Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $5 par value | |
Trading Symbol | UVSP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,429,373 | |
Entity Central Index Key | 0000102212 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 71,215 | $ 84,176 |
Interest-earning deposits with other banks | 67,109 | 68,623 |
Cash and cash equivalents | 138,324 | 152,799 |
Investment securities held-to-maturity (fair value $133,147 and $134,068 at March 31, 2023 and December 31, 2022, respectively) | 151,347 | 154,727 |
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 367,656 | 350,256 |
Investments in equity securities | 3,105 | 2,579 |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 43,792 | 33,841 |
Loans held for sale | 5,425 | 5,037 |
Loans and leases receivable, net of deferred income | 6,239,804 | 6,123,230 |
Less: Allowance for credit losses, loans and leases | (80,034) | (79,004) |
Net loans and leases held for investment | 6,159,770 | 6,044,226 |
Premises and equipment, net | 52,334 | 50,939 |
Operating lease right-of-use assets | 31,663 | 30,059 |
Goodwill | 175,510 | 175,510 |
Other intangibles, net of accumulated amortization | 11,044 | 11,384 |
Bank owned life insurance | 128,926 | 120,297 |
Accrued interest receivable and other assets | 90,095 | 90,362 |
Total assets | 7,358,991 | 7,222,016 |
LIABILITIES | ||
Noninterest-bearing deposits | 1,799,225 | 2,047,263 |
Interest-bearing deposits | 4,035,432 | 3,866,263 |
Deposits, Total | 5,834,657 | 5,913,526 |
Short-term borrowings | 271,881 | 197,141 |
Long-term debt | 220,000 | 95,000 |
Subordinated notes | 148,385 | 148,260 |
Operating lease liabilities | 34,846 | 33,153 |
Accrued interest payable and other liabilities | 50,726 | 58,436 |
Total liabilities | 6,560,495 | 6,445,516 |
SHAREHOLDERS' EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2023 and December 31, 2022; 31,556,799 shares issued at March 31, 2023 and December 31, 2022; 29,427,696 and 29,271,915 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 157,784 | 157,784 |
Additional paid-in capital | 298,167 | 300,808 |
Retained earnings | 443,493 | 428,637 |
Accumulated other comprehensive loss, net of tax benefit | (55,550) | (62,104) |
Treasury stock, at cost; 2,129,103 and 2,284,884 shares at March 31, 2023 and December 31, 2022, respectively | (45,398) | (48,625) |
Total shareholders’ equity | 798,496 | 776,500 |
Total liabilities and shareholders’ equity | $ 7,358,991 | $ 7,222,016 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity (fair value $133,147 and $134,068 at March 31, 2023 and December 31, 2022, respectively) | $ 133,147 | $ 134,068 |
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 414,118 | 402,111 |
Allowance for credit losses | $ 1,432 | $ 1,140 |
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 | 29,427,696 | 29,271,915 |
Treasury stock, shares | 2,129,103 | 2,284,884 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income | ||
Interest and fees on loans and leases | $ 78,655 | $ 48,106 |
Interest and dividends on investment securities: | ||
Taxable | 3,495 | 2,365 |
Exempt from federal income taxes | 15 | 15 |
Interest on deposits with other banks | 479 | 357 |
Interest and dividends on other earning assets | 609 | 355 |
Total interest income | 83,253 | 51,198 |
Interest expense | ||
Interest on deposits | 18,336 | 2,891 |
Interest on short-term borrowings | 2,728 | 2 |
Interest on long-term debt and subordinated notes | 2,872 | 1,645 |
Total interest expense | 23,936 | 4,538 |
Net interest income | 59,317 | 46,660 |
Provision (reversal of provision) for credit losses | 3,387 | (3,450) |
Net interest income after provision for credit losses | 55,930 | 50,110 |
Disaggregation of Revenue [Line Items] | ||
Insurance commission and fee income | 6,487 | 5,570 |
Bank owned life insurance income | 767 | 699 |
Net gain on sales of investment securities | 0 | 30 |
Net gain on mortgage banking activities | 625 | 1,929 |
Other income | 471 | 728 |
Noninterest income | 19,680 | 20,470 |
Noninterest expense | ||
Salaries, benefits and commissions | 31,014 | 28,245 |
Net occupancy | 2,727 | 2,716 |
Equipment | 993 | 982 |
Data processing | 4,029 | 3,567 |
Professional fees | 1,941 | 2,138 |
Marketing and advertising | 371 | 425 |
Deposit insurance premiums | 1,101 | 893 |
Intangible expenses | 253 | 341 |
Other expense | 7,100 | 6,105 |
Total noninterest expense | 49,529 | 45,412 |
Income before income taxes | 26,081 | 25,168 |
Income tax expense | 5,047 | 4,851 |
Net income | $ 21,034 | $ 20,317 |
Earnings Per Share [Abstract] | ||
Basic (in dollars per share) | $ 0.72 | $ 0.69 |
Diluted (in dollars per share) | $ 0.71 | $ 0.68 |
Trust fee income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,955 | $ 2,102 |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 1,547 | 1,504 |
Investment advisory commission and fee income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 4,752 | 5,152 |
Other service fee income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 3,076 | $ 2,756 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Before Tax Amount | |||
Income (loss) before tax amount | $ 26,081 | $ 25,168 | |
Net unrealized gains (losses) on available-for-sale investment securities, before tax amount | |||
Net unrealized holding gains (losses) arising during the period | 5,393 | (20,369) | |
Provision for credit losses | 292 | 346 | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | 0 | (30) |
Other comprehensive income (loss), securities, available-for-sale, adjustment, before tax | 5,685 | (20,053) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, before tax amount | |||
Net unrealized holding gains arising during the period | 1,306 | 76 | |
Less: reclassification adjustment for net losses realized in net income (2) | [2] | 1,060 | 68 |
Total net unrealized gains on interest rate swaps used in cash flow hedges | 2,366 | 144 | |
Defined benefit pension plans, Before Tax Amount | |||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 246 | 218 |
Total defined benefit pension plans | 246 | 218 | |
Other comprehensive income (loss), before tax amount | 8,297 | (19,691) | |
Total comprehensive income (loss), before tax amount | 34,378 | 5,477 | |
Tax Expense (Benefit) | |||
Income tax expense | 5,047 | 4,851 | |
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 | 1,133 | (4,278) | |
(Reversal of provision) provision for credit losses, tax | 61 | 73 | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | 0 | (6) |
Total net unrealized gains (losses) on available-for-sale investment securities | 1,194 | (4,211) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, tax expense (benefit) | |||
Net unrealized holding gains arising during the period | 274 | 16 | |
Less: reclassification adjustment for net losses realized in net income (2) | [2] | 223 | 14 |
Total net unrealized gains on interest rate swaps used in cash flow hedges | 497 | 30 | |
Defined benefit pension plans, tax expense (benefit) | |||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 52 | 46 |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | 52 | 46 | |
Other comprehensive income (loss), tax expense (benefit) | 1,743 | (4,135) | |
Total comprehensive income (loss), tax expense (benefit) | 6,790 | 716 | |
Net of Tax Amount | |||
Net income | 21,034 | 20,317 | |
Net unrealized gains (losses) on available-for-sale investment securities, net of tax amount | |||
Net unrealized holding gains (losses) arising during the period | 4,260 | (16,091) | |
Provision for credit losses | (231) | (273) | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | 0 | (24) |
Other comprehensive income (loss), securities, available-for-sale, adjustment, after tax | 4,491 | (15,842) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, net of tax amount | |||
Net unrealized holding gains arising during the period | 1,032 | 60 | |
Less: reclassification adjustment for net losses realized in net income (2) | [2] | 837 | 54 |
Total net unrealized gains on interest rate swaps used in cash flow hedges | 1,869 | 114 | |
Defined benefit pension plans, net of tax amount | |||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 194 | 172 |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, after tax | 194 | 172 | |
Other comprehensive income (loss), net of tax amount | 6,554 | (15,556) | |
Total comprehensive income (loss), net of tax amount | $ 27,588 | $ 4,761 | |
[1](1) Included in net gain on sales of investment securities on the condensed consolidated statements of income (before tax amount).[2](2) Included in interest expense on demand deposits on the condensed 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. Note: See accompanying notes to the unaudited condensed consolidated financial statements. |
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, 2021 | $ 773,794 | $ 157,784 | $ 299,181 | $ 375,124 | $ (16,353) | $ (41,942) |
Beginning balance, shares at Dec. 31, 2021 | 29,500,542 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,317 | 20,317 | ||||
Other comprehensive income, net of income tax | (15,556) | (15,556) | ||||
Cash dividends declared | (5,905) | (5,905) | ||||
Stock-based compensation | 869 | 1,073 | (204) | 0 | ||
Stock issued under dividend reinvestment and employee stock purchase plans | (623) | (59) | (564) | |||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 21,843 | |||||
Vesting of restricted stock units, net of shares withheld to cover taxes | (863) | (2,418) | 1,555 | |||
Vesting of restricted stock unit awards, shares | 88,259 | |||||
Exercise of stock options | 576 | 50 | 526 | |||
Shares under option, exercised | 25,781 | |||||
Ending balance at Mar. 31, 2022 | $ 773,855 | $ 157,784 | 297,945 | 389,332 | (31,909) | (39,297) |
Ending balance, shares at Mar. 31, 2022 | 29,636,425 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared, per share | $ 0.20 | |||||
Beginning balance at Dec. 31, 2022 | $ 776,500 | $ 157,784 | 300,808 | 428,637 | (62,104) | (48,625) |
Beginning balance, shares at Dec. 31, 2022 | 29,271,915 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 21,034 | 21,034 | ||||
Other comprehensive income, net of income tax | 6,554 | 6,554 | ||||
Cash dividends declared | (6,151) | (6,151) | ||||
Stock-based compensation | 1,030 | 1,057 | (27) | |||
Stock issued under dividend reinvestment and employee stock purchase plans | (662) | (29) | (633) | |||
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 25,344 | |||||
Vesting of restricted stock units, net of shares withheld to cover taxes | (1,207) | (3,713) | 2,506 | |||
Vesting of restricted stock unit awards, shares | 126,270 | |||||
Exercise of stock options | $ 74 | (14) | 88 | |||
Shares under option, exercised | 4,167 | 4,167 | ||||
Ending balance at Mar. 31, 2023 | $ 798,496 | $ 157,784 | $ 298,167 | $ 443,493 | $ (55,550) | $ (45,398) |
Ending balance, shares at Mar. 31, 2023 | 29,427,696 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared, per share | $ 0.21 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 21,034 | $ 20,317 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (reversal of provision) for credit losses | 3,387 | (3,450) |
Depreciation of premises and equipment | 1,181 | 1,101 |
Net amortization of investment securities premiums and discounts | 264 | 472 |
Net gain on sales of investment securities | 0 | (30) |
Net gain on mortgage banking activities | (625) | (1,929) |
Bank owned life insurance income | (767) | (699) |
Stock-based compensation | 1,110 | 934 |
Intangible expenses | 253 | 341 |
Other adjustments to reconcile net income to cash used in operating activities | (32) | (910) |
Originations of loans held for sale | (28,043) | (73,541) |
Proceeds from the sale of loans held for sale | 28,430 | 82,616 |
Contributions to pension and other postretirement benefit plans | (62) | (63) |
(Increase) decrease in accrued interest receivable and other assets | (1,878) | 4,316 |
Decrease in accrued interest payable and other liabilities | (3,512) | (5,535) |
Net cash provided by operating activities | 20,740 | 23,940 |
Cash flows from investing activities: | ||
Proceeds from sale of premises and equipment | 5 | 6,170 |
Purchases of premises and equipment | (2,590) | (676) |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 3,284 | 14,335 |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 6,940 | 8,501 |
Proceeds from sales of securities available-for-sale | 0 | 1,530 |
Purchases of investment securities held-to-maturity | 0 | (3,936) |
Purchases of investment securities available-for-sale | (19,129) | (63,634) |
Proceeds from sales of money market mutual funds | 10 | 2,508 |
Purchases of money market mutual funds | (605) | (2,077) |
Net (increase) decrease in other investments | (9,951) | 1,856 |
Proceeds from sale of loans originally held-for-investment | 175 | 0 |
Net increase in loans and leases | (119,332) | (90,783) |
Proceeds from sales of other real estate owned | 260 | 0 |
Purchases of bank owned life insurance | (7,862) | 0 |
Net cash used in investing activities | (148,795) | (126,206) |
Cash flows from financing activities: | ||
Net decrease in deposits | (78,876) | (7,200) |
Net increase (decrease) in short-term borrowings | 74,740 | (1,130) |
Proceeds from issuance of long-term debt | 150,000 | 0 |
Repayment of long-term debt | (25,000) | 0 |
Payment of contingent consideration on acquisitions | (635) | 0 |
Payment, Tax Withholding, Share-based Payment Arrangement | (1,207) | (863) |
Stock issued under dividend reinvestment and employee stock purchase plans | 662 | 623 |
Proceeds from exercise of stock options | 74 | 576 |
Cash dividends paid | (6,178) | (6,109) |
Net cash provided by (used in) financing activities | 113,580 | (14,103) |
Net decrease in cash and cash equivalents | (14,475) | (116,369) |
Cash and cash equivalents at beginning of year | 152,799 | 890,150 |
Cash and cash equivalents at end of period | 138,324 | 773,781 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 21,927 | 5,559 |
Cash paid for income taxes, net of refunds | 65 | 28 |
Transfer of loans to loans held for sale | $ 175 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 the 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 period presentation. Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 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 Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 24, 2023. 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 the fair value measurement of investment securities available-for-sale and the determination of the allowance for credit losses. Loans A loan is classified as a modified loan to a borrower experiencing financial difficulty when a contractual loan modification in the form of principal forgiveness, an interest rate reduction, an other-than-significant payment delay or a term extension (or a combination thereof) has been granted to an existing borrower experiencing financial difficulties. The goal when modifying a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing modified loans to borrowers experiencing financial difficulty are primarily comprised of loans on which interest is being accrued under the modified terms, and the loans are current or less than 90 days past due. Loans and Leases - Prior to ASU No. 2022-02 Adoption The Corporation adopted ASU No. 2022-02 effective January 1, 2023. The following section was carried forward from the Annual Report of Form 10-K for the year ended December 31, 2022. 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. Accounting Pronouncements Adopted in 2023 In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. This ASU became effective on January 1, 2023 for the Corporation. The adoption of this ASU resulted in updated disclosures within our financial statements but otherwise did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted In March 2023, the FASB issued ASU No. 2023-02, " Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) ". The ASU allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria in Accounting Standards Codification (ASC) 323-740-25-1. While the ASU does not significantly alter the existing eligibility criteria, it does provide clarifications to address existing interpretive issues. It also prescribes specific information reporting entities must disclose about tax credit investments each period. This ASU is effective for reporting periods beginning after December 15, 2023, for public business entities, or January 1, 2024 for the Corporation. The Corporation does not expect the adoption of this ASU to have a material impact on the Corporation's financial statements. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [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, 2022. Three Months Ended March 31, (Dollars and shares in thousands, except per share data) 2023 2022 Numerator for basic and diluted earnings per share —net income available to common shareholders $ 21,034 $ 20,317 Denominator for basic earnings per share —weighted-average shares outstanding 29,312 29,542 Effect of dilutive securities—employee stock options and restricted stock units 194 196 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,506 29,738 Basic earnings per share $ 0.72 $ 0.69 Diluted earnings per share $ 0.71 $ 0.68 Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share 229 249 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 and December 31, 2022, by contractual maturity within each type: At March 31, 2023 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity Residential mortgage-backed securities: After 1 year to 5 years $ 2,554 $ — $ (87) $ 2,467 After 5 years to 10 years 7,531 — (398) — 7,133 Over 10 years 141,262 — (17,715) — 123,547 151,347 — (18,200) — 133,147 Total $ 151,347 $ — $ (18,200) $ — $ 133,147 Securities Available-for-Sale State and political subdivisions: Within 1 year $ 1,030 $ 1 $ — $ — $ 1,031 After 1 year to 5 years 1,297 — (31) — 1,266 2,327 1 (31) — 2,297 Residential mortgage-backed securities: After 1 year to 5 years 784 — (29) — 755 After 5 years to 10 years 15,617 — (1,194) — 14,423 Over 10 years 301,712 32 (36,128) — 265,616 318,113 32 (37,351) — 280,794 Collateralized mortgage obligations: After 5 years to 10 years 305 — (18) — 287 Over 10 years 2,199 — (215) — 1,984 2,504 — (233) — 2,271 Corporate bonds: Within 1 year 1,500 — (1) (1) 1,498 After 1 year to 5 years 29,674 4 (1,163) (200) 28,315 After 5 years to 10 years 60,000 — (6,288) (1,231) 52,481 91,174 4 (7,452) (1,432) 82,294 Total $ 414,118 $ 37 $ (45,067) $ (1,432) $ 367,656 At December 31, 2022 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity Residential mortgage-backed securities: After 1 year to 5 years $ 1,654 $ — $ (70) $ — $ 1,584 After 5 years to 10 years 6,076 — (342) — 5,734 Over 10 years 146,997 — (20,247) — 126,750 154,727 — (20,659) — 134,068 Total $ 154,727 $ — $ (20,659) $ — $ 134,068 Securities Available-for-Sale State and political subdivisions: After 1 year to 5 years $ 2,327 $ — $ (42) $ — $ 2,285 2,327 — (42) — 2,285 Residential mortgage-backed securities: After 1 year to 5 years 864 — (37) — 827 After 5 years to 10 years 10,399 — (815) — 9,584 Over 10 years 294,261 7 (41,291) — 252,977 305,524 7 (42,143) — 263,388 Collateralized mortgage obligations: After 5 years to 10 years 324 — (22) — 302 Over 10 years 2,257 — (237) — 2,020 2,581 — (259) — 2,322 Corporate bonds: Within 1 year 1,000 — — — 1,000 After 1 year to 5 years 30,679 3 (1,516) (152) 29,014 After 5 years to 10 years 60,000 — (6,765) (988) 52,247 91,679 3 (8,281) (1,140) 82,261 Total $ 402,111 $ 10 $ (50,725) $ (1,140) $ 350,256 Gross unrealized gains and losses on available-for-sale securities are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded in 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 $327.8 million and $429.4 million at March 31, 2023 and December 31, 2022, respectively, were pledged to secure public funds deposits and other contractual obligations. There were no pledged securities to secure credit derivatives and interest rate swaps at March 31, 2023 or December 31, 2022. 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, 2023 and 2022: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Securities available-for-sale: Proceeds from sales $ — $ 1,530 Gross realized gains on sales — 30 Tax expense related to net realized gains on sales — 6 At March 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, 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, 2023 Securities Held-to-Maturity Residential mortgage-backed securities $ 22,966 $ (862) $ 110,181 $ (17,338) $ 133,147 $ (18,200) Total $ 22,966 $ (862) $ 110,181 $ (17,338) $ 133,147 $ (18,200) Securities Available-for-Sale State and political subdivisions $ — $ — $ 1,267 $ (31) $ 1,267 $ (31) Residential mortgage-backed securities 84,540 (4,885) 190,747 (32,466) 275,287 (37,351) Collateralized mortgage obligations — — 2,271 (233) 2,271 (233) Total $ 84,540 $ (4,885) $ 194,285 $ (32,730) $ 278,825 $ (37,615) At December 31, 2022 Securities Held-to-Maturity Residential mortgage-backed securities $ 65,044 $ (5,894) $ 69,024 $ (14,765) $ 134,068 $ (20,659) Total $ 65,044 $ (5,894) $ 69,024 $ (14,765) $ 134,068 $ (20,659) Securities Available-for-Sale State and political subdivisions $ 1,255 $ (42) $ — $ — $ 1,255 $ (42) Residential mortgage-backed securities 128,831 (13,843) 133,902 (28,300) 262,733 (42,143) Collateralized mortgage obligations 302 (22) 2,020 (237) 2,322 (259) Corporate bonds 500 (1) — — 500 (1) Total $ 130,888 $ (13,908) $ 135,922 $ (28,537) $ 266,810 $ (42,445) At March 31, 2023, the fair value of held-to-maturity securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $133.1 million, including unrealized losses of $18.2 million. These holdings were comprised of 84 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 did not recognize any credit losses on held-to-maturity debt securities for the three months ended March 31, 2023. At March 31, 2023, 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 $278.8 million, including unrealized losses of $37.6 million. These holdings were comprised of (1) 109 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, (2) two collateralized mortgage obligation bonds, (3) one state and political subdivisions bond and (4) one investment grade corporate bond. 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 fair value of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $1.2 million at March 31, 2023 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. The table below presents a rollforward by major security type for the three months ended March 31, 2023 and March 31, 2022 of the allowance for credit losses on securities available-for-sale. (Dollars in thousands) Corporate Bonds Three months ended March 31, 2023 Securities Available-for-Sale Beginning balance $ (1,140) Change in securities for which a previous expected credit loss was recognized (292) Ending balance $ (1,432) Three months ended March 31, 2022 Securities Available-for-Sale Beginning balance $ (929) Additions for securities for which no previous expected credit losses were recognized (45) Change in securities for which a previous expected credit loss was recognized (301) Ending balance $ (1,275) At March 31, 2023, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $81.3 million, including unrealized losses of $8.9 million, and allowance for credit losses of $1.4 million. These holdings were comprised of 39 investment grade corporate bonds which fluctuate in value based on changes in market conditions. For these securities, fluctuations were 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 recognized a $69 thousand net loss and a $1 thousand net gain on equity securities during the three months ended March 31, 2023 and 2022, respectively, in other noninterest income. There were no sales of equity securities during the three months ended March 31, 2023 or 2022. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories (Dollars in thousands) At March 31, 2023 At December 31, 2022 Commercial, financial and agricultural $ 1,032,753 $ 1,088,928 Real estate-commercial 3,128,210 3,027,955 Real estate-construction 376,569 381,811 Real estate-residential secured for business purpose 498,505 478,254 Real estate-residential secured for personal purpose 779,557 730,395 Real estate-home equity secured for personal purpose 172,073 176,699 Loans to individuals 28,656 27,873 Lease financings 223,481 211,315 Total loans and leases held for investment, net of deferred income $ 6,239,804 $ 6,123,230 Less: Allowance for credit losses, loans and leases (80,034) (79,004) Net loans and leases held for investment $ 6,159,770 $ 6,044,226 Imputed interest on lease financings, included in the above table $ (24,386) $ (21,932) Net deferred costs, included in the above table 6,633 6,053 Overdraft deposits included in the above table 154 93 Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at March 31, 2023 and December 31, 2022: 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, 2023 Commercial, financial and agricultural $ 1,348 $ — $ — $ 1,348 $ 1,027,982 $ 1,029,330 $ 3,423 $ 1,032,753 Real estate—commercial real estate and construction: Commercial real estate 328 — 1,195 1,523 3,122,399 3,123,922 4,288 3,128,210 Construction — — — — 376,186 376,186 383 376,569 Real estate—residential and home equity: Residential secured for business purpose 308 768 — 1,076 496,670 497,746 759 498,505 Residential secured for personal purpose 1,506 — — 1,506 776,551 778,057 1,500 779,557 Home equity secured for personal purpose 835 74 — 909 170,216 171,125 948 172,073 Loans to individuals 20 4 47 71 28,585 28,656 — 28,656 Lease financings 1,207 371 754 2,332 221,088 223,420 61 223,481 Total $ 5,552 $ 1,217 $ 1,996 $ 8,765 $ 6,219,677 $ 6,228,442 $ 11,362 $ 6,239,804 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 December 31, 2022 Commercial, financial and agricultural $ 1,616 $ 343 $ — $ 1,959 $ 1,081,897 $ 1,083,856 $ 5,072 $ 1,088,928 Real estate—commercial real estate and construction: Commercial real estate 3,281 290 20 3,591 3,019,827 3,023,418 4,537 3,027,955 Construction 315 — — 315 381,496 381,811 — 381,811 Real estate—residential and home equity: Residential secured for business purpose 375 203 263 841 476,400 477,241 1,013 478,254 Residential secured for personal purpose 4,127 162 319 4,608 723,798 728,406 1,989 730,395 Home equity secured for personal purpose 953 225 — 1,178 174,781 175,959 740 176,699 Loans to individuals 32 153 39 224 27,649 27,873 — 27,873 Lease financings 3,555 341 234 4,130 207,183 211,313 2 211,315 Total $ 14,254 $ 1,717 $ 875 $ 16,846 $ 6,093,031 $ 6,109,877 $ 13,353 $ 6,123,230 Nonperforming Loans and Leases The following presents, by class of loans and leases, nonperforming loans and leases at March 31, 2023 and December 31, 2022. At March 31, 2023 At December 31, 2022 (Dollars in thousands) Nonaccrual Loans and Total Nonperforming Nonaccrual Loans and Total Nonperforming Commercial, financial and agricultural $ 3,423 $ — $ 3,423 $ 5,072 $ — $ 5,072 Real estate—commercial real estate and construction: Commercial real estate 4,288 1,195 5,483 4,537 20 4,557 Construction 383 — 383 — — — Real estate—residential and home equity: Residential secured for business purpose 759 — 759 1,013 263 1,276 Residential secured for personal purpose 1,500 — 1,500 1,989 319 2,308 Home equity secured for personal purpose 948 — 948 740 — 740 Loans to individuals — 47 47 — 39 39 Lease financings 61 754 815 2 234 236 Total $ 11,362 $ 1,996 $ 13,358 $ 13,353 $ 875 $ 14,228 The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of March 31, 2023 and December 31, 2022. (Dollars in thousands) Nonaccrual With No ACL Nonaccrual With ACL Total Nonaccrual Loans and Leases 90 Days or more Past Due and Accruing Interest At March 31, 2023 Commercial, financial and agricultural $ 159 $ 3,264 $ 3,423 $ — Real estate-commercial 4,288 — 4,288 1,195 Real estate-construction 383 — 383 — Real estate-residential secured for business purpose 759 — 759 — Real estate-residential secured for personal purpose 1,500 — 1,500 — Real estate-home equity secured for personal purpose 948 — 948 — Loans to individuals — — — 47 Lease financings — 61 61 754 Total $ 8,037 $ 3,325 $ 11,362 $ 1,996 At December 31, 2022 Commercial, financial and agricultural $ 225 $ 4,847 $ 5,072 $ — Real estate-commercial 4,537 — 4,537 20 Real estate-residential secured for business purpose 1,013 — 1,013 263 Real estate-residential secured for personal purpose 1,989 — 1,989 319 Real estate-home equity secured for personal purpose 740 — 740 — Loans to individuals — — — 39 Lease financings — 2 2 234 Total $ 8,504 $ 4,849 $ 13,353 $ 875 For the three months ended March 31, 2023, $6 thousand of interest income was recognized on nonaccrual loans and leases. The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of March 31, 2023 and December 31, 2022. (Dollars in thousands) Real Estate Other (1) None (2) Total At March 31, 2023 Commercial, financial and agricultural $ 3,423 $ — $ — $ 3,423 Real estate-commercial 4,288 — — 4,288 Real estate-construction 383 — — 383 Real estate-residential secured for business purpose 759 — — 759 Real estate-residential secured for personal purpose 1,500 — — 1,500 Real estate-home equity secured for personal purpose 948 — — 948 Lease financings — 61 — 61 Total $ 11,301 $ 61 $ — $ 11,362 (Dollars in thousands) Real Estate Other (1) None (2) Total At December 31, 2022 Commercial, financial and agricultural $ 2,743 $ — $ 2,329 $ 5,072 Real estate-commercial 4,537 — — 4,537 Real estate-residential secured for business purpose 1,013 — — 1,013 Real estate-residential secured for personal purpose 1,989 — — 1,989 Real estate-home equity secured for personal purpose 740 — — 740 Lease financings — 2 — 2 Total $ 11,022 $ 2 $ 2,329 $ 13,353 (1) Collateral consists of business assets, including accounts receivable, personal property and equipment. (2) Loans fully guaranteed by the SBA or fully reserved given lack of collateral. Credit Quality Indicators The Corporation categorizes risk based on relevant information about the ability of the borrower to service their debt. Loans with a relationship balance of less than $1 million are reviewed when necessary based on their performance, primarily when such loans are delinquent. 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 key risk indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2022. The following is a description of the internal risk ratings and the likelihood of loss related to the credit quality of commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans. 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 Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans by credit quality indicator at March 31, 2023 and December 31, 2022. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total At March 31, 2023 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 27,521 $ 194,140 $ 145,736 $ 36,286 $ 25,788 $ 67,231 $ 469,953 $ 729 $ 967,384 2. Special Mention — 3,926 21,196 2,362 7,098 — 27,337 — 61,919 3. Substandard — — 108 — 589 — 2,753 — 3,450 Total $ 27,521 $ 198,066 $ 167,040 $ 38,648 $ 33,475 $ 67,231 $ 500,043 $ 729 $ 1,032,753 Current period gross charge-offs $ — $ — $ 247 $ 23 $ — $ — $ 2,578 $ — $ 2,848 Real Estate-Commercial Risk Rating 1. Pass $ 117,401 $ 880,556 $ 682,078 $ 703,079 $ 360,218 $ 304,672 $ 52,553 $ — $ 3,100,557 2. Special Mention — 854 10,250 5,725 — 2,816 1,771 — 21,416 3. Substandard — — 1,949 1,701 — 2,587 — — 6,237 Total $ 117,401 $ 881,410 $ 694,277 $ 710,505 $ 360,218 $ 310,075 $ 54,324 $ — $ 3,128,210 Current period gross charge-offs $ — $ — $ — $ — $ — $ 50 $ — $ — $ 50 Real Estate-Construction Risk Rating 1. Pass $ 36,683 $ 261,911 $ 27,799 $ 3,949 $ 255 $ 2,761 $ 26,178 $ — $ 359,536 2. Special Mention — 5,352 — — — — 5,472 — 10,824 3. Substandard — 380 — — 5,829 — — — 6,209 Total $ 36,683 $ 267,643 $ 27,799 $ 3,949 $ 6,084 $ 2,761 $ 31,650 $ — $ 376,569 Current period gross charge-offs $ — $ — $ — $ 207 $ — $ — $ — $ — $ 207 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 30,786 $ 162,069 $ 131,702 $ 65,443 $ 40,142 $ 38,726 $ 27,696 $ — $ 496,564 2. Special Mention — — — 245 — 934 — — 1,179 3. Substandard — — 211 26 — 488 37 — 762 Total $ 30,786 $ 162,069 $ 131,913 $ 65,714 $ 40,142 $ 40,148 $ 27,733 $ — $ 498,505 Totals By Risk Rating 1. Pass $ 212,391 $ 1,498,676 $ 987,315 $ 808,757 $ 426,403 $ 413,390 $ 576,380 $ 729 $ 4,924,041 2. Special Mention — 10,132 31,446 8,332 7,098 3,750 34,580 — 95,338 3. Substandard — 380 2,268 1,727 6,418 3,075 2,790 — 16,658 Total $ 212,391 $ 1,509,188 $ 1,021,029 $ 818,816 $ 439,919 $ 420,215 $ 613,750 $ 729 $ 5,036,037 Total current period gross charge-offs $ — $ — $ 247 $ 230 $ — $ 50 $ 2,578 $ — $ 3,105 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total At December 31, 2022 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 233,064 $ 148,033 $ 41,091 $ 28,269 $ 28,209 $ 48,631 $ 487,818 $ 125 $ 1,015,240 2. Special Mention 2,732 28,220 9,623 8,104 26 — 19,829 — 68,534 3. Substandard — 13 — — — — 5,141 — 5,154 Total $ 235,796 $ 176,266 $ 50,714 $ 36,373 $ 28,235 $ 48,631 $ 512,788 $ 125 $ 1,088,928 Real Estate-Commercial Risk Rating 1. Pass $ 877,703 $ 680,432 $ 724,941 $ 332,702 $ 118,034 $ 208,974 $ 54,139 $ — $ 2,996,925 2. Special Mention 869 8,173 11,582 944 85 3,002 1,838 — 26,493 3. Substandard — — 1,770 — 2,222 495 50 — 4,537 Total $ 878,572 $ 688,605 $ 738,293 $ 333,646 $ 120,341 $ 212,471 $ 56,027 $ — $ 3,027,955 Real Estate-Construction Risk Rating 1. Pass $ 243,983 $ 52,485 $ 8,341 $ 34,670 $ 191 $ 442 $ 30,223 $ — $ 370,335 2. Special Mention — 5,781 — 5,695 — — — — 11,476 3. Substandard — — — — — — — — — Total $ 243,983 $ 58,266 $ 8,341 $ 40,365 $ 191 $ 442 $ 30,223 $ — $ 381,811 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 165,844 $ 128,669 $ 67,955 $ 39,794 $ 21,226 $ 23,324 $ 29,239 $ — $ 476,051 2. Special Mention — — 247 — — 941 — — 1,188 3. Substandard — 211 27 — 38 594 145 — 1,015 Total $ 165,844 $ 128,880 $ 68,229 $ 39,794 $ 21,264 $ 24,859 $ 29,384 $ — $ 478,254 Totals By Risk Rating 1. Pass $ 1,520,594 $ 1,009,619 $ 842,328 $ 435,435 $ 167,660 $ 281,371 $ 601,419 $ 125 $ 4,858,551 2. Special Mention 3,601 42,174 21,452 14,743 111 3,943 21,667 — 107,691 3. Substandard — 224 1,797 — 2,260 1,089 5,336 — 10,706 Total $ 1,524,195 $ 1,052,017 $ 865,577 $ 450,178 $ 170,031 $ 286,403 $ 628,422 $ 125 $ 4,976,948 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, 2023 or December 31, 2022. The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings. 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, 2022. Loans and leases past due 90 days or more and loans and leases on nonaccrual status are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings by credit quality indicator at March 31, 2023 and December 31, 2022. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total At March 31, 2023 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 45,329 $ 265,019 $ 213,723 $ 138,347 $ 23,519 $ 92,037 $ 83 $ 778,057 2. Nonperforming — 158 47 — 309 986 — 1,500 Total $ 45,329 $ 265,177 $ 213,770 $ 138,347 $ 23,828 $ 93,023 $ 83 $ 779,557 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 219 $ 2,761 $ 614 $ 467 $ 186 $ 1,743 $ 165,135 $ 171,125 2. Nonperforming — — — — — 45 903 948 Total $ 219 $ 2,761 $ 614 $ 467 $ 186 $ 1,788 $ 166,038 $ 172,073 Loans to Individuals Payment Performance 1. Performing $ 502 $ 1,317 $ 763 $ 494 $ 197 $ 1,359 $ 23,977 $ 28,609 2. Nonperforming — — — — — 47 — 47 Total $ 502 $ 1,317 $ 763 $ 494 $ 197 $ 1,406 $ 23,977 $ 28,656 Current period gross charge-offs $ 38 $ 19 $ — $ 5 $ — $ — $ 43 $ 105 Lease Financings Payment Performance 1. Performing $ 31,451 $ 88,155 $ 56,656 $ 29,682 $ 12,776 $ 3,946 $ — $ 222,666 2. Nonperforming — 654 111 18 4 28 — 815 Total $ 31,451 $ 88,809 $ 56,767 $ 29,700 $ 12,780 $ 3,974 $ — $ 223,481 Current period gross charge-offs $ — $ — $ — $ 20 $ — $ — $ — $ 20 Totals by Payment Performance 1. Performing $ 77,501 $ 357,252 $ 271,756 $ 168,990 $ 36,678 $ 99,085 $ 189,195 $ 1,200,457 2. Nonperforming — 812 158 18 313 1,106 903 3,310 Total $ 77,501 $ 358,064 $ 271,914 $ 169,008 $ 36,991 $ 100,191 $ 190,098 $ 1,203,767 Total current period gross charge-offs $ 38 $ 19 $ — $ 25 $ — $ — $ 43 $ 125 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2022 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 258,293 $ 211,638 $ 140,822 $ 23,827 $ 18,273 $ 75,126 $ 108 $ 728,087 2. Nonperforming — 48 466 319 306 1,169 — 2,308 Total $ 258,293 $ 211,686 $ 141,288 $ 24,146 $ 18,579 $ 76,295 $ 108 $ 730,395 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 2,945 $ 642 $ 491 $ 192 $ 205 $ 1,565 $ 169,870 $ 175,910 2. Nonperforming — — — — 157 3 629 789 Total $ 2,945 $ 642 $ 491 $ 192 $ 362 $ 1,568 $ 170,499 $ 176,699 Loans to Individuals Payment Performance 1. Performing $ 1,581 $ 857 $ 554 $ 247 $ 138 $ 1,340 $ 23,117 $ 27,834 2. Nonperforming — — — — — 39 — 39 Total $ 1,581 $ 857 $ 554 $ 247 $ 138 $ 1,379 $ 23,117 $ 27,873 Lease Financings Payment Performance 1. Performing $ 94,430 $ 61,680 $ 33,468 $ 15,164 $ 5,569 $ 768 $ — $ 211,079 2. Nonperforming 41 56 17 21 90 11 — 236 Total $ 94,471 $ 61,736 $ 33,485 $ 15,185 $ 5,659 $ 779 $ — $ 211,315 Totals by Payment Performance 1. Performing $ 357,249 $ 274,817 $ 175,335 $ 39,430 $ 24,185 $ 78,799 $ 193,095 $ 1,142,910 2. Nonperforming 41 104 483 340 553 1,222 629 3,372 Total $ 357,290 $ 274,921 $ 175,818 $ 39,770 $ 24,738 $ 80,021 $ 193,724 $ 1,146,282 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, 2023 or December 31, 2022. Allowance 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 allowance for credit losses, loans and leases, for the three months ended March 31, 2023 and 2022. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the three months ended March 31, 2023. (Dollars in thousands) Beginning balance Provision (reversal of provision) for credit losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2023 Allowance for credit losses, loans and leases: Commercial, financial and agricultural $ 16,920 $ 547 $ (2,848) $ 106 $ 14,725 Real estate-commercial 41,673 1,524 (50) 3 43,150 Real estate-construction 4,952 (64) (207) — 4,681 Real estate-residential secured for business purpose 7,054 1,125 — 181 8,360 Real estate-residential secured for personal purpose 3,685 1,327 — — 5,012 Real estate-home equity secured for personal purpose 1,287 (66) — 50 1,271 Loans to individuals 351 113 (105) 16 375 Lease financings 3,082 (634) (20) 32 2,460 Unallocated — — N/A N/A — Total $ 79,004 $ 3,872 $ (3,230) $ 388 $ 80,034 Three Months Ended March 31, 2022 Allowance for credit losses, loans and leases: Commercial, financial and agricultural $ 13,538 $ (1,672) $ (214) $ 189 $ 11,841 Real estate-commercial 41,095 (669) — — 40,426 Real estate-construction 4,575 (941) — — 3,634 Real estate-residential secured for business purpose 6,482 (328) — 48 6,202 Real estate-residential secured for personal purpose 2,403 189 — — 2,592 Real estate-home equity secured for personal purpose 1,028 (53) — 1 976 Loans to individuals 363 57 (75) 24 369 Lease financings 2,290 5 (59) 10 2,246 Unallocated 150 (150) N/A N/A — Total $ 71,924 $ (3,562) $ (348) $ 272 $ 68,286 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, 2023 and 2022: 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, 2023 Commercial, financial and agricultural $ 912 $ 13,813 $ 14,725 $ 3,423 $ 1,029,330 $ — $ 1,032,753 Real estate-commercial — 43,150 43,150 4,288 3,123,922 — 3,128,210 Real estate-construction — 4,681 4,681 383 376,186 — 376,569 Real estate-residential secured for business purpose — 8,360 8,360 759 497,746 — 498,505 Real estate-residential secured for personal purpose — 5,012 5,012 1,500 778,057 — 779,557 Real estate-home equity secured for personal purpose — 1,271 1,271 948 171,125 — 172,073 Loans to individuals — 375 375 — 28,656 — 28,656 Lease financings — 2,460 2,460 — 223,481 — 223,481 Total $ 912 $ 79,122 $ 80,034 $ 11,301 $ 6,228,503 $ — $ 6,239,804 At March 31, 2022 Commercial, financial and agricultural $ — $ 11,841 $ 11,841 $ 448 $ 942,335 $ — $ 942,783 Real estate-commercial 954 39,472 40,426 26,411 2,790,313 13 2,816,737 Real estate-construction — 3,634 3,634 — 285,083 — 285,083 Real estate-residential secured for business purpose — 6,202 6,202 1,120 411,366 — 412,486 Real estate-residential secured for personal purpose — 2,592 2,592 2,259 566,476 — 568,735 Real estate-home equity secured for personal purpose — 976 976 489 159,645 — 160,134 Loans to individuals — 369 369 — 26,249 — 26,249 Lease financings — 2,246 2,246 — 188,579 — 188,579 Total $ 954 $ 67,332 $ 68,286 $ 30,727 $ 5,370,046 $ 13 $ 5,400,786 N/A – Not applicable Modified Loans to Borrowers Experiencing Financial Difficulty The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2023. Three Months Ended March 31, 2023 (Dollars in thousands) Number Amortized Cost Basis* % of Total Class of Financing Receivable Related Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Real estate—construction 1 $ 5,829 1.2 % $ 16 Total 1 $ 5,829 $ 16 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Commercial, financial and agricultural 1 $ 2,620 0.3 % $ 538 Total 1 $ 2,620 $ 538 *Amortized cost excludes $26 thousand of accrued interest receivable on modified loans. The following presents, by class of loans, information regarding the financial effect on accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2023. Term Extension (Dollars in thousands) No. of Financial Effect Three Months Ended March 31, 2023 Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Real estate—construction 1 Extended the loan maturity by 8 months to allow time for the construction to be completed. 3 months of interest payments were capitalized to the loan balance. Total 1 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Commercial, financial and agricultural 1 Extended the loan maturity by 10 months in order to provide time to borrower to liquidate collateral for loan payoff. Total 1 There were no accruing or nonaccrual modified loans to borrowers experiencing financial difficulty for which there were payment defaults after the modification date for the three months ended March 31, 2023. The following presents, by class of loans, the amortized cost and payment status of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty at March 31, 2023. At March 31, 2023 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due Total Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Real estate—construction $ 5,829 $ — $ — $ 5,829 Total $ 5,829 $ — $ — $ 5,829 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Commercial, financial and agricultural $ 2,620 $ — $ — $ 2,620 Total $ 2,620 $ — $ — $ 2,620 The following presents the amount of consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at March 31, 2023 or December 31, 2022. (Dollars in thousands) At March 31, 2023 At December 31, 2022 Real estate-residential secured for personal purpose $ 2,812 $ 822 Real estate-home equity secured for personal purpose 71 72 Total $ 2,883 $ 894 There was no foreclosed residential real estate property included in other real estate owned at March 31, 2023 or December 31, 2022. Lease Financings The following presents the schedule of minimum lease payments receivable: (Dollars in thousands) At March 31, 2023 At December 31, 2022 2023 (excluding the three months ended March 31, 2023) $ 74,280 $ 75,900 2024 66,701 61,793 2025 49,414 45,738 2026 33,086 29,902 2027 14,603 13,091 Thereafter 5,421 2,552 Total future minimum lease payments receivable 243,505 228,976 Plus: Unguaranteed residual 1,212 1,387 Plus: Initial direct costs 3,150 2,884 Less: Imputed interest (24,386) (21,932) Lease financings $ 223,481 $ 211,315 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has goodwill from acquisitions 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, 2023 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2022 $ 138,476 $ 15,434 $ 21,600 $ 175,510 Addition to goodwill from acquisitions — — — — Balance at March 31, 2023 $ 138,476 $ 15,434 $ 21,600 $ 175,510 The Corporation also has core deposit and customer-related intangibles, 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 following table reflects the components of intangible assets at the dates indicated: At March 31, 2023 At December 31, 2022 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 6,788 $ 6,048 $ 740 $ 6,788 $ 5,939 $ 849 Customer related intangibles 4,162 2,318 1,844 8,493 6,530 1,963 Servicing rights 29,181 20,721 8,460 28,904 20,332 8,572 Total amortized intangible assets $ 40,131 $ 29,087 $ 11,044 $ 44,185 $ 32,801 $ 11,384 (1) Included within accumulated amortization is a valuation allowance of $40 thousand and $5 thousand on servicing rights at March 31, 2023 and December 31, 2022, respectively. The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2023 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2023 $ 616 2024 648 2025 469 2026 319 2027 216 Thereafter 316 Total $ 2,584 The aggregate fair value of servicing rights was $16.8 million at March 31, 2023 and December 31, 2022. The fair value of these rights was determined using a discount rate ranging from 10.4% to 12.4% at March 31, 2023 and 10.1% to 12.0% at December 31, 2022. Changes in the servicing rights balance are summarized as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Beginning of period $ 8,572 $ 7,878 Servicing rights capitalized 277 714 Amortization of servicing rights (354) (476) Changes in valuation allowance (35) 6 End of period $ 8,460 $ 8,122 Loans serviced for others $ 1,496,319 $ 1,440,562 Activity in the valuation allowance for servicing rights was as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Valuation allowance, beginning of period $ (5) $ (13) Additions (35) — Reductions — 6 Valuation allowance, end of period $ (40) $ (7) The estimated amortization expense of servicing rights for the remainder of 2023 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2023 $ 1,072 2024 958 2025 855 2026 761 2027 641 Thereafter 4,173 Total $ 8,460 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits and their respective weighted average interest rate at March 31, 2023 and December 31, 2022 consisted of the following: At March 31, 2023 At December 31, 2022 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,799,225 — % $ 2,047,263 Demand deposits 2.56 2,433,575 2.02 2,321,748 Savings deposits 0.39 955,530 0.25 1,025,431 Time deposits 2.91 646,327 2.07 519,084 Total 1.45 % $ 5,834,657 1.02 % $ 5,913,526 Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC, which is currently up to $250 thousand per account owner. The aggregate amount of time deposits in denominations over $250 thousand was $121.7 million at March 31, 2023 and $95.0 million at December 31, 2022. At March 31, 2023, the scheduled maturities of time deposits were as follows: Year (Dollars in thousands) Amount Remainder of 2023 $ 259,767 2024 196,555 2025 158,162 2026 14,600 2027 8,246 Thereafter 8,997 Total $ 646,327 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 At December 31, 2022 (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: FHLB borrowings $ 163,700 5.15 % $ 125,000 4.45 % Federal funds purchased 90,000 5.26 60,000 4.63 Customer repurchase agreements 18,181 0.05 12,141 0.05 Long-term debt: FHLB advances $ 220,000 3.52 % $ 95,000 1.34 % Subordinated notes 148,385 6.08 148,260 6.09 The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) with a maximum borrowing capacity of approximately $3.0 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, 2023 and December 31, 2022, the Bank had outstanding short-term letters of credit with the FHLB totaling $830.4 million and $690.5 million, respectively, which were utilized to collateralize public funds deposits and other secured 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 $1.7 billion at March 31, 2023. The Corporation, through the Bank, holds collateral at the Federal Reserve Bank of Philadelphia to provide access to the Discount Window Lending program. The collateral, consisting of investment securities, was valued at $119.6 million and $98.1 million at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, the Corporation had no outstanding borrowings under the Discount Window Lending program. The Corporation has a $10.0 million committed line of credit with a correspondent bank. At March 31, 2023 and December 31, 2022, the Corporation had no outstanding borrowings under this line. The Corporation and the Bank had $3.1 billion and $3.0 billion of committed borrowing capacity at March 31, 2023 and December 31, 2022, respectively, of which $1.9 billion and $2.1 billion was available as of March 31, 2023 and December 31, 2022, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $410.0 million at March 31, 2023 and December 31, 2022, of which $320.0 million and $350.0 million were unused as of March 31, 2023 and December 31, 2022, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of March 31, 2023 Weighted Average Rate Remainder of 2023 $ 10,000 3.02 % 2024 85,000 2.10 2025 50,000 4.59 2026 50,000 4.42 2027 — — Thereafter 25,000 4.61 Total $ 220,000 3.52 % |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Three Months Ended March 31, 2023 2022 2023 2022 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 130 $ 137 $ 19 $ 30 Interest cost 597 390 32 24 Expected loss on plan assets (770) (933) — — Amortization of net actuarial loss (gain) 250 204 (4) 14 Net periodic benefit cost (income) $ 207 $ (202) $ 47 $ 68 The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the condensed consolidated statements of income. The Corporation expects to make contributions of $156 thousand to the Retirement Plans and $130 thousand to Other Postretirement Benefit Plans in 2023. During the three months ended March 31, 2023, the Corporation contributed $39 thousand to its Non-Qualified Retirement Benefit Plans and $23 thousand to its Other Postretirement Benefit Plans. During the three months ended March 31, 2023, $713 thousand was paid to participants from the Retirement Plans and $23 thousand was paid to participants from the Other Postretirement Benefit Plans. |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Incentive Plan | Stock-Based Incentive PlanThe Corporation maintains the 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. On April 26, 2023, the 2023 Equity Incentive Plan was approved by shareholders at the Corporation's annual meeting. The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2023: (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, 2023 Outstanding at December 31, 2022 294,111 $ 26.11 Exercised (4,167) 17.89 Outstanding at March 31, 2023 289,944 26.23 3.9 $ 302 Exercisable at March 31, 2023 289,944 26.23 3.9 302 The Corporation did not issue stock options during the three months ended March 31, 2023 or March 31, 2022. The following is a summary of nonvested restricted stock units at March 31, 2023 including changes during the three months then ended: (Dollars in thousands, except per share data) Nonvested Stock Units Weighted Average Grant Date Fair Value Nonvested stock units at December 31, 2022 408,264 $ 25.57 Granted 213,429 25.04 Added by performance factor 814 19.20 Vested (174,798) 21.95 Forfeited (6,114) 27.62 Nonvested stock units at March 31, 2023 441,595 $ 26.71 Certain information regarding restricted stock units is summarized below for the periods indicated: Three Months Ended March 31, (Dollars in thousands, except per share data) 2023 2022 Restricted stock units granted 213,429 164,319 Weighted average grant date fair value $ 25.04 $ 28.36 Intrinsic value of units granted $ 5,345 $ 4,660 Restricted stock units vested 174,798 118,834 Weighted average grant date fair value $ 21.95 $ 23.29 Intrinsic value of units vested $ 4,385 $ 3,377 The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at March 31, 2023 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Restricted stock units $ 9,603 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) 2023 2022 Stock-based compensation expense: Restricted stock units $ 1,110 $ 934 Employee stock purchase plan 29 25 Total $ 1,139 $ 959 Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options $ 35 $ 1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ (40,066) $ (6,831) $ (15,207) $ (62,104) Other comprehensive income 4,491 1,869 194 6,554 Balance, March 31, 2023 $ (35,575) $ (4,962) $ (15,013) $ (55,550) Balance, December 31, 2021 $ (1,216) $ (159) $ (14,978) $ (16,353) Other comprehensive (loss) income (15,842) 114 172 (15,556) Balance, March 31, 2022 $ (17,058) $ (45) $ (14,806) $ (31,909) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps The Corporation periodically uses 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 changes in fair value and any collateral that is held by a third party. In May 2022, the Corporation entered into an interest rate swap classified as a cash flow hedge with a notional amount of $250.0 million to hedge the interest payments received on a pool of variable rate loans. Under the terms of the swap agreement, the Corporation pays a variable rate equal to the Prime Rate and receives a fixed rate of 5.99%. The swap matures in May 2026. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and performs an assessment on a recurring basis and determined that the derivative currently is and is expected to be highly effective in offsetting changes in cash flows of the hedged item. At March 31, 2023, approximately $3.6 million, net of tax, which is recorded in accumulated other comprehensive loss, is 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, 2023. At March 31, 2023, the notional amount of the interest rate swap was $250.0 million and the fair value was a liability of $6.3 million. 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 swap transactions for customers without issuing the swap. At March 31, 2023, the Corporation had exposure to 124 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $792.8 million and remaining maturities ranging from 13 months to 11 years. At March 31, 2023, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $330 thousand. At March 31, 2023, the fair value of the swaps to the customers was a net gain of $58.1 million. At March 31, 2023, the Corporation's credit exposure related to the customer totaled $1.7 million. 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 condensed consolidated balance sheets at March 31, 2023 and December 31, 2022. 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, 2023 Interest rate swap - cash flow hedge $ 250,000 $ — Other liabilities $ 6,282 Total $ 250,000 $ — $ 6,282 At December 31, 2022 Interest rate swap - cash flow hedge $ 250,000 $ — Other liabilities $ 8,647 Total $ 250,000 $ — $ 8,647 The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2023 and December 31, 2022: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At March 31, 2023 Credit derivatives $ 792,838 $ — Other liabilities $ 330 Interest rate locks with customers 21,208 Other assets 265 — Forward loan sale commitments 26,633 — Other liabilities 6 Total $ 840,679 $ 265 $ 336 At December 31, 2022 Credit derivatives $ 815,469 $ — Other liabilities $ 360 Interest rate locks with customers 10,269 Other assets 119 — Forward loan sale commitments 15,306 Other assets 29 — Total $ 841,044 $ 148 $ 360 The following table presents amounts included in the condensed 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) 2023 2022 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 1,060 $ 68 Total net loss $ (1,060) $ (68) The following table presents amounts included in the condensed 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) 2023 2022 Credit derivatives Other noninterest income $ 86 $ 450 Interest rate locks with customers Net gain (loss) on mortgage banking activities 146 (1,010) Forward loan sale commitments Net (loss) gain on mortgage banking activities (34) 719 Total net gain $ 198 $ 159 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2023 and December 31, 2022: (Dollars in thousands) Accumulated Other At March 31, 2023 At December 31, 2022 Interest rate swap—cash flow hedge Fair value, net of taxes $ (4,962) $ (6,831) Total $ (4,962) $ (6,831) |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
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 are recognized at the end of the reporting periods. 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, 2023. Loans Held for Sale The fair value of our loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. 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. 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, 2023 and December 31, 2022, classified using the fair value hierarchy: At March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 2,297 $ — $ 2,297 Residential mortgage-backed securities — 280,794 — 280,794 Collateralized mortgage obligations — 2,271 — 2,271 Corporate bonds — 82,294 — 82,294 Total available-for-sale securities — 367,656 — 367,656 Equity securities: Equity securities - financial services industry 711 — — 711 Money market mutual funds 2,394 — — 2,394 Total equity securities 3,105 — — 3,105 Loans held for sale — 5,425 — 5,425 Interest rate locks with customers* — 265 — 265 Total assets $ 3,105 $ 373,346 $ — $ 376,451 Liabilities: Contingent consideration liability $ — $ — $ 1,154 $ 1,154 Interest rate swaps* — 6,282 — 6,282 Credit derivatives* — — 330 330 Forward loan sale commitments* — 6 — 6 Total liabilities $ — $ 6,288 $ 1,484 $ 7,772 * Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The $330 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 124 interest rate swaps with a notional amount of $792.8 million. The March 31, 2023 CVA assumed a zero-deal recovery percentage based on the most recent index credit curve. The contingent consideration liability resulting from the Sheaffer acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $1.9 million over the three-year period ending November 30, 2024. At December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 2,285 $ — $ 2,285 Residential mortgage-backed securities — 263,388 — 263,388 Collateralized mortgage obligations — 2,322 — 2,322 Corporate bonds — 82,261 — 82,261 Total available-for-sale securities — 350,256 — 350,256 Equity securities: Equity securities - financial services industry 780 — — 780 Money market mutual funds 1,799 — — 1,799 Total equity securities 2,579 — — 2,579 Loans held for sale — 5,037 — 5,037 Interest rate locks with customers* — 119 — 119 Forward loan sale commitments* — 29 — 29 Total assets $ 2,579 $ 355,441 $ — $ 358,020 Liabilities: Contingent consideration liability $ — $ — $ 1,765 $ 1,765 Interest rate swaps* — 8,647 — 8,647 Credit derivatives* — — 360 360 Total liabilities $ — $ 8,647 $ 2,125 $ 10,772 * Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The $360 thousand of credit derivatives liability represented the CVA, which is obtained from real-time financial market data, of 127 interest rate swaps with a notional amount of $815.5 million. The December 31, 2022 CVA assumed a zero-deal recovery percentage based on the most recent index credit curve. The contingent consideration liability resulting from the Sheaffer acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $1.9 million over the three-year period ending November 30, 2024. The following table includes a roll forward of 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, 2023 and 2022: Three Months Ended March 31, 2023 (Dollars in thousands) Balance at Additions Payments received Increase in value Balance at March 31, 2023 Credit derivatives (360) (57) — 87 (330) Net total $ (360) $ (57) $ — $ 87 $ (330) Three Months Ended March 31, 2022 (Dollars in thousands) Balance at Additions Payments received Increase (decrease) in value Balance at March 31, 2022 Loans 48 — (35) — 13 Credit derivatives (381) (526) — 450 (457) Net total $ (333) $ (526) $ (35) $ 450 $ (444) 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, 2023 and 2022: Three Months Ended March 31, 2023 (Dollars in thousands) Balance at Payment of Adjustment Balance at March 31, 2023 Paul I. Sheaffer Insurance Agency $ 1,765 $ 635 $ 24 $ 1,154 Total contingent consideration liability $ 1,765 $ 635 $ 24 $ 1,154 Three Months Ended March 31, 2022 (Dollars in thousands) Balance at Payment of Adjustment Balance at March 31, 2022 Paul I. Sheaffer Insurance Agency $ 1,629 $ — $ 34 $ 1,663 Total contingent consideration liability $ 1,629 $ — $ 34 $ 1,663 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, 2023 and December 31, 2022: At March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 10,389 $ 10,389 Other real estate owned — — 19,000 19,000 Total $ — $ — $ 29,389 $ 29,389 At December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 10,586 $ 10,586 Other real estate owned — — 19,258 19,258 Total $ — $ — $ 29,844 $ 29,844 The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2023 and December 31, 2022. The disclosed fair values are classified using the fair value hierarchy. At March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 138,324 $ — $ — $ 138,324 $ 138,324 Held-to-maturity securities — 133,147 — 133,147 151,347 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 43,792 Net loans and leases held for investment — — 6,097,345 6,097,345 6,149,381 Servicing rights — — 16,827 16,827 8,460 Total assets $ 138,324 $ 133,147 $ 6,114,172 $ 6,385,643 $ 6,491,304 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 5,188,330 $ — $ — $ 5,188,330 $ 5,188,330 Time deposits — 637,072 — 637,072 646,327 Total deposits 5,188,330 637,072 — 5,825,402 5,834,657 Short-term borrowings — 271,881 — 271,881 271,881 Long-term debt — 220,903 — 220,903 220,000 Subordinated notes — 141,250 — 141,250 148,385 Total liabilities $ 5,188,330 $ 1,271,106 $ — $ 6,459,436 $ 6,474,923 At December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 152,799 $ — $ — $ 152,799 $ 152,799 Held-to-maturity securities — 134,068 — 134,068 154,727 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 33,841 Net loans and leases held for investment — — 5,912,050 5,912,050 6,033,640 Servicing rights — — 16,826 16,826 8,572 Total assets $ 152,799 $ 134,068 $ 5,928,876 $ 6,215,743 $ 6,383,579 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 5,394,442 $ — $ — $ 5,394,442 $ 5,394,442 Time deposits — 503,576 — 503,576 519,084 Total deposits 5,394,442 503,576 — 5,898,018 5,913,526 Short-term borrowings — 197,141 — 197,141 197,141 Long-term debt — 91,926 — 91,926 95,000 Subordinated notes — 147,250 — 147,250 148,260 Total liabilities $ 5,394,442 $ 939,893 $ — $ 6,334,335 $ 6,353,927 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 condensed 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: Loans held for sale are carried at the lower of cost or estimated fair value. 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 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, 2023, individually analyzed loans held for investment had a carrying amount of $11.3 million with a valuation allowance of $912 thousand. At December 31, 2022, individually analyzed loans held for investment had a carrying amount of $13.4 million with a valuation allowance of $2.8 million. The Corporation had no individually analyzed leases at March 31, 2023 or December 31, 2022. Servicing rights: The Corporation estimates the fair value of 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. Servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the servicing rights portfolio on a quarterly basis for impairment and the servicing rights are carried at the lower of amortized cost or estimated fair value. At March 31, 2023, servicing rights had a net carrying amount of $8.5 million, which included a valuation allowance of $40 thousand. At December 31, 2022, servicing rights had a net carrying amount of $8.6 million, which included a valuation allowance of $5 thousand. 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, 2023, there were no required valuation adjustments of goodwill and other identifiable intangible assets. Other real estate owned: Other real estate owned (OREO) represents properties that the Corporation has acquired through foreclosure by either accepting a deed in lieu of foreclosure, or by taking possession of assets that were used as loan collateral. The Corporation reports OREO at the lower of cost or fair value less cost to sell, adjusted periodically based on a current appraisal or an executed agreement of sale. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset. Write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. OREO is reported in other assets on the condensed consolidated balance sheet. At March 31, 2023 and December 31, 2022, OREO had a carrying amount of $19.0 million and $19.3 million, respectively. During the three months ended March 31, 2023, one commercial real estate property with a carrying value of $257 thousand was sold. Other real estate owned is classified within Level 3 in the fair value hierarchy based on appraisals, letters of intent or agreement of sale received from third parties. 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At March 31, 2023, the Corporation had 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 as follows: ● 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 investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships. ● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, 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, 2023 At December 31, 2022 At March 31, 2022 Banking $ 7,238,593 $ 7,104,727 $ 6,997,081 Wealth Management 59,127 58,239 53,174 Insurance 46,059 44,728 42,240 Other 15,212 14,322 15,245 Consolidated assets $ 7,358,991 $ 7,222,016 $ 7,107,740 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 83,224 $ 20 $ — $ 9 $ 83,253 Interest expense 20,676 979 — 2,281 23,936 Net interest income (expense) 62,548 (959) — (2,272) 59,317 Provision for credit losses 3,387 — — — 3,387 Noninterest income 6,237 6,759 6,720 (36) 19,680 Noninterest expense 39,932 4,860 3,935 802 49,529 Intersegment (revenue) expense* (237) 115 122 — — Income (loss) before income taxes 25,703 825 2,663 (3,110) 26,081 Income tax expense (benefit) 5,185 164 583 (885) 5,047 Net income (loss) $ 20,518 $ 661 $ 2,080 $ (2,225) $ 21,034 Net capital expenditures $ 2,201 $ 3 $ 56 $ 325 $ 2,585 Three Months Ended March 31, 2022 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 51,189 $ 1 $ — $ 8 $ 51,198 Interest expense 3,180 30 — 1,328 4,538 Net interest income (expense) 48,009 (29) — (1,320) 46,660 Reversal of provision for credit losses (3,450) — — — (3,450) Noninterest income 7,370 7,305 5,764 31 20,470 Noninterest expense 36,488 4,709 3,865 350 45,412 Intersegment (revenue) expense* (433) 211 222 — — Income (loss) before income taxes 22,774 2,356 1,677 (1,639) 25,168 Income tax expense (benefit) 4,543 492 358 (542) 4,851 Net income (loss) $ 18,231 $ 1,864 $ 1,319 $ (1,097) $ 20,317 Net capital expenditures $ (5,592) $ 63 $ 15 $ 20 $ (5,494) * 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. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 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 the 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 period presentation. Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 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 Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 24, 2023. |
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 the fair value measurement of investment securities available-for-sale and the determination of the allowance for credit losses. |
Loans and Leases | Loans A loan is classified as a modified loan to a borrower experiencing financial difficulty when a contractual loan modification in the form of principal forgiveness, an interest rate reduction, an other-than-significant payment delay or a term extension (or a combination thereof) has been granted to an existing borrower experiencing financial difficulties. The goal when modifying a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing modified loans to borrowers experiencing financial difficulty are primarily comprised of loans on which interest is being accrued under the modified terms, and the loans are current or less than 90 days past due. Loans and Leases - Prior to ASU No. 2022-02 Adoption The Corporation adopted ASU No. 2022-02 effective January 1, 2023. The following section was carried forward from the Annual Report of Form 10-K for the year ended December 31, 2022. 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. |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2023 In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. This ASU became effective on January 1, 2023 for the Corporation. The adoption of this ASU resulted in updated disclosures within our financial statements but otherwise did not have a material impact on the Corporation's financial statements. Recent Accounting Pronouncements Yet to Be Adopted In March 2023, the FASB issued ASU No. 2023-02, " Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) ". The ASU allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria in Accounting Standards Codification (ASC) 323-740-25-1. While the ASU does not significantly alter the existing eligibility criteria, it does provide clarifications to address existing interpretive issues. It also prescribes specific information reporting entities must disclose about tax credit investments each period. This ASU is effective for reporting periods beginning after December 15, 2023, for public business entities, or January 1, 2024 for the Corporation. The Corporation does not expect the adoption of this ASU to have a material impact on the Corporation's financial statements. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [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, 2022. Three Months Ended March 31, (Dollars and shares in thousands, except per share data) 2023 2022 Numerator for basic and diluted earnings per share —net income available to common shareholders $ 21,034 $ 20,317 Denominator for basic earnings per share —weighted-average shares outstanding 29,312 29,542 Effect of dilutive securities—employee stock options and restricted stock units 194 196 Denominator for diluted earnings per share —adjusted weighted-average shares outstanding 29,506 29,738 Basic earnings per share $ 0.72 $ 0.69 Diluted earnings per share $ 0.71 $ 0.68 Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share 229 249 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Estimated Fair Value and Allowance for Credit Losses of HTM Securities and AFS 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, 2023 and December 31, 2022, by contractual maturity within each type: At March 31, 2023 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity Residential mortgage-backed securities: After 1 year to 5 years $ 2,554 $ — $ (87) $ 2,467 After 5 years to 10 years 7,531 — (398) — 7,133 Over 10 years 141,262 — (17,715) — 123,547 151,347 — (18,200) — 133,147 Total $ 151,347 $ — $ (18,200) $ — $ 133,147 Securities Available-for-Sale State and political subdivisions: Within 1 year $ 1,030 $ 1 $ — $ — $ 1,031 After 1 year to 5 years 1,297 — (31) — 1,266 2,327 1 (31) — 2,297 Residential mortgage-backed securities: After 1 year to 5 years 784 — (29) — 755 After 5 years to 10 years 15,617 — (1,194) — 14,423 Over 10 years 301,712 32 (36,128) — 265,616 318,113 32 (37,351) — 280,794 Collateralized mortgage obligations: After 5 years to 10 years 305 — (18) — 287 Over 10 years 2,199 — (215) — 1,984 2,504 — (233) — 2,271 Corporate bonds: Within 1 year 1,500 — (1) (1) 1,498 After 1 year to 5 years 29,674 4 (1,163) (200) 28,315 After 5 years to 10 years 60,000 — (6,288) (1,231) 52,481 91,174 4 (7,452) (1,432) 82,294 Total $ 414,118 $ 37 $ (45,067) $ (1,432) $ 367,656 At December 31, 2022 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair Value Securities Held-to-Maturity Residential mortgage-backed securities: After 1 year to 5 years $ 1,654 $ — $ (70) $ — $ 1,584 After 5 years to 10 years 6,076 — (342) — 5,734 Over 10 years 146,997 — (20,247) — 126,750 154,727 — (20,659) — 134,068 Total $ 154,727 $ — $ (20,659) $ — $ 134,068 Securities Available-for-Sale State and political subdivisions: After 1 year to 5 years $ 2,327 $ — $ (42) $ — $ 2,285 2,327 — (42) — 2,285 Residential mortgage-backed securities: After 1 year to 5 years 864 — (37) — 827 After 5 years to 10 years 10,399 — (815) — 9,584 Over 10 years 294,261 7 (41,291) — 252,977 305,524 7 (42,143) — 263,388 Collateralized mortgage obligations: After 5 years to 10 years 324 — (22) — 302 Over 10 years 2,257 — (237) — 2,020 2,581 — (259) — 2,322 Corporate bonds: Within 1 year 1,000 — — — 1,000 After 1 year to 5 years 30,679 3 (1,516) (152) 29,014 After 5 years to 10 years 60,000 — (6,765) (988) 52,247 91,679 3 (8,281) (1,140) 82,261 Total $ 402,111 $ 10 $ (50,725) $ (1,140) $ 350,256 |
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, 2023 and 2022: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Securities available-for-sale: Proceeds from sales $ — $ 1,530 Gross realized gains on sales — 30 Tax expense related to net realized gains on sales — 6 |
Amount of Securities in Unrealized Loss Position With No Allowance For Credit Losses | 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, 2023 and December 31, 2022, 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, 2023 Securities Held-to-Maturity Residential mortgage-backed securities $ 22,966 $ (862) $ 110,181 $ (17,338) $ 133,147 $ (18,200) Total $ 22,966 $ (862) $ 110,181 $ (17,338) $ 133,147 $ (18,200) Securities Available-for-Sale State and political subdivisions $ — $ — $ 1,267 $ (31) $ 1,267 $ (31) Residential mortgage-backed securities 84,540 (4,885) 190,747 (32,466) 275,287 (37,351) Collateralized mortgage obligations — — 2,271 (233) 2,271 (233) Total $ 84,540 $ (4,885) $ 194,285 $ (32,730) $ 278,825 $ (37,615) At December 31, 2022 Securities Held-to-Maturity Residential mortgage-backed securities $ 65,044 $ (5,894) $ 69,024 $ (14,765) $ 134,068 $ (20,659) Total $ 65,044 $ (5,894) $ 69,024 $ (14,765) $ 134,068 $ (20,659) Securities Available-for-Sale State and political subdivisions $ 1,255 $ (42) $ — $ — $ 1,255 $ (42) Residential mortgage-backed securities 128,831 (13,843) 133,902 (28,300) 262,733 (42,143) Collateralized mortgage obligations 302 (22) 2,020 (237) 2,322 (259) Corporate bonds 500 (1) — — 500 (1) Total $ 130,888 $ (13,908) $ 135,922 $ (28,537) $ 266,810 $ (42,445) |
Available-for-sale Securities, Allowance for Credit Loss Rollforward | The table below presents a rollforward by major security type for the three months ended March 31, 2023 and March 31, 2022 of the allowance for credit losses on securities available-for-sale. (Dollars in thousands) Corporate Bonds Three months ended March 31, 2023 Securities Available-for-Sale Beginning balance $ (1,140) Change in securities for which a previous expected credit loss was recognized (292) Ending balance $ (1,432) Three months ended March 31, 2022 Securities Available-for-Sale Beginning balance $ (929) Additions for securities for which no previous expected credit losses were recognized (45) Change in securities for which a previous expected credit loss was recognized (301) Ending balance $ (1,275) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | Summary of Major Loan and Lease Categories (Dollars in thousands) At March 31, 2023 At December 31, 2022 Commercial, financial and agricultural $ 1,032,753 $ 1,088,928 Real estate-commercial 3,128,210 3,027,955 Real estate-construction 376,569 381,811 Real estate-residential secured for business purpose 498,505 478,254 Real estate-residential secured for personal purpose 779,557 730,395 Real estate-home equity secured for personal purpose 172,073 176,699 Loans to individuals 28,656 27,873 Lease financings 223,481 211,315 Total loans and leases held for investment, net of deferred income $ 6,239,804 $ 6,123,230 Less: Allowance for credit losses, loans and leases (80,034) (79,004) Net loans and leases held for investment $ 6,159,770 $ 6,044,226 Imputed interest on lease financings, included in the above table $ (24,386) $ (21,932) Net deferred costs, included in the above table 6,633 6,053 Overdraft deposits included in the above table 154 93 |
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 held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at March 31, 2023 and December 31, 2022: 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, 2023 Commercial, financial and agricultural $ 1,348 $ — $ — $ 1,348 $ 1,027,982 $ 1,029,330 $ 3,423 $ 1,032,753 Real estate—commercial real estate and construction: Commercial real estate 328 — 1,195 1,523 3,122,399 3,123,922 4,288 3,128,210 Construction — — — — 376,186 376,186 383 376,569 Real estate—residential and home equity: Residential secured for business purpose 308 768 — 1,076 496,670 497,746 759 498,505 Residential secured for personal purpose 1,506 — — 1,506 776,551 778,057 1,500 779,557 Home equity secured for personal purpose 835 74 — 909 170,216 171,125 948 172,073 Loans to individuals 20 4 47 71 28,585 28,656 — 28,656 Lease financings 1,207 371 754 2,332 221,088 223,420 61 223,481 Total $ 5,552 $ 1,217 $ 1,996 $ 8,765 $ 6,219,677 $ 6,228,442 $ 11,362 $ 6,239,804 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 December 31, 2022 Commercial, financial and agricultural $ 1,616 $ 343 $ — $ 1,959 $ 1,081,897 $ 1,083,856 $ 5,072 $ 1,088,928 Real estate—commercial real estate and construction: Commercial real estate 3,281 290 20 3,591 3,019,827 3,023,418 4,537 3,027,955 Construction 315 — — 315 381,496 381,811 — 381,811 Real estate—residential and home equity: Residential secured for business purpose 375 203 263 841 476,400 477,241 1,013 478,254 Residential secured for personal purpose 4,127 162 319 4,608 723,798 728,406 1,989 730,395 Home equity secured for personal purpose 953 225 — 1,178 174,781 175,959 740 176,699 Loans to individuals 32 153 39 224 27,649 27,873 — 27,873 Lease financings 3,555 341 234 4,130 207,183 211,313 2 211,315 Total $ 14,254 $ 1,717 $ 875 $ 16,846 $ 6,093,031 $ 6,109,877 $ 13,353 $ 6,123,230 |
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, 2023 and December 31, 2022. At March 31, 2023 At December 31, 2022 (Dollars in thousands) Nonaccrual Loans and Total Nonperforming Nonaccrual Loans and Total Nonperforming Commercial, financial and agricultural $ 3,423 $ — $ 3,423 $ 5,072 $ — $ 5,072 Real estate—commercial real estate and construction: Commercial real estate 4,288 1,195 5,483 4,537 20 4,557 Construction 383 — 383 — — — Real estate—residential and home equity: Residential secured for business purpose 759 — 759 1,013 263 1,276 Residential secured for personal purpose 1,500 — 1,500 1,989 319 2,308 Home equity secured for personal purpose 948 — 948 740 — 740 Loans to individuals — 47 47 — 39 39 Lease financings 61 754 815 2 234 236 Total $ 11,362 $ 1,996 $ 13,358 $ 13,353 $ 875 $ 14,228 |
Nonaccrual Loan and Lease Data | The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of March 31, 2023 and December 31, 2022. (Dollars in thousands) Nonaccrual With No ACL Nonaccrual With ACL Total Nonaccrual Loans and Leases 90 Days or more Past Due and Accruing Interest At March 31, 2023 Commercial, financial and agricultural $ 159 $ 3,264 $ 3,423 $ — Real estate-commercial 4,288 — 4,288 1,195 Real estate-construction 383 — 383 — Real estate-residential secured for business purpose 759 — 759 — Real estate-residential secured for personal purpose 1,500 — 1,500 — Real estate-home equity secured for personal purpose 948 — 948 — Loans to individuals — — — 47 Lease financings — 61 61 754 Total $ 8,037 $ 3,325 $ 11,362 $ 1,996 At December 31, 2022 Commercial, financial and agricultural $ 225 $ 4,847 $ 5,072 $ — Real estate-commercial 4,537 — 4,537 20 Real estate-residential secured for business purpose 1,013 — 1,013 263 Real estate-residential secured for personal purpose 1,989 — 1,989 319 Real estate-home equity secured for personal purpose 740 — 740 — Loans to individuals — — — 39 Lease financings — 2 2 234 Total $ 8,504 $ 4,849 $ 13,353 $ 875 For the three months ended March 31, 2023, $6 thousand of interest income was recognized on nonaccrual loans and leases. The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of March 31, 2023 and December 31, 2022. (Dollars in thousands) Real Estate Other (1) None (2) Total At March 31, 2023 Commercial, financial and agricultural $ 3,423 $ — $ — $ 3,423 Real estate-commercial 4,288 — — 4,288 Real estate-construction 383 — — 383 Real estate-residential secured for business purpose 759 — — 759 Real estate-residential secured for personal purpose 1,500 — — 1,500 Real estate-home equity secured for personal purpose 948 — — 948 Lease financings — 61 — 61 Total $ 11,301 $ 61 $ — $ 11,362 (Dollars in thousands) Real Estate Other (1) None (2) Total At December 31, 2022 Commercial, financial and agricultural $ 2,743 $ — $ 2,329 $ 5,072 Real estate-commercial 4,537 — — 4,537 Real estate-residential secured for business purpose 1,013 — — 1,013 Real estate-residential secured for personal purpose 1,989 — — 1,989 Real estate-home equity secured for personal purpose 740 — — 740 Lease financings — 2 — 2 Total $ 11,022 $ 2 $ 2,329 $ 13,353 (1) Collateral consists of business assets, including accounts receivable, personal property and equipment. (2) Loans fully guaranteed by the SBA or fully reserved given lack of collateral. |
Summary of Commercial Credit Quality Indicators | Credit Quality Indicators The Corporation categorizes risk based on relevant information about the ability of the borrower to service their debt. Loans with a relationship balance of less than $1 million are reviewed when necessary based on their performance, primarily when such loans are delinquent. 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 key risk indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2022. The following is a description of the internal risk ratings and the likelihood of loss related to the credit quality of commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans. 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 Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans by credit quality indicator at March 31, 2023 and December 31, 2022. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total At March 31, 2023 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 27,521 $ 194,140 $ 145,736 $ 36,286 $ 25,788 $ 67,231 $ 469,953 $ 729 $ 967,384 2. Special Mention — 3,926 21,196 2,362 7,098 — 27,337 — 61,919 3. Substandard — — 108 — 589 — 2,753 — 3,450 Total $ 27,521 $ 198,066 $ 167,040 $ 38,648 $ 33,475 $ 67,231 $ 500,043 $ 729 $ 1,032,753 Current period gross charge-offs $ — $ — $ 247 $ 23 $ — $ — $ 2,578 $ — $ 2,848 Real Estate-Commercial Risk Rating 1. Pass $ 117,401 $ 880,556 $ 682,078 $ 703,079 $ 360,218 $ 304,672 $ 52,553 $ — $ 3,100,557 2. Special Mention — 854 10,250 5,725 — 2,816 1,771 — 21,416 3. Substandard — — 1,949 1,701 — 2,587 — — 6,237 Total $ 117,401 $ 881,410 $ 694,277 $ 710,505 $ 360,218 $ 310,075 $ 54,324 $ — $ 3,128,210 Current period gross charge-offs $ — $ — $ — $ — $ — $ 50 $ — $ — $ 50 Real Estate-Construction Risk Rating 1. Pass $ 36,683 $ 261,911 $ 27,799 $ 3,949 $ 255 $ 2,761 $ 26,178 $ — $ 359,536 2. Special Mention — 5,352 — — — — 5,472 — 10,824 3. Substandard — 380 — — 5,829 — — — 6,209 Total $ 36,683 $ 267,643 $ 27,799 $ 3,949 $ 6,084 $ 2,761 $ 31,650 $ — $ 376,569 Current period gross charge-offs $ — $ — $ — $ 207 $ — $ — $ — $ — $ 207 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 30,786 $ 162,069 $ 131,702 $ 65,443 $ 40,142 $ 38,726 $ 27,696 $ — $ 496,564 2. Special Mention — — — 245 — 934 — — 1,179 3. Substandard — — 211 26 — 488 37 — 762 Total $ 30,786 $ 162,069 $ 131,913 $ 65,714 $ 40,142 $ 40,148 $ 27,733 $ — $ 498,505 Totals By Risk Rating 1. Pass $ 212,391 $ 1,498,676 $ 987,315 $ 808,757 $ 426,403 $ 413,390 $ 576,380 $ 729 $ 4,924,041 2. Special Mention — 10,132 31,446 8,332 7,098 3,750 34,580 — 95,338 3. Substandard — 380 2,268 1,727 6,418 3,075 2,790 — 16,658 Total $ 212,391 $ 1,509,188 $ 1,021,029 $ 818,816 $ 439,919 $ 420,215 $ 613,750 $ 729 $ 5,036,037 Total current period gross charge-offs $ — $ — $ 247 $ 230 $ — $ 50 $ 2,578 $ — $ 3,105 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total At December 31, 2022 Commercial, Financial and Agricultural Risk Rating 1. Pass $ 233,064 $ 148,033 $ 41,091 $ 28,269 $ 28,209 $ 48,631 $ 487,818 $ 125 $ 1,015,240 2. Special Mention 2,732 28,220 9,623 8,104 26 — 19,829 — 68,534 3. Substandard — 13 — — — — 5,141 — 5,154 Total $ 235,796 $ 176,266 $ 50,714 $ 36,373 $ 28,235 $ 48,631 $ 512,788 $ 125 $ 1,088,928 Real Estate-Commercial Risk Rating 1. Pass $ 877,703 $ 680,432 $ 724,941 $ 332,702 $ 118,034 $ 208,974 $ 54,139 $ — $ 2,996,925 2. Special Mention 869 8,173 11,582 944 85 3,002 1,838 — 26,493 3. Substandard — — 1,770 — 2,222 495 50 — 4,537 Total $ 878,572 $ 688,605 $ 738,293 $ 333,646 $ 120,341 $ 212,471 $ 56,027 $ — $ 3,027,955 Real Estate-Construction Risk Rating 1. Pass $ 243,983 $ 52,485 $ 8,341 $ 34,670 $ 191 $ 442 $ 30,223 $ — $ 370,335 2. Special Mention — 5,781 — 5,695 — — — — 11,476 3. Substandard — — — — — — — — — Total $ 243,983 $ 58,266 $ 8,341 $ 40,365 $ 191 $ 442 $ 30,223 $ — $ 381,811 Real Estate-Residential Secured for Business Purpose Risk Rating 1. Pass $ 165,844 $ 128,669 $ 67,955 $ 39,794 $ 21,226 $ 23,324 $ 29,239 $ — $ 476,051 2. Special Mention — — 247 — — 941 — — 1,188 3. Substandard — 211 27 — 38 594 145 — 1,015 Total $ 165,844 $ 128,880 $ 68,229 $ 39,794 $ 21,264 $ 24,859 $ 29,384 $ — $ 478,254 Totals By Risk Rating 1. Pass $ 1,520,594 $ 1,009,619 $ 842,328 $ 435,435 $ 167,660 $ 281,371 $ 601,419 $ 125 $ 4,858,551 2. Special Mention 3,601 42,174 21,452 14,743 111 3,943 21,667 — 107,691 3. Substandard — 224 1,797 — 2,260 1,089 5,336 — 10,706 Total $ 1,524,195 $ 1,052,017 $ 865,577 $ 450,178 $ 170,031 $ 286,403 $ 628,422 $ 125 $ 4,976,948 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, 2023 or December 31, 2022. |
Summary of Credit Exposure | The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings. 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, 2022. Loans and leases past due 90 days or more and loans and leases on nonaccrual status are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings by credit quality indicator at March 31, 2023 and December 31, 2022. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total At March 31, 2023 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 45,329 $ 265,019 $ 213,723 $ 138,347 $ 23,519 $ 92,037 $ 83 $ 778,057 2. Nonperforming — 158 47 — 309 986 — 1,500 Total $ 45,329 $ 265,177 $ 213,770 $ 138,347 $ 23,828 $ 93,023 $ 83 $ 779,557 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 219 $ 2,761 $ 614 $ 467 $ 186 $ 1,743 $ 165,135 $ 171,125 2. Nonperforming — — — — — 45 903 948 Total $ 219 $ 2,761 $ 614 $ 467 $ 186 $ 1,788 $ 166,038 $ 172,073 Loans to Individuals Payment Performance 1. Performing $ 502 $ 1,317 $ 763 $ 494 $ 197 $ 1,359 $ 23,977 $ 28,609 2. Nonperforming — — — — — 47 — 47 Total $ 502 $ 1,317 $ 763 $ 494 $ 197 $ 1,406 $ 23,977 $ 28,656 Current period gross charge-offs $ 38 $ 19 $ — $ 5 $ — $ — $ 43 $ 105 Lease Financings Payment Performance 1. Performing $ 31,451 $ 88,155 $ 56,656 $ 29,682 $ 12,776 $ 3,946 $ — $ 222,666 2. Nonperforming — 654 111 18 4 28 — 815 Total $ 31,451 $ 88,809 $ 56,767 $ 29,700 $ 12,780 $ 3,974 $ — $ 223,481 Current period gross charge-offs $ — $ — $ — $ 20 $ — $ — $ — $ 20 Totals by Payment Performance 1. Performing $ 77,501 $ 357,252 $ 271,756 $ 168,990 $ 36,678 $ 99,085 $ 189,195 $ 1,200,457 2. Nonperforming — 812 158 18 313 1,106 903 3,310 Total $ 77,501 $ 358,064 $ 271,914 $ 169,008 $ 36,991 $ 100,191 $ 190,098 $ 1,203,767 Total current period gross charge-offs $ 38 $ 19 $ — $ 25 $ — $ — $ 43 $ 125 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total At December 31, 2022 Real Estate-Residential Secured for Personal Purpose Payment Performance 1. Performing $ 258,293 $ 211,638 $ 140,822 $ 23,827 $ 18,273 $ 75,126 $ 108 $ 728,087 2. Nonperforming — 48 466 319 306 1,169 — 2,308 Total $ 258,293 $ 211,686 $ 141,288 $ 24,146 $ 18,579 $ 76,295 $ 108 $ 730,395 Real Estate-Home Equity Secured for Personal Purpose Payment Performance 1. Performing $ 2,945 $ 642 $ 491 $ 192 $ 205 $ 1,565 $ 169,870 $ 175,910 2. Nonperforming — — — — 157 3 629 789 Total $ 2,945 $ 642 $ 491 $ 192 $ 362 $ 1,568 $ 170,499 $ 176,699 Loans to Individuals Payment Performance 1. Performing $ 1,581 $ 857 $ 554 $ 247 $ 138 $ 1,340 $ 23,117 $ 27,834 2. Nonperforming — — — — — 39 — 39 Total $ 1,581 $ 857 $ 554 $ 247 $ 138 $ 1,379 $ 23,117 $ 27,873 Lease Financings Payment Performance 1. Performing $ 94,430 $ 61,680 $ 33,468 $ 15,164 $ 5,569 $ 768 $ — $ 211,079 2. Nonperforming 41 56 17 21 90 11 — 236 Total $ 94,471 $ 61,736 $ 33,485 $ 15,185 $ 5,659 $ 779 $ — $ 211,315 Totals by Payment Performance 1. Performing $ 357,249 $ 274,817 $ 175,335 $ 39,430 $ 24,185 $ 78,799 $ 193,095 $ 1,142,910 2. Nonperforming 41 104 483 340 553 1,222 629 3,372 Total $ 357,290 $ 274,921 $ 175,818 $ 39,770 $ 24,738 $ 80,021 $ 193,724 $ 1,146,282 |
Summary of Activity in the Allowance for Credit Losses, Loans and Leases | Allowance 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 allowance for credit losses, loans and leases, for the three months ended March 31, 2023 and 2022. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the three months ended March 31, 2023. (Dollars in thousands) Beginning balance Provision (reversal of provision) for credit losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2023 Allowance for credit losses, loans and leases: Commercial, financial and agricultural $ 16,920 $ 547 $ (2,848) $ 106 $ 14,725 Real estate-commercial 41,673 1,524 (50) 3 43,150 Real estate-construction 4,952 (64) (207) — 4,681 Real estate-residential secured for business purpose 7,054 1,125 — 181 8,360 Real estate-residential secured for personal purpose 3,685 1,327 — — 5,012 Real estate-home equity secured for personal purpose 1,287 (66) — 50 1,271 Loans to individuals 351 113 (105) 16 375 Lease financings 3,082 (634) (20) 32 2,460 Unallocated — — N/A N/A — Total $ 79,004 $ 3,872 $ (3,230) $ 388 $ 80,034 Three Months Ended March 31, 2022 Allowance for credit losses, loans and leases: Commercial, financial and agricultural $ 13,538 $ (1,672) $ (214) $ 189 $ 11,841 Real estate-commercial 41,095 (669) — — 40,426 Real estate-construction 4,575 (941) — — 3,634 Real estate-residential secured for business purpose 6,482 (328) — 48 6,202 Real estate-residential secured for personal purpose 2,403 189 — — 2,592 Real estate-home equity secured for personal purpose 1,028 (53) — 1 976 Loans to individuals 363 57 (75) 24 369 Lease financings 2,290 5 (59) 10 2,246 Unallocated 150 (150) N/A N/A — Total $ 71,924 $ (3,562) $ (348) $ 272 $ 68,286 N/A – Not applicable |
Schedule of Allowance 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, 2023 and 2022: 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, 2023 Commercial, financial and agricultural $ 912 $ 13,813 $ 14,725 $ 3,423 $ 1,029,330 $ — $ 1,032,753 Real estate-commercial — 43,150 43,150 4,288 3,123,922 — 3,128,210 Real estate-construction — 4,681 4,681 383 376,186 — 376,569 Real estate-residential secured for business purpose — 8,360 8,360 759 497,746 — 498,505 Real estate-residential secured for personal purpose — 5,012 5,012 1,500 778,057 — 779,557 Real estate-home equity secured for personal purpose — 1,271 1,271 948 171,125 — 172,073 Loans to individuals — 375 375 — 28,656 — 28,656 Lease financings — 2,460 2,460 — 223,481 — 223,481 Total $ 912 $ 79,122 $ 80,034 $ 11,301 $ 6,228,503 $ — $ 6,239,804 At March 31, 2022 Commercial, financial and agricultural $ — $ 11,841 $ 11,841 $ 448 $ 942,335 $ — $ 942,783 Real estate-commercial 954 39,472 40,426 26,411 2,790,313 13 2,816,737 Real estate-construction — 3,634 3,634 — 285,083 — 285,083 Real estate-residential secured for business purpose — 6,202 6,202 1,120 411,366 — 412,486 Real estate-residential secured for personal purpose — 2,592 2,592 2,259 566,476 — 568,735 Real estate-home equity secured for personal purpose — 976 976 489 159,645 — 160,134 Loans to individuals — 369 369 — 26,249 — 26,249 Lease financings — 2,246 2,246 — 188,579 — 188,579 Total $ 954 $ 67,332 $ 68,286 $ 30,727 $ 5,370,046 $ 13 $ 5,400,786 N/A – Not applicable |
Schedule of Accruing and Nonaccruing Modified Loans to Borrowers Experiencing Financial Difficulty | The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2023. Three Months Ended March 31, 2023 (Dollars in thousands) Number Amortized Cost Basis* % of Total Class of Financing Receivable Related Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Real estate—construction 1 $ 5,829 1.2 % $ 16 Total 1 $ 5,829 $ 16 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Commercial, financial and agricultural 1 $ 2,620 0.3 % $ 538 Total 1 $ 2,620 $ 538 |
Schedule of Financial Effect on Accruing and Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty | The following presents, by class of loans, information regarding the financial effect on accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2023. Term Extension (Dollars in thousands) No. of Financial Effect Three Months Ended March 31, 2023 Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Real estate—construction 1 Extended the loan maturity by 8 months to allow time for the construction to be completed. 3 months of interest payments were capitalized to the loan balance. Total 1 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Commercial, financial and agricultural 1 Extended the loan maturity by 10 months in order to provide time to borrower to liquidate collateral for loan payoff. Total 1 |
Schedule of Accruing and Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty With Subsequent Payment Defaults | There were no accruing or nonaccrual modified loans to borrowers experiencing financial difficulty for which there were payment defaults after the modification date for the three months ended March 31, 2023. |
Schedule of Aging Analysis of Accruing and Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty | The following presents, by class of loans, the amortized cost and payment status of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty at March 31, 2023. At March 31, 2023 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due Total Accruing Modified Loans to Borrowers Experiencing Financial Difficulty: Real estate—construction $ 5,829 $ — $ — $ 5,829 Total $ 5,829 $ — $ — $ 5,829 Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty: Commercial, financial and agricultural $ 2,620 $ — $ — $ 2,620 Total $ 2,620 $ — $ — $ 2,620 |
Schedule of Mortgages in Process of Foreclosure | The following presents the amount of consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at March 31, 2023 or December 31, 2022. (Dollars in thousands) At March 31, 2023 At December 31, 2022 Real estate-residential secured for personal purpose $ 2,812 $ 822 Real estate-home equity secured for personal purpose 71 72 Total $ 2,883 $ 894 |
Schedule of Lease Payments Receivables | The following presents the schedule of minimum lease payments receivable: (Dollars in thousands) At March 31, 2023 At December 31, 2022 2023 (excluding the three months ended March 31, 2023) $ 74,280 $ 75,900 2024 66,701 61,793 2025 49,414 45,738 2026 33,086 29,902 2027 14,603 13,091 Thereafter 5,421 2,552 Total future minimum lease payments receivable 243,505 228,976 Plus: Unguaranteed residual 1,212 1,387 Plus: Initial direct costs 3,150 2,884 Less: Imputed interest (24,386) (21,932) Lease financings $ 223,481 $ 211,315 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2022 $ 138,476 $ 15,434 $ 21,600 $ 175,510 Addition to goodwill from acquisitions — — — — Balance at March 31, 2023 $ 138,476 $ 15,434 $ 21,600 $ 175,510 |
Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated: At March 31, 2023 At December 31, 2022 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Gross Carrying Amount Accumulated Amortization (1) Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 6,788 $ 6,048 $ 740 $ 6,788 $ 5,939 $ 849 Customer related intangibles 4,162 2,318 1,844 8,493 6,530 1,963 Servicing rights 29,181 20,721 8,460 28,904 20,332 8,572 Total amortized intangible assets $ 40,131 $ 29,087 $ 11,044 $ 44,185 $ 32,801 $ 11,384 (1) Included within accumulated amortization is a valuation allowance of $40 thousand and $5 thousand on servicing rights at March 31, 2023 and December 31, 2022, respectively. |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2023 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2023 $ 616 2024 648 2025 469 2026 319 2027 216 Thereafter 316 Total $ 2,584 |
Changes In Servicing Rights | Changes in the servicing rights balance are summarized as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Beginning of period $ 8,572 $ 7,878 Servicing rights capitalized 277 714 Amortization of servicing rights (354) (476) Changes in valuation allowance (35) 6 End of period $ 8,460 $ 8,122 Loans serviced for others $ 1,496,319 $ 1,440,562 |
Activity In Valuation Allowance For Servicing Rights | Activity in the valuation allowance for servicing rights was as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Valuation allowance, beginning of period $ (5) $ (13) Additions (35) — Reductions — 6 Valuation allowance, end of period $ (40) $ (7) |
Estimated Amortization Expense of Servicing Rights | The estimated amortization expense of servicing rights for the remainder of 2023 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2023 $ 1,072 2024 958 2025 855 2026 761 2027 641 Thereafter 4,173 Total $ 8,460 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Components of Weighted Average Interest Rate and Balance of Deposits | Deposits and their respective weighted average interest rate at March 31, 2023 and December 31, 2022 consisted of the following: At March 31, 2023 At December 31, 2022 Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount (Dollars in thousands) Noninterest-bearing deposits — % $ 1,799,225 — % $ 2,047,263 Demand deposits 2.56 2,433,575 2.02 2,321,748 Savings deposits 0.39 955,530 0.25 1,025,431 Time deposits 2.91 646,327 2.07 519,084 Total 1.45 % $ 5,834,657 1.02 % $ 5,913,526 |
Schedule Of Maturities Of Time Deposits | At March 31, 2023, the scheduled maturities of time deposits were as follows: Year (Dollars in thousands) Amount Remainder of 2023 $ 259,767 2024 196,555 2025 158,162 2026 14,600 2027 8,246 Thereafter 8,997 Total $ 646,327 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 At December 31, 2022 (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: FHLB borrowings $ 163,700 5.15 % $ 125,000 4.45 % Federal funds purchased 90,000 5.26 60,000 4.63 Customer repurchase agreements 18,181 0.05 12,141 0.05 Long-term debt: FHLB advances $ 220,000 3.52 % $ 95,000 1.34 % Subordinated notes 148,385 6.08 148,260 6.09 |
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, 2023 Weighted Average Rate Remainder of 2023 $ 10,000 3.02 % 2024 85,000 2.10 2025 50,000 4.59 2026 50,000 4.42 2027 — — Thereafter 25,000 4.61 Total $ 220,000 3.52 % |
Retirement Plans and Other Po_2
Retirement Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Income) | Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Three Months Ended March 31, 2023 2022 2023 2022 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 130 $ 137 $ 19 $ 30 Interest cost 597 390 32 24 Expected loss on plan assets (770) (933) — — Amortization of net actuarial loss (gain) 250 204 (4) 14 Net periodic benefit cost (income) $ 207 $ (202) $ 47 $ 68 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023: (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, 2023 Outstanding at December 31, 2022 294,111 $ 26.11 Exercised (4,167) 17.89 Outstanding at March 31, 2023 289,944 26.23 3.9 $ 302 Exercisable at March 31, 2023 289,944 26.23 3.9 302 |
Summary of Nonvested Restricted Stock Units | The following is a summary of nonvested restricted stock units at March 31, 2023 including changes during the three months then ended: (Dollars in thousands, except per share data) Nonvested Stock Units Weighted Average Grant Date Fair Value Nonvested stock units at December 31, 2022 408,264 $ 25.57 Granted 213,429 25.04 Added by performance factor 814 19.20 Vested (174,798) 21.95 Forfeited (6,114) 27.62 Nonvested stock units at March 31, 2023 441,595 $ 26.71 |
Certain Information Regarding Restricted Stock Units | Certain information regarding restricted stock units is summarized below for the periods indicated: Three Months Ended March 31, (Dollars in thousands, except per share data) 2023 2022 Restricted stock units granted 213,429 164,319 Weighted average grant date fair value $ 25.04 $ 28.36 Intrinsic value of units granted $ 5,345 $ 4,660 Restricted stock units vested 174,798 118,834 Weighted average grant date fair value $ 21.95 $ 23.29 Intrinsic value of units vested $ 4,385 $ 3,377 |
Schedule of Unrecognized Compensation Cost, Nonvested Restricted Stock Units | The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at March 31, 2023 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Restricted stock units $ 9,603 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) 2023 2022 Stock-based compensation expense: Restricted stock units $ 1,110 $ 934 Employee stock purchase plan 29 25 Total $ 1,139 $ 959 Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options $ 35 $ 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ (40,066) $ (6,831) $ (15,207) $ (62,104) Other comprehensive income 4,491 1,869 194 6,554 Balance, March 31, 2023 $ (35,575) $ (4,962) $ (15,013) $ (55,550) Balance, December 31, 2021 $ (1,216) $ (159) $ (14,978) $ (16,353) Other comprehensive (loss) income (15,842) 114 172 (15,556) Balance, March 31, 2022 $ (17,058) $ (45) $ (14,806) $ (31,909) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 condensed consolidated balance sheets at March 31, 2023 and December 31, 2022. 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, 2023 Interest rate swap - cash flow hedge $ 250,000 $ — Other liabilities $ 6,282 Total $ 250,000 $ — $ 6,282 At December 31, 2022 Interest rate swap - cash flow hedge $ 250,000 $ — Other liabilities $ 8,647 Total $ 250,000 $ — $ 8,647 |
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 condensed consolidated balance sheets at March 31, 2023 and December 31, 2022: Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At March 31, 2023 Credit derivatives $ 792,838 $ — Other liabilities $ 330 Interest rate locks with customers 21,208 Other assets 265 — Forward loan sale commitments 26,633 — Other liabilities 6 Total $ 840,679 $ 265 $ 336 At December 31, 2022 Credit derivatives $ 815,469 $ — Other liabilities $ 360 Interest rate locks with customers 10,269 Other assets 119 — Forward loan sale commitments 15,306 Other assets 29 — Total $ 841,044 $ 148 $ 360 |
Income for Derivatives Designated as Hedging Instruments | The following table presents amounts included in the condensed 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) 2023 2022 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 1,060 $ 68 Total net loss $ (1,060) $ (68) |
Income for Derivatives Not Designated as Hedging Instruments | The following table presents amounts included in the condensed 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) 2023 2022 Credit derivatives Other noninterest income $ 86 $ 450 Interest rate locks with customers Net gain (loss) on mortgage banking activities 146 (1,010) Forward loan sale commitments Net (loss) gain on mortgage banking activities (34) 719 Total net gain $ 198 $ 159 |
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, 2023 and December 31, 2022: (Dollars in thousands) Accumulated Other At March 31, 2023 At December 31, 2022 Interest rate swap—cash flow hedge Fair value, net of taxes $ (4,962) $ (6,831) Total $ (4,962) $ (6,831) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022, classified using the fair value hierarchy: At March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 2,297 $ — $ 2,297 Residential mortgage-backed securities — 280,794 — 280,794 Collateralized mortgage obligations — 2,271 — 2,271 Corporate bonds — 82,294 — 82,294 Total available-for-sale securities — 367,656 — 367,656 Equity securities: Equity securities - financial services industry 711 — — 711 Money market mutual funds 2,394 — — 2,394 Total equity securities 3,105 — — 3,105 Loans held for sale — 5,425 — 5,425 Interest rate locks with customers* — 265 — 265 Total assets $ 3,105 $ 373,346 $ — $ 376,451 Liabilities: Contingent consideration liability $ — $ — $ 1,154 $ 1,154 Interest rate swaps* — 6,282 — 6,282 Credit derivatives* — — 330 330 Forward loan sale commitments* — 6 — 6 Total liabilities $ — $ 6,288 $ 1,484 $ 7,772 * Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The $330 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 124 interest rate swaps with a notional amount of $792.8 million. The March 31, 2023 CVA assumed a zero-deal recovery percentage based on the most recent index credit curve. The contingent consideration liability resulting from the Sheaffer acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $1.9 million over the three-year period ending November 30, 2024. At December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: State and political subdivisions $ — $ 2,285 $ — $ 2,285 Residential mortgage-backed securities — 263,388 — 263,388 Collateralized mortgage obligations — 2,322 — 2,322 Corporate bonds — 82,261 — 82,261 Total available-for-sale securities — 350,256 — 350,256 Equity securities: Equity securities - financial services industry 780 — — 780 Money market mutual funds 1,799 — — 1,799 Total equity securities 2,579 — — 2,579 Loans held for sale — 5,037 — 5,037 Interest rate locks with customers* — 119 — 119 Forward loan sale commitments* — 29 — 29 Total assets $ 2,579 $ 355,441 $ — $ 358,020 Liabilities: Contingent consideration liability $ — $ — $ 1,765 $ 1,765 Interest rate swaps* — 8,647 — 8,647 Credit derivatives* — — 360 360 Total liabilities $ — $ 8,647 $ 2,125 $ 10,772 * Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities." The $360 thousand of credit derivatives liability represented the CVA, which is obtained from real-time financial market data, of 127 interest rate swaps with a notional amount of $815.5 million. The December 31, 2022 CVA assumed a zero-deal recovery percentage based on the most recent index credit curve. |
Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Level 3 Rollforward | The following table includes a roll forward of 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, 2023 and 2022: Three Months Ended March 31, 2023 (Dollars in thousands) Balance at Additions Payments received Increase in value Balance at March 31, 2023 Credit derivatives (360) (57) — 87 (330) Net total $ (360) $ (57) $ — $ 87 $ (330) Three Months Ended March 31, 2022 (Dollars in thousands) Balance at Additions Payments received Increase (decrease) in value Balance at March 31, 2022 Loans 48 — (35) — 13 Credit derivatives (381) (526) — 450 (457) Net total $ (333) $ (526) $ (35) $ 450 $ (444) |
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, 2023 and 2022: Three Months Ended March 31, 2023 (Dollars in thousands) Balance at Payment of Adjustment Balance at March 31, 2023 Paul I. Sheaffer Insurance Agency $ 1,765 $ 635 $ 24 $ 1,154 Total contingent consideration liability $ 1,765 $ 635 $ 24 $ 1,154 Three Months Ended March 31, 2022 (Dollars in thousands) Balance at Payment of Adjustment Balance at March 31, 2022 Paul I. Sheaffer Insurance Agency $ 1,629 $ — $ 34 $ 1,663 Total contingent consideration liability $ 1,629 $ — $ 34 $ 1,663 |
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, 2023 and December 31, 2022: At March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 10,389 $ 10,389 Other real estate owned — — 19,000 19,000 Total $ — $ — $ 29,389 $ 29,389 At December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Individually analyzed loans held for investment $ — $ — $ 10,586 $ 10,586 Other real estate owned — — 19,258 19,258 Total $ — $ — $ 29,844 $ 29,844 |
Assets, Liabilities and Off-Balance Sheet Items Not Measured at Fair Value | The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2023 and December 31, 2022. The disclosed fair values are classified using the fair value hierarchy. At March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 138,324 $ — $ — $ 138,324 $ 138,324 Held-to-maturity securities — 133,147 — 133,147 151,347 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 43,792 Net loans and leases held for investment — — 6,097,345 6,097,345 6,149,381 Servicing rights — — 16,827 16,827 8,460 Total assets $ 138,324 $ 133,147 $ 6,114,172 $ 6,385,643 $ 6,491,304 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 5,188,330 $ — $ — $ 5,188,330 $ 5,188,330 Time deposits — 637,072 — 637,072 646,327 Total deposits 5,188,330 637,072 — 5,825,402 5,834,657 Short-term borrowings — 271,881 — 271,881 271,881 Long-term debt — 220,903 — 220,903 220,000 Subordinated notes — 141,250 — 141,250 148,385 Total liabilities $ 5,188,330 $ 1,271,106 $ — $ 6,459,436 $ 6,474,923 At December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 152,799 $ — $ — $ 152,799 $ 152,799 Held-to-maturity securities — 134,068 — 134,068 154,727 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 33,841 Net loans and leases held for investment — — 5,912,050 5,912,050 6,033,640 Servicing rights — — 16,826 16,826 8,572 Total assets $ 152,799 $ 134,068 $ 5,928,876 $ 6,215,743 $ 6,383,579 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 5,394,442 $ — $ — $ 5,394,442 $ 5,394,442 Time deposits — 503,576 — 503,576 519,084 Total deposits 5,394,442 503,576 — 5,898,018 5,913,526 Short-term borrowings — 197,141 — 197,141 197,141 Long-term debt — 91,926 — 91,926 95,000 Subordinated notes — 147,250 — 147,250 148,260 Total liabilities $ 5,394,442 $ 939,893 $ — $ 6,334,335 $ 6,353,927 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 At December 31, 2022 At March 31, 2022 Banking $ 7,238,593 $ 7,104,727 $ 6,997,081 Wealth Management 59,127 58,239 53,174 Insurance 46,059 44,728 42,240 Other 15,212 14,322 15,245 Consolidated assets $ 7,358,991 $ 7,222,016 $ 7,107,740 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 83,224 $ 20 $ — $ 9 $ 83,253 Interest expense 20,676 979 — 2,281 23,936 Net interest income (expense) 62,548 (959) — (2,272) 59,317 Provision for credit losses 3,387 — — — 3,387 Noninterest income 6,237 6,759 6,720 (36) 19,680 Noninterest expense 39,932 4,860 3,935 802 49,529 Intersegment (revenue) expense* (237) 115 122 — — Income (loss) before income taxes 25,703 825 2,663 (3,110) 26,081 Income tax expense (benefit) 5,185 164 583 (885) 5,047 Net income (loss) $ 20,518 $ 661 $ 2,080 $ (2,225) $ 21,034 Net capital expenditures $ 2,201 $ 3 $ 56 $ 325 $ 2,585 Three Months Ended March 31, 2022 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 51,189 $ 1 $ — $ 8 $ 51,198 Interest expense 3,180 30 — 1,328 4,538 Net interest income (expense) 48,009 (29) — (1,320) 46,660 Reversal of provision for credit losses (3,450) — — — (3,450) Noninterest income 7,370 7,305 5,764 31 20,470 Noninterest expense 36,488 4,709 3,865 350 45,412 Intersegment (revenue) expense* (433) 211 222 — — Income (loss) before income taxes 22,774 2,356 1,677 (1,639) 25,168 Income tax expense (benefit) 4,543 492 358 (542) 4,851 Net income (loss) $ 18,231 $ 1,864 $ 1,319 $ (1,097) $ 20,317 Net capital expenditures $ (5,592) $ 63 $ 15 $ 20 $ (5,494) * 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. |
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, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 21,034 | $ 20,317 |
Weighted Average Number of Shares Issued, Basic | (29,312) | (29,542) |
Effect of dilutive securities—employee stock options and restricted stock units | 194 | 196 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 29,506 | 29,738 |
Basic (in dollars per share) | $ 0.72 | $ 0.69 |
Diluted earnings per share | $ 0.71 | $ 0.68 |
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share | 229 | 249 |
Investment Securities - Narrati
Investment Securities - Narrative (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) Investment | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Investment | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying value of securities pledged to secure public deposits and other contractual obligations | $ 327,800 | $ 429,400 | ||
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 0 | $ 0 | ||
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% | 10% | ||
Fair value HTM in unrealized loss with no ACL | $ 133,147 | $ 134,068 | ||
Unrealized loss included in fair value of securities HTM in unrealized loss position for which an ACL has not been recorded | 18,200 | 20,659 | ||
Fair value AFS in unrealized loss with no ACL | 278,825 | 266,810 | ||
Unrealized loss included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | 37,615 | 42,445 | ||
Fair value of securities AFS in unrealized loss position for which an ACL has been recorded, net of allowance | 81,300 | |||
Unrealized loss position included in fair value of securities AFS in unrealized loss position for which an ACL has been recorded | 8,900 | |||
Allowance for credit losses | 1,432 | 1,140 | ||
Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value AFS in unrealized loss with no ACL | 500 | |||
Unrealized loss included in fair value of securities AFS in unrealized loss position for which an ACL has not been recorded | 1 | |||
Allowance for credit losses | $ 1,432 | 1,275 | $ 1,140 | $ 929 |
Number of securities | Investment | 39 | |||
Available-for-sale Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Accrued interest receivable | $ 1,200 | |||
Allowance for credit losses | 1,400 | |||
Other Noninterest Income [Member] | Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net realized gain on investment securities | $ (69) | $ 1 |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||||
Securities, Held-to-Maturity, Amortized Cost | $ 151,347 | $ 154,727 | ||
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (18,200) | (20,659) | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 133,147 | 134,068 | ||
Debt Securities, Available-for-sale [Abstract] | ||||
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 414,118 | 402,111 | ||
Securities Available-for-Sale, Gross Unrealized Gain | 37 | 10 | ||
Securities Available-for-Sale, Gross Unrealized Losses | (45,067) | (50,725) | ||
Allowance for credit losses | 1,432 | 1,140 | ||
Debt securities | 367,656 | 350,256 | ||
State and Political Subdivisions [Member] | ||||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, Within 1 Year | 1,030 | |||
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 Year | 1 | |||
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 Year | 0 | |||
Securities Available-for-Sale, Allowance for Credit Loss, Within 1 Year | 0 | |||
Securities Available-for-Sale, Fair Value, Within 1 Year | 1,031 | |||
Securities Available-for-Sale, Amortized Cost, After 1 Year to 5 Years | 1,297 | 2,327 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 1 Year to 5 Years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 1 Year to 5 Years | (31) | (42) | ||
Securities Available-for-sale, Allowance for Credit Loss, After 1 Year to 5 Years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, After 1 Year to 5 Years | 1,266 | 2,285 | ||
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 2,327 | 2,327 | ||
Securities Available-for-Sale, Gross Unrealized Gain | 1 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses | (31) | (42) | ||
Allowance for credit losses | 0 | 0 | ||
Debt securities | 2,297 | 2,285 | ||
Residential Mortgage-Backed Securities [Member] | ||||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||||
Securities Held-to-Maturity, Amortized Cost, After 1 Year to 5 Years | 2,554 | 1,654 | ||
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 Year to 5 Years | 0 | 0 | ||
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 Year to 5 Years | (87) | (70) | ||
Securities Held-to-Maturity, Allowance for Credit Loss, After 1 Year to 5 Years | 0 | |||
Securities Held-to-Maturity, Fair Value, After 1 Year to 5 Years | 2,467 | 1,584 | ||
Securities Held-to-Maturity, Amortized Cost, After 5 Years to 10 Years | 7,531 | 6,076 | ||
Securities Held-to-Maturity, Gross Unrealized Gains, After 5 Years to 10 Years | 0 | 0 | ||
Securities Held-to-Maturity, Gross Unrealized Losses, After 5 Years to 10 Years | (398) | (342) | ||
Securities, Held-to-Maturity, Allowance for Credit Loss, After 5 Years To 10 Years | 0 | 0 | ||
Securities Held-to-Maturity, Fair Value, After 5 Years to 10 Years | 7,133 | 5,734 | ||
Securities Held-to-Maturity, Amortized Cost, Over 10 Years | 141,262 | 146,997 | ||
Securities Held-to-Maturity, Gross Unrealized Gain, Over 10 Years | 0 | 0 | ||
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 Years | (17,715) | (20,247) | ||
Securities Held-to-maturity, Allowance for Credit Loss, Over 10 Years | 0 | 0 | ||
Securities Held-to-Maturity, Fair Value, After 10 years | 123,547 | 126,750 | ||
Securities, Held-to-Maturity, Amortized Cost | 151,347 | 154,727 | ||
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | (18,200) | (20,659) | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 133,147 | 134,068 | ||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, After 1 Year to 5 Years | 784 | 864 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 1 Year to 5 Years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 1 Year to 5 Years | (29) | (37) | ||
Securities Available-for-sale, Allowance for Credit Loss, After 1 Year to 5 Years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, After 1 Year to 5 Years | 755 | 827 | ||
Securities Available-for-Sale, Amortized Cost, After 5 Years to 10 Years | 15,617 | 10,399 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 Years to 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 Years to 10 Years | (1,194) | (815) | ||
Securities Available-for-Sale, Allowance for Credit Loss, After 5 Years to 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, After 5 Years to 10 Years | 14,423 | 9,584 | ||
Securities Available-for-Sale, Amortized Cost, Over 10 Years | 301,712 | 294,261 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 Years | 32 | 7 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 Years | (36,128) | (41,291) | ||
Securities Available-for-Sale, Allowance for Credit Loss, After 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, Over 10 Years | 265,616 | 252,977 | ||
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 318,113 | 305,524 | ||
Securities Available-for-Sale, Gross Unrealized Gain | 32 | 7 | ||
Securities Available-for-Sale, Gross Unrealized Losses | (37,351) | (42,143) | ||
Allowance for credit losses | 0 | 0 | ||
Debt securities | 280,794 | 263,388 | ||
Collateralized Mortgage Obligations [Member] | ||||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, After 5 Years to 10 Years | 305 | 324 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 Years to 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 Years to 10 Years | (18) | (22) | ||
Securities Available-for-Sale, Allowance for Credit Loss, After 5 Years to 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, After 5 Years to 10 Years | 287 | 302 | ||
Securities Available-for-Sale, Amortized Cost, Over 10 Years | 2,199 | 2,257 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Over 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 Years | (215) | (237) | ||
Securities Available-for-Sale, Allowance for Credit Loss, After 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Fair Value, Over 10 Years | 1,984 | 2,020 | ||
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 2,504 | 2,581 | ||
Securities Available-for-Sale, Gross Unrealized Gain | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses | (233) | (259) | ||
Allowance for credit losses | 0 | 0 | ||
Debt securities | 2,271 | 2,322 | ||
Corporate Bonds [Member] | ||||
Debt Securities, Available-for-sale [Abstract] | ||||
Securities Available-for-Sale, Amortized Cost, Within 1 Year | 1,500 | 1,000 | ||
Securities Available-for-Sale,Gross Unrealized Gain, Within 1 Year | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 Year | (1) | 0 | ||
Securities Available-for-Sale, Allowance for Credit Loss, Within 1 Year | (1) | 0 | ||
Securities Available-for-Sale, Fair Value, Within 1 Year | 1,498 | 1,000 | ||
Securities Available-for-Sale, Amortized Cost, After 1 Year to 5 Years | 29,674 | 30,679 | ||
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 | (1,163) | (1,516) | ||
Securities Available-for-sale, Allowance for Credit Loss, After 1 Year to 5 Years | (200) | (152) | ||
Securities Available-for-Sale, Fair Value, After 1 Year to 5 Years | 28,315 | 29,014 | ||
Securities Available-for-Sale, Amortized Cost, After 5 Years to 10 Years | 60,000 | 60,000 | ||
Securities Available-for-Sale,Gross Unrealized Gain, After 5 Years to 10 Years | 0 | 0 | ||
Securities Available-for-Sale, Gross Unrealized Losses, After 5 Years to 10 Years | (6,288) | (6,765) | ||
Securities Available-for-Sale, Allowance for Credit Loss, After 5 Years to 10 Years | (1,231) | (988) | ||
Securities Available-for-Sale, Fair Value, After 5 Years to 10 Years | 52,481 | 52,247 | ||
Investment securities available-for-sale (amortized cost $414,118 and $402,111, net of allowance for credit losses of $1,432 and $1,140 at March 31, 2023 and December 31, 2022, respectively) | 91,174 | 91,679 | ||
Securities Available-for-Sale, Gross Unrealized Gain | 4 | 3 | ||
Securities Available-for-Sale, Gross Unrealized Losses | (7,452) | (8,281) | ||
Allowance for credit losses | 1,432 | 1,140 | $ 1,275 | $ 929 |
Debt securities | $ 82,294 | $ 82,261 |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Securities available-for-sale: | ||
Proceeds from sales | $ 0 | $ 1,530 |
Gross realized gains on sales | 0 | 30 |
Tax expense related to net realized gains on sales | $ 0 | $ 6 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months, fair value | $ 22,966 | $ 65,044 |
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (862) | (5,894) |
Twelve months or longer, fair value | 110,181 | 69,024 |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | (17,338) | (14,765) |
Total, fair value | 133,147 | 134,068 |
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (18,200) | (20,659) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 84,540 | 130,888 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (4,885) | (13,908) |
Twelve months or longer, fair value | 194,285 | 135,922 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (32,730) | (28,537) |
Total, fair value | 278,825 | 266,810 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (37,615) | (42,445) |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months, fair value | 22,966 | 65,044 |
Debt securities, held-to-maturity, continuous unrealized loss position, less than 12 months, accumulated loss | (862) | (5,894) |
Twelve months or longer, fair value | 110,181 | 69,024 |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | (17,338) | (14,765) |
Total, fair value | 133,147 | 134,068 |
Debt securities, held-to-maturity, unrealized loss position, accumulated loss | (18,200) | (20,659) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 84,540 | 128,831 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (4,885) | (13,843) |
Twelve months or longer, fair value | 190,747 | 133,902 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (32,466) | (28,300) |
Total, fair value | 275,287 | 262,733 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (37,351) | (42,143) |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 0 | 1,255 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | (42) |
Twelve months or longer, fair value | 1,267 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (31) | 0 |
Total, fair value | 1,267 | 1,255 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | (31) | (42) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 0 | 302 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | 0 | (22) |
Twelve months or longer, fair value | 2,271 | 2,020 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | (233) | (237) |
Total, fair value | 2,271 | 2,322 |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ (233) | (259) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Less than twelve months, fair value | 500 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | |
Twelve months or longer, fair value | 0 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, accumulated loss | 0 | |
Total, fair value | 500 | |
Available-for-sale securities, continuous unrealized loss position, accumulated loss | $ (1) |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Securities, available-for-sale, allowance for credit loss, beginning balance | $ (1,140) | |
Securities, available-for-sale, allowance for credit loss, ending balance | (1,432) | |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities, available-for-sale, allowance for credit loss, beginning balance | (1,140) | $ (929) |
Additions for securities for which no previous expected credit losses were recognized | (45) | |
Change in securities for which a previous expected credit loss was recognized | 292 | (301) |
Securities, available-for-sale, allowance for credit loss, ending balance | $ (1,432) | $ (1,275) |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable, net of deferred income | $ 6,239,804,000 | $ 6,123,230,000 | $ 5,400,786,000 |
Amount of accrued interest receivable excluded from amortized cost, modified | 26,000 | ||
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable, net of deferred income | 0 | ||
Minimum [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Amount of loan relationship balance, loans reviewed annually | 1,000,000 | ||
Maximum [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Amount of loan relationship balance, loans reviewed on a performance basis | $ 1,000,000 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | $ 6,239,804 | $ 6,123,230 | $ 5,400,786 |
Loans and Leases Receivable, Allowance | (80,034) | (79,004) | |
Net loans and leases held for investment | 6,159,770 | 6,044,226 | |
Unearned lease income | 24,386 | 21,932 | |
Net deferred costs, included in the above table | 6,633 | 6,053 | |
Overdraft deposits included in the above table | 154 | 93 | |
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 1,032,753 | 1,088,928 | 942,783 |
Real-Estate Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 3,128,210 | 3,027,955 | 2,816,737 |
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 376,569 | 381,811 | 285,083 |
Real Estate Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 498,505 | 478,254 | 412,486 |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 779,557 | 730,395 | 568,735 |
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 172,073 | 176,699 | 160,134 |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | 28,656 | 27,873 | 26,249 |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, net of deferred income | $ 223,481 | $ 211,315 | $ 188,579 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | $ 6,228,442 | $ 6,109,877 | |
Nonaccrual loans and lease | 11,362 | 13,353 | |
Total loans and leases held for investment | 6,239,804 | 6,123,230 | $ 5,400,786 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 5,552 | 14,254 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,217 | 1,717 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,996 | 875 | |
Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 8,765 | 16,846 | |
Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 6,219,677 | 6,093,031 | |
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 1,029,330 | 1,083,856 | |
Nonaccrual loans and lease | 3,423 | 5,072 | |
Total loans and leases held for investment | 1,032,753 | 1,088,928 | 942,783 |
Commercial Financial And Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,348 | 1,616 | |
Commercial Financial And Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | 343 | |
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] | |||
Financial receivables, gross | 0 | 0 | |
Commercial Financial And Agricultural [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,348 | 1,959 | |
Commercial Financial And Agricultural [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,027,982 | 1,081,897 | |
Real-Estate Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 3,123,922 | 3,023,418 | |
Nonaccrual loans and lease | 4,288 | 4,537 | |
Total loans and leases held for investment | 3,128,210 | 3,027,955 | 2,816,737 |
Real-Estate Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 328 | 3,281 | |
Real-Estate Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | 290 | |
Real-Estate Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,195 | 20 | |
Real-Estate Commercial [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,523 | 3,591 | |
Real-Estate Commercial [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 3,122,399 | 3,019,827 | |
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 376,186 | 381,811 | |
Nonaccrual loans and lease | 383 | 0 | |
Total loans and leases held for investment | 376,569 | 381,811 | 285,083 |
Real-Estate Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | 315 | |
Real-Estate Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 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] | |||
Financial receivables, gross | 0 | 0 | |
Real-Estate Construction [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | 315 | |
Real-Estate Construction [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 376,186 | 381,496 | |
Real Estate Residential Secured For Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 497,746 | 477,241 | |
Nonaccrual loans and lease | 759 | 1,013 | |
Total loans and leases held for investment | 498,505 | 478,254 | 412,486 |
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] | |||
Financial receivables, gross | 308 | 375 | |
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] | |||
Financial receivables, gross | 768 | 203 | |
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] | |||
Financial receivables, gross | 0 | 263 | |
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,076 | 841 | |
Real Estate Residential Secured For Business Purpose [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 496,670 | 476,400 | |
Real Estate-Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 778,057 | 728,406 | |
Nonaccrual loans and lease | 1,500 | 1,989 | |
Total loans and leases held for investment | 779,557 | 730,395 | 568,735 |
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] | |||
Financial receivables, gross | 1,506 | 4,127 | |
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] | |||
Financial receivables, gross | 0 | 162 | |
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] | |||
Financial receivables, gross | 0 | 319 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,506 | 4,608 | |
Real Estate-Residential Secured For Personal Purpose [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 776,551 | 723,798 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 171,125 | 175,959 | |
Nonaccrual loans and lease | 948 | 740 | |
Total loans and leases held for investment | 172,073 | 176,699 | 160,134 |
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] | |||
Financial receivables, gross | 835 | 953 | |
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] | |||
Financial receivables, gross | 74 | 225 | |
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] | |||
Financial receivables, gross | 0 | 0 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 909 | 1,178 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 170,216 | 174,781 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 28,656 | 27,873 | |
Nonaccrual loans and lease | 0 | 0 | |
Total loans and leases held for investment | 28,656 | 27,873 | 26,249 |
Loans to Individuals [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 20 | 32 | |
Loans to Individuals [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 4 | 153 | |
Loans to Individuals [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 47 | 39 | |
Loans to Individuals [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 71 | 224 | |
Loans to Individuals [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 28,585 | 27,649 | |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans and leases | 223,420 | 211,313 | |
Nonaccrual loans and lease | 61 | 2 | |
Total loans and leases held for investment | 223,481 | 211,315 | $ 188,579 |
Lease Financings [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,207 | 3,555 | |
Lease Financings [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 371 | 341 | |
Lease Financings [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 754 | 234 | |
Lease Financings [Member] | Financial Asset Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 2,332 | 4,130 | |
Lease Financings [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | $ 221,088 | $ 207,183 |
Loans and Leases - Nonperformin
Loans and Leases - Nonperforming Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | $ 11,362 | $ 13,353 |
Loans and lease 90 days or more past due and accruing interest | 1,996 | 875 |
Total nonperforming loans and leases | 13,358 | 14,228 |
Commercial Financial And Agricultural [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 3,423 | 5,072 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 3,423 | 5,072 |
Real-Estate Commercial [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 4,288 | 4,537 |
Loans and lease 90 days or more past due and accruing interest | 1,195 | 20 |
Total nonperforming loans and leases | 5,483 | 4,557 |
Real-Estate Construction [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 383 | 0 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 383 | 0 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 759 | 1,013 |
Loans and lease 90 days or more past due and accruing interest | 0 | 263 |
Total nonperforming loans and leases | 759 | 1,276 |
Real Estate-Residential Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 1,500 | 1,989 |
Loans and lease 90 days or more past due and accruing interest | 0 | 319 |
Total nonperforming loans and leases | 1,500 | 2,308 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 948 | 740 |
Loans and lease 90 days or more past due and accruing interest | 0 | 0 |
Total nonperforming loans and leases | 948 | 740 |
Loans to Individuals [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 0 | 0 |
Loans and lease 90 days or more past due and accruing interest | 47 | 39 |
Total nonperforming loans and leases | 47 | 39 |
Lease Financings [Member] | ||
Nonperforming Loans And Leases [Line Items] | ||
Nonaccrual loans and lease | 61 | 2 |
Loans and lease 90 days or more past due and accruing interest | 754 | 234 |
Total nonperforming loans and leases | $ 815 | $ 236 |
Loans and Leases - Nonaccrual (
Loans and Leases - Nonaccrual (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | $ 8,037 | $ 8,504 |
Nonaccrual With ACL | 3,325 | 4,849 |
Nonaccrual loans and lease | 11,362 | 13,353 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 1,996 | 875 |
Interest income recognized on nonaccrual loans and leases | 6 | |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 159 | 225 |
Nonaccrual With ACL | 3,264 | 4,847 |
Nonaccrual loans and lease | 3,423 | 5,072 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Real-Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 4,288 | 4,537 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and lease | 4,288 | 4,537 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 1,195 | 20 |
Real-Estate Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 383 | |
Nonaccrual With ACL | 0 | |
Nonaccrual loans and lease | 383 | |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | |
Real Estate Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 759 | 1,013 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and lease | 759 | 1,013 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 263 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 1,500 | 1,989 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and lease | 1,500 | 1,989 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 319 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 948 | 740 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and lease | 948 | 740 |
Loans and Leases 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 | 0 |
Nonaccrual With ACL | 0 | 0 |
Nonaccrual loans and lease | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 47 | 39 |
Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual With No ACL | 0 | 0 |
Nonaccrual With ACL | 61 | 2 |
Nonaccrual loans and lease | 61 | 2 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | $ 754 | $ 234 |
Loans and Leases - Collateral D
Loans and Leases - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | $ 11,362 | $ 13,353 |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 11,301 | 11,022 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 61 | 2 |
None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 2,329 |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 3,423 | 5,072 |
Commercial Financial And Agricultural [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 3,423 | 2,743 |
Commercial Financial And Agricultural [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Financial And Agricultural [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 2,329 |
Real-Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 4,288 | 4,537 |
Real-Estate Commercial [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 4,288 | 4,537 |
Real-Estate Commercial [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real-Estate Commercial [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real-Estate Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 383 | |
Real-Estate Construction | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 383 | |
Real-Estate Construction | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | |
Real-Estate Construction | 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 | 759 | 1,013 |
Real Estate Residential Secured For Business Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 759 | 1,013 |
Real Estate Residential Secured For Business Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real Estate Residential Secured For Business Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,500 | 1,989 |
Real Estate Residential Secured For Personal Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 1,500 | 1,989 |
Real Estate Residential Secured For Personal Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real Estate Residential Secured For Personal Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 948 | 740 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 948 | 740 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Real Estate Home Equity Secured For Personal Purpose [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Lease Financings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 61 | 2 |
Lease Financings [Member] | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Lease Financings [Member] | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | 61 | 2 |
Lease Financings [Member] | None | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | $ 212,391 | $ 1,524,195 |
2022 | 1,509,188 | 1,052,017 |
2021 | 1,021,029 | 865,577 |
2020 | 818,816 | 450,178 |
2019 | 439,919 | 170,031 |
Prior | 420,215 | 286,403 |
Revolving Loans Amortized Cost Basis | 613,750 | 628,422 |
Revolving Loans Converted to Term | 729 | 125 |
Total | 5,036,037 | 4,976,948 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2021 | 247 | |
2020 | 230 | |
Prior | 50 | |
Revolving Loans Amortized Cost Basis | 2,578 | |
Total | 3,105 | |
Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 212,391 | 1,520,594 |
2022 | 1,498,676 | 1,009,619 |
2021 | 987,315 | 842,328 |
2020 | 808,757 | 435,435 |
2019 | 426,403 | 167,660 |
Prior | 413,390 | 281,371 |
Revolving Loans Amortized Cost Basis | 576,380 | 601,419 |
Revolving Loans Converted to Term | 729 | 125 |
Total | 4,924,041 | 4,858,551 |
Special Mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 3,601 |
2022 | 10,132 | 42,174 |
2021 | 31,446 | 21,452 |
2020 | 8,332 | 14,743 |
2019 | 7,098 | 111 |
Prior | 3,750 | 3,943 |
Revolving Loans Amortized Cost Basis | 34,580 | 21,667 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 95,338 | 107,691 |
Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 380 | 224 |
2021 | 2,268 | 1,797 |
2020 | 1,727 | 0 |
2019 | 6,418 | 2,260 |
Prior | 3,075 | 1,089 |
Revolving Loans Amortized Cost Basis | 2,790 | 5,336 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 16,658 | 10,706 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 41 |
2022 | 812 | 104 |
2021 | 158 | 483 |
2020 | 18 | 340 |
2019 | 313 | 553 |
Prior | 1,106 | 1,222 |
Revolving Loans Amortized Cost Basis | 903 | 629 |
Total | 3,310 | 3,372 |
Performing Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 77,501 | 357,249 |
2022 | 357,252 | 274,817 |
2021 | 271,756 | 175,335 |
2020 | 168,990 | 39,430 |
2019 | 36,678 | 24,185 |
Prior | 99,085 | 78,799 |
Revolving Loans Amortized Cost Basis | 189,195 | 193,095 |
Total | 1,200,457 | 1,142,910 |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 27,521 | 235,796 |
2022 | 198,066 | 176,266 |
2021 | 167,040 | 50,714 |
2020 | 38,648 | 36,373 |
2019 | 33,475 | 28,235 |
Prior | 67,231 | 48,631 |
Revolving Loans Amortized Cost Basis | 500,043 | 512,788 |
Revolving Loans Converted to Term | 729 | 125 |
Total | 1,032,753 | 1,088,928 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2021 | 247 | |
2020 | 23 | |
Revolving Loans Amortized Cost Basis | 2,578 | |
Total | 2,848 | |
Commercial Financial And Agricultural [Member] | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 27,521 | 233,064 |
2022 | 194,140 | 148,033 |
2021 | 145,736 | 41,091 |
2020 | 36,286 | 28,269 |
2019 | 25,788 | 28,209 |
Prior | 67,231 | 48,631 |
Revolving Loans Amortized Cost Basis | 469,953 | 487,818 |
Revolving Loans Converted to Term | 729 | 125 |
Total | 967,384 | 1,015,240 |
Commercial Financial And Agricultural [Member] | Special Mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 2,732 |
2022 | 3,926 | 28,220 |
2021 | 21,196 | 9,623 |
2020 | 2,362 | 8,104 |
2019 | 7,098 | 26 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 27,337 | 19,829 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 61,919 | 68,534 |
Commercial Financial And Agricultural [Member] | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 0 | 13 |
2021 | 108 | 0 |
2020 | 0 | 0 |
2019 | 589 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 2,753 | 5,141 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 3,450 | 5,154 |
Real-Estate Commercial [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 117,401 | 878,572 |
2022 | 881,410 | 688,605 |
2021 | 694,277 | 738,293 |
2020 | 710,505 | 333,646 |
2019 | 360,218 | 120,341 |
Prior | 310,075 | 212,471 |
Revolving Loans Amortized Cost Basis | 54,324 | 56,027 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 3,128,210 | 3,027,955 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Prior | 50 | |
Total | 50 | |
Real-Estate Commercial [Member] | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 117,401 | 877,703 |
2022 | 880,556 | 680,432 |
2021 | 682,078 | 724,941 |
2020 | 703,079 | 332,702 |
2019 | 360,218 | 118,034 |
Prior | 304,672 | 208,974 |
Revolving Loans Amortized Cost Basis | 52,553 | 54,139 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 3,100,557 | 2,996,925 |
Real-Estate Commercial [Member] | Special Mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 869 |
2022 | 854 | 8,173 |
2021 | 10,250 | 11,582 |
2020 | 5,725 | 944 |
2019 | 0 | 85 |
Prior | 2,816 | 3,002 |
Revolving Loans Amortized Cost Basis | 1,771 | 1,838 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 21,416 | 26,493 |
Real-Estate Commercial [Member] | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 1,949 | 1,770 |
2020 | 1,701 | 0 |
2019 | 0 | 2,222 |
Prior | 2,587 | 495 |
Revolving Loans Amortized Cost Basis | 0 | 50 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 6,237 | 4,537 |
Real-Estate Construction [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 36,683 | 243,983 |
2022 | 267,643 | 58,266 |
2021 | 27,799 | 8,341 |
2020 | 3,949 | 40,365 |
2019 | 6,084 | 191 |
Prior | 2,761 | 442 |
Revolving Loans Amortized Cost Basis | 31,650 | 30,223 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 376,569 | 381,811 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2020 | 207 | |
Total | 207 | |
Real-Estate Construction [Member] | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 36,683 | 243,983 |
2022 | 261,911 | 52,485 |
2021 | 27,799 | 8,341 |
2020 | 3,949 | 34,670 |
2019 | 255 | 191 |
Prior | 2,761 | 442 |
Revolving Loans Amortized Cost Basis | 26,178 | 30,223 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 359,536 | 370,335 |
Real-Estate Construction [Member] | Special Mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 5,352 | 5,781 |
2021 | 0 | 0 |
2020 | 0 | 5,695 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 5,472 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 10,824 | 11,476 |
Real-Estate Construction [Member] | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 380 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 5,829 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 6,209 | 0 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 30,786 | 165,844 |
2022 | 162,069 | 128,880 |
2021 | 131,913 | 68,229 |
2020 | 65,714 | 39,794 |
2019 | 40,142 | 21,264 |
Prior | 40,148 | 24,859 |
Revolving Loans Amortized Cost Basis | 27,733 | 29,384 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 498,505 | 478,254 |
Real Estate Residential Secured For Business Purpose [Member] | Pass | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 30,786 | 165,844 |
2022 | 162,069 | 128,669 |
2021 | 131,702 | 67,955 |
2020 | 65,443 | 39,794 |
2019 | 40,142 | 21,226 |
Prior | 38,726 | 23,324 |
Revolving Loans Amortized Cost Basis | 27,696 | 29,239 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 496,564 | 476,051 |
Real Estate Residential Secured For Business Purpose [Member] | Special Mention | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 247 |
2020 | 245 | 0 |
2019 | 0 | 0 |
Prior | 934 | 941 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,179 | 1,188 |
Real Estate Residential Secured For Business Purpose [Member] | Substandard | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 0 | 211 |
2021 | 211 | 27 |
2020 | 26 | 0 |
2019 | 0 | 38 |
Prior | 488 | 594 |
Revolving Loans Amortized Cost Basis | 37 | 145 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 762 | 1,015 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 45,329 | 258,293 |
2022 | 265,177 | 211,686 |
2021 | 213,770 | 141,288 |
2020 | 138,347 | 24,146 |
2019 | 23,828 | 18,579 |
Prior | 93,023 | 76,295 |
Revolving Loans Amortized Cost Basis | 83 | 108 |
Total | 779,557 | 730,395 |
Real Estate Residential Secured For Personal Purpose [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 158 | 48 |
2021 | 47 | 466 |
2020 | 0 | 319 |
2019 | 309 | 306 |
Prior | 986 | 1,169 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,500 | 2,308 |
Real Estate Residential Secured For Personal Purpose [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 45,329 | 258,293 |
2022 | 265,019 | 211,638 |
2021 | 213,723 | 140,822 |
2020 | 138,347 | 23,827 |
2019 | 23,519 | 18,273 |
Prior | 92,037 | 75,126 |
Revolving Loans Amortized Cost Basis | 83 | 108 |
Total | 778,057 | 728,087 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 219 | 2,945 |
2022 | 2,761 | 642 |
2021 | 614 | 491 |
2020 | 467 | 192 |
2019 | 186 | 362 |
Prior | 1,788 | 1,568 |
Revolving Loans Amortized Cost Basis | 166,038 | 170,499 |
Total | 172,073 | 176,699 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 157 |
Prior | 45 | 3 |
Revolving Loans Amortized Cost Basis | 903 | 629 |
Total | 948 | 789 |
Real Estate Home Equity Secured For Personal Purpose [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 219 | 2,945 |
2022 | 2,761 | 642 |
2021 | 614 | 491 |
2020 | 467 | 192 |
2019 | 186 | 205 |
Prior | 1,743 | 1,565 |
Revolving Loans Amortized Cost Basis | 165,135 | 169,870 |
Total | 171,125 | 175,910 |
Loans to Individuals [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 502 | 1,581 |
2022 | 1,317 | 857 |
2021 | 763 | 554 |
2020 | 494 | 247 |
2019 | 197 | 138 |
Prior | 1,406 | 1,379 |
Revolving Loans Amortized Cost Basis | 23,977 | 23,117 |
Total | 28,656 | 27,873 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2023 | 38 | |
2022 | 19 | |
2021 | 0 | |
2020 | 5 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 43 | |
Total | 105 | |
Loans to Individuals [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 47 | 39 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 47 | 39 |
Loans to Individuals [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 502 | 1,581 |
2022 | 1,317 | 857 |
2021 | 763 | 554 |
2020 | 494 | 247 |
2019 | 197 | 138 |
Prior | 1,359 | 1,340 |
Revolving Loans Amortized Cost Basis | 23,977 | 23,117 |
Total | 28,609 | 27,834 |
Lease Financings [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 31,451 | 94,471 |
2022 | 88,809 | 61,736 |
2021 | 56,767 | 33,485 |
2020 | 29,700 | 15,185 |
2019 | 12,780 | 5,659 |
Prior | 3,974 | 779 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 223,481 | 211,315 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 20 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total | 20 | |
Lease Financings [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | 41 |
2022 | 654 | 56 |
2021 | 111 | 17 |
2020 | 18 | 21 |
2019 | 4 | 90 |
Prior | 28 | 11 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 815 | 236 |
Lease Financings [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 31,451 | 94,430 |
2022 | 88,155 | 61,680 |
2021 | 56,656 | 33,468 |
2020 | 29,682 | 15,164 |
2019 | 12,776 | 5,569 |
Prior | 3,946 | 768 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 222,666 | 211,079 |
Financing Receivable [Member] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 77,501 | 357,290 |
2022 | 358,064 | 274,921 |
2021 | 271,914 | 175,818 |
2020 | 169,008 | 39,770 |
2019 | 36,991 | 24,738 |
Prior | 100,191 | 80,021 |
Revolving Loans Amortized Cost Basis | 190,098 | 193,724 |
Total | 1,203,767 | $ 1,146,282 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2023 | 38 | |
2022 | 19 | |
2021 | 0 | |
2020 | 25 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 43 | |
Total | $ 125 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Credit Losses, Loans and Leases, Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 79,004 | $ 71,924 |
Provision (reversal of provision) for credit losses | 3,872 | (3,562) |
Charge-offs | (3,230) | (348) |
Recoveries | 388 | 272 |
Ending balance | 80,034 | 68,286 |
Commercial Financial And Agricultural [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 16,920 | 13,538 |
Provision (reversal of provision) for credit losses | 547 | (1,672) |
Charge-offs | (2,848) | (214) |
Recoveries | 106 | 189 |
Ending balance | 14,725 | 11,841 |
Real-Estate Commercial [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 41,673 | 41,095 |
Provision (reversal of provision) for credit losses | 1,524 | (669) |
Charge-offs | (50) | 0 |
Recoveries | 3 | 0 |
Ending balance | 43,150 | 40,426 |
Real-Estate Construction [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 4,952 | 4,575 |
Provision (reversal of provision) for credit losses | (64) | (941) |
Charge-offs | (207) | 0 |
Recoveries | 0 | 0 |
Ending balance | 4,681 | 3,634 |
Real Estate Residential Secured For Business Purpose [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 7,054 | 6,482 |
Provision (reversal of provision) for credit losses | 1,125 | (328) |
Charge-offs | 0 | 0 |
Recoveries | 181 | 48 |
Ending balance | 8,360 | 6,202 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 3,685 | 2,403 |
Provision (reversal of provision) for credit losses | 1,327 | 189 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 5,012 | 2,592 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,287 | 1,028 |
Provision (reversal of provision) for credit losses | (66) | (53) |
Charge-offs | 0 | 0 |
Recoveries | 50 | 1 |
Ending balance | 1,271 | 976 |
Loans to Individuals [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 351 | 363 |
Provision (reversal of provision) for credit losses | 113 | 57 |
Charge-offs | (105) | (75) |
Recoveries | 16 | 24 |
Ending balance | 375 | 369 |
Lease Financings [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 3,082 | 2,290 |
Provision (reversal of provision) for credit losses | (634) | 5 |
Charge-offs | (20) | (59) |
Recoveries | 32 | 10 |
Ending balance | 2,460 | 2,246 |
Unallocated [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 0 | 150 |
Provision (reversal of provision) for credit losses | 0 | (150) |
Ending balance | $ 0 | $ 0 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Loan and Lease Losses and Recorded Investment in Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | $ 912 | $ 954 | ||
Ending balance: pooled | 79,122 | 67,332 | ||
Financing Receivable, Allowance for Credit Loss | 80,034 | $ 79,004 | 68,286 | $ 71,924 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 11,301 | 30,727 | ||
Ending balance: pooled | 6,228,503 | 5,370,046 | ||
Loans measured at fair value | 0 | 13 | ||
Total loans and leases held for investment | 6,239,804 | 6,123,230 | 5,400,786 | |
Commercial Financial And Agricultural [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 912 | 0 | ||
Ending balance: pooled | 13,813 | 11,841 | ||
Financing Receivable, Allowance for Credit Loss | 14,725 | 16,920 | 11,841 | 13,538 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 3,423 | 448 | ||
Ending balance: pooled | 1,029,330 | 942,335 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 1,032,753 | 1,088,928 | 942,783 | |
Real-Estate Commercial [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 954 | ||
Ending balance: pooled | 43,150 | 39,472 | ||
Financing Receivable, Allowance for Credit Loss | 43,150 | 41,673 | 40,426 | 41,095 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 4,288 | 26,411 | ||
Ending balance: pooled | 3,123,922 | 2,790,313 | ||
Loans measured at fair value | 0 | 13 | ||
Total loans and leases held for investment | 3,128,210 | 3,027,955 | 2,816,737 | |
Real-Estate Construction [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 4,681 | 3,634 | ||
Financing Receivable, Allowance for Credit Loss | 4,681 | 4,952 | 3,634 | 4,575 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 383 | 0 | ||
Ending balance: pooled | 376,186 | 285,083 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 376,569 | 381,811 | 285,083 | |
Real Estate Residential Secured For Business Purpose [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 8,360 | 6,202 | ||
Financing Receivable, Allowance for Credit Loss | 8,360 | 7,054 | 6,202 | 6,482 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 759 | 1,120 | ||
Ending balance: pooled | 497,746 | 411,366 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 498,505 | 478,254 | 412,486 | |
Real Estate Residential Secured For Personal Purpose [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 5,012 | 2,592 | ||
Financing Receivable, Allowance for Credit Loss | 5,012 | 3,685 | 2,592 | 2,403 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 1,500 | 2,259 | ||
Ending balance: pooled | 778,057 | 566,476 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 779,557 | 730,395 | 568,735 | |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 1,271 | 976 | ||
Financing Receivable, Allowance for Credit Loss | 1,271 | 1,287 | 976 | 1,028 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 948 | 489 | ||
Ending balance: pooled | 171,125 | 159,645 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 172,073 | 176,699 | 160,134 | |
Loans to Individuals [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 375 | 369 | ||
Financing Receivable, Allowance for Credit Loss | 375 | 351 | 369 | 363 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 28,656 | 26,249 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | 28,656 | 27,873 | 26,249 | |
Lease Financings [Member] | ||||
Allowance For Credit Losses, Loans And Leases [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 2,460 | 2,246 | ||
Financing Receivable, Allowance for Credit Loss | 2,460 | 3,082 | 2,246 | $ 2,290 |
Loans and leases held for investment [Abstract] | ||||
Ending balance: individually analyzed | 0 | 0 | ||
Ending balance: pooled | 223,481 | 188,579 | ||
Loans measured at fair value | 0 | 0 | ||
Total loans and leases held for investment | $ 223,481 | $ 211,315 | $ 188,579 |
Loans and Leases - Accruing and
Loans and Leases - Accruing and Nonaccruing Modified Loans to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) loan | |
Accrual Modified Loans [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | loan | 1 |
Amortized cost basis | $ 5,829 |
Related allowance | $ 16 |
Accrual Modified Loans [Member] | Real-Estate Construction [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | loan | 1 |
Amortized cost basis | $ 5,829 |
Percent of total class of financing receivable | 1.20% |
Related allowance | $ 16 |
Nonaccrual Modified Loans [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | loan | 1 |
Amortized cost basis | $ 2,620 |
Related allowance | $ 538 |
Nonaccrual Modified Loans [Member] | Commercial Financial And Agricultural [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | loan | 1 |
Amortized cost basis | $ 2,620 |
Percent of total class of financing receivable | 0.30% |
Related allowance | $ 538 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Financial Effect on Accruing and Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficuly (Details) | 3 Months Ended |
Mar. 31, 2023 loan | |
Accrual Modified Loans [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | 1 |
Accrual Modified Loans [Member] | Real-Estate Construction [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | 1 |
Accrual Modified Loans [Member] | Real-Estate Construction [Member] | Maturity Date Extension [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Financial effect | Extended the loan maturity by 8 months to allow time for the construction to be completed. 3 months of interest payments were capitalized to the loan balance. |
Nonaccrual Modified Loans [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | 1 |
Nonaccrual Modified Loans [Member] | Commercial Financial And Agricultural [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Number of loans | 1 |
Nonaccrual Modified Loans [Member] | Commercial Financial And Agricultural [Member] | Maturity Date Extension [Member] | |
Financing Receivable, Modified Loans [Line Items] | |
Financial effect | Extended the loan maturity by 10 months in order to provide time to borrower to liquidate collateral for loan payoff. |
Loans and Leases - Aging Analys
Loans and Leases - Aging Analysis of Accruing and Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficult (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | $ 6,239,804 | $ 6,123,230 | $ 5,400,786 |
Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | 5,829 | ||
Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | 2,620 | ||
Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 6,219,677 | 6,093,031 | |
Financial Asset Not Past Due | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 5,829 | ||
Financial Asset Not Past Due | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 2,620 | ||
Financial Asset, 30 to 89 Days Past Due | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | ||
Financial Asset, 30 to 89 Days Past Due | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,996 | 875 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | ||
Real-Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | 376,569 | 381,811 | 285,083 |
Real-Estate Construction [Member] | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | 5,829 | ||
Real-Estate Construction [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 376,186 | 381,496 | |
Real-Estate Construction [Member] | Financial Asset Not Past Due | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 5,829 | ||
Real-Estate Construction [Member] | Financial Asset, 30 to 89 Days Past Due | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 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] | |||
Financial receivables, gross | 0 | 0 | |
Real-Estate Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Accrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | ||
Commercial Financial And Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | 1,032,753 | 1,088,928 | $ 942,783 |
Commercial Financial And Agricultural [Member] | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, net of deferred income | 2,620 | ||
Commercial Financial And Agricultural [Member] | Financial Asset Not Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 1,027,982 | 1,081,897 | |
Commercial Financial And Agricultural [Member] | Financial Asset Not Past Due | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 2,620 | ||
Commercial Financial And Agricultural [Member] | Financial Asset, 30 to 89 Days Past Due | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | 0 | ||
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] | |||
Financial receivables, gross | 0 | $ 0 | |
Commercial Financial And Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Nonaccrual Modified Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivables, gross | $ 0 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Process of Foreclosure [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 2,883 | $ 894 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Process of Foreclosure [Line Items] | ||
Mortgage loans in process of foreclosure, amount | 2,812 | 822 |
Real Estate Home Equity Secured For Personal Purpose [Member] | ||
Financing Receivable, Process of Foreclosure [Line Items] | ||
Mortgage loans in process of foreclosure, amount | $ 71 | $ 72 |
Loans and Leases - Lease Paymen
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
2023 (excluding the three months ended March 31, 2023) | $ 74,280 | $ 75,900 |
2024 | 66,701 | 61,793 |
2025 | 49,414 | 45,738 |
2026 | 33,086 | 29,902 |
2027 | 14,603 | 13,091 |
Thereafter | 5,421 | 2,552 |
Total future minimum lease payments receivable | 243,505 | 228,976 |
Plus: Unguaranteed residual | 1,212 | 1,387 |
Plus: Initial direct costs | 3,150 | 2,884 |
Less: Imputed interest | (24,386) | (21,932) |
Lease financings | $ 223,481 | $ 211,315 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 16,800 | $ 16,800 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Range of discount rates used for valuation of servicing rights | 10.40% | 10.10% |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Range of discount rates used for valuation of servicing rights | 12.40% | 12% |
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, 2023 USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 175,510 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | 175,510 |
Banking1 | |
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 | 21,600 |
Goodwill, acquired during period | 0 |
Goodwill, ending balance | $ 21,600 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 40,131 | $ 44,185 | ||
Accumulated amortization | (29,087) | (32,801) | ||
Net carrying amount | 11,044 | 11,384 | ||
Core Deposits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 6,788 | 6,788 | ||
Accumulated amortization | (6,048) | (5,939) | ||
Net carrying amount | 740 | 849 | ||
Customer Related Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 4,162 | 8,493 | ||
Accumulated amortization | (2,318) | (6,530) | ||
Net carrying amount | 1,844 | 1,963 | ||
Servicing Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 29,181 | 28,904 | ||
Accumulated amortization | (20,721) | (20,332) | ||
Net carrying amount | 8,460 | 8,572 | ||
Valuation allowance included in accumulated amortization | $ 40 | $ 5 | $ 7 | $ 13 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Details) - Core Deposits And Customer Related Intangible Assets $ in Thousands | Mar. 31, 2023 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2023 | $ 616 |
2024 | 648 |
2025 | 469 |
2026 | 319 |
2027 | 216 |
Thereafter | 316 |
Total: Estimated amortization expense for core deposit and customer related intangibles | $ 2,584 |
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, 2023 | Mar. 31, 2022 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning of period | $ 8,572 | $ 7,878 |
Servicing rights capitalized | 277 | 714 |
Amortization of servicing rights | (354) | (476) |
Changes in valuation allowance | (35) | 6 |
End of period | 8,460 | 8,122 |
Residential mortgage and SBA loans serviced for others | $ 1,496,319 | $ 1,440,562 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Activity In Valuation Allowance For Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Valuation allowance, beginning of period | $ (5) | $ (13) |
Additions | (35) | 0 |
Reductions | 0 | 6 |
Valuation allowance, end of period | $ (40) | $ (7) |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||||
Remainder of 2023 | $ 1,072 | |||
2024 | 958 | |||
2025 | 855 | |||
2026 | 761 | |||
2027 | 641 | |||
Thereafter | 4,173 | |||
Total: Estimated amortization expense of servicing rights | $ 8,460 | $ 8,572 | $ 8,122 | $ 7,878 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Aggregate amount of time deposits in denominations over $250 thousand | $ 121.7 | $ 95 |
Deposits - Schedule of Componen
Deposits - Schedule of Components of Weighted Average Interest Rate and Balance of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | 0% | 0% |
Demand deposits | 2.56% | 2.02% |
Savings deposits | 0.39% | 0.25% |
Time deposits | 2.91% | 2.07% |
Total deposits | 1.45% | 1.02% |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,799,225 | $ 2,047,263 |
Interest-bearing Domestic Deposit, Demand | 2,433,575 | 2,321,748 |
Deposits, Savings Deposits | 955,530 | 1,025,431 |
Time Deposits | 646,327 | 519,084 |
Deposits, Total | $ 5,834,657 | $ 5,913,526 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Remainder of 2023 | $ 259,767 | |
2024 | 196,555 | |
2025 | 158,162 | |
2026 | 14,600 | |
2027 | 8,246 | |
Thereafter | 8,997 | |
Time Deposits, Total | $ 646,327 | $ 519,084 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Maximum borrowing capacity with FHLB | $ 3,000,000,000 | |
Outstanding short-term letters of credit | 830,400,000 | $ 690,500,000 |
Available borrowing capacity from the Federal Home Loan Bank | 1,700,000,000 | |
Investment securities collateral for Federal Reserve Bank Discount Window Lending program | 119,600,000 | 98,100,000 |
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 | 3,100,000,000 | 3,000,000,000 |
Total committed borrowing capacity available | 1,900,000,000 | 2,100,000,000 |
Amount of maintained federal fund lines of credit with correspondent banks | 410,000,000 | 410,000,000 |
Amount of maintained federal funds lines of credit with correspondent banks, remaining borrowing capacity | $ 320,000,000 | $ 350,000,000 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 271,881 | $ 197,141 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 220,000 | $ 95,000 |
Weighted average interest rate | 3.52% | 1.34% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 148,385 | $ 148,260 |
Weighted average interest rate | 6.08% | 6.09% |
Federal Home Loan Bank Borrowings | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 163,700 | $ 125,000 |
Weighted average interest rate | 5.15% | 4.45% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 90,000 | $ 60,000 |
Weighted average interest rate | 5.26% | 4.63% |
Customer Repurchase Agreements [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at end of period | $ 18,181 | $ 12,141 |
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, 2023 USD ($) |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
Remainder of 2023 | $ 10,000 |
2024 | 85,000 |
2025 | 50,000 |
2026 | 50,000 |
2027 | 0 |
Thereafter | 25,000 |
Total advances | $ 220,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
Remainder of 2023 weighted average interest rate | 3.02% |
2024 weighted average interest rate | 2.10% |
2025 weighted average interest rate | 4.59% |
2026 weighted average interest rate | 4.42% |
2027 weighted average interest rate | 0% |
Thereafter weighted average interest rate | 4.61% |
Weighted average interest rate | 3.52% |
Retirement Plans and Other Po_3
Retirement Plans and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 130 | |
Defined benefit plan, contributions by employer | $ 23 | |
Defined benefit plan, benefits paid | 23 | |
Nonqualified Plan [Member] | Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions for next fiscal year | $ 156 | |
Defined benefit plan, contributions by employer | 39 | |
Defined benefit plan, benefits paid | $ 713 |
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, 2023 | Mar. 31, 2022 | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 130 | $ 137 |
Interest cost | 597 | 390 |
Expected loss on plan assets | (770) | (933) |
Amortization of net actuarial loss (gain) | 250 | 204 |
Net periodic benefit cost (income) | 207 | (202) |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 19 | 30 |
Interest cost | 32 | 24 |
Expected loss on plan assets | 0 | 0 |
Amortization of net actuarial loss (gain) | (4) | 14 |
Net periodic benefit cost (income) | $ 47 | $ 68 |
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, 2023 USD ($) $ / shares shares | |
Shares Under Option | |
Shares under option, outstanding, beginning balance | shares | 294,111 |
Shares under option, exercised | shares | (4,167) |
Shares under option, outstanding, ending balance | shares | 289,944 |
Shares under options, exercisable at March 31, 2023 | shares | 289,944 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted average exercise price per share, outstanding, beginning balance | $ / shares | $ 26.11 |
Weighted average exercise price per share, outstanding, exercised | $ / shares | 17.89 |
Weighted average exercise price per share, outstanding, ending balance | $ / shares | 26.23 |
Weighted average exercise price per share, exercisable at March 31, 2023 | $ / shares | $ 26.23 |
Weighted average remaining contractual life, outstanding at March 31, 2023 | 3 years 10 months 24 days |
Weighted average remaining contractual life, exercisable at March 31, 2023 | 3 years 10 months 24 days |
Aggregated intrinsic value, outstanding at March 31, 2023 | $ | $ 302 |
Aggregated intrinsic value, exercisable at March 31, 2023 | $ | $ 302 |
Stock-Based Incentive Plan - Su
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Units (Detail) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested share units, beginning balance | shares | 408,264 |
Nonvested share units, granted | shares | 213,429 |
Nonvested share units, added by performance factor | shares | 814 |
Nonvested share units, vested | shares | (174,798) |
Nonvested share units, forfeited | shares | (6,114) |
Nonvested share units, ending balance | shares | 441,595 |
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 | $ 25.57 |
Weighted average grant date fair value, granted | $ / shares | 25.04 |
Weighted average grant date fair value, added by performance factor | $ / shares | 19.20 |
Weighted average grant date fair value, vested | $ / shares | 21.95 |
Weighted average grant date fair value, forfeited | $ / shares | 27.62 |
Weighted average grant date fair value, ending balance | $ / shares | $ 26.71 |
Stock-Based Incentive Plan - Ce
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock Units (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units granted | 213,429 | |
Weighted average grant date fair value | $ 25.04 | |
Restricted stock units vested | 174,798 | |
Weighted average grant date fair value | $ 21.95 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units granted | 213,429 | 164,319 |
Weighted average grant date fair value | $ 25.04 | $ 28.36 |
Intrinsic value of units granted | $ 5,345 | $ 4,660 |
Restricted stock units vested | 174,798 | 118,834 |
Weighted average grant date fair value | $ 21.95 | $ 23.29 |
Intrinsic value of units vested | $ 4,385 | $ 3,377 |
Stock-Based Incentive Plan - Sc
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Units (Detail) - Restricted Stock Units (RSUs) [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 9,603 |
Weighted-average period remaining (years) | 2 years 3 months 18 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, 2023 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 1,139 | $ 959 |
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options | 35 | 1 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | 1,110 | 934 |
Employee Stock Purchase Plan [Member] | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||
Total expense | $ 29 | $ 25 |
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, 2023 | Mar. 31, 2022 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | $ (62,104) | |
Other comprehensive (loss) income | 6,554 | $ (15,556) |
Ending balance | (55,550) | |
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 | (40,066) | (1,216) |
Other comprehensive (loss) income | 4,491 | (15,842) |
Ending balance | (35,575) | (17,058) |
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 | (6,831) | (159) |
Other comprehensive (loss) income | 1,869 | 114 |
Ending balance | (4,962) | (45) |
Net Change Related to Defined Benefit Pension Plan [Member] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | (15,207) | (14,978) |
Other comprehensive (loss) income | 194 | 172 |
Ending balance | (15,013) | (14,806) |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Beginning balance | (62,104) | (16,353) |
Other comprehensive (loss) income | 6,554 | (15,556) |
Ending balance | $ (55,550) | $ (31,909) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities- Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) instrument Rate | Dec. 31, 2022 USD ($) | |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000 | $ 250,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 840,679 | 841,044 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | One-Month LIBOR [Member] | ||
Derivative [Line Items] | ||
Basis points | 2.24% | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ 3,600 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2022 SWAP | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000 | |
Derivative fixed interest rate | Rate | 5.99% | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 250,000 | 250,000 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | 2022 SWAP | ||
Derivative [Line Items] | ||
Notional amount | 250,000 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | 2022 SWAP | ||
Derivative [Line Items] | ||
Derivative liability | (6,300) | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 792,838 | $ 815,469 |
Derivative number of instruments held | instrument | 124 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Customer [Member] | ||
Derivative [Line Items] | ||
Underlying derivative at fair value | $ 1,700 | |
Unrealized Gain (Loss) on Derivatives | $ 58,100 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative remaining maturity | 13 months | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative remaining maturity | 11 years | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Underlying derivative at fair value | $ 330 |
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, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive income (loss) | $ 1,869 | $ 114 | |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 250,000 | $ 250,000 | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 6,282 | 8,647 | |
Total net gain (loss) | (1,060) | (68) | |
Gain (loss) recognized in other comprehensive income (loss) | (4,962) | (6,831) | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 250,000 | 250,000 | |
Gain (loss) recognized in other comprehensive income (loss) | (4,962) | (6,831) | |
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) | 1,060 | $ 68 | |
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 | $ 6,282 | $ 8,647 |
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, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | $ 840,679 | $ 841,044 | |
Derivative assets | 265 | 148 | |
Derivative liabilities | 336 | 360 | |
Derivative instruments not designated as hedging instruments, gain (loss), net | 198 | $ 159 | |
Credit Risk Contract [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 792,838 | 815,469 | |
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 | 86 | 450 | |
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 | 330 | 360 | |
Interest Rate Locks With Customers [Member] | |||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||
Notional amount | 21,208 | 10,269 | |
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 | 146 | (1,010) | |
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 | 265 | 119 | |
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 | 26,633 | 15,306 | |
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 | (34) | $ 719 | |
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 | 29 | |
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 | $ 6 | $ 0 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) numberOfSwaps | Dec. 31, 2022 USD ($) numberOfSwaps | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liability | $ 1,600,000 | |
Contingent consideration liability discount rate | 0.083 | |
Potential cash payments, lower range | $ 0 | |
Potential cash payments, upper range | $ 1,900,000 | |
Contingent consideration period rate | 3 years | |
Servicing rights carrying amount before valuation allowance | $ 8,500,000 | $ 8,600,000 |
Servicing rights valuation allowance | 40,000 | 5,000 |
Other real estate owned | 19,000,000 | 19,300,000 |
Credit Risk Contract [Member] | Fair Value Measure on Recurring Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 330,000 | 360,000 |
Level 3 [Member] | Credit Risk Contract [Member] | Fair Value Measure on Recurring Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ 330,000 | $ 360,000 |
Number of interest rate swaps held | numberOfSwaps | 124 | 127 |
Notional amount | $ 792,800,000 | $ 815,500,000 |
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 | 11,300,000 | 13,400,000 |
Valuation allowance of individually analyzed loans and leases held for investment | 912,000 | 2,800,000 |
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 | $ 0 |
Fair Value Disclosures- Assets
Fair Value Disclosures- Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Assets | |||
Debt securities | $ 367,656 | $ 350,256 | |
Investments in equity securities | 3,105 | 2,579 | |
Total assets | 0 | $ 13 | |
Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 367,656 | 350,256 | |
Investments in equity securities | 3,105 | 2,579 | |
Total assets | 376,451 | 358,020 | |
Liabilities | |||
Total liabilities | 7,772 | 10,772 | |
Contingent Consideration Liability [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 1,154 | 1,765 | |
Interest Rate Swap [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 6,282 | 8,647 | |
Credit Risk Contract [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 330 | 360 | |
Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 6 | ||
State and Political Subdivisions [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 2,297 | 2,285 | |
Residential Mortgage-Backed Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 280,794 | 263,388 | |
Collateralized Mortgage Obligations [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 2,271 | 2,322 | |
Corporate Bonds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 82,294 | 82,261 | |
Equity Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 711 | 780 | |
Money Market Mutual Funds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 2,394 | 1,799 | |
Loans Held for Sale [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Loans Held-for-sale | 5,425 | 5,037 | |
Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 29 | ||
Interest Rate Locks With Customers [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 265 | 119 | |
Level 1 [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Investments in equity securities | 3,105 | 2,579 | |
Total assets | 3,105 | 2,579 | |
Liabilities | |||
Total liabilities | 0 | 0 | |
Level 1 [Member] | Contingent Consideration Liability [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Level 1 [Member] | Interest Rate Swap [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Level 1 [Member] | Credit Risk Contract [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Level 1 [Member] | Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | ||
Level 1 [Member] | State and Political Subdivisions [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 1 [Member] | Corporate Bonds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 1 [Member] | Equity Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 711 | 780 | |
Level 1 [Member] | Money Market Mutual Funds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 2,394 | 1,799 | |
Level 1 [Member] | Loans Held for Sale [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Loans Held-for-sale | 0 | 0 | |
Level 1 [Member] | Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 0 | ||
Level 1 [Member] | Interest Rate Locks With Customers [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 0 | 0 | |
Level 2 [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 367,656 | 350,256 | |
Investments in equity securities | 0 | 0 | |
Total assets | 373,346 | 355,441 | |
Liabilities | |||
Total liabilities | 6,288 | 8,647 | |
Level 2 [Member] | Contingent Consideration Liability [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Level 2 [Member] | Interest Rate Swap [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 6,282 | 8,647 | |
Level 2 [Member] | Credit Risk Contract [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Level 2 [Member] | Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 6 | ||
Level 2 [Member] | State and Political Subdivisions [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 2,297 | 2,285 | |
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 280,794 | 263,388 | |
Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 2,271 | 2,322 | |
Level 2 [Member] | Corporate Bonds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 82,294 | 82,261 | |
Level 2 [Member] | Equity Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Level 2 [Member] | Money Market Mutual Funds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Level 2 [Member] | Loans Held for Sale [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Loans Held-for-sale | 5,425 | 5,037 | |
Level 2 [Member] | Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 29 | ||
Level 2 [Member] | Interest Rate Locks With Customers [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 265 | 119 | |
Level 3 [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Investments in equity securities | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities | |||
Total liabilities | 1,484 | 2,125 | |
Level 3 [Member] | Contingent Consideration Liability [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 1,154 | 1,765 | |
Level 3 [Member] | Interest Rate Swap [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Level 3 [Member] | Credit Risk Contract [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 330 | 360 | |
Level 3 [Member] | Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Liabilities | |||
Derivative liabilities | 0 | ||
Level 3 [Member] | State and Political Subdivisions [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 3 [Member] | Corporate Bonds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 3 [Member] | Equity Securities [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Level 3 [Member] | Money Market Mutual Funds [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Investments in equity securities | 0 | 0 | |
Level 3 [Member] | Loans Held for Sale [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Loans Held-for-sale | 0 | 0 | |
Level 3 [Member] | Forward Loan Sale Commitments [Member] | Fair Value Measure on Recurring Basis [Member] | |||
Assets | |||
Derivative asset | 0 | ||
Level 3 [Member] | Interest Rate Locks With Customers [Member] | Fair Value Measure on Recurring Basis [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, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value | $ (330) | $ (444) | $ (360) | $ (333) |
Purchases/additions | (57) | (526) | ||
Payments received | 0 | (35) | ||
Increase (decrease) in value | 87 | 450 | ||
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (360) | (381) | ||
Additions | (57) | (526) | ||
Payments received | 0 | 0 | ||
Increase (decrease) in value | 87 | 450 | ||
Ending balance | $ (330) | (457) | ||
Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 48 | |||
Purchases/additions | 0 | |||
Payments received | (35) | |||
Increase in value | 0 | |||
Ending balance | $ 13 |
Fair Value Disclosures - Change
Fair Value Disclosures - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | $ 1,765 | $ 1,629 |
Payment of contingent consideration | 635 | 0 |
Adjustment of contingent consideration | 24 | 34 |
Ending balance | 1,154 | 1,663 |
Paul I. Scheaffer Insurance Agency [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 1,765 | |
Payment of contingent consideration | 635 | |
Adjustment of contingent consideration | 24 | |
Ending balance | $ 1,154 | |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | 1,629 | |
Payment of contingent consideration | 0 | |
Adjustment of contingent consideration | 34 | |
Ending balance | $ 1,663 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 19,000 | $ 19,300 | |
Total assets | 0 | $ 13 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Individually analyzed loans held for investment | 10,389 | 10,586 | |
Other real estate owned | 19,000 | 19,258 | |
Total assets | 29,389 | 29,844 | |
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 | |
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 | |
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 | 10,389 | 10,586 | |
Other real estate owned | 19,000 | 19,258 | |
Total assets | $ 29,389 | $ 29,844 |
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, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Assets: | |||
Held-to-maturity securities | $ 133,147 | $ 134,068 | |
Total assets | 0 | $ 13 | |
Deposits: | |||
Time Deposits | 646,327 | 519,084 | |
Subordinated notes | 148,385 | 148,260 | |
Estimate of Fair Value Measurement [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 138,324 | 152,799 | |
Held-to-maturity securities | 133,147 | 134,068 | |
Net loans and leases held for investment | 6,097,345 | 5,912,050 | |
Servicing rights | 16,827 | 16,826 | |
Total assets | 6,385,643 | 6,215,743 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 5,188,330 | 5,394,442 | |
Time Deposits | 637,072 | 503,576 | |
Total deposits | 5,825,402 | 5,898,018 | |
Short-term borrowings | 271,881 | 197,141 | |
Long-term debt | 220,903 | 91,926 | |
Subordinated notes | 141,250 | 147,250 | |
Total liabilities | 6,459,436 | 6,334,335 | |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 138,324 | 152,799 | |
Held-to-maturity securities | 0 | 0 | |
Net loans and leases held for investment | 0 | 0 | |
Servicing rights | 0 | 0 | |
Total assets | 138,324 | 152,799 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 5,188,330 | 5,394,442 | |
Time Deposits | 0 | 0 | |
Total deposits | 5,188,330 | 5,394,442 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Subordinated notes | 0 | 0 | |
Total liabilities | 5,188,330 | 5,394,442 | |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 0 | 0 | |
Held-to-maturity securities | 133,147 | 134,068 | |
Net loans and leases held for investment | 0 | 0 | |
Servicing rights | 0 | 0 | |
Total assets | 133,147 | 134,068 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 0 | 0 | |
Time Deposits | 637,072 | 503,576 | |
Total deposits | 637,072 | 503,576 | |
Short-term borrowings | 271,881 | 197,141 | |
Long-term debt | 220,903 | 91,926 | |
Subordinated notes | 141,250 | 147,250 | |
Total liabilities | 1,271,106 | 939,893 | |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 0 | 0 | |
Held-to-maturity securities | 0 | 0 | |
Net loans and leases held for investment | 6,097,345 | 5,912,050 | |
Servicing rights | 16,827 | 16,826 | |
Total assets | 6,114,172 | 5,928,876 | |
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 | |
Carrying Amount [Member] | |||
Assets: | |||
Cash and short-term interest-earning assets | 138,324 | 152,799 | |
Held-to-maturity securities | 151,347 | 154,727 | |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 43,792 | 33,841 | |
Net loans and leases held for investment | 6,149,381 | 6,033,640 | |
Servicing rights | 8,460 | 8,572 | |
Total assets | 6,491,304 | 6,383,579 | |
Deposits: | |||
Demand and savings deposits, non-maturity | 5,188,330 | 5,394,442 | |
Time Deposits | 646,327 | 519,084 | |
Total deposits | 5,834,657 | 5,913,526 | |
Short-term borrowings | 271,881 | 197,141 | |
Long-term debt | 220,000 | 95,000 | |
Subordinated notes | 148,385 | 148,260 | |
Total liabilities | $ 6,474,923 | $ 6,353,927 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | |||
Reportable business segments | segment | 3 | ||
Segment Reporting Information [Line Items] | |||
Total assets | $ 7,358,991 | $ 7,107,740 | $ 7,222,016 |
Interest income | 83,253 | 51,198 | |
Interest expense | 23,936 | 4,538 | |
Net interest income | 59,317 | 46,660 | |
Provision (reversal of provision) for credit losses | 3,387 | (3,450) | |
Noninterest income | 19,680 | 20,470 | |
Noninterest Expense | 49,529 | 45,412 | |
Income before income taxes | 26,081 | 25,168 | |
Income tax expense | 5,047 | 4,851 | |
Net income | 21,034 | 20,317 | |
Net capital expenditures | (2,585) | (5,494) | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 15,212 | 15,245 | 14,322 |
Interest income | 9 | 8 | |
Interest expense | 2,281 | 1,328 | |
Net interest income | (2,272) | (1,320) | |
Provision (reversal of provision) for credit losses | 0 | 0 | |
Noninterest income | (36) | 31 | |
Noninterest Expense | 802 | 350 | |
Income before income taxes | (3,110) | (1,639) | |
Income tax expense | (885) | (542) | |
Net income | (2,225) | (1,097) | |
Net capital expenditures | (325) | (20) | |
Banking1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 7,238,593 | 6,997,081 | 7,104,727 |
Interest income | 83,224 | 51,189 | |
Interest expense | 20,676 | 3,180 | |
Net interest income | 62,548 | 48,009 | |
Provision (reversal of provision) for credit losses | 3,387 | (3,450) | |
Noninterest income | 6,237 | 7,370 | |
Noninterest Expense | 39,932 | 36,488 | |
Income before income taxes | 25,703 | 22,774 | |
Income tax expense | 5,185 | 4,543 | |
Net income | 20,518 | 18,231 | |
Net capital expenditures | (2,201) | (5,592) | |
Banking1 | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Intersegment (revenues) expense | (237) | (433) | |
Wealth Management [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 59,127 | 53,174 | 58,239 |
Interest income | 20 | 1 | |
Interest expense | 979 | 30 | |
Net interest income | (959) | (29) | |
Provision (reversal of provision) for credit losses | 0 | 0 | |
Noninterest income | 6,759 | 7,305 | |
Noninterest Expense | 4,860 | 4,709 | |
Income before income taxes | 825 | 2,356 | |
Income tax expense | 164 | 492 | |
Net income | 661 | 1,864 | |
Net capital expenditures | (3) | (63) | |
Wealth Management [Member] | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Intersegment (revenues) expense | 115 | 211 | |
Insurance [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 46,059 | 42,240 | $ 44,728 |
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net interest income | 0 | 0 | |
Provision (reversal of provision) for credit losses | 0 | 0 | |
Noninterest income | 6,720 | 5,764 | |
Noninterest Expense | 3,935 | 3,865 | |
Income before income taxes | 2,663 | 1,677 | |
Income tax expense | 583 | 358 | |
Net income | 2,080 | 1,319 | |
Net capital expenditures | (56) | (15) | |
Insurance [Member] | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Intersegment (revenues) expense | $ 122 | $ 222 |