess of net income) of: | |||||||||||||||||
Bank subsidiary | (27,529) | 42,683 | 68,385 | ||||||||||||||
Non-bank subsidiaries | (5,901) | 481 | (4,019) | ||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 |
Years ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Dividends from subsidiaries | $ | 36,169 | $ | 34,134 | $ | 75,413 | |||||
Investment income | 22 | 17 | 19 | ||||||||
Total Income | 36,191 | 34,151 | 75,432 | ||||||||
Interest expense on long-term debt | 955 | 854 | 773 | ||||||||
Other expenses | 3,801 | 4,012 | 3,687 | ||||||||
Total Expense | 4,756 | 4,866 | 4,460 | ||||||||
Income before income tax and undistributed net income of subsidiaries | 31,435 | 29,285 | 70,972 | ||||||||
Income tax benefit | (1,596 | ) | (1,697 | ) | (1,549 | ) | |||||
Income before undistributed net income of subsidiaries | 33,031 | 30,982 | 72,521 | ||||||||
Equity in undistributed net income (distribution in excess of net income) of: | |||||||||||
Bank subsidiary | 40,877 | 40,051 | (5,064 | ) | |||||||
Nonbank subsidiaries | (940 | ) | 359 | (376 | ) | ||||||
Net Income | $ | 72,968 | $ | 71,392 | $ | 67,081 |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 | |||||||||||
Equity in undistributed (earnings) losses of subsidiaries | 33,430 | (43,164) | (64,366) | ||||||||||||||
Other | 1,708 | (99) | 1,695 | ||||||||||||||
Net Cash Provided by Operating Activities | 56,178 | 54,971 | 42,663 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Net investments in subsidiaries | 0 | 176 | 0 | ||||||||||||||
Acquisitions | 0 | (10) | 0 | ||||||||||||||
Net Cash Provided by Investing Activities | 0 | 166 | 0 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Sale of treasury shares, net | (594) | (915) | (657) | ||||||||||||||
Purchase of treasury shares | (12,559) | (18,222) | (12,256) | ||||||||||||||
Cash dividends paid to common shareholders | (43,949) | (37,360) | (34,539) | ||||||||||||||
Payment to repurchase of warrant | 0 | 0 | (7,652) | ||||||||||||||
Net Cash Used in Financing Activities | (57,102) | (56,497) | (55,104) | ||||||||||||||
Net decrease in cash | (924) | (1,360) | (12,441) | ||||||||||||||
Cash at beginning of year | 7,509 | 8,869 | 21,310 | ||||||||||||||
Cash at End of Year | $ | 6,585 | $ | 7,509 | $ | 8,869 |
Years ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net Income | $ | 72,968 | $ | 71,392 | $ | 67,081 | |||||
Equity in undistributed (earnings) losses of subsidiaries | (39,937 | ) | (40,410 | ) | 5,440 | ||||||
Tax benefit from stock-based compensation | — | (9 | ) | (53 | ) | ||||||
Other | 480 | 379 | 3,129 | ||||||||
Net Cash Provided by Operating Activities | 33,511 | 31,352 | 75,597 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Net investments in subsidiaries | — | — | (38,404 | ) | |||||||
Acquisitions | — | — | (29,510 | ) | |||||||
Net Cash Used in Investing Activities | — | — | (67,914 | ) | |||||||
FINANCING ACTIVITIES | |||||||||||
Repayment of junior subordinated debt | — | — | (8,500 | ) | |||||||
(Purchase) Sale of treasury shares, net | (689 | ) | (115 | ) | (182 | ) | |||||
Cash dividends paid to common shareholders | (28,569 | ) | (26,784 | ) | (24,487 | ) | |||||
Tax benefit from stock-based compensation | — | 9 | 53 | ||||||||
Net Cash Used in Financing Activities | (29,258 | ) | (26,890 | ) | (33,116 | ) | |||||
Net increase (decrease) in cash | 4,253 | 4,462 | (25,433 | ) | |||||||
Cash at beginning of year | 17,057 | 12,595 | 38,028 | ||||||||
Cash at End of Year | $ | 21,310 | $ | 17,057 | $ | 12,595 |
Actual | Minimum Regulatory Capital Requirements | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
S&T | $ | 825,515 | 9.43 % | $ | 350,311 | 4.00 % | $ | 437,889 | 5.00 % | ||||||||||||||||||||||||||
S&T Bank | 810,636 | 9.27 % | 349,739 | 4.00 % | 437,174 | 5.00 % | |||||||||||||||||||||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 796,515 | 11.33 % | 316,338 | 4.50 % | 456,933 | 6.50 % | |||||||||||||||||||||||||||||
S&T Bank | 810,636 | 11.55 % | 315,792 | 4.50 % | 456,144 | 6.50 % | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 825,515 | 11.74 % | 421,784 | 6.00 % | 562,379 | 8.00 % | |||||||||||||||||||||||||||||
S&T Bank | 810,636 | 11.55 % | 421,056 | 6.00 % | 561,408 | 8.00 % | |||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 944,686 | 13.44 % | 562,379 | 8.00 % | 702,974 | 10.00 % | |||||||||||||||||||||||||||||
S&T Bank | 922,007 | 13.14 % | 561,408 | 8.00 % | 701,760 | 10.00 % | |||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
S&T | $ | 854,146 | 10.29 | % | $ | 331,925 | 4.00 | % | $ | 414,907 | 5.00 | % | |||||||||||||||||||||||
S&T Bank | 832,113 | 10.04 | % | 331,355 | 4.00 | % | 414,194 | 5.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 825,146 | 11.43 | % | 324,745 | 4.50 | % | 469,077 | 6.50 | % | ||||||||||||||||||||||||||
S&T Bank | 832,113 | 11.56 | % | 324,048 | 4.50 | % | 468,069 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 854,146 | 11.84 | % | 432,994 | 6.00 | % | 577,325 | 8.00 | % | ||||||||||||||||||||||||||
S&T Bank | 832,113 | 11.56 | % | 432,064 | 6.00 | % | 576,085 | 8.00 | % | ||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 954,094 | 13.22 | % | 577,325 | 8.00 | % | 721,656 | 10.00 | % | ||||||||||||||||||||||||||
S&T Bank | 922,310 | 12.81 | % | 576,085 | 8.00 | % | 720,106 | 10.00 | % |
Actual | Minimum Regulatory Capital Requirements | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of December 31, 2017 | ||||||||||||||||||||
Leverage Ratio | ||||||||||||||||||||
S&T | $ | 628,876 | 9.17 | % | $ | 274,254 | 4.00 | % | $ | 342,818 | 5.00 | % | ||||||||
S&T Bank | 582,929 | 8.52 | % | 273,538 | 4.00 | % | 341,922 | 5.00 | % | |||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | ||||||||||||||||||||
S&T | 608,876 | 10.71 | % | 255,778 | 4.50 | % | 369,457 | 6.50 | % | |||||||||||
S&T Bank | 582,929 | 10.29 | % | 255,024 | 4.50 | % | 368,368 | 6.50 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||
S&T | 628,876 | 11.06 | % | 341,037 | 6.00 | % | 454,717 | 8.00 | % | |||||||||||
S&T Bank | 582,929 | 10.29 | % | 340,032 | 6.00 | % | 453,375 | 8.00 | % | |||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||||
S&T | 713,056 | 12.55 | % | 454,717 | 8.00 | % | 568,396 | 10.00 | % | |||||||||||
S&T Bank | 666,560 | 11.76 | % | 453,375 | 8.00 | % | 566,719 | 10.00 | % | |||||||||||
As of December 31, 2016 | ||||||||||||||||||||
Leverage Ratio | ||||||||||||||||||||
S&T | $ | 582,155 | 8.98 | % | $ | 259,170 | 4.00 | % | $ | 323,963 | 5.00 | % | ||||||||
S&T Bank | 542,048 | 8.39 | % | 258,460 | 4.00 | % | 323,075 | 5.00 | % | |||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | ||||||||||||||||||||
S&T | 562,155 | 10.04 | % | 252,079 | 4.50 | % | 364,114 | 6.50 | % | |||||||||||
S&T Bank | 542,048 | 9.71 | % | 251,213 | 4.50 | % | 362,864 | 6.50 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | ||||||||||||||||||||
S&T | 582,155 | 10.39 | % | 336,105 | 6.00 | % | 448,140 | 8.00 | % | |||||||||||
S&T Bank | 542,048 | 9.71 | % | 334,951 | 6.00 | % | 446,601 | 8.00 | % | |||||||||||
Total Capital (to Risk-Weighted Assets) | ||||||||||||||||||||
S&T | 664,184 | 11.86 | % | 448,140 | 8.00 | % | 560,175 | 10.00 | % | |||||||||||
S&T Bank | 622,469 | 11.15 | % | 446,602 | 8.00 | % | 558,252 | 10.00 | % |
2017 | 2016 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) (unaudited) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | (dollars in thousands, except per share data) (unaudited) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter (1) | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 67,855 | $ | 66,723 | $ | 64,914 | $ | 61,150 | $ | 59,096 | $ | 57,808 | $ | 55,850 | $ | 55,019 | Interest income | $ | 75,548 | $ | 76,848 | $ | 80,479 | $ | 87,589 | $ | 82,457 | $ | 79,813 | $ | 79,624 | $ | 78,590 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 10,027 | 9,267 | 8,344 | 7,272 | 6,638 | 6,353 | 6,142 | 5,382 | Interest expense | 5,620 | 7,572 | 10,331 | 17,553 | 18,045 | 18,617 | 18,797 | 18,234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 982 | 2,850 | 4,869 | 5,183 | 5,586 | 2,516 | 4,848 | 5,014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision For Loan Losses | 56,846 | 54,606 | 51,701 | 48,695 | 46,872 | 48,939 | 44,860 | 44,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security (losses) gains, net | (986 | ) | — | 3,617 | 370 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 7,130 | 17,485 | 86,759 | 20,050 | 2,105 | 4,913 | 2,205 | 5,649 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision For Credit Losses | Net Interest Income After Provision For Credit Losses | 62,798 | 51,791 | (16,611) | 49,986 | 62,307 | 56,283 | 58,622 | 54,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security gains (losses), net | Security gains (losses), net | 0 | 0 | 142 | 0 | (26) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 13,636 | 13,551 | 12,648 | 12,626 | 12,922 | 13,448 | 12,448 | 15,817 | Noninterest income | 15,609 | 16,483 | 15,082 | 12,403 | 15,257 | 13,063 | 12,901 | 11,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 37,947 | 36,553 | 36,597 | 36,808 | 35,625 | 34,439 | 34,753 | 38,416 | Noninterest expense | 48,529 | 48,246 | 43,478 | 46,391 | 50,178 | 37,667 | 40,352 | 38,919 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Taxes | 31,549 | 31,604 | 31,369 | 24,883 | 24,169 | 27,948 | 22,555 | 22,024 | Income Before Taxes | 29,878 | 20,028 | (44,865) | 15,998 | 27,360 | 31,679 | 31,171 | 27,151 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 22,255 | 8,883 | 8,604 | 6,695 | 6,510 | 7,367 | 5,496 | 5,931 | Provision for income taxes | 5,702 | 3,323 | (11,793) | 2,767 | 5,091 | 4,743 | 5,070 | 4,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Shareholders | $ | 9,294 | $ | 22,721 | $ | 22,765 | $ | 18,188 | $ | 17,659 | $ | 20,581 | $ | 17,059 | $ | 16,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 24,176 | $ | 16,705 | $ | (33,072) | $ | 13,231 | $ | 22,269 | $ | 26,936 | $ | 26,101 | $ | 22,929 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data | Per Share Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common earnings per share—diluted | $ | 0.27 | $ | 0.65 | $ | 0.65 | $ | 0.52 | $ | 0.51 | $ | 0.59 | $ | 0.49 | $ | 0.46 | Common earnings per share—diluted | $ | 0.62 | $ | 0.43 | $ | (0.85) | $ | 0.34 | $ | 0.62 | $ | 0.79 | $ | 0.76 | $ | 0.66 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | 0.22 | 0.20 | 0.20 | 0.20 | 0.20 | 0.19 | 0.19 | 0.19 | Dividends declared per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | 0.27 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common book value | 25.28 | 25.37 | 24.90 | 24.45 | 24.12 | 24.02 | 23.63 | 23.23 | Common book value | 29.38 | 29.10 | 28.93 | 30.06 | 30.13 | 28.69 | 28.11 | 27.47 |
Description of the Matter | On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments, which resulted in an increase to the allowance for credit losses (ACL) from retained earnings of $22.6 million. At December 31, 2020, the Company’s gross portfolio of loans was $7.2 billion with an associated ACL of $117.6 million. As discussed in Note 1 to the consolidated financial statements, the ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers historical loss experience, current conditions and forecasts of future economic conditions. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and an individual assessment of loans that do not share risk characteristics with other loans to determine if a specific reserve or a charge-off is appropriate. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. Management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. The reasonable and supportable forecast adjustment is based on forecasted unemployment. The qualitative adjustments for current conditions are based upon value of underlying collateral for collateral dependent loans and the existence of and changes in concentrations for the commercial loan portfolios. Auditing the ACL involves a high degree of subjectivity due to the qualitative adjustments. Management’s identification and measurement of the qualitative adjustments is highly judgmental and could have a significant effect on the ACL. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the ACL process, which include, among others, management’s review and approval controls designed to assess the need for and level of qualitative adjustments and the reliability of the data utilized to support management’s assessment. | ||||
To test the qualitative adjustments, we evaluated the appropriateness of management’s methodology and assessed the basis for the adjustments and whether all relevant risks were reflected in the ACL. Regarding the measurement of the qualitative adjustments, we evaluated the completeness, accuracy and relevance of the underlying internal and external data utilized in management’s estimate and considered the existence of additional or contrary information. We evaluated the overall ACL, inclusive of the qualitative adjustments, and whether the amount appropriately reflects a reasonable estimate of lifetime losses by comparing the overall ACL to historical losses and ACL reserves established by peer banking institutions. |
(a) | (b) | (c) | ||||||||||||||||||||||||
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a)) | |||||||||||||||||||||||
Equity compensation plan approved by shareholders(1) | 101,306 | (2) | 126,260 | |||||||||||||||||||||||
Equity compensation plans not approved by shareholders | — | — | — | |||||||||||||||||||||||
Total | 101,306 | $ | — | 126,260 |
(b) Exhibits | |||||||||
3.1 | Articles of Incorporation of S&T Bancorp, Inc. Filed as Exhibit B to Form S-4 Registration Statement (No. 2-83565) | ||||||||
3.2 | Amendment to Articles of Incorporation of S&T Bancorp, Inc. Filed as Exhibit 3.2 to Form S-4 Registration Statement (No. 33-02600) of S&T Bancorp, Inc. dated January 15, 1986, and incorporated herein by reference. | ||||||||
— | |||||||||
The Company has certain long-term debt but has not filed the instruments evidencing such debt as Exhibit 4 as none of such instruments authorize the issuance of debt exceeding 10 percent of the Companies total consolidated assets. The Company agrees to furnish a copy of each such agreement to the Securities and Exchange Commission upon request. | |||||||||
Letter Agreement, dated as of October 2, 2020, by and between S&T Bancorp, Inc. and Todd D. Brice. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 2, 2020, and incorporated herein by reference.* |
(b) Exhibits | ||||||||
— | Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement, dated October 14, 2020, by and between David G. Antolik and S&T Bancorp, Inc. | |||||||
— | ||||||||
— | Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement, dated October 14, 2020, by and between Mark Kochvar and S&T Bancorp, Inc. Filed as Exhibit 10.4 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 16, 2020. | |||||||
— | Restricted Stock Award Agreement Mark Kochvar, dated | |||||||
10.11 | Severance and General Release Agreement, dated August 4, 2020, by and between David P. Ruddock and S&T Bancorp, Inc., S&T Bank and any of their subsidiaries or affiliated business. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and incorporated herein by reference * | ||||||||
10.12 | Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement, dated November 2, 2020, by and between Ernest J. Draganza and S&T Bancorp, Inc., S&T Bank and their subsidiaries and affiliated companies. Filed as Exhibit 10.2 to S&T Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and incorporated herein by reference.* | ||||||||
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S&T BANCORP, INC. (Registrant) | ||||||||
/s/ Todd D. Brice | 2/26/2021 | |||||||
Todd D. Brice Chief Executive Officer (Principal Executive Officer) | Date | |||||||
Mark Kochvar Senior Executive Vice President, Chief Financial Officer (Principal Financial Officer) | Date |
SIGNATURE | TITLE | DATE | ||||||||||||
/s/ Todd D. Brice | Chief Executive Officer and Director (Principal Executive Officer) | 2/26/2021 | ||||||||||||
Todd D. Brice | ||||||||||||||
Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
Mark Kochvar | ||||||||||||||
Melanie Lazzari | |||||||||||||||
/s/ David G. Antolik | President and Director | ||||||||||||||
David G. Antolik | |||||||||||||||
/s/ Christine J. Toretti | Chair of the Board and Director | 2/26/2021 | |||||||||||||
Christine J. Toretti | |||||||||||||||
Director | 2/26/2021 | ||||||||||||||
Lewis W. Adkins Jr. | |||||||||||||||
/s/ Peter R. Barsz | Director | 2/26/2021 | |||||||||||||
Peter R. Barsz | |||||||||||||||
SIGNATURE | TITLE | DATE | |||||||||||||
/s/ Christina A. Cassotis | Director | 2/26/2021 | |||||||||||||
Christina A. Cassotis | |||||||||||||||
/s/ Michael J. Donnelly | Director | 2/26/2021 | |||||||||||||
Michael J. Donnelly | |||||||||||||||
/s/ James T. Gibson | Director | 2/26/2021 | |||||||||||||
James T. Gibson | |||||||||||||||
/s/ Jeffrey D. Grube | Director | ||||||||||||||
Jeffrey D. Grube | |||||||||||||||
/s/ William J. Hieb | Director | 2/26/2021 | |||||||||||||
William J. Hieb | |||||||||||||||
Director | 2/26/2021 | ||||||||||||||
Jerry D. Hostetter | |||||||||||||||
/s/ Robert E. Kane | Director | ||||||||||||||
Robert E. Kane | |||||||||||||||
Director | |||||||||||||||
James C. Miller | |||||||||||||||
/s/ Frank J. Palermo, Jr. | Director | ||||||||||||||
Frank J. Palermo, Jr. | |||||||||||||||
/s/ Steven J. Weingarten | Director | ||||||||||||||
Steven J. Weingarten | |||||||||||||||