Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-7617 | |
Entity Registrant Name | UNIVEST FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-1886144 | |
Entity Address, Address Line One | 14 North Main Street | |
Entity Address, City or Town | Souderton | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18964 | |
City Area Code | 215 | |
Local Phone Number | 721-2400 | |
Title of 12(b) Security | Common Stock, $5 par value | |
Trading Symbol | UVSP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,187,293 | |
Entity Central Index Key | 0000102212 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 49,008 | $ 50,571 |
Interest-earning deposits with other banks | 133,894 | 74,557 |
Cash and cash equivalents | 182,902 | 125,128 |
Investment securities held-to-maturity (fair value $229,552 and $194,886 at March 31, 2020 and December 31, 2019, respectively) | 222,389 | 192,052 |
Investment securities available-for-sale (amortized cost $208,636, net of allowance for credit losses of $897 at March 31, 2020) | 198,886 | 246,924 |
Investments in equity securities | 2,246 | 2,623 |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 28,465 | 28,254 |
Loans held for sale | 11,417 | 5,504 |
Loans and leases held for investment | 4,448,825 | 4,386,836 |
Less: Reserve for credit losses, loans and leases | 68,216 | |
Less: Reserve for loan and lease losses | (68,216) | (35,331) |
Net loans and leases held for investment | 4,380,609 | 4,351,505 |
Premises and equipment, net | 55,789 | 56,676 |
Operating lease right-of-use assets | 34,679 | 34,418 |
Goodwill | 172,559 | 172,559 |
Other intangibles, net of accumulated amortization | 9,773 | 10,284 |
Bank owned life insurance | 115,512 | 114,778 |
Accrued interest receivable and other assets | 49,542 | 40,219 |
Total assets | 5,464,768 | 5,380,924 |
LIABILITIES | ||
Noninterest-bearing deposits | 1,318,270 | 1,279,681 |
Interest-bearing deposits | ||
Demand deposits | 1,615,979 | 1,677,682 |
Savings deposits | 836,042 | 796,702 |
Time deposits | 637,012 | 606,010 |
Total deposits | 4,407,303 | 4,360,075 |
Short-term borrowings | 18,415 | 18,680 |
Long-term debt | 210,069 | 150,098 |
Subordinated notes | 94,879 | 94,818 |
Operating lease liabilities | 37,919 | 37,617 |
Accrued interest payable and other liabilities | 44,632 | 44,514 |
Total liabilities | 4,813,217 | 4,705,802 |
SHAREHOLDERS' EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2020 and December 31, 2019; 31,556,799 shares issued at March 31, 2020 and December 31, 2019; 29,164,782 and 29,334,629 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 157,784 | 157,784 |
Additional paid-in capital | 295,439 | 294,999 |
Retained earnings | 272,478 | 288,803 |
Accumulated other comprehensive loss, net of tax benefit | (25,628) | (21,730) |
Treasury stock, at cost; 2,392,017 and 2,222,170 shares at March 31, 2020 and December 31, 2019, respectively | (48,522) | (44,734) |
Total shareholders’ equity | 651,551 | 675,122 |
Total liabilities and shareholders’ equity | $ 5,464,768 | $ 5,380,924 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 229,552 | $ 194,886 |
Securities, Available-for-sale, Allowance for Credit Loss | $ 897 | |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 31,556,799 | 31,556,799 |
Common stock, shares outstanding | 29,164,782 | 29,334,629 |
Treasury stock, shares | 2,392,017 | 2,222,170 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and fees on loans and leases: | ||
Taxable | $ 45,561 | $ 45,682 |
Exempt from federal income taxes | 2,661 | 2,683 |
Total interest and fees on loans and leases | 48,222 | 48,365 |
Interest and dividends on investment securities: | ||
Taxable | 2,705 | 2,713 |
Exempt from federal income taxes | 240 | 431 |
Interest on deposits with other banks | 325 | 269 |
Interest and dividends on other earning assets | 527 | 586 |
Total interest income | 52,019 | 52,364 |
Interest expense | ||
Interest on deposits | 7,406 | 8,203 |
Interest on short-term borrowings | 106 | 638 |
Interest on long-term debt and subordinated notes | 2,039 | 2,000 |
Total interest expense | 9,551 | 10,841 |
Net interest income | 42,468 | 41,523 |
Provision for credit losses | 20,452 | 2,685 |
Provision for credit losses | 21,049 | 2,685 |
Net interest income after provision for credit losses | 21,419 | 38,838 |
Disaggregation of Revenue [Line Items] | ||
Insurance commission and fee income | 4,732 | 5,144 |
Bank owned life insurance income | 734 | 952 |
Net gain on sales of investment securities | 695 | 1 |
Net gain on mortgage banking activities | 2,744 | 483 |
Other income | 67 | 339 |
Total noninterest income | 18,384 | 16,297 |
Noninterest expense | ||
Salaries, benefits and commissions | 23,836 | 21,546 |
Net occupancy | 2,574 | 2,611 |
Equipment | 995 | 990 |
Data processing | 2,760 | 2,514 |
Professional fees | 1,317 | 1,264 |
Marketing and advertising | 402 | 540 |
Deposit insurance premiums | 504 | 452 |
Intangible expenses | 330 | 426 |
Other expense | 6,853 | 5,214 |
Total noninterest expense | 39,571 | 35,557 |
Income before income taxes | 232 | 19,578 |
Income tax (benefit) expense | (606) | 3,499 |
Net income | $ 838 | $ 16,079 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.03 | $ 0.55 |
Diluted (in dollars per share) | $ 0.03 | $ 0.55 |
Trust fee income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,890 | $ 1,887 |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 1,397 | 1,435 |
Investment advisory commission and fee income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 4,255 | 3,789 |
Other service fee income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,870 | $ 2,267 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Before Tax Amount | |||
Income (loss), before tax amount | $ 232 | $ 19,578 | |
Net unrealized gains (losses) on available-for-sale investment securities, before tax amount | |||
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, before tax | (4,965) | 5,120 | |
Other comprehensive (income) loss, reclassification adjustment from AOCI for write-down of securities, before tax | 597 | ||
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (695) | (1) |
Other comprehensive income (loss), securities, available-for-sale, adjustment, before tax | (5,063) | 5,119 | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, before tax amount | |||
Net unrealized holding losses arising during the period | (497) | (168) | |
Less: reclassification adjustment for net (gains) losses realized in net income | [2] | 29 | (16) |
Other comprehensive income (loss), derivatives qualifying as hedges, before tax | (468) | (184) | |
Defined benefit pension plans, Before Tax Amount | |||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 297 | 294 |
Accretion of prior service cost included in net periodic pension costs | [3] | 0 | (45) |
Total defined benefit pension plans | 297 | 249 | |
Other comprehensive income (loss), before tax amount | (5,234) | 5,184 | |
Total comprehensive income (loss), before tax amount | (5,002) | 24,762 | |
Tax Expense (Benefit) | |||
Income tax (benefit) expense | (606) | 3,499 | |
Net unrealized gains (losses) on available-for-sale investment securities, tax expense (benefit) | |||
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, tax | (1,042) | 1,075 | |
Other comprehensive (income) loss, reclassification adjustment from AOCI for write-down of securities, tax | 125 | ||
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (146) | 0 |
Total net unrealized (losses) gains on available-for-sale investment securities | (1,063) | 1,075 | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, tax expense (benefit) | |||
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, tax | (104) | (36) | |
Less: reclassification adjustment for net (gains) losses realized in net income | [2] | 6 | (3) |
Other comprehensive income (loss), derivatives qualifying as hedges, tax | (98) | (39) | |
Defined benefit pension plans, tax expense (benefit) | |||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 62 | 62 |
Accretion of prior service cost included in net periodic pension costs | [3] | 0 | (9) |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | 62 | 53 | |
Other comprehensive income (loss), tax expense (benefit) | (1,099) | 1,089 | |
Total comprehensive income (loss), tax expense (benefit) | (1,705) | 4,588 | |
Net of Tax Amount | |||
Net income | 838 | 16,079 | |
Net unrealized gains (losses) on available-for-sale investment securities, net of tax amount | |||
Net unrealized holding (losses) gains arising during the period | (3,923) | 4,045 | |
Other comprehensive (income) loss, reclassification adjustment from AOCI for write-down of securities, net of tax, total | 472 | ||
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (549) | (1) |
Other comprehensive income (loss), securities, available-for-sale, adjustment, after tax | (4,000) | 4,044 | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, net of tax amount | |||
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, net of tax | (393) | (132) | |
Less: reclassification adjustment for net (gains) losses realized in net income | [2] | 23 | (13) |
Total net unrealized losses on interest rate swaps used in cash flow hedges | (370) | (145) | |
Defined benefit pension plans, net of tax amount | |||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 235 | 232 |
Accretion of prior service cost included in net periodic pension costs | [3] | 0 | (36) |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, after tax | 235 | 196 | |
Other comprehensive income (loss), net of tax amount | (4,135) | 4,095 | |
Total comprehensive income (loss), net of tax amount | $ (3,297) | $ 20,174 | |
[1] | (1) Included in net gain on sales of investment securities on the consolidated statements of income (before tax amount). | ||
[2] | (2) Included in interest expense on deposits on the consolidated statements of income (before tax amount). | ||
[3] | (3) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 624,133 | $ 157,784 | $ 292,401 | $ 248,167 | $ (28,416) | $ (45,803) |
Beginning balance, shares at Dec. 31, 2018 | 29,270,852 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 16,079 | $ 0 | 0 | 16,079 | 0 | 0 |
Other comprehensive income, net of income tax | 4,095 | 0 | 0 | 0 | 4,095 | 0 |
Cash dividends declared | (5,853) | 0 | 0 | (5,853) | 0 | 0 |
Stock-based compensation | 574 | 0 | 574 | 0 | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 571 | $ 0 | 30 | 0 | 0 | 541 |
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 25,743 | |||||
Exercise of stock options | 521 | $ 0 | (91) | 0 | 0 | 612 |
Exercise of stock options, shares | 30,500 | |||||
Cancellations of performance-based restricted stock awards | 0 | $ 0 | 341 | 0 | 0 | (341) |
Cancellation of performance-based restricted stock awards, shares | (17,349) | |||||
Purchases of treasury stock | (950) | $ 0 | 0 | 0 | 0 | (950) |
Purchases of treasury stock, shares | (37,244) | |||||
Ending balance at Mar. 31, 2019 | $ 637,606 | $ 157,784 | 293,255 | 256,746 | (24,238) | (45,941) |
Ending balance, shares at Mar. 31, 2019 | 29,272,502 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared, per share | $ 0.20 | |||||
Beginning balance at Dec. 31, 2019 | $ 675,122 | $ 157,784 | 294,999 | 288,803 | (21,730) | (44,734) |
Beginning balance, shares at Dec. 31, 2019 | 29,334,629 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 838 | $ 0 | 0 | 838 | 0 | 0 |
Other comprehensive income, net of income tax | (4,135) | 0 | 0 | 0 | (4,135) | 0 |
Cash dividends declared | (5,866) | 0 | 0 | (5,866) | 0 | 0 |
Stock-based compensation | 411 | 0 | 424 | (13) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 572 | $ 0 | (49) | 0 | 0 | 621 |
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 26,045 | |||||
Vesting of restricted stock unit awards | 0 | $ 0 | (346) | 0 | 0 | 346 |
Vesting of restricted stock unit awards, shares | 17,035 | |||||
Exercise of stock options | $ 94 | $ 0 | (7) | 0 | 0 | 101 |
Exercise of stock options, shares | 5,000 | 5,000 | ||||
Cancellations of performance-based restricted stock awards | $ 0 | $ 0 | 418 | 0 | 0 | (418) |
Cancellation of performance-based restricted stock awards, shares | (14,777) | |||||
Purchases of treasury stock | (4,438) | $ 0 | 0 | 0 | 0 | (4,438) |
Purchases of treasury stock, shares | (203,150) | |||||
Ending balance at Mar. 31, 2020 | $ 651,551 | $ 157,784 | $ 295,439 | $ 272,478 | $ (25,628) | $ (48,522) |
Ending balance, shares at Mar. 31, 2020 | 29,164,782 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared, per share | $ 0.20 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared, per share | $ 0.20 | $ 0.20 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 838 | $ 16,079 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 21,049 | 2,685 |
Depreciation of premises and equipment | 1,258 | 1,318 |
Net amortization of investment securities premiums and discounts | 383 | 379 |
Net gain on sales of investment securities | (695) | (1) |
Net gain on mortgage banking activities | (2,744) | (483) |
Bank owned life insurance income | (734) | (952) |
Stock-based compensation | 435 | 577 |
Intangible expenses | 330 | 426 |
Other adjustments to reconcile net income to cash provided by (used in) operating activities | 273 | (205) |
Originations of loans held for sale | (63,730) | (30,422) |
Proceeds from the sale of loans held for sale | 58,959 | 31,745 |
Contributions to pension and other postretirement benefit plans | (68) | (66) |
Increase in accrued interest receivable and other assets | (2,752) | (3,709) |
Decrease in accrued interest payable and other liabilities | (1,750) | (316) |
Net cash provided by operating activities | 11,052 | 17,055 |
Cash flows from investing activities: | ||
Net capital expenditures | (379) | (850) |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 12,475 | 4,288 |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 12,896 | 17,085 |
Proceeds from sales of securities available-for-sale | 62,276 | 491 |
Purchases of investment securities held-to-maturity | (43,116) | (10,309) |
Purchases of investment securities available-for-sale | (32,242) | 0 |
Proceeds from sales of money market mutual funds | 4,753 | 10 |
Purchases of money market mutual funds | (4,644) | (606) |
Net increase in other investments | (211) | (4,362) |
Net increase in loans and leases | (62,368) | (61,582) |
Proceeds from sales of other real estate owned | 0 | 599 |
Net cash used in investing activities | (50,560) | (55,236) |
Cash flows from financing activities: | ||
Net increase in deposits | 47,229 | 117,239 |
Net decrease in short-term borrowings | (265) | (116,583) |
Proceeds from issuance of long-term debt | 125,000 | 0 |
Repayment of long-term debt | (65,000) | 0 |
Payment of contingent consideration on acquisitions | (31) | (33) |
Purchases of treasury stock | (4,438) | (950) |
Stock issued under dividend reinvestment and employee stock purchase plans | 572 | 571 |
Proceeds from exercise of stock options | 94 | 521 |
Cash dividends paid | (5,879) | (5,863) |
Net cash provided by (used in) financing activities | 97,282 | (5,098) |
Net increase (decrease) in cash and cash equivalents | 57,774 | (43,279) |
Cash and cash equivalents at beginning of year | 125,128 | 109,420 |
Cash and cash equivalents at end of period | 182,902 | 66,141 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 9,420 | 10,629 |
Cash paid for income taxes, net of refunds | $ 32 | $ 25 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three-month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the calculation of the reserve for credit losses. Accounting Pronouncements Adopted in 2020 In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. This ASU replaces the incurred loss methodology for recognizing credit losses and requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases accounted for under ASC 842, off-balance sheet credit exposures such as unfunded commitments, and other financial instruments. In addition, ASC 326 requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down when management does not intend to sell or believes that it is not more likely than not they will be required to sell. This new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 for the Corporation. The results reported for periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable accounting standards. See Note 1, "Summary of Significant Accounting Polices - Reserve for Loan and Lease Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020, for further information on the Corporation's reserve for loan and lease losses methodology under the incurred loss model. The Corporation adopted this guidance, and subsequent related updates, for all financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases, available-for-sale debt securities and unfunded commitments using the modified retrospective approach. On January 1, 2020, the Corporation recorded a cumulative effect decrease to retained earnings of $11.3 million, net of tax, of which $10.2 million related to loans and net investment in leases, $905 thousand related to unfunded commitments, and $237 thousand related to available-for-sale securities. The Corporation adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $84 thousand of the allowance for credit losses (ACL). The Corporation adopted ASC 326 using the prospective transition approach for presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2020, though no such charges had been recorded on the securities held by the Corporation as of the date of adoption. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Financial Instruments (Topic 825)." The amendments to Topic 326 are the most significant and address how a company considers recoveries and extension options when estimating expected credit losses. The ASU clarifies that a company’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off. The ASU also clarifies that a company should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. This new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 for the Corporation. The Corporation adopted ASU No. 2019-04 and incorporated the applicable items described as follows into the CECL model. Management addressed the provision in ASU No. 2019-04 related to how a company considers recoveries by performing an analysis to estimate recoveries that could be reasonably expected based on historical experience as described further below. Management addressed the provision in ASU No. 2019-04 related to how a company considers extension options when estimating expected credit losses as described further below. Management reviewed the provision in the ASU No. 2019-04 related to Topics 815 and 825 and determined these amendments did not have a material impact on the Corporation's financial statements. The Corporation expanded the pooling utilized under the legacy incurred loss method to include additional segmentation based on risk. The impact of the change from the incurred loss model to the current expected credit loss model is detailed below. January 1, 2020 Pre-adoption Adoption Impact As Reported Assets: ACL on debt securities: available-for-sale: Corporate bonds — 300 300 ACL on loans and leases: Commercial, financial and agricultural 8,759 5,284 14,043 Real estate-commercial 15,750 6,208 21,958 Real estate-construction 2,446 29 2,475 Real estate-residential secured for business purpose 2,622 2,502 5,124 Real estate-residential secured for personal purpose 2,713 (706) 2,007 Real estate-home equity secured for personal purpose 1,076 (364) 712 Loans to individuals 470 104 574 Lease financings 1,311 (135) 1,176 Unallocated 184 — 184 Total ACL on loans and leases 35,331 12,922 48,253 Liabilities: Reserve for unfunded commitments 420 1,145 1,565 In August 2018, the FASB issued ASU No. 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement." This ASU applies to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. Disclosures removed by this ASU are the amount and reasons for transfers between Level 1 and Level 2, the policy for timing of transfers between levels and the valuation processes for Level 3 measurements. This ASU modifies certain disclosures relating to investments in certain entities that calculate net asset value, changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Corporation adopted this guidance and the related required disclosures prospectively on January 1, 2020. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This ASU eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are SEC filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, or for the Corporation's goodwill impairment test in 2020. The Corporation adopted this guidance as of January 1, 2020; the adoption did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted In August 2018, the FASB issued ASU No. 2018-14, " Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. Disclosures removed by this ASU include the following: 1) amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year; 2) amount and timing of plan assets expected to be returned to the employer; and 3) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. Additional disclosures required by this ASU include: 1) the weighted-average interest crediting rates used in an entity's cash balance pension plans and other similar plans and 2) explanations for reasons for significant changes in the benefit obligation or plan assets. All amendments should be applied retrospectively. This ASU is effective for fiscal years beginning after December 15, 2020 or January 1, 2021 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statement disclosures but will result in revised disclosures for retirement plans and other postretirement benefits. In December 2019, the FASB issued ASU No. 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. This ASU is effective for fiscal years beginning after December 15, 2020 or January 1, 2021 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2020, the FASB issued ASU No. 2020-01, " Investments—Equity Securities (Topic 321): Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU 2020-01 clarifies the interactions between ASC 321, ASC 323 and ASC 815 and addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU is effective for fiscal years beginning after December 15, 2021 or January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2020, the FASB issued ASU No. 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The guidance allows for companies to: (1) account for certain contract modifications as a continuation of the existing contract without additional analysis; (2) continue hedge accounting when certain critical terms of a hedging relationship change and assess effectiveness in ways that disregard certain potential sources of ineffectiveness; and (3) make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading. This ASU is available for adoption effective immediately, or as of January 1, 2020 or any date thereafter for the Corporation, and applies prospectively to contract modifications and hedging relationships. The one-time election to sell and/or transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020. The Corporation anticipates adopting this ASU and will continue to analyze the provisions of the ASU in connection with ongoing procedures to monitor the work of the Alternative Rates Committee of the FRB and Federal Reserve Bank of New York in identifying an alternative U.S. dollar reference interest rate. It is too early to predict whether a new rate index replacement and the adoption of the ASU will have a material impact on the Corporation's financial statements. Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity, and credit losses recognized in earnings. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities except for premiums on callable debt securities which are amortized to the earliest call date. Due to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. The Corporation measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government agency securities and residential mortgage-backed securities. The Corporation's residential mortgage-backed security holdings are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $600 thousand at March 31, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. The Corporation measures expected credit losses on available-for-sale debt securities when the Corporation does not intend to sell, or when it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The forecast data is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the Corporation believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $875 thousand at March 31, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. Equity securities are measured at fair value with changes in fair value recognized in net income. Loans and Leases Loans that the Corporation has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount, net of deferred fees and costs, and the allowance for credit losses. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon the failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the deferred fees and costs is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is classified as a troubled debt restructuring when a concession has been granted to an existing borrower experiencing financial difficulties. The Corporation grants concessions to existing borrowers primarily related to extensions of interest-only payment periods and an occasional payment modification. These modifications typically are for up to one year. The goal when restructuring a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing troubled debt restructured loans are primarily comprised of loans on which interest is being accrued under the restructured terms, and the loans are current or less than 90 days past due. Overdraft deposits are re-classified as loans and are included in the total loans and leases on the balance sheet. Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Initial direct costs, comprised of commissions paid that would not have been incurred if the lease had not been obtained, are deferred and amortized over the life of the contract, and are classified within net interest income on leases. Allowance for Credit Losses on Loans and Leases The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL for loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL. Management evaluates the ACL on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. Management utilizes a discounted cash flow (DCF) model to calculate the present value of the expected cash flows for pools of loans and leases that share similar risk characteristics and compares the results of this calculation to the amortized cost basis to determine its allowance for credit loss balance. Management uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts in calculating its ACL. Historical credit loss experience provides the basis for the estimation of expected credit losses. Management determines whether there is a need to make qualitative adjustments to historical loss information by monitoring certain factors including differences in current loan-specific risk characteristics as well as for changes in external or environmental conditions, or other relevant factors. The contractual term used in projecting the cash flows of a loan is based on the maturity date of a loan, and is adjusted for prepayment or curtailment assumptions which may shorten that contractual time period. Options to extend are considered by management in determining the contractual term. The key inputs to the DCF model are (1) probability of default, (2) loss given default, (3) prepayment and curtailment rates, (4) reasonable and supportable economic forecasts, (5) forecast reversion period, (6) expected recoveries on charged off loans, and (7) discount rate. Probability of Default (PD) In order to incorporate economic factors into forecasting within the DCF model, management elected to use the Loss Driver method to generate the PD rate inputs. The Loss Driver method analyzes how one or more economic factors change the default rate using a statistical regression analysis. Management selected economic factors that had strong correlations to historical default rates. Loss Given Default (LGD) Management elected to use the Frye Jacobs parameter for determining the LGD input, which is an estimation technique that derives a LGD input from segment specific risk curves that correlates LGD with PD. Prepayment and Curtailment rates Prepayment Rates: Loan level transaction data is used to calculate a quarterly prepayment rate for each of the most recent four quarters prior to the measurement date. Those quarterly rates are annualized and the average of the annualized rates is used in the DCF calculation for fixed payment or term loans. Rates are calculated for each pool. Curtailment Rates: Loan level transaction data is used to calculate annual curtailment rates using any available historical loan level data. The average of the historical rates is used in the DCF model for interest only payment or line of credit type loans. Rates are calculated for each pool. Reasonable and Supportable Forecasts The forecast data used in the DCF model is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Forecast Reversion Period Management uses forecasts to predict how economic factors will perform and has determined to use a four quarter forecast period as well as a four quarter straight-line reversion period to historical averages (also commonly referred to as the mean reversion period). Expected Recoveries on Charged-off Loans Management performs an analysis to estimate recoveries that could be reasonably expected based on historical experience in order to account for expected recoveries on loans that have already been fully charged-off and are not included in the ACL calculation. Discount Rate The effective interest rate of the underlying loans and leases of the Corporation serves as the discount rate applied to the expected periodic cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Individual Evaluation Management evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. Instruments will not be included in both collective and individual analyses. Individual analysis will establish a specific reserve for instruments in scope. All loans on nonaccrual status are individually evaluated for a specific reserve. Management considers a financial asset as collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral, based on management's assessment as of the reporting date. Accrued Interest Receivable on Loans and Leases Accrued interest receivable on loans and leases held for investment totaled $12.4 million at March 31, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Reserve for Unfunded Commitments The Corporation maintains a reserve in Accrued expenses and other liabilities for off-balance sheet credit exposures such as unfunded commitments that are currently unfunded in categories with historical loss experience. Management calculates funding rates using loan level data history at the portfolio level. The most recent quarter’s (the actual measurement quarter) funding rate is subtracted from the maximum historical funding rate which is then applied to each pool’s total available line of credit. The applicable pool level loss rates for the current quarter is then applied to calculate the reserve for unfunded commitments liability each period. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings Per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share. For additional information on the calculation of basic and diluted earnings per share, see Note 1, "Summary of Significant Accounting Policies - Earnings per Share" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Three Months Ended March 31, (Dollars and shares in thousands, except per share data) 2020 2019 Numerator: Net income $ 838 $ 16,079 Net income allocated to unvested restricted stock awards — (67) Net income allocated to common shares $ 838 $ 16,012 Denominator: Weighted average shares outstanding 29,286 29,277 Average unvested restricted stock awards (68) (131) Denominator for basic earnings per share —weighted-average shares outstanding 29,218 29,146 Effect of dilutive securities—employee stock options and restricted stock units 65 59 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,283 29,205 Basic earnings per share $ 0.03 $ 0.55 Diluted earnings per share $ 0.03 $ 0.55 Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share 329 348 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Securities | Investment Securities The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at March 31, 2020 and the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2019, by contractual maturity within each type: At March 31, 2020 At December 31, 2019 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Amortized Gross Gross Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: After 1 year to 5 years $ 6,998 $ 229 $ — $ — $ 7,227 $ 6,997 $ 66 $ — $ 7,063 6,998 229 — — 7,227 6,997 66 — 7,063 Residential mortgage-backed securities: After 5 years to 10 years 8,449 310 — — 8,759 9,083 129 — 9,212 Over 10 years 206,942 6,624 — — 213,566 175,972 2,749 (110) 178,611 215,391 6,934 — — 222,325 185,055 2,878 (110) 187,823 Total $ 222,389 $ 7,163 $ — $ — $ 229,552 $ 192,052 $ 2,944 $ (110) $ 194,886 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 300 $ — $ — — $ 300 $ 301 $ — $ (1) $ 300 300 — — — 300 301 — (1) 300 State and political subdivisions: After 1 year to 5 years 5,062 35 — — 5,097 4,717 23 — 4,740 After 5 years to 10 years 25,305 198 — — 25,503 29,563 292 — 29,855 30,367 233 — — 30,600 34,280 315 — 34,595 Residential mortgage-backed securities: Within 1 year 185 9 — — 194 304 9 — 313 After 1 year to 5 years 136 4 — — 140 611 3 (1) 613 After 5 years to 10 years 2,534 72 — — 2,606 36,893 107 (21) 36,979 Over 10 years 80,291 2,192 (1) — 82,482 80,630 378 (453) 80,555 83,146 2,277 (1) — 85,422 118,438 497 (475) 118,460 Collateralized mortgage obligations: After 5 years to 10 years 974 4 — — 978 2,377 6 (22) 2,361 974 4 — — 978 2,377 6 (22) 2,361 Corporate bonds: Within 1 year 4,503 3 (5) (4) 4,497 6,012 1 (4) 6,009 After 1 year to 5 years 28,847 486 (385) (46) 28,902 29,606 596 (61) 30,141 After 5 years to 10 years 499 22 — — 521 — — — — Over 10 years 60,000 — (11,487) (847) 47,666 60,000 — (4,942) 55,058 93,849 511 (11,877) (897) 81,586 95,618 597 (5,007) 91,208 Total $ 208,636 $ 3,025 $ (11,878) $ (897) $ 198,886 $ 251,014 $ 1,415 $ (5,505) $ 246,924 Gross unrealized gains and losses are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded in the provision for credit loss expense. Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties and mortgage-backed securities typically prepay at a rate faster than contractually due. Securities with a carrying value of $335.5 million and $340.8 million at March 31, 2020 and December 31, 2019, respectively, were pledged to secure public funds deposits and other contractual obligations. In addition, securities of $30.2 million and $12.5 million were pledged to secure credit derivatives and interest rate swaps at March 31, 2020 and December 31, 2019, respectively. See Note 11, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Securities available-for-sale: Proceeds from sales $ 62,276 $ 491 Gross realized gains on sales 709 1 Gross realized losses on sales 14 — Tax expense related to net realized gains on sales 146 — At March 31, 2020 and December 31, 2019, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity. The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2020 and December 31, 2019, by the length of time those securities were in a continuous loss position. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At March 31, 2020 Securities Available-for-Sale Residential mortgage-backed securities $ 466 $ (1) $ 35 $ — $ 501 $ (1) Total $ 466 $ (1) $ 35 $ — $ 501 $ (1) At December 31, 2019 Securities Held-to-Maturity Residential mortgage-backed securities $ 26,767 $ (110) $ — $ — $ 26,767 $ (110) Total $ 26,767 $ (110) $ — $ — $ 26,767 $ (110) Securities Available-for-Sale U.S. government corporations and agencies $ — $ — $ 300 $ (1) $ 300 $ (1) Residential mortgage-backed securities 21,827 (62) 48,672 (413) 70,499 (475) Collateralized mortgage obligations — — 1,295 (22) 1,295 (22) Corporate bonds 998 — 65,506 (5,007) 66,504 (5,007) Total $ 22,825 $ (62) $ 115,773 $ (5,443) $ 138,598 $ (5,505) At March 31, 2020, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $501 thousand, including unrealized losses of $1 thousand. These holdings were comprised of four federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Corporation concluded that the decline in the value of these securities was not indicative of a credit loss. The Corporation did not recognize any credit losses on these available-for-sale debt securities for the three months ended March 31, 2020 or other-than-temporary impairment charges for the three months ended March 31, 2019. At March 31, 2020, no held-to-maturity securities held by the Corporation were in a unrealized loss position. The Corporation did not recognize any credit losses on these held-to-maturity debt securities for the three months ended March 31, 2020 or other-than-temporary impairment charges for the three months ended March 31, 2019. The table below presents a rollforward by major security type for the three months ended March 31, 2020 of the allowance for credit losses on securities available-for-sale. Corporate Bonds Three months ended March 31, 2020 Securities Available-for-Sale Beginning balance $ — Adjustment to initially apply ASU No. 2016-13 for CECL (300) Additions for securities for which no previous expected credit losses were recognized (25) Change in securities for which a previous expected credit loss was recognized (572) Ending balance $ (897) At March 31, 2020, the fair value of available-for-sale securities in an unrealized loss position was $63.2 million, including unrealized losses of $11.9 million, and allowance for credit losses of $897 thousand. These holdings include available-for-sale securities with a fair value of $47.7 million which were in an unrealized loss position of $11.5 million for a period of greater than twelve months. These holdings were comprised of twenty-four investment grade corporate bonds which fluctuate in value based on changes in market conditions, which for these underlying securities is primarily due to changes in the interest rate environment. The Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely principal and interest payments on the securities. The Corporation concluded that a portion of decline in the value of these securities was indicative of a credit loss. The Corporation recorded a provision for credit losses of $597 thousand on these available-for-sale debt securities for the three months ended March 31, 2020. The Corporation did not record any other-than-temporary impairment charges for the three months ended March 31, 2019. The Corporation recognized a $268 thousand net loss and $4 thousand net gain on equity securities during the three months ended March 31, 2020 and 2019, respectively, in other noninterest income. There were no sales of equity securities during the three months ended March 31, 2020 or March 31, 2019. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories (Dollars in thousands) At March 31, 2020 At December 31, 2019 Commercial, financial and agricultural $ 944,189 $ 947,029 Real estate-commercial 2,100,699 2,040,441 Real estate-construction 215,150 232,595 Real estate-residential secured for business purpose 377,644 373,973 Real estate-residential secured for personal purpose 454,998 439,059 Real estate-home equity secured for personal purpose 177,405 174,435 Loans to individuals 29,170 29,883 Lease financings 149,570 149,421 Total loans and leases held for investment, net of deferred income $ 4,448,825 $ 4,386,836 Imputed interest on lease financings, included in the above table $ (16,106) $ (16,340) Net deferred costs, included in the above table 5,754 5,999 Overdraft deposits included in the above table 314 407 Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at March 31, 2020: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans At March 31, 2020 Commercial, financial and agricultural $ 1,621 $ 709 $ — $ 2,330 $ 937,925 $ 940,255 $ 3,934 $ 944,189 Real estate—commercial real estate and construction: Commercial real estate 23,325 2,091 722 26,138 2,045,734 2,071,872 28,827 2,100,699 Construction 4,076 — — 4,076 211,074 215,150 — 215,150 Real estate—residential and home equity: Residential secured for business purpose 4,479 1,164 400 6,043 370,331 376,374 1,270 377,644 Residential secured for personal purpose 5,258 1,486 426 7,170 446,548 453,718 1,280 454,998 Home equity secured for personal purpose 819 107 — 926 175,659 176,585 820 177,405 Loans to individuals 219 31 63 313 28,857 29,170 — 29,170 Lease financings 709 81 166 956 148,119 149,075 495 149,570 Total $ 40,506 $ 5,669 $ 1,777 $ 47,952 $ 4,364,247 $ 4,412,199 $ 36,626 $ 4,448,825 The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current, acquired credit impaired loans and nonaccrual loans and leases at December 31, 2019: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Acquired Credit Impaired Nonaccrual Loans and Leases Total Loans At December 31, 2019 Commercial, financial and agricultural $ 2,602 $ 150 $ 20 $ 2,772 $ 940,815 $ 943,587 $ — $ 3,442 $ 947,029 Real estate—commercial real estate and construction: Commercial real estate 3,473 266 — 3,739 2,008,568 2,012,307 206 27,928 2,040,441 Construction — — — — 232,338 232,338 — 257 232,595 Real estate—residential and home equity: Residential secured for business purpose 2,078 2,442 — 4,520 366,473 370,993 — 2,980 373,973 Residential secured for personal purpose 2,969 446 — 3,415 433,548 436,963 58 2,038 439,059 Home equity secured for personal purpose 605 297 — 902 172,106 173,008 — 1,427 174,435 Loans to individuals 157 73 74 304 29,579 29,883 — — 29,883 Lease financings 1,409 296 49 1,754 147,161 148,915 — 506 149,421 Total $ 13,293 $ 3,970 $ 143 $ 17,406 $ 4,330,588 $ 4,347,994 $ 264 $ 38,578 $ 4,386,836 Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at March 31, 2020 and December 31, 2019. At March 31, 2020 At December 31, 2019 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 3,934 $ — $ — $ 3,934 $ 3,442 $ — $ 20 $ 3,462 Real estate—commercial real estate and construction: Commercial real estate 28,827 — 722 29,549 27,928 — — 27,928 Construction — — — — 257 — — 257 Real estate—residential and home equity: Residential secured for business purpose 1,270 — 400 1,670 2,980 — — 2,980 Residential secured for personal purpose 1,280 — 426 1,706 2,038 — — 2,038 Home equity secured for personal purpose 820 54 — 874 1,427 54 — 1,481 Loans to individuals — — 63 63 — — 74 74 Lease financings 495 — 166 661 506 — 49 555 Total $ 36,626 $ 54 $ 1,777 $ 38,457 $ 38,578 $ 54 $ 143 $ 38,775 * Includes nonaccrual troubled debt restructured loans of $13.7 million and $13.8 million at March 31, 2020 and December 31, 2019, respectively. The following table presents the amortized cost basis of loans and leases on nonaccrual status and loans 90 days or more past due and still accruing as of March 31, 2020. (Dollars in thousands) Nonaccrual With No ACL Nonaccrual With ACL Total Nonaccrual Loans 90 Days or more Past Due and Accruing Interest At March 31, 2020 Commercial, financial and agricultural $ 2,690 $ 1,244 $ 3,934 $ — Real estate-commercial 17,174 11,653 28,827 722 Real estate-residential secured for business purpose 1,010 260 1,270 400 Real estate-residential secured for personal purpose 718 562 1,280 426 Real estate-home equity secured for personal purpose 820 — 820 — Loans to individuals — — — 63 Lease financings — 495 495 166 Total $ 22,412 $ 14,214 $ 36,626 $ 1,777 The following table presents the amortized cost basis of collateral-dependent nonaccrual loans by class of loans as of March 31, 2020. (Dollars in thousands) Real Estate Other (1) None (2) Total At March 31, 2020 Commercial, financial and agricultural $ 2,002 $ 1,351 $ 581 $ 3,934 Real estate-commercial 28,827 — — 28,827 Real estate-residential secured for business purpose 1,270 — — 1,270 Real estate-residential secured for personal purpose 1,280 — — 1,280 Real estate-home equity secured for personal purpose 820 — — 820 Total $ 34,199 $ 1,351 $ 581 $ 36,131 (1) Business assets including accounts receivable and personal property. (2) Loans fully reserved given lack of collateral. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at March 31, 2020 and December 31, 2019. The Corporation employs a risk rating system related to the credit quality of commercial loans and real estate loans secured for a business purpose. The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency status. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. 1. Pass—Loans considered satisfactory with no indications of deterioration 2. Special Mention—Potential weakness that deserves management's close attention 3. Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt 4. Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at March 31, 2020 under ASC 326. Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At March 31, 2020 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 52,864 $ 146,722 $ 99,263 $ 65,395 $ 34,880 $ 89,984 $ 420,193 $ 909,301 2. Special Mention 3 970 1,979 2,841 1,621 1,685 9,678 18,777 3. Substandard — 1,144 1,356 61 — 628 12,922 16,111 Total $ 52,867 $ 148,836 $ 102,598 $ 68,297 $ 36,501 $ 92,297 $ 442,793 $ 944,189 Real Estate-Commercial Risk Rating 1. Pass $ 161,322 $ 613,240 $ 358,038 $ 357,068 $ 194,772 $ 305,101 $ 44,969 $ 2,034,510 2. Special Mention 1,754 12,432 — 1,134 5,092 2,918 582 23,912 3. Substandard — 944 941 11,219 — 26,424 2,749 42,277 Total $ 163,076 $ 626,616 $ 358,979 $ 369,421 $ 199,864 $ 334,443 $ 48,300 $ 2,100,699 Real Estate-Construction Risk Rating 1. Pass $ 22,374 $ 91,509 $ 55,864 $ 10,987 $ 2,950 $ — $ 4,372 $ 188,056 2. Special Mention 20,109 — — — — — — 20,109 3. Substandard — — 6,985 — — — — 6,985 Total $ 42,483 $ 91,509 $ 62,849 $ 10,987 $ 2,950 $ — $ 4,372 $ 215,150 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 24,846 $ 87,962 $ 69,936 $ 56,391 $ 48,747 $ 55,682 $ 29,802 $ 373,366 2. Special Mention 1,121 475 — 79 743 480 — 2,898 3. Substandard — 24 — 82 552 654 68 1,380 Total $ 25,967 $ 88,461 $ 69,936 $ 56,552 $ 50,042 $ 56,816 $ 29,870 $ 377,644 The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at March 31, 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at March 31, 2020. The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2019 under ASC 310. (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2019 Grade: 1. Pass $ 911,848 $ 1,974,561 $ 201,424 $ 367,122 $ 3,454,955 2. Special Mention 18,843 24,199 20,987 3,769 67,798 3. Substandard 16,338 41,681 10,184 3,082 71,285 Total $ 947,029 $ 2,040,441 $ 232,595 $ 373,973 $ 3,594,038 Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financings Credit Risk Profile by Payment Activity The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: residential real estate loans, home equity loans secured for a personal purpose and loans to individuals and lease financings. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. The following table presents classification of loans at March 31, 2020. Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At March 31, 2020 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 27,745 $ 93,752 $ 87,429 $ 71,235 $ 53,602 $ 117,858 $ 1,671 $ 453,292 2. Nonperforming — 426 57 — — 1,223 — 1,706 Total $ 27,745 $ 94,178 $ 87,486 $ 71,235 $ 53,602 $ 119,081 $ 1,671 $ 454,998 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 164 $ 1,104 $ 1,707 $ 1,702 $ 692 $ 3,583 $ 167,579 $ 176,531 2. Nonperforming — — 108 — — 30 736 874 Total $ 164 $ 1,104 $ 1,815 $ 1,702 $ 692 $ 3,613 $ 168,315 $ 177,405 Loans to Individuals Payment Performance 1. Performing $ 630 $ 2,282 $ 1,464 $ 821 $ 481 $ 2,736 $ 20,693 $ 29,107 2. Nonperforming — — — — — 63 — 63 Total $ 630 $ 2,282 $ 1,464 $ 821 $ 481 $ 2,799 $ 20,693 $ 29,170 Lease Financings Payment Performance 1. Performing $ 15,187 $ 58,670 $ 43,587 $ 19,482 $ 9,488 $ 2,495 $ — $ 148,909 2. Nonperforming — 27 129 396 43 66 — 661 Total $ 15,187 $ 58,697 $ 43,716 $ 19,878 $ 9,531 $ 2,561 $ — $ 149,570 The following table presents classifications of loans at December 31, 2019. (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At December 31, 2019 Performing $ 437,021 $ 172,954 $ 29,809 $ 148,866 $ 788,650 Nonperforming 2,038 1,481 74 555 4,148 Total $ 439,059 $ 174,435 $ 29,883 $ 149,421 $ 792,798 Reserve for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the reserve for credit losses, loans and leases, for the three months ended March 31, 2020 and 2019: (Dollars in thousands) Beginning balance, prior to adoption of ASU No. 2016-13 for CECL Adjustment to initially apply ASU No. 2016-13 for CECL Provision (recovery of provision) for credit losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2020 Reserve for credit losses, loans and leases: Commercial, Financial and Agricultural $ 8,759 $ 5,284 $ 5,630 $ (481) $ 52 $ 19,244 Real Estate-Commercial 15,750 6,208 12,817 — 35 34,810 Real Estate-Construction 2,446 29 642 — — 3,117 Real Estate-Residential Secured for Business Purpose 2,622 2,502 782 (3) 3 5,906 Real Estate-Residential Secured for Personal Purpose 2,713 (706) 114 — — 2,121 Real Estate-Home Equity Secured for Personal Purpose 1,076 (364) 78 — 5 795 Loans to Individuals 470 104 47 (35) 14 600 Lease Financings 1,311 (135) 376 (152) 73 1,473 Unallocated 184 — (34) N/A N/A 150 Total $ 35,331 $ 12,922 $ 20,452 $ (671) $ 182 $ 68,216 Three Months Ended March 31, 2019 Reserve for credit losses, loans and leases: Commercial, Financial and Agricultural $ 7,983 $ — $ 1,353 $ (468) $ 82 $ 8,950 Real Estate-Commercial and Construction 13,903 — 1,028 (41) 91 14,981 Real Estate-Residential Secured for Business Purpose 2,236 — 62 — 4 2,302 Real Estate-Residential and Home Equity Secured for Personal Purpose 3,199 — 186 (11) 5 3,379 Loans to Individuals 484 — 48 (85) 22 469 Lease Financings 1,288 — 33 (104) 58 1,275 Unallocated 271 — (25) N/A N/A 246 Total $ 29,364 $ — $ 2,685 $ (709) $ 262 $ 31,602 N/A – Not applicable The following presents, by portfolio segment, the balance in the ACL on loans and leases, disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at March 31, 2020 and 2019: Allowance for credit losses, loans and leases Loans and leases held for investment (Dollars in thousands) Ending balance: individually analyzed Ending balance: pooled Total ending balance Ending balance: individually analyzed Ending balance: pooled Loans measured at fair value Total ending balance At March 31, 2020 Commercial, Financial and Agricultural $ 698 $ 18,546 $ 19,244 $ 3,934 $ 940,255 $ — $ 944,189 Real Estate-Commercial 1,547 33,263 34,810 28,827 2,071,584 288 2,100,699 Real Estate-Construction — 3,117 3,117 — 215,150 — 215,150 Real Estate-Residential Secured for Business Purpose 95 5,811 5,906 1,270 376,374 — 377,644 Real Estate-Residential Secured for Personal Purpose 195 1,926 2,121 1,280 453,718 — 454,998 Real Estate-Home Equity Secured for Personal Purpose — 795 795 820 176,585 — 177,405 Loans to Individuals — 600 600 — 29,170 — 29,170 Lease Financings — 1,473 1,473 — 149,570 — 149,570 Unallocated N/A 150 150 N/A N/A N/A N/A Total $ 2,535 $ 65,681 $ 68,216 $ 36,131 $ 4,412,406 $ 288 $ 4,448,825 At March 31, 2019 Commercial, Financial and Agricultural $ 243 $ 8,707 $ 8,950 $ 3,174 $ 924,464 $ — $ 927,638 Real Estate-Commercial and Construction 925 14,056 14,981 18,467 1,995,954 1,748 2,016,169 Real Estate-Residential Secured for Business Purpose — 2,302 2,302 1,232 359,690 — 360,922 Real Estate-Residential and Home Equity Secured for Personal Purpose 335 3,044 3,379 3,129 586,909 — 590,038 Loans to Individuals — 469 469 — 32,603 — 32,603 Lease Financings — 1,275 1,275 — 140,509 — 140,509 Unallocated N/A 246 246 N/A N/A N/A N/A Total $ 1,503 $ 30,099 $ 31,602 $ 26,002 $ 4,040,129 $ 1,748 $ 4,067,879 N/A – Not applicable Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (Dollars in thousands) Number Pre- Post- Number Pre- Post- Accruing Troubled Debt Restructured Loans: Total — $ — $ — — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural* — $ — $ — 2 $ 956 $ 956 Real estate—commercial real estate* — — — 1 1,313 1,313 Total — $ — $ — 3 $ 2,269 $ 2,269 * The three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the three months ended March 31, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification. As of March 31, 2020, the Corporation modified 46 loans with principal balances totaling $10.7 million via principal and/or interest deferrals. These modifications were done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus . Accordingly, these loans were not categorized as troubled debt restructurings. The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three months ended March 31, 2020 and 2019. Amortization Period Extension (Dollars in thousands) No. of Amount Three Months Ended March 31, 2020 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Total — $ — Three Months Ended March 31, 2019 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 2 $ 956 Real estate—commercial real estate 1 1,313 Total 3 $ 2,269 There were no accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the three months ended March 31, 2020 or March 31, 2019. The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at March 31, 2020 and December 31, 2019: (Dollars in thousands) At March 31, 2020 At December 31, 2019 Real estate-residential secured for personal purpose $ 714 $ 714 Real estate-home equity secured for personal purpose 247 1,058 Total $ 961 $ 1,772 The following presents foreclosed residential real estate property included in other real estate owned at March 31, 2020 or December 31, 2019. (Dollars in thousands) At March 31, 2020 At December 31, 2019 Foreclosed residential real estate $ 71 $ 71 Lease Financings The Corporation, through Univest Capital, Inc., an equipment financing business and a subsidiary of the Bank, provides lease financing to customers primarily in the form of sales-type leases with fixed payment terms and $1.00 buyout clauses. A minor number of contracts are classified as either direct financing leases or operating leases. The fair value of the identified assets within sales-type and direct financing leases are equal to the carrying amount such that there is no profit or loss recorded or deferred upon lease commencement. All receivables related to the equipment financing business are recorded within lease financings. The following presents the schedule of minimum lease payments receivable: (Dollars in thousands) At March 31, 2020 At December 31, 2019 2020 (excluding the three months ended March 31, 2020) $ 44,780 $ 57,515 2021 48,877 45,510 2022 35,510 32,233 2023 21,384 18,345 2024 9,172 6,639 Thereafter 2,836 2,259 Total future minimum lease payments receivable 162,559 162,501 Plus: Unguaranteed residual 877 886 Plus: Initial direct costs 2,240 2,374 Less: Imputed interest (16,106) (16,340) Lease financings $ 149,570 $ 149,421 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has core deposit and customer-related intangibles and servicing rights, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the three months ended March 31, 2020 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2019 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at March 31, 2020 $ 138,476 $ 15,434 $ 18,649 $ 172,559 The following table reflects the components of intangible assets at the dates indicated: At March 31, 2020 At December 31, 2019 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 6,788 $ 4,229 $ 2,559 $ 6,788 $ 4,026 $ 2,762 Customer related intangibles 7,604 6,830 774 8,819 7,923 896 Servicing rights 19,686 13,246 6,440 19,160 12,534 6,626 Total amortized intangible assets $ 34,078 $ 24,305 $ 9,773 $ 34,767 $ 24,483 $ 10,284 The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2020 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2020 $ 875 2021 923 2022 666 2023 409 2024 267 Thereafter 193 The aggregate fair value of mortgage servicing rights was $6.5 million and $9.2 million at March 31, 2020 and December 31, 2019, respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at March 31, 2020 and December 31, 2019. Changes in the servicing rights balance are summarized as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beginning of period $ 6,626 $ 6,768 Servicing rights capitalized 526 266 Amortization of servicing rights (657) (309) Changes in valuation allowance (55) — End of period $ 6,440 $ 6,725 Loans serviced for others $ 1,087,174 $ 1,037,948 Activity in the valuation allowance for mortgage servicing rights was as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Valuation allowance, beginning of period $ — $ — Additions (55) — Valuation allowance, end of period $ (55) $ — The estimated amortization expense of servicing rights for the remainder of 2020 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2020 $ 1,585 2021 1,190 2022 908 2023 690 2024 467 Thereafter 1,600 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits and their respective weighted average interest rate at March 31, 2020 and December 31, 2019 consisted of the following: At March 31, 2020 At December 31, 2019 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,318,270 — % $ 1,279,681 Demand deposits 0.23 1,615,979 0.96 1,677,682 Savings deposits 0.18 836,042 0.37 796,702 Time deposits 1.86 637,012 1.95 606,010 Total 0.39 % $ 4,407,303 0.71 % $ 4,360,075 The aggregate amount of time deposits in denominations of $100 thousand or more was $329.0 million at March 31, 2020 and $293.2 million at December 31, 2019. Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC. Deposit insurance per account owner is currently up to $250 thousand. The aggregate amount of time deposits in denominations over $250 thousand was $183.8 million at March 31, 2020 and $143.0 million at December 31, 2019. At March 31, 2020, the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Remainder of 2020 $ 339,988 2021 129,137 2022 64,816 2023 76,407 2024 23,002 Thereafter 3,662 Total $ 637,012 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. At March 31, 2020 At December 31, 2019 (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings: Customer repurchase agreements $ 18,415 0.05 % $ 18,680 0.05 % Long-term debt: FHLB advances $ 200,000 1.44 % $ 140,000 2.04 % Security repurchase agreements 10,069 1.75 10,098 2.07 Subordinated notes $ 94,879 5.49 % $ 94,818 5.32 % The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (FHLB) with a maximum borrowing capacity of approximately $1.9 billion. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At March 31, 2020 and December 31, 2019, the Bank had outstanding short-term letters of credit with the FHLB totaling $435.1 million and $535.6 million, respectively, which were utilized to collateralize public funds deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The available borrowing capacity from the FHLB totaled $1.3 billion at March 31, 2020. The Corporation, through the Bank, maintains uncommitted federal fund credit lines with several correspondent banks that totaled $504.0 million at March 31, 2020 and December 31, 2019. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. The Corporation, through the Bank, holds collateral at the Federal Reserve Bank of Philadelphia in order to access the Discount Window Lending program. The collateral, consisting of investment securities, was valued at $85.3 million and $94.8 million at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020 and December 31, 2019, the Corporation had no outstanding borrowings under this program. The Corporation has a $10.0 million committed line of credit with a correspondent bank. At March 31, 2020 and December 31, 2019, the Corporation had no outstanding borrowings under this line. The Corporation and the Bank have a total of $2.0 billion and $1.9 billion of committed borrowing capacity at March 31, 2020 and December 31, 2019, respectively, of which $1.4 billion and $1.2 billion was available as of March 31, 2020 and December 31, 2019, respectively. The Corporation, through the Bank, also has access to $504.0 million of uncommitted funding sources from correspondent banks, which were fully available at March 31, 2020 and December 31, 2019. Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of March 31, 2020 Weighted Average Rate Remainder of 2020 $ 10,000 1.47 % 2021 45,000 1.93 2022 35,000 1.17 2023 50,000 1.73 2024 60,000 0.98 Thereafter — — Total $ 200,000 1.44 % Long-term debt under security repurchase agreements with large commercial banks mature as follows: (Dollars in thousands) As of March 31, 2020 Weighted Average Rate Remainder of 2020 $ 10,069 1.75 % 2021 — — 2022 — — 2023 — — 2024 — — Thereafter — — Total $ 10,069 1.75 % Long-term debt under security repurchase agreements totaling $10.1 million hold variable interest rates and are based on the one-month LIBOR rate plus a spread. |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits to certain former executives, a portion of which is in excess of limits imposed on qualified plans by federal tax law. This plan is a non-qualified benefit plan. This non-qualified benefit plan is not offered to new participants and all current participants are now retired. Information on these plans are aggregated and reported under “Retirement Plans” within this footnote. The Corporation also provides certain postretirement healthcare and life insurance benefits for retired employees. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote. Components of net periodic benefit cost were as follows: Three Months Ended March 31, 2020 2019 2020 2019 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 117 $ 109 $ 28 $ 17 Interest cost 417 476 24 23 Expected return on plan assets (816) (771) — — Amortization of net actuarial loss 291 294 6 — Accretion of prior service cost — (45) — — Net periodic benefit cost $ 9 $ 63 $ 58 $ 40 The components of net periodic benefit cost other than the service cost component are included in other noninterest expense in the consolidated statements of income. The Corporation previously disclosed in its financial statements for the year ended December 31, 2019 that it expected to make contributions of $159 thousand to its non-qualified retirement plans and $89 thousand to its other postretirement benefit plans in 2020. During the three months ended March 31, 2020, the Corporation contributed $40 thousand to its non-qualified retirement plans and $28 thousand to its other postretirement plans. During the three months ended March 31, 2020, $664 thousand was paid to participants from the retirement plans and $28 thousand was paid to participants from the other postretirement plans. |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Incentive Plan | Stock-Based Incentive Plan The Corporation has a shareholder approved 2013 Long-Term Incentive Plan, which replaced the expired 2003 Long-Term Incentive Plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to permit the issuance of restricted stock units. Beginning in 2019, the Corporation issued to directors and employees (“grantees”) restricted stock units rather than restricted stock awards or stock options, which were issued to grantees in prior reporting periods. Restricted stock units differ from restricted stock awards in that Corporation stock is not issued to grantees at the date of the grant and the grantee does not have voting or dividend rights during the vesting period. In the following schedules, issued restricted stock units have been combined with restricted stock awards, as the determination of the value at the grant date and methodology for recording stock-based compensation expense is the same for restricted stock units and restricted stock awards. The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2020: (Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at March 31, 2020 Outstanding at December 31, 2019 508,111 $ 24.83 Expired (500) 28.50 Forfeited (3,152) 28.44 Exercised (5,000) 18.70 Outstanding at March 31, 2020 499,459 24.86 6.2 $ 5 Exercisable at March 31, 2020 445,481 24.42 6.0 5 The following is a summary of nonvested stock options at March 31, 2020 including changes during the three months then ended: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2019 163,261 $ 6.54 Vested (106,131) 6.58 Forfeited (3,152) 6.50 Nonvested stock options at March 31, 2020 53,978 6.46 The Corporation did not issue stock options during the three months ended March 31, 2020 or March 31, 2019. The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at March 31, 2020 including changes during the three months then ended: (Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value Nonvested stock awards and units at December 31, 2019 209,378 $ 26.76 Granted 179,080 18.62 Vested (57,355) 27.23 Cancelled (19,367) 27.72 Nonvested stock awards and units at March 31, 2020 311,736 21.94 Certain information regarding restricted stock awards and units is summarized below for the periods indicated: Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Restricted stock awards and units granted 179,080 113,729 Weighted average grant date fair value $ 18.62 $ 25.66 Intrinsic value of awards granted $ 2,923 $ 2,782 Restricted stock awards and units vested 57,355 32,965 Weighted average grant date fair value $ 27.23 $ 21.86 Intrinsic value of awards vested $ 1,335 $ 809 The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at March 31, 2020 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 306 1.0 Restricted stock awards and units 5,338 2.4 $ 5,644 2.3 The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Stock-based compensation expense: Stock options $ 108 $ 216 Restricted stock awards and units 327 361 Employee stock purchase plan 20 17 Total $ 455 $ 594 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 106 $ 165 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2019 $ (3,231) $ (185) $ (18,314) $ (21,730) Adjustment to initially apply ASU No. 2016-13 for CECL (1) 237 — — 237 Other comprehensive (loss) income (4,000) (370) 235 (4,135) Balance, March 31, 2020 $ (6,994) $ (555) $ (18,079) $ (25,628) Balance, December 31, 2018 $ (11,221) $ 81 $ (17,276) $ (28,416) Adjustment to initially apply ASU No. 2017-12 for derivatives — 83 — 83 Other comprehensive income (loss) 4,044 (145) 196 4,095 Balance, March 31, 2019 $ (7,177) $ 19 $ (17,080) $ (24,238) (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2020" for additional information. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps The Corporation may use interest rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation’s credit exposure on interest rate swaps includes fair value and any collateral that is held by a third party. In 2014, the Corporation entered into an amortizing interest rate swap classified as a cash flow hedge with a notional amount of $20.0 million to hedge a portion of the debt financing of a pool of 10-year fixed rate loans with balances totaling $29.1 million, at time of the hedge, that were originated in 2013. A brokered money market demand account with a balance exceeding the amortizing interest rate swap balance is being used for the cash flow hedge. Under the terms of the swap agreement, the Corporation pays a fixed rate of 2.10% and receives a floating rate of one-month LIBOR. The swap matures in November 2022. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and on a recurring basis to determine that the derivative has been and is expected to continue to be highly effective in offsetting changes in cash flows of the hedged item. At March 31, 2020, approximately $218 thousand in net deferred losses, net of tax, recorded in accumulated other comprehensive loss are expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2020. At March 31, 2020, the notional amount of the interest rate swap was $16.1 million and the fair value was a liability of $702 thousand. The Corporation has an interest rate swap with a current notional amount of $273 thousand, for a 15-year fixed rate loan that is earning interest at 7.43%. The Corporation pays a fixed rate of 7.43% and receives a floating rate based on the one-month LIBOR plus 224 basis points. The swap matures in April 2022. The interest rate swap is carried at fair value in accordance with FASB ASC 815 "Derivatives and Hedging." The loan is carried at fair value under the fair value option as permitted by FASB ASC 825 "Financial Instruments." Credit Derivatives The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative contracts with loan customers referred to them by the Corporation. By the terms of the agreements, the third-party financial institution has recourse to the Corporation for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. These transactions represent credit derivatives and are a customary arrangement that allows the Corporation to provide access to interest rate transactions for customers without creating the swap. At March 31, 2020, the Corporation had forty-six variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $317.7 million and remaining maturities ranging from less than one year to 10 years. At March 31, 2020, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $1.1 million. At March 31, 2020, the fair value of the swaps to the customers was a net liability of $29.6 million and these swaps were in paying positions to the third-party financial institution. The maximum potential payments by the Corporation to the third-party financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and the agreement does not provide for a limitation of the maximum potential payment amount. Mortgage Banking Derivatives Derivative loan commitments represent agreements for delayed delivery of financial instruments in which the buyer agrees to purchase and the seller agrees to deliver, at a specified future date, a specified instrument at a specified price or yield. The Corporation’s derivative loan commitments are commitments to sell loans secured by 1-to 4-family residential properties whose predominant risk characteristic is interest rate risk. Derivatives Tables The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2020 and December 31, 2019. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts. Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At March 31, 2020 Interest rate swap - cash flow hedge $ 16,084 $ — Other liabilities $ 702 Total $ 16,084 $ — $ 702 At December 31, 2019 Interest rate swap - cash flow hedge $ 16,286 $ — Other liabilities $ 235 Total $ 16,286 $ — $ 235 The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2020 and December 31, 2019: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At March 31, 2020 Interest rate swap $ 273 $ — Other liabilities $ 15 Credit derivatives 317,741 — Other liabilities 1,109 Interest rate locks with customers 100,673 Other assets 2,911 — Forward loan sale commitments 104,091 — Other liabilities 886 Total $ 522,778 $ 2,911 $ 2,010 At December 31, 2019 Interest rate swap $ 303 $ — Other liabilities $ 14 Credit derivatives 270,147 — Other liabilities 176 Interest rate locks with customers 19,966 Other assets 399 — Forward loan sale commitments 21,846 — Other liabilities 19 Total $ 312,262 $ 399 $ 209 The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Three Months Ended March 31, (Dollars in thousands) 2020 2019 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 29 $ (16) Interest rate swap—fair value hedge—effectiveness Interest income — 1 Total net (loss) gain $ (29) $ 17 The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification Three Months Ended March 31, (Dollars in thousands) 2020 2019 Credit derivatives Other noninterest income $ 140 $ 264 Interest rate locks with customers Net gain (loss) on mortgage banking activities 2,512 (35) Forward loan sale commitments Net (loss) gain on mortgage banking activities (867) 29 Total net gain $ 1,785 $ 258 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2020 and December 31, 2019: (Dollars in thousands) Accumulated Other At March 31, 2020 At December 31, 2019 Interest rate swap—cash flow hedge Fair value, net of taxes $ (556) $ (186) Total $ (556) $ (186) |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Transfers between levels were recognized at the end of the reporting period for the year ended December 31, 2019. Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models, discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Investment Securities Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include U.S. Treasury securities, most equity securities and money market mutual funds. Mutual funds are registered investment companies which are valued at net asset value of shares on a market exchange at the end of each trading day. Level 2 of the valuation hierarchy includes securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. If, upon the Corporation’s review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to the current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service’s evaluation, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at March 31, 2020. Derivative Financial Instruments The fair values of derivative financial instruments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate swaps and mortgage banking derivative financial instruments are classified within Level 2 of the valuation hierarchy. Credit derivatives are valued based on credit worthiness of the underlying borrower which is a significant unobservable input and therefore classified in Level 3 of the valuation hierarchy. One commercial loan associated with an interest rate swap is classified in Level 3 of the valuation hierarchy at March 31, 2020 since lending credit risk is not an observable input for this loan. The unrealized gain on the one loan was $15 thousand at March 31, 2020. Contingent Consideration Liability The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability. The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019, classified using the fair value hierarchy: At March 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 300 $ — $ 300 State and political subdivisions — 30,600 — 30,600 Residential mortgage-backed securities — 85,422 — 85,422 Collateralized mortgage obligations — 978 — 978 Corporate bonds — 81,586 — 81,586 Total available-for-sale securities — 198,886 — 198,886 Equity securities: Equity securities - financial services industry 736 — — 736 Money market mutual funds 1,510 — — 1,510 Total equity securities 2,246 — — 2,246 Loans* — — 288 288 Interest rate locks with customers* — 2,911 — 2,911 Total assets $ 2,246 $ 201,797 $ 288 $ 204,331 Liabilities: Contingent consideration liability $ — $ — $ 135 $ 135 Interest rate swaps* — 717 — 717 Credit derivatives* — — 1,109 1,109 Forward loan sale commitments* — 886 — 886 Total liabilities $ — $ 1,603 $ 1,244 $ 2,847 The Corporation recorded no unrealized gains and losses within other comprehensive income for recurring Level 3 fair value measurements held at March 31, 2020. The $1.1 million of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 46 interest rate swaps with a current notional amount of $317.7 million. The March 31, 2020 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve. At December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 300 $ — $ 300 State and political subdivisions — 34,595 — 34,595 Residential mortgage-backed securities — 118,460 — 118,460 Collateralized mortgage obligations — 2,361 — 2,361 Corporate bonds — 91,208 — 91,208 Total available-for-sale securities — 246,924 — 246,924 Equity securities: Equity securities - financial services industry 1,004 — — 1,004 Money market mutual funds 1,619 — — 1,619 Total equity securities 2,623 — — 2,623 Loans* — — 317 317 Interest rate locks with customers* — 399 — 399 Total assets $ 2,623 $ 247,323 $ 317 $ 250,263 Liabilities: Contingent consideration liability $ — $ — $ 160 $ 160 Interest rate swaps* — 249 — 249 Credit derivatives* — — 176 176 Forward loan sale commitments* — 19 — 19 Total liabilities $ — $ 268 $ 336 $ 604 * Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net Increase in value Balance at March 31, 2020 Loans $ 317 $ — $ — $ (30) $ — $ 1 $ 288 Credit derivatives (176) (1,073) — — — 140 (1,109) Net total $ 141 $ (1,073) $ — $ (30) $ — $ 141 $ (821) Three Months Ended March 31, 2019 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net Increase in value Balance at March 31, 2019 Corporate bonds $ 25,729 $ — $ — $ — $ — $ 910 $ 26,639 Loans 1,779 — — (39) — 8 1,748 Credit derivatives (72) (271) — — — 264 (79) Net total $ 27,436 $ (271) $ — $ (39) $ — $ 1,182 $ 28,308 The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at March 31, 2020 Girard Partners $ 160 $ — $ 31 $ 6 $ 135 Total contingent consideration liability $ 160 $ — $ 31 $ 6 $ 135 Three Months Ended March 31, 2019 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at March 31, 2019 Girard Partners $ 259 $ — $ 33 $ 9 $ 235 Total contingent consideration liability $ 259 $ — $ 33 $ 9 $ 235 The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019: At March 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 33,596 $ 33,596 Other real estate owned — — 516 516 Total $ — $ — $ 34,112 $ 34,112 At December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 36,018 $ 36,018 Impaired leases held for investment — — 277 277 Other real estate owned — — 516 516 Total $ — $ — $ 36,811 $ 36,811 The following table presents assets and liabilities and off-balance sheet items not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2020 and December 31, 2019. The disclosed fair values are classified using the fair value hierarchy. At March 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 182,902 $ — $ — $ 182,902 $ 182,902 Held-to-maturity securities — 229,552 — 229,552 222,389 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 28,465 Loans held for sale — 11,525 — 11,525 11,417 Net loans and leases held for investment — — 4,454,495 4,454,495 4,346,725 Servicing rights — — 6,684 6,684 6,440 Total assets $ 182,902 $ 241,077 $ 4,461,179 $ 4,885,158 $ 4,798,338 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,770,291 $ — $ — $ 3,770,291 $ 3,770,291 Time deposits — 647,933 — 647,933 637,012 Total deposits 3,770,291 647,933 — 4,418,224 4,407,303 Short-term borrowings — 18,415 — 18,415 18,415 Long-term debt — 214,492 — 214,492 210,069 Subordinated notes — 91,872 — 91,872 94,879 Total liabilities $ 3,770,291 $ 972,712 $ — $ 4,743,003 $ 4,730,666 Off-Balance-Sheet: Commitments to extend credit $ — $ (8,033) $ — $ (8,033) $ — At December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 125,128 $ — $ — $ 125,128 $ 125,128 Held-to-maturity securities — 194,886 — 194,886 192,052 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 28,254 Loans held for sale — 5,560 — 5,560 5,504 Net loans and leases held for investment — — 4,309,208 4,309,208 4,314,893 Servicing rights — — 9,340 9,340 6,626 Total assets $ 125,128 $ 200,446 $ 4,318,548 $ 4,644,122 $ 4,672,457 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,754,065 $ — $ — $ 3,754,065 $ 3,754,065 Time deposits — 609,387 — 609,387 606,010 Total deposits 3,754,065 609,387 — 4,363,452 4,360,075 Short-term borrowings — 18,680 — 18,680 18,680 Long-term debt — 151,343 — 151,343 150,098 Subordinated notes — 96,663 — 96,663 94,818 Total liabilities $ 3,754,065 $ 876,073 $ — $ 4,630,138 $ 4,623,671 Off-Balance-Sheet: Commitments to extend credit $ — $ (8,070) $ — $ (8,070) $ — The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed: Cash and short-term interest-earning assets: The carrying amounts reported in the balance sheet for cash and due from banks, interest-earning deposits with other banks and other short-term investments is their stated value. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy. Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy. Federal Home Loan Bank, Federal Reserve Bank and other stock: It is not practical to determine the fair values of Federal Home Loan Bank, Federal Reserve Bank and other stock, due to restrictions placed on their transferability. Loans held for sale: The fair value of the Corporation’s mortgage loans held for sale are generally determined using a pricing model based on current market information obtained from external sources, including interest rates, bids or indications provided by market participants on specific loans that are actively marketed for sale. These loans are primarily residential mortgage loans and are generally classified in Level 2 due to the observable pricing data. Loans held for sale are carried at the lower of cost or estimated fair value. Loans and leases held for investment: The fair values for loans and leases held for investment are estimated using discounted cash flow analyses, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers, adjusted as appropriate to consider credit, liquidity and marketability factors to arrive at a fair value that represents the Corporation's exit price at which these instruments would be sold or transferred. Loans and leases are classified within Level 3 in the fair value hierarchy since credit risk is not an observable input. Individually analyzed loans and leases held for investment: For individually analyzed loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At March 31, 2020, individually analyzed loans held for investment had a carrying amount of $36.1 million with a valuation allowance of $2.5 million. At December 31, 2019, impaired loans held for investment had a carrying amount of $38.1 million with a valuation allowance of $2.1 million. The Corporation had no individually analyzed leases at March 31, 2020. The Corporation had impaired leases of $277 thousand with no reserve at December 31, 2019. Servicing rights: The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Mortgage servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the mortgage servicing rights portfolio on a quarterly basis for impairment and the mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. At March 31, 2020, servicing rights had a carrying amount of $6.4 million with a valuation allowance of $55 thousand. At December 31, 2019, servicing rights carrying amount of $6.6 million with no valuation allowance. Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the three months ended March 31, 2020, there were no required valuation adjustments of goodwill and other identifiable intangible assets. Other real estate owned: The fair value of other real estate owned (OREO) is originally estimated based upon the appraised value less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. Subsequently, OREO is reported at the lower of the original cost or the current fair value less cost to sell. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset; however, the capitalized expenses may not increase the OREO asset's recorded value to an amount greater than the asset's fair value after improvements and less cost to sell. New appraisals are generally obtained on an annual basis if an agreement of sale does not exist. At March 31, 2020 and December 31, 2019, OREO had a carrying amount of $516 thousand. Other real estate owned is classified within Level 3 of the valuation hierarchy due to the unique characteristics of the collateral for each loan. Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy. Short-term borrowings: The fair value of short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy. Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy. Subordinated notes: The fair value of the subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy. Off-balance-sheet instruments: Fair values for the Corporation’s off-balance-sheet instruments are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing and are classified within Level 2 in the fair value hierarchy. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At March 31, 2020, the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines the segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. The parent holding company and intercompany eliminations are included in the "Other" segment. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated below. ● The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing. ● The Wealth Management segment offers trust and investment advisory services, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisory managing private investment accounts for both individuals and institutions. ● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions, personal insurance lines and human resources consulting. The following table provides total assets by reportable business segment as of the dates indicated. (Dollars in thousands) At March 31, 2020 At December 31, 2019 At March 31, 2019 Banking $ 5,362,279 $ 5,282,505 $ 4,942,539 Wealth Management 45,786 44,591 40,910 Insurance 35,935 34,291 31,837 Other 20,768 19,537 20,241 Consolidated assets $ 5,464,768 $ 5,380,924 $ 5,035,527 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 52,004 $ 7 $ — $ 8 $ 52,019 Interest expense 8,276 — — 1,275 9,551 Net interest income 43,728 7 — (1,267) 42,468 Provision for credit losses 21,049 — — — 21,049 Noninterest income 7,552 6,187 4,887 (242) 18,384 Intangible expenses 202 78 50 — 330 Other noninterest expense 31,839 4,100 3,146 156 39,241 Intersegment (revenue) expense* (282) 152 130 — — (Loss) income before income taxes (1,528) 1,864 1,561 (1,665) 232 Income tax (benefit) expense (844) 382 336 (480) (606) Net (loss) income $ (684) $ 1,482 $ 1,225 $ (1,185) $ 838 Capital expenditures $ 371 $ 5 $ 3 $ — $ 379 Three Months Ended March 31, 2019 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 52,346 $ 10 $ — $ 8 $ 52,364 Interest expense 9,580 — — 1,261 10,841 Net interest income 42,766 10 — (1,253) 41,523 Provision for credit losses 2,685 — — — 2,685 Noninterest income 4,971 5,720 5,353 253 16,297 Intangible expenses 233 105 88 — 426 Other noninterest expense 27,779 3,794 3,126 432 35,131 Intersegment (revenue) expense* (299) 166 133 — — Income (expense) before income taxes 17,339 1,665 2,006 (1,432) 19,578 Income tax expense (benefit) 3,120 314 193 (128) 3,499 Net income (loss) $ 14,219 $ 1,351 $ 1,813 $ (1,304) $ 16,079 Capital expenditures $ 765 $ 39 $ 25 $ 21 $ 850 * Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee Disclosure | Leases The following table provides information with respect to the Corporation's operating leases: Three months ended March 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 953 $ 947 Short-term lease cost 3 — Variable lease cost 1 — Total lease cost $ 957 $ 947 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from leases $ 910 $ 873 At March 31, 2020 At December 31, 2019 Weighted-average remaining lease term in years 14.7 14.8 Weighted-average discount rate 4.21 % 4.24 % At March 31, 2020, maturities of lease liabilities are as follows: Maturity of Lease Liabilities (Dollars in thousands) Amount Remainder of 2020 $ 2,759 2021 3,732 2022 3,727 2023 3,677 2024 3,547 Thereafter 34,555 Total lease payments 51,997 Less: imputed interest (14,078) Present value of lease liabilities $ 37,919 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure | ContingenciesThe Corporation is periodically subject to various pending and threatened legal actions, which involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three-month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020. |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and the calculation of the reserve for credit losses. |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2020 In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequent related updates. This ASU replaces the incurred loss methodology for recognizing credit losses and requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases accounted for under ASC 842, off-balance sheet credit exposures such as unfunded commitments, and other financial instruments. In addition, ASC 326 requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down when management does not intend to sell or believes that it is not more likely than not they will be required to sell. This new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 for the Corporation. The results reported for periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable accounting standards. See Note 1, "Summary of Significant Accounting Polices - Reserve for Loan and Lease Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 28, 2020, for further information on the Corporation's reserve for loan and lease losses methodology under the incurred loss model. The Corporation adopted this guidance, and subsequent related updates, for all financial assets measured at amortized cost, including loans and held-to-maturity securities, net investments in leases, available-for-sale debt securities and unfunded commitments using the modified retrospective approach. On January 1, 2020, the Corporation recorded a cumulative effect decrease to retained earnings of $11.3 million, net of tax, of which $10.2 million related to loans and net investment in leases, $905 thousand related to unfunded commitments, and $237 thousand related to available-for-sale securities. The Corporation adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $84 thousand of the allowance for credit losses (ACL). The Corporation adopted ASC 326 using the prospective transition approach for presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2020, though no such charges had been recorded on the securities held by the Corporation as of the date of adoption. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Financial Instruments (Topic 825)." The amendments to Topic 326 are the most significant and address how a company considers recoveries and extension options when estimating expected credit losses. The ASU clarifies that a company’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off. The ASU also clarifies that a company should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. This new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 for the Corporation. The Corporation adopted ASU No. 2019-04 and incorporated the applicable items described as follows into the CECL model. Management addressed the provision in ASU No. 2019-04 related to how a company considers recoveries by performing an analysis to estimate recoveries that could be reasonably expected based on historical experience as described further below. Management addressed the provision in ASU No. 2019-04 related to how a company considers extension options when estimating expected credit losses as described further below. Management reviewed the provision in the ASU No. 2019-04 related to Topics 815 and 825 and determined these amendments did not have a material impact on the Corporation's financial statements. The Corporation expanded the pooling utilized under the legacy incurred loss method to include additional segmentation based on risk. The impact of the change from the incurred loss model to the current expected credit loss model is detailed below. January 1, 2020 Pre-adoption Adoption Impact As Reported Assets: ACL on debt securities: available-for-sale: Corporate bonds — 300 300 ACL on loans and leases: Commercial, financial and agricultural 8,759 5,284 14,043 Real estate-commercial 15,750 6,208 21,958 Real estate-construction 2,446 29 2,475 Real estate-residential secured for business purpose 2,622 2,502 5,124 Real estate-residential secured for personal purpose 2,713 (706) 2,007 Real estate-home equity secured for personal purpose 1,076 (364) 712 Loans to individuals 470 104 574 Lease financings 1,311 (135) 1,176 Unallocated 184 — 184 Total ACL on loans and leases 35,331 12,922 48,253 Liabilities: Reserve for unfunded commitments 420 1,145 1,565 In August 2018, the FASB issued ASU No. 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement." This ASU applies to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. Disclosures removed by this ASU are the amount and reasons for transfers between Level 1 and Level 2, the policy for timing of transfers between levels and the valuation processes for Level 3 measurements. This ASU modifies certain disclosures relating to investments in certain entities that calculate net asset value, changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Corporation adopted this guidance and the related required disclosures prospectively on January 1, 2020. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This ASU eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are SEC filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, or for the Corporation's goodwill impairment test in 2020. The Corporation adopted this guidance as of January 1, 2020; the adoption did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted In August 2018, the FASB issued ASU No. 2018-14, " Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. Disclosures removed by this ASU include the following: 1) amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year; 2) amount and timing of plan assets expected to be returned to the employer; and 3) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. Additional disclosures required by this ASU include: 1) the weighted-average interest crediting rates used in an entity's cash balance pension plans and other similar plans and 2) explanations for reasons for significant changes in the benefit obligation or plan assets. All amendments should be applied retrospectively. This ASU is effective for fiscal years beginning after December 15, 2020 or January 1, 2021 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statement disclosures but will result in revised disclosures for retirement plans and other postretirement benefits. In December 2019, the FASB issued ASU No. 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. This ASU is effective for fiscal years beginning after December 15, 2020 or January 1, 2021 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2020, the FASB issued ASU No. 2020-01, " Investments—Equity Securities (Topic 321): Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU 2020-01 clarifies the interactions between ASC 321, ASC 323 and ASC 815 and addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU is effective for fiscal years beginning after December 15, 2021 or January 1, 2022 for the Corporation. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2020, the FASB issued ASU No. 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." |
Investment Securities | Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value with unrealized gains and losses, net of estimated income taxes, reflected in accumulated other comprehensive income, a separate component of shareholders' equity, and credit losses recognized in earnings. Any decision to sell a security classified as available-for-sale would be based on various factors, including interest rates, changes in the maturity or mix of the Corporation's assets and liabilities, liquidity needs, regulatory capital considerations and other factors. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Purchase premiums and discounts are recognized in interest income using the interest method over the expected life of the securities except for premiums on callable debt securities which are amortized to the earliest call date. Due to volatility in the financial markets, there is the risk that any future fair value could vary from that disclosed in the accompanying financial statements. Realized gains and losses on the sale of investment securities are recorded on the trade date, determined using the specific identification method and are included in the consolidated statements of income. The Corporation measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government agency securities and residential mortgage-backed securities. The Corporation's residential mortgage-backed security holdings are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $600 thousand at March 31, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. The Corporation measures expected credit losses on available-for-sale debt securities when the Corporation does not intend to sell, or when it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Economic forecast data is utilized to calculate the present value of expected cash flows. The forecast data is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the Corporation believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $875 thousand at March 31, 2020 and is included within Accrued interest receivable and other assets. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed. |
Loans and Leases | Loans and Leases Loans that the Corporation has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount, net of deferred fees and costs, and the allowance for credit losses. Lease financings are stated at net investment amount, consisting of the present value of lease payments and unguaranteed residual value, plus initial direct costs. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon the failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed and the amortization of the deferred fees and costs is suspended. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is classified as a troubled debt restructuring when a concession has been granted to an existing borrower experiencing financial difficulties. The Corporation grants concessions to existing borrowers primarily related to extensions of interest-only payment periods and an occasional payment modification. These modifications typically are for up to one year. The goal when restructuring a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing troubled debt restructured loans are primarily comprised of loans on which interest is being accrued under the restructured terms, and the loans are current or less than 90 days past due. |
Loan and Lease Fees | Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Initial direct costs, comprised of commissions paid that would not have been incurred if the lease had not been obtained, are deferred and amortized over the life of the contract, and are classified within net interest income on leases. |
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases The allowance for credit losses (ACL) on loans and leases is a valuation account that is used to present the net amount expected to be collected on a loan or lease. The ACL for loans and leases is adjusted through provision for credit losses as a charge against, or credit to, earnings. Loans and leases deemed to be uncollectible are charged against the ACL on loans and leases, and any subsequent recoveries are credited to the ACL. Management evaluates the ACL on a quarterly basis. When changes in the reserve are necessary, an adjustment is made. Management utilizes a discounted cash flow (DCF) model to calculate the present value of the expected cash flows for pools of loans and leases that share similar risk characteristics and compares the results of this calculation to the amortized cost basis to determine its allowance for credit loss balance. Management uses relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts in calculating its ACL. Historical credit loss experience provides the basis for the estimation of expected credit losses. Management determines whether there is a need to make qualitative adjustments to historical loss information by monitoring certain factors including differences in current loan-specific risk characteristics as well as for changes in external or environmental conditions, or other relevant factors. The contractual term used in projecting the cash flows of a loan is based on the maturity date of a loan, and is adjusted for prepayment or curtailment assumptions which may shorten that contractual time period. Options to extend are considered by management in determining the contractual term. The key inputs to the DCF model are (1) probability of default, (2) loss given default, (3) prepayment and curtailment rates, (4) reasonable and supportable economic forecasts, (5) forecast reversion period, (6) expected recoveries on charged off loans, and (7) discount rate. Probability of Default (PD) In order to incorporate economic factors into forecasting within the DCF model, management elected to use the Loss Driver method to generate the PD rate inputs. The Loss Driver method analyzes how one or more economic factors change the default rate using a statistical regression analysis. Management selected economic factors that had strong correlations to historical default rates. Loss Given Default (LGD) Management elected to use the Frye Jacobs parameter for determining the LGD input, which is an estimation technique that derives a LGD input from segment specific risk curves that correlates LGD with PD. Prepayment and Curtailment rates Prepayment Rates: Loan level transaction data is used to calculate a quarterly prepayment rate for each of the most recent four quarters prior to the measurement date. Those quarterly rates are annualized and the average of the annualized rates is used in the DCF calculation for fixed payment or term loans. Rates are calculated for each pool. Curtailment Rates: Loan level transaction data is used to calculate annual curtailment rates using any available historical loan level data. The average of the historical rates is used in the DCF model for interest only payment or line of credit type loans. Rates are calculated for each pool. Reasonable and Supportable Forecasts The forecast data used in the DCF model is obtained via a subscription to a widely recognized and relied upon company who publishes various forecast scenarios. Management evaluates the various scenarios to determine a reasonable and supportable scenario. Forecast Reversion Period Management uses forecasts to predict how economic factors will perform and has determined to use a four quarter forecast period as well as a four quarter straight-line reversion period to historical averages (also commonly referred to as the mean reversion period). Expected Recoveries on Charged-off Loans Management performs an analysis to estimate recoveries that could be reasonably expected based on historical experience in order to account for expected recoveries on loans that have already been fully charged-off and are not included in the ACL calculation. Discount Rate The effective interest rate of the underlying loans and leases of the Corporation serves as the discount rate applied to the expected periodic cash flows. Management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Individual Evaluation Management evaluates individual instruments for expected credit losses when those instruments do not share similar risk characteristics with instruments evaluated using a collective (pooled) basis. Instruments will not be included in both collective and individual analyses. Individual analysis will establish a specific reserve for instruments in scope. All loans on nonaccrual status are individually evaluated for a specific reserve. |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments The Corporation maintains a reserve in Accrued expenses and other liabilities for off-balance sheet credit exposures such as unfunded commitments that are currently unfunded in categories with historical loss experience. Management calculates funding rates using loan level data history at the portfolio level. The most recent quarter’s (the actual measurement quarter) funding rate is subtracted from the maximum historical funding rate which is then applied to each pool’s total available line of credit. The applicable pool level loss rates for the current quarter is then applied to calculate the reserve for unfunded commitments liability each period. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of the change from the incurred loss model to the current expected credit loss model is detailed below. January 1, 2020 Pre-adoption Adoption Impact As Reported Assets: ACL on debt securities: available-for-sale: Corporate bonds — 300 300 ACL on loans and leases: Commercial, financial and agricultural 8,759 5,284 14,043 Real estate-commercial 15,750 6,208 21,958 Real estate-construction 2,446 29 2,475 Real estate-residential secured for business purpose 2,622 2,502 5,124 Real estate-residential secured for personal purpose 2,713 (706) 2,007 Real estate-home equity secured for personal purpose 1,076 (364) 712 Loans to individuals 470 104 574 Lease financings 1,311 (135) 1,176 Unallocated 184 — 184 Total ACL on loans and leases 35,331 12,922 48,253 Liabilities: Reserve for unfunded commitments 420 1,145 1,565 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Summary of Computation for Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share. For additional information on the calculation of basic and diluted earnings per share, see Note 1, "Summary of Significant Accounting Policies - Earnings per Share" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Three Months Ended March 31, (Dollars and shares in thousands, except per share data) 2020 2019 Numerator: Net income $ 838 $ 16,079 Net income allocated to unvested restricted stock awards — (67) Net income allocated to common shares $ 838 $ 16,012 Denominator: Weighted average shares outstanding 29,286 29,277 Average unvested restricted stock awards (68) (131) Denominator for basic earnings per share —weighted-average shares outstanding 29,218 29,146 Effect of dilutive securities—employee stock options and restricted stock units 65 59 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,283 29,205 Basic earnings per share $ 0.03 $ 0.55 Diluted earnings per share $ 0.03 $ 0.55 Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share 329 348 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities and Available-for-Sale Securities by Contractual Maturities | The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at March 31, 2020 and the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2019, by contractual maturity within each type: At March 31, 2020 At December 31, 2019 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Amortized Gross Gross Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: After 1 year to 5 years $ 6,998 $ 229 $ — $ — $ 7,227 $ 6,997 $ 66 $ — $ 7,063 6,998 229 — — 7,227 6,997 66 — 7,063 Residential mortgage-backed securities: After 5 years to 10 years 8,449 310 — — 8,759 9,083 129 — 9,212 Over 10 years 206,942 6,624 — — 213,566 175,972 2,749 (110) 178,611 215,391 6,934 — — 222,325 185,055 2,878 (110) 187,823 Total $ 222,389 $ 7,163 $ — $ — $ 229,552 $ 192,052 $ 2,944 $ (110) $ 194,886 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 300 $ — $ — — $ 300 $ 301 $ — $ (1) $ 300 300 — — — 300 301 — (1) 300 State and political subdivisions: After 1 year to 5 years 5,062 35 — — 5,097 4,717 23 — 4,740 After 5 years to 10 years 25,305 198 — — 25,503 29,563 292 — 29,855 30,367 233 — — 30,600 34,280 315 — 34,595 Residential mortgage-backed securities: Within 1 year 185 9 — — 194 304 9 — 313 After 1 year to 5 years 136 4 — — 140 611 3 (1) 613 After 5 years to 10 years 2,534 72 — — 2,606 36,893 107 (21) 36,979 Over 10 years 80,291 2,192 (1) — 82,482 80,630 378 (453) 80,555 83,146 2,277 (1) — 85,422 118,438 497 (475) 118,460 Collateralized mortgage obligations: After 5 years to 10 years 974 4 — — 978 2,377 6 (22) 2,361 974 4 — — 978 2,377 6 (22) 2,361 Corporate bonds: Within 1 year 4,503 3 (5) (4) 4,497 6,012 1 (4) 6,009 After 1 year to 5 years 28,847 486 (385) (46) 28,902 29,606 596 (61) 30,141 After 5 years to 10 years 499 22 — — 521 — — — — Over 10 years 60,000 — (11,487) (847) 47,666 60,000 — (4,942) 55,058 93,849 511 (11,877) (897) 81,586 95,618 597 (5,007) 91,208 Total $ 208,636 $ 3,025 $ (11,878) $ (897) $ 198,886 $ 251,014 $ 1,415 $ (5,505) $ 246,924 |
Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Securities available-for-sale: Proceeds from sales $ 62,276 $ 491 Gross realized gains on sales 709 1 Gross realized losses on sales 14 — Tax expense related to net realized gains on sales 146 — |
Amount of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2020 and December 31, 2019, by the length of time those securities were in a continuous loss position. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At March 31, 2020 Securities Available-for-Sale Residential mortgage-backed securities $ 466 $ (1) $ 35 $ — $ 501 $ (1) Total $ 466 $ (1) $ 35 $ — $ 501 $ (1) At December 31, 2019 Securities Held-to-Maturity Residential mortgage-backed securities $ 26,767 $ (110) $ — $ — $ 26,767 $ (110) Total $ 26,767 $ (110) $ — $ — $ 26,767 $ (110) Securities Available-for-Sale U.S. government corporations and agencies $ — $ — $ 300 $ (1) $ 300 $ (1) Residential mortgage-backed securities 21,827 (62) 48,672 (413) 70,499 (475) Collateralized mortgage obligations — — 1,295 (22) 1,295 (22) Corporate bonds 998 — 65,506 (5,007) 66,504 (5,007) Total $ 22,825 $ (62) $ 115,773 $ (5,443) $ 138,598 $ (5,505) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The table below presents a rollforward by major security type for the three months ended March 31, 2020 of the allowance for credit losses on securities available-for-sale. Corporate Bonds Three months ended March 31, 2020 Securities Available-for-Sale Beginning balance $ — Adjustment to initially apply ASU No. 2016-13 for CECL (300) Additions for securities for which no previous expected credit losses were recognized (25) Change in securities for which a previous expected credit loss was recognized (572) Ending balance $ (897) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | Summary of Major Loan and Lease Categories (Dollars in thousands) At March 31, 2020 At December 31, 2019 Commercial, financial and agricultural $ 944,189 $ 947,029 Real estate-commercial 2,100,699 2,040,441 Real estate-construction 215,150 232,595 Real estate-residential secured for business purpose 377,644 373,973 Real estate-residential secured for personal purpose 454,998 439,059 Real estate-home equity secured for personal purpose 177,405 174,435 Loans to individuals 29,170 29,883 Lease financings 149,570 149,421 Total loans and leases held for investment, net of deferred income $ 4,448,825 $ 4,386,836 Imputed interest on lease financings, included in the above table $ (16,106) $ (16,340) Net deferred costs, included in the above table 5,754 5,999 Overdraft deposits included in the above table 314 407 |
Schedule of Age Analysis of Past Due Loans and Leases | Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at March 31, 2020: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans At March 31, 2020 Commercial, financial and agricultural $ 1,621 $ 709 $ — $ 2,330 $ 937,925 $ 940,255 $ 3,934 $ 944,189 Real estate—commercial real estate and construction: Commercial real estate 23,325 2,091 722 26,138 2,045,734 2,071,872 28,827 2,100,699 Construction 4,076 — — 4,076 211,074 215,150 — 215,150 Real estate—residential and home equity: Residential secured for business purpose 4,479 1,164 400 6,043 370,331 376,374 1,270 377,644 Residential secured for personal purpose 5,258 1,486 426 7,170 446,548 453,718 1,280 454,998 Home equity secured for personal purpose 819 107 — 926 175,659 176,585 820 177,405 Loans to individuals 219 31 63 313 28,857 29,170 — 29,170 Lease financings 709 81 166 956 148,119 149,075 495 149,570 Total $ 40,506 $ 5,669 $ 1,777 $ 47,952 $ 4,364,247 $ 4,412,199 $ 36,626 $ 4,448,825 The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current, acquired credit impaired loans and nonaccrual loans and leases at December 31, 2019: Accruing Loans and Leases (Dollars in thousands) 30-59 60-89 90 Days Total Current Total Accruing Loans and Leases Acquired Credit Impaired Nonaccrual Loans and Leases Total Loans At December 31, 2019 Commercial, financial and agricultural $ 2,602 $ 150 $ 20 $ 2,772 $ 940,815 $ 943,587 $ — $ 3,442 $ 947,029 Real estate—commercial real estate and construction: Commercial real estate 3,473 266 — 3,739 2,008,568 2,012,307 206 27,928 2,040,441 Construction — — — — 232,338 232,338 — 257 232,595 Real estate—residential and home equity: Residential secured for business purpose 2,078 2,442 — 4,520 366,473 370,993 — 2,980 373,973 Residential secured for personal purpose 2,969 446 — 3,415 433,548 436,963 58 2,038 439,059 Home equity secured for personal purpose 605 297 — 902 172,106 173,008 — 1,427 174,435 Loans to individuals 157 73 74 304 29,579 29,883 — — 29,883 Lease financings 1,409 296 49 1,754 147,161 148,915 — 506 149,421 Total $ 13,293 $ 3,970 $ 143 $ 17,406 $ 4,330,588 $ 4,347,994 $ 264 $ 38,578 $ 4,386,836 |
Schedule of Nonperforming Loans and Leases | Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at March 31, 2020 and December 31, 2019. At March 31, 2020 At December 31, 2019 (Dollars in thousands) Nonaccrual Accruing Loans and Total Nonperforming Nonaccrual Accruing Loans and Total Nonperforming Commercial, financial and agricultural $ 3,934 $ — $ — $ 3,934 $ 3,442 $ — $ 20 $ 3,462 Real estate—commercial real estate and construction: Commercial real estate 28,827 — 722 29,549 27,928 — — 27,928 Construction — — — — 257 — — 257 Real estate—residential and home equity: Residential secured for business purpose 1,270 — 400 1,670 2,980 — — 2,980 Residential secured for personal purpose 1,280 — 426 1,706 2,038 — — 2,038 Home equity secured for personal purpose 820 54 — 874 1,427 54 — 1,481 Loans to individuals — — 63 63 — — 74 74 Lease financings 495 — 166 661 506 — 49 555 Total $ 36,626 $ 54 $ 1,777 $ 38,457 $ 38,578 $ 54 $ 143 $ 38,775 * Includes nonaccrual troubled debt restructured loans of $13.7 million and $13.8 million at March 31, 2020 and December 31, 2019, respectively. |
Nonaccrual Loan and Lease Data | The following table presents the amortized cost basis of loans and leases on nonaccrual status and loans 90 days or more past due and still accruing as of March 31, 2020. (Dollars in thousands) Nonaccrual With No ACL Nonaccrual With ACL Total Nonaccrual Loans 90 Days or more Past Due and Accruing Interest At March 31, 2020 Commercial, financial and agricultural $ 2,690 $ 1,244 $ 3,934 $ — Real estate-commercial 17,174 11,653 28,827 722 Real estate-residential secured for business purpose 1,010 260 1,270 400 Real estate-residential secured for personal purpose 718 562 1,280 426 Real estate-home equity secured for personal purpose 820 — 820 — Loans to individuals — — — 63 Lease financings — 495 495 166 Total $ 22,412 $ 14,214 $ 36,626 $ 1,777 The following table presents the amortized cost basis of collateral-dependent nonaccrual loans by class of loans as of March 31, 2020. (Dollars in thousands) Real Estate Other (1) None (2) Total At March 31, 2020 Commercial, financial and agricultural $ 2,002 $ 1,351 $ 581 $ 3,934 Real estate-commercial 28,827 — — 28,827 Real estate-residential secured for business purpose 1,270 — — 1,270 Real estate-residential secured for personal purpose 1,280 — — 1,280 Real estate-home equity secured for personal purpose 820 — — 820 Total $ 34,199 $ 1,351 $ 581 $ 36,131 (1) Business assets including accounts receivable and personal property. (2) Loans fully reserved given lack of collateral. |
Summary of Commercial Credit Quality Indicators | Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at March 31, 2020 and December 31, 2019. The Corporation employs a risk rating system related to the credit quality of commercial loans and real estate loans secured for a business purpose. The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating. Loans with a relationship balance of less than $1 million are reviewed on a performance basis, with the primary monitored metrics being delinquency status. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. 1. Pass—Loans considered satisfactory with no indications of deterioration 2. Special Mention—Potential weakness that deserves management's close attention 3. Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt 4. Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at March 31, 2020 under ASC 326. Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At March 31, 2020 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 52,864 $ 146,722 $ 99,263 $ 65,395 $ 34,880 $ 89,984 $ 420,193 $ 909,301 2. Special Mention 3 970 1,979 2,841 1,621 1,685 9,678 18,777 3. Substandard — 1,144 1,356 61 — 628 12,922 16,111 Total $ 52,867 $ 148,836 $ 102,598 $ 68,297 $ 36,501 $ 92,297 $ 442,793 $ 944,189 Real Estate-Commercial Risk Rating 1. Pass $ 161,322 $ 613,240 $ 358,038 $ 357,068 $ 194,772 $ 305,101 $ 44,969 $ 2,034,510 2. Special Mention 1,754 12,432 — 1,134 5,092 2,918 582 23,912 3. Substandard — 944 941 11,219 — 26,424 2,749 42,277 Total $ 163,076 $ 626,616 $ 358,979 $ 369,421 $ 199,864 $ 334,443 $ 48,300 $ 2,100,699 Real Estate-Construction Risk Rating 1. Pass $ 22,374 $ 91,509 $ 55,864 $ 10,987 $ 2,950 $ — $ 4,372 $ 188,056 2. Special Mention 20,109 — — — — — — 20,109 3. Substandard — — 6,985 — — — — 6,985 Total $ 42,483 $ 91,509 $ 62,849 $ 10,987 $ 2,950 $ — $ 4,372 $ 215,150 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 24,846 $ 87,962 $ 69,936 $ 56,391 $ 48,747 $ 55,682 $ 29,802 $ 373,366 2. Special Mention 1,121 475 — 79 743 480 — 2,898 3. Substandard — 24 — 82 552 654 68 1,380 Total $ 25,967 $ 88,461 $ 69,936 $ 56,552 $ 50,042 $ 56,816 $ 29,870 $ 377,644 The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at March 31, 2020. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at March 31, 2020. The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2019 under ASC 310. (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2019 Grade: 1. Pass $ 911,848 $ 1,974,561 $ 201,424 $ 367,122 $ 3,454,955 2. Special Mention 18,843 24,199 20,987 3,769 67,798 3. Substandard 16,338 41,681 10,184 3,082 71,285 Total $ 947,029 $ 2,040,441 $ 232,595 $ 373,973 $ 3,594,038 |
Summary of Credit Exposure | Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to individuals, Lease Financings Credit Risk Profile by Payment Activity The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: residential real estate loans, home equity loans secured for a personal purpose and loans to individuals and lease financings. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2019. The following table presents classification of loans at March 31, 2020. Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total At March 31, 2020 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 27,745 $ 93,752 $ 87,429 $ 71,235 $ 53,602 $ 117,858 $ 1,671 $ 453,292 2. Nonperforming — 426 57 — — 1,223 — 1,706 Total $ 27,745 $ 94,178 $ 87,486 $ 71,235 $ 53,602 $ 119,081 $ 1,671 $ 454,998 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 164 $ 1,104 $ 1,707 $ 1,702 $ 692 $ 3,583 $ 167,579 $ 176,531 2. Nonperforming — — 108 — — 30 736 874 Total $ 164 $ 1,104 $ 1,815 $ 1,702 $ 692 $ 3,613 $ 168,315 $ 177,405 Loans to Individuals Payment Performance 1. Performing $ 630 $ 2,282 $ 1,464 $ 821 $ 481 $ 2,736 $ 20,693 $ 29,107 2. Nonperforming — — — — — 63 — 63 Total $ 630 $ 2,282 $ 1,464 $ 821 $ 481 $ 2,799 $ 20,693 $ 29,170 Lease Financings Payment Performance 1. Performing $ 15,187 $ 58,670 $ 43,587 $ 19,482 $ 9,488 $ 2,495 $ — $ 148,909 2. Nonperforming — 27 129 396 43 66 — 661 Total $ 15,187 $ 58,697 $ 43,716 $ 19,878 $ 9,531 $ 2,561 $ — $ 149,570 The following table presents classifications of loans at December 31, 2019. (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At December 31, 2019 Performing $ 437,021 $ 172,954 $ 29,809 $ 148,866 $ 788,650 Nonperforming 2,038 1,481 74 555 4,148 Total $ 439,059 $ 174,435 $ 29,883 $ 149,421 $ 792,798 |
Summary of Activity in the Reserve for Loan and Lease Credit Losses | Reserve for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the reserve for credit losses, loans and leases, for the three months ended March 31, 2020 and 2019: (Dollars in thousands) Beginning balance, prior to adoption of ASU No. 2016-13 for CECL Adjustment to initially apply ASU No. 2016-13 for CECL Provision (recovery of provision) for credit losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2020 Reserve for credit losses, loans and leases: Commercial, Financial and Agricultural $ 8,759 $ 5,284 $ 5,630 $ (481) $ 52 $ 19,244 Real Estate-Commercial 15,750 6,208 12,817 — 35 34,810 Real Estate-Construction 2,446 29 642 — — 3,117 Real Estate-Residential Secured for Business Purpose 2,622 2,502 782 (3) 3 5,906 Real Estate-Residential Secured for Personal Purpose 2,713 (706) 114 — — 2,121 Real Estate-Home Equity Secured for Personal Purpose 1,076 (364) 78 — 5 795 Loans to Individuals 470 104 47 (35) 14 600 Lease Financings 1,311 (135) 376 (152) 73 1,473 Unallocated 184 — (34) N/A N/A 150 Total $ 35,331 $ 12,922 $ 20,452 $ (671) $ 182 $ 68,216 Three Months Ended March 31, 2019 Reserve for credit losses, loans and leases: Commercial, Financial and Agricultural $ 7,983 $ — $ 1,353 $ (468) $ 82 $ 8,950 Real Estate-Commercial and Construction 13,903 — 1,028 (41) 91 14,981 Real Estate-Residential Secured for Business Purpose 2,236 — 62 — 4 2,302 Real Estate-Residential and Home Equity Secured for Personal Purpose 3,199 — 186 (11) 5 3,379 Loans to Individuals 484 — 48 (85) 22 469 Lease Financings 1,288 — 33 (104) 58 1,275 Unallocated 271 — (25) N/A N/A 246 Total $ 29,364 $ — $ 2,685 $ (709) $ 262 $ 31,602 N/A – Not applicable |
Schedule of Reserve for Loan and Lease Credit Losses and Recorded Investment in Loans and Leases | The following presents, by portfolio segment, the balance in the ACL on loans and leases, disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at March 31, 2020 and 2019: Allowance for credit losses, loans and leases Loans and leases held for investment (Dollars in thousands) Ending balance: individually analyzed Ending balance: pooled Total ending balance Ending balance: individually analyzed Ending balance: pooled Loans measured at fair value Total ending balance At March 31, 2020 Commercial, Financial and Agricultural $ 698 $ 18,546 $ 19,244 $ 3,934 $ 940,255 $ — $ 944,189 Real Estate-Commercial 1,547 33,263 34,810 28,827 2,071,584 288 2,100,699 Real Estate-Construction — 3,117 3,117 — 215,150 — 215,150 Real Estate-Residential Secured for Business Purpose 95 5,811 5,906 1,270 376,374 — 377,644 Real Estate-Residential Secured for Personal Purpose 195 1,926 2,121 1,280 453,718 — 454,998 Real Estate-Home Equity Secured for Personal Purpose — 795 795 820 176,585 — 177,405 Loans to Individuals — 600 600 — 29,170 — 29,170 Lease Financings — 1,473 1,473 — 149,570 — 149,570 Unallocated N/A 150 150 N/A N/A N/A N/A Total $ 2,535 $ 65,681 $ 68,216 $ 36,131 $ 4,412,406 $ 288 $ 4,448,825 At March 31, 2019 Commercial, Financial and Agricultural $ 243 $ 8,707 $ 8,950 $ 3,174 $ 924,464 $ — $ 927,638 Real Estate-Commercial and Construction 925 14,056 14,981 18,467 1,995,954 1,748 2,016,169 Real Estate-Residential Secured for Business Purpose — 2,302 2,302 1,232 359,690 — 360,922 Real Estate-Residential and Home Equity Secured for Personal Purpose 335 3,044 3,379 3,129 586,909 — 590,038 Loans to Individuals — 469 469 — 32,603 — 32,603 Lease Financings — 1,275 1,275 — 140,509 — 140,509 Unallocated N/A 246 246 N/A N/A N/A N/A Total $ 1,503 $ 30,099 $ 31,602 $ 26,002 $ 4,040,129 $ 1,748 $ 4,067,879 N/A – Not applicable |
Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans | The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (Dollars in thousands) Number Pre- Post- Number Pre- Post- Accruing Troubled Debt Restructured Loans: Total — $ — $ — — $ — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural* — $ — $ — 2 $ 956 $ 956 Real estate—commercial real estate* — — — 1 1,313 1,313 Total — $ — $ — 3 $ 2,269 $ 2,269 * The three nonaccrual troubled debt restructured loans in the above table totaling $2.3 million were modified via the execution of a forbearance agreement during the three months ended March 31, 2019. These loans relate to one borrower and were on nonaccrual status at the time of modification. |
Schedule of Concessions Granted on Accruing and Nonaccrual Troubled Loans | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three months ended March 31, 2020 and 2019. Amortization Period Extension (Dollars in thousands) No. of Amount Three Months Ended March 31, 2020 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Total — $ — Three Months Ended March 31, 2019 Accruing Troubled Debt Restructured Loans: Total — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 2 $ 956 Real estate—commercial real estate 1 1,313 Total 3 $ 2,269 |
Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans With Payment Defaults | There were no accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the three months ended March 31, 2020 or March 31, 2019. |
Schedule of Mortgages in Process of Foreclosure | The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at March 31, 2020 and December 31, 2019: (Dollars in thousands) At March 31, 2020 At December 31, 2019 Real estate-residential secured for personal purpose $ 714 $ 714 Real estate-home equity secured for personal purpose 247 1,058 Total $ 961 $ 1,772 |
Schedule of Lease Payments Receivables | The following presents the schedule of minimum lease payments receivable: (Dollars in thousands) At March 31, 2020 At December 31, 2019 2020 (excluding the three months ended March 31, 2020) $ 44,780 $ 57,515 2021 48,877 45,510 2022 35,510 32,233 2023 21,384 18,345 2024 9,172 6,639 Thereafter 2,836 2,259 Total future minimum lease payments receivable 162,559 162,501 Plus: Unguaranteed residual 877 886 Plus: Initial direct costs 2,240 2,374 Less: Imputed interest (16,106) (16,340) Lease financings $ 149,570 $ 149,421 |
Troubled Debt Restructurings On Financing Receivables3 | The following presents foreclosed residential real estate property included in other real estate owned at March 31, 2020 or December 31, 2019. (Dollars in thousands) At March 31, 2020 At December 31, 2019 Foreclosed residential real estate $ 71 $ 71 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of the Corporation's goodwill by business segment for the three months ended March 31, 2020 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2019 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at March 31, 2020 $ 138,476 $ 15,434 $ 18,649 $ 172,559 |
Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated: At March 31, 2020 At December 31, 2019 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 6,788 $ 4,229 $ 2,559 $ 6,788 $ 4,026 $ 2,762 Customer related intangibles 7,604 6,830 774 8,819 7,923 896 Servicing rights 19,686 13,246 6,440 19,160 12,534 6,626 Total amortized intangible assets $ 34,078 $ 24,305 $ 9,773 $ 34,767 $ 24,483 $ 10,284 |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2020 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2020 $ 875 2021 923 2022 666 2023 409 2024 267 Thereafter 193 |
Changes In Servicing Rights | Changes in the servicing rights balance are summarized as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beginning of period $ 6,626 $ 6,768 Servicing rights capitalized 526 266 Amortization of servicing rights (657) (309) Changes in valuation allowance (55) — End of period $ 6,440 $ 6,725 Loans serviced for others $ 1,087,174 $ 1,037,948 |
Activity In Valuation Allowance For Mortgage Servicing Rights | Activity in the valuation allowance for mortgage servicing rights was as follows: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Valuation allowance, beginning of period $ — $ — Additions (55) — Valuation allowance, end of period $ (55) $ — |
Estimated Amortization Expense of Servicing Rights | The estimated amortization expense of servicing rights for the remainder of 2020 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2020 $ 1,585 2021 1,190 2022 908 2023 690 2024 467 Thereafter 1,600 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Schedule Of Maturities Of Time Deposits | Deposits and their respective weighted average interest rate at March 31, 2020 and December 31, 2019 consisted of the following: At March 31, 2020 At December 31, 2019 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,318,270 — % $ 1,279,681 Demand deposits 0.23 1,615,979 0.96 1,677,682 Savings deposits 0.18 836,042 0.37 796,702 Time deposits 1.86 637,012 1.95 606,010 Total 0.39 % $ 4,407,303 0.71 % $ 4,360,075 |
Schedule of Components of Weighted Average Interest Rate and Balance of Deposits | At March 31, 2020, the scheduled maturities of time deposits are as follows: Year (Dollars in thousands) Amount Remainder of 2020 $ 339,988 2021 129,137 2022 64,816 2023 76,407 2024 23,002 Thereafter 3,662 Total $ 637,012 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings by Type | The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. At March 31, 2020 At December 31, 2019 (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings: Customer repurchase agreements $ 18,415 0.05 % $ 18,680 0.05 % Long-term debt: FHLB advances $ 200,000 1.44 % $ 140,000 2.04 % Security repurchase agreements 10,069 1.75 10,098 2.07 Subordinated notes $ 94,879 5.49 % $ 94,818 5.32 % |
Schedule of Maturities of Long-Term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of March 31, 2020 Weighted Average Rate Remainder of 2020 $ 10,000 1.47 % 2021 45,000 1.93 2022 35,000 1.17 2023 50,000 1.73 2024 60,000 0.98 Thereafter — — Total $ 200,000 1.44 % |
Schedule of Maturities of Other Long-term Borrowings | Long-term debt under security repurchase agreements with large commercial banks mature as follows: (Dollars in thousands) As of March 31, 2020 Weighted Average Rate Remainder of 2020 $ 10,069 1.75 % 2021 — — 2022 — — 2023 — — 2024 — — Thereafter — — Total $ 10,069 1.75 % |
Retirement Plans and Other Po_2
Retirement Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost were as follows: Three Months Ended March 31, 2020 2019 2020 2019 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 117 $ 109 $ 28 $ 17 Interest cost 417 476 24 23 Expected return on plan assets (816) (771) — — Amortization of net actuarial loss 291 294 6 — Accretion of prior service cost — (45) — — Net periodic benefit cost $ 9 $ 63 $ 58 $ 40 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Status of Options Granted Under Long-Term Incentive Plan | The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2020: (Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at March 31, 2020 Outstanding at December 31, 2019 508,111 $ 24.83 Expired (500) 28.50 Forfeited (3,152) 28.44 Exercised (5,000) 18.70 Outstanding at March 31, 2020 499,459 24.86 6.2 $ 5 Exercisable at March 31, 2020 445,481 24.42 6.0 5 |
Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at March 31, 2020 including changes during the three months then ended: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2019 163,261 $ 6.54 Vested (106,131) 6.58 Forfeited (3,152) 6.50 Nonvested stock options at March 31, 2020 53,978 6.46 |
Summary of Nonvested Restricted Stock Awards and Units | The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at March 31, 2020 including changes during the three months then ended: (Dollars in thousands, except per share data) Nonvested Stock Awards and Units Weighted Average Grant Date Fair Value Nonvested stock awards and units at December 31, 2019 209,378 $ 26.76 Granted 179,080 18.62 Vested (57,355) 27.23 Cancelled (19,367) 27.72 Nonvested stock awards and units at March 31, 2020 311,736 21.94 |
Certain Information Regarding Restricted Stock | Certain information regarding restricted stock awards and units is summarized below for the periods indicated: Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Restricted stock awards and units granted 179,080 113,729 Weighted average grant date fair value $ 18.62 $ 25.66 Intrinsic value of awards granted $ 2,923 $ 2,782 Restricted stock awards and units vested 57,355 32,965 Weighted average grant date fair value $ 27.23 $ 21.86 Intrinsic value of awards vested $ 1,335 $ 809 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at March 31, 2020 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 306 1.0 Restricted stock awards and units 5,338 2.4 $ 5,644 2.3 |
Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Stock-based compensation expense: Stock options $ 108 $ 216 Restricted stock awards and units 327 361 Employee stock purchase plan 20 17 Total $ 455 $ 594 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 106 $ 165 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2019 $ (3,231) $ (185) $ (18,314) $ (21,730) Adjustment to initially apply ASU No. 2016-13 for CECL (1) 237 — — 237 Other comprehensive (loss) income (4,000) (370) 235 (4,135) Balance, March 31, 2020 $ (6,994) $ (555) $ (18,079) $ (25,628) Balance, December 31, 2018 $ (11,221) $ 81 $ (17,276) $ (28,416) Adjustment to initially apply ASU No. 2017-12 for derivatives — 83 — 83 Other comprehensive income (loss) 4,044 (145) 196 4,095 Balance, March 31, 2019 $ (7,177) $ 19 $ (17,080) $ (24,238) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Fair Value of Derivatives Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2020 and December 31, 2019. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts. Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At March 31, 2020 Interest rate swap - cash flow hedge $ 16,084 $ — Other liabilities $ 702 Total $ 16,084 $ — $ 702 At December 31, 2019 Interest rate swap - cash flow hedge $ 16,286 $ — Other liabilities $ 235 Total $ 16,286 $ — $ 235 |
Notional Amounts and Fair Value of Derivatives Not Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at March 31, 2020 and December 31, 2019: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At March 31, 2020 Interest rate swap $ 273 $ — Other liabilities $ 15 Credit derivatives 317,741 — Other liabilities 1,109 Interest rate locks with customers 100,673 Other assets 2,911 — Forward loan sale commitments 104,091 — Other liabilities 886 Total $ 522,778 $ 2,911 $ 2,010 At December 31, 2019 Interest rate swap $ 303 $ — Other liabilities $ 14 Credit derivatives 270,147 — Other liabilities 176 Interest rate locks with customers 19,966 Other assets 399 — Forward loan sale commitments 21,846 — Other liabilities 19 Total $ 312,262 $ 399 $ 209 |
Income for Derivatives Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Three Months Ended March 31, (Dollars in thousands) 2020 2019 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 29 $ (16) Interest rate swap—fair value hedge—effectiveness Interest income — 1 Total net (loss) gain $ (29) $ 17 |
Income for Derivatives Not Designated as Hedging Instruments | The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification Three Months Ended March 31, (Dollars in thousands) 2020 2019 Credit derivatives Other noninterest income $ 140 $ 264 Interest rate locks with customers Net gain (loss) on mortgage banking activities 2,512 (35) Forward loan sale commitments Net (loss) gain on mortgage banking activities (867) 29 Total net gain $ 1,785 $ 258 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2020 and December 31, 2019: (Dollars in thousands) Accumulated Other At March 31, 2020 At December 31, 2019 Interest rate swap—cash flow hedge Fair value, net of taxes $ (556) $ (186) Total $ (556) $ (186) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value of Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019, classified using the fair value hierarchy: At March 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 300 $ — $ 300 State and political subdivisions — 30,600 — 30,600 Residential mortgage-backed securities — 85,422 — 85,422 Collateralized mortgage obligations — 978 — 978 Corporate bonds — 81,586 — 81,586 Total available-for-sale securities — 198,886 — 198,886 Equity securities: Equity securities - financial services industry 736 — — 736 Money market mutual funds 1,510 — — 1,510 Total equity securities 2,246 — — 2,246 Loans* — — 288 288 Interest rate locks with customers* — 2,911 — 2,911 Total assets $ 2,246 $ 201,797 $ 288 $ 204,331 Liabilities: Contingent consideration liability $ — $ — $ 135 $ 135 Interest rate swaps* — 717 — 717 Credit derivatives* — — 1,109 1,109 Forward loan sale commitments* — 886 — 886 Total liabilities $ — $ 1,603 $ 1,244 $ 2,847 The Corporation recorded no unrealized gains and losses within other comprehensive income for recurring Level 3 fair value measurements held at March 31, 2020. The $1.1 million of credit derivatives liability represents the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 46 interest rate swaps with a current notional amount of $317.7 million. The March 31, 2020 CVA assumes a zero-deal recovery percentage based on the most recent index credit curve. At December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 300 $ — $ 300 State and political subdivisions — 34,595 — 34,595 Residential mortgage-backed securities — 118,460 — 118,460 Collateralized mortgage obligations — 2,361 — 2,361 Corporate bonds — 91,208 — 91,208 Total available-for-sale securities — 246,924 — 246,924 Equity securities: Equity securities - financial services industry 1,004 — — 1,004 Money market mutual funds 1,619 — — 1,619 Total equity securities 2,623 — — 2,623 Loans* — — 317 317 Interest rate locks with customers* — 399 — 399 Total assets $ 2,623 $ 247,323 $ 317 $ 250,263 Liabilities: Contingent consideration liability $ — $ — $ 160 $ 160 Interest rate swaps* — 249 — 249 Credit derivatives* — — 176 176 Forward loan sale commitments* — 19 — 19 Total liabilities $ — $ 268 $ 336 $ 604 |
Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Level 3 Rollforward | The following table includes a rollforward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net Increase in value Balance at March 31, 2020 Loans $ 317 $ — $ — $ (30) $ — $ 1 $ 288 Credit derivatives (176) (1,073) — — — 140 (1,109) Net total $ 141 $ (1,073) $ — $ (30) $ — $ 141 $ (821) Three Months Ended March 31, 2019 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net Increase in value Balance at March 31, 2019 Corporate bonds $ 25,729 $ — $ — $ — $ — $ 910 $ 26,639 Loans 1,779 — — (39) — 8 1,748 Credit derivatives (72) (271) — — — 264 (79) Net total $ 27,436 $ (271) $ — $ (39) $ — $ 1,182 $ 28,308 |
Contingent Consideration Liability Change In Amount | The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at March 31, 2020 Girard Partners $ 160 $ — $ 31 $ 6 $ 135 Total contingent consideration liability $ 160 $ — $ 31 $ 6 $ 135 Three Months Ended March 31, 2019 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at March 31, 2019 Girard Partners $ 259 $ — $ 33 $ 9 $ 235 Total contingent consideration liability $ 259 $ — $ 33 $ 9 $ 235 |
Assets Measured at Fair Value on Non-Recurring Basis | The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019: At March 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 33,596 $ 33,596 Other real estate owned — — 516 516 Total $ — $ — $ 34,112 $ 34,112 At December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 36,018 $ 36,018 Impaired leases held for investment — — 277 277 Other real estate owned — — 516 516 Total $ — $ — $ 36,811 $ 36,811 |
Assets, Liabilities and Off-Balance Sheet Items Not Measured at Fair Value | The following table presents assets and liabilities and off-balance sheet items not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2020 and December 31, 2019. The disclosed fair values are classified using the fair value hierarchy. At March 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 182,902 $ — $ — $ 182,902 $ 182,902 Held-to-maturity securities — 229,552 — 229,552 222,389 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 28,465 Loans held for sale — 11,525 — 11,525 11,417 Net loans and leases held for investment — — 4,454,495 4,454,495 4,346,725 Servicing rights — — 6,684 6,684 6,440 Total assets $ 182,902 $ 241,077 $ 4,461,179 $ 4,885,158 $ 4,798,338 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,770,291 $ — $ — $ 3,770,291 $ 3,770,291 Time deposits — 647,933 — 647,933 637,012 Total deposits 3,770,291 647,933 — 4,418,224 4,407,303 Short-term borrowings — 18,415 — 18,415 18,415 Long-term debt — 214,492 — 214,492 210,069 Subordinated notes — 91,872 — 91,872 94,879 Total liabilities $ 3,770,291 $ 972,712 $ — $ 4,743,003 $ 4,730,666 Off-Balance-Sheet: Commitments to extend credit $ — $ (8,033) $ — $ (8,033) $ — At December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 125,128 $ — $ — $ 125,128 $ 125,128 Held-to-maturity securities — 194,886 — 194,886 192,052 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 28,254 Loans held for sale — 5,560 — 5,560 5,504 Net loans and leases held for investment — — 4,309,208 4,309,208 4,314,893 Servicing rights — — 9,340 9,340 6,626 Total assets $ 125,128 $ 200,446 $ 4,318,548 $ 4,644,122 $ 4,672,457 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 3,754,065 $ — $ — $ 3,754,065 $ 3,754,065 Time deposits — 609,387 — 609,387 606,010 Total deposits 3,754,065 609,387 — 4,363,452 4,360,075 Short-term borrowings — 18,680 — 18,680 18,680 Long-term debt — 151,343 — 151,343 150,098 Subordinated notes — 96,663 — 96,663 94,818 Total liabilities $ 3,754,065 $ 876,073 $ — $ 4,630,138 $ 4,623,671 Off-Balance-Sheet: Commitments to extend credit $ — $ (8,070) $ — $ (8,070) $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table provides total assets by reportable business segment as of the dates indicated. (Dollars in thousands) At March 31, 2020 At December 31, 2019 At March 31, 2019 Banking $ 5,362,279 $ 5,282,505 $ 4,942,539 Wealth Management 45,786 44,591 40,910 Insurance 35,935 34,291 31,837 Other 20,768 19,537 20,241 Consolidated assets $ 5,464,768 $ 5,380,924 $ 5,035,527 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 52,004 $ 7 $ — $ 8 $ 52,019 Interest expense 8,276 — — 1,275 9,551 Net interest income 43,728 7 — (1,267) 42,468 Provision for credit losses 21,049 — — — 21,049 Noninterest income 7,552 6,187 4,887 (242) 18,384 Intangible expenses 202 78 50 — 330 Other noninterest expense 31,839 4,100 3,146 156 39,241 Intersegment (revenue) expense* (282) 152 130 — — (Loss) income before income taxes (1,528) 1,864 1,561 (1,665) 232 Income tax (benefit) expense (844) 382 336 (480) (606) Net (loss) income $ (684) $ 1,482 $ 1,225 $ (1,185) $ 838 Capital expenditures $ 371 $ 5 $ 3 $ — $ 379 Three Months Ended March 31, 2019 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 52,346 $ 10 $ — $ 8 $ 52,364 Interest expense 9,580 — — 1,261 10,841 Net interest income 42,766 10 — (1,253) 41,523 Provision for credit losses 2,685 — — — 2,685 Noninterest income 4,971 5,720 5,353 253 16,297 Intangible expenses 233 105 88 — 426 Other noninterest expense 27,779 3,794 3,126 432 35,131 Intersegment (revenue) expense* (299) 166 133 — — Income (expense) before income taxes 17,339 1,665 2,006 (1,432) 19,578 Income tax expense (benefit) 3,120 314 193 (128) 3,499 Net income (loss) $ 14,219 $ 1,351 $ 1,813 $ (1,304) $ 16,079 Capital expenditures $ 765 $ 39 $ 25 $ 21 $ 850 * Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating Lease Information | The following table provides information with respect to the Corporation's operating leases: Three months ended March 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 953 $ 947 Short-term lease cost 3 — Variable lease cost 1 — Total lease cost $ 957 $ 947 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from leases $ 910 $ 873 At March 31, 2020 At December 31, 2019 Weighted-average remaining lease term in years 14.7 14.8 Weighted-average discount rate 4.21 % 4.24 % |
Schedule of Maturity of Lease Liabilities | At March 31, 2020, maturities of lease liabilities are as follows: Maturity of Lease Liabilities (Dollars in thousands) Amount Remainder of 2020 $ 2,759 2021 3,732 2022 3,727 2023 3,677 2024 3,547 Thereafter 34,555 Total lease payments 51,997 Less: imputed interest (14,078) Present value of lease liabilities $ 37,919 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 |
Summary Of Significant Accounting Policies [Line Items] | ||
PCD allowance for credit loss | $ 84 | |
Financing Receivable [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accrued interest receivable | $ 12,400 | |
Available-for-sale Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accrued interest receivable | 875 | |
Held-to-maturity Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accrued interest receivable | $ 600 | |
Accounting Standards Update 2016-13 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on retained earnings | 11,300 | |
Accounting Standards Update 2016-13 | Financing Receivable [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on retained earnings | 10,200 | |
Accounting Standards Update 2016-13 | Unfunded Loan Commitment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on retained earnings | 905 | |
Accounting Standards Update 2016-13 | Available-for-sale Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on retained earnings | $ 237 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Impact of Adoption (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | $ 897 | ||
Allowance for credit losses, loans and lease | 68,216 | $ 35,331 | |
Reserve for unfunded commitments | 420 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 12,922 | ||
Reserve for unfunded commitments | 1,145 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 48,253 | ||
Reserve for unfunded commitments | 1,565 | ||
Commercial Financial And Agricultural [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 8,759 | ||
Commercial Financial And Agricultural [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 5,284 | ||
Commercial Financial And Agricultural [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 14,043 | ||
Real-Estate Commercial [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 15,750 | ||
Real-Estate Commercial [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 6,208 | ||
Real-Estate Commercial [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 21,958 | ||
Real-Estate Construction [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 2,446 | ||
Real-Estate Construction [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 29 | ||
Real-Estate Construction [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 2,475 | ||
Real Estate Residential Secured For Business Purpose [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 2,622 | ||
Real Estate Residential Secured For Business Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 2,502 | ||
Real Estate Residential Secured For Business Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 5,124 | ||
Real Estate Residential Secured For Personal Purpose [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 2,713 | ||
Real Estate Residential Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | (706) | ||
Real Estate Residential Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 2,007 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 1,076 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | (364) | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 712 | ||
Loans to Individuals [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 470 | ||
Loans to Individuals [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 104 | ||
Loans to Individuals [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 574 | ||
Lease Financings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 1,311 | ||
Lease Financings [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | (135) | ||
Lease Financings [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 1,176 | ||
Unallocated [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 184 | ||
Unallocated [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 0 | ||
Unallocated [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for credit losses, loans and lease | 184 | ||
Corporate Bonds [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | $ 897 | 0 | $ 0 |
Corporate Bonds [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | 300 | ||
Corporate Bonds [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | $ 300 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net income | $ 838 | $ 16,079 |
Net income allocated to unvested restricted stock awards | 0 | (67) |
Net income allocated to common shares | $ 838 | $ 16,012 |
Weighted average shares outstanding | 29,286 | 29,277 |
Average unvested restricted stock awards | (68) | (131) |
Denominator for basic earnings per share—weighted-average shares outstanding | 29,218 | 29,146 |
Effect of dilutive securities—employee stock options and restricted stock units | 65 | 59 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,283 | 29,205 |
Basic earnings per share | $ 0.03 | $ 0.55 |
Diluted earnings per share | $ 0.03 | $ 0.55 |
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share | 329 | 348 |
Investment Securities - Narrati
Investment Securities - Narrative (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020USD ($)Investment | Mar. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($)Investment | |
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 335,500 | $ 340,800 | ||
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 30,200 | $ 12,500 | ||
Number of investments in non federal issuer representing more than 10% of shareholder's equity | Investment | 0 | 0 | ||
Maximum investment in any single non-federal issuer representing shareholders equity | 10.00% | 10.00% | ||
Fair value of securites AFS in unrealized loss position for which an ACL has not been recorded | $ 501 | $ 138,598 | ||
Unrealized losses included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | 1 | 5,505 | ||
Proceeds from sales | 62,276 | $ 491 | ||
Debt securities, available-for-sale, allowance for credit loss | 897 | |||
Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales | 0 | |||
Residential Mortgage-Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of securites AFS in unrealized loss position for which an ACL has not been recorded | 501 | 70,499 | ||
Unrealized losses included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | $ 1 | 475 | ||
Number of securities | Investment | 4 | |||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | |||
Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of securites AFS in unrealized loss position for which an ACL has not been recorded | 66,504 | |||
Unrealized losses included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | 5,007 | |||
Number of securities | Investment | 24 | |||
Debt securities, available-for-sale, allowance for credit loss | $ 897 | $ 0 | $ 0 | |
Provision for Other Credit Losses | 597 | |||
Other Noninterest Income [Member] | Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net realized gain on investment securities | $ (268) | $ 4 |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities Held-to-Maturity, Amortized Cost | $ 222,389 | $ 192,052 | |
Securities Held-to-Maturity, Gross Unrealized Gains | 7,163 | 2,944 | |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | (110) | |
Securities Held-to-Maturity, Fair Value | 229,552 | 194,886 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Debt Securities, Available-for-sale [Abstract] | |||
Securities Available-for-Sale, Debt Securities, Fair Value | 198,886 | 246,924 | |
Debt Securities, Available-For-Sale And Held-To-Maturity, Amortized Cost | 208,636 | 251,014 | |
Securities Available-for-Sale,Gross Unrealized Gain | 3,025 | 1,415 | |
Securities Available-for-Sale, Gross Unrealized Loss | (11,878) | (5,505) | |
Securities Available-for-Sale, Fair Value | 198,886 | 246,924 | |
Debt securities, available-for-sale, allowance for credit loss | 897 | ||
U.S. Government Corporations and Agencies [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities Held-to-Maturity, Amortized Cost, After 1 year to five year | 6,998 | 6,997 | |
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 229 | 66 | |
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | 0 | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Year Two Through Five | 0 | ||
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 7,227 | 7,063 | |
Securities Held-to-Maturity, Amortized Cost | 6,998 | 6,997 | |
Securities Held-to-Maturity, Gross Unrealized Gains | 229 | 66 | |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 | |
Securities Held-to-Maturity, Fair Value | 7,227 | 7,063 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Debt Securities, Available-for-sale [Abstract] | |||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 300 | 301 | |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 0 | 0 | |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | (1) | |
Securities Available-for-Sale, Fair Value, Within 1 year | 300 | 300 | |
Securities Available-for-Sale, Amortized Cost | 300 | 301 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | (1) | |
Securities Available-for-Sale, Debt Securities, Fair Value | 300 | 300 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Within Twelve Months | 0 | ||
Debt securities, available-for-sale, allowance for credit loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Year Two Through Five | 0 | ||
State and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 5,062 | 4,717 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 35 | 23 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | 0 | 0 | |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 5,097 | 4,740 | |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 25,305 | 29,563 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 198 | 292 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | 0 | |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 25,503 | 29,855 | |
Securities Available-for-Sale, Amortized Cost | 30,367 | 34,280 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 233 | 315 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | 0 | |
Securities Available-for-Sale, Debt Securities, Fair Value | 30,600 | 34,595 | |
Debt securities, available-for-sale, allowance for credit loss | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Two Through Five | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | ||
Residential Mortgage-Backed Securities [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Securities Held-to-Maturity Securities, Amortized Cost, After 5 years to 10 years | 8,449 | 9,083 | |
Securities Held-to-Maturity, Gross Unrealized Gains, After 5 years to 10 years | 310 | 129 | |
Securities Held-to-Maturity,Gross Unrecognized Losses, After 5 years to 10 years | 0 | 0 | |
Securities Held-to-Maturity, Fair Value, After 5 years to 10 years | 8,759 | 9,212 | |
Securities Held-to-Maturity, Over 10 years | 206,942 | 175,972 | |
Securities Held-to-Maturity, Gross Unrealized Gain, Over 10 years | 6,624 | 2,749 | |
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | 0 | (110) | |
Securities Held-to-Maturity, Fair Value, After 10 years | 213,566 | 178,611 | |
Securities Held-to-Maturity, Amortized Cost | 215,391 | 185,055 | |
Securities Held-to-Maturity, Gross Unrealized Gains | 6,934 | 2,878 | |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | (110) | |
Securities Held-to-Maturity, Fair Value | 222,325 | 187,823 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, After Five Years To Ten Years | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Over 10 Years | 0 | ||
Debt Securities, Available-for-sale [Abstract] | |||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 185 | 304 | |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 9 | 9 | |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | 0 | |
Securities Available-for-Sale, Fair Value, Within 1 year | 194 | 313 | |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 136 | 611 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 4 | 3 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | 0 | (1) | |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 140 | 613 | |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 2,534 | 36,893 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 72 | 107 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (21) | |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 2,606 | 36,979 | |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 80,291 | 80,630 | |
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 2,192 | 378 | |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (1) | (453) | |
Securities Available-for-Sale, Fair Value, Over 10 years | 82,482 | 80,555 | |
Securities Available-for-Sale, Amortized Cost | 83,146 | 118,438 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 2,277 | 497 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (1) | (475) | |
Securities Available-for-Sale, Debt Securities, Fair Value | 85,422 | 118,460 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Within Twelve Months | 0 | ||
Debt securities, available-for-sale, allowance for credit loss | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Two Through Five | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, After Ten Years | 0 | ||
Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 974 | 2,377 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 4 | 6 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (22) | |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 978 | 2,361 | |
Securities Available-for-Sale, Amortized Cost | 974 | 2,377 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 4 | 6 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | (22) | |
Securities Available-for-Sale, Debt Securities, Fair Value | 978 | 2,361 | |
Debt securities, available-for-sale, allowance for credit loss | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | ||
Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 4,503 | 6,012 | |
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 year | 3 | 1 | |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (5) | (4) | |
Securities Available-for-Sale, Fair Value, Within 1 year | 4,497 | 6,009 | |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 28,847 | 29,606 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 1 year to 5 years | 486 | 596 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (385) | (61) | |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 28,902 | 30,141 | |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 499 | 0 | |
Securities Available-for-Sale,Gross Unrealized Gain, After 5 years to 10 years | 22 | 0 | |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | 0 | |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 521 | 0 | |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 60,000 | 60,000 | |
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 years | 0 | 0 | |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (11,487) | (4,942) | |
Securities Available-for-Sale, Fair Value, Over 10 years | 47,666 | 55,058 | |
Securities Available-for-Sale, Amortized Cost | 93,849 | 95,618 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 511 | 597 | |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (11,877) | (5,007) | |
Securities Available-for-Sale, Debt Securities, Fair Value | 81,586 | 91,208 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Within Twelve Months | 4 | ||
Debt securities, available-for-sale, allowance for credit loss | 897 | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Two Through Five | 46 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Year Six Through Ten | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, After Ten Years | $ 847 |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Securities available-for-sale: | ||
Proceeds from sales | $ 62,276 | $ 491 |
Gross realized gains on sales | 709 | 1 |
Gross realized losses on sales | 14 | 0 |
Tax expense related to net realized gains on sales | $ 146 | $ 0 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) $ in Thousands | Mar. 31, 2020USD ($)Investment | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months, fair value | $ 26,767 | ||
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (110) | ||
Twelve months or longer, fair value | 0 | ||
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | ||
Total, fair value | 26,767 | ||
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (110) | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | |||
Less than twelve months, fair value | $ 466 | 22,825 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | (62) | |
Twelve months or longer, fair value | 35 | 115,773 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (5,443) | |
Total, fair value | 501 | 138,598 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (1) | (5,505) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 63,200 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 11,900 | ||
Debt securities, available-for-sale, allowance for credit loss | 897 | ||
U.S. Government Corporations and Agencies [Member] | |||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | |||
Less than twelve months, fair value | 0 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | ||
Twelve months or longer, fair value | 300 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | ||
Total, fair value | 300 | ||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (1) | ||
Debt securities, available-for-sale, allowance for credit loss | 0 | ||
State and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | |||
Debt securities, available-for-sale, allowance for credit loss | 0 | ||
Residential Mortgage-Backed Securities [Member] | |||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months, fair value | 26,767 | ||
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (110) | ||
Twelve months or longer, fair value | 0 | ||
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | ||
Total, fair value | 26,767 | ||
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (110) | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | |||
Less than twelve months, fair value | 466 | 21,827 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | (62) | |
Twelve months or longer, fair value | 35 | 48,672 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | (413) | |
Total, fair value | 501 | 70,499 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ (1) | (475) | |
Number of securities | Investment | 4 | ||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | ||
Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | |||
Less than twelve months, fair value | 0 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | ||
Twelve months or longer, fair value | 1,295 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (22) | ||
Total, fair value | 1,295 | ||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (22) | ||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | ||
Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | |||
Less than twelve months, fair value | 998 | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | ||
Twelve months or longer, fair value | 65,506 | ||
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (5,007) | ||
Total, fair value | 66,504 | ||
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (5,007) | ||
Number of securities | Investment | 24 | ||
Debt securities, available-for-sale, allowance for credit loss | $ 897 | $ 0 | $ 0 |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | $ 897 | ||
Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | 897 | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | (25) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | $ (572) | ||
Corporate Bonds [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale, allowance for credit loss | $ 300 |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) $ in Millions | Mar. 31, 2020USD ($) |
Minimum [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount of loan relationship balance, loans reviewed annually | $ 1 |
Maximum [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount of loan relationship balance, loans reviewed on a performance basis | $ 1 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | $ 4,448,825 | $ 4,386,836 | $ 4,067,879 |
Unearned lease income | 16,106 | 16,340 | |
Net deferred costs, included in the above table | 5,754 | 5,999 | |
Overdraft deposits included in the above table | 314 | 407 | |
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 944,189 | 947,029 | 927,638 |
Real-Estate Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 2,100,699 | 2,040,441 | |
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 215,150 | 232,595 | |
Real Estate Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 377,644 | 373,973 | 360,922 |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 454,998 | 439,059 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 177,405 | 174,435 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | 29,170 | 29,883 | 32,603 |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases held for investment | $ 149,570 | $ 149,421 | $ 140,509 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 47,952 | $ 17,406 | |
Current | 4,364,247 | 4,330,588 | |
Accruing loans and leases | 4,412,199 | 4,347,994 | |
Total nonaccrual loans and lease | 36,626 | 38,578 | |
Loans and leases held for investment | 4,448,825 | 4,386,836 | $ 4,067,879 |
Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 264 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 40,506 | 13,293 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 5,669 | 3,970 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,777 | 143 | |
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,330 | 2,772 | |
Current | 937,925 | 940,815 | |
Accruing loans and leases | 940,255 | 943,587 | |
Total nonaccrual loans and lease | 3,934 | 3,442 | |
Loans and leases held for investment | 944,189 | 947,029 | 927,638 |
Commercial Financial And Agricultural [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Commercial Financial And Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,621 | 2,602 | |
Commercial Financial And Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 709 | 150 | |
Commercial Financial And Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 20 | |
Real-Estate Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 26,138 | 3,739 | |
Current | 2,045,734 | 2,008,568 | |
Accruing loans and leases | 2,071,872 | 2,012,307 | |
Total nonaccrual loans and lease | 28,827 | 27,928 | |
Loans and leases held for investment | 2,100,699 | 2,040,441 | |
Real-Estate Commercial [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 206 | ||
Real-Estate Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 23,325 | 3,473 | |
Real-Estate Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,091 | 266 | |
Real-Estate Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 722 | 0 | |
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,076 | 0 | |
Current | 211,074 | 232,338 | |
Accruing loans and leases | 215,150 | 232,338 | |
Total nonaccrual loans and lease | 0 | 257 | |
Loans and leases held for investment | 215,150 | 232,595 | |
Real-Estate Construction [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Real-Estate Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,076 | 0 | |
Real-Estate Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real-Estate Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 6,043 | 4,520 | |
Current | 370,331 | 366,473 | |
Accruing loans and leases | 376,374 | 370,993 | |
Total nonaccrual loans and lease | 1,270 | 2,980 | |
Loans and leases held for investment | 377,644 | 373,973 | 360,922 |
Real Estate Residential Secured For Business Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,479 | 2,078 | |
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,164 | 2,442 | |
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 400 | 0 | |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 7,170 | 3,415 | |
Current | 446,548 | 433,548 | |
Accruing loans and leases | 453,718 | 436,963 | |
Total nonaccrual loans and lease | 1,280 | 2,038 | |
Loans and leases held for investment | 454,998 | 439,059 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 58 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 5,258 | 2,969 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,486 | 446 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 426 | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 926 | 902 | |
Current | 175,659 | 172,106 | |
Accruing loans and leases | 176,585 | 173,008 | |
Total nonaccrual loans and lease | 820 | 1,427 | |
Loans and leases held for investment | 177,405 | 174,435 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 819 | 605 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 107 | 297 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 313 | 304 | |
Current | 28,857 | 29,579 | |
Accruing loans and leases | 29,170 | 29,883 | |
Total nonaccrual loans and lease | 0 | 0 | |
Loans and leases held for investment | 29,170 | 29,883 | 32,603 |
Loans to Individuals [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Loans to Individuals [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 219 | 157 | |
Loans to Individuals [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 31 | 73 | |
Loans to Individuals [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 63 | 74 | |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 956 | 1,754 | |
Current | 148,119 | 147,161 | |
Accruing loans and leases | 149,075 | 148,915 | |
Total nonaccrual loans and lease | 495 | 506 | |
Loans and leases held for investment | 149,570 | 149,421 | $ 140,509 |
Lease Financings [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired credit impaired | 0 | ||
Lease Financings [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 709 | 1,409 | |
Lease Financings [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 81 | 296 | |
Lease Financings [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 166 | $ 49 |
Loans and Leases - Nonperformin
Loans and Leases - Nonperforming Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | $ 36,626 | $ 38,578 |
Accruing troubled debt restructured loans and lease modifications | 54 | 54 |
Loans and lease 90 days or more past due and accruing interest | 1,777 | 143 |
Total nonperforming loans and leases | 38,457 | 38,775 |
Nonaccrual troubled debt restructured loans and lease modifications | 13,700 | 13,800 |
Commercial Financial And Agricultural [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 3,934 | 3,442 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 20 |
Total nonperforming loans and leases | 3,934 | 3,462 |
Real-Estate Commercial [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 28,827 | 27,928 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 722 | 0 |
Total nonperforming loans and leases | 29,549 | 27,928 |
Real-Estate Construction [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 0 | 257 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 0 | 257 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 1,270 | 2,980 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 400 | 0 |
Total nonperforming loans and leases | 1,670 | 2,980 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 1,280 | 2,038 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 426 | 0 |
Total nonperforming loans and leases | 1,706 | 2,038 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 820 | 1,427 |
Accruing troubled debt restructured loans and lease modifications | 54 | 54 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 874 | 1,481 |
Loans to Individuals [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 0 | 0 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 63 | 74 |
Total nonperforming loans and leases | 63 | 74 |
Lease Financings [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Total nonaccrual loans and lease | 495 | 506 |
Accruing troubled debt restructured loans and lease modifications | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 166 | 49 |
Total nonperforming loans and leases | $ 661 | $ 555 |
Loans and Leases - Nonaccrual (
Loans and Leases - Nonaccrual (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | $ 22,412 | |
Nonaccrual With ACL | 14,214 | |
Total nonaccrual loans and lease | 36,626 | $ 38,578 |
Loans 90 Days or more Past Due and Accruing Interest | 1,777 | 143 |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 2,690 | |
Nonaccrual With ACL | 1,244 | |
Total nonaccrual loans and lease | 3,934 | 3,442 |
Loans 90 Days or more Past Due and Accruing Interest | 0 | 20 |
Real-Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 17,174 | |
Nonaccrual With ACL | 11,653 | |
Total nonaccrual loans and lease | 28,827 | 27,928 |
Loans 90 Days or more Past Due and Accruing Interest | 722 | 0 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 1,010 | |
Nonaccrual With ACL | 260 | |
Total nonaccrual loans and lease | 1,270 | 2,980 |
Loans 90 Days or more Past Due and Accruing Interest | 400 | 0 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 718 | |
Nonaccrual With ACL | 562 | |
Total nonaccrual loans and lease | 1,280 | 2,038 |
Loans 90 Days or more Past Due and Accruing Interest | 426 | 0 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 820 | |
Nonaccrual With ACL | 0 | |
Total nonaccrual loans and lease | 820 | 1,427 |
Loans 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Loans to Individuals [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | |
Nonaccrual With ACL | 0 | |
Total nonaccrual loans and lease | 0 | 0 |
Loans 90 Days or more Past Due and Accruing Interest | 63 | 74 |
Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | |
Nonaccrual With ACL | 495 | |
Total nonaccrual loans and lease | 495 | 506 |
Loans 90 Days or more Past Due and Accruing Interest | $ 166 | $ 49 |
Loans and Leases - Collateral D
Loans and Leases - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | $ 36,626 | $ 38,578 |
Total nonaccrual loans (excluding leases) | 36,131 | |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 34,199 | |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,351 | |
None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 581 | |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 3,934 | 3,442 |
Commercial Financial And Agricultural [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 2,002 | |
Commercial Financial And Agricultural [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,351 | |
Commercial Financial And Agricultural [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 581 | |
Real-Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 28,827 | 27,928 |
Real-Estate Commercial [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 28,827 | |
Real-Estate Commercial [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real-Estate Commercial [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,270 | 2,980 |
Real Estate Residential Secured For Business Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,270 | |
Real Estate Residential Secured For Business Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,280 | 2,038 |
Real Estate Residential Secured For Personal Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,280 | |
Real Estate Residential Secured For Personal Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Residential Secured For Personal Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 820 | $ 1,427 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 820 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | $ 0 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Commercial Financial And Agricultural [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | $ 52,867 |
2019 | 148,836 |
2018 | 102,598 |
2017 | 68,297 |
2016 | 36,501 |
Prior | 92,297 |
Revolving loans amortized cost basis | 442,793 |
Total | 944,189 |
Commercial Financial And Agricultural [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 52,864 |
2019 | 146,722 |
2018 | 99,263 |
2017 | 65,395 |
2016 | 34,880 |
Prior | 89,984 |
Revolving loans amortized cost basis | 420,193 |
Total | 909,301 |
Commercial Financial And Agricultural [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3 |
2019 | 970 |
2018 | 1,979 |
2017 | 2,841 |
2016 | 1,621 |
Prior | 1,685 |
Revolving loans amortized cost basis | 9,678 |
Total | 18,777 |
Commercial Financial And Agricultural [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 1,144 |
2018 | 1,356 |
2017 | 61 |
2016 | 0 |
Prior | 628 |
Revolving loans amortized cost basis | 12,922 |
Total | 16,111 |
Real-Estate Commercial [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 163,076 |
2019 | 626,616 |
2018 | 358,979 |
2017 | 369,421 |
2016 | 199,864 |
Prior | 334,443 |
Revolving loans amortized cost basis | 48,300 |
Total | 2,100,699 |
Real-Estate Commercial [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 161,322 |
2019 | 613,240 |
2018 | 358,038 |
2017 | 357,068 |
2016 | 194,772 |
Prior | 305,101 |
Revolving loans amortized cost basis | 44,969 |
Total | 2,034,510 |
Real-Estate Commercial [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,754 |
2019 | 12,432 |
2018 | 0 |
2017 | 1,134 |
2016 | 5,092 |
Prior | 2,918 |
Revolving loans amortized cost basis | 582 |
Total | 23,912 |
Real-Estate Commercial [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 944 |
2018 | 941 |
2017 | 11,219 |
2016 | 0 |
Prior | 26,424 |
Revolving loans amortized cost basis | 2,749 |
Total | 42,277 |
Real-Estate Construction [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 42,483 |
2019 | 91,509 |
2018 | 62,849 |
2017 | 10,987 |
2016 | 2,950 |
Prior | 0 |
Revolving loans amortized cost basis | 4,372 |
Total | 215,150 |
Real-Estate Construction [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 22,374 |
2019 | 91,509 |
2018 | 55,864 |
2017 | 10,987 |
2016 | 2,950 |
Prior | 0 |
Revolving loans amortized cost basis | 4,372 |
Total | 188,056 |
Real-Estate Construction [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 20,109 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 20,109 |
Real-Estate Construction [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 6,985 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving loans amortized cost basis | 0 |
Total | 6,985 |
Real Estate Residential Secured For Business Purpose [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 25,967 |
2019 | 88,461 |
2018 | 69,936 |
2017 | 56,552 |
2016 | 50,042 |
Prior | 56,816 |
Revolving loans amortized cost basis | 29,870 |
Total | 377,644 |
Real Estate Residential Secured For Business Purpose [Member] | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 24,846 |
2019 | 87,962 |
2018 | 69,936 |
2017 | 56,391 |
2016 | 48,747 |
Prior | 55,682 |
Revolving loans amortized cost basis | 29,802 |
Total | 373,366 |
Real Estate Residential Secured For Business Purpose [Member] | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,121 |
2019 | 475 |
2018 | 0 |
2017 | 79 |
2016 | 743 |
Prior | 480 |
Revolving loans amortized cost basis | 0 |
Total | 2,898 |
Real Estate Residential Secured For Business Purpose [Member] | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 24 |
2018 | 0 |
2017 | 82 |
2016 | 552 |
Prior | 654 |
Revolving loans amortized cost basis | 68 |
Total | 1,380 |
Real Estate Residential Secured For Personal Purpose [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 27,745 |
2019 | 94,178 |
2018 | 87,486 |
2017 | 71,235 |
2016 | 53,602 |
Prior | 119,081 |
Revolving loans amortized cost basis | 1,671 |
Total | 454,998 |
Real Estate Residential Secured For Personal Purpose [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 27,745 |
2019 | 93,752 |
2018 | 87,429 |
2017 | 71,235 |
2016 | 53,602 |
Prior | 117,858 |
Revolving loans amortized cost basis | 1,671 |
Total | 453,292 |
Real Estate Residential Secured For Personal Purpose [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 426 |
2018 | 57 |
2017 | 0 |
2016 | 0 |
Prior | 1,223 |
Revolving loans amortized cost basis | 0 |
Total | 1,706 |
Real Estate Home Equity Secured For Personal Purpose [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 164 |
2019 | 1,104 |
2018 | 1,815 |
2017 | 1,702 |
2016 | 692 |
Prior | 3,613 |
Revolving loans amortized cost basis | 168,315 |
Total | 177,405 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 164 |
2019 | 1,104 |
2018 | 1,707 |
2017 | 1,702 |
2016 | 692 |
Prior | 3,583 |
Revolving loans amortized cost basis | 167,579 |
Total | 176,531 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 108 |
2017 | 0 |
2016 | 0 |
Prior | 30 |
Revolving loans amortized cost basis | 736 |
Total | 874 |
Loans to Individuals [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 630 |
2019 | 2,282 |
2018 | 1,464 |
2017 | 821 |
2016 | 481 |
Prior | 2,799 |
Revolving loans amortized cost basis | 20,693 |
Total | 29,170 |
Loans to Individuals [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 630 |
2019 | 2,282 |
2018 | 1,464 |
2017 | 821 |
2016 | 481 |
Prior | 2,736 |
Revolving loans amortized cost basis | 20,693 |
Total | 29,107 |
Loans to Individuals [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 63 |
Revolving loans amortized cost basis | 0 |
Total | 63 |
Lease Financings [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 15,187 |
2019 | 58,697 |
2018 | 43,716 |
2017 | 19,878 |
2016 | 9,531 |
Prior | 2,561 |
Revolving loans amortized cost basis | 0 |
Total | 149,570 |
Lease Financings [Member] | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 15,187 |
2019 | 58,670 |
2018 | 43,587 |
2017 | 19,482 |
2016 | 9,488 |
Prior | 2,495 |
Revolving loans amortized cost basis | 0 |
Total | 148,909 |
Lease Financings [Member] | Nonperforming | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 27 |
2018 | 129 |
2017 | 396 |
2016 | 43 |
Prior | 66 |
Revolving loans amortized cost basis | 0 |
Total | $ 661 |
Loans and Leases - Credit Qua_2
Loans and Leases - Credit Quality Indicators (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | $ 4,448,825,000 | $ 4,386,836,000 | $ 4,067,879,000 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,454,955,000 | ||
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 67,798,000 | ||
Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 71,285,000 | ||
Grade 4: Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 0 | ||
Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,594,038,000 | ||
Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 788,650,000 | ||
Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 4,148,000 | ||
Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 792,798,000 | ||
Commercial Financial And Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 944,189,000 | 947,029,000 | 927,638,000 |
Commercial Financial And Agricultural [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 911,848,000 | ||
Commercial Financial And Agricultural [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 18,843,000 | ||
Commercial Financial And Agricultural [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 16,338,000 | ||
Commercial Financial And Agricultural [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 947,029,000 | ||
Real-Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 2,100,699,000 | 2,040,441,000 | |
Real-Estate Commercial [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 1,974,561,000 | ||
Real-Estate Commercial [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 24,199,000 | ||
Real-Estate Commercial [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 41,681,000 | ||
Real-Estate Commercial [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 2,040,441,000 | ||
Real-Estate Construction [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 215,150,000 | 232,595,000 | |
Real-Estate Construction [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 201,424,000 | ||
Real-Estate Construction [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 20,987,000 | ||
Real-Estate Construction [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 10,184,000 | ||
Real-Estate Construction [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 232,595,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 377,644,000 | 373,973,000 | 360,922,000 |
Real Estate Residential Secured For Business Purpose [Member] | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 367,122,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,769,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | Grade 3: Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 3,082,000 | ||
Real Estate Residential Secured For Business Purpose [Member] | Internally assigned grades [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 373,973,000 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 454,998,000 | 439,059,000 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 437,021,000 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 2,038,000 | ||
Real Estate-Residential Secured For Personal Purpose [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 439,059,000 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 177,405,000 | 174,435,000 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 172,954,000 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 1,481,000 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 174,435,000 | ||
Loans to Individuals [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 29,170,000 | 29,883,000 | 32,603,000 |
Loans to Individuals [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 29,809,000 | ||
Loans to Individuals [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 74,000 | ||
Loans to Individuals [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 29,883,000 | ||
Lease Financings [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | $ 149,570,000 | 149,421,000 | $ 140,509,000 |
Lease Financings [Member] | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 148,866,000 | ||
Lease Financings [Member] | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | 555,000 | ||
Lease Financings [Member] | Performing and nonperforming [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases held for investment | $ 149,421,000 |
Loans and Leases - Reserve for
Loans and Leases - Reserve for Credit Losses, Loan and Leases, Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 35,331 | $ 29,364 | |
Allowance for credit losses, loans and lease | 68,216 | $ 35,331 | |
Provision for credit losses | 20,452 | 2,685 | |
Charge-offs | (671) | (709) | |
Recoveries | 182 | 262 | |
Ending balance | 68,216 | 31,602 | |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | 12,922 | ||
Commercial Financial And Agricultural [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 8,759 | 7,983 | |
Allowance for credit losses, loans and lease | 8,759 | ||
Provision for credit losses | 5,630 | 1,353 | |
Charge-offs | (481) | (468) | |
Recoveries | 52 | 82 | |
Ending balance | 19,244 | 8,950 | |
Commercial Financial And Agricultural [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | 5,284 | ||
Real-Estate Commercial [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 15,750 | ||
Allowance for credit losses, loans and lease | 15,750 | ||
Provision for credit losses | 12,817 | ||
Charge-offs | 0 | ||
Recoveries | 35 | ||
Ending balance | 34,810 | ||
Real-Estate Commercial [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | 6,208 | ||
Real-Estate Construction [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,446 | ||
Allowance for credit losses, loans and lease | 2,446 | ||
Provision for credit losses | 642 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 3,117 | ||
Real-Estate Construction [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | 29 | ||
Real Estate Commercial And Construction [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 13,903 | ||
Provision for credit losses | 1,028 | ||
Charge-offs | (41) | ||
Recoveries | 91 | ||
Ending balance | 14,981 | ||
Real Estate Residential Secured For Business Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,622 | 2,236 | |
Allowance for credit losses, loans and lease | 2,622 | ||
Provision for credit losses | 782 | 62 | |
Charge-offs | (3) | 0 | |
Recoveries | 3 | 4 | |
Ending balance | 5,906 | 2,302 | |
Real Estate Residential Secured For Business Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | 2,502 | ||
Real Estate Residential Secured For Personal Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,713 | ||
Allowance for credit losses, loans and lease | 2,713 | ||
Provision for credit losses | 114 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 2,121 | ||
Real Estate Residential Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | (706) | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,076 | ||
Allowance for credit losses, loans and lease | 1,076 | ||
Provision for credit losses | 78 | ||
Charge-offs | 0 | ||
Recoveries | 5 | ||
Ending balance | 795 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | (364) | ||
Residential And Home Equity Secured For Personal Purpose [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,199 | ||
Provision for credit losses | 186 | ||
Charge-offs | (11) | ||
Recoveries | 5 | ||
Ending balance | 3,379 | ||
Loans to Individuals [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 470 | 484 | |
Allowance for credit losses, loans and lease | 470 | ||
Provision for credit losses | 47 | 48 | |
Charge-offs | (35) | (85) | |
Recoveries | 14 | 22 | |
Ending balance | 600 | 469 | |
Loans to Individuals [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | 104 | ||
Lease Financings [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,311 | 1,288 | |
Allowance for credit losses, loans and lease | 1,311 | ||
Provision for credit losses | 376 | 33 | |
Charge-offs | (152) | (104) | |
Recoveries | 73 | 58 | |
Ending balance | 1,473 | 1,275 | |
Lease Financings [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | (135) | ||
Unallocated [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 184 | 271 | |
Allowance for credit losses, loans and lease | 184 | ||
Provision for credit losses | (34) | (25) | |
Ending balance | $ 150 | $ 246 | |
Unallocated [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses, loans and lease | $ 0 |
Loans and Leases - Reserve fo_2
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | $ 2,535 | $ 1,503 | ||
Ending balance: pooled | 65,681 | 30,099 | ||
Total ending balance | 68,216 | $ 35,331 | 31,602 | $ 29,364 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 36,131 | 26,002 | ||
Ending balance: pooled | 4,412,406 | 4,040,129 | ||
Loans measured at fair value | 288 | 1,748 | ||
Total loans and leases held for investment | 4,448,825 | 4,386,836 | 4,067,879 | |
Commercial Financial And Agricultural [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 698 | 243 | ||
Ending balance: pooled | 18,546 | 8,707 | ||
Total ending balance | 19,244 | 8,759 | 8,950 | 7,983 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 3,934 | 3,174 | ||
Ending balance: pooled | 940,255 | 924,464 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 944,189 | 947,029 | 927,638 | |
Real-Estate Commercial [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 1,547 | |||
Ending balance: pooled | 33,263 | |||
Total ending balance | 34,810 | 15,750 | ||
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 28,827 | |||
Ending balance: pooled | 2,071,584 | |||
Loans measured at fair value | 288 | |||
Total loans and leases held for investment | 2,100,699 | 2,040,441 | ||
Real-Estate Construction [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | |||
Ending balance: pooled | 3,117 | |||
Total ending balance | 3,117 | 2,446 | ||
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | |||
Ending balance: pooled | 215,150 | |||
Loans measured at fair value | 0 | |||
Total loans and leases held for investment | 215,150 | 232,595 | ||
Real Estate Commercial And Construction [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 925 | |||
Ending balance: pooled | 14,056 | |||
Total ending balance | 14,981 | 13,903 | ||
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 18,467 | |||
Ending balance: pooled | 1,995,954 | |||
Loans measured at fair value | 1,748 | |||
Total loans and leases held for investment | 2,016,169 | |||
Real Estate Residential Secured For Business Purpose [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 95 | 0 | ||
Ending balance: pooled | 5,811 | 2,302 | ||
Total ending balance | 5,906 | 2,622 | 2,302 | 2,236 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 1,270 | 1,232 | ||
Ending balance: pooled | 376,374 | 359,690 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 377,644 | 373,973 | 360,922 | |
Real Estate Residential Secured For Personal Purpose [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 195 | |||
Ending balance: pooled | 1,926 | |||
Total ending balance | 2,121 | 2,713 | ||
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 1,280 | |||
Ending balance: pooled | 453,718 | |||
Loans measured at fair value | 0 | |||
Total loans and leases held for investment | 454,998 | 439,059 | ||
Real Estate Home Equity Secured For Personal Purpose [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | |||
Ending balance: pooled | 795 | |||
Total ending balance | 795 | 1,076 | ||
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 820 | |||
Ending balance: pooled | 176,585 | |||
Loans measured at fair value | 0 | |||
Total loans and leases held for investment | 177,405 | 174,435 | ||
Residential And Home Equity Secured For Personal Purpose [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 335 | |||
Ending balance: pooled | 3,044 | |||
Total ending balance | 3,379 | 3,199 | ||
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 3,129 | |||
Ending balance: pooled | 586,909 | |||
Loans measured at fair value | 0 | |||
Total loans and leases held for investment | 590,038 | |||
Loans to Individuals [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 600 | 469 | ||
Total ending balance | 600 | 470 | 469 | 484 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 29,170 | 32,603 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 29,170 | 29,883 | 32,603 | |
Lease Financings [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 1,473 | 1,275 | ||
Total ending balance | 1,473 | 1,311 | 1,275 | 1,288 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 149,570 | 140,509 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 149,570 | 149,421 | 140,509 | |
Unallocated [Member] | ||||
Reserve For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: pooled | 150 | 246 | ||
Total ending balance | $ 150 | $ 184 | $ 246 | $ 271 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructured Loans (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)loan | Mar. 31, 2019USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 3 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 2,269 |
Post-restructuring outstanding recorded investment | $ 0 | $ 2,269 |
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 2 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 956 |
Post-restructuring outstanding recorded investment | $ 0 | $ 956 |
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 0 | 1 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 1,313 |
Post-restructuring outstanding recorded investment | $ 0 | $ 1,313 |
Loans and Leases - Concessions
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)loan | Mar. 31, 2019USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 0 | 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 0 | 0 |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 0 | 3 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 0 | 3 |
Financing receivable modifications, recorded investments | $ | $ 0 | $ 2,269 |
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 0 | 2 |
Commercial Financial And Agricultural [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 2 | |
Financing receivable modifications, recorded investments | $ | $ 956 | |
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 0 | 1 |
Real-Estate Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions Granted On Accruing And Nonaccrual Loans Restructured [Abstract] | ||
No. of loans | 1 | |
Financing receivable modifications, recorded investments | $ | $ 1,313 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 961 | $ 1,772 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | 714 | 714 |
Home Equity Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 247 | $ 1,058 |
Loans and Leases - Foreclosed R
Loans and Leases - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Foreclosed residential real estate | $ 71 | $ 71 |
Loans and Leases - Lease Paymen
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
2020 (excluding the three months ended March 31, 2020) | $ 44,780 | $ 57,515 |
2021 | 48,877 | 45,510 |
2022 | 35,510 | 32,233 |
2023 | 21,384 | 18,345 |
2024 | 9,172 | 6,639 |
Thereafter | 2,836 | 2,259 |
Total future minimum lease payments receivable | 162,559 | 162,501 |
Unguaranteed residual | 877 | 886 |
Initial direct costs | 2,240 | 2,374 |
Imputed interest | (16,106) | (16,340) |
Lease financings | $ 149,570 | $ 149,421 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 6.5 | $ 9.2 |
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 172,559 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 172,559 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 138,476 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 138,476 |
Wealth Management [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 15,434 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 15,434 |
Insurance [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 18,649 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | $ 18,649 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 34,078 | $ 34,767 |
Accumulated amortization | 24,305 | 24,483 |
Net carrying amount | 9,773 | 10,284 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,788 | 6,788 |
Accumulated amortization | 4,229 | 4,026 |
Net carrying amount | 2,559 | 2,762 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,604 | 8,819 |
Accumulated amortization | 6,830 | 7,923 |
Net carrying amount | 774 | 896 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 19,686 | 19,160 |
Accumulated amortization | 13,246 | 12,534 |
Net carrying amount | $ 6,440 | $ 6,626 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 875 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
2024 | 267 |
Thereafter | $ 193 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning of period | $ 6,626 | $ 6,768 |
Servicing rights capitalized | 526 | 266 |
Amortization of servicing rights | (657) | (309) |
Changes in valuation allowance | (55) | 0 |
End of period | 6,440 | 6,725 |
Residential mortgage and SBA loans serviced for others | $ 1,087,174 | $ 1,037,948 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Activity In Valuation Allowance For Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Valuation allowance, beginning of period | $ 0 | $ 0 |
Additions | (55) | 0 |
Valuation allowance, end of period | $ (55) | $ 0 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2020 | $ 875 |
2021 | 923 |
2022 | 666 |
2023 | 409 |
2024 | 267 |
Thereafter | 193 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2020 | 1,585 |
2021 | 1,190 |
2022 | 908 |
2023 | 690 |
2024 | 467 |
Thereafter | $ 1,600 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift [Abstract] | ||
Aggregate amount of time deposits in denominations of $100 thousand of more | $ 329 | $ 293.2 |
Aggregate amount of time deposits in denominations over $250 thousand | $ 183.8 | $ 143 |
Deposits - Schedule of Componen
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0.00% | 0.00% |
Demand deposits | 0.23% | 0.96% |
Savings deposits | 0.18% | 0.37% |
Time deposits | 1.86% | 1.95% |
Total deposits | 0.39% | 0.71% |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,318,270 | $ 1,279,681 |
Demand deposits | 1,615,979 | 1,677,682 |
Savings deposits | 836,042 | 796,702 |
Time deposits | 637,012 | 606,010 |
Total deposits | $ 4,407,303 | $ 4,360,075 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift [Abstract] | ||
Remainder of 2020 | $ 339,988 | |
2021 | 129,137 | |
2022 | 64,816 | |
2023 | 76,407 | |
2024 | 23,002 | |
Thereafter | 3,662 | |
Time deposits | $ 637,012 | $ 606,010 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity with FHLB | $ 1,900,000,000 | |
Outstanding short-term letters of credit | 435,100,000 | $ 535,600,000 |
Amount of maintained federal fund lines of credit with correspondent banks | 504,000,000 | 504,000,000 |
Investment securities collateral for Federal Reserve Bank Discount Window Lending program | 85,300,000 | 94,800,000 |
Outstanding amount of federal fund line of credit with Federal Reserve Bank of Philadelphia | 0 | 0 |
Amount of maintained line of credit with correspondent bank - parent company | 10,000,000 | 10,000,000 |
Outstanding amount of line of credit with correspondent bank - parent company | 0 | 0 |
Total committed borrowing capacity | 2,000,000,000 | 1,900,000,000 |
Total committed borrowing capacity available | 1,400,000,000 | $ 1,200,000,000 |
Securities Sold under Agreements to Repurchase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with variable interest rate | $ 10,100,000 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 18,415 | $ 18,680 |
Balance at end of period | 210,069 | 150,098 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 200,000 | $ 140,000 |
Weighted average interest rate | 1.44% | 2.04% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 10,069 | $ 10,098 |
Weighted average interest rate | 1.75% | 2.07% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 94,879 | $ 94,818 |
Weighted average interest rate | 5.49% | 5.32% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 18,415 | $ 18,680 |
Weighted average interest rate | 0.05% | 0.05% |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
Remainder of 2020 | $ 10,000 |
2021 | 45,000 |
2022 | 35,000 |
2023 | 50,000 |
2024 | 60,000 |
Thereafter | 0 |
Total advances | $ 200,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
Remainder of 2020 weighted average interest rate | 1.47% |
2021 weighted average interest rate | 1.93% |
2022 weighted average interest rate | 1.17% |
2023 weighted average interest rate | 1.73% |
2024 weighted average interest rate | 0.98% |
Thereafter weighted average interest rate | 0.00% |
Weighted average interest rate | 1.44% |
Borrowings - Schedule of Matu_2
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Balance at end of period | $ 210,069 | $ 150,098 |
Securities Sold under Agreements to Repurchase [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2020 | 10,069 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Balance at end of period | $ 10,069 | $ 10,098 |
Debt Instruments [Abstract] | ||
Remainder of 2020 weighted average interest rate | 1.75% | |
2021 weighted average interest rate | 0.00% | |
2022 weighted average interest rate | 0.00% | |
2023 weighted average interest rate | 0.00% | |
2024 weighted average interest rate | 0.00% | |
Thereafter weighted average interest rate | 0.00% | |
Weighted average interest rate | 1.75% | 2.07% |
Retirement Plans and Other Po_3
Retirement Plans and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 89 | |
Defined benefit plan, contributions by employer | $ 28 | |
Defined benefit plan, benefits paid | 28 | |
Nonqualified Plan [Member] | Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 159 | |
Defined benefit plan, contributions by employer | 40 | |
Defined benefit plan, benefits paid | $ 664 |
Retirement Plans and Other Po_4
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 117 | $ 109 |
Interest cost | 417 | 476 |
Expected return on plan assets | (816) | (771) |
Amortization of net actuarial loss | 291 | 294 |
Accretion of prior service cost | 0 | (45) |
Net periodic benefit cost | 9 | 63 |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 28 | 17 |
Interest cost | 24 | 23 |
Expected return on plan assets | 0 | 0 |
Amortization of net actuarial loss | 6 | 0 |
Accretion of prior service cost | 0 | 0 |
Net periodic benefit cost | $ 58 | $ 40 |
Stock-Based Incentive Plan - St
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Shares Under Option | |
Shares under option, outstanding, beginning balance | shares | 508,111 |
Shares under option, expired | shares | (500) |
Shares under option, forfeited | shares | (3,152) |
Shares under option, exercised | shares | (5,000) |
Shares under option, outstanding, ending balance | shares | 499,459 |
Shares under options, exercisable at March 31, 2020 | shares | 445,481 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted average exercise price per share, outstanding, beginning balance | $ / shares | $ 24.83 |
Weighted average exercise price per share, outstanding, expired | $ / shares | 28.50 |
Weighted average exercise price per share, outstanding, forfeited | $ / shares | 28.44 |
Weighted average exercise price per share, outstanding, exercised | $ / shares | 18.70 |
Weighted average exercise price per share, outstanding, ending balance | $ / shares | 24.86 |
Weighted average exercise price per share, exercisable at March 31, 2020 | $ / shares | $ 24.42 |
Weighted average remaining contractual life, outstanding at March 31, 2020 | 6 years 2 months 12 days |
Weighted average remaining contractual life, exerciseable at March 31, 2020 | 6 years |
Aggregated intrinsic value, outstanding at March 31, 2020 | $ | $ 5 |
Aggregated intrinsic value, exercisable at March 31, 2020 | $ | $ 5 |
Stock-Based Incentive Plan - Su
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested stock options, beginning balance | shares | 163,261 |
Nonvested stock options, vested | shares | (106,131) |
Nonvested stock options, forfeited | shares | (3,152) |
Nonvested stock options, ending balance | shares | 53,978 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted average grant date fair value, beginning balance | $ / shares | $ 6.54 |
Weighted average grant date fair value, vested | $ / shares | 6.58 |
Weighted average grant date fair value, forfeited | $ / shares | 6.50 |
Weighted average grant date fair value, ending balance | $ / shares | $ 6.46 |
Stock-Based Incentive Plan - _2
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards and Units (Detail) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested share awards and units, beginning balance | shares | 209,378 |
Nonvested share units, granted | shares | 179,080 |
Nonvested share awards and units, vested | shares | (57,355) |
Nonvested share awards and units, cancelled | shares | (19,367) |
Nonvested share awards and units, ending balance | shares | 311,736 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted average grant date fair value, beginning balance | $ / shares | $ 26.76 |
Weighted average grant date fair value, granted | $ / shares | 18.62 |
Weighted average grant date fair value, vested | $ / shares | 27.23 |
Weighted average grant date fair value, cancelled | $ / shares | 27.72 |
Weighted average grant date fair value, ending balance | $ / shares | $ 21.94 |
Stock-Based Incentive Plan - Ce
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock Awards and Units (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards and units granted | 179,080 | |
Weighted average grant date fair value | $ 18.62 | |
Restricted stock awards and units vested | 57,355 | |
Weighted average grant date fair value | $ 27.23 | |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards and units granted | 179,080 | 113,729 |
Weighted average grant date fair value | $ 18.62 | $ 25.66 |
Intrinsic value of awards granted | $ 2,923 | $ 2,782 |
Restricted stock awards and units vested | 57,355 | 32,965 |
Weighted average grant date fair value | $ 27.23 | $ 21.86 |
Intrinsic value of awards vested | $ 1,335 | $ 809 |
Stock-Based Incentive Plan - Sc
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards and Units (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 5,644 |
Weighted-average period remaining (years) | 2 years 3 months 18 days |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 306 |
Weighted-average period remaining (years) | 1 year |
Restricted Stock Awards and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 5,338 |
Weighted-average period remaining (years) | 2 years 4 months 24 days |
Stock-Based Incentive Plan - Co
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 455 | $ 594 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 106 | 165 |
Stock Options [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 108 | 216 |
Restricted Stock Awards and Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 327 | 361 |
Employee Stock Purchase Plan [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 20 | $ 17 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Beginning balance | $ (21,730) | ||||
Other comprehensive (loss) income | (4,135) | $ 4,095 | |||
Ending balance | (25,628) | ||||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Beginning balance | (3,231) | (11,221) | |||
Other comprehensive (loss) income | (4,000) | 4,044 | |||
Ending balance | (6,994) | (7,177) | |||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2016-13 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | [1] | $ 237 | |||
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | Accounting Standards Update 2017-12 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | ||||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Beginning balance | (185) | 81 | |||
Other comprehensive (loss) income | (370) | (145) | |||
Ending balance | (555) | 19 | |||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2016-13 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | [1] | 0 | |||
Net Change Related to Derivatives Used for Cash Flow Hedge [Member] | Accounting Standards Update 2017-12 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | 83 | ||||
Net Change Related to Defined Benefit Pension Plan [Member] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Beginning balance | (18,314) | (17,276) | |||
Other comprehensive (loss) income | 235 | 196 | |||
Ending balance | (18,079) | (17,080) | |||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2016-13 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | [1] | 0 | |||
Net Change Related to Defined Benefit Pension Plan [Member] | Accounting Standards Update 2017-12 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | 0 | ||||
Accumulated Other Comprehensive (Loss) Income [Member] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Beginning balance | (21,730) | (28,416) | |||
Other comprehensive (loss) income | (4,135) | 4,095 | |||
Ending balance | $ (25,628) | $ (24,238) | |||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2016-13 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | [1] | $ 237 | |||
Accumulated Other Comprehensive (Loss) Income [Member] | Accounting Standards Update 2017-12 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 83 | ||||
[1] | (1) See Note 1, "Summary of Significant Accounting Policies - Accounting Pronouncements Adopted in 2020" for additional information. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities- Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)instrument | Dec. 31, 2014USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Loans receivable with fixed rates | $ 29,100,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 16,084,000 | $ 16,286,000 | |
Derivative liabilities | 702,000 | 235,000 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 522,778,000 | 312,262,000 | |
Derivative liabilities | 2,010,000 | 209,000 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 273,000 | 303,000 | |
Loans receivable with fixed rates of interest maturity period | 15 years | ||
Derivative fixed interest rate | 7.43% | ||
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 15,000 | 14,000 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 317,741,000 | 270,147,000 | |
Derivative number of instruments held | instrument | 46 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 1,109,000 | 176,000 | |
Underlying derivative at fair value | 1,100,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 20,000,000 | ||
Derivative fixed interest rate | 2.10% | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 218,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 16,084,000 | 16,286,000 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 702,000 | $ 235,000 | |
Minimum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 1 year | ||
Maximum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
One-Month LIBOR [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 2.24% | ||
Customer [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Underlying derivative at fair value | $ 29,600,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive income (loss) | $ (497) | $ (168) | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount | $ 20,000 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount | 16,084 | $ 16,286 | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 702 | 235 | ||
Total net gain (loss) | (29) | 17 | ||
Gain (loss) recognized in other comprehensive income (loss) | (556) | (186) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount | 16,084 | 16,286 | ||
Gain (loss) recognized in other comprehensive income (loss) | (556) | (186) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gain (loss) | 29 | (16) | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative liabilities | 702 | $ 235 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total net gain (loss) | $ 0 | $ 1 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | $ 522,778 | $ 312,262 | |
Derivative assets | 2,911 | 399 | |
Derivative liabilities | 2,010 | 209 | |
Derivative instruments not designated as hedging instruments, gain (loss), net | 1,785 | $ 258 | |
Interest Rate Swap [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 273 | 303 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative assets | 0 | 0 | |
Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | 15 | 14 | |
Credit Risk Contract [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 317,741 | 270,147 | |
Credit Risk Contract [Member] | Other Noninterest Income [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 140 | 264 | |
Credit Risk Contract [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative assets | 0 | 0 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | 1,109 | 176 | |
Interest Rate Locks With Customers [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 100,673 | 19,966 | |
Interest Rate Locks With Customers [Member] | Mortgage Banking Activities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 2,512 | (35) | |
Interest Rate Locks With Customers [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative assets | 2,911 | 399 | |
Interest Rate Locks With Customers [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Forward Loan Sale Commitments [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 104,091 | 21,846 | |
Forward Loan Sale Commitments [Member] | Mortgage Banking Activities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (867) | $ 29 | |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative assets | 0 | 0 | |
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Derivative liabilities | $ 886 | $ 19 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) $ in Thousands | Mar. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Servicing rights carrying amount before valuation allowance | $ 6,400 | $ 6,600 |
Servicing rights valuation allowance | 55 | 0 |
Other real estate owned | 516 | 516 |
Held for Investment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of individually analyzed loans and leases held for investment | 36,100 | 38,100 |
Valuation allowance of individually analyzed loans and leases held for investment | 2,500 | 2,100 |
Lease Financings [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of individually analyzed loans and leases held for investment | $ 0 | $ 277 |
Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of loans with unrealized gain | loan | 1 | |
Unrealized gain on loans | $ 15 |
Fair Value Disclosures- Assets
Fair Value Disclosures- Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Assets | |||
Investments in equity securities | $ 2,246 | $ 2,623 | |
Total assets | 288 | $ 1,748 | |
Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Total available-for-sale securities | 198,886 | 246,924 | |
Investments in equity securities | 2,246 | 2,623 | |
Loans | 288 | 317 | |
Total assets | 204,331 | 250,263 | |
Liabilities | |||
Total liabilities | 2,847 | 604 | |
Fair Value Measure on Recurring Basis [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 135 | 160 | |
Fair Value Measure on Recurring Basis [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 717 | 249 | |
Fair Value Measure on Recurring Basis [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 1,109 | 176 | |
Fair Value Measure on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 886 | 19 | |
Fair Value Measure on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 300 | 300 | |
Fair Value Measure on Recurring Basis [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 30,600 | 34,595 | |
Fair Value Measure on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 85,422 | 118,460 | |
Fair Value Measure on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 978 | 2,361 | |
Fair Value Measure on Recurring Basis [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 81,586 | 91,208 | |
Fair Value Measure on Recurring Basis [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 736 | 1,004 | |
Fair Value Measure on Recurring Basis [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 1,510 | 1,619 | |
Fair Value Measure on Recurring Basis [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 2,911 | 399 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Investments in equity securities | 2,246 | 2,623 | |
Loans | 0 | 0 | |
Total assets | 2,246 | 2,623 | |
Liabilities | |||
Total liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 736 | 1,004 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 1,510 | 1,619 | |
Fair Value Measure on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | |||
Assets | |||
Total available-for-sale securities | 198,886 | 246,924 | |
Investments in equity securities | 0 | 0 | |
Loans | 0 | 0 | |
Total assets | 201,797 | 247,323 | |
Liabilities | |||
Total liabilities | 1,603 | 268 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 717 | 249 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 886 | 19 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 300 | 300 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 30,600 | 34,595 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 85,422 | 118,460 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 978 | 2,361 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 81,586 | 91,208 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | 2,911 | 399 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Investments in equity securities | 0 | 0 | |
Loans | 288 | 317 | |
Total assets | 288 | 317 | |
Liabilities | |||
Total liabilities | 1,244 | 336 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | |||
Liabilities | |||
Derivative liabilities | 135 | 160 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Credit Risk Contract [Member] | |||
Liabilities | |||
Derivative liabilities | 1,109 | 176 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | U.S. Government Corporations and Agencies [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Corporate Bonds [Member] | |||
Assets | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Money Market Mutual Funds [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Fair Value Measure on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Locks With Customers [Member] | |||
Assets | |||
Derivative asset | $ 0 | $ 0 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||
Beginning balance | $ 141 | $ 27,436 |
Purchases/additions | (1,073) | (271) |
Sales | 0 | 0 |
Payments received | (30) | (39) |
Premium Amortization, Net | 0 | 0 |
Increase (decrease) in value | 141 | 1,182 |
Ending balance | (821) | 28,308 |
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (176) | (72) |
Purchases/additions | (1,073) | (271) |
Sales | 0 | 0 |
Payments received | 0 | 0 |
Premium Amortization, Net | 0 | 0 |
Increase (decrease) in value | 140 | 264 |
Ending balance | (1,109) | (79) |
Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 25,729 | |
Purchases/additions | 0 | |
Sales | 0 | |
Payments received | 0 | |
Premium amortization, net | 0 | |
Increase in value | 910 | |
Ending balance | 26,639 | |
Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 317 | 1,779 |
Purchases/additions | 0 | 0 |
Sales | 0 | 0 |
Payments received | (30) | (39) |
Premium amortization, net | 0 | 0 |
Increase in value | 1 | 8 |
Ending balance | $ 288 | $ 1,748 |
Fair Value Disclosures - Change
Fair Value Disclosures - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | $ 160 | $ 259 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 31 | 33 |
Adjustment of contingent consideration | 6 | 9 |
Ending balance | 135 | 235 |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 160 | 259 |
Contingent consideration from new acquisition | 0 | 0 |
Payment of contingent consideration | 31 | 33 |
Adjustment of contingent consideration | 6 | 9 |
Ending balance | $ 135 | $ 235 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 516 | $ 516 | |
Total assets | 288 | $ 1,748 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 33,596 | 36,018 | |
Other real estate owned | 516 | 516 | |
Total assets | 34,112 | 36,811 | |
Individually analyzed leases held for investment | 277 | ||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Total assets | 0 | 0 | |
Individually analyzed leases held for investment | 0 | ||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Total assets | 0 | 0 | |
Individually analyzed leases held for investment | 0 | ||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 33,596 | 36,018 | |
Other real estate owned | 516 | 516 | |
Total assets | $ 34,112 | 36,811 | |
Individually analyzed leases held for investment | $ 277 |
Fair Value Disclosures - Asse_2
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Assets: | |||
Held-to-maturity securities | $ 229,552 | $ 194,886 | |
Total assets | 288 | $ 1,748 | |
Deposits: | |||
Time deposits | 637,012 | 606,010 | |
Subordinated notes | 94,879 | 94,818 | |
Fair Value [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 182,902 | 125,128 | |
Held-to-maturity securities | 229,552 | 194,886 | |
Loans held for sale | 11,525 | 5,560 | |
Net loans and leases held for investment | 4,454,495 | 4,309,208 | |
Servicing rights | 6,684 | 9,340 | |
Total assets | 4,885,158 | 4,644,122 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 3,770,291 | 3,754,065 | |
Time deposits | 647,933 | 609,387 | |
Total deposits | 4,418,224 | 4,363,452 | |
Short-term borrowings | 18,415 | 18,680 | |
Long-term debt | 214,492 | 151,343 | |
Subordinated notes | 91,872 | 96,663 | |
Total liabilities | 4,743,003 | 4,630,138 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | (8,033) | (8,070) | |
Fair Value [Member] | Level 1 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 182,902 | 125,128 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Net loans and leases held for investment | 0 | 0 | |
Servicing rights | 0 | 0 | |
Total assets | 182,902 | 125,128 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 3,770,291 | 3,754,065 | |
Time deposits | 0 | 0 | |
Total deposits | 3,770,291 | 3,754,065 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated notes | 0 | 0 | |
Total liabilities | 3,770,291 | 3,754,065 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | 0 | 0 | |
Fair Value [Member] | Level 2 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 0 | 0 | |
Held-to-maturity securities | 229,552 | 194,886 | |
Loans held for sale | 11,525 | 5,560 | |
Net loans and leases held for investment | 0 | 0 | |
Servicing rights | 0 | 0 | |
Total assets | 241,077 | 200,446 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 0 | 0 | |
Time deposits | 647,933 | 609,387 | |
Total deposits | 647,933 | 609,387 | |
Short-term borrowings | 18,415 | 18,680 | |
Long-term debt | 214,492 | 151,343 | |
Subordinated notes | 91,872 | 96,663 | |
Total liabilities | 972,712 | 876,073 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | (8,033) | (8,070) | |
Fair Value [Member] | Level 3 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 0 | 0 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Net loans and leases held for investment | 4,454,495 | 4,309,208 | |
Servicing rights | 6,684 | 9,340 | |
Total assets | 4,461,179 | 4,318,548 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 0 | 0 | |
Time deposits | 0 | 0 | |
Total deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated notes | 0 | 0 | |
Total liabilities | 0 | 0 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | 0 | 0 | |
Carrying Amount [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 182,902 | 125,128 | |
Held-to-maturity securities | 222,389 | 192,052 | |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 28,465 | 28,254 | |
Loans held for sale | 11,417 | 5,504 | |
Net loans and leases held for investment | 4,346,725 | 4,314,893 | |
Servicing rights | 6,440 | 6,626 | |
Total assets | 4,798,338 | 4,672,457 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 3,770,291 | 3,754,065 | |
Time deposits | 637,012 | 606,010 | |
Total deposits | 4,407,303 | 4,360,075 | |
Short-term borrowings | 18,415 | 18,680 | |
Long-term debt | 210,069 | 150,098 | |
Subordinated notes | 94,879 | 94,818 | |
Total liabilities | 4,730,666 | 4,623,671 | |
Off-Balance-Sheet: | |||
Commitments to extend credit | $ 0 | $ 0 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |||
Reportable business segments | segment | 3 | ||
Segment Reporting Information [Line Items] | |||
Total assets | $ 5,464,768 | $ 5,035,527 | $ 5,380,924 |
Interest income | 52,019 | 52,364 | |
Interest expense | 9,551 | 10,841 | |
Net interest income | 42,468 | 41,523 | |
Provision for credit losses | 21,049 | 2,685 | |
Noninterest income | 18,384 | 16,297 | |
Intangible expenses | 330 | 426 | |
Other noninterest expense | 39,241 | 35,131 | |
Intersegment (revenues) expense | 0 | 0 | |
Income before income taxes | 232 | 19,578 | |
Income tax (benefit) expense | (606) | 3,499 | |
Net income | 838 | 16,079 | |
Capital expenditures | 379 | 850 | |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 5,362,279 | 4,942,539 | 5,282,505 |
Interest income | 52,004 | 52,346 | |
Interest expense | 8,276 | 9,580 | |
Net interest income | 43,728 | 42,766 | |
Provision for credit losses | 21,049 | 2,685 | |
Noninterest income | 7,552 | 4,971 | |
Intangible expenses | 202 | 233 | |
Other noninterest expense | 31,839 | 27,779 | |
Intersegment (revenues) expense | (282) | (299) | |
Income before income taxes | (1,528) | 17,339 | |
Income tax (benefit) expense | (844) | 3,120 | |
Net income | (684) | 14,219 | |
Capital expenditures | 371 | 765 | |
Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 45,786 | 40,910 | 44,591 |
Interest income | 7 | 10 | |
Interest expense | 0 | 0 | |
Net interest income | 7 | 10 | |
Provision for credit losses | 0 | 0 | |
Noninterest income | 6,187 | 5,720 | |
Intangible expenses | 78 | 105 | |
Other noninterest expense | 4,100 | 3,794 | |
Intersegment (revenues) expense | 152 | 166 | |
Income before income taxes | 1,864 | 1,665 | |
Income tax (benefit) expense | 382 | 314 | |
Net income | 1,482 | 1,351 | |
Capital expenditures | 5 | 39 | |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 35,935 | 31,837 | 34,291 |
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net interest income | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Noninterest income | 4,887 | 5,353 | |
Intangible expenses | 50 | 88 | |
Other noninterest expense | 3,146 | 3,126 | |
Intersegment (revenues) expense | 130 | 133 | |
Income before income taxes | 1,561 | 2,006 | |
Income tax (benefit) expense | 336 | 193 | |
Net income | 1,225 | 1,813 | |
Capital expenditures | 3 | 25 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 20,768 | 20,241 | $ 19,537 |
Interest income | 8 | 8 | |
Interest expense | 1,275 | 1,261 | |
Net interest income | (1,267) | (1,253) | |
Provision for credit losses | 0 | 0 | |
Noninterest income | (242) | 253 | |
Intangible expenses | 0 | 0 | |
Other noninterest expense | 156 | 432 | |
Intersegment (revenues) expense | 0 | 0 | |
Income before income taxes | (1,665) | (1,432) | |
Income tax (benefit) expense | (480) | (128) | |
Net income | (1,185) | (1,304) | |
Capital expenditures | $ 0 | $ 21 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 953 | $ 947 | |
Short-term lease cost | 3 | 0 | |
Variable lease cost | 1 | 0 | |
Total lease cost | 957 | 947 | |
Operating cash flows from leases | $ 910 | $ 873 | |
Weighted-average remaining lease term in years | 14 years 8 months 12 days | 14 years 9 months 18 days | |
Weighted-average discount rate | 4.21% | 4.24% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Remainder of 2020 | $ 2,759 | |
2021 | 3,732 | |
2022 | 3,727 | |
2023 | 3,677 | |
2024 | 3,547 | |
Thereafter | 34,555 | |
Total lease payments | 51,997 | |
Less: imputed interest | (14,078) | |
Present value of lease liabilities | $ 37,919 | $ 37,617 |
Uncategorized Items - uvsp-2020
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ (1,525,000) |
Accounting Standards Update 2016-02 [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-02 [Member] | Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-02 [Member] | Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (1,525,000) |
Accounting Standards Update 2016-02 [Member] | AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (11,047,000) |
Accounting Standards Update 2016-13 [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-13 [Member] | Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-13 [Member] | Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (11,284,000) |
Accounting Standards Update 2016-13 [Member] | AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 237,000 |
Accounting Standards Update 2017-12 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-12 [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-12 [Member] | Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-12 [Member] | Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (83,000) |
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 83,000 |
Accounting Standards Update 2017-08 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (39,000) |
Accounting Standards Update 2017-08 [Member] | Common Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-08 [Member] | Treasury Stock [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-08 [Member] | Additional Paid-in Capital [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 0 |
Accounting Standards Update 2017-08 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (39,000) |
Accounting Standards Update 2017-08 [Member] | AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 0 |