Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | WESBANCO, INC. | |
Entity Central Index Key | 0000203596 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 67,218,836 | |
Entity Shell Company | false | |
Entity File Number | 000-08467 | |
Entity Incorporation, State or Country Code | WV | |
Entity Tax Identification Number | 55-0571723 | |
Entity Address, Address Line One | 1 Bank Plaza | |
Entity Address, City or Town | Wheeling | |
Entity Address, State or Province | WV | |
Entity Address, Postal Zip Code | 26003 | |
City Area Code | 304 | |
Local Phone Number | 234-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | WSBC | |
Title of 12(b) Security | Common Stock $2.0833 Par Value | |
Security Exchange Name | NASDAQ | |
Depositary Shares | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | WSBCP | |
Title of 12(b) Security | Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A) | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $544,284 and $51,891, respectively | $ 760,266 | $ 234,796 |
Securities: | ||
Equity securities, at fair value | 12,516 | 12,343 |
Available-for-sale debt securities, at fair value | 2,045,924 | 2,393,558 |
Held-to-maturity debt securities (fair values of $782,401 and $874,523, respectively) | 746,767 | 851,753 |
Allowance for credit losses, held-to-maturity debt securities | (461) | |
Net held-to-maturity debt securities | 746,306 | 851,753 |
Total securities | 2,804,746 | 3,257,654 |
Loans held for sale | 134,151 | 43,013 |
Portfolio loans, net of unearned income | 10,989,546 | 10,267,985 |
Allowance for credit losses - loans | (185,109) | (52,429) |
Net portfolio loans | 10,804,437 | 10,215,556 |
Premises and equipment, net | 248,491 | 261,014 |
Accrued interest receivable | 65,023 | 43,648 |
Goodwill and other intangible assets, net | 1,165,566 | 1,149,153 |
Bank-owned life insurance | 304,288 | 299,516 |
Other assets | 265,172 | 215,762 |
Total Assets | 16,552,140 | 15,720,112 |
Deposits: | ||
Non-interest bearing demand | 4,073,305 | 3,178,270 |
Interest bearing demand | 2,633,601 | 2,316,855 |
Money market | 1,619,410 | 1,518,314 |
Savings deposits | 2,167,597 | 1,934,647 |
Certificates of deposit | 1,707,512 | 2,055,920 |
Total deposits | 12,201,425 | 11,004,006 |
Federal Home Loan Bank borrowings | 794,621 | 1,415,615 |
Other short-term borrowings | 381,909 | 282,362 |
Subordinated debt and junior subordinated debt | 192,150 | 199,869 |
Total borrowings | 1,368,680 | 1,897,846 |
Accrued interest payable | 5,014 | 8,077 |
Other liabilities | 244,055 | 216,262 |
Total Liabilities | 13,819,174 | 13,126,191 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value, 1,000,000 shares authorized in 2020 and 2019, respectively; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150,000,000, issued and outstanding at September 30, 2020 and 0 shares issued and outstanding at December 31, 2019, respectively | 144,529 | |
Common stock, $2.0833 par value; 100,000,000 shares authorized in 2020 and 2019, respectively; 68,081,306 and 68,078,116 shares issued, respectively; 67,216,012 and 67,824,428 shares outstanding, respectively | 141,834 | 141,827 |
Capital surplus | 1,634,172 | 1,636,966 |
Retained earnings | 802,892 | 824,694 |
Treasury stock (865,294 and 253,688 shares - at cost, respectively) | (27,403) | (9,463) |
Accumulated other comprehensive income | 38,301 | 1,201 |
Deferred benefits for directors | (1,359) | (1,304) |
Total Shareholders' Equity | 2,732,966 | 2,593,921 |
Total Liabilities and Shareholders' Equity | $ 16,552,140 | $ 15,720,112 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $ 544,284,000 | $ 51,891,000 |
Held-to-maturity securities, fair values | $ 782,401,000 | $ 874,523,000 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference | $ 150,000,000 | |
Preferred stock, shares issued | 150,000 | 0 |
Preferred stock, shares outstanding | 150,000 | 0 |
Common stock, par value | $ 2.0833 | $ 2.0833 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 68,081,306 | 68,078,116 |
Common stock, shares outstanding | 67,216,012 | 67,824,428 |
Treasury stock, shares | 865,294 | 253,688 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 116,524 | $ 95,369 | $ 351,095 | $ 287,287 |
Interest and dividends on securities: | ||||
Taxable | 11,669 | 15,887 | 42,702 | 49,061 |
Tax-exempt | 4,182 | 4,759 | 12,940 | 15,443 |
Total interest and dividends on securities | 15,851 | 20,646 | 55,642 | 64,504 |
Other interest income | 1,282 | 1,333 | 4,062 | 4,153 |
Total interest and dividend income | 133,657 | 117,348 | 410,799 | 355,944 |
INTEREST EXPENSE | ||||
Interest bearing demand deposits | 1,225 | 4,489 | 5,970 | 12,749 |
Money market deposits | 707 | 1,973 | 3,937 | 5,881 |
Savings deposits | 303 | 861 | 1,523 | 2,061 |
Certificates of deposit | 3,197 | 3,830 | 10,765 | 11,831 |
Total interest expense on deposits | 5,432 | 11,153 | 22,195 | 32,522 |
Federal Home Loan Bank borrowings | 5,457 | 6,645 | 20,982 | 19,269 |
Other short-term borrowings | 304 | 1,353 | 1,454 | 4,392 |
Subordinated debt and junior subordinated debt | 1,871 | 2,077 | 6,400 | 6,820 |
Total interest expense | 13,064 | 21,228 | 51,031 | 63,003 |
NET INTEREST INCOME | 120,593 | 96,120 | 359,768 | 292,941 |
Provision for credit losses | 16,288 | 4,121 | 107,949 | 9,375 |
Net interest income after provision for credit losses | 104,305 | 91,999 | 251,819 | 283,566 |
NON-INTEREST INCOME | ||||
Electronic banking fees | 4,780 | 5,253 | 13,100 | 18,299 |
Net securities brokerage revenue | 1,725 | 1,765 | 4,787 | 5,597 |
Bank-owned life insurance | 2,088 | 1,373 | 5,609 | 4,032 |
Mortgage banking income | 8,488 | 2,588 | 17,295 | 5,262 |
Net securities gains | 787 | 235 | 3,577 | 3,800 |
Net (loss) gain on other real estate owned and other assets | (19) | 158 | 84 | 670 |
Other income | 5,005 | 2,097 | 15,177 | 8,535 |
Total non-interest income | 34,612 | 26,950 | 95,481 | 85,878 |
NON-INTEREST EXPENSE | ||||
Salaries and wages | 38,342 | 32,915 | 114,025 | 95,501 |
Employee benefits | 10,604 | 9,726 | 31,115 | 29,419 |
Net occupancy | 7,092 | 5,392 | 20,809 | 16,343 |
Equipment | 6,229 | 5,273 | 17,991 | 14,924 |
Marketing | 1,577 | 1,505 | 4,282 | 4,002 |
FDIC insurance | 1,948 | (1,221) | 6,456 | 1,287 |
Amortization of intangible assets | 3,346 | 2,446 | 10,085 | 7,424 |
Restructuring and merger-related expense | 3,608 | 1,688 | 9,241 | 4,876 |
Other operating expenses | 17,197 | 15,544 | 52,775 | 45,876 |
Total non-interest expense | 89,943 | 73,268 | 266,779 | 219,652 |
Income before provision for income taxes | 48,974 | 45,681 | 80,521 | 149,792 |
Provision for income taxes | 7,669 | 8,334 | 11,332 | 27,295 |
Net income | 41,305 | 37,347 | 69,189 | 122,497 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net income available to common shareholders | $ 41,305 | $ 37,347 | $ 69,189 | $ 122,497 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.61 | $ 0.68 | $ 1.03 | $ 2.24 |
Diluted | $ 0.61 | $ 0.68 | $ 1.03 | $ 2.24 |
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 67,214,759 | 54,695,578 | 67,268,449 | 54,641,057 |
Diluted | 67,269,303 | 54,751,344 | 67,351,857 | 54,705,761 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.32 | $ 0.31 | $ 0.96 | $ 0.93 |
COMPREHENSIVE INCOME | $ 39,090 | $ 43,156 | $ 106,289 | $ 170,290 |
Total Trust Fees [Member] | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | 6,426 | 6,425 | 19,580 | 19,880 |
Service Charges on Deposits [Member] | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | $ 5,332 | $ 7,056 | $ 16,272 | $ 19,803 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Benefits for Directors [Member] |
Beginning Balance at Dec. 31, 2018 | $ 1,978,827 | $ 113,758 | $ 1,166,701 | $ 737,581 | $ (274) | $ (37,871) | $ (1,068) | |||
Beginning Balance, shares at Dec. 31, 2018 | 54,598,134 | |||||||||
Net income | 122,497 | 122,497 | ||||||||
Other comprehensive income (loss) | 47,793 | 47,793 | ||||||||
Comprehensive income | 170,290 | |||||||||
Common dividends declared | (50,746) | (50,746) | ||||||||
Treasury shares acquired | (797) | 170 | (967) | |||||||
Treasury shares acquired, shares | (26,358) | |||||||||
Stock options exercised | 121 | $ 8 | 12 | 101 | ||||||
Stock options exercised, shares | 6,000 | |||||||||
Restricted stock granted | $ 188 | (1,076) | 888 | |||||||
Restricted stock granted, shares | 113,449 | |||||||||
Stock compensation expense | 3,772 | 3,772 | ||||||||
Deferred benefits for directors- net | (198) | 16 | (214) | |||||||
Ending Balance at Sep. 30, 2019 | 2,101,269 | $ 113,954 | 1,169,595 | 809,332 | (252) | 9,922 | (1,282) | |||
Ending Balance, shares at Sep. 30, 2019 | 54,691,225 | |||||||||
Beginning Balance at Jun. 30, 2019 | 2,074,116 | $ 113,952 | 1,168,212 | 788,900 | (2) | 4,113 | (1,059) | |||
Beginning Balance, shares at Jun. 30, 2019 | 54,697,199 | |||||||||
Net income | 37,347 | 37,347 | ||||||||
Other comprehensive income (loss) | 5,809 | 5,809 | ||||||||
Comprehensive income | 43,156 | |||||||||
Common dividends declared | (16,915) | (16,915) | ||||||||
Treasury shares acquired | (208) | 42 | (250) | |||||||
Treasury shares acquired, shares | (6,974) | |||||||||
Restricted stock granted | $ 2 | (2) | ||||||||
Restricted stock granted, shares | 1,000 | |||||||||
Stock compensation expense | 1,333 | 1,333 | ||||||||
Deferred benefits for directors- net | (213) | 10 | (223) | |||||||
Ending Balance at Sep. 30, 2019 | 2,101,269 | $ 113,954 | 1,169,595 | 809,332 | (252) | 9,922 | (1,282) | |||
Ending Balance, shares at Sep. 30, 2019 | 54,691,225 | |||||||||
Beginning Balance at Dec. 31, 2019 | $ 2,593,921 | $ (26,591) | $ 141,827 | 1,636,966 | 824,694 | $ (26,591) | (9,463) | 1,201 | (1,304) | |
Beginning Balance, shares at Dec. 31, 2019 | 67,824,428 | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:NewAccountingPronouncementMember | |||||||||
Net income | $ 69,189 | 69,189 | ||||||||
Other comprehensive income (loss) | 37,100 | 37,100 | ||||||||
Comprehensive income | 106,289 | |||||||||
Common dividends declared | (64,400) | (64,400) | ||||||||
Issuance of preferred stock, net of issuance costs | 144,529 | $ 144,529 | ||||||||
Treasury shares acquired | (25,296) | 118 | (25,414) | |||||||
Treasury shares acquired, shares | (813,108) | |||||||||
Stock options exercised | 504 | $ 7 | (224) | 721 | ||||||
Stock options exercised, shares | 22,929 | |||||||||
Restricted stock granted | (6,753) | 6,753 | ||||||||
Restricted stock granted, shares | 181,763 | |||||||||
Stock compensation expense | 4,055 | 4,055 | ||||||||
Deferred benefits for directors- net | (45) | 10 | (55) | |||||||
Ending Balance at Sep. 30, 2020 | 2,732,966 | 144,529 | $ 141,834 | 1,634,172 | 802,892 | (27,403) | 38,301 | (1,359) | ||
Ending Balance, shares at Sep. 30, 2020 | 67,216,012 | |||||||||
Beginning Balance at Jun. 30, 2020 | 2,569,521 | $ 141,827 | 1,633,079 | 782,990 | (27,518) | 40,516 | (1,373) | |||
Beginning Balance, shares at Jun. 30, 2020 | 67,211,192 | |||||||||
Net income | 41,305 | 41,305 | ||||||||
Other comprehensive income (loss) | (2,215) | (2,215) | ||||||||
Comprehensive income | 39,090 | |||||||||
Common dividends declared | (21,403) | (21,403) | ||||||||
Issuance of preferred stock, net of issuance costs | 144,529 | 144,529 | ||||||||
Treasury shares acquired | (70) | (70) | ||||||||
Treasury shares acquired, shares | (3,209) | |||||||||
Stock options exercised | 59 | $ 7 | 52 | |||||||
Stock options exercised, shares | 3,190 | |||||||||
Restricted stock granted | (185) | 185 | ||||||||
Restricted stock granted, shares | 4,839 | |||||||||
Stock compensation expense | 1,329 | 1,329 | ||||||||
Deferred benefits for directors- net | (89) | (103) | 14 | |||||||
Ending Balance at Sep. 30, 2020 | $ 2,732,966 | $ 144,529 | $ 141,834 | $ 1,634,172 | $ 802,892 | $ (27,403) | $ 38,301 | $ (1,359) | ||
Ending Balance, shares at Sep. 30, 2020 | 67,216,012 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Common dividends declared, per share | $ 0.32 | $ 0.31 | $ 0.96 | $ 0.93 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 20,628 | $ 148,095 |
INVESTING ACTIVITIES | ||
Net increase in loans held for investment | (751,181) | (84,688) |
Available-for-sale debt securities: | ||
Proceeds from sales | 226,099 | 125,239 |
Proceeds from maturities, prepayments and calls | 586,711 | 287,515 |
Purchases of securities | (424,585) | (384,890) |
Held-to-maturity debt securities: | ||
Proceeds from maturities, prepayments and calls | 148,840 | 112,182 |
Purchases of securities | (46,319) | (15,005) |
Equity securities: | ||
Proceeds from sales | 203 | 3,567 |
Proceeds from bank owned life insurance | 832 | |
Purchases of premises and equipment – net | (5,957) | (8,342) |
Sale of portfolio loans | 37,195 | |
Net cash (used in) provided by investing activities | (228,162) | 35,578 |
FINANCING ACTIVITIES | ||
Increase (decrease) in deposits | 1,205,904 | (165,800) |
Proceeds from Federal Home Loan Bank borrowings | 475,000 | 470,000 |
Repayment of Federal Home Loan Bank borrowings | (1,096,157) | (363,313) |
Increase in other short-term borrowings | 107,047 | 5,725 |
Principal repayments of finance lease obligations | (314) | (300) |
(Decrease) increase in federal funds purchased | (7,500) | 29,000 |
Repayment of junior subordinated debt | (6,702) | (33,506) |
Dividends paid to common shareholders | (63,850) | (49,656) |
Issuance of preferred stock, net of issuance costs | 144,529 | |
Issuance of common stock | 59 | 71 |
Treasury shares purchased - net | (25,012) | (747) |
Net cash provided by (used in) financing activities | 733,004 | (108,526) |
Net increase in cash, cash equivalents and restricted cash | 525,470 | 75,147 |
Cash, cash equivalents and restricted cash at beginning of the period | 234,796 | 169,186 |
Cash, cash equivalents and restricted cash at end of the period | 760,266 | 244,333 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid on deposits and other borrowings | 62,149 | 63,300 |
Income taxes paid | 30,375 | 27,015 |
Transfers of loans to other real estate owned | 263 | 684 |
Transfers of portfolio loans to loans held for sale | $ 37,195 | |
Transfers of held-to-maturity debt securities to available-for-sale debt securities | 67,393 | |
Right of use assets obtained in exchange for lease obligations | $ 19,827 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and stockholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. Loans and Loans Held for Sale — Loans originated by Wesbanco are reported at the principal amount outstanding, net of unearned income including credit valuation adjustments, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned on loans except where doubt exists as to collectability, in which case accrual of income is discontinued. Loans originated and intended for sale are carried, in aggregate, at their estimated market value, as Wesbanco elected the fair value option on October 1, 2017. Loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a loan is paid off, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. Loans are generally placed on non-accrual when they are 90 days past due, unless the loan is well-secured and in the process of collection. Loans may be returned to accrual status when a borrower has resumed paying principal and interest for a sustained period of at least six months and Wesbanco is reasonably assured of collecting the remaining contractual principal and interest. Loans are returned to accrual status at an amount equal to the principal balance of the loan at the time of non-accrual status less any payments applied to principal during the non-accrual period. Loans are reported as a troubled debt restructuring when Wesbanco, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. Refer to the “Troubled Debt Restructurings” policy below for additional detail. A loan is considered non-performing, based on current information and events, if it is probable that Wesbanco will be unable to collect the payments of principal and interest when due according to the original contractual terms of the loan agreement. Non-performing loans include all non-accrual loans and troubled debt restructurings. Wesbanco recognizes interest income on non-accrual loans on the cash basis only if recovery of principal is reasonably assured. Consumer loans are charged down to the net realizable value at 120 days past due for closed-end loans and 180 days past due for open-end revolving lines of credit. Residential real estate loans are charged down to the net realizable value of the collateral at 180 days past due. Commercial loans are charged down to the net realizable value when it is determined that Wesbanco will be unable to collect the principal amount in full. Loans are reclassified to other assets at the net realizable value when foreclosure or repossession of the collateral occurs. Refer to the “Other Real Estate Owned and Repossessed Assets” policy below for additional detail. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law, which, in part, established a loan program administered through the U.S. Small Business Administration ("SBA"), referred to as the Paycheck Protection Program ("PPP"). Under the PPP, small businesses, sole proprietorships, independent contractors, non-profit organizations and self-employed individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enrolled in the program, subject to numerous limitations and eligibility criteria. Wesbanco has participated as a lender in the PPP program. All loans have a 1% interest rate and Wesbanco earns a fee that is based upon a tiered schedule corresponding with the amount of the loan to the borrower, which is deferred and recognized over the life of the loan. Based upon the borrower meeting certain criteria as defined by the CARES act, the loan may be forgiven by the SBA. Wesbanco reports these loans at their principal amount outstanding, net of unearned income, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income Troubled Debt Restructurings (“TDR”) — A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. The determination of whether a concession has been granted includes an evaluation of the debtor’s ability to access funds at a market rate for debt with similar risk characteristics and among other things, the significance of the modification relative to unpaid principal or collateral value of the debt, and/or the significance of a delay in the timing of payments relative to the frequency of payments, original maturity date, or the expected duration of the loan. The most common concessions granted generally include one or more modifications to the terms of the debt such as a reduction in the interest rate below the prevailing market rate for the remaining life of the debt, an extension of the maturity date at an interest rate lower than the prevailing market rate for new debt with similar risk, or reduction of the unpaid principal or interest. Additionally, all consumer bankruptcies are considered TDR; all TDRs are considered nonperforming loans. When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. The restructuring of a loan does not increase the allowance or provision for credit losses unless the loan is extended or the loans are commercial loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer TDRs. Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. TDRs on accrual status generally remain on accrual as long as they continue to perform in accordance with their modified terms. TDRs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from TDR status after they have performed according to the renegotiated terms for a period of time if the interest rate under the modified terms is at or above market, or if the loan returns to its original terms. Section 4013 of the CARES Act, “Temporary Relief From Troubled Debt Restructurings,” allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. On April 7, 2020, the joint federal regulatory agencies issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), which further discusses loan modifications related to COVID-19. Wesbanco has extended up to a 180 day delay in loan principal and/or interest payments for customers affected by the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on the CARES Act provisions and the guidance noted above, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments to the extent they meet the criteria. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. On August 3, 2020, the joint federal regulatory agencies issued a statement, “Joint Statement on Additional Loan Accommodations Related to COVID-19”. This statement provides financial institutions with considerations for certain customers nearing the end of their COVID-19 loan deferral period noted above. As per this guidance and in accordance with the CARES Act noted above, Wesbanco is currently developing a plan to assist certain customers with additional deferrals of principal and/or interest, but also requiring detailed financial information from the customer to determine the financial need, the period of relief to be considered and the type of deferral warranted. Acquired Loans - Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value with no carryover of related allowance for credit losses. Acquired loans are classified into two categories; purchased financial instruments with more than insignificant credit deterioration (“PCD”) loans, and loans with insignificant credit deterioration (“non-PCD”). PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans will have an allowance established on acquisition date, which is recognized in the current period provision for credit losses. For PCD loans, an allowance is recognized on day 1 by adding it to the fair value of the loan, which is the “Day 1 amortized cost”. There is no credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life of the acquired loans, delinquency status, estimated prepayments, payment options and other loan features, internal risk grade, estimated value of the underlying collateral and interest rate environment. PCD loans are accounted for in accordance with Accounting Standards Codification (“ASC”) 326-20, Financial Instruments – Credit Losses – Measure at Amortized Cost Under ASC 326-20, a group of loans with similar risk characteristics can be assessed to determine if the pool of loans is PCD. However, if a loan does not have similar risk characteristics as any other acquired loan, the loan is individually assessed to determine if it is PCD. In addition, the initial allowance related to acquired loans can be estimated for a pool of loans if the loans have similar risk characteristics. Even if the loans were individually assessed to determine if they were PCD, they can be grouped together in the initial allowance calculation if they share similar risk characteristics. Since Wesbanco uses the discounted cash flow (DCF) approach, the initial allowance calculation for PCD loans is calculated as the expected contractual cash shortfalls, discounted at the rate that equals the net present value of estimated future cash flows expected to be collected with the purchase price of the loan(s). If a PCD loan has an unfunded commitment at acquisition, the initial allowance for credit losses calculation reflects only the expected credit losses associated with the funded portion of the PCD loan. Expected credit losses associated with the unfunded commitment are included in the initial measurement of the commitment. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the interest and credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. Allowance for Credit Losses — The allowance for credit losses reduces the loan portfolio to the net amount expected to be collected and establishes an allowance for unfunded loan commitments. The allowance for credit losses represents the lifetime expected losses for all loans and unfunded loan commitments at the initial recognition date. The allowance incorporates forward-looking information and applies a reversion methodology beyond the reasonable and supportable forecast. The allowance is increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries. Management evaluates the appropriateness of the allowance at least quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period. The allowance for credit loss calculation is based on the loan’s amortized cost basis, which is comprised of the unpaid principal balance of the loan, deferred loan fees (costs) and acquired premium (discount) minus any write-downs. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when a loan is placed on non-accrual, and also Wesbanco made an accounting policy election to reverse accrued interest deemed uncollectible as a reversal of interest income. However, Wesbanco is reserving, as part of the allowance for credit losses, for accrued interest on loan modifications under the CARES Act due to the nature and timing of these deferrals. The allowance for credit losses reflects the risk of loss on the loan portfolio. To appropriately measure expected credit losses, management disaggregates the loan portfolio into pools of similar risk characteristics. The Company utilizes the probability of default (“PD”) / loss given default (“LGD”) approach to calculate the expected loss for each segment, which is then discounted to net present value. PD is the probability the asset will default within a given timeframe and LGD is the percentage of the assets not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rate spreads. Management relies on macroeconomic forecasts obtained from various reputable sources, which may include the Federal Open Market Committee (FOMC) forecast and other publicly available forecasts from well recognized, leading economists. These forecasts can range from one to two years, depending upon the facts and circumstances of the current state of the economy, portfolio segment and management’s judgement of what can be reasonably supported. The model reversion period ranges from one to three years. The allowance for credit losses is calculated over the loan’s contractual life. For term loans, the contractual life is calculated based on the maturity date. For commercial and industrial (“C&I”) revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term does not include expected extensions, renewals or modifications unless management has a reasonable expectation as of the reporting period that Wesbanco will execute a TDR with the borrower. Management assumes a loan will become a TDR if a consumer loan has matured, has a principal balance, and has previously been partially charged-off. This assumption extends the maturity of these loans to the six months beyond maturity date. The loan portfolio is segmented based on the risk profiles of the loans. Commercial loans are segmented between commercial real estate (“CRE”), which are collateralized by real estate, and C&I, which are typically utilized for general business purposes. CRE is further segmented between land and construction (“LCD”) and improved property, which are generally loans to purchase or refinance owner occupied or non-owner occupied investment properties. LCD loans have a unique risk that the developer or builder may not complete the project or not complete it on time or within budget. Improved property loans are reviewed for risk based on the underlying real estate property such as rental or owner income, appraisal value and other current lease terms, which affect debt service coverage and loan to value. Retail loans are a homogenous group, generally consisting of standardized products that are smaller in amount and distributed over a large number of individual borrowers. The group is segmented into three categories – residential real estate, HELOC and consumer. Contractual terms are adjusted for estimated prepayments to arrive at expected cash flows. Wesbanco models term loans with an annualized “prepayment” rate. When Wesbanco has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the cash flow. The evaluation also considers qualitative factors such as economic trends and conditions, which includes levels of regional unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies pertaining to the allowance for credit losses. Management relies on observable data from internal and external sources to the extent it is available to evaluate each of these factors and adjusts the model’s quantitative results to reflect the impact these factors may have on probable losses in the portfolio. As a result of the COVID-19 pandemic, there is concern within the banking industry that deferrals are delaying the overall impact of COVID-19 on the loan portfolio. As such, a temporary COVID-19 qualitative factor has been incorporated to recognize increased risk within the portfolio that is not captured by the quantitative output. Commercial loans, including CRE and C&I, greater than $1 million in balance that are reported as non-accrual, troubled debt restructuring or that have other unique characteristics are tested individually for estimated credit losses. Specific reserves are established when appropriate for such loans based on the net present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. Management may also adjust its assumptions to account for differences between expected and actual losses from period to period. The variability of management’s assumptions could alter the level of the allowance for credit losses and may have a material impact on future results of operations and financial condition. The loss estimation models and methods used to determine the allowance for credit losses are continually refined and enhanced. Recent accounting pronouncements – The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) as noted below. ASU 2020-04 Reference Rate Reform (Topic 848) In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. Due to the potential discontinuance of the London Interbank Offered Rate (LIBOR), regulators have undertaken reference rate initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022. Wesbanco is assessing the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material impacts expected at this time. ASU 2018-15 Intangibles – Goodwill and Other Internal-Use Software In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU specifically aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20) In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies Accounting Standards Codification (“ASC”) 715-20 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Wesbanco is currently assessing the impact of ASU 2018-14 on Wesbanco’s Consolidated Financial Statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure objective paragraphs of ASC 820 to eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion of entities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which require entities to use a new forward-looking “expected loss” model also referred to as the current expected credit loss model (“CECL”) on trade and other receivables, held-to-maturity debt securities, loans and other instruments that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities measure credit losses in a manner similarly to current procedures, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Entities will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments” and in May 2019 the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326), Targeted Transition Relief. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which for Wesbanco was effective January 1, 2020. In December 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of Comptroller of the Currency (“OCC”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ adoption of the CECL methodology. The final rule provides banking organizations the option to phase-in, over a three-year period, the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In response to the COVID-19 pandemic, the joint federal bank regulatory agencies issued an optional extension of the regulatory capital transition, which allows for a two-year three-year two-year three-year Under CECL, acquired loans or pools of loans that have experienced more-than-insignificant credit deterioration are deemed to be PCD loans, and are grossed-up on day 1 by the initial credit estimate through the allowance as opposed to a reduction in the loan’s amortized cost. The credit mark on acquired loans deemed not to be PCD loans are reflected as a reduction in the loan’s amortized cost, with an allowance and corresponding provision for credit losses recorded in the first reporting period after acquisition through current period earnings, while the loan mark will accrete through interest income over the life of such loans. At acquisition, Wesbanco will consider several factors as indicators that an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors may include loans 30 days or more past due, loans with an internal risk grade of below average or lower, loans classified as non-accrual by the acquired institution, materiality of the credit and loans that have been previously modified in a TDR. Upon adoption of this standard, acquired loans from prior acquisitions that meet the guidelines under ASC 310-30 (formerly known as “purchased credit-impaired”) were reclassified as PCD loans. The accretable portion of the loan mark as of adoption date continues to accrete into interest income. However, the non-accretable portion of the loan mark was added to the allowance upon adoption, and any reversals of such mark will flow through the allowance in future periods. The loan mark on ASC 310-20 loans (“non-purchased credit-impaired”) from prior acquisitions continues to accrete through interest income over the life of such loans. Wesbanco formed a cross-functional team in 2016 to oversee the implementation of CECL. The team was responsible for completing an initial data gap assessment, determining if additional data was needed or current data could be improved upon, finalizing the loan segmentation procedures, analyzing the methodology options regarding the calculation of expected credit losses and concluding why the selected methodology is reasonable and in-line with accounting guidance. Wesbanco completed parallel runs in 2019 to ensure the various forecasting and modeling assumptions were reasonable and supportable, including certain qualitative factors that were developed to estimate the initial current expected credit loss allowance. Wesbanco engaged a third-party to validate the data inputs and the models utilized in the CECL calculation. In addition, the Company prepared documentation of the accounting policy decisions, changes to the business processes and procedures, and the control environment under the adoption of this standard. The day 1 impact on the allowance for credit losses was $ 41.4 million, which included a $ 6.7 million adjustment for PCD loans and a $ 3.0 million adjustment related to loan commitments. The after-tax effect on retained earnings was $ 26.6 million as of January 1, 2020. The day 1 CECL calculation was derived from the selected assumption of a one-year reasonable and supportable forecast, which was obtained from a third-party vendor. After the forecast period, Wesbanco reverts back over a one year period to historical loss rates adjusting for prepayments and curtailments, to estimate losses over the remaining life of loans. The most sensitive assumptions include the length of the forecast and reversion periods, forecast of unemployment and interest rate spreads and prepayment speeds. See Note 5, “Loans and Allowance for Credit Losses” for further detail. Wesbanco recognized an allowance for credit losses for held-to-maturity (“HTM”) debt securities of $0.2 million as of January 1, 2020 upon adoption of this standard. See Note 4, “Investments” for further detail. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE 2. MERGERS AND ACQUISITIONS Old Line Bancshares, Inc. (“OLBK”) On November 22, 2019, Wesbanco completed its acquisition of OLBK, a bank holding company headquartered in Bowie, MD. On the acquisition date, OLBK had approximately $3.0 billion in assets, excluding goodwill, which included approximately $2.5 billion in loans and $182.2 million in securities. The OLBK acquisition was valued at $494.0 million, based on Wesbanco’s closing stock price on November 22, 2019, of $36.75, and resulted in Wesbanco issuing 13,351,837 shares of its common stock in exchange for all of the outstanding shares of OLBK common stock, including stock options, of which the fair value was $3.3 million. The assets and liabilities of OLBK were recorded on Wesbanco’s Balance Sheet at their preliminary estimated fair values as of November 22, 2019, the acquisition date, and OLBK’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on a preliminary purchase price allocation, Wesbanco recorded $231.0 million in goodwill and $32.9 million in core deposit intangibles in its Community Banking segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the integration of the operations of OLBK, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to OLBK since the date of acquisition, as OLBK’s results cannot be separately identified. For the nine months ended September 30, 2020, Wesbanco recorded merger-related expenses of $6.3 million associated with the OLBK acquisition. The preliminary purchase price of the OLBK acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) November 22, 2019 Purchase price: Fair value of Wesbanco shares issued $ 493,936 Cash consideration for outstanding OLBK shares 16 Total purchase price $ 493,952 Fair value of: Tangible assets acquired $ 2,892,298 Core deposit and other intangible assets acquired 32,899 Liabilities assumed (2,722,250 ) Net cash received in the acquisition 60,041 Fair value of net assets acquired 262,988 Goodwill recognized $ 230,964 The following table presents the preliminary allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition, as Wesbanco intends to finalize its accounting for the acquisition of OLBK within one year of the date of acquisition: (unaudited, in thousands) November 22, 2019 Assets acquired Cash and due from banks $ 60,041 Securities 182,171 Loans 2,514,061 Goodwill and other intangible assets 263,863 Accrued income and other assets 196,066 Total assets acquired $ 3,216,202 Liabilities assumed Deposits $ 2,375,574 Borrowings 286,047 Accrued expenses and other liabilities 60,629 Total liabilities assumed $ 2,722,250 Net assets acquired $ 493,952 The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition from that previously reported at June 30, 2020: (unaudited, in thousands) November 22, 2019 Goodwill recognized as of June 30, 2020 $ 228,907 Change in fair value of net assets acquired: Assets Investment securities (284 ) Loans 50 Premises and equipment (2,214 ) Deferred tax assets 641 Accrued income and other assets — Liabilities Borrowings — Accrued expenses and other liabilities (250 ) Fair value of net assets acquired $ (2,057 ) Increase in goodwill recognized 2,057 Goodwill recognized as of September 30, 2020 $ 230,964 The fair value estimates for deferred taxes and other assets/liabilities will continue to fluctuate until the final tax returns are completed. The Company expects to finalize the purchase price accounting for OLBK within one year of the date of acquisition. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 3. EARNINGS PER COMMON SHARE Earnings per common share are calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands, except shares and per share amounts) 2020 2019 2020 2019 Numerator for both basic and diluted earnings per common share: Net income $ 41,305 $ 37,347 $ 69,189 $ 122,497 Denominator: Total average basic common shares outstanding 67,214,759 54,695,578 67,268,449 54,641,057 Effect of dilutive stock options and other stock compensation 54,544 55,766 83,408 64,704 Total diluted average common shares outstanding 67,269,303 54,751,344 67,351,857 54,705,761 Earnings per common share - basic $ 0.61 $ 0.68 $ 1.03 $ 2.24 Earnings per common share - diluted $ 0.61 $ 0.68 $ 1.03 $ 2.24 As of September 30, 2020 and September 30, 2019 respectively, As of September 30, 2020 and September 30, 2019 respectively, As of September 30, 2020 and 2019, shares related to the Performance-based restricted stock compensation totaling 27,371 and 30,137 shares were estimated to be awarded as of September 30, 2020 and 2019, respectively, and are included in the diluted calculation. On November 22, 2019, Wesbanco issued 13,351,837 shares of common stock to complete its acquisition of OLBK and granted 34,998 shares of restricted stock to certain OLBK employees. These shares are included in average shares outstanding beginning on that date. For additional information relating to the OLBK acquisition, refer to Note 2, “Mergers and Acquisitions.” |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 4. SECURITIES The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities: September 30, 2020 December 31, 2019 (unaudited, in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale debt securities U.S. Treasury $ 19,985 $ 7 $ — $ 19,992 $ 32,790 $ 47 $ (1 ) $ 32,836 U.S. Government sponsored entities and agencies 184,877 7,978 (6 ) 192,849 157,088 2,862 (322 ) 159,628 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,378,963 42,892 (832 ) 1,421,023 1,803,268 18,850 (6,131 ) 1,815,987 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 246,985 12,684 (59 ) 259,610 187,268 3,270 (129 ) 190,409 Obligations of states and political subdivisions 119,235 7,304 — 126,539 140,357 5,253 (1 ) 145,609 Corporate debt securities 24,976 956 (21 ) 25,911 48,645 581 (137 ) 49,089 Total available-for-sale debt securities $ 1,975,021 $ 71,821 $ (918 ) $ 2,045,924 $ 2,369,416 $ 30,863 $ (6,721 ) $ 2,393,558 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 8,256 $ 317 $ — $ 8,573 $ 9,216 $ 30 $ (116 ) $ 9,130 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 99,703 3,797 (1 ) 103,499 122,937 1,031 (261 ) 123,707 Obligations of states and political subdivisions 605,636 28,379 (122 ) 633,893 686,376 20,475 (258 ) 706,593 Corporate debt securities 33,172 3,264 — 36,436 33,224 1,869 — 35,093 Total held-to-maturity debt securities $ 746,767 $ 35,757 $ (123 ) $ 782,401 $ 851,753 $ 23,405 $ (635 ) $ 874,523 Total debt securities $ 2,721,788 $ 107,578 $ (1,041 ) $ 2,828,325 $ 3,221,169 $ 54,268 $ (7,356 ) $ 3,268,081 (1) Total held to maturity securities are presented on the balance sheet net of their allowance for credit losses totaling $0.5 million at September 30, 2020. At September 30, 2020 and December 31, 2019, there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10% of Wesbanco’s shareholders’ equity. Equity securities, of which $9.5 million consist of investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are recorded at fair value, and totaled $12.5 million and $12.3 million at September 30, 2020 and December 31, 2019, respectively. The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at September 30, 2020. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. (unaudited, in thousands) Amortized Cost Fair Value Available-for-sale debt securities Less than one year $ 44,340 $ 44,461 1-5 years 152,865 161,571 5-10 years 328,452 342,555 Over 10 years 1,449,364 1,497,337 Total available-for-sale debt securities $ 1,975,021 $ 2,045,924 Held-to-maturity debt securities Less than one year $ 11,901 $ 12,005 1-5 years 119,398 126,351 5-10 years 263,457 275,405 Over 10 years 352,011 368,640 Total held-to-maturity debt securities $ 746,767 $ 782,401 Total debt securities $ 2,721,788 $ 2,828,325 Securities with an aggregate fair value of $1.9 billion and $2.0 billion at September 30, 2020 and December 31, 2019, respectively, were pledged as security for public and trust funds, and securities sold under agreements to repurchase. Proceeds from the sale of available-for-sale securities were $226.1 million and $125.2 million for the nine months ended September 30, 2020 and 2019, respectively. Net unrealized gains on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of September 30, 2020 and December 31, 2019 were $54.0 million and $20.7 million, respectively. The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three and nine months ended September 30, 2020 and 2019, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2020 2019 2020 2019 Debt securities: Gross realized gains $ 100 $ 1,096 $ 3,715 $ 1,443 Gross realized losses (2 ) (741 ) (1,068 ) (950 ) Net gains on debt securities $ 98 $ 355 $ 2,647 $ 493 Equity securities: Net unrealized gains recognized on securities still held $ 687 $ (120 ) $ 936 $ 748 Net realized gains (losses) recognized on securities sold 2 — (6 ) 2,559 Net gains on equity securities $ 689 $ (120 ) $ 930 $ 3,307 Net securities gains $ 787 $ 235 $ 3,577 $ 3,800 On January 1, 2020, Wesbanco adopted CECL. Upon adoption, the Company recognized $0.2 million to opening retained earnings, which represents the CECL allowance as of January 1, 2020. The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $6.3 million as of September 30, 2020, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economical or governmental policies that could affect this assumption. The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the nine months ended September 30, 2020: Allowance for Credit Losses By Category For the Nine Months Ended September 30, 2020 Residential mortgage -backed securities and collateralized mortgage obligations Obligations of U.S. Government of government state and Corporate sponsored sponsored entities political debt (unaudited, in thousands) entities and agencies and agencies subdivisions Securities Total Beginning balance at January 1, 2020 $ — $ — $ 96 $ 133 $ 229 Current period provision — — 172 60 232 Write-offs — — — — — Recoveries — — — — — Ending balance at September 30, 2020 $ — $ — $ 268 $ 193 $ 461 The following table provides information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded as of September 30, 2020: September 30, 2020 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Government sponsored entities and agencies $ 14,979 $ (6 ) 1 $ — $ — — $ 14,979 $ (6 ) 1 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 133,841 (632 ) 23 14,257 (200 ) 4 148,098 (832 ) 27 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 24,835 (59 ) 3 — — — 24,835 (59 ) 3 Corporate debt securities 9,477 (21 ) 6 — — — 9,477 (21 ) 6 Total $ 183,132 $ (718 ) 33 $ 14,257 $ (200 ) 4 $ 197,389 $ (918 ) $ 37 Unrealized losses on debt securities in the table above represents temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity. Wesbanco does not believe the securities presented above are impaired due to reasons of credit quality, as substantially all debt securities are rated above investment grade and all are paying principal and interest according to their contractual terms. Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost; therefore, management believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized. Securities that do not have readily determinable fair values and for which Wesbanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of FHLB of Pittsburgh, Cincinnati and Indianapolis stock totaling $44.7 million and $66.8 million at September 30, 2020 and December 31, 2019, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable. The following table provides information on unrealized losses on held-to-maturity and available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of December 31, 2019, prior to the date of adoption of the credit loss standard, and as defined by the previous accounting guidance in effect at that time: December 31, 2019 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Treasury $ 1,499 $ (1 ) 1 $ — $ — — $ 1,499 $ (1 ) 1 U.S. Government sponsored entities and agencies 57,650 (274 ) 25 6,593 (164 ) 2 64,243 (438 ) 27 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 544,692 (3,725 ) 116 272,884 (2,667 ) 122 817,576 (6,392 ) 238 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 43,123 (124 ) 7 3,704 (5 ) 2 46,827 (129 ) 9 Obligations of states and political subdivisions 17,876 (122 ) 22 4,413 (137 ) 8 22,289 (259 ) 30 Corporate debt securities 4,120 (44 ) 1 4,926 (93 ) 2 9,046 (137 ) 3 Total $ 668,960 $ (4,290 ) 172 $ 292,520 $ (3,066 ) 136 $ 961,480 $ (7,356 ) 308 |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and the Allowance for Credit Losses | NOTE 5. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan income (cost) was $13.3 million and ($4.8) million at September 30, 2020 and December 31, 2019, respectively. The September 30, 2020 balance included $19.5 million of net deferred income from PPP loans. The un-accreted discount on purchased loans from acquisitions was $44.1 million at September 30, 2020, including $23.9 September 30, December 31, (unaudited, in thousands) 2020 2019 Commercial real estate: Land and construction $ 690,547 $ 777,151 Improved property 5,018,101 4,947,857 Total commercial real estate 5,708,648 5,725,008 Commercial and industrial 1,654,116 1,644,699 Commercial and industrial - PPP 853,119 — Residential real estate 1,798,019 1,873,647 Home equity 647,052 649,678 Consumer 328,592 374,953 Total portfolio loans 10,989,546 10,267,985 Loans held for sale 134,151 43,013 Total loans $ 11,123,697 $ 10,310,998 On January 1, 2020, Wesbanco adopted ASU 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments The allowance for credit losses under CECL is calculated utilizing the PD / LGD, which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, loan risk grades, portfolio mix, concentrations and loan growth. For the calculation as of September 30, 2020, the one-year forecast was based upon a blended rate from two nationally-recognized published economic forecasts through September 30, 2020, and is primarily driven by the national unemployment and interest rate spread forecasts. Wesbanco’s blended forecast of national unemployment, at quarter end, was projected to peak at 8.4% in the fourth quarter, and subsequently decrease to an average of 7.6% over the remainder of the forecast period. The calculation utilized a one-year The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: Allowance for Credit Losses By Category For the Nine Months Ended September 30, 2020 and 2019 (unaudited, in thousands) Commercial Real Estate - Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdrafts Total Balance at December 31, 2019 Allowance for credit losses - loans $ 4,949 $ 20,293 $ 14,116 $ 4,311 $ 4,422 $ 2,951 $ 1,387 $ 52,429 Allowance for credit losses - loan commitments 235 22 311 15 250 41 — 874 Total beginning allowance for credit losses - loans and loan commitments 5,184 20,315 14,427 4,326 4,672 2,992 1,387 53,303 Impact of adopting ASC 326 1,524 13,078 22,357 5,630 (3,936 ) 2,576 213 41,442 Provision for credit losses: Provision for loan losses 9,150 73,774 9,923 2,779 1,793 3,160 139 100,718 Provision for loan commitments 5,888 — 858 199 52 3 — 7,000 Total provision for credit losses - loans and loan commitments 15,038 73,774 10,781 2,978 1,845 3,163 139 107,718 Charge-offs (51 ) (1,903 ) (3,329 ) (809 ) (857 ) (2,860 ) (760 ) (10,569 ) Recoveries 85 702 852 487 419 1,136 363 4,044 Net charge-offs 34 (1,201 ) (2,477 ) (322 ) (438 ) (1,724 ) (397 ) (6,525 ) Balance at September 30, 2020 Allowance for credit losses - loans 13,055 105,966 43,648 12,018 2,076 7,004 1,342 185,109 Allowance for credit losses - loan commitments 8,725 — 1,440 594 67 3 — 10,829 Total ending allowance for credit losses - loans and loan commitments $ 21,780 $ 105,966 $ 45,088 $ 12,612 $ 2,143 $ 7,007 $ 1,342 $ 195,938 Balance at December 31, 2018 Allowance for loan losses $ 4,039 $ 20,848 $ 12,114 $ 3,822 $ 4,356 $ 2,797 $ 972 $ 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total beginning allowance for credit losses 4,208 20,881 12,376 3,834 4,582 2,836 972 49,689 Provision for credit losses: Provision for loan losses (207 ) 2,939 2,549 561 727 405 1,503 8,477 Provision for loan commitments 26 (9 ) 842 3 37 (1 ) — 898 Total provision for credit losses (181 ) 2,930 3,391 564 764 404 1,503 9,375 Charge-offs (45 ) (515 ) (1,420 ) (870 ) (859 ) (1,886 ) (1,273 ) (6,868 ) Recoveries 255 621 545 272 341 1,432 294 3,760 Net charge-offs 210 106 (875 ) (598 ) (518 ) (454 ) (979 ) (3,108 ) Balance at September 30, 2019 Allowance for loan losses 4,042 23,893 13,788 3,785 4,565 2,748 1,496 54,317 Allowance for loan commitments 195 24 1,104 15 263 38 — 1,639 Total ending allowance for credit losses $ 4,237 $ 23,917 $ 14,892 $ 3,800 $ 4,828 $ 2,786 $ 1,496 $ 55,956 The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end: Allowance for Credit Losses and Recorded Investment in Loans (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial and Industrial Residential Real Estate Home Equity Consumer Deposit Over- drafts Total September 30, 2020 Allowance for credit losses: Loans individually-evaluated $ 597 $ 3,857 $ 1,438 $ — $ — $ — $ — $ 5,892 Loans collectively-evaluated 12,458 102,109 42,210 12,018 2,076 7,004 1,342 179,217 Loan commitments 8,725 — 1,440 594 67 3 — 10,829 Total allowance for credit losses - loans and commitments $ 21,780 $ 105,966 $ 45,088 $ 12,612 $ 2,143 $ 7,007 $ 1,342 $ 195,938 Portfolio loans: Individually-evaluated for credit losses (1) $ 1,481 $ 17,278 $ 4,006 $ — $ — $ — $ — $ 22,765 Collectively-evaluated for credit losses 689,066 5,000,823 2,503,229 1,798,019 647,052 328,592 — 10,966,781 Total portfolio loans $ 690,547 $ 5,018,101 $ 2,507,235 $ 1,798,019 $ 647,052 $ 328,592 $ — $ 10,989,546 December 31, 2019 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 93 $ 10 $ 14 $ 6 $ 1 $ — $ 124 Allowance for loans collectively evaluated for impairment 4,949 20,200 14,106 4,297 4,416 2,950 1,387 52,305 Allowance for loan commitments 235 22 311 15 250 41 — 874 Total allowance for credit losses $ 5,184 $ 20,315 $ 14,427 $ 4,326 $ 4,672 $ 2,992 $ 1,387 $ 53,303 Portfolio loans: Individually evaluated for impairment (1) $ — $ 3,907 $ 11,961 $ 4,392 $ 704 $ 53 $ — $ 21,017 Collectively evaluated for impairment 777,033 4,935,383 1,631,855 1,865,151 648,221 374,812 — 10,232,455 Acquired with deteriorated credit quality 118 8,567 883 4,104 753 88 — 14,513 Total portfolio loans $ 777,151 $ 4,947,857 $ 1,644,699 $ 1,873,647 $ 649,678 $ 374,953 $ — $ 10,267,985 (1 ) Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees. Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of the net operating income generated by the property to service the debt, the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management. C&I loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $100 million. Primary factors that are considered in risk rating C&I loans include debt service coverage and leverage. Other factors including operating trends, collateral coverage along with management experience are also considered. Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment. Criticized loans, considered as compromised, have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized loans are not adversely classified by the banking regulators and do not expose the bank to sufficient risk to warrant adverse classification. Classified loans, considered as substandard and doubtful, are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. These loans are reported as non-accrual. The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Total Commercial Loans As of September 30, 2020 Pass $ 664,518 $ 4,736,970 $ 2,457,537 $ 7,859,025 Criticized - compromised 21,948 199,030 27,286 248,264 Classified - substandard 4,081 82,101 22,412 108,594 Classified - doubtful — — — — Total $ 690,547 $ 5,018,101 $ 2,507,235 $ 8,215,883 As of December 31, 2019 Pass $ 769,537 $ 4,807,003 $ 1,570,689 $ 7,147,229 Criticized - compromised 4,338 65,612 49,009 118,959 Classified - substandard 3,276 75,242 13,231 91,749 Classified - doubtful — — 11,770 11,770 Total $ 777,151 $ 4,947,857 $ 1,644,699 $ 7,369,707 Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. Wesbanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines was $30.0 million at September 30, 2020 and $28.3 million at December 31, 2019, of which $6.9 million and $5.1 million were accruing, for each period, respectively. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard, as well as $28.2 million and $15.6 million of unfunded commercial loan commitments are not included in the tables above at September 30, 2020 and December 31, 2019, respectively. Acquired OLBK Loans —In conjunction with the OLBK acquisition, Wesbanco acquired loans with a book value of $2,570.0 million as of November 22, 2019. These loans were recorded at the preliminary fair value of $2,514.1 million, with $2,544.4 million categorized as ASC 310-20 loans, of which $56.6 million of loans were sold during the first quarter of 2020 for $36.4 million. For the loans sold, the acquisition date fair value was adjusted to the sale price resulting in no recognized gain or loss. The fair market value adjustment on the loans retained of $28.9 million at acquisition date is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans. Loans acquired with deteriorated credit quality (ASC 310-30) with a book value of $25.6 million were recorded at the preliminary fair value of $18.7 million, of which $4.0 million were accounted for under the cost recovery method as cash flows could not be reasonably estimated, and therefore they are categorized as non-accrual. Upon adoption of CECL on January 1, 2020, $6.1 million of credit mark on OLBK PCD loans was reclassified to allowance for credit losses. At September 30, 2020, the remaining allowance for credit losses on individually analyzed OLBK-acquired loans was $5.1 million. The carrying amount of loans acquired with deteriorated credit quality at September 30, 2020 was $19.6 million, while the outstanding customer balance was $20.0 million, and included $2.0 million of non-performing loans. The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans 90 Days or More Past Accruing (1) As of September 30, 2020 Commercial real estate: Land and construction $ 688,200 $ 148 $ 813 $ 1,386 $ 2,347 $ 690,547 $ 572 Improved property 5,003,740 2,318 2,153 9,890 14,361 5,018,101 896 Total commercial real estate 5,691,940 2,466 2,966 11,276 16,708 5,708,648 1,468 Commercial and industrial 2,500,038 2,164 781 4,252 7,197 2,507,235 1,882 Residential real estate 1,776,074 1,822 3,604 16,519 21,945 1,798,019 5,491 Home equity 640,025 3,006 354 3,667 7,027 647,052 937 Consumer 325,925 1,405 771 491 2,667 328,592 392 Total portfolio loans 10,934,002 10,863 8,476 36,205 55,544 10,989,546 10,170 Loans held for sale 134,151 — — — — 134,151 — Total loans $ 11,068,153 $ 10,863 $ 8,476 $ 36,205 $ 55,544 $ 11,123,697 $ 10,170 Nonperforming loans included above are as follows: Non-accrual loans $ 9,622 $ 1,120 $ 559 $ 25,965 27,644 $ 37,266 TDRs accruing interest (1) 3,799 68 254 70 392 4,191 Total non-performing $ 13,421 $ 1,188 $ 813 $ 26,035 $ 28,036 $ 41,457 As of December 31, 2019 Commercial real estate: Land and construction $ 776,153 $ 529 $ 121 $ 348 $ 998 $ 777,151 $ 26 Improved property 4,921,721 10,207 5,639 10,290 26,136 4,947,857 4,709 Total commercial real estate 5,697,874 10,736 5,760 10,638 27,134 5,725,008 4,735 Commercial and industrial 1,635,232 2,519 2,813 4,135 9,467 1,644,699 1,793 Residential real estate 1,850,806 4,421 5,372 13,048 22,841 1,873,647 3,643 Home equity 641,026 3,323 621 4,708 8,652 649,678 985 Consumer 370,934 2,537 965 517 4,019 374,953 457 Total portfolio loans 10,195,872 23,536 15,531 33,046 72,113 10,267,985 11,613 Loans held for sale 43,013 — — — — 43,013 — Total loans $ 10,238,885 $ 23,536 $ 15,531 $ 33,046 $ 72,113 $ 10,310,998 $ 11,613 Impaired loans included above are as follows: Non-accrual loans $ 21,061 $ 897 $ 1,559 $ 21,396 23,852 $ 44,913 TDRs accruing interest (1) 5,113 151 130 37 318 5,431 Total impaired $ 26,174 $ 1,048 $ 1,689 $ 21,433 $ 24,170 $ 50,344 (1) Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. The following tables summarize nonperforming loans: Nonperforming Loans September 30, 2020 December 31, 2019 Unpaid Unpaid Principal Recorded Related Principal Recorded Related (unaudited, in thousands) Balance (1) Investment Allowance Balance (1) Investment Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ 1,047 $ 997 $ — $ 616 $ 580 $ — Improved property 10,481 8,983 — 5,097 4,229 — Commercial and industrial 3,817 2,832 — 15,182 14,313 — Residential real estate 22,965 20,519 — 17,753 15,952 — Home equity 6,693 5,681 — 6,523 5,610 — Consumer 604 351 — 546 413 — Total nonperforming loans without a specific allowance 45,607 39,363 — 45,717 41,097 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 2,094 2,094 95 4,207 3,907 93 Commercial and industrial — — — 193 191 10 Residential real estate — — — 4,772 4,392 14 Home equity — — — 724 704 6 Consumer — — — 104 53 1 Total nonperforming loans with a specific allowance 2,094 2,094 95 10,000 9,247 124 Total nonperforming loans $ 47,701 $ 41,457 $ 95 $ 55,717 $ 50,344 $ 124 (1) Nonperforming Loans For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 801 $ — $ 425 $ — $ 597 $ — $ 284 $ — Improved property 8,454 16 7,647 — 6,977 51 7,962 — Commercial and industrial 2,864 (1 ) 2,614 — 5,717 5 2,931 — Residential real estate 20,307 38 12,600 — 19,388 136 13,752 — Home equity 5,849 4 4,740 — 5,830 16 4,760 — Consumer 372 1 334 — 381 2 425 — Total nonperforming loans without a specific allowance 38,647 58 28,360 — 38,890 210 30,114 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — Improved property 2,363 — 5,273 35 2,816 — 3,170 63 Commercial and industrial — — 189 4 48 — 171 11 Residential real estate — — 4,792 51 1,098 — 3,666 169 Home equity — — 834 8 176 — 616 23 Consumer — — 68 1 13 — 60 3 Total nonperforming loans with a specific allowance 2,363 — 11,156 99 4,151 — 7,683 269 Total nonperforming loans $ 41,010 $ 58 $ 39,516 $ 99 $ 43,041 $ 210 $ 37,797 $ 269 The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1) September 30, December 31, (unaudited, in thousands) 2020 2019 Commercial real estate: Land and construction $ 997 $ 580 Improved property 10,410 6,815 Total commercial real estate 11,407 7,395 Commercial and industrial 2,716 14,313 Residential real estate 17,492 16,867 Home equity 5,327 5,903 Consumer 324 435 Total $ 37,266 $ 44,913 (1) At September 30, 2020, there were two borrowers with loans greater than $1.0 million totaling $3.7 million, as compared to two borrowers with loans greater than $1.0 million totaling $14.2 million at December 31, 2019. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. TDRs September 30, 2020 December 31, 2019 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ — $ — $ — $ — $ — Improved property 667 174 841 1,321 191 1,512 Total commercial real estate 667 174 841 1,321 191 1,512 Commercial and industrial 116 — 116 191 — 191 Residential real estate 3,027 1,311 4,338 3,477 909 4,386 Home equity 354 324 678 411 293 704 Consumer 27 9 36 31 29 60 Total $ 4,191 $ 1,818 $ 6,009 $ 5,431 $ 1,422 $ 6,853 As of September 30, 2020 and December 31, 2019, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than six months. Wesbanco had unfunded commitments to debtors whose loans were classified as impaired of $0.2 million and $3.3 million as of September 30, 2020 and December 31, 2019, respectively. The following tables present details related to loans identified as TDRs during the three and nine months ended September 30, 2020 and 2019, respectively: New TDRs (1) For the Three Months Ended September 30, 2020 September 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property — — — 1 605 604 Total commercial real estate — — — 1 605 604 Commercial and industrial — — — — — — Residential real estate — — — — — — Home equity 3 31 30 — — — Consumer — — — — — — Total 3 $ 31 $ 30 1 $ 605 $ 604 New TDRs (1) For the Nine Months Ended September 30, 2020 September 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property — — — 1 610 604 Total commercial real estate — — — 1 610 604 Commercial and industrial — — — 1 44 37 Residential real estate 2 332 327 4 194 183 Home equity 4 82 77 2 187 184 Consumer 1 8 7 1 15 12 Total 7 $ 422 $ 411 9 $ 1,050 $ 1,020 (1) The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2020 and 2019, respectively, that were restructured within the last twelve months prior to September 30, 2020 and 2019, respectively: Defaulted TDRs (1) For the Nine Months Ended September 30, 2020 September 30, 2019 Number of Recorded Number of Recorded (unaudited, dollars in thousands) Defaults Investment Defaults Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate 1 155 1 96 Home equity — — 1 100 Consumer — — 1 12 Total 1 $ 155 3 $ 208 (1) TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection. The loans in the table above were not accruing interest. Section 4013 of the CARES Act allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on this guidance, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Under the CARES Act, Wesbanco has modified approximately 3,553 loans totaling $2.2 billion, of which $0.7 billion remain in their deferral period as of September 30, 2020. Wesbanco offered three to six months of deferred payments to commercial and retail customers impacted by the COVID-19 pandemic depending on the type of loan and the industry for commercial loans. The following table summarizes amortized cost basis loan balances by year of origination and credit quality indicator: Loans As of September 30, 2020 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 94,649 $ 300,505 $ 147,081 $ 45,476 $ 19,249 $ 34,425 $ 23,133 $ — $ 664,518 Criticized - compromised — 135 2,059 14,320 80 1,717 3,637 — 21,948 Classified - substandard — — 806 58 293 2,924 — — 4,081 Classified - doubtful — — — — — — — — — Total $ 94,649 $ 300,640 $ 149,946 $ 59,854 $ 19,622 $ 39,066 $ 26,770 $ — $ 690,547 Commercial real estate: land and construction Current-period net charge-offs $ — $ — $ — $ 61 $ (50 ) $ 23 $ — $ — $ 34 Commercial real estate: improved property Risk rating: Pass $ 561,381 $ 756,494 $ 629,690 $ 525,306 $ 668,523 $ 1,468,243 $ 127,333 $ — $ 4,736,970 Criticized - compromised — 19,715 9,825 48,237 17,721 101,482 2,050 — 199,030 Classified - substandard 103 136 5,717 10,927 9,991 55,227 — — 82,101 Classified - doubtful — — — — — — — — — Total $ 561,484 $ 776,345 $ 645,232 $ 584,470 $ 696,235 $ 1,624,952 $ 129,383 $ — $ 5,018,101 Commercial real estate: improved property Current-period net charge-offs $ — $ — $ — $ 13 $ (1,635 ) $ 421 $ — $ — $ (1,201 ) Commercial and industrial Risk rating: Pass $ 140,980 $ 259,329 $ 207,764 $ 160,140 $ 92,370 $ 1,138,827 $ 457,987 $ 140 $ 2,457,537 Criticized - compromised 26 2,461 4,273 1,308 459 12,821 5,938 — 27,286 Classified - substandard — 3,322 817 3,764 1,368 6,617 6,524 — 22,412 Classified - doubtful — — — — — — — — — Total $ 141,006 $ 265,112 $ 212,854 $ 165,212 $ 94,197 $ 1,158,265 $ 470,449 $ 140 $ 2,507,235 Commercial and industrial Current-period net charge-offs $ — $ — $ (1,829 ) $ (159 ) $ (35 ) $ (254 ) $ (200 ) $ — $ (2,477 ) Residential real estate Loan delinquency: Current $ 301,547 $ 276,344 $ 175,858 $ 126,863 $ 183,747 $ 711,325 $ 390 $ — $ 1,776,074 30-59 days past due — — 144 — — 1,678 — — 1,822 60-89 days past due — 412 — — 217 2,975 — — 3,604 90 days or more past due — 486 784 761 1,117 13,371 — — 16,519 Total $ 301,547 $ 277,242 $ 176,786 $ 127,624 $ 185,081 $ 729,349 $ 390 $ — $ 1,798,019 Residential real estate Current-period net charge-offs $ — $ (24 ) $ (8 ) $ (11 ) $ (151 ) $ (128 ) $ — $ — $ (322 ) Home equity Loan delinquency: Current $ 16,471 $ 4,047 $ 4,255 $ 1,606 $ 1,051 $ 17,581 $ 582,500 $ 12,514 $ 640,025 30-59 days past due — — — — 40 1,300 1,428 238 3,006 60-89 days past due — — 11 66 — 192 77 8 354 90 days or more past due — — 34 — 127 1,831 1,046 629 3,667 Total $ 16,471 $ 4,047 $ 4,300 $ 1,672 $ 1,218 $ 20,904 $ 585,051 $ 13,389 $ 647,052 Home equity Current-period net charge-offs $ — $ — $ — $ (2 ) $ — $ (69 ) $ (367 ) $ — $ (438 ) Consumer Loan delinquency: Current $ 61,945 $ 100,273 $ 45,087 $ 26,304 $ 15,996 $ 52,419 $ 23,720 $ 181 $ 325,925 30-59 days past due 237 242 117 190 58 522 39 — 1,405 60-89 days past due 96 216 92 82 42 217 26 — 771 90 days or more past due 58 74 130 25 8 193 3 — 491 Total $ 62,336 $ 100,805 $ 45,426 $ 26,601 $ 16,104 $ 53,351 $ 23,788 $ 181 $ 328,592 Consumer Current-period net charge-offs $ (78 ) $ (750 ) $ (457 ) $ (410 ) $ (72 ) $ 43 $ — $ — $ (1,724 ) The following table summarizes other real estate owned and repossessed assets included in other assets: September 30, December 31, (unaudited, in thousands) 2020 2019 Other real estate owned $ 730 $ 4,062 Repossessed assets 8 116 Total other real estate owned and repossessed assets $ 738 $ 4,178 Residential real estate included in other real estate owned at September 30, 2020 and December 31, 2019 was $0.3 million and $0.6 million, respectively. At September 30, 2020 and December 31, 2019, formal foreclosure proceedings were in process on residential real estate loans totaling $1.1 million and $8.1 million, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 6. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives Wesbanco is exposed to certain risks arising from both its business operations and economic conditions. Wesbanco principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Wesbanco manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Wesbanco’s existing interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Wesbanco’s assets or liabilities. Wesbanco manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. A matched book is when the Bank’s assets and liabilities are equally distributed but also have similar maturities. Loan Swaps Wesbanco executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that Wesbanco executes with a third party, so that Wesbanco minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements of ASC 815, changes in the fair value of both the customer swaps and the offsetting third-party swaps are recognized directly in earnings. As of September 30, 2020 and December 31, 2019, Wesbanco had 99 and 65, respectively, customer interest rate swaps with an aggregate notional amount of $610.1 million and $399.9 million, respectively, related to this program. During the nine months ended September 30, 2020 and 2019, respectively, Wesbanco recognized net losses of $2.8 million and $1.6 million, respectively, related to the changes in fair value of these swaps. Additionally, Wesbanco recognized $7.0 million and $2.1 million of income for the related swap fees for the nine months ended September 30, 2020 and 2019, respectively. Risk participation agreements are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased asset or sold liability allows Wesbanco to participate-in (fee received) or participate-out (fee paid) the risk associated with certain derivative positions executed by the borrower by the lead bank in a loan syndication. As of September 30, 2020 and December 31, 2019, Wesbanco had 12 and 10, respectively, risk participation-in agreements with an aggregate notional amount of $101.6 million and $96.5 million, respectively. As of September 30, 2020 and December 31, 2019, Wesbanco had one risk participation-out agreement with an aggregate notional amount of $10.0 million and $7.0 million, respectively. Mortgage Loans Held for Sale and Loan Commitments Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. These loans are classified as held for sale and carried at fair value as Wesbanco has elected the fair value option. Fair value is determined based on rates obtained from the secondary market for loans with similar characteristics. Wesbanco sells loans to the secondary market on either a mandatory or best efforts basis. The loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. Wesbanco enters into forward to be announced (“TBA”) contracts to manage the interest rate risk between the loan commitment and the closing of the loan. The total balance of forward TBA contracts entered into was $188.0 million and $50.0 million at September 30, 2020 and December 31, 2019, respectively. Additionally, Wesbanco recognized losses of $5.5 million and $1.3 million, respectively, for the nine months ended September 30, 2020 and 2019 related to the changes in fair value of these contracts. The loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate commitment with the borrower, and as a result, the Company does not enter into a separate forward TBA contract to offset the fair value risk as the investor accepts such risk in exchange for a lower premium on sale. Fair Values of Derivative Instruments on the Balance Sheet All derivatives are carried on the consolidated balance sheet at fair value. Derivative assets are classified in the consolidated balance sheet under other assets, and derivative liabilities are classified in the consolidated balance sheet under other liabilities. Changes in fair value are recognized in earnings. None of Wesbanco’s derivatives are designated in a qualifying hedging relationship under ASC 815. The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (unaudited, in thousands) Notional or Contractual Amount Other Asset Derivatives Other Liability Derivatives Notional or Contractual Amount Other Asset Derivatives Other Liability Derivatives Derivatives Loan Swaps: Interest rate swaps $ 610,062 $ 52,837 $ 57,201 $ 399,860 $ 14,585 $ 16,117 Other contracts: Interest rate loan commitments 121,396 1,237 — 34,236 44 — Forward TBA contracts 188,000 — 285 50,000 — 88 Total derivatives $ 54,074 $ 57,486 $ 14,629 $ 16,205 Effect of Derivative Instruments on the Income Statement The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three and nine months ended September 30, 2020 and 2019, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Location of Gain/(Loss) 2020 2019 2020 2019 Interest rate swaps Other income $ 420 $ (556 ) $ (2,832 ) $ (1,619 ) Interest rate loan commitments Mortgage banking income 48 (66 ) 1,193 (133 ) Forward TBA contracts Mortgage banking income (1,653 ) (465 ) (5,501 ) (1,317 ) Total $ (1,185 ) $ (1,087 ) $ (7,140 ) $ (3,069 ) Credit-risk-related Contingent Features Wesbanco has agreements with its derivative counterparties that contain a provision, which provides that if Wesbanco defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Wesbanco could also be declared in default on its derivative obligations. Wesbanco also has agreements with certain of its derivative counterparties that contain a provision where if Wesbanco fails to maintain its status as either a “well” or “adequately-capitalized” institution, then the counterparty could terminate the derivative positions and Wesbanco would be required to settle its obligations under the agreements. Wesbanco had minimum collateral posting thresholds with certain of its derivative counterparties and had posted collateral with a market value of $89.8 million as of September 30, 2020. If Wesbanco had breached any of these provisions at September 30, 2020, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | NOTE 7. BENEFIT PLANS The following table presents the net periodic pension cost for Wesbanco’s Defined Benefit Pension Plan (the “Plan”) and the related components: For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2020 2019 2020 2019 Service cost – benefits earned during year $ 574 $ 567 $ 1,710 $ 1,681 Interest cost on projected benefit obligation 1,133 1,327 3,375 3,938 Expected return on plan assets (2,622 ) (2,235 ) (7,810 ) (6,633 ) Amortization of prior service cost (9 ) 7 (27 ) 20 Amortization of net loss 802 817 2,389 2,424 Net periodic pension (income) cost $ (122 ) $ 483 $ (363 ) $ 1,430 The service cost of $1.7 million for both the nine months ended September 30, 2020 and 2019 is included in salaries and wages, and the periodic pension income of $2.1 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively, is included in employee benefits. The Plan covers all employees of Wesbanco and its subsidiaries who were hired on or before August 1, 2007 who satisfy minimum age and length of service requirements, and is not available to employees hired after such date. A minimum required contribution of $5.0 million is due for 2020, which can be offset in whole or in part by the Plan’s $60.9 million available credit balance. Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2020. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 8. FAIR VALUE MEASUREMENT Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities, and therefore the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: Investment securities: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated. Loans held for sale: Loans held for sale are carried, in aggregate, at fair value as Wesbanco previously elected the fair value option. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans held for sale are classified within level 2 of the fair value hierarchy. Derivatives: Wesbanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that Wesbanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense. Wesbanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income. Wesbanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Wesbanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. We may be required from time to time to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or write-downs of individual assets and liabilities. Individually-evaluated nonperforming loans: Individually-evaluated non-performing loans are carried at the amortized cost basis less the specific allowance calculated with the CECL. Since these loans are nonperforming, cash flows could not be estimated and thus are calculated using a cost basis approach or collateral value approach. Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within level 3 of the fair value hierarchy. The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The following tables set forth Wesbanco ’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair valu e hierarchy as of September 30, 2020 and December 31, 2019 : September 30, 2020 Fair Value Measurements Using: September 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) 2020 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 12,516 $ 12,516 $ — $ — Available-for-sale debt securities U.S. Treasury 19,992 — 19,992 — U.S. Government sponsored entities and agencies 192,849 — 192,849 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,421,023 — 1,421,023 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 259,610 — 259,610 — Obligations of states and political subdivisions 126,539 — 124,891 1,648 Corporate debt securities 25,911 — 25,911 — Total available-for-sale debt securities $ 2,045,924 $ — $ 2,044,276 $ 1,648 Loans held for sale 134,151 — 134,151 — Other assets - interest rate derivatives agreements 52,837 — 52,837 — Total assets recurring fair value measurements $ 2,245,428 $ 12,516 $ 2,231,264 $ 1,648 Other liabilities - interest rate derivatives agreements $ 57,201 $ — $ 57,201 $ — Total liabilities recurring fair value measurements $ 57,201 $ — $ 57,201 $ — Nonrecurring fair value measurements Individually-evaluated nonperforming loans $ 1,999 $ — $ — $ 1,999 Other real estate owned and repossessed assets 738 — — 738 Total nonrecurring fair value measurements $ 2,737 $ — $ — $ 2,737 December 31, 2019 Fair Value Measurements Using: December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 2019 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 12,343 $ 12,343 $ — $ — Available-for-sale debt securities U.S. Treasury 32,836 — 32,836 — U.S. Government sponsored entities and agencies 159,628 — 159,628 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,815,987 — 1,815,987 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 190,409 — 190,409 — Obligations of states and political subdivisions 145,609 — 144,004 1,605 Corporate debt securities 49,089 — 49,089 — Total available-for-sale debt securities $ 2,393,558 $ — $ 2,391,953 $ 1,605 Loans held for sale 43,013 — 43,013 — Other assets - interest rate derivatives agreements 14,585 — 14,585 — Total assets recurring fair value measurements $ 2,463,499 $ 12,343 $ 2,449,551 $ 1,605 Other liabilities - interest rate derivatives agreements $ 16,117 $ — $ 16,117 $ — Total liabilities recurring fair value measurements $ 16,117 $ — $ 16,117 $ — Nonrecurring fair value measurements Impaired loans $ 2,362 $ — $ — $ 2,362 Other real estate owned and repossessed assets 4,178 — — 4,178 Total nonrecurring fair value measurements $ 6,540 $ — $ — $ 6,540 Wesbanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no significant transfers between level 1, 2 or 3 for the three and nine months ended September 30, 2020 or for the year ended December 31, 2019. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range (Weighted (unaudited, in thousands) Estimate Techniques Input Average) September 30, 2020 Individually-evaluated nonperforming loans $ 1,999 Appraisal of collateral (1) Appraisal adjustments (2) — Other real estate owned and repossessed assets $ 738 Appraisal of collateral (1), (3) Liquidation expenses (2) — December 31, 2019 Impaired loans $ 2,362 Appraisal of collateral (1) Appraisal adjustments (2) — Other real estate owned and repossessed assets $ 4,178 Appraisal of collateral (1), (3) Liquidation expenses (2) — (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable. The estimated fair values of Wesbanco ’s financial instruments are summarized below: Fair Value Measurements at September 30, 2020 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 760,266 $ 760,266 $ 760,266 $ — $ — Equity securities 12,516 12,516 12,516 — — Available-for-sale debt securities 2,045,924 2,045,924 — 2,044,276 1,648 Held-to-maturity debt securities 746,306 782,401 — 781,906 495 Net loans 10,804,437 10,863,349 — — 10,863,349 Loans held for sale 134,151 134,151 — 134,151 — Other assets - interest rate derivatives 52,837 52,837 — 52,837 — Accrued interest receivable 65,023 65,023 65,023 — — Financial Liabilities Deposits 12,201,425 12,210,444 10,493,913 1,716,531 — Federal Home Loan Bank borrowings 794,621 803,811 — 803,811 — Other borrowings 381,909 380,269 380,269 — — Subordinated debt and junior subordinated debt 192,150 182,753 — 113,496 69,257 Other liabilities - interest rate derivatives 57,201 57,201 — 57,201 — Accrued interest payable 5,014 5,014 5,014 — — Fair Value Measurements at December 31, 2019 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 234,796 $ 234,796 $ 234,796 $ — $ — Equity securities 12,343 12,343 12,343 — — Available-for-sale debt securities 2,393,558 2,393,558 — 2,391,953 1,605 Held-to-maturity debt securities 851,753 874,523 — 873,995 528 Net loans 10,215,556 10,297,989 — — 10,297,989 Loans held for sale 43,013 43,013 — 43,013 — Other assets - interest rate derivatives 14,585 14,585 — 14,585 — Accrued interest receivable 43,648 43,648 43,648 — — Financial Liabilities Deposits 11,004,006 10,989,818 8,948,086 2,041,732 — Federal Home Loan Bank borrowings 1,415,615 1,420,302 — 1,420,302 — Other borrowings 282,362 282,691 279,345 3,346 — Subordinated debt and junior subordinated debt 199,869 188,349 — 122,934 65,415 Other liabilities - interest rate derivatives 16,117 16,117 — 16,117 — Accrued interest payable 8,077 8,077 8,077 — — The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Wesbanco’s consolidated balance sheets: Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value. Held-to-maturity debt securities: Fair values for debt securities held-to-maturity are determined in the same manner as investment securities, which are described above. Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Wesbanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value . Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to Wesbanco for borrowings with similar terms and remaining maturities. Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used. Subordinated debt and junior subordinated debt: The fair value of subordinated debt is estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is based on recent similar transactions of single-issuer trust preferred securities. Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value. Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 9. REVENUE RECOGNITION Interest income, net securities gains (losses) and bank-owned life insurance are not in scope of ASC 606, Revenue from Contracts with Customers Trust fees: Fees are earned over a period of time between monthly and annually, per the related fee schedule. The fees are earned ratably over the period for investment, safekeeping and other services performed by Wesbanco. The fees are accrued when earned based on the daily asset value on the last day of the quarter. In most cases, the fees are directly debited from the customer account. WesMark fees consist of investment advisory fees and shareholder service fees and are paid to Wesbanco by the WesMark mutual funds on a monthly basis for Wesbanco’s involvement with the management of the funds. Service charges on deposits: There are monthly service charges for both commercial and personal banking customers, which are earned over the month per the related fee schedule based on the customers’ deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account. Net securities brokerage revenue: Commission income is earned based on customer transactions and management of investments. The commission income from customers’ transactions is recognized when the transaction is complete and approved. Annuity commissions are earned based upon the carrier’s commission rate for the annuity product chosen by the investing customer. The commission income from the management of investments over time is earned continuously over a quarterly period. Debit card sponsorship income: Debit card sponsorship income is earned from Wesbanco’s sponsorship of its customers, which include independent service organizations, processors and other banks into different debit networks. For providing this service, the customers pay the bank a per transaction fee for each transaction processed through the network. In some cases, customers are also charged annual sponsorship fees and non-compliance fees as applicable. The fees are earned at the time the transaction or customer activity occurs. The fees are either directly debited from the customers' deposit accounts or are billed to the customer. Payment processing fees: Payment processing fees are earned from the bill payment and electronic funds transfer (“EFT”) services provided under the name FirstNet. The fees are derived from both the individual consumer banking transactions and from businesses or service providers through monthly billing for total transactions occurring. These fees are earned at the time the transaction or customer activity occurs. The fees are debited from the customers’ deposit accounts or charged directly to the business or service provider. Electronic banking fees: Interchange and ATM fees are earned based on customer and ATM transactions. Revenue is recognized when the transaction is settled. Mortgage banking income: Income is earned when Wesbanco -originated loans are sold to an investor on the secondary market. The investor bids on the loans. If the price is accepted, Wesbanco delivers the loan documents to the investor. Once received and approved by the investor, revenue is recognized and the loans are derecognized from the Consolidated Balance Sheet. Prior to the loans being sold, they are classified as l oans h eld for s ale. Additionally, the change s in the fair value of the loans held for sale, loan commitments and related derivatives are included in mortgage banking income and are slightly offset by any deferred direct origination costs, such as mortgage loan officer commissions . Net gain or loss on sale of other real estate owned: Net gain or loss is recorded when other real estate is sold to a third party and the Bank collects substantially all of the consideration to which Wesbanco is entitled in exchange for the transfer of the property. The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three and nine months ended September 30, 2020 and 2019, respectively: Point of Revenue For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Recognition 2020 2019 2020 2019 Revenue Streams Trust fees Trust account fees Over time $ 4,225 $ 4,265 $ 13,271 $ 13,529 WesMark fees Over time 2,201 2,160 6,309 6,351 Total trust fees 6,426 6,425 19,580 19,880 Service charges on deposits Commercial banking fees Over time 576 513 1,748 1,480 Personal service charges At a point in time and over time 4,756 6,543 14,524 18,323 Total service charges on deposits 5,332 7,056 16,272 19,803 Net securities brokerage revenue Annuity commissions At a point in time 1,218 1,204 3,101 4,018 Equity and debt security trades At a point in time 27 151 280 356 Managed money Over time 248 153 697 484 Trail commissions Over time 232 257 709 739 Total net securities brokerage revenue 1,725 1,765 4,787 5,597 Debit card sponsorship income (1) At a point in time and over time 751 — 2,102 — Payment processing fees (1) At a point in time and over time 669 709 2,133 2,142 Electronic banking fees At a point in time 4,780 5,253 13,100 18,299 Mortgage banking income At a point in time 8,488 2,588 17,295 5,262 Net (loss) gain on other real estate owned and other assets At a point in time (19 ) 158 84 670 (1) |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | NOTE 1 0 . COMPREHENSIVE INCOME /(LOSS) The activity in accumulated other comprehensive income for the nine months ended September 30, 2020 and 2019 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (unaudited, in thousands) Defined Benefit Plans Unrealized Gains (Losses) on Debt Securities Available-for-Sale Unrealized Gains on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2019 $ (17,468 ) $ 18,644 $ 25 $ 1,201 Other comprehensive income before reclassifications — 37,340 — 37,340 Amounts reclassified from accumulated other comprehensive income/(loss) 1,712 (1,940 ) (12 ) (240 ) Period change 1,712 35,400 (12 ) 37,100 Balance at September 30, 2020 $ (15,756 ) $ 54,044 $ 13 $ 38,301 Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) Other comprehensive income before reclassifications — 46,450 — 46,450 Amounts reclassified from accumulated other comprehensive income/(loss) 1,721 (199 ) (179 ) 1,343 Period change 1,721 46,251 (179 ) 47,793 Balance at September 30, 2019 $ (14,821 ) $ 24,729 $ 14 $ 9,922 (1 ) All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24%. The following table provides details about amounts reclassified from accumulated other comprehensive income for the three and nine months ended September 30, 2020 and 2019: Details about Accumulated Other Comprehensive Income/(Loss) Components For the Three Months Ended September 30, For the Nine Months Ended September 30, Affected Line Item in the Statement of Net Income (unaudited, in thousands) 2020 2019 2020 2019 Debt securities available-for-sale (1) Net securities gains reclassified into earnings $ (45 ) $ (219 ) $ (2,545 ) $ (258 ) Net securities gains (Non-interest income) Related income tax expense ⁽²⁾ 11 50 605 59 Provision for income taxes Net effect on accumulated other comprehensive income for the period (34 ) (169 ) (1,940 ) (199 ) Debt securities held-to-maturity (1) Amortization of unrealized gain transferred from available-for-sale (5 ) (88 ) (15 ) (237 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense ⁽²⁾ 1 20 3 58 Provision for income taxes Net effect on accumulated other comprehensive income for the period (4 ) (68 ) (12 ) (179 ) Defined benefit plans (3) Amortization of net loss and prior service costs 746 767 2,246 2,275 Employee benefits (Non-interest expense) Related income tax benefit ⁽²⁾ (177 ) (175 ) (534 ) (554 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 569 592 1,712 1,721 Total reclassifications for the period $ 531 $ 355 $ (240 ) $ 1,343 (1) (2) Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24%. (3) Included in the computation of net periodic pension cost. See Note 7, “Benefit Plans” for additional detail. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 11. COMMITMENTS AND CONTINGENT LIABILITIES Commitments — In the normal course of business, Wesbanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Wesbanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. Wesbanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $10.8 million as of September 30, 2020 (calculated under the CECL methodology – see Footnote 5, “Loans and the Allowance for Credit Losses”) and $0.9 million at December 31, 2019, respectively, and is included in other liabilities on the Consolidated Balance Sheets. Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $0.2 million as of September 30, 2020 and December 31, 2019. Contingent obligations to purchase loans funded by other entities include affordable housing plan guarantees, credit card guarantees, loans sold with recourse as well as obligations to the FHLB. Affordable housing plan guarantees are performance guarantees for various building project loans. The guarantee amortizes as the loan balances decrease. Credit card guarantees are credit card balances not owned by Wesbanco, whereby the Bank guarantees the performance of the cardholder. The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: September 30, December 31, (unaudited, in thousands) 2020 2019 Lines of credit $ 2,512,397 $ 2,469,676 Loans approved but not closed 422,328 504,623 Overdraft limits 154,666 149,519 Letters of credit 52,070 57,205 Contingent obligations and other guarantees 133,069 81,551 Contingent Liabilities — Wesbanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 12. BUSINESS SEGMENTS Wesbanco operates two reportable segments: community banking and trust and investment services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets managed or held in custody by the trust and investment services segment was approximately $4.6 billion and $4.4 billion at September 30, 2020 and 2019, respectively. These assets are held by Wesbanco in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets. Condensed financial information by business segment is presented below: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For The Three Months Ended September 30, 2020 Interest and dividend income $ 133,657 $ — $ 133,657 Interest expense 13,064 — 13,064 Net interest income 120,593 — 120,593 Provision for credit losses 16,288 — 16,288 Net interest income after provision for credit losses 104,305 — 104,305 Non-interest income 28,186 6,426 34,612 Non-interest expense 86,011 3,932 89,943 Income before provision for income taxes 46,480 2,494 48,974 Provision for income taxes 7,145 524 7,669 Net income $ 39,335 $ 1,970 $ 41,305 For The Three Months Ended September 30, 2019 Interest and dividend income $ 117,348 $ — $ 117,348 Interest expense 21,228 — 21,228 Net interest income 96,120 — 96,120 Provision for credit losses 4,121 — 4,121 Net interest income after provision for credit losses 91,999 — 91,999 Non-interest income 20,525 6,425 26,950 Non-interest expense 69,068 4,200 73,268 Income before provision for income taxes 43,456 2,225 45,681 Provision for income taxes 7,866 468 8,334 Net income $ 35,590 $ 1,757 $ 37,347 For the Nine Months Ended September 30, 2020 Interest and dividend income $ 410,799 $ — $ 410,799 Interest expense 51,031 — 51,031 Net interest income 359,768 — 359,768 Provision for credit losses 107,949 — 107,949 Net interest income after provision for credit losses 251,819 — 251,819 Non-interest income 75,901 19,580 95,481 Non-interest expense 254,517 12,262 266,779 Income before provision for income taxes 73,203 7,318 80,521 Provision for income taxes 9,795 1,537 11,332 Net income $ 63,408 $ 5,781 $ 69,189 For the Nine Months Ended September 30, 2019 Interest and dividend income $ 355,944 $ — $ 355,944 Interest expense 63,003 — 63,003 Net interest income 292,941 — 292,941 Provision for credit losses 9,375 — 9,375 Net interest income after provision for credit losses 283,566 — 283,566 Non-interest income 65,998 19,880 85,878 Non-interest expense 207,299 12,353 219,652 Income before provision for income taxes 142,265 7,527 149,792 Provision for income taxes 25,714 1,581 27,295 Net income $ 116,551 $ 5,946 $ 122,497 Total non-fiduciary assets of the trust and investment services segment were $4.2 million (including $2.3 million of trust customer intangibles) and $4.0 million (including $2.5 million of trust customer intangibles) at September 30, 2020 and 2019, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and stockholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. |
Loans and Loans Held for Sale | Loans and Loans Held for Sale — Loans originated by Wesbanco are reported at the principal amount outstanding, net of unearned income including credit valuation adjustments, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned on loans except where doubt exists as to collectability, in which case accrual of income is discontinued. Loans originated and intended for sale are carried, in aggregate, at their estimated market value, as Wesbanco elected the fair value option on October 1, 2017. Loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a loan is paid off, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. Loans are generally placed on non-accrual when they are 90 days past due, unless the loan is well-secured and in the process of collection. Loans may be returned to accrual status when a borrower has resumed paying principal and interest for a sustained period of at least six months and Wesbanco is reasonably assured of collecting the remaining contractual principal and interest. Loans are returned to accrual status at an amount equal to the principal balance of the loan at the time of non-accrual status less any payments applied to principal during the non-accrual period. Loans are reported as a troubled debt restructuring when Wesbanco, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. Refer to the “Troubled Debt Restructurings” policy below for additional detail. A loan is considered non-performing, based on current information and events, if it is probable that Wesbanco will be unable to collect the payments of principal and interest when due according to the original contractual terms of the loan agreement. Non-performing loans include all non-accrual loans and troubled debt restructurings. Wesbanco recognizes interest income on non-accrual loans on the cash basis only if recovery of principal is reasonably assured. Consumer loans are charged down to the net realizable value at 120 days past due for closed-end loans and 180 days past due for open-end revolving lines of credit. Residential real estate loans are charged down to the net realizable value of the collateral at 180 days past due. Commercial loans are charged down to the net realizable value when it is determined that Wesbanco will be unable to collect the principal amount in full. Loans are reclassified to other assets at the net realizable value when foreclosure or repossession of the collateral occurs. Refer to the “Other Real Estate Owned and Repossessed Assets” policy below for additional detail. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law, which, in part, established a loan program administered through the U.S. Small Business Administration ("SBA"), referred to as the Paycheck Protection Program ("PPP"). Under the PPP, small businesses, sole proprietorships, independent contractors, non-profit organizations and self-employed individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enrolled in the program, subject to numerous limitations and eligibility criteria. Wesbanco has participated as a lender in the PPP program. All loans have a 1% interest rate and Wesbanco earns a fee that is based upon a tiered schedule corresponding with the amount of the loan to the borrower, which is deferred and recognized over the life of the loan. Based upon the borrower meeting certain criteria as defined by the CARES act, the loan may be forgiven by the SBA. Wesbanco reports these loans at their principal amount outstanding, net of unearned income, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income |
Troubled Debt Restructurings ("TDR") | Troubled Debt Restructurings (“TDR”) — A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. The determination of whether a concession has been granted includes an evaluation of the debtor’s ability to access funds at a market rate for debt with similar risk characteristics and among other things, the significance of the modification relative to unpaid principal or collateral value of the debt, and/or the significance of a delay in the timing of payments relative to the frequency of payments, original maturity date, or the expected duration of the loan. The most common concessions granted generally include one or more modifications to the terms of the debt such as a reduction in the interest rate below the prevailing market rate for the remaining life of the debt, an extension of the maturity date at an interest rate lower than the prevailing market rate for new debt with similar risk, or reduction of the unpaid principal or interest. Additionally, all consumer bankruptcies are considered TDR; all TDRs are considered nonperforming loans. When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. The restructuring of a loan does not increase the allowance or provision for credit losses unless the loan is extended or the loans are commercial loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer TDRs. Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. TDRs on accrual status generally remain on accrual as long as they continue to perform in accordance with their modified terms. TDRs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from TDR status after they have performed according to the renegotiated terms for a period of time if the interest rate under the modified terms is at or above market, or if the loan returns to its original terms. Section 4013 of the CARES Act, “Temporary Relief From Troubled Debt Restructurings,” allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. On April 7, 2020, the joint federal regulatory agencies issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), which further discusses loan modifications related to COVID-19. Wesbanco has extended up to a 180 day delay in loan principal and/or interest payments for customers affected by the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on the CARES Act provisions and the guidance noted above, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments to the extent they meet the criteria. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. On August 3, 2020, the joint federal regulatory agencies issued a statement, “Joint Statement on Additional Loan Accommodations Related to COVID-19”. This statement provides financial institutions with considerations for certain customers nearing the end of their COVID-19 loan deferral period noted above. As per this guidance and in accordance with the CARES Act noted above, Wesbanco is currently developing a plan to assist certain customers with additional deferrals of principal and/or interest, but also requiring detailed financial information from the customer to determine the financial need, the period of relief to be considered and the type of deferral warranted. |
Acquired Loans | Acquired Loans - Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value with no carryover of related allowance for credit losses. Acquired loans are classified into two categories; purchased financial instruments with more than insignificant credit deterioration (“PCD”) loans, and loans with insignificant credit deterioration (“non-PCD”). PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans will have an allowance established on acquisition date, which is recognized in the current period provision for credit losses. For PCD loans, an allowance is recognized on day 1 by adding it to the fair value of the loan, which is the “Day 1 amortized cost”. There is no credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life of the acquired loans, delinquency status, estimated prepayments, payment options and other loan features, internal risk grade, estimated value of the underlying collateral and interest rate environment. PCD loans are accounted for in accordance with Accounting Standards Codification (“ASC”) 326-20, Financial Instruments – Credit Losses – Measure at Amortized Cost Under ASC 326-20, a group of loans with similar risk characteristics can be assessed to determine if the pool of loans is PCD. However, if a loan does not have similar risk characteristics as any other acquired loan, the loan is individually assessed to determine if it is PCD. In addition, the initial allowance related to acquired loans can be estimated for a pool of loans if the loans have similar risk characteristics. Even if the loans were individually assessed to determine if they were PCD, they can be grouped together in the initial allowance calculation if they share similar risk characteristics. Since Wesbanco uses the discounted cash flow (DCF) approach, the initial allowance calculation for PCD loans is calculated as the expected contractual cash shortfalls, discounted at the rate that equals the net present value of estimated future cash flows expected to be collected with the purchase price of the loan(s). If a PCD loan has an unfunded commitment at acquisition, the initial allowance for credit losses calculation reflects only the expected credit losses associated with the funded portion of the PCD loan. Expected credit losses associated with the unfunded commitment are included in the initial measurement of the commitment. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the interest and credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. |
Allowance for Credit Losses | Allowance for Credit Losses — The allowance for credit losses reduces the loan portfolio to the net amount expected to be collected and establishes an allowance for unfunded loan commitments. The allowance for credit losses represents the lifetime expected losses for all loans and unfunded loan commitments at the initial recognition date. The allowance incorporates forward-looking information and applies a reversion methodology beyond the reasonable and supportable forecast. The allowance is increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries. Management evaluates the appropriateness of the allowance at least quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period. The allowance for credit loss calculation is based on the loan’s amortized cost basis, which is comprised of the unpaid principal balance of the loan, deferred loan fees (costs) and acquired premium (discount) minus any write-downs. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when a loan is placed on non-accrual, and also Wesbanco made an accounting policy election to reverse accrued interest deemed uncollectible as a reversal of interest income. However, Wesbanco is reserving, as part of the allowance for credit losses, for accrued interest on loan modifications under the CARES Act due to the nature and timing of these deferrals. The allowance for credit losses reflects the risk of loss on the loan portfolio. To appropriately measure expected credit losses, management disaggregates the loan portfolio into pools of similar risk characteristics. The Company utilizes the probability of default (“PD”) / loss given default (“LGD”) approach to calculate the expected loss for each segment, which is then discounted to net present value. PD is the probability the asset will default within a given timeframe and LGD is the percentage of the assets not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rate spreads. Management relies on macroeconomic forecasts obtained from various reputable sources, which may include the Federal Open Market Committee (FOMC) forecast and other publicly available forecasts from well recognized, leading economists. These forecasts can range from one to two years, depending upon the facts and circumstances of the current state of the economy, portfolio segment and management’s judgement of what can be reasonably supported. The model reversion period ranges from one to three years. The allowance for credit losses is calculated over the loan’s contractual life. For term loans, the contractual life is calculated based on the maturity date. For commercial and industrial (“C&I”) revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term does not include expected extensions, renewals or modifications unless management has a reasonable expectation as of the reporting period that Wesbanco will execute a TDR with the borrower. Management assumes a loan will become a TDR if a consumer loan has matured, has a principal balance, and has previously been partially charged-off. This assumption extends the maturity of these loans to the six months beyond maturity date. The loan portfolio is segmented based on the risk profiles of the loans. Commercial loans are segmented between commercial real estate (“CRE”), which are collateralized by real estate, and C&I, which are typically utilized for general business purposes. CRE is further segmented between land and construction (“LCD”) and improved property, which are generally loans to purchase or refinance owner occupied or non-owner occupied investment properties. LCD loans have a unique risk that the developer or builder may not complete the project or not complete it on time or within budget. Improved property loans are reviewed for risk based on the underlying real estate property such as rental or owner income, appraisal value and other current lease terms, which affect debt service coverage and loan to value. Retail loans are a homogenous group, generally consisting of standardized products that are smaller in amount and distributed over a large number of individual borrowers. The group is segmented into three categories – residential real estate, HELOC and consumer. Contractual terms are adjusted for estimated prepayments to arrive at expected cash flows. Wesbanco models term loans with an annualized “prepayment” rate. When Wesbanco has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the cash flow. The evaluation also considers qualitative factors such as economic trends and conditions, which includes levels of regional unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies pertaining to the allowance for credit losses. Management relies on observable data from internal and external sources to the extent it is available to evaluate each of these factors and adjusts the model’s quantitative results to reflect the impact these factors may have on probable losses in the portfolio. As a result of the COVID-19 pandemic, there is concern within the banking industry that deferrals are delaying the overall impact of COVID-19 on the loan portfolio. As such, a temporary COVID-19 qualitative factor has been incorporated to recognize increased risk within the portfolio that is not captured by the quantitative output. Commercial loans, including CRE and C&I, greater than $1 million in balance that are reported as non-accrual, troubled debt restructuring or that have other unique characteristics are tested individually for estimated credit losses. Specific reserves are established when appropriate for such loans based on the net present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. Management may also adjust its assumptions to account for differences between expected and actual losses from period to period. The variability of management’s assumptions could alter the level of the allowance for credit losses and may have a material impact on future results of operations and financial condition. The loss estimation models and methods used to determine the allowance for credit losses are continually refined and enhanced. |
Recent accounting pronouncements | Recent accounting pronouncements – The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) as noted below. ASU 2020-04 Reference Rate Reform (Topic 848) In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. Due to the potential discontinuance of the London Interbank Offered Rate (LIBOR), regulators have undertaken reference rate initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022. Wesbanco is assessing the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material impacts expected at this time. ASU 2018-15 Intangibles – Goodwill and Other Internal-Use Software In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU specifically aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20) In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies Accounting Standards Codification (“ASC”) 715-20 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Wesbanco is currently assessing the impact of ASU 2018-14 on Wesbanco’s Consolidated Financial Statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure objective paragraphs of ASC 820 to eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion of entities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which require entities to use a new forward-looking “expected loss” model also referred to as the current expected credit loss model (“CECL”) on trade and other receivables, held-to-maturity debt securities, loans and other instruments that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities measure credit losses in a manner similarly to current procedures, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Entities will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments” and in May 2019 the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326), Targeted Transition Relief. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which for Wesbanco was effective January 1, 2020. In December 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of Comptroller of the Currency (“OCC”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ adoption of the CECL methodology. The final rule provides banking organizations the option to phase-in, over a three-year period, the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In response to the COVID-19 pandemic, the joint federal bank regulatory agencies issued an optional extension of the regulatory capital transition, which allows for a two-year three-year two-year three-year Under CECL, acquired loans or pools of loans that have experienced more-than-insignificant credit deterioration are deemed to be PCD loans, and are grossed-up on day 1 by the initial credit estimate through the allowance as opposed to a reduction in the loan’s amortized cost. The credit mark on acquired loans deemed not to be PCD loans are reflected as a reduction in the loan’s amortized cost, with an allowance and corresponding provision for credit losses recorded in the first reporting period after acquisition through current period earnings, while the loan mark will accrete through interest income over the life of such loans. At acquisition, Wesbanco will consider several factors as indicators that an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors may include loans 30 days or more past due, loans with an internal risk grade of below average or lower, loans classified as non-accrual by the acquired institution, materiality of the credit and loans that have been previously modified in a TDR. Upon adoption of this standard, acquired loans from prior acquisitions that meet the guidelines under ASC 310-30 (formerly known as “purchased credit-impaired”) were reclassified as PCD loans. The accretable portion of the loan mark as of adoption date continues to accrete into interest income. However, the non-accretable portion of the loan mark was added to the allowance upon adoption, and any reversals of such mark will flow through the allowance in future periods. The loan mark on ASC 310-20 loans (“non-purchased credit-impaired”) from prior acquisitions continues to accrete through interest income over the life of such loans. Wesbanco formed a cross-functional team in 2016 to oversee the implementation of CECL. The team was responsible for completing an initial data gap assessment, determining if additional data was needed or current data could be improved upon, finalizing the loan segmentation procedures, analyzing the methodology options regarding the calculation of expected credit losses and concluding why the selected methodology is reasonable and in-line with accounting guidance. Wesbanco completed parallel runs in 2019 to ensure the various forecasting and modeling assumptions were reasonable and supportable, including certain qualitative factors that were developed to estimate the initial current expected credit loss allowance. Wesbanco engaged a third-party to validate the data inputs and the models utilized in the CECL calculation. In addition, the Company prepared documentation of the accounting policy decisions, changes to the business processes and procedures, and the control environment under the adoption of this standard. The day 1 impact on the allowance for credit losses was $ 41.4 million, which included a $ 6.7 million adjustment for PCD loans and a $ 3.0 million adjustment related to loan commitments. The after-tax effect on retained earnings was $ 26.6 million as of January 1, 2020. The day 1 CECL calculation was derived from the selected assumption of a one-year reasonable and supportable forecast, which was obtained from a third-party vendor. After the forecast period, Wesbanco reverts back over a one year period to historical loss rates adjusting for prepayments and curtailments, to estimate losses over the remaining life of loans. The most sensitive assumptions include the length of the forecast and reversion periods, forecast of unemployment and interest rate spreads and prepayment speeds. See Note 5, “Loans and Allowance for Credit Losses” for further detail. Wesbanco recognized an allowance for credit losses for held-to-maturity (“HTM”) debt securities of $0.2 million as of January 1, 2020 upon adoption of this standard. See Note 4, “Investments” for further detail. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) - Old Line [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Purchase Price of Acquisition and Resulting Goodwill | The preliminary purchase price of the OLBK acquisition and resulting goodwill is summarized as follows: (unaudited, in thousands) November 22, 2019 Purchase price: Fair value of Wesbanco shares issued $ 493,936 Cash consideration for outstanding OLBK shares 16 Total purchase price $ 493,952 Fair value of: Tangible assets acquired $ 2,892,298 Core deposit and other intangible assets acquired 32,899 Liabilities assumed (2,722,250 ) Net cash received in the acquisition 60,041 Fair value of net assets acquired 262,988 Goodwill recognized $ 230,964 |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the preliminary allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition, as Wesbanco intends to finalize its accounting for the acquisition of OLBK within one year of the date of acquisition: (unaudited, in thousands) November 22, 2019 Assets acquired Cash and due from banks $ 60,041 Securities 182,171 Loans 2,514,061 Goodwill and other intangible assets 263,863 Accrued income and other assets 196,066 Total assets acquired $ 3,216,202 Liabilities assumed Deposits $ 2,375,574 Borrowings 286,047 Accrued expenses and other liabilities 60,629 Total liabilities assumed $ 2,722,250 Net assets acquired $ 493,952 |
Purchase Price Allocation Adjustment [Member] | |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition from that previously reported at June 30, 2020: (unaudited, in thousands) November 22, 2019 Goodwill recognized as of June 30, 2020 $ 228,907 Change in fair value of net assets acquired: Assets Investment securities (284 ) Loans 50 Premises and equipment (2,214 ) Deferred tax assets 641 Accrued income and other assets — Liabilities Borrowings — Accrued expenses and other liabilities (250 ) Fair value of net assets acquired $ (2,057 ) Increase in goodwill recognized 2,057 Goodwill recognized as of September 30, 2020 $ 230,964 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands, except shares and per share amounts) 2020 2019 2020 2019 Numerator for both basic and diluted earnings per common share: Net income $ 41,305 $ 37,347 $ 69,189 $ 122,497 Denominator: Total average basic common shares outstanding 67,214,759 54,695,578 67,268,449 54,641,057 Effect of dilutive stock options and other stock compensation 54,544 55,766 83,408 64,704 Total diluted average common shares outstanding 67,269,303 54,751,344 67,351,857 54,705,761 Earnings per common share - basic $ 0.61 $ 0.68 $ 1.03 $ 2.24 Earnings per common share - diluted $ 0.61 $ 0.68 $ 1.03 $ 2.24 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities: September 30, 2020 December 31, 2019 (unaudited, in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale debt securities U.S. Treasury $ 19,985 $ 7 $ — $ 19,992 $ 32,790 $ 47 $ (1 ) $ 32,836 U.S. Government sponsored entities and agencies 184,877 7,978 (6 ) 192,849 157,088 2,862 (322 ) 159,628 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,378,963 42,892 (832 ) 1,421,023 1,803,268 18,850 (6,131 ) 1,815,987 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 246,985 12,684 (59 ) 259,610 187,268 3,270 (129 ) 190,409 Obligations of states and political subdivisions 119,235 7,304 — 126,539 140,357 5,253 (1 ) 145,609 Corporate debt securities 24,976 956 (21 ) 25,911 48,645 581 (137 ) 49,089 Total available-for-sale debt securities $ 1,975,021 $ 71,821 $ (918 ) $ 2,045,924 $ 2,369,416 $ 30,863 $ (6,721 ) $ 2,393,558 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 8,256 $ 317 $ — $ 8,573 $ 9,216 $ 30 $ (116 ) $ 9,130 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 99,703 3,797 (1 ) 103,499 122,937 1,031 (261 ) 123,707 Obligations of states and political subdivisions 605,636 28,379 (122 ) 633,893 686,376 20,475 (258 ) 706,593 Corporate debt securities 33,172 3,264 — 36,436 33,224 1,869 — 35,093 Total held-to-maturity debt securities $ 746,767 $ 35,757 $ (123 ) $ 782,401 $ 851,753 $ 23,405 $ (635 ) $ 874,523 Total debt securities $ 2,721,788 $ 107,578 $ (1,041 ) $ 2,828,325 $ 3,221,169 $ 54,268 $ (7,356 ) $ 3,268,081 (1) Total held to maturity securities are presented on the balance sheet net of their allowance for credit losses totaling $0.5 million at September 30, 2020. |
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at September 30, 2020. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. (unaudited, in thousands) Amortized Cost Fair Value Available-for-sale debt securities Less than one year $ 44,340 $ 44,461 1-5 years 152,865 161,571 5-10 years 328,452 342,555 Over 10 years 1,449,364 1,497,337 Total available-for-sale debt securities $ 1,975,021 $ 2,045,924 Held-to-maturity debt securities Less than one year $ 11,901 $ 12,005 1-5 years 119,398 126,351 5-10 years 263,457 275,405 Over 10 years 352,011 368,640 Total held-to-maturity debt securities $ 746,767 $ 782,401 Total debt securities $ 2,721,788 $ 2,828,325 |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three and nine months ended September 30, 2020 and 2019, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2020 2019 2020 2019 Debt securities: Gross realized gains $ 100 $ 1,096 $ 3,715 $ 1,443 Gross realized losses (2 ) (741 ) (1,068 ) (950 ) Net gains on debt securities $ 98 $ 355 $ 2,647 $ 493 Equity securities: Net unrealized gains recognized on securities still held $ 687 $ (120 ) $ 936 $ 748 Net realized gains (losses) recognized on securities sold 2 — (6 ) 2,559 Net gains on equity securities $ 689 $ (120 ) $ 930 $ 3,307 Net securities gains $ 787 $ 235 $ 3,577 $ 3,800 |
Schedule of Allowance for Credit Losses on Held-to-maturity Securities | The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the nine months ended September 30, 2020: Allowance for Credit Losses By Category For the Nine Months Ended September 30, 2020 Residential mortgage -backed securities and collateralized mortgage obligations Obligations of U.S. Government of government state and Corporate sponsored sponsored entities political debt (unaudited, in thousands) entities and agencies and agencies subdivisions Securities Total Beginning balance at January 1, 2020 $ — $ — $ 96 $ 133 $ 229 Current period provision — — 172 60 232 Write-offs — — — — — Recoveries — — — — — Ending balance at September 30, 2020 $ — $ — $ 268 $ 193 $ 461 |
Schedule of Unrealized Losses on Investment Securities | The following table provides information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded as of September 30, 2020: September 30, 2020 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Government sponsored entities and agencies $ 14,979 $ (6 ) 1 $ — $ — — $ 14,979 $ (6 ) 1 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 133,841 (632 ) 23 14,257 (200 ) 4 148,098 (832 ) 27 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 24,835 (59 ) 3 — — — 24,835 (59 ) 3 Corporate debt securities 9,477 (21 ) 6 — — — 9,477 (21 ) 6 Total $ 183,132 $ (718 ) 33 $ 14,257 $ (200 ) 4 $ 197,389 $ (918 ) $ 37 Unrealized losses on debt securities in the table above represents temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity. Wesbanco does not believe the securities presented above are impaired due to reasons of credit quality, as substantially all debt securities are rated above investment grade and all are paying principal and interest according to their contractual terms. Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost; therefore, management believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized. Securities that do not have readily determinable fair values and for which Wesbanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of FHLB of Pittsburgh, Cincinnati and Indianapolis stock totaling $44.7 million and $66.8 million at September 30, 2020 and December 31, 2019, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable. The following table provides information on unrealized losses on held-to-maturity and available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of December 31, 2019, prior to the date of adoption of the credit loss standard, and as defined by the previous accounting guidance in effect at that time: December 31, 2019 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Treasury $ 1,499 $ (1 ) 1 $ — $ — — $ 1,499 $ (1 ) 1 U.S. Government sponsored entities and agencies 57,650 (274 ) 25 6,593 (164 ) 2 64,243 (438 ) 27 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 544,692 (3,725 ) 116 272,884 (2,667 ) 122 817,576 (6,392 ) 238 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 43,123 (124 ) 7 3,704 (5 ) 2 46,827 (129 ) 9 Obligations of states and political subdivisions 17,876 (122 ) 22 4,413 (137 ) 8 22,289 (259 ) 30 Corporate debt securities 4,120 (44 ) 1 4,926 (93 ) 2 9,046 (137 ) 3 Total $ 668,960 $ (4,290 ) 172 $ 292,520 $ (3,066 ) 136 $ 961,480 $ (7,356 ) 308 |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Recorded Investment in Loans by Category | The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan income (cost) was $13.3 million and ($4.8) million at September 30, 2020 and December 31, 2019, respectively. The September 30, 2020 balance included $19.5 million of net deferred income from PPP loans. The un-accreted discount on purchased loans from acquisitions was $44.1 million at September 30, 2020, including $23.9 September 30, December 31, (unaudited, in thousands) 2020 2019 Commercial real estate: Land and construction $ 690,547 $ 777,151 Improved property 5,018,101 4,947,857 Total commercial real estate 5,708,648 5,725,008 Commercial and industrial 1,654,116 1,644,699 Commercial and industrial - PPP 853,119 — Residential real estate 1,798,019 1,873,647 Home equity 647,052 649,678 Consumer 328,592 374,953 Total portfolio loans 10,989,546 10,267,985 Loans held for sale 134,151 43,013 Total loans $ 11,123,697 $ 10,310,998 |
Summary of Changes in Allowance for Credit Losses | The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: Allowance for Credit Losses By Category For the Nine Months Ended September 30, 2020 and 2019 (unaudited, in thousands) Commercial Real Estate - Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdrafts Total Balance at December 31, 2019 Allowance for credit losses - loans $ 4,949 $ 20,293 $ 14,116 $ 4,311 $ 4,422 $ 2,951 $ 1,387 $ 52,429 Allowance for credit losses - loan commitments 235 22 311 15 250 41 — 874 Total beginning allowance for credit losses - loans and loan commitments 5,184 20,315 14,427 4,326 4,672 2,992 1,387 53,303 Impact of adopting ASC 326 1,524 13,078 22,357 5,630 (3,936 ) 2,576 213 41,442 Provision for credit losses: Provision for loan losses 9,150 73,774 9,923 2,779 1,793 3,160 139 100,718 Provision for loan commitments 5,888 — 858 199 52 3 — 7,000 Total provision for credit losses - loans and loan commitments 15,038 73,774 10,781 2,978 1,845 3,163 139 107,718 Charge-offs (51 ) (1,903 ) (3,329 ) (809 ) (857 ) (2,860 ) (760 ) (10,569 ) Recoveries 85 702 852 487 419 1,136 363 4,044 Net charge-offs 34 (1,201 ) (2,477 ) (322 ) (438 ) (1,724 ) (397 ) (6,525 ) Balance at September 30, 2020 Allowance for credit losses - loans 13,055 105,966 43,648 12,018 2,076 7,004 1,342 185,109 Allowance for credit losses - loan commitments 8,725 — 1,440 594 67 3 — 10,829 Total ending allowance for credit losses - loans and loan commitments $ 21,780 $ 105,966 $ 45,088 $ 12,612 $ 2,143 $ 7,007 $ 1,342 $ 195,938 Balance at December 31, 2018 Allowance for loan losses $ 4,039 $ 20,848 $ 12,114 $ 3,822 $ 4,356 $ 2,797 $ 972 $ 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total beginning allowance for credit losses 4,208 20,881 12,376 3,834 4,582 2,836 972 49,689 Provision for credit losses: Provision for loan losses (207 ) 2,939 2,549 561 727 405 1,503 8,477 Provision for loan commitments 26 (9 ) 842 3 37 (1 ) — 898 Total provision for credit losses (181 ) 2,930 3,391 564 764 404 1,503 9,375 Charge-offs (45 ) (515 ) (1,420 ) (870 ) (859 ) (1,886 ) (1,273 ) (6,868 ) Recoveries 255 621 545 272 341 1,432 294 3,760 Net charge-offs 210 106 (875 ) (598 ) (518 ) (454 ) (979 ) (3,108 ) Balance at September 30, 2019 Allowance for loan losses 4,042 23,893 13,788 3,785 4,565 2,748 1,496 54,317 Allowance for loan commitments 195 24 1,104 15 263 38 — 1,639 Total ending allowance for credit losses $ 4,237 $ 23,917 $ 14,892 $ 3,800 $ 4,828 $ 2,786 $ 1,496 $ 55,956 |
Allowance for Credit Losses and Recorded Investments in Loans | The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end: Allowance for Credit Losses and Recorded Investment in Loans (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial and Industrial Residential Real Estate Home Equity Consumer Deposit Over- drafts Total September 30, 2020 Allowance for credit losses: Loans individually-evaluated $ 597 $ 3,857 $ 1,438 $ — $ — $ — $ — $ 5,892 Loans collectively-evaluated 12,458 102,109 42,210 12,018 2,076 7,004 1,342 179,217 Loan commitments 8,725 — 1,440 594 67 3 — 10,829 Total allowance for credit losses - loans and commitments $ 21,780 $ 105,966 $ 45,088 $ 12,612 $ 2,143 $ 7,007 $ 1,342 $ 195,938 Portfolio loans: Individually-evaluated for credit losses (1) $ 1,481 $ 17,278 $ 4,006 $ — $ — $ — $ — $ 22,765 Collectively-evaluated for credit losses 689,066 5,000,823 2,503,229 1,798,019 647,052 328,592 — 10,966,781 Total portfolio loans $ 690,547 $ 5,018,101 $ 2,507,235 $ 1,798,019 $ 647,052 $ 328,592 $ — $ 10,989,546 December 31, 2019 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 93 $ 10 $ 14 $ 6 $ 1 $ — $ 124 Allowance for loans collectively evaluated for impairment 4,949 20,200 14,106 4,297 4,416 2,950 1,387 52,305 Allowance for loan commitments 235 22 311 15 250 41 — 874 Total allowance for credit losses $ 5,184 $ 20,315 $ 14,427 $ 4,326 $ 4,672 $ 2,992 $ 1,387 $ 53,303 Portfolio loans: Individually evaluated for impairment (1) $ — $ 3,907 $ 11,961 $ 4,392 $ 704 $ 53 $ — $ 21,017 Collectively evaluated for impairment 777,033 4,935,383 1,631,855 1,865,151 648,221 374,812 — 10,232,455 Acquired with deteriorated credit quality 118 8,567 883 4,104 753 88 — 14,513 Total portfolio loans $ 777,151 $ 4,947,857 $ 1,644,699 $ 1,873,647 $ 649,678 $ 374,953 $ — $ 10,267,985 (1 ) |
Summary of Commercial Loans by Risk Grade | The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (unaudited, in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Total Commercial Loans As of September 30, 2020 Pass $ 664,518 $ 4,736,970 $ 2,457,537 $ 7,859,025 Criticized - compromised 21,948 199,030 27,286 248,264 Classified - substandard 4,081 82,101 22,412 108,594 Classified - doubtful — — — — Total $ 690,547 $ 5,018,101 $ 2,507,235 $ 8,215,883 As of December 31, 2019 Pass $ 769,537 $ 4,807,003 $ 1,570,689 $ 7,147,229 Criticized - compromised 4,338 65,612 49,009 118,959 Classified - substandard 3,276 75,242 13,231 91,749 Classified - doubtful — — 11,770 11,770 Total $ 777,151 $ 4,947,857 $ 1,644,699 $ 7,369,707 |
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans 90 Days or More Past Accruing (1) As of September 30, 2020 Commercial real estate: Land and construction $ 688,200 $ 148 $ 813 $ 1,386 $ 2,347 $ 690,547 $ 572 Improved property 5,003,740 2,318 2,153 9,890 14,361 5,018,101 896 Total commercial real estate 5,691,940 2,466 2,966 11,276 16,708 5,708,648 1,468 Commercial and industrial 2,500,038 2,164 781 4,252 7,197 2,507,235 1,882 Residential real estate 1,776,074 1,822 3,604 16,519 21,945 1,798,019 5,491 Home equity 640,025 3,006 354 3,667 7,027 647,052 937 Consumer 325,925 1,405 771 491 2,667 328,592 392 Total portfolio loans 10,934,002 10,863 8,476 36,205 55,544 10,989,546 10,170 Loans held for sale 134,151 — — — — 134,151 — Total loans $ 11,068,153 $ 10,863 $ 8,476 $ 36,205 $ 55,544 $ 11,123,697 $ 10,170 Nonperforming loans included above are as follows: Non-accrual loans $ 9,622 $ 1,120 $ 559 $ 25,965 27,644 $ 37,266 TDRs accruing interest (1) 3,799 68 254 70 392 4,191 Total non-performing $ 13,421 $ 1,188 $ 813 $ 26,035 $ 28,036 $ 41,457 As of December 31, 2019 Commercial real estate: Land and construction $ 776,153 $ 529 $ 121 $ 348 $ 998 $ 777,151 $ 26 Improved property 4,921,721 10,207 5,639 10,290 26,136 4,947,857 4,709 Total commercial real estate 5,697,874 10,736 5,760 10,638 27,134 5,725,008 4,735 Commercial and industrial 1,635,232 2,519 2,813 4,135 9,467 1,644,699 1,793 Residential real estate 1,850,806 4,421 5,372 13,048 22,841 1,873,647 3,643 Home equity 641,026 3,323 621 4,708 8,652 649,678 985 Consumer 370,934 2,537 965 517 4,019 374,953 457 Total portfolio loans 10,195,872 23,536 15,531 33,046 72,113 10,267,985 11,613 Loans held for sale 43,013 — — — — 43,013 — Total loans $ 10,238,885 $ 23,536 $ 15,531 $ 33,046 $ 72,113 $ 10,310,998 $ 11,613 Impaired loans included above are as follows: Non-accrual loans $ 21,061 $ 897 $ 1,559 $ 21,396 23,852 $ 44,913 TDRs accruing interest (1) 5,113 151 130 37 318 5,431 Total impaired $ 26,174 $ 1,048 $ 1,689 $ 21,433 $ 24,170 $ 50,344 (1) Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. |
Summary of Nonperforming Loans | The following tables summarize nonperforming loans: Nonperforming Loans September 30, 2020 December 31, 2019 Unpaid Unpaid Principal Recorded Related Principal Recorded Related (unaudited, in thousands) Balance (1) Investment Allowance Balance (1) Investment Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ 1,047 $ 997 $ — $ 616 $ 580 $ — Improved property 10,481 8,983 — 5,097 4,229 — Commercial and industrial 3,817 2,832 — 15,182 14,313 — Residential real estate 22,965 20,519 — 17,753 15,952 — Home equity 6,693 5,681 — 6,523 5,610 — Consumer 604 351 — 546 413 — Total nonperforming loans without a specific allowance 45,607 39,363 — 45,717 41,097 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 2,094 2,094 95 4,207 3,907 93 Commercial and industrial — — — 193 191 10 Residential real estate — — — 4,772 4,392 14 Home equity — — — 724 704 6 Consumer — — — 104 53 1 Total nonperforming loans with a specific allowance 2,094 2,094 95 10,000 9,247 124 Total nonperforming loans $ 47,701 $ 41,457 $ 95 $ 55,717 $ 50,344 $ 124 (1) Nonperforming Loans For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Average Interest Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 801 $ — $ 425 $ — $ 597 $ — $ 284 $ — Improved property 8,454 16 7,647 — 6,977 51 7,962 — Commercial and industrial 2,864 (1 ) 2,614 — 5,717 5 2,931 — Residential real estate 20,307 38 12,600 — 19,388 136 13,752 — Home equity 5,849 4 4,740 — 5,830 16 4,760 — Consumer 372 1 334 — 381 2 425 — Total nonperforming loans without a specific allowance 38,647 58 28,360 — 38,890 210 30,114 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — — Improved property 2,363 — 5,273 35 2,816 — 3,170 63 Commercial and industrial — — 189 4 48 — 171 11 Residential real estate — — 4,792 51 1,098 — 3,666 169 Home equity — — 834 8 176 — 616 23 Consumer — — 68 1 13 — 60 3 Total nonperforming loans with a specific allowance 2,363 — 11,156 99 4,151 — 7,683 269 Total nonperforming loans $ 41,010 $ 58 $ 39,516 $ 99 $ 43,041 $ 210 $ 37,797 $ 269 |
Recorded Investment in Non-Accrual Loans and TDRs | The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1) September 30, December 31, (unaudited, in thousands) 2020 2019 Commercial real estate: Land and construction $ 997 $ 580 Improved property 10,410 6,815 Total commercial real estate 11,407 7,395 Commercial and industrial 2,716 14,313 Residential real estate 17,492 16,867 Home equity 5,327 5,903 Consumer 324 435 Total $ 37,266 $ 44,913 (1) At September 30, 2020, there were two borrowers with loans greater than $1.0 million totaling $3.7 million, as compared to two borrowers with loans greater than $1.0 million totaling $14.2 million at December 31, 2019. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. TDRs September 30, 2020 December 31, 2019 (unaudited, in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ — $ — $ — $ — $ — Improved property 667 174 841 1,321 191 1,512 Total commercial real estate 667 174 841 1,321 191 1,512 Commercial and industrial 116 — 116 191 — 191 Residential real estate 3,027 1,311 4,338 3,477 909 4,386 Home equity 354 324 678 411 293 704 Consumer 27 9 36 31 29 60 Total $ 4,191 $ 1,818 $ 6,009 $ 5,431 $ 1,422 $ 6,853 |
Loans Identified as TDRs | The following tables present details related to loans identified as TDRs during the three and nine months ended September 30, 2020 and 2019, respectively: New TDRs (1) For the Three Months Ended September 30, 2020 September 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property — — — 1 605 604 Total commercial real estate — — — 1 605 604 Commercial and industrial — — — — — — Residential real estate — — — — — — Home equity 3 31 30 — — — Consumer — — — — — — Total 3 $ 31 $ 30 1 $ 605 $ 604 New TDRs (1) For the Nine Months Ended September 30, 2020 September 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Modifications Investment Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved Property — — — 1 610 604 Total commercial real estate — — — 1 610 604 Commercial and industrial — — — 1 44 37 Residential real estate 2 332 327 4 194 183 Home equity 4 82 77 2 187 184 Consumer 1 8 7 1 15 12 Total 7 $ 422 $ 411 9 $ 1,050 $ 1,020 (1) The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2020 and 2019, respectively, that were restructured within the last twelve months prior to September 30, 2020 and 2019, respectively: Defaulted TDRs (1) For the Nine Months Ended September 30, 2020 September 30, 2019 Number of Recorded Number of Recorded (unaudited, dollars in thousands) Defaults Investment Defaults Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate 1 155 1 96 Home equity — — 1 100 Consumer — — 1 12 Total 1 $ 155 3 $ 208 (1) |
Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator | The following table summarizes amortized cost basis loan balances by year of origination and credit quality indicator: Loans As of September 30, 2020 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 94,649 $ 300,505 $ 147,081 $ 45,476 $ 19,249 $ 34,425 $ 23,133 $ — $ 664,518 Criticized - compromised — 135 2,059 14,320 80 1,717 3,637 — 21,948 Classified - substandard — — 806 58 293 2,924 — — 4,081 Classified - doubtful — — — — — — — — — Total $ 94,649 $ 300,640 $ 149,946 $ 59,854 $ 19,622 $ 39,066 $ 26,770 $ — $ 690,547 Commercial real estate: land and construction Current-period net charge-offs $ — $ — $ — $ 61 $ (50 ) $ 23 $ — $ — $ 34 Commercial real estate: improved property Risk rating: Pass $ 561,381 $ 756,494 $ 629,690 $ 525,306 $ 668,523 $ 1,468,243 $ 127,333 $ — $ 4,736,970 Criticized - compromised — 19,715 9,825 48,237 17,721 101,482 2,050 — 199,030 Classified - substandard 103 136 5,717 10,927 9,991 55,227 — — 82,101 Classified - doubtful — — — — — — — — — Total $ 561,484 $ 776,345 $ 645,232 $ 584,470 $ 696,235 $ 1,624,952 $ 129,383 $ — $ 5,018,101 Commercial real estate: improved property Current-period net charge-offs $ — $ — $ — $ 13 $ (1,635 ) $ 421 $ — $ — $ (1,201 ) Commercial and industrial Risk rating: Pass $ 140,980 $ 259,329 $ 207,764 $ 160,140 $ 92,370 $ 1,138,827 $ 457,987 $ 140 $ 2,457,537 Criticized - compromised 26 2,461 4,273 1,308 459 12,821 5,938 — 27,286 Classified - substandard — 3,322 817 3,764 1,368 6,617 6,524 — 22,412 Classified - doubtful — — — — — — — — — Total $ 141,006 $ 265,112 $ 212,854 $ 165,212 $ 94,197 $ 1,158,265 $ 470,449 $ 140 $ 2,507,235 Commercial and industrial Current-period net charge-offs $ — $ — $ (1,829 ) $ (159 ) $ (35 ) $ (254 ) $ (200 ) $ — $ (2,477 ) Residential real estate Loan delinquency: Current $ 301,547 $ 276,344 $ 175,858 $ 126,863 $ 183,747 $ 711,325 $ 390 $ — $ 1,776,074 30-59 days past due — — 144 — — 1,678 — — 1,822 60-89 days past due — 412 — — 217 2,975 — — 3,604 90 days or more past due — 486 784 761 1,117 13,371 — — 16,519 Total $ 301,547 $ 277,242 $ 176,786 $ 127,624 $ 185,081 $ 729,349 $ 390 $ — $ 1,798,019 Residential real estate Current-period net charge-offs $ — $ (24 ) $ (8 ) $ (11 ) $ (151 ) $ (128 ) $ — $ — $ (322 ) Home equity Loan delinquency: Current $ 16,471 $ 4,047 $ 4,255 $ 1,606 $ 1,051 $ 17,581 $ 582,500 $ 12,514 $ 640,025 30-59 days past due — — — — 40 1,300 1,428 238 3,006 60-89 days past due — — 11 66 — 192 77 8 354 90 days or more past due — — 34 — 127 1,831 1,046 629 3,667 Total $ 16,471 $ 4,047 $ 4,300 $ 1,672 $ 1,218 $ 20,904 $ 585,051 $ 13,389 $ 647,052 Home equity Current-period net charge-offs $ — $ — $ — $ (2 ) $ — $ (69 ) $ (367 ) $ — $ (438 ) Consumer Loan delinquency: Current $ 61,945 $ 100,273 $ 45,087 $ 26,304 $ 15,996 $ 52,419 $ 23,720 $ 181 $ 325,925 30-59 days past due 237 242 117 190 58 522 39 — 1,405 60-89 days past due 96 216 92 82 42 217 26 — 771 90 days or more past due 58 74 130 25 8 193 3 — 491 Total $ 62,336 $ 100,805 $ 45,426 $ 26,601 $ 16,104 $ 53,351 $ 23,788 $ 181 $ 328,592 Consumer Current-period net charge-offs $ (78 ) $ (750 ) $ (457 ) $ (410 ) $ (72 ) $ 43 $ — $ — $ (1,724 ) |
Summary of Other Real Estate Owned and Repossessed Assets | The following table summarizes other real estate owned and repossessed assets included in other assets: September 30, December 31, (unaudited, in thousands) 2020 2019 Other real estate owned $ 730 $ 4,062 Repossessed assets 8 116 Total other real estate owned and repossessed assets $ 738 $ 4,178 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments on Balance Sheets | The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (unaudited, in thousands) Notional or Contractual Amount Other Asset Derivatives Other Liability Derivatives Notional or Contractual Amount Other Asset Derivatives Other Liability Derivatives Derivatives Loan Swaps: Interest rate swaps $ 610,062 $ 52,837 $ 57,201 $ 399,860 $ 14,585 $ 16,117 Other contracts: Interest rate loan commitments 121,396 1,237 — 34,236 44 — Forward TBA contracts 188,000 — 285 50,000 — 88 Total derivatives $ 54,074 $ 57,486 $ 14,629 $ 16,205 |
Summary of Effect of Derivative Instruments on Income Statement | The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three and nine months ended September 30, 2020 and 2019, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Location of Gain/(Loss) 2020 2019 2020 2019 Interest rate swaps Other income $ 420 $ (556 ) $ (2,832 ) $ (1,619 ) Interest rate loan commitments Mortgage banking income 48 (66 ) 1,193 (133 ) Forward TBA contracts Mortgage banking income (1,653 ) (465 ) (5,501 ) (1,317 ) Total $ (1,185 ) $ (1,087 ) $ (7,140 ) $ (3,069 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Pension Plan | The following table presents the net periodic pension cost for Wesbanco’s Defined Benefit Pension Plan (the “Plan”) and the related components: For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) 2020 2019 2020 2019 Service cost – benefits earned during year $ 574 $ 567 $ 1,710 $ 1,681 Interest cost on projected benefit obligation 1,133 1,327 3,375 3,938 Expected return on plan assets (2,622 ) (2,235 ) (7,810 ) (6,633 ) Amortization of prior service cost (9 ) 7 (27 ) 20 Amortization of net loss 802 817 2,389 2,424 Net periodic pension (income) cost $ (122 ) $ 483 $ (363 ) $ 1,430 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The following tables set forth Wesbanco ’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair valu e hierarchy as of September 30, 2020 and December 31, 2019 : September 30, 2020 Fair Value Measurements Using: September 30, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) 2020 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 12,516 $ 12,516 $ — $ — Available-for-sale debt securities U.S. Treasury 19,992 — 19,992 — U.S. Government sponsored entities and agencies 192,849 — 192,849 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,421,023 — 1,421,023 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 259,610 — 259,610 — Obligations of states and political subdivisions 126,539 — 124,891 1,648 Corporate debt securities 25,911 — 25,911 — Total available-for-sale debt securities $ 2,045,924 $ — $ 2,044,276 $ 1,648 Loans held for sale 134,151 — 134,151 — Other assets - interest rate derivatives agreements 52,837 — 52,837 — Total assets recurring fair value measurements $ 2,245,428 $ 12,516 $ 2,231,264 $ 1,648 Other liabilities - interest rate derivatives agreements $ 57,201 $ — $ 57,201 $ — Total liabilities recurring fair value measurements $ 57,201 $ — $ 57,201 $ — Nonrecurring fair value measurements Individually-evaluated nonperforming loans $ 1,999 $ — $ — $ 1,999 Other real estate owned and repossessed assets 738 — — 738 Total nonrecurring fair value measurements $ 2,737 $ — $ — $ 2,737 December 31, 2019 Fair Value Measurements Using: December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 2019 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 12,343 $ 12,343 $ — $ — Available-for-sale debt securities U.S. Treasury 32,836 — 32,836 — U.S. Government sponsored entities and agencies 159,628 — 159,628 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,815,987 — 1,815,987 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 190,409 — 190,409 — Obligations of states and political subdivisions 145,609 — 144,004 1,605 Corporate debt securities 49,089 — 49,089 — Total available-for-sale debt securities $ 2,393,558 $ — $ 2,391,953 $ 1,605 Loans held for sale 43,013 — 43,013 — Other assets - interest rate derivatives agreements 14,585 — 14,585 — Total assets recurring fair value measurements $ 2,463,499 $ 12,343 $ 2,449,551 $ 1,605 Other liabilities - interest rate derivatives agreements $ 16,117 $ — $ 16,117 $ — Total liabilities recurring fair value measurements $ 16,117 $ — $ 16,117 $ — Nonrecurring fair value measurements Impaired loans $ 2,362 $ — $ — $ 2,362 Other real estate owned and repossessed assets 4,178 — — 4,178 Total nonrecurring fair value measurements $ 6,540 $ — $ — $ 6,540 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range (Weighted (unaudited, in thousands) Estimate Techniques Input Average) September 30, 2020 Individually-evaluated nonperforming loans $ 1,999 Appraisal of collateral (1) Appraisal adjustments (2) — Other real estate owned and repossessed assets $ 738 Appraisal of collateral (1), (3) Liquidation expenses (2) — December 31, 2019 Impaired loans $ 2,362 Appraisal of collateral (1) Appraisal adjustments (2) — Other real estate owned and repossessed assets $ 4,178 Appraisal of collateral (1), (3) Liquidation expenses (2) — (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable. |
Estimates Fair Values of Financial Instruments | Fair Value Measurements at September 30, 2020 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (unaudited, in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 760,266 $ 760,266 $ 760,266 $ — $ — Equity securities 12,516 12,516 12,516 — — Available-for-sale debt securities 2,045,924 2,045,924 — 2,044,276 1,648 Held-to-maturity debt securities 746,306 782,401 — 781,906 495 Net loans 10,804,437 10,863,349 — — 10,863,349 Loans held for sale 134,151 134,151 — 134,151 — Other assets - interest rate derivatives 52,837 52,837 — 52,837 — Accrued interest receivable 65,023 65,023 65,023 — — Financial Liabilities Deposits 12,201,425 12,210,444 10,493,913 1,716,531 — Federal Home Loan Bank borrowings 794,621 803,811 — 803,811 — Other borrowings 381,909 380,269 380,269 — — Subordinated debt and junior subordinated debt 192,150 182,753 — 113,496 69,257 Other liabilities - interest rate derivatives 57,201 57,201 — 57,201 — Accrued interest payable 5,014 5,014 5,014 — — Fair Value Measurements at December 31, 2019 Carrying Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 234,796 $ 234,796 $ 234,796 $ — $ — Equity securities 12,343 12,343 12,343 — — Available-for-sale debt securities 2,393,558 2,393,558 — 2,391,953 1,605 Held-to-maturity debt securities 851,753 874,523 — 873,995 528 Net loans 10,215,556 10,297,989 — — 10,297,989 Loans held for sale 43,013 43,013 — 43,013 — Other assets - interest rate derivatives 14,585 14,585 — 14,585 — Accrued interest receivable 43,648 43,648 43,648 — — Financial Liabilities Deposits 11,004,006 10,989,818 8,948,086 2,041,732 — Federal Home Loan Bank borrowings 1,415,615 1,420,302 — 1,420,302 — Other borrowings 282,362 282,691 279,345 3,346 — Subordinated debt and junior subordinated debt 199,869 188,349 — 122,934 65,415 Other liabilities - interest rate derivatives 16,117 16,117 — 16,117 — Accrued interest payable 8,077 8,077 8,077 — — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Summary of Revenue Recognition | The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three and nine months ended September 30, 2020 and 2019, respectively: Point of Revenue For the Three Months Ended September 30, For the Nine Months Ended September 30, (unaudited, in thousands) Recognition 2020 2019 2020 2019 Revenue Streams Trust fees Trust account fees Over time $ 4,225 $ 4,265 $ 13,271 $ 13,529 WesMark fees Over time 2,201 2,160 6,309 6,351 Total trust fees 6,426 6,425 19,580 19,880 Service charges on deposits Commercial banking fees Over time 576 513 1,748 1,480 Personal service charges At a point in time and over time 4,756 6,543 14,524 18,323 Total service charges on deposits 5,332 7,056 16,272 19,803 Net securities brokerage revenue Annuity commissions At a point in time 1,218 1,204 3,101 4,018 Equity and debt security trades At a point in time 27 151 280 356 Managed money Over time 248 153 697 484 Trail commissions Over time 232 257 709 739 Total net securities brokerage revenue 1,725 1,765 4,787 5,597 Debit card sponsorship income (1) At a point in time and over time 751 — 2,102 — Payment processing fees (1) At a point in time and over time 669 709 2,133 2,142 Electronic banking fees At a point in time 4,780 5,253 13,100 18,299 Mortgage banking income At a point in time 8,488 2,588 17,295 5,262 Net (loss) gain on other real estate owned and other assets At a point in time (19 ) 158 84 670 (1) |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income for the nine months ended September 30, 2020 and 2019 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (unaudited, in thousands) Defined Benefit Plans Unrealized Gains (Losses) on Debt Securities Available-for-Sale Unrealized Gains on Debt Securities Transferred from Available-for-Sale to Held-to-Maturity Total Balance at December 31, 2019 $ (17,468 ) $ 18,644 $ 25 $ 1,201 Other comprehensive income before reclassifications — 37,340 — 37,340 Amounts reclassified from accumulated other comprehensive income/(loss) 1,712 (1,940 ) (12 ) (240 ) Period change 1,712 35,400 (12 ) 37,100 Balance at September 30, 2020 $ (15,756 ) $ 54,044 $ 13 $ 38,301 Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) Other comprehensive income before reclassifications — 46,450 — 46,450 Amounts reclassified from accumulated other comprehensive income/(loss) 1,721 (199 ) (179 ) 1,343 Period change 1,721 46,251 (179 ) 47,793 Balance at September 30, 2019 $ (14,821 ) $ 24,729 $ 14 $ 9,922 (1 ) All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24%. |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The following table provides details about amounts reclassified from accumulated other comprehensive income for the three and nine months ended September 30, 2020 and 2019: Details about Accumulated Other Comprehensive Income/(Loss) Components For the Three Months Ended September 30, For the Nine Months Ended September 30, Affected Line Item in the Statement of Net Income (unaudited, in thousands) 2020 2019 2020 2019 Debt securities available-for-sale (1) Net securities gains reclassified into earnings $ (45 ) $ (219 ) $ (2,545 ) $ (258 ) Net securities gains (Non-interest income) Related income tax expense ⁽²⁾ 11 50 605 59 Provision for income taxes Net effect on accumulated other comprehensive income for the period (34 ) (169 ) (1,940 ) (199 ) Debt securities held-to-maturity (1) Amortization of unrealized gain transferred from available-for-sale (5 ) (88 ) (15 ) (237 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense ⁽²⁾ 1 20 3 58 Provision for income taxes Net effect on accumulated other comprehensive income for the period (4 ) (68 ) (12 ) (179 ) Defined benefit plans (3) Amortization of net loss and prior service costs 746 767 2,246 2,275 Employee benefits (Non-interest expense) Related income tax benefit ⁽²⁾ (177 ) (175 ) (534 ) (554 ) Provision for income taxes Net effect on accumulated other comprehensive income for the period 569 592 1,712 1,721 Total reclassifications for the period $ 531 $ 355 $ (240 ) $ 1,343 (1) (2) Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24%. (3) Included in the computation of net periodic pension cost. See Note 7, “Benefit Plans” for additional detail. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding | The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: September 30, December 31, (unaudited, in thousands) 2020 2019 Lines of credit $ 2,512,397 $ 2,469,676 Loans approved but not closed 422,328 504,623 Overdraft limits 154,666 149,519 Letters of credit 52,070 57,205 Contingent obligations and other guarantees 133,069 81,551 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Condensed financial information by business segment is presented below: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For The Three Months Ended September 30, 2020 Interest and dividend income $ 133,657 $ — $ 133,657 Interest expense 13,064 — 13,064 Net interest income 120,593 — 120,593 Provision for credit losses 16,288 — 16,288 Net interest income after provision for credit losses 104,305 — 104,305 Non-interest income 28,186 6,426 34,612 Non-interest expense 86,011 3,932 89,943 Income before provision for income taxes 46,480 2,494 48,974 Provision for income taxes 7,145 524 7,669 Net income $ 39,335 $ 1,970 $ 41,305 For The Three Months Ended September 30, 2019 Interest and dividend income $ 117,348 $ — $ 117,348 Interest expense 21,228 — 21,228 Net interest income 96,120 — 96,120 Provision for credit losses 4,121 — 4,121 Net interest income after provision for credit losses 91,999 — 91,999 Non-interest income 20,525 6,425 26,950 Non-interest expense 69,068 4,200 73,268 Income before provision for income taxes 43,456 2,225 45,681 Provision for income taxes 7,866 468 8,334 Net income $ 35,590 $ 1,757 $ 37,347 For the Nine Months Ended September 30, 2020 Interest and dividend income $ 410,799 $ — $ 410,799 Interest expense 51,031 — 51,031 Net interest income 359,768 — 359,768 Provision for credit losses 107,949 — 107,949 Net interest income after provision for credit losses 251,819 — 251,819 Non-interest income 75,901 19,580 95,481 Non-interest expense 254,517 12,262 266,779 Income before provision for income taxes 73,203 7,318 80,521 Provision for income taxes 9,795 1,537 11,332 Net income $ 63,408 $ 5,781 $ 69,189 For the Nine Months Ended September 30, 2019 Interest and dividend income $ 355,944 $ — $ 355,944 Interest expense 63,003 — 63,003 Net interest income 292,941 — 292,941 Provision for credit losses 9,375 — 9,375 Net interest income after provision for credit losses 283,566 — 283,566 Non-interest income 65,998 19,880 85,878 Non-interest expense 207,299 12,353 219,652 Income before provision for income taxes 142,265 7,527 149,792 Provision for income taxes 25,714 1,581 27,295 Net income $ 116,551 $ 5,946 $ 122,497 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 27, 2020 | Jan. 01, 2020USD ($) | Sep. 30, 2020USD ($)Portfolio | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Non-accrual status period | 90 days | ||||
Loans returned to accrual status, performance period | 6 months | ||||
Consumer loan TDR extended maturity period | 6 months | ||||
Number of categories of loan portfolio | Portfolio | 3 | ||||
Minimum loan balance individually tested for impairment | $ 1,000,000 | ||||
Recognition on retained earnings | 100,718,000 | $ 8,477,000 | |||
Recognition after tax for retained earnings | 802,892,000 | $ 824,694,000 | |||
Allowance for credit loss for held-to-maturity | $ 461,000 | ||||
ASU 2016-13 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Regulatory capital transition adoption, delay period | 2 years | ||||
Regulatory capital transition adoption, transition period | 3 years | ||||
Regulatory capital transition period, start date | Jan. 1, 2022 | ||||
Regulatory capital transition period, end date | Dec. 31, 2024 | ||||
Percentage of change in allowance for credit loss upon adjustment of regulatory capital transition | 25.00% | ||||
Adjustment for loan credit losses | $ 6,700,000 | ||||
Adjustment for loan commitments | $ 3,000,000 | ||||
Regulatory capital impact period | 1 year | ||||
Allowance for credit loss for held-to-maturity | $ 200,000 | $ 461,000 | $ 229,000 | ||
ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Recognition on retained earnings | 41,400,000 | $ 41,442,000 | |||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Recognition after tax for retained earnings | $ 26,600,000 | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Forecast period to measure expected credit losses on loan portfolio | 2 years | ||||
Model reversion period to measure expected credit losses on loan portfolio | 3 years | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Forecast period to measure expected credit losses on loan portfolio | 1 year | ||||
Model reversion period to measure expected credit losses on loan portfolio | 1 year | ||||
CARES Act, Paycheck Protection Program [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Loans receivable, Interest rate | 1.00% | ||||
CARES Act, Paycheck Protection Program [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Extension period for loan principal and interest payments | 180 days | ||||
Loans receivable, threshold period past due | 30 days | ||||
Consumer Loan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period of closed end loans loans charged down to net realizable value | 120 days | ||||
Home Equity [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period of closed end loans loans charged down to net realizable value | 180 days | ||||
Recognition on retained earnings | $ 1,793,000 | $ 727,000 | |||
Home Equity [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Recognition on retained earnings | $ (3,936,000) | ||||
Residential Real Estate Loans [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period of closed end loans loans charged down to net realizable value | 180 days |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 22, 2019 | Sep. 30, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Total Assets | $ 16,552,140 | $ 15,720,112 | |
Old Line [Member] | |||
Business Acquisition [Line Items] | |||
Total Assets | $ 3,000,000 | ||
Portfolio loans, net of unearned income | 2,514,061 | ||
Securities | 182,171 | ||
Value of acquisition | $ 493,952 | ||
Closing stock price | $ 36.75 | ||
Number of shares issued for acquisition | 13,351,837 | ||
Business acquisition, fair value | $ 3,300 | ||
Goodwill acquired | 230,964 | ||
Purchase price allocation in core deposit intangible | 32,899 | ||
Merger related expense | $ 6,300 | ||
Community Banking [Member] | Old Line [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price allocation in core deposit intangible | $ 32,900 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Purchase Price of Acquisition and Resulting Goodwill (Detail) - Old Line [Member] $ in Thousands | Nov. 22, 2019USD ($) |
Purchase price: | |
Fair value of Wesbanco shares issued | $ 493,936 |
Cash consideration for outstanding shares | 16 |
Total purchase price | 493,952 |
Fair value of: | |
Tangible assets acquired | 2,892,298 |
Core deposit and other intangible assets acquired | 32,899 |
Liabilities assumed | (2,722,250) |
Net cash received in the acquisition | 60,041 |
Fair value of net assets acquired | 262,988 |
Goodwill recognized | $ 230,964 |
Mergers and Acquisitions - Allo
Mergers and Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - Old Line [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Nov. 22, 2019 | |
Business Acquisition [Line Items] | ||
Cash and due from banks | $ 60,041 | |
Securities | 182,171 | |
Loans | 2,514,061 | |
Goodwill and other intangible assets | 263,863 | |
Accrued income and other assets | 196,066 | |
Total assets acquired | 3,216,202 | |
Liabilities assumed | ||
Deposits | 2,375,574 | |
Borrowings | 286,047 | |
Accrued expenses and other liabilities | 60,629 | |
Total liabilities assumed | 2,722,250 | |
Fair value of net assets acquired | 262,988 | |
Net assets acquired | $ 493,952 | |
Purchase Price Allocation Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 228,907 | |
Securities | (284) | |
Loans | 50 | |
Premises and equipment | (2,214) | |
Deferred tax assets | 641 | |
Liabilities assumed | ||
Accrued expenses and other liabilities | (250) | |
Fair value of net assets acquired | (2,057) | |
Increase in goodwill recognized | 2,057 | |
Goodwill recognized | $ 230,964 |
Earnings Per Common Share - Sum
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator for both basic and diluted earnings per common share: | ||||
Net income | $ 41,305 | $ 37,347 | $ 69,189 | $ 122,497 |
Denominator: | ||||
Total average basic common shares outstanding | 67,214,759 | 54,695,578 | 67,268,449 | 54,641,057 |
Effect of dilutive stock options and other stock compensation | 54,544 | 55,766 | 83,408 | 64,704 |
Total diluted average common shares outstanding | 67,269,303 | 54,751,344 | 67,351,857 | 54,705,761 |
Earnings per common share - basic | $ 0.61 | $ 0.68 | $ 1.03 | $ 2.24 |
Earnings per common share - diluted | $ 0.61 | $ 0.68 | $ 1.03 | $ 2.24 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | Nov. 22, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Old Line Bancshares, Inc. [Member] | |||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | |||||
Number of shares issued for acquisition | 13,351,837 | ||||
Old Line Bancshares, Inc. [Member] | Treasury Stock [Member] | |||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | |||||
Shares issued for acquisition, shares | 34,998 | ||||
Stock Option [Member] | |||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | |||||
Securities excluded from computation of net income per diluted shares | 729,985 | 352,250 | 536,761 | 352,250 | |
Restricted Stock [Member] | |||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | |||||
Shares contingently issuable under shareholder return plan | 27,371 | 30,137 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $ 1,975,021 | $ 2,369,416 |
Available-for-sale, Gross Unrealized Gains | 71,821 | 30,863 |
Available-for-sale, Gross Unrealized Losses | (918) | (6,721) |
Available-for-sale, Estimated Fair Value | 2,045,924 | 2,393,558 |
Held-to-maturity, Amortized Cost | 746,767 | 851,753 |
Held-to-maturity, Gross Unrealized Gains | 35,757 | 23,405 |
Held-to-maturity, Gross Unrealized Losses | (123) | (635) |
Held-to-maturity securities, Fair value | 782,401 | 874,523 |
Total securities, Amortized Cost | 2,721,788 | 3,221,169 |
Total securities, Gross Unrealized Gains | 107,578 | 54,268 |
Total securities, Gross Unrealized Losses | (1,041) | (7,356) |
Total securities, Estimated Fair Value | 2,828,325 | 3,268,081 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 19,985 | 32,790 |
Available-for-sale, Gross Unrealized Gains | 7 | 47 |
Available-for-sale, Gross Unrealized Losses | (1) | |
Available-for-sale, Estimated Fair Value | 19,992 | 32,836 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 184,877 | 157,088 |
Available-for-sale, Gross Unrealized Gains | 7,978 | 2,862 |
Available-for-sale, Gross Unrealized Losses | (6) | (322) |
Available-for-sale, Estimated Fair Value | 192,849 | 159,628 |
Held-to-maturity, Amortized Cost | 8,256 | 9,216 |
Held-to-maturity, Gross Unrealized Gains | 317 | 30 |
Held-to-maturity, Gross Unrealized Losses | (116) | |
Held-to-maturity securities, Fair value | 8,573 | 9,130 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 1,378,963 | 1,803,268 |
Available-for-sale, Gross Unrealized Gains | 42,892 | 18,850 |
Available-for-sale, Gross Unrealized Losses | (832) | (6,131) |
Available-for-sale, Estimated Fair Value | 1,421,023 | 1,815,987 |
Held-to-maturity, Amortized Cost | 99,703 | 122,937 |
Held-to-maturity, Gross Unrealized Gains | 3,797 | 1,031 |
Held-to-maturity, Gross Unrealized Losses | (1) | (261) |
Held-to-maturity securities, Fair value | 103,499 | 123,707 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 246,985 | 187,268 |
Available-for-sale, Gross Unrealized Gains | 12,684 | 3,270 |
Available-for-sale, Gross Unrealized Losses | (59) | (129) |
Available-for-sale, Estimated Fair Value | 259,610 | 190,409 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 119,235 | 140,357 |
Available-for-sale, Gross Unrealized Gains | 7,304 | 5,253 |
Available-for-sale, Gross Unrealized Losses | (1) | |
Available-for-sale, Estimated Fair Value | 126,539 | 145,609 |
Held-to-maturity, Amortized Cost | 605,636 | 686,376 |
Held-to-maturity, Gross Unrealized Gains | 28,379 | 20,475 |
Held-to-maturity, Gross Unrealized Losses | (122) | (258) |
Held-to-maturity securities, Fair value | 633,893 | 706,593 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 24,976 | 48,645 |
Available-for-sale, Gross Unrealized Gains | 956 | 581 |
Available-for-sale, Gross Unrealized Losses | (21) | (137) |
Available-for-sale, Estimated Fair Value | 25,911 | 49,089 |
Held-to-maturity, Amortized Cost | 33,172 | 33,224 |
Held-to-maturity, Gross Unrealized Gains | 3,264 | 1,869 |
Held-to-maturity securities, Fair value | $ 36,436 | $ 35,093 |
Securities - Schedule of Fair_2
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Parenthetical) (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Allowance for credit loss for held-to-maturity | $ 461 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||||||
Sep. 30, 2020USD ($)Holding | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($)Holding | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Maximum percentage of equity of one issuer | 10.00% | ||||||
Number of holdings greater than specified percentage of equity | Holding | 0 | 0 | |||||
Equities securities | $ 12,516 | $ 12,343 | |||||
Securities with an aggregate fair value | 1,900,000 | 2,000,000 | |||||
Proceeds from sale of available-for-sale securities | 226,099 | $ 125,239 | |||||
Net unrealized gains on available-for-sale securities included in AOCI | 54,000 | 20,700 | |||||
Current expected credit losses to opening retained earnings | 2,732,966 | 2,101,269 | $ 2,569,521 | 2,593,921 | $ 2,074,116 | $ 1,978,827 | |
Accrued interest receivable | 65,023 | 43,648 | |||||
Estimated credit losses | 0 | ||||||
Federal home loan bank stock, Total | 44,700 | 66,800 | |||||
Held-to-maturity Securities [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Accrued interest receivable | 6,300 | ||||||
ASU 2016-13 [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Estimated credit losses | (232) | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Current expected credit losses to opening retained earnings | (26,591) | ||||||
Retained Earnings [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Current expected credit losses to opening retained earnings | 802,892 | $ 809,332 | $ 782,990 | 824,694 | $ 788,900 | $ 737,581 | |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Current expected credit losses to opening retained earnings | $ (26,591) | ||||||
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Current expected credit losses to opening retained earnings | $ 200 | ||||||
Grantor Trusts [Member] | |||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||||||
Equities securities | $ 9,500 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Total available-for-sale debt securities, Amortized Cost, Less than one year | $ 44,340 | |
Total available-for-sale debt securities, Amortized Cost, 1-5 years | 152,865 | |
Total available-for-sale debt securities, Amortized Cost, 5-10 years | 328,452 | |
Total available-for-sale debt securities, Amortized Cost, Over 10 years | 1,449,364 | |
Available-for-sale, Amortized Cost | 1,975,021 | $ 2,369,416 |
Total held-to-maturity debt securities, Amortized Cost, Less than one year | 11,901 | |
Total held-to-maturity debt securities, Amortized Cost, 1-5 years | 119,398 | |
Total held-to-maturity debt securities, Amortized Cost, 5-10 years | 263,457 | |
Total held-to-maturity debt securities, Amortized Cost, Over 10 years | 352,011 | |
Held-to-maturity, Amortized Cost | 746,767 | 851,753 |
Total debt securities, Amortized Cost | 2,721,788 | |
Total available-for-sale debt securities, Fair Value, Less than one year | 44,461 | |
Total available-for-sale debt securities, Fair Value, 1-5 years | 161,571 | |
Total available-for-sale debt securities, Fair Value, 5-10 years | 342,555 | |
Total available-for-sale debt securities, Fair Value, Over 10 years | 1,497,337 | |
Total available-for-sale debt securities, Fair Value | 2,045,924 | 2,393,558 |
Total held-to-maturity debt securities, Fair Value, Less than one year | 12,005 | |
Total held-to-maturity debt securities, Fair Value, 1-5 years | 126,351 | |
Total held-to-maturity debt securities, Fair Value, 5-10 years | 275,405 | |
Total held-to-maturity debt securities, Fair Value, Over 10 years | 368,640 | |
Total held-to-maturity debt securities, Fair Value | 782,401 | 874,523 |
Total debt securities, Fair Value | $ 2,828,325 | $ 3,268,081 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities as well as Gains and Losses on Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | ||||
Net securities gains | $ 787 | $ 235 | $ 3,577 | $ 3,800 |
Debt Securities [Member] | ||||
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | ||||
Gross realized gains | 100 | 1,096 | 3,715 | 1,443 |
Gross realized losses | (2) | (741) | (1,068) | (950) |
Net gains on debt securities | 98 | 355 | 2,647 | 493 |
Equity Securities [Member] | ||||
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | ||||
Net unrealized gains recognized on securities still held | 687 | (120) | 936 | 748 |
Net realized gains (losses) recognized on securities sold | 2 | (6) | 2,559 | |
Net gains on equity securities | $ 689 | $ (120) | $ 930 | $ 3,307 |
Securities - Schedule of Allowa
Securities - Schedule of Allowance for Credit Losses on Held-to-maturity Securities (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Current period provision | $ 0 |
Ending balance at September 30, 2020 | 461 |
ASU 2016-13 [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Beginning balance at January 1, 2020 | 229 |
Current period provision | 232 |
Ending balance at September 30, 2020 | 461 |
ASU 2016-13 [Member] | Obligations of State and Political Subdivisions [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Beginning balance at January 1, 2020 | 96 |
Current period provision | 172 |
Ending balance at September 30, 2020 | 268 |
ASU 2016-13 [Member] | Corporate Debt Securities [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Beginning balance at January 1, 2020 | 133 |
Current period provision | 60 |
Ending balance at September 30, 2020 | $ 193 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands | Sep. 30, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 183,132 | $ 668,960 |
Less than 12 months, Unrealized Losses | $ (718) | $ (4,290) |
Less than 12 months, Number of Securities | Security | 33 | 172 |
12 months or more, Fair Value | $ 14,257 | $ 292,520 |
12 months or more, Unrealized Losses | $ (200) | $ (3,066) |
12 months or more, Number of Securities | Security | 4 | 136 |
Fair Value, Total | $ 197,389 | $ 961,480 |
Unrealized Losses, Total | $ (918) | $ (7,356) |
Number of Securities Total | Security | 37 | 308 |
US Treasury Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 1,499 | |
Less than 12 months, Unrealized Losses | $ (1) | |
Less than 12 months, Number of Securities | Security | 1 | |
Fair Value, Total | $ 1,499 | |
Unrealized Losses, Total | $ (1) | |
Number of Securities Total | Security | 1 | |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 14,979 | $ 57,650 |
Less than 12 months, Unrealized Losses | $ (6) | $ (274) |
Less than 12 months, Number of Securities | Security | 1 | 25 |
12 months or more, Fair Value | $ 6,593 | |
12 months or more, Unrealized Losses | $ (164) | |
12 months or more, Number of Securities | Security | 2 | |
Fair Value, Total | $ 14,979 | $ 64,243 |
Unrealized Losses, Total | $ (6) | $ (438) |
Number of Securities Total | Security | 1 | 27 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 133,841 | $ 544,692 |
Less than 12 months, Unrealized Losses | $ (632) | $ (3,725) |
Less than 12 months, Number of Securities | Security | 23 | 116 |
12 months or more, Fair Value | $ 14,257 | $ 272,884 |
12 months or more, Unrealized Losses | $ (200) | $ (2,667) |
12 months or more, Number of Securities | Security | 4 | 122 |
Fair Value, Total | $ 148,098 | $ 817,576 |
Unrealized Losses, Total | $ (832) | $ (6,392) |
Number of Securities Total | Security | 27 | 238 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 24,835 | $ 43,123 |
Less than 12 months, Unrealized Losses | $ (59) | $ (124) |
Less than 12 months, Number of Securities | Security | 3 | 7 |
12 months or more, Fair Value | $ 3,704 | |
12 months or more, Unrealized Losses | $ (5) | |
12 months or more, Number of Securities | Security | 2 | |
Fair Value, Total | $ 24,835 | $ 46,827 |
Unrealized Losses, Total | $ (59) | $ (129) |
Number of Securities Total | Security | 3 | 9 |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 9,477 | $ 4,120 |
Less than 12 months, Unrealized Losses | $ (21) | $ (44) |
Less than 12 months, Number of Securities | Security | 6 | 1 |
12 months or more, Fair Value | $ 4,926 | |
12 months or more, Unrealized Losses | $ (93) | |
12 months or more, Number of Securities | Security | 2 | |
Fair Value, Total | $ 9,477 | $ 9,046 |
Unrealized Losses, Total | $ (21) | $ (137) |
Number of Securities Total | Security | 6 | 3 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 17,876 | |
Less than 12 months, Unrealized Losses | $ (122) | |
Less than 12 months, Number of Securities | Security | 22 | |
12 months or more, Fair Value | $ 4,413 | |
12 months or more, Unrealized Losses | $ (137) | |
12 months or more, Number of Securities | Security | 8 | |
Fair Value, Total | $ 22,289 | |
Unrealized Losses, Total | $ (259) | |
Number of Securities Total | Security | 30 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses - Additional Information (Detail) | Jan. 01, 2020USD ($) | Nov. 22, 2019USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)ContractLoan | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)Contract |
Financing Receivable, Recorded Investment [Line Items] | ||||||
Net deferred loan income (cost) | $ 13,300,000 | $ (4,800,000) | ||||
Un-accreted discount on purchased loans from acquisitions | 44,100,000 | 51,900,000 | ||||
Recognition on retained earnings | $ 100,718,000 | $ 8,477,000 | ||||
Percentage of national unemployment projection | 8.40% | |||||
Expected average percentage of national unemployment in future | 7.60% | |||||
Calculation period of reversion | 1 year | |||||
Reserve on accrued interest related to CARES Act | $ 400,000 | |||||
Accrued interest receivable for loans | 52,400,000 | |||||
Accrued interest receivable for loans related to CARES Act | 24,000,000 | |||||
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 30,000,000 | 28,300,000 | ||||
Internally assigned loan grades to residential real estate, home equity and consumer loans | 6,900,000 | 5,100,000 | ||||
Unfunded commercial loan commitments | $ 28,200,000 | 15,600,000 | ||||
Loans acquired with deteriorated credit quality | $ 14,513,000 | |||||
Number of restructured contracts greater than $0 million | Contract | 0 | 0 | ||||
Threshold for TDR | $ 1,000,000 | $ 1,000,000 | ||||
Accruing and non accrual TDR permitted interest-only payment period | 6 months | |||||
Unfunded commitments to debtors for impaired loans | $ 200,000 | 3,300,000 | ||||
Number of loans modified | Loan | 3,553 | |||||
Total loan amount modified CARES Act | $ 2,200,000,000 | |||||
Loan amount remaining in deferral period CARES Act | 700,000,000 | |||||
Other real estate owned | 730,000 | 4,062,000 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Recognition on retained earnings | 2,779,000 | $ 561,000 | ||||
Loans acquired with deteriorated credit quality | 4,104,000 | |||||
Other real estate owned | 300,000 | 600,000 | ||||
Foreclosure proceedings in process on residential real estate loans | 1,100,000 | $ 8,100,000 | ||||
ASU 2016-13 [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Adjustment for loan credit losses | $ 6,700,000 | |||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2016-13 [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Recognition on retained earnings | 41,400,000 | 41,442,000 | ||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2016-13 [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Recognition on retained earnings | 5,630,000 | |||||
PPP Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Net deferred loan income (cost) | 19,500,000 | |||||
Old Line Bancshares, Inc. [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Un-accreted discount on purchased loans from acquisitions | 23,900,000 | |||||
Portfolio loans, net of unearned income | $ 2,570,000,000 | |||||
Loans | 2,514,061,000 | |||||
Book Value of 310-20 loans | 2,544,400,000 | |||||
Fair market value adjustment of acquired loans retained | 28,900,000 | |||||
Loans acquired with deteriorated credit quality | 25,600,000 | 19,600,000 | ||||
Loans acquired with deteriorated credit quality, fair value | 18,700,000 | |||||
Loans acquired with deteriorated credit quality outstanding customer balance | 20,000,000 | |||||
Acquired impaired loans allowances for credit losses | $ 6,100,000 | 5,100,000 | ||||
Acquired loans, sold book value | $ 56,600,000 | |||||
Acquired loans, sold | $ 36,400,000 | |||||
Old Line Bancshares, Inc. [Member] | Cost Recovery Method [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans acquired with deteriorated credit quality, fair value | $ 4,000,000 | |||||
Old Line Bancshares, Inc. [Member] | Nonperforming Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans acquired with deteriorated credit quality outstanding customer balance | $ 2,000,000 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 10,989,546 | $ 10,267,985 |
Loans held for sale | 134,151 | 43,013 |
Total loans | 11,123,697 | 10,310,998 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,654,116 | 1,644,699 |
Commercial And Industrial - PPP [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 853,119 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 5,708,648 | 5,725,008 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 690,547 | 777,151 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 5,018,101 | 4,947,857 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,798,019 | 1,873,647 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 328,592 | 374,953 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 647,052 | $ 649,678 |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | $ 52,429 | $ 52,429 | $ 48,948 |
Allowance for credit losses - loan commitments, beginning balance | 874 | 874 | 741 |
Total beginning allowance for credit losses - loans and loan commitments | 53,303 | 53,303 | 49,689 |
Provision for loan losses | 100,718 | 8,477 | |
Provision for loan commitments | 7,000 | 898 | |
Total provision for credit losses - loans and loan commitments | 107,718 | 9,375 | |
Charge-offs | (10,569) | (6,868) | |
Recoveries | 4,044 | 3,760 | |
Net charge-offs | (6,525) | (3,108) | |
Allowance for credit losses - loans, ending balance | 185,109 | 54,317 | |
Allowance for credit losses - loan commitments, ending balance | 10,829 | 1,639 | |
Total ending allowance for credit losses - loans and loan commitments | 195,938 | 55,956 | |
ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 41,400 | 41,442 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 14,116 | 14,116 | 12,114 |
Allowance for credit losses - loan commitments, beginning balance | 311 | 311 | 262 |
Total beginning allowance for credit losses - loans and loan commitments | 14,427 | 14,427 | 12,376 |
Provision for loan losses | 9,923 | 2,549 | |
Provision for loan commitments | 858 | 842 | |
Total provision for credit losses - loans and loan commitments | 10,781 | 3,391 | |
Charge-offs | (3,329) | (1,420) | |
Recoveries | 852 | 545 | |
Net charge-offs | (2,477) | (875) | |
Allowance for credit losses - loans, ending balance | 43,648 | 13,788 | |
Allowance for credit losses - loan commitments, ending balance | 1,440 | 1,104 | |
Total ending allowance for credit losses - loans and loan commitments | 45,088 | 14,892 | |
Commercial and Industrial [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 22,357 | ||
Deposit Overdrafts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 1,387 | 1,387 | 972 |
Total beginning allowance for credit losses - loans and loan commitments | 1,387 | 1,387 | 972 |
Provision for loan losses | 139 | 1,503 | |
Total provision for credit losses - loans and loan commitments | 139 | 1,503 | |
Charge-offs | (760) | (1,273) | |
Recoveries | 363 | 294 | |
Net charge-offs | (397) | (979) | |
Allowance for credit losses - loans, ending balance | 1,342 | 1,496 | |
Total ending allowance for credit losses - loans and loan commitments | 1,342 | 1,496 | |
Deposit Overdrafts [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 213 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 4,949 | 4,949 | 4,039 |
Allowance for credit losses - loan commitments, beginning balance | 235 | 235 | 169 |
Total beginning allowance for credit losses - loans and loan commitments | 5,184 | 5,184 | 4,208 |
Provision for loan losses | 9,150 | (207) | |
Provision for loan commitments | 5,888 | 26 | |
Total provision for credit losses - loans and loan commitments | 15,038 | (181) | |
Charge-offs | (51) | (45) | |
Recoveries | 85 | 255 | |
Net charge-offs | 34 | 210 | |
Allowance for credit losses - loans, ending balance | 13,055 | 4,042 | |
Allowance for credit losses - loan commitments, ending balance | 8,725 | 195 | |
Total ending allowance for credit losses - loans and loan commitments | 21,780 | 4,237 | |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 1,524 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 20,293 | 20,293 | 20,848 |
Allowance for credit losses - loan commitments, beginning balance | 22 | 22 | 33 |
Total beginning allowance for credit losses - loans and loan commitments | 20,315 | 20,315 | 20,881 |
Provision for loan losses | 73,774 | 2,939 | |
Provision for loan commitments | (9) | ||
Total provision for credit losses - loans and loan commitments | 73,774 | 2,930 | |
Charge-offs | (1,903) | (515) | |
Recoveries | 702 | 621 | |
Net charge-offs | (1,201) | 106 | |
Allowance for credit losses - loans, ending balance | 105,966 | 23,893 | |
Allowance for credit losses - loan commitments, ending balance | 24 | ||
Total ending allowance for credit losses - loans and loan commitments | 105,966 | 23,917 | |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 13,078 | ||
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 4,311 | 4,311 | 3,822 |
Allowance for credit losses - loan commitments, beginning balance | 15 | 15 | 12 |
Total beginning allowance for credit losses - loans and loan commitments | 4,326 | 4,326 | 3,834 |
Provision for loan losses | 2,779 | 561 | |
Provision for loan commitments | 199 | 3 | |
Total provision for credit losses - loans and loan commitments | 2,978 | 564 | |
Charge-offs | (809) | (870) | |
Recoveries | 487 | 272 | |
Net charge-offs | (322) | (598) | |
Allowance for credit losses - loans, ending balance | 12,018 | 3,785 | |
Allowance for credit losses - loan commitments, ending balance | 594 | 15 | |
Total ending allowance for credit losses - loans and loan commitments | 12,612 | 3,800 | |
Residential Real Estate [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 5,630 | ||
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 2,951 | 2,951 | 2,797 |
Allowance for credit losses - loan commitments, beginning balance | 41 | 41 | 39 |
Total beginning allowance for credit losses - loans and loan commitments | 2,992 | 2,992 | 2,836 |
Provision for loan losses | 3,160 | 405 | |
Provision for loan commitments | 3 | (1) | |
Total provision for credit losses - loans and loan commitments | 3,163 | 404 | |
Charge-offs | (2,860) | (1,886) | |
Recoveries | 1,136 | 1,432 | |
Net charge-offs | (1,724) | (454) | |
Allowance for credit losses - loans, ending balance | 7,004 | 2,748 | |
Allowance for credit losses - loan commitments, ending balance | 3 | 38 | |
Total ending allowance for credit losses - loans and loan commitments | 7,007 | 2,786 | |
Consumer [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | 2,576 | ||
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit losses - loans, beginning balance | 4,422 | 4,422 | 4,356 |
Allowance for credit losses - loan commitments, beginning balance | 250 | 250 | 226 |
Total beginning allowance for credit losses - loans and loan commitments | $ 4,672 | 4,672 | 4,582 |
Provision for loan losses | 1,793 | 727 | |
Provision for loan commitments | 52 | 37 | |
Total provision for credit losses - loans and loan commitments | 1,845 | 764 | |
Charge-offs | (857) | (859) | |
Recoveries | 419 | 341 | |
Net charge-offs | (438) | (518) | |
Allowance for credit losses - loans, ending balance | 2,076 | 4,565 | |
Allowance for credit losses - loan commitments, ending balance | 67 | 263 | |
Total ending allowance for credit losses - loans and loan commitments | 2,143 | $ 4,828 | |
Home Equity [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | $ (3,936) |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $ 5,892 | $ 124 | ||
Allowance for loans collectively evaluated for impairment | 179,217 | 52,305 | ||
Allowance for loan commitments | 10,829 | 874 | $ 1,639 | $ 741 |
Total allowance for credit losses - loans and commitments | 195,938 | 53,303 | 55,956 | 49,689 |
Individually evaluated for credit loss | 22,765 | 21,017 | ||
Collectively-evaluated for credit losses | 10,966,781 | 10,232,455 | ||
Acquired with deteriorated credit quality | 14,513 | |||
Total loans | 10,989,546 | 10,267,985 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1,438 | 10 | ||
Allowance for loans collectively evaluated for impairment | 42,210 | 14,106 | ||
Allowance for loan commitments | 1,440 | 311 | 1,104 | 262 |
Total allowance for credit losses - loans and commitments | 45,088 | 14,427 | 14,892 | 12,376 |
Individually evaluated for credit loss | 4,006 | 11,961 | ||
Collectively-evaluated for credit losses | 2,503,229 | 1,631,855 | ||
Acquired with deteriorated credit quality | 883 | |||
Total loans | 2,507,235 | 1,644,699 | ||
Deposit Overdrafts [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 1,342 | 1,387 | ||
Total allowance for credit losses - loans and commitments | 1,342 | 1,387 | 1,496 | 972 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 5,708,648 | 5,725,008 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 597 | |||
Allowance for loans collectively evaluated for impairment | 12,458 | 4,949 | ||
Allowance for loan commitments | 8,725 | 235 | 195 | 169 |
Total allowance for credit losses - loans and commitments | 21,780 | 5,184 | 4,237 | 4,208 |
Individually evaluated for credit loss | 1,481 | |||
Collectively-evaluated for credit losses | 689,066 | 777,033 | ||
Acquired with deteriorated credit quality | 118 | |||
Total loans | 690,547 | 777,151 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 3,857 | 93 | ||
Allowance for loans collectively evaluated for impairment | 102,109 | 20,200 | ||
Allowance for loan commitments | 22 | 24 | 33 | |
Total allowance for credit losses - loans and commitments | 105,966 | 20,315 | 23,917 | 20,881 |
Individually evaluated for credit loss | 17,278 | 3,907 | ||
Collectively-evaluated for credit losses | 5,000,823 | 4,935,383 | ||
Acquired with deteriorated credit quality | 8,567 | |||
Total loans | 5,018,101 | 4,947,857 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 14 | |||
Allowance for loans collectively evaluated for impairment | 12,018 | 4,297 | ||
Allowance for loan commitments | 594 | 15 | 15 | 12 |
Total allowance for credit losses - loans and commitments | 12,612 | 4,326 | 3,800 | 3,834 |
Individually evaluated for credit loss | 4,392 | |||
Collectively-evaluated for credit losses | 1,798,019 | 1,865,151 | ||
Acquired with deteriorated credit quality | 4,104 | |||
Total loans | 1,798,019 | 1,873,647 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1 | |||
Allowance for loans collectively evaluated for impairment | 7,004 | 2,950 | ||
Allowance for loan commitments | 3 | 41 | 38 | 39 |
Total allowance for credit losses - loans and commitments | 7,007 | 2,992 | 2,786 | 2,836 |
Individually evaluated for credit loss | 53 | |||
Collectively-evaluated for credit losses | 328,592 | 374,812 | ||
Acquired with deteriorated credit quality | 88 | |||
Total loans | 328,592 | 374,953 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 6 | |||
Allowance for loans collectively evaluated for impairment | 2,076 | 4,416 | ||
Allowance for loan commitments | 67 | 250 | 263 | 226 |
Total allowance for credit losses - loans and commitments | 2,143 | 4,672 | $ 4,828 | $ 4,582 |
Individually evaluated for credit loss | 704 | |||
Collectively-evaluated for credit losses | 647,052 | 648,221 | ||
Acquired with deteriorated credit quality | 753 | |||
Total loans | $ 647,052 | $ 649,678 |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Troubled debt restructuring threshold | $ 1 | $ 1 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 10,989,546 | $ 10,267,985 |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,507,235 | 1,644,699 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,457,537 | |
Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 27,286 | |
Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 22,412 | |
Commercial Portfolio Segment [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 8,215,883 | 7,369,707 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 7,859,025 | 7,147,229 |
Commercial Portfolio Segment [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 248,264 | 118,959 |
Commercial Portfolio Segment [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 108,594 | 91,749 |
Commercial Portfolio Segment [Member] | Classified - doubtful [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 11,770 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 690,547 | 777,151 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 664,518 | 769,537 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 21,948 | 4,338 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 4,081 | 3,276 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 5,018,101 | 4,947,857 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 4,736,970 | 4,807,003 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 199,030 | 65,612 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 82,101 | 75,242 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,507,235 | 1,644,699 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,457,537 | 1,570,689 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 27,286 | 49,009 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 22,412 | 13,231 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - doubtful [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 11,770 |
Loans and the Allowance for C_9
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 10,934,002 | $ 10,195,872 |
Total Past Due | 55,544 | 72,113 |
Total loans | 10,989,546 | 10,267,985 |
90 Days or More Past Due and Accruing | 10,170 | 11,613 |
Loans held for sale, current | 134,151 | 43,013 |
Loans held for sale | 134,151 | 43,013 |
Total loans, current | 11,068,153 | 10,238,885 |
Total loans | 11,123,697 | 10,310,998 |
Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 13,421 | |
Total Past Due | 28,036 | |
Total loans | 41,457 | |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 26,174 | |
Total Past Due | 24,170 | |
Total loans | 50,344 | |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 640,025 | 641,026 |
Total Past Due | 7,027 | 8,652 |
Total loans | 647,052 | 649,678 |
90 Days or More Past Due and Accruing | 937 | 985 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 5,691,940 | 5,697,874 |
Total Past Due | 16,708 | 27,134 |
Total loans | 5,708,648 | 5,725,008 |
90 Days or More Past Due and Accruing | 1,468 | 4,735 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,776,074 | 1,850,806 |
Total Past Due | 21,945 | 22,841 |
Total loans | 1,798,019 | 1,873,647 |
90 Days or More Past Due and Accruing | 5,491 | 3,643 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 325,925 | 370,934 |
Total Past Due | 2,667 | 4,019 |
Total loans | 328,592 | 374,953 |
90 Days or More Past Due and Accruing | 392 | 457 |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 688,200 | 776,153 |
Total Past Due | 2,347 | 998 |
Total loans | 690,547 | 777,151 |
90 Days or More Past Due and Accruing | 572 | 26 |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 5,003,740 | 4,921,721 |
Total Past Due | 14,361 | 26,136 |
Total loans | 5,018,101 | 4,947,857 |
90 Days or More Past Due and Accruing | 896 | 4,709 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,500,038 | 1,635,232 |
Total Past Due | 7,197 | 9,467 |
Total loans | 2,507,235 | 1,644,699 |
90 Days or More Past Due and Accruing | 1,882 | 1,793 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 9,622 | 21,061 |
Total Past Due | 27,644 | 23,852 |
Total loans | 37,266 | 44,913 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 3,799 | 5,113 |
Total Past Due | 392 | 318 |
Total loans | 4,191 | 5,431 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 10,863 | 23,536 |
30-59 Days Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,188 | |
30-59 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,048 | |
30-59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,006 | 3,323 |
Total loans | 3,006 | |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,466 | 10,736 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,822 | 4,421 |
Total loans | 1,822 | |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,405 | 2,537 |
Total loans | 1,405 | |
30-59 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 148 | 529 |
30-59 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,318 | 10,207 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,164 | 2,519 |
30-59 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,120 | 897 |
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 68 | 151 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 8,476 | 15,531 |
60-89 Days Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 813 | |
60-89 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,689 | |
60-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 354 | 621 |
Total loans | 354 | |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,966 | 5,760 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,604 | 5,372 |
Total loans | 3,604 | |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 771 | 965 |
Total loans | 771 | |
60-89 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 813 | 121 |
60-89 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,153 | 5,639 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 781 | 2,813 |
60-89 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 559 | 1,559 |
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 254 | 130 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 36,205 | 33,046 |
90 Days or More Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 26,035 | |
90 Days or More Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 21,433 | |
90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,667 | 4,708 |
Total loans | 3,667 | |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 11,276 | 10,638 |
90 Days or More Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 16,519 | 13,048 |
Total loans | 16,519 | |
90 Days or More Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 491 | 517 |
Total loans | 491 | |
90 Days or More Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,386 | 348 |
90 Days or More Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 9,890 | 10,290 |
90 Days or More Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,252 | 4,135 |
90 Days or More Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 25,965 | 21,396 |
90 Days or More Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 70 | $ 37 |
Loans and the Allowance for _10
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Past due loans excluded TDRs past due and accruing | 90 days |
Loans and the Allowance for _11
Loans and the Allowance for Credit Losses - Summary of Nonperforming Loans (Detail) - Nonperforming Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | $ 45,607 | $ 45,607 | $ 45,717 | ||
Recorded Investment, With no specific allowance recorded | 39,363 | 39,363 | 41,097 | ||
Unpaid Principal Balance, With a specific allowance recorded | 2,094 | 2,094 | 10,000 | ||
Recorded Investment, With a specific allowance recorded | 2,094 | 2,094 | 9,247 | ||
Related Allowance, With a specific allowance recorded | 95 | 95 | 124 | ||
Total impaired loans, Unpaid principal balance | 47,701 | 47,701 | 55,717 | ||
Total impaired loans, Recorded investment | 41,457 | 41,457 | 50,344 | ||
Total impaired loans, Related Allowance | 95 | 95 | 124 | ||
Average recorded investment, with no related specific allowance | 38,647 | $ 28,360 | 38,890 | $ 30,114 | |
Interest income recognized, With no related specific allowance | 58 | 210 | |||
Average recorded investment, With a specific allowance recorded | 2,363 | 11,156 | 4,151 | 7,683 | |
Interest income recognized, With a specific allowance recorded | 99 | 269 | |||
Total impaired loans, Average recorded investment | 41,010 | 39,516 | 43,041 | 37,797 | |
Total impaired loans, Interest income recognized | 58 | 99 | 210 | 269 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 22,965 | 22,965 | 17,753 | ||
Recorded Investment, With no specific allowance recorded | 20,519 | 20,519 | 15,952 | ||
Unpaid Principal Balance, With a specific allowance recorded | 4,772 | ||||
Recorded Investment, With a specific allowance recorded | 4,392 | ||||
Related Allowance, With a specific allowance recorded | 14 | ||||
Average recorded investment, with no related specific allowance | 20,307 | 12,600 | 19,388 | 13,752 | |
Interest income recognized, With no related specific allowance | 38 | 136 | |||
Average recorded investment, With a specific allowance recorded | 4,792 | 1,098 | 3,666 | ||
Interest income recognized, With a specific allowance recorded | 51 | 169 | |||
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 604 | 604 | 546 | ||
Recorded Investment, With no specific allowance recorded | 351 | 351 | 413 | ||
Unpaid Principal Balance, With a specific allowance recorded | 104 | ||||
Recorded Investment, With a specific allowance recorded | 53 | ||||
Related Allowance, With a specific allowance recorded | 1 | ||||
Average recorded investment, with no related specific allowance | 372 | 334 | 381 | 425 | |
Interest income recognized, With no related specific allowance | 1 | 2 | |||
Average recorded investment, With a specific allowance recorded | 68 | 13 | 60 | ||
Interest income recognized, With a specific allowance recorded | 1 | 3 | |||
Home Equity [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 6,693 | 6,693 | 6,523 | ||
Recorded Investment, With no specific allowance recorded | 5,681 | 5,681 | 5,610 | ||
Unpaid Principal Balance, With a specific allowance recorded | 724 | ||||
Recorded Investment, With a specific allowance recorded | 704 | ||||
Related Allowance, With a specific allowance recorded | 6 | ||||
Average recorded investment, with no related specific allowance | 5,849 | 4,740 | 5,830 | 4,760 | |
Interest income recognized, With no related specific allowance | 4 | 16 | |||
Average recorded investment, With a specific allowance recorded | 834 | 176 | 616 | ||
Interest income recognized, With a specific allowance recorded | 8 | 23 | |||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 1,047 | 1,047 | 616 | ||
Recorded Investment, With no specific allowance recorded | 997 | 997 | 580 | ||
Average recorded investment, with no related specific allowance | 801 | 425 | 597 | 284 | |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 10,481 | 10,481 | 5,097 | ||
Recorded Investment, With no specific allowance recorded | 8,983 | 8,983 | 4,229 | ||
Unpaid Principal Balance, With a specific allowance recorded | 2,094 | 2,094 | 4,207 | ||
Recorded Investment, With a specific allowance recorded | 2,094 | 2,094 | 3,907 | ||
Related Allowance, With a specific allowance recorded | 95 | 95 | 93 | ||
Average recorded investment, with no related specific allowance | 8,454 | 7,647 | 6,977 | 7,962 | |
Interest income recognized, With no related specific allowance | 16 | 51 | |||
Average recorded investment, With a specific allowance recorded | 2,363 | 5,273 | 2,816 | 3,170 | |
Interest income recognized, With a specific allowance recorded | 35 | 63 | |||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance, With no specific allowance recorded | 3,817 | 3,817 | 15,182 | ||
Recorded Investment, With no specific allowance recorded | 2,832 | 2,832 | 14,313 | ||
Unpaid Principal Balance, With a specific allowance recorded | 193 | ||||
Recorded Investment, With a specific allowance recorded | 191 | ||||
Related Allowance, With a specific allowance recorded | $ 10 | ||||
Average recorded investment, with no related specific allowance | 2,864 | 2,614 | 5,717 | 2,931 | |
Interest income recognized, With no related specific allowance | $ (1) | 5 | |||
Average recorded investment, With a specific allowance recorded | 189 | $ 48 | 171 | ||
Interest income recognized, With a specific allowance recorded | $ 4 | $ 11 |
Loans and the Allowance for _12
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 37,266 | $ 44,913 |
TDRs | 6,009 | 6,853 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 4,191 | 5,431 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,818 | 1,422 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 2,716 | 14,313 |
TDRs | 116 | 191 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 116 | 191 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 5,327 | 5,903 |
TDRs | 678 | 704 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 354 | 411 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 324 | 293 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 11,407 | 7,395 |
TDRs | 841 | 1,512 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 667 | 1,321 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 174 | 191 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 997 | 580 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 10,410 | 6,815 |
TDRs | 841 | 1,512 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 667 | 1,321 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 174 | 191 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 17,492 | 16,867 |
TDRs | 4,338 | 4,386 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 3,027 | 3,477 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,311 | 909 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 324 | 435 |
TDRs | 36 | 60 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 27 | 31 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $ 9 | $ 29 |
Loans and the Allowance for _13
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Parenthetical) (Detail) | Sep. 30, 2020USD ($)Borrower | Dec. 31, 2019USD ($)Borrower |
Receivables [Abstract] | ||
Number of borrowers with loans greater than one million | Borrower | 2 | 2 |
Borrowers with large amount of loans outstanding, minimum amount of loans per borrower | $ 1,000,000 | $ 1,000,000 |
Borrowers with large amount of loans outstanding, net | $ 3,700,000 | $ 14,200,000 |
Loans and the Allowance for _14
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 3 | 1 | 7 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 31 | $ 605 | $ 422 | $ 1,050 |
Post-Modification Outstanding Recorded Investment | $ 30 | $ 604 | $ 411 | $ 1,020 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 44 | |||
Post-Modification Outstanding Recorded Investment | $ 37 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 605 | $ 610 | ||
Post-Modification Outstanding Recorded Investment | $ 604 | $ 604 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 605 | $ 610 | ||
Post-Modification Outstanding Recorded Investment | $ 604 | $ 604 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 2 | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 332 | $ 194 | ||
Post-Modification Outstanding Recorded Investment | $ 327 | $ 183 | ||
Home Equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 3 | 4 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 31 | $ 82 | $ 187 | |
Post-Modification Outstanding Recorded Investment | $ 30 | $ 77 | $ 184 | |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Modifications | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 8 | $ 15 | ||
Post-Modification Outstanding Recorded Investment | $ 7 | $ 12 |
Loans and the Allowance for _15
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)Default | Sep. 30, 2019USD ($)Default | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | 3 |
Recorded Investment | $ | $ 155 | $ 208 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | 1 |
Recorded Investment | $ | $ 155 | $ 96 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | |
Recorded Investment | $ | $ 100 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | |
Recorded Investment | $ | $ 12 |
Loans and the Allowance for _16
Loans and the Allowance for Credit Losses - Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Portfolio loans, net of unearned income | $ 10,989,546 | $ 10,267,985 | |
Current-period gross write-offs | (10,569) | $ (6,868) | |
Current-period recoveries | 4,044 | 3,760 | |
Net charge-offs | (6,525) | (3,108) | |
Home Equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 16,471 | ||
Amortized Cost Basis by Origination Year 2019 | 4,047 | ||
Amortized Cost Basis by Origination Year 2018 | 4,300 | ||
Amortized Cost Basis by Origination Year 2017 | 1,672 | ||
Amortized Cost Basis by Origination Year 2016 | 1,218 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 20,904 | ||
Revolving Loans | 585,051 | ||
Revolving Loans Converted to Term | 13,389 | ||
Portfolio loans, net of unearned income | 647,052 | 649,678 | |
Current-period gross write-offs | (857) | (859) | |
Current-period recoveries | 419 | 341 | |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (2) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | (69) | ||
Revolving Loans, Current period net charge-offs | (367) | ||
Net charge-offs | (438) | (518) | |
Home Equity [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 16,471 | ||
Amortized Cost Basis by Origination Year 2019 | 4,047 | ||
Amortized Cost Basis by Origination Year 2018 | 4,255 | ||
Amortized Cost Basis by Origination Year 2017 | 1,606 | ||
Amortized Cost Basis by Origination Year 2016 | 1,051 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 17,581 | ||
Revolving Loans | 582,500 | ||
Revolving Loans Converted to Term | 12,514 | ||
Portfolio loans, net of unearned income | 640,025 | ||
Home Equity [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2016 | 40 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,300 | ||
Revolving Loans | 1,428 | ||
Revolving Loans Converted to Term | 238 | ||
Portfolio loans, net of unearned income | 3,006 | ||
Home Equity [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 11 | ||
Amortized Cost Basis by Origination Year 2017 | 66 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 192 | ||
Revolving Loans | 77 | ||
Revolving Loans Converted to Term | 8 | ||
Portfolio loans, net of unearned income | 354 | ||
Home Equity [Member] | 90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 34 | ||
Amortized Cost Basis by Origination Year 2016 | 127 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,831 | ||
Revolving Loans | 1,046 | ||
Revolving Loans Converted to Term | 629 | ||
Portfolio loans, net of unearned income | 3,667 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Portfolio loans, net of unearned income | 5,708,648 | 5,725,008 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 301,547 | ||
Amortized Cost Basis by Origination Year 2019 | 277,242 | ||
Amortized Cost Basis by Origination Year 2018 | 176,786 | ||
Amortized Cost Basis by Origination Year 2017 | 127,624 | ||
Amortized Cost Basis by Origination Year 2016 | 185,081 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 729,349 | ||
Revolving Loans | 390 | ||
Portfolio loans, net of unearned income | 1,798,019 | 1,873,647 | |
Current-period gross write-offs | (809) | (870) | |
Current-period recoveries | 487 | 272 | |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2019 | (24) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (8) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (11) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (151) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | (128) | ||
Net charge-offs | (322) | (598) | |
Residential Real Estate [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 301,547 | ||
Amortized Cost Basis by Origination Year 2019 | 276,344 | ||
Amortized Cost Basis by Origination Year 2018 | 175,858 | ||
Amortized Cost Basis by Origination Year 2017 | 126,863 | ||
Amortized Cost Basis by Origination Year 2016 | 183,747 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 711,325 | ||
Revolving Loans | 390 | ||
Portfolio loans, net of unearned income | 1,776,074 | ||
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 144 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,678 | ||
Portfolio loans, net of unearned income | 1,822 | ||
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 412 | ||
Amortized Cost Basis by Origination Year 2016 | 217 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 2,975 | ||
Portfolio loans, net of unearned income | 3,604 | ||
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 486 | ||
Amortized Cost Basis by Origination Year 2018 | 784 | ||
Amortized Cost Basis by Origination Year 2017 | 761 | ||
Amortized Cost Basis by Origination Year 2016 | 1,117 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 13,371 | ||
Portfolio loans, net of unearned income | 16,519 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 62,336 | ||
Amortized Cost Basis by Origination Year 2019 | 100,805 | ||
Amortized Cost Basis by Origination Year 2018 | 45,426 | ||
Amortized Cost Basis by Origination Year 2017 | 26,601 | ||
Amortized Cost Basis by Origination Year 2016 | 16,104 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 53,351 | ||
Revolving Loans | 23,788 | ||
Revolving Loans Converted to Term | 181 | ||
Portfolio loans, net of unearned income | 328,592 | 374,953 | |
Current-period gross write-offs | (2,860) | (1,886) | |
Current-period recoveries | 1,136 | 1,432 | |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2020 | (78) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2019 | (750) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (457) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (410) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (72) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 43 | ||
Net charge-offs | (1,724) | (454) | |
Consumer [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 61,945 | ||
Amortized Cost Basis by Origination Year 2019 | 100,273 | ||
Amortized Cost Basis by Origination Year 2018 | 45,087 | ||
Amortized Cost Basis by Origination Year 2017 | 26,304 | ||
Amortized Cost Basis by Origination Year 2016 | 15,996 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 52,419 | ||
Revolving Loans | 23,720 | ||
Revolving Loans Converted to Term | 181 | ||
Portfolio loans, net of unearned income | 325,925 | ||
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 237 | ||
Amortized Cost Basis by Origination Year 2019 | 242 | ||
Amortized Cost Basis by Origination Year 2018 | 117 | ||
Amortized Cost Basis by Origination Year 2017 | 190 | ||
Amortized Cost Basis by Origination Year 2016 | 58 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 522 | ||
Revolving Loans | 39 | ||
Portfolio loans, net of unearned income | 1,405 | ||
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 96 | ||
Amortized Cost Basis by Origination Year 2019 | 216 | ||
Amortized Cost Basis by Origination Year 2018 | 92 | ||
Amortized Cost Basis by Origination Year 2017 | 82 | ||
Amortized Cost Basis by Origination Year 2016 | 42 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 217 | ||
Revolving Loans | 26 | ||
Portfolio loans, net of unearned income | 771 | ||
Consumer [Member] | 90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 58 | ||
Amortized Cost Basis by Origination Year 2019 | 74 | ||
Amortized Cost Basis by Origination Year 2018 | 130 | ||
Amortized Cost Basis by Origination Year 2017 | 25 | ||
Amortized Cost Basis by Origination Year 2016 | 8 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 193 | ||
Revolving Loans | 3 | ||
Portfolio loans, net of unearned income | 491 | ||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 94,649 | ||
Amortized Cost Basis by Origination Year 2019 | 300,640 | ||
Amortized Cost Basis by Origination Year 2018 | 149,946 | ||
Amortized Cost Basis by Origination Year 2017 | 59,854 | ||
Amortized Cost Basis by Origination Year 2016 | 19,622 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 39,066 | ||
Revolving Loans | 26,770 | ||
Portfolio loans, net of unearned income | 690,547 | 777,151 | |
Current-period gross write-offs | (51) | (45) | |
Current-period recoveries | 85 | 255 | |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | 61 | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (50) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 23 | ||
Net charge-offs | 34 | 210 | |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 94,649 | ||
Amortized Cost Basis by Origination Year 2019 | 300,505 | ||
Amortized Cost Basis by Origination Year 2018 | 147,081 | ||
Amortized Cost Basis by Origination Year 2017 | 45,476 | ||
Amortized Cost Basis by Origination Year 2016 | 19,249 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 34,425 | ||
Revolving Loans | 23,133 | ||
Portfolio loans, net of unearned income | 664,518 | ||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Criticized [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 135 | ||
Amortized Cost Basis by Origination Year 2018 | 2,059 | ||
Amortized Cost Basis by Origination Year 2017 | 14,320 | ||
Amortized Cost Basis by Origination Year 2016 | 80 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,717 | ||
Revolving Loans | 3,637 | ||
Portfolio loans, net of unearned income | 21,948 | ||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Classified - substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 806 | ||
Amortized Cost Basis by Origination Year 2017 | 58 | ||
Amortized Cost Basis by Origination Year 2016 | 293 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 2,924 | ||
Portfolio loans, net of unearned income | 4,081 | ||
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 561,484 | ||
Amortized Cost Basis by Origination Year 2019 | 776,345 | ||
Amortized Cost Basis by Origination Year 2018 | 645,232 | ||
Amortized Cost Basis by Origination Year 2017 | 584,470 | ||
Amortized Cost Basis by Origination Year 2016 | 696,235 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,624,952 | ||
Revolving Loans | 129,383 | ||
Portfolio loans, net of unearned income | 5,018,101 | 4,947,857 | |
Current-period gross write-offs | (1,903) | (515) | |
Current-period recoveries | 702 | 621 | |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | 13 | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (1,635) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 421 | ||
Net charge-offs | (1,201) | 106 | |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 561,381 | ||
Amortized Cost Basis by Origination Year 2019 | 756,494 | ||
Amortized Cost Basis by Origination Year 2018 | 629,690 | ||
Amortized Cost Basis by Origination Year 2017 | 525,306 | ||
Amortized Cost Basis by Origination Year 2016 | 668,523 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,468,243 | ||
Revolving Loans | 127,333 | ||
Portfolio loans, net of unearned income | 4,736,970 | ||
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Criticized [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 19,715 | ||
Amortized Cost Basis by Origination Year 2018 | 9,825 | ||
Amortized Cost Basis by Origination Year 2017 | 48,237 | ||
Amortized Cost Basis by Origination Year 2016 | 17,721 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 101,482 | ||
Revolving Loans | 2,050 | ||
Portfolio loans, net of unearned income | 199,030 | ||
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Classified - substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 103 | ||
Amortized Cost Basis by Origination Year 2019 | 136 | ||
Amortized Cost Basis by Origination Year 2018 | 5,717 | ||
Amortized Cost Basis by Origination Year 2017 | 10,927 | ||
Amortized Cost Basis by Origination Year 2016 | 9,991 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 55,227 | ||
Portfolio loans, net of unearned income | 82,101 | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 141,006 | ||
Amortized Cost Basis by Origination Year 2019 | 265,112 | ||
Amortized Cost Basis by Origination Year 2018 | 212,854 | ||
Amortized Cost Basis by Origination Year 2017 | 165,212 | ||
Amortized Cost Basis by Origination Year 2016 | 94,197 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,158,265 | ||
Revolving Loans | 470,449 | ||
Revolving Loans Converted to Term | 140 | ||
Portfolio loans, net of unearned income | 2,507,235 | $ 1,644,699 | |
Current-period gross write-offs | (3,329) | (1,420) | |
Current-period recoveries | 852 | 545 | |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (1,829) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (159) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (35) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | (254) | ||
Revolving Loans, Current period net charge-offs | (200) | ||
Net charge-offs | (2,477) | $ (875) | |
Commercial and Industrial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 140,980 | ||
Amortized Cost Basis by Origination Year 2019 | 259,329 | ||
Amortized Cost Basis by Origination Year 2018 | 207,764 | ||
Amortized Cost Basis by Origination Year 2017 | 160,140 | ||
Amortized Cost Basis by Origination Year 2016 | 92,370 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,138,827 | ||
Revolving Loans | 457,987 | ||
Revolving Loans Converted to Term | 140 | ||
Portfolio loans, net of unearned income | 2,457,537 | ||
Commercial and Industrial [Member] | Criticized [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 26 | ||
Amortized Cost Basis by Origination Year 2019 | 2,461 | ||
Amortized Cost Basis by Origination Year 2018 | 4,273 | ||
Amortized Cost Basis by Origination Year 2017 | 1,308 | ||
Amortized Cost Basis by Origination Year 2016 | 459 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 12,821 | ||
Revolving Loans | 5,938 | ||
Portfolio loans, net of unearned income | 27,286 | ||
Commercial and Industrial [Member] | Classified - substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 3,322 | ||
Amortized Cost Basis by Origination Year 2018 | 817 | ||
Amortized Cost Basis by Origination Year 2017 | 3,764 | ||
Amortized Cost Basis by Origination Year 2016 | 1,368 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 6,617 | ||
Revolving Loans | 6,524 | ||
Portfolio loans, net of unearned income | $ 22,412 |
Loans and the Allowance for _17
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Other real estate owned | $ 730 | $ 4,062 |
Repossessed assets | 8 | 116 |
Total other real estate owned and repossessed assets | $ 738 | $ 4,178 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)Derivative | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Derivative | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Net gain (loss) on change in fair value | $ (1,185,000) | $ (1,087,000) | $ (7,140,000) | $ (3,069,000) | |
Collateral posted with market value on liability positions with credit risk-related contingent features | $ 89,800,000 | $ 89,800,000 | |||
Interest Rate Swaps [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of interest rate swaps | Derivative | 99 | 99 | 65 | ||
Notional or contractual amount | $ 610,100,000 | $ 610,100,000 | $ 399,900,000 | ||
Net gain (loss) on change in fair value | (2,800,000) | (1,600,000) | |||
Income (loss) on derivative instrument not designated hedges | $ 7,000,000 | 2,100,000 | |||
Risk Participation in Agreements [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of interest rate swaps | Derivative | 12 | 12 | 10 | ||
Notional or contractual amount | $ 101,600,000 | $ 101,600,000 | $ 96,500,000 | ||
Risk Participation out Agreement [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of interest rate swaps | Derivative | 1 | 1 | 1 | ||
Notional or contractual amount | $ 10,000,000 | $ 10,000,000 | $ 7,000,000 | ||
Other Contract [Member] | Forward TBA Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional or contractual amount | $ 188,000,000 | 188,000,000 | $ 50,000,000 | ||
Net gain (loss) on change in fair value | $ (5,500,000) | $ (1,300,000) |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary of Fair Values of Derivative Instruments on Balance Sheets (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Other Asset Derivatives | $ 54,074,000 | $ 14,629,000 |
Other Liability Derivatives | 57,486,000 | 16,205,000 |
Interest Rate Swaps [Member] | Loan Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 610,062,000 | 399,860,000 |
Other Asset Derivatives | 52,837,000 | 14,585,000 |
Other Liability Derivatives | 57,201,000 | 16,117,000 |
Interest Rate Loan Commitments [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 121,396,000 | 34,236,000 |
Other Asset Derivatives | 1,237,000 | 44,000 |
Forward TBA Contracts [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 188,000,000 | 50,000,000 |
Other Liability Derivatives | $ 285,000 | $ 88,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | $ (1,185) | $ (1,087) | $ (7,140) | $ (3,069) |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | 420 | (556) | (2,832) | (1,619) |
Interest Rate Loan Commitments [Member] | Mortgage Banking Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | 48 | (66) | 1,193 | (133) |
Forward TBA Contracts [Member] | Mortgage Banking Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total gain (loss) on derivative financial instruments | $ (1,653) | $ (465) | $ (5,501) | $ (1,317) |
Benefit Plans - Defined Benefit
Benefit Plans - Defined Benefit Pension Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Service cost – benefits earned during year | $ 574 | $ 567 | $ 1,710 | $ 1,681 |
Interest cost on projected benefit obligation | 1,133 | 1,327 | 3,375 | 3,938 |
Expected return on plan assets | (2,622) | (2,235) | (7,810) | (6,633) |
Amortization of prior service cost | (9) | 7 | (27) | 20 |
Amortization of net loss | 802 | 817 | 2,389 | 2,424 |
Net periodic pension (income) cost | $ (122) | $ 483 | $ (363) | $ 1,430 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Service cost | $ 574,000 | $ 567,000 | $ 1,710,000 | $ 1,681,000 |
Periodic pension income | 2,100,000 | $ 300,000 | ||
Minimum required pension plan contribution | 5,000,000 | 5,000,000 | ||
Available credit balance | $ 60,900,000 | 60,900,000 | ||
Expected voluntary contribution for the year 2020 | $ 0 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 12,516 | $ 12,343 |
Available-for-sale debt securities | 2,045,924 | 2,393,558 |
Loans held for sale | 134,151 | 43,013 |
Other real estate owned and repossessed assets | 738 | 4,178 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 12,516 | 12,343 |
Available-for-sale debt securities | 2,045,924 | 2,393,558 |
Loans held for sale | 134,151 | 43,013 |
Other assets - interest rate derivatives agreements | 52,837 | 14,585 |
Total assets | 2,245,428 | 2,463,499 |
Other liabilities - interest rate derivatives agreements | 57,201 | 16,117 |
Total liabilities recurring fair value measurements | 57,201 | 16,117 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually-evaluated nonperforming loans | 1,999 | |
Impaired Loans | 2,362 | |
Other real estate owned and repossessed assets | 738 | 4,178 |
Total assets | 2,737 | 6,540 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 19,992 | 32,836 |
US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 19,992 | 32,836 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 192,849 | 159,628 |
U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 192,849 | 159,628 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,421,023 | 1,815,987 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,421,023 | 1,815,987 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 259,610 | 190,409 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 259,610 | 190,409 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 126,539 | 145,609 |
Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 126,539 | 145,609 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 25,911 | 49,089 |
Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 25,911 | 49,089 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 12,516 | 12,343 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 12,516 | 12,343 |
Total assets | 12,516 | 12,343 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 2,044,276 | 2,391,953 |
Loans held for sale | 134,151 | 43,013 |
Other assets - interest rate derivatives agreements | 52,837 | 14,585 |
Other liabilities - interest rate derivatives agreements | 57,201 | 16,117 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 2,044,276 | 2,391,953 |
Loans held for sale | 134,151 | 43,013 |
Other assets - interest rate derivatives agreements | 52,837 | 14,585 |
Total assets | 2,231,264 | 2,449,551 |
Other liabilities - interest rate derivatives agreements | 57,201 | 16,117 |
Total liabilities recurring fair value measurements | 57,201 | 16,117 |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 19,992 | 32,836 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 192,849 | 159,628 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,421,023 | 1,815,987 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 259,610 | 190,409 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 124,891 | 144,004 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 25,911 | 49,089 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,648 | 1,605 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,648 | 1,605 |
Total assets | 1,648 | 1,605 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually-evaluated nonperforming loans | 1,999 | |
Impaired Loans | 2,362 | |
Other real estate owned and repossessed assets | 738 | 4,178 |
Total assets | 2,737 | 6,540 |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 1,648 | $ 1,605 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Fair value transfer amount | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Other real estate owned and repossessed assets | $ 738 | $ 4,178 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Individually-evaluated nonperforming loans | 1,999 | |
Impaired loans | 2,362 | |
Other real estate owned and repossessed assets | 738 | 4,178 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Individually-evaluated nonperforming loans | 1,999 | |
Impaired loans | 2,362 | |
Other real estate owned and repossessed assets | $ 738 | $ 4,178 |
Fair Value Measurement - Estima
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Cash and due from banks | $ 760,266 | $ 234,796 |
Equity securities | 12,516 | 12,343 |
Available-for-sale debt securities | 2,045,924 | 2,393,558 |
Held-to-maturity debt securities | 746,767 | 851,753 |
Loans held for sale | 134,151 | 43,013 |
Accrued interest receivable | 65,023 | 43,648 |
Financial Liabilities | ||
Deposits | 12,201,425 | 11,004,006 |
Federal Home Loan Bank borrowings | 794,621 | 1,415,615 |
Other borrowings | 381,909 | 282,362 |
Subordinated debt and junior subordinated debt | 192,150 | 199,869 |
Accrued interest payable | 5,014 | 8,077 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial Assets | ||
Cash and due from banks | 760,266 | 234,796 |
Equity securities | 12,516 | 12,343 |
Accrued interest receivable | 65,023 | 43,648 |
Financial Liabilities | ||
Deposits | 10,493,913 | 8,948,086 |
Other borrowings | 380,269 | 279,345 |
Accrued interest payable | 5,014 | 8,077 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 2,044,276 | 2,391,953 |
Held-to-maturity debt securities | 781,906 | 873,995 |
Loans held for sale | 134,151 | 43,013 |
Other assets - interest rate derivatives | 52,837 | 14,585 |
Financial Liabilities | ||
Deposits | 1,716,531 | 2,041,732 |
Federal Home Loan Bank borrowings | 803,811 | 1,420,302 |
Other borrowings | 3,346 | |
Subordinated debt and junior subordinated debt | 113,496 | 122,934 |
Other liabilities - interest rate derivatives | 57,201 | 16,117 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 1,648 | 1,605 |
Held-to-maturity debt securities | 495 | 528 |
Net loans | 10,863,349 | 10,297,989 |
Financial Liabilities | ||
Subordinated debt and junior subordinated debt | 69,257 | 65,415 |
Carrying Amount [Member] | ||
Financial Assets | ||
Cash and due from banks | 760,266 | 234,796 |
Equity securities | 12,516 | 12,343 |
Available-for-sale debt securities | 2,045,924 | 2,393,558 |
Held-to-maturity debt securities | 746,306 | 851,753 |
Net loans | 10,804,437 | 10,215,556 |
Loans held for sale | 134,151 | 43,013 |
Other assets - interest rate derivatives | 52,837 | 14,585 |
Accrued interest receivable | 65,023 | 43,648 |
Financial Liabilities | ||
Deposits | 12,201,425 | 11,004,006 |
Federal Home Loan Bank borrowings | 794,621 | 1,415,615 |
Other borrowings | 381,909 | 282,362 |
Subordinated debt and junior subordinated debt | 192,150 | 199,869 |
Other liabilities - interest rate derivatives | 57,201 | 16,117 |
Accrued interest payable | 5,014 | 8,077 |
Fair Value Estimate [Member] | ||
Financial Assets | ||
Cash and due from banks | 760,266 | 234,796 |
Equity securities | 12,516 | 12,343 |
Available-for-sale debt securities | 2,045,924 | 2,393,558 |
Held-to-maturity debt securities | 782,401 | 874,523 |
Net loans | 10,863,349 | 10,297,989 |
Loans held for sale | 134,151 | 43,013 |
Other assets - interest rate derivatives | 52,837 | 14,585 |
Accrued interest receivable | 65,023 | 43,648 |
Financial Liabilities | ||
Deposits | 12,210,444 | 10,989,818 |
Federal Home Loan Bank borrowings | 803,811 | 1,420,302 |
Other borrowings | 380,269 | 282,691 |
Subordinated debt and junior subordinated debt | 182,753 | 188,349 |
Other liabilities - interest rate derivatives | 57,201 | 16,117 |
Accrued interest payable | $ 5,014 | $ 8,077 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule Of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | $ 1,725 | $ 1,765 | $ 4,787 | $ 5,597 |
Debit card sponsorship income | 751 | 2,102 | ||
Electronic banking fees | 4,780 | 5,253 | 13,100 | 18,299 |
Mortgage banking income | 8,488 | 2,588 | 17,295 | 5,262 |
Net (loss) gain on other real estate owned and other assets | (19) | 158 | 84 | 670 |
Total Service Charges on Deposits [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 5,332 | 7,056 | 16,272 | 19,803 |
Trust Account fees [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 4,225 | 4,265 | $ 13,271 | 13,529 |
Point of revenue recognition | Over time | |||
WesMark Fees [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 2,201 | 2,160 | $ 6,309 | 6,351 |
Point of revenue recognition | Over time | |||
Total Trust Fees [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 6,426 | 6,425 | $ 19,580 | 19,880 |
Commercial Banking Fees [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 576 | 513 | $ 1,748 | 1,480 |
Point of revenue recognition | Over time | |||
Personal Service Charges [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total trust fees/Total service charges on deposits | 4,756 | 6,543 | $ 14,524 | 18,323 |
Point of revenue recognition | At a point in time and over time | |||
Annuity Commissions [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 1,218 | 1,204 | $ 3,101 | 4,018 |
Point of revenue recognition | At a point in time | |||
Equity And Debt Security Trades [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 27 | 151 | $ 280 | 356 |
Point of revenue recognition | At a point in time | |||
Managed Money [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 248 | 153 | $ 697 | 484 |
Point of revenue recognition | Over time | |||
Trail Commissions [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Total net securities brokerage revenue | 232 | 257 | $ 709 | 739 |
Point of revenue recognition | Over time | |||
Payment Processing Fees [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Payment Processing Fees | $ 669 | $ 709 | $ 2,133 | $ 2,142 |
Point of revenue recognition | At a point in time and over time | |||
Debit Card Sponsorship Income [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time and over time | |||
Electronic Banking Fees [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time | |||
Mortgage [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time | |||
Other Real Estate Owned and Other Assets [Member] | ||||
Schedule Of Revenue Recognition [Line Items] | ||||
Point of revenue recognition | At a point in time |
Comprehensive Income_(Loss) - C
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 2,569,521 | $ 2,074,116 | $ 2,593,921 | $ 1,978,827 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 531 | 355 | (240) | 1,343 |
Total other comprehensive (loss) gain | (2,215) | 5,809 | 37,100 | 47,793 |
Ending Balance | 2,732,966 | 2,101,269 | 2,732,966 | 2,101,269 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (17,468) | (16,542) | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | 569 | 592 | 1,712 | 1,721 |
Total other comprehensive (loss) gain | 1,712 | 1,721 | ||
Ending Balance | (15,756) | (14,821) | (15,756) | (14,821) |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 18,644 | (21,522) | ||
Other comprehensive income before reclassifications | 37,340 | 46,450 | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | (34) | (169) | (1,940) | (199) |
Total other comprehensive (loss) gain | 35,400 | 46,251 | ||
Ending Balance | 54,044 | 24,729 | 54,044 | 24,729 |
Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 25 | 193 | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | (4) | (68) | (12) | (179) |
Total other comprehensive (loss) gain | (12) | (179) | ||
Ending Balance | 13 | 14 | 13 | 14 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 40,516 | 4,113 | 1,201 | (37,871) |
Other comprehensive income before reclassifications | 37,340 | 46,450 | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | (240) | 1,343 | ||
Total other comprehensive (loss) gain | (2,215) | 5,809 | 37,100 | 47,793 |
Ending Balance | $ 38,301 | $ 9,922 | $ 38,301 | $ 9,922 |
Comprehensive Income_(Loss) -_2
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Percentage of Federal and State income tax rate | 24.00% | 24.00% |
Comprehensive Income_(Loss) - S
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | $ (787) | $ (235) | $ (3,577) | $ (3,800) |
Provision for income taxes | 7,669 | 8,334 | 11,332 | 27,295 |
Employee benefits (Non-interest expense) | 10,604 | 9,726 | 31,115 | 29,419 |
Interest and dividends on securities (Interest and dividend income) | (15,851) | (20,646) | (55,642) | (64,504) |
Net effect on accumulated other comprehensive income/(loss) for the period | 531 | 355 | (240) | 1,343 |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net effect on accumulated other comprehensive income/(loss) for the period | (34) | (169) | (1,940) | (199) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net effect on accumulated other comprehensive income/(loss) for the period | 569 | 592 | 1,712 | 1,721 |
Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net effect on accumulated other comprehensive income/(loss) for the period | (4) | (68) | (12) | (179) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains reclassified into earnings | (45) | (219) | (2,545) | (258) |
Provision for income taxes | 11 | 50 | 605 | 59 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | (177) | (175) | (534) | (554) |
Employee benefits (Non-interest expense) | 746 | 767 | 2,246 | 2,275 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | 1 | 20 | 3 | 58 |
Interest and dividends on securities (Interest and dividend income) | $ (5) | $ (88) | $ (15) | $ (237) |
Comprehensive Income_(Loss) -_3
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Percentage of Federal and State income tax rate | 24.00% | 24.00% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Allowance for credit losses associated with loan commitments | $ 10.8 | $ 0.9 |
Liability associated with letters of credit | $ 0.2 | $ 0.2 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Lines of credit | $ 2,512,397 | $ 2,469,676 |
Loans approved but not closed | 422,328 | 504,623 |
Overdraft limits | 154,666 | 149,519 |
Letters of credit | 52,070 | 57,205 |
Contingent obligations and other guarantees | $ 133,069 | $ 81,551 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($)Segment | Sep. 30, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Operating segments | Segment | 2 | |
Trust and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Market value of assets managed or held in custody by trust and investment services segment | $ 4,600 | $ 4,400 |
Total non-fiduciary assets of the trust and investment services segment | 4.2 | 4 |
Trust and Investment Services [Member] | Customer-Related Intangible Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total non-fiduciary assets of the trust and investment services segment | $ 2.3 | $ 2.5 |
Business Segments - Financial I
Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Interest and dividend income | $ 133,657 | $ 117,348 | $ 410,799 | $ 355,944 |
Interest expense | 13,064 | 21,228 | 51,031 | 63,003 |
Net interest income | 120,593 | 96,120 | 359,768 | 292,941 |
Provision for credit losses | 16,288 | 4,121 | 107,949 | 9,375 |
Net interest income after provision for credit losses | 104,305 | 91,999 | 251,819 | 283,566 |
Non-interest income | 34,612 | 26,950 | 95,481 | 85,878 |
Non-interest expense | 89,943 | 73,268 | 266,779 | 219,652 |
Income before provision for income taxes | 48,974 | 45,681 | 80,521 | 149,792 |
Provision for income taxes | 7,669 | 8,334 | 11,332 | 27,295 |
Net income | 41,305 | 37,347 | 69,189 | 122,497 |
Community Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest and dividend income | 133,657 | 117,348 | 410,799 | 355,944 |
Interest expense | 13,064 | 21,228 | 51,031 | 63,003 |
Net interest income | 120,593 | 96,120 | 359,768 | 292,941 |
Provision for credit losses | 16,288 | 4,121 | 107,949 | 9,375 |
Net interest income after provision for credit losses | 104,305 | 91,999 | 251,819 | 283,566 |
Non-interest income | 28,186 | 20,525 | 75,901 | 65,998 |
Non-interest expense | 86,011 | 69,068 | 254,517 | 207,299 |
Income before provision for income taxes | 46,480 | 43,456 | 73,203 | 142,265 |
Provision for income taxes | 7,145 | 7,866 | 9,795 | 25,714 |
Net income | 39,335 | 35,590 | 63,408 | 116,551 |
Trust and Investment Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-interest income | 6,426 | 6,425 | 19,580 | 19,880 |
Non-interest expense | 3,932 | 4,200 | 12,262 | 12,353 |
Income before provision for income taxes | 2,494 | 2,225 | 7,318 | 7,527 |
Provision for income taxes | 524 | 468 | 1,537 | 1,581 |
Net income | $ 1,970 | $ 1,757 | $ 5,781 | $ 5,946 |